Alamos Gold (NYSE: AGI ) +7.7% pre-market after realizing record Q3 earnings on a GAAP basis that topped expectations, highlighted by lower costs from its two mines in Canada and one mine in Mexico.
Alamos generated record free cash flow of $76M in the quarter, resulting in a 33% increase in the company’s dividend to $0.08/share.
The company says earnings were helped by a rising gold price, as well as the strengthening Canadian dollar and Mexican peso, which resulted in an $800K foreign exchange gain and a $9.9M foreign exchange gain recorded within deferred tax expenses.
Q3 gold production jumped 49% Q/Q to 117.1K oz., as operations began returning to normal levels following temporary suspensions of operations at Island Gold and Mulatos due to COVID-19.Alamos sold 116K oz. of gold in the quarter at an average realized price of $1,882/oz.; all-in sustaining costs of $949/oz. fell vs. H1 was lower than guidance.The […]
October 29, 2020 (updated October 29, 2020) Published by StockMan