Alamos Gold Inc (TSX:AGI) (NYSE:AGI) reported mixed third-quarter results, with earnings falling short of analyst expectations while revenue surpassed estimates. The gold miner's stock edged down 1.7% following the release.
The Toronto-based company posted adjusted earnings per share of $0.19 for Q3, missing the analyst consensus of $0.21. However, revenue climbed to a record $360.9 million, exceeding the $348.34 million estimate and marking a 41% increase YoY.
Alamos produced a record 152,000 ounces of gold in Q3, up 9% from the previous quarter. This increase reflected the inclusion of the recently acquired Magino mine and strong performances from Island Gold and the Mulatos District. Gold sales totaled 145,204 ounces at an average realized price of $2,458 per ounce.
"We achieved a number of operational and financial records in the third quarter," said John A. McCluskey, President and CEO.
"Production increased to a record 152,000 ounces reflecting the addition of Magino and continued strong performances from Island Gold and Mulatos."
Total (EPA:TTEF) cash costs were $984 per ounce, while all-in sustaining costs (AISC) reached $1,425 per ounce. The company generated $87.5 million in free cash flow during the quarter.
Alamos increased its 2024 production guidance to between 550,000 and 590,000 ounces, representing a 13% increase from its original guidance.
This content was originally published on Investing.com
