Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
the “Company”) today reported its financial results for the quarter
ended September 30, 2019.
“Our third quarter results were solid, driven by
strong performances from Young-Davidson and Island Gold. Total cash
costs were down 11% from a year ago and combined with the higher
gold price, we generated record operating cash flow, before changes
in working capital. With the strong year-to-date performance we
remain well positioned to meet our full year production and cost
guidance,“ said John A. McCluskey, President and Chief Executive
Officer.
“We are disappointed by the delay in the renewal
of our mining concessions for Kirazlı but are confident we will see
a positive resolution. Our other internal growth initiatives at
Mulatos and Young-Davidson are progressing well. Construction of
Cerro Pelon is tracking ahead of schedule and we expect first
production by the end of this year. At Young-Davidson, the lower
mine expansion remains on schedule for completion in the first half
of 2020 and will be a significant driver of free cash flow growth
from the operation starting in the second half of 2020,” Mr.
McCluskey added.
Third Quarter 2019
- Produced 121,900 ounces of gold, bringing year-to-date
production to 372,400 ounces. The Company remains well positioned
to meet full year guidance of 480,000 to 520,000 ounces
- Strong gold production of 36,700 ounces at Island Gold, driving
record mine-site free cash flow1 of $26.8 million. Through the
first nine months of 2019, Island Gold produced 111,800 ounces and
generated mine-site free cash flow1 of $55.1 million, both new
records for the operation
- Produced 50,000 ounces of gold at Young-Davidson and exceeded
budgeted underground mining rates of 6,500 tonnes per day ("tpd")
for the third consecutive quarter while advancing construction of
the lower mine expansion. The completion of the lower mine
expansion and tie-in of the upper and lower mines remains on track
for completion in the first half of 2020
- Cash flow from operating activities of $67.9 million (a record
$79.8 million, or $0.20 per share, before changes in working
capital1), reflecting higher gold prices and operating margins
- Consolidated total cash costs1 of $730 per ounce were in line
with annual guidance and 11% lower than the third quarter of 2018,
driven by low cost production growth at Island Gold and improved
costs at Young-Davidson
- All-in sustaining costs ("AISC")1 decreased 9% from the third
quarter of 2018 to $950 per ounce. Year-to-date AISC of $944 per
ounce remain within the annual guidance range
- Cost of sales of $1,066 per ounce were slightly below annual
guidance and down 7% from the third quarter of 2018
- Sold 119,392 ounces of gold at an average realized price of
$1,448 per ounce for revenues of $172.9 million
- Reported adjusted net earnings1 of $23.4 million, or $0.06 per
share1, includes adjustments for unrealized foreign exchange losses
recorded within deferred taxes of $6.5 million, partially offset by
other one-time gains totaling $0.8 million
- Realized net earnings of $17.7 million or $0.05 per share
- Cash and cash equivalents increased to $185.6 million, driven
by positive free cash flow1 in the quarter. The Company remains
debt free
- Continued to demonstrate exploration success at Island Gold
with results from surface exploration drilling further extending
high-grade gold mineralization between the Eastern and Main
extensions. Based on exploration success to date in 2019, the
Company anticipates further growth in high-grade Mineral
Resources
- Received the "Best Corporate Social Responsibility Practice
2019" award in the category of Connecting with the Community
from the Mexican Center for Philanthropy, the Alliance for
Corporate Social Responsibility in Mexico, and Forum Empresa for
the Company's voluntary relocation program of residents from
Mulatos to Matarachi
Subsequent to quarter-end
- Announced the suspension of construction activities at the
Kirazlı project in Turkey pending the renewal of the Company's
mining concessions which expired on October 13, 2019
- Completed commissioning of the Cerro Pelon crusher and conveyor
system, and commenced stacking ore from the deposit
(1) Refer to the “Non-GAAP Measures and
Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.
Highlight Summary
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Financial Results (in millions) |
|
|
|
|
Operating revenues |
$172.9 |
|
$146.7 |
|
$497.1 |
|
$488.7 |
|
Cost of sales (1) |
$127.3 |
|
$137.6 |
|
$385.4 |
|
$432.3 |
|
Earnings from operations |
$37.5 |
|
$0.6 |
|
$84.4 |
|
$28.7 |
|
Net earnings (loss) |
$17.7 |
|
$7.2 |
|
$58.1 |
|
($1.1 |
) |
Adjusted net earnings (2) |
$23.4 |
|
($1.9 |
) |
$51.4 |
|
$15.3 |
|
Earnings before interest, depreciation and amortization (2) |
$78.4 |
|
$41.7 |
|
$208.0 |
|
$152.2 |
|
Cash provided by operations before working capital and cash
taxes(2) |
$79.8 |
|
$41.6 |
|
$211.2 |
|
$158.9 |
|
Cash provided by operating activities |
$67.9 |
|
$45.2 |
|
$182.6 |
|
$166.5 |
|
Capital expenditures (sustaining) (2) |
$17.8 |
|
$19.6 |
|
$53.5 |
|
$42.4 |
|
Capital expenditures (growth) (2) |
$44.2 |
|
$30.5 |
|
$125.5 |
|
$102.8 |
|
Capital expenditures (capitalized exploration) (3) |
$4.3 |
|
$5.0 |
|
$11.7 |
|
$14.8 |
|
Operating
Results |
|
|
|
|
Gold production (ounces) |
|
121,900 |
|
|
124,000 |
|
|
372,400 |
|
|
379,400 |
|
Gold
sales (ounces) |
|
119,392 |
|
|
119,401 |
|
|
367,554 |
|
|
378,718 |
|
Per Ounce
Data |
|
|
|
|
Average realized gold price |
$1,448 |
|
$1,229 |
|
$1,352 |
|
$1,290 |
|
Average spot gold price (London PM Fix) |
$1,472 |
|
$1,213 |
|
$1,362 |
|
$1,282 |
|
Cost of sales per ounce of gold sold (includes amortization)
(1) |
$1,066 |
|
$1,152 |
|
$1,049 |
|
$1,141 |
|
Total cash costs per ounce of gold sold (2) |
$730 |
|
$817 |
|
$720 |
|
$813 |
|
All-in sustaining costs per ounce of gold sold (2) |
$950 |
|
$1,048 |
|
$944 |
|
$992 |
|
Share Data |
|
|
|
|
Earnings per share,
basic |
$0.05 |
|
$0.02 |
|
$0.15 |
|
$0.00 |
|
Adjusted earnings per
share, basic(2) |
$0.06 |
|
$0.00 |
|
$0.13 |
|
$0.04 |
|
Weighted average
common shares outstanding (basic) (000’s) |
|
390,593 |
|
|
389,854 |
|
|
389,852 |
|
|
389,572 |
|
Financial Position (in millions) |
|
|
|
|
Cash and cash
equivalents (4) |
|
|
$185.6 |
|
$206.0 |
|
(1) Cost of sales includes mining and processing costs,
royalties, and amortization expense.(2) Refer to the “Non-GAAP
Measures and Additional GAAP Measures” disclosure at the end of
this press release and associated MD&A for a description and
calculation of these measures.(3) Includes capitalized exploration
at Mulatos and Island Gold.(4) Comparative cash and cash
equivalents balance as at December 31, 2018.
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gold production (ounces) |
|
|
|
|
Young-Davidson |
|
50,000 |
|
|
49,000 |
|
|
140,000 |
|
|
129,100 |
|
Mulatos |
|
32,700 |
|
|
43,300 |
|
|
107,900 |
|
|
139,900 |
|
Island Gold |
|
36,700 |
|
|
22,000 |
|
|
111,800 |
|
|
76,800 |
|
El Chanate (1) |
|
2,500 |
|
|
9,700 |
|
|
12,700 |
|
|
33,600 |
|
Gold sales (ounces) |
|
|
|
|
Young-Davidson |
|
48,430 |
|
|
46,853 |
|
|
137,091 |
|
|
133,649 |
|
Mulatos |
|
31,164 |
|
|
42,300 |
|
|
107,369 |
|
|
136,285 |
|
Island Gold |
|
37,209 |
|
|
20,561 |
|
|
110,094 |
|
|
75,321 |
|
El Chanate (1) |
|
2,589 |
|
|
9,687 |
|
|
13,000 |
|
|
33,463 |
|
Cost of sales (in millions)(2) |
|
|
|
|
Young-Davidson |
$57.7 |
|
$59.8 |
|
$171.7 |
|
$173.5 |
|
Mulatos |
$33.5 |
|
$41.9 |
|
$103.1 |
|
$134.7 |
|
Island Gold |
$32.0 |
|
$22.3 |
|
$93.0 |
|
$77.8 |
|
El Chanate |
$4.1 |
|
$13.6 |
|
$17.6 |
|
$46.3 |
|
Cost of
sales per ounce of gold sold (includes amortization) |
|
|
|
Young-Davidson |
$1,191 |
|
$1,276 |
|
$1,252 |
|
$1,298 |
|
Mulatos |
$1,075 |
|
$991 |
|
$960 |
|
$988 |
|
Island Gold |
$860 |
|
$1,085 |
|
$845 |
|
$1,033 |
|
El Chanate |
$1,584 |
|
$1,404 |
|
$1,354 |
|
$1,384 |
|
Total cash costs per ounce of gold sold (3) |
|
|
|
|
Young-Davidson |
$781 |
|
$824 |
|
$813 |
|
$845 |
|
Mulatos |
$866 |
|
$771 |
|
$772 |
|
$784 |
|
Island Gold |
$503 |
|
$671 |
|
$490 |
|
$597 |
|
El Chanate |
$1,429 |
|
$1,301 |
|
$1,254 |
|
$1,285 |
|
Mine-site
all-in sustaining costs per ounce of gold sold
(3),(4) |
|
|
|
Young-Davidson |
$960 |
|
$1,029 |
|
$1,033 |
|
$1,034 |
|
Mulatos |
$979 |
|
$846 |
|
$861 |
|
$847 |
|
Island Gold |
$693 |
|
$1,051 |
|
$658 |
|
$759 |
|
El Chanate |
$1,506 |
|
$1,332 |
|
$1,277 |
|
$1,312 |
|
Capital
expenditures (sustaining, growth and capitalized exploration) (in
millions)(3) |
|
|
Young-Davidson |
$23.9 |
|
$22.1 |
|
$72.9 |
|
$63.5 |
|
Mulatos(5) |
$12.9 |
|
$6.8 |
|
$44.7 |
|
$23.5 |
|
Island Gold (6) |
$13.8 |
|
$17.8 |
|
$44.2 |
|
$49.3 |
|
El Chanate |
$— |
|
$0.2 |
|
$— |
|
$0.5 |
|
Other |
$15.7 |
|
$8.2 |
|
$28.9 |
|
$23.2 |
|
(1) El Chanate ceased mining activities in October 2018 and
transitioned to residual leaching.(2) Cost of sales includes mining
and processing costs, royalties and amortization.(3) Refer to the
“Non-GAAP Measures and Additional GAAP Measures” disclosure at the
end of this press release and associated MD&A for a description
and calculation of these measures.(4) For the purposes of
calculating mine-site all-in sustaining costs, the Company does not
include an allocation of corporate and administrative and share
based compensation expenses.(5) Includes capitalized exploration at
Mulatos of $nil for the three and nine months ended September 30,
2019 ($0.3 million and $2.3 million for the three and nine months
ended September 30, 2018).(6) Includes capitalized exploration at
Island Gold of $4.3 million and $11.7 million for the three and
nine months ended September 30, 2019 ($4.7 million and $12.5
million for the three and nine months ended September 30, 2018)
Outlook and Strategy
2019
Guidance |
|
Young-Davidson |
Mulatos |
Island Gold |
El Chanate |
Turkey |
Other (2) |
Total |
Gold
production (000’s ounces) |
180-190 |
150-160 |
135-145 |
15-25 |
|
|
480-520 |
Cost of sales, including
amortization (in millions)(4) |
$226 |
$165 |
$120 |
$26 |
— |
— |
$537 |
Cost of sales, including amortization
($ per ounce)(4) |
$1,220 |
$1,065 |
$855 |
$1,300 |
— |
— |
$1,075 |
Total cash
costs ($ per ounce)(1) |
$750-790 |
$820-860 |
$460-500 |
$1,200 |
— |
— |
$710-750 |
All-in sustaining costs ($ per
ounce)(1) |
|
|
|
|
— |
— |
$920-960 |
Mine-site all-in
sustaining costs ($ per ounce)(1),(3) |
$940-980 |
$860-900 |
$730-770 |
$1,200 |
— |
— |
— |
Amortization costs ($ per ounce)(1) |
$450 |
$225 |
$375(6) |
$100 |
— |
— |
$345 |
Capital
expenditures (in millions) |
|
|
|
|
|
|
|
Sustaining capital(1) |
$35-40 |
$5 |
$35-40 |
— |
— |
— |
$75-85 |
Growth capital(1) |
$45-50 |
$45-50 (5) |
$15-20 |
— |
$25 (7) |
$35 (2) |
$165-180 |
Total capital expenditures(1) |
$80-90 |
$50-55 |
$50-60 |
— |
$25 (7) |
$35 |
$240-265 (7) |
(1) Refer to the "Non-GAAP Measures and Additional GAAP"
disclosure at the end of this press release and associated MD&A
for a description of these measures.(2) Includes capitalized
exploration at all operating sites and development projects
(excluding Turkey which is separately disclosed).(3) For the
purposes of calculating mine-site all-in sustaining costs at
individual mine sites, the Company does not include an allocation
of corporate and administrative and share based compensation
expenses to the mine sites.(4) Cost of sales includes mining and
processing costs, royalties, and amortization expense, and is
calculated based on the mid-point of guidance.(5) Includes capital
spending at Cerro Pelon and La Yaqui Grande of approximately $33
million.(6) Amortization per ounce was updated for Island Gold from
guidance provided in January, 2019, reflecting the 2018 Mineral
Reserves and Resource Statement released in February 2019.(7)
Capital guidance at Kirazlı has been reduced to $25 million from
the original budget of $75 million, thereby reducing overall
capital guidance to $240 to $265 million.
In the third quarter of 2019, the Company
continued to deliver on its objective of expanding margins and
profitability from its existing operations. The Company produced
121,900 ounces with total cash costs of $730 per ounce down 11%
from the third quarter of 2018. The decrease in total cash costs
was driven by low cost production growth at Island Gold and
stronger operational performance at Young-Davidson.
Fourth quarter production and costs are expected
to be in a similar range as the third quarter. Combined with
year-to-date production of 372,400 ounces at total cash costs of
$720 per ounce, the Company is well positioned to meet its full
year production and cost guidance.
The near-term focus at Young-Davidson remains on
maximizing efficiency from the upper mine infrastructure while
completing development and construction of the lower mine. Gold
production in the third quarter of 50,000 ounces was consistent
with guidance, while underground mining rates of 6,600 tpd were
above guidance for the third consecutive quarter. With production
of 140,000 ounces through the first nine months of 2019,
Young-Davidson is on track to meet full year production guidance of
180,000 to 190,000 ounces.
Significant progress has been made on the
construction of the lower mine, with the tie-in of the upper and
lower mines on schedule for completion in the first half of 2020.
Construction of the lower mine has been significantly de-risked
with the rock work now complete and construction of the new
crusher, conveying system and loading pocket well underway. The
downtime of the Northgate shaft and the tie-in of the lower mine is
expected to begin in March 2020 and be completed in June 2020.
Gold production from Young-Davidson is expected
to decrease to approximately 150,000 ounces in 2020, as a result of
the previously guided temporary downtime of the Northgate shaft in
the first half of the year. Following completion of the tie-in in
the first half of 2020, underground mining rates are expected to
ramp up to 7,500 tpd by the end of 2020. This is expected to drive
annual gold production above 200,000 ounces per year in 2021 and
beyond. This production increase, combined with declining costs and
capital spending, is expected to result in strong free cash flow
growth from Young-Davidson starting in the second half of 2020.
Island Gold had another solid quarter producing
36,700 ounces, bringing year-to-date production to a record 111,800
ounces. The operation remains on track to meet or exceed full year
production guidance of 135,000 to 145,000 ounces. Additionally,
Island Gold generated a record $26.8 million of mine-site free cash
flow in the third quarter, bringing the year-to-date total to $55.1
million, net of all capital and $12.5 million of exploration
spending. Island Gold's capital spending year-to-date has been
below budget and is expected to increase in the fourth quarter,
focused on surface infrastructure designed to support the expanding
operation and mine life. As a result, Island Gold's mine-site AISC
is expected to increase in the fourth quarter of 2019 and into
2020.
During the second quarter, the Company was
granted amendments to its existing operating permits allowing for
an increase in throughput rates from 1,100 tpd to 1,200 tpd.
Underground mining rates have increased 15% year-to-date, and are
expected to ramp up to 1,200 tpd in 2020. In parallel, the Company
is continuing with a large ongoing exploration program at Island
Gold which has been successful in driving significant growth in
Mineral Reserves and Resources. This growth and ongoing exploration
success is being incorporated into a Phase III expansion study of
the operation beyond 1,200 tpd, which is expected to be released in
the first half of 2020.
Exploration remains a key focus at Island Gold.
The exploration program continues to target three main areas within
the deposit which extends over two-kilometres along strike. Results
from surface exploration drilling have extended high-grade gold
mineralization between the Eastern and Main extensions and the
Company expects to add further high-grade Mineral Resources with
the 2019 year end update.
Production from the Mulatos District totaled
32,700 ounces in the third quarter, bringing the year-to-date total
to 107,900 ounces. Mining and stacking rates were impacted by
abnormally high rainfall in September over a short period of time
which temporarily restricted mining activities in the main Mulatos
pit. While mining rates are expected to increase in the fourth
quarter, gold production is expected to be similar to the third
quarter. Total cash costs and mine-site AISC in the first nine
months of the year have outperformed annual guidance, benefiting
from higher grades mined and low-cost concentrate sales.
Construction of the higher grade, high return
Cerro Pelon project is advancing on schedule, with ore stacking
commencing in October. Development activities during the third
quarter were focused on stripping of the open pit, and
commissioning of the crushing and overland conveyor. Production
from Cerro Pelon is expected toward the end of 2019, ahead of
schedule.
In Turkey, the Company suspended all
construction activities on the Kirazlı project, pending the renewal
of its mining concessions which expired on October 13, 2019.
Although the mining concessions have not been revoked and can be
renewed following this expiration date, no further construction
activities can be completed until the concessions have been
renewed. The Company is working with the Turkish Department of
Energy and Natural Resources on securing the renewal of the mining
concessions which will allow for a resumption of construction
activities. The renewal is required from the same government
department that granted the Operating Permit for Kirazlı in March
2019.
Given the uncertainty around the timing of the
concession renewal, initial production from Kirazlı has been
delayed from previous guidance of late 2020. The Company will
provide updated guidance on the construction schedule and budget
for Kirazlı following the receipt of the concession renewal and
resumption of construction activities.
The Company’s long-term strategic objective is
to generate increasing free cash flow through low-cost production
growth from its existing operations and portfolio of development
projects. With $186 million of cash and cash equivalents, no debt,
and growing cash flow from its operations, the Company is well
positioned to fund its internal growth initiatives.
Third Quarter 2019 Results
Young-Davidson Financial and Operational
Review
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gold production (ounces) |
|
50,000 |
|
|
49,000 |
|
|
140,000 |
|
|
129,100 |
|
Gold sales
(ounces) |
|
48,430 |
|
|
46,853 |
|
|
137,091 |
|
|
133,649 |
|
Financial Review (in
millions) |
|
|
|
|
Operating Revenues |
$70.2 |
|
$57.3 |
|
$186.2 |
|
$171.9 |
|
Cost of sales (1) |
$57.7 |
|
$59.8 |
|
$171.7 |
|
$173.5 |
|
Earnings (loss) from operations |
$12.5 |
|
($2.5 |
) |
$14.5 |
|
($1.6 |
) |
Cash provided by operating activities |
$27.3 |
|
$24.0 |
|
$73.8 |
|
$73.9 |
|
Capital expenditures (sustaining) (2) |
$8.6 |
|
$9.5 |
|
$29.8 |
|
$25.0 |
|
Capital expenditures (growth) (2) |
$15.3 |
|
$12.6 |
|
$43.1 |
|
$38.5 |
|
Mine-site free cash flow (2) |
$3.4 |
|
$1.9 |
|
$0.9 |
|
$10.4 |
|
Cost of sales, including amortization per ounce of gold sold
(1) |
$1,191 |
|
$1,276 |
|
$1,252 |
|
$1,298 |
|
Total cash costs per
ounce of gold sold (2) |
$781 |
|
$824 |
|
$813 |
|
$845 |
|
Mine-site all-in
sustaining costs per ounce of gold sold (2),(3) |
$960 |
|
$1,029 |
|
$1,033 |
|
$1,034 |
|
Underground Operations |
|
|
|
|
Tonnes of ore mined |
|
607,766 |
|
|
552,500 |
|
|
1,808,613 |
|
|
1,691,443 |
|
Tonnes of ore mined per day ("tpd") |
|
6,606 |
|
|
6,005 |
|
|
6,625 |
|
|
6,196 |
|
Average grade of gold (4) |
|
2.62 |
|
|
2.59 |
|
|
2.53 |
|
|
2.44 |
|
Metres developed |
|
2,817 |
|
|
2,811 |
|
|
8,594 |
|
|
9,034 |
|
Mill
Operations |
|
|
|
|
Tonnes of ore processed |
|
655,443 |
|
|
670,912 |
|
|
1,949,316 |
|
|
1,938,395 |
|
Tonnes of ore processed per day |
|
7,124 |
|
|
7,293 |
|
|
7,140 |
|
|
7,100 |
|
Average grade of gold (4) |
|
2.48 |
|
|
2.43 |
|
|
2.40 |
|
|
2.28 |
|
Contained ounces milled |
|
52,233 |
|
|
52,517 |
|
|
150,409 |
|
|
140,509 |
|
Average recovery rate |
|
92 |
% |
|
93 |
% |
|
91 |
% |
|
92 |
% |
(1) Cost of sales includes mining and processing costs,
royalties and amortization.(2) Refer to the “Non-GAAP Measures and
Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.(3) For the purposes of calculating mine-site
all-in sustaining costs, the Company does not include an allocation
of corporate and administrative and share based compensation
expenses.(4) Grams per tonne of gold ("g/t Au").
Young-Davidson produced 50,000 ounces of gold in
the third quarter of 2019, consistent with the same period in 2018
and an 11% increase from the second quarter of 2019, reflecting
higher grades mined. With the strong third quarter, and
year-to-date production of 140,000 ounces, the operation remains on
track to achieve full year production guidance.
Underground mining rates of 6,606 tpd were above
2019 guidance and a 10% improvement from the third quarter of
2018. Mining rates have exceeded full year guidance of 6,500
tpd in every quarter this year, averaging 6,625 tpd year-to-date, a
7% increase from the same period in 2018. Underground grades mined
of 2.62 g/t Au were in line with annual guidance and an improvement
from the first half of the year. Grades mined are expected to
remain at similar levels in the fourth quarter.
Mill throughput of 7,124 tpd was consistent with
the third quarter of 2018 as milling rates continued to benefit
from low-grade surface stockpiles which supplemented underground
ore. Mill throughput in the fourth quarter is expected to decrease
to match underground tonnes mined as the low-grade surface
stockpiles have effectively been depleted. Mill recoveries of 92%
in the quarter were in line with the prior year quarter and
guidance.
Lower Mine Construction and Tie-In
The Company continued to make significant
progress on construction of the lower mine during the third quarter
which included the following highlights:
- Ore passes from the upper mine feeding the coarse ore bin at
the crusher are over 60% complete, with completion expected by the
end of the fourth quarter
- The crusher room excavation is complete, with chutes, steel,
and the crane installed
- Installation of the vibratory feeder is under way, and the
physical installation of the crusher unit is expected in
December
- Shaft bottom steel, ore and waste bins at the Northgate shaft,
and the loading pocket have been completed
- Installation of the hangers and trays for the main conveyor
from the crusher loadout level to the top of the shaft bins has
commenced.
As the lower mine expansion nears completion,
approximately three months of downtime of the Northgate shaft will
be required to facilitate the tie-in of the upper and lower mines.
With the excavation work complete and mechanical installations
underway, the Company remains on schedule to shut down the
Northgate shaft in March 2020, with the tie-in completed in June
2020.
Lower mine loading
pockethttps://www.globenewswire.com/NewsRoom/AttachmentNg/e98cbd2d-16ad-4f6f-bbaf-1e15ae68666b
Lower mine
crusherhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9beb2f71-6262-4fa9-a8fc-4180d31260e4
Financial Review
Third quarter revenues of $70.2 million were 23%
above the prior year quarter, reflecting higher realized gold
prices. For the first nine months of 2019, revenues of $186.2
million were $14.3 million higher than the prior year period,
attributable to both more ounces sold and higher realized
prices.
Cost of sales (which includes mining and
processing costs, royalties, and amortization expense) of $57.7
million were consistent with the comparative quarter of 2018, as
were underground mining costs of CAD$51 per tonne. Cost of sales
for the first nine months of 2019 were $171.7 million, consistent
with the prior year period.
Total cash costs of $781 per ounce in the third
quarter were 5% below the comparative period and in line with
annual guidance. Total cash costs improved significantly in
the third quarter compared to the first half of the year, resulting
from higher grades mined, and lower mining and milling costs. For
the first nine months of 2019, total cash costs of $813 per ounce
were 4% lower than the prior year period. Total cash costs in the
fourth quarter are expected to be in line with the third quarter
reflecting similar mining rates and grades.
Mine-site AISC of $960 per ounce in the third
quarter were lower than the comparative quarter of 2018 and in line
with annual guidance, reflecting the timing of sustaining capital
expenditures. Mine-site AISC for the nine month period were $1,033
per ounce, consistent with the prior year.
Capital expenditures were $23.9 million in the
third quarter. This included $8.6 million of sustaining capital and
$15.3 million of growth capital. Growth capital spending was
focused on construction of the new TIA1 tailings facility and
continued lower mine construction. For the nine month period,
capital expenditures of $72.9 million were focused on lower mine
construction, lateral development in the upper and lower mines, and
construction of the new TIA1 tailings facility.
Young-Davidson generated $3.4 million of
mine-site free cash flow in the third quarter, higher than the same
period of 2018 due to more ounces sold, a higher gold price,
improved operating costs and lower capital spending. On a
year-to-date basis, mine-site free cash flow was $0.9 million.
Since 2016, Young-Davidson has generated sufficient cash flow from
operations to finance all of its capital spending, including the
lower mine expansion.
Island Gold Financial and Operational
Review
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gold
production (ounces) |
|
36,700 |
|
|
22,000 |
|
|
111,800 |
|
|
76,800 |
|
Gold sales (ounces) |
|
37,209 |
|
|
20,561 |
|
|
110,094 |
|
|
75,321 |
|
Financial Review (in millions) |
|
|
|
|
Operating Revenues |
$54.0 |
|
$25.3 |
|
$149.1 |
|
$97.6 |
|
Cost of sales (1) |
$32.0 |
|
$22.3 |
|
$93.0 |
|
$77.8 |
|
Earnings from operations |
$21.6 |
|
$2.7 |
|
$55.3 |
|
$19.4 |
|
Cash provided by operating activities |
$40.6 |
|
$13.9 |
|
$99.3 |
|
$59.6 |
|
Capital expenditures (sustaining) (2) |
$7.1 |
|
$7.8 |
|
$18.4 |
|
$12.2 |
|
Capital expenditures (growth) (2) |
$2.4 |
|
$5.3 |
|
$14.1 |
|
$24.6 |
|
Capital expenditures (capitalized exploration) (2) |
$4.3 |
|
$4.7 |
|
$11.7 |
|
$12.5 |
|
Mine-site free cash flow (2) |
$26.8 |
|
($3.9 |
) |
$55.1 |
|
$10.3 |
|
Cost of sales, including amortization per ounce of gold sold
(1) |
$860 |
|
$1,085 |
|
$845 |
|
$1,033 |
|
Total cash costs per
ounce of gold sold (2) |
$503 |
|
$671 |
|
$490 |
|
$597 |
|
Mine-site all-in
sustaining costs per ounce of gold sold (2),(3) |
$693 |
|
$1,051 |
|
$658 |
|
$759 |
|
Underground Operations |
|
|
|
|
Tonnes of ore mined |
|
89,959 |
|
|
74,892 |
|
|
277,614 |
|
|
241,644 |
|
Tonnes of ore mined per day ("tpd") |
|
978 |
|
|
814 |
|
|
1,017 |
|
|
885 |
|
Average grade of gold (4) |
|
10.81 |
|
|
8.96 |
|
|
12.22 |
|
|
9.12 |
|
Metres developed |
|
1,211 |
|
|
1,591 |
|
|
4,200 |
|
|
4,917 |
|
Mill
Operations |
|
|
|
|
Tonnes of ore processed |
|
102,564 |
|
|
93,454 |
|
|
307,364 |
|
|
264,335 |
|
Tonnes of ore processed per day |
|
1,115 |
|
|
1,016 |
|
|
1,126 |
|
|
968 |
|
Average grade of gold (4) |
|
11.12 |
|
|
8.22 |
|
|
11.49 |
|
|
9.27 |
|
Contained ounces milled |
|
36,675 |
|
|
24,708 |
|
|
113,560 |
|
|
78,793 |
|
Average recovery rate |
|
97 |
% |
|
96 |
% |
|
97 |
% |
|
97 |
% |
(1) Cost of sales includes mining and processing costs,
royalties and amortization.(2) Refer to the “Non-GAAP Measures
and Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.(3) For the purposes of calculating mine-site
all-in sustaining costs, the Company does not include an allocation
of corporate and administrative and share based compensation
expenses.(4) Grams per tonne of gold ("g/t Au").
Island Gold produced 36,700 ounces in the third
quarter, marking a 67% increase from the third quarter of 2018
driven by higher mining and milling rates, as well as higher grades
mined. For the first nine months of 2019, Island Gold produced a
record 111,800 ounces, positioning the operation to meet the high
end of annual guidance of 135,000 to 145,000 ounces. The operation
generated record mine-site free cash flow of $26.8 million in the
quarter, bringing the year-to-date total to $55.1 million.
Underground mining rates were 978 tpd in the
third quarter, a 20% improvement from the third quarter of 2018,
but lower than annual guidance. Underground mining rates in the
quarter were impacted by a transition to a new underground
development contractor, which temporarily impacted mining rates.
Underground grades mined averaged 10.81 g/t Au in the third
quarter, in line with annual guidance and 20% higher than the third
quarter of 2018. Year-to-date grades mined of 12.22 g/t Au
are above guided levels due to a combination of positive grade
reconciliations and mine sequencing.
Mill throughput increased to 1,115 tpd in the
third quarter, a 10% increase compared to the prior year quarter,
reflecting the completion of the Phase I expansion of the mill in
2018. Milling rates exceeded mining rates, as tonnes mined in the
quarter were supplemented with existing high-grade surface
stockpiles. Mill recoveries were 97% in the third quarter, in line
with the prior year quarter and guidance.
Financial Review
Island Gold generated record revenues of $54.0
million in the third quarter, an increase of 113% compared to the
prior year period, reflecting significantly more ounces sold and a
higher realized gold price. For the first nine months of 2019,
revenues of $149.1 million were $51.5 million higher than the prior
year period, primarily attributable to more ounces sold.
Cost of sales (includes mining and processing
costs, royalties, and amortization expense) of $32.0 million in the
third quarter were 43% higher than the comparative period,
reflecting more ounces sold and higher unit mining costs. Cost of
sales decreased 21% on a per ounce basis, driven by higher grades
mined and lower amortization. Cost of sales for the first nine
months of 2019 of $93.0 million increased 20% from the prior year
period due to higher gold sales.
Total cash costs were $503 per ounce in the
third quarter, a 25% improvement from the comparative quarter,
driven by higher grades mined partially offset by higher mining
costs. Unit mining costs increased to CAD$171 per tonne in the
quarter due to higher contractor and maintenance costs. Total cash
costs were consistent with guidance in the quarter. For the first
nine months of 2019, total cash costs of $490 per ounce were 18%
lower than the prior year period due to higher grades mined.
Mine-site AISC of $693 per ounce in the third
quarter were below the full year guidance range of $730 to $770 per
ounce, reflecting lower sustaining capital spending. Mine-site AISC
for the first nine months of 2019 of $658 per ounce were 13% lower
than the prior year period and below guidance as $18.4 million of
sustaining capital, or only 50% of the full year budget, had been
incurred through the first nine months of the year. As a result,
Island Gold's mine-site AISC is expected to increase in the fourth
quarter of 2019 and into 2020.
Total capital expenditures were $13.8 million in
the third quarter, with spending focused on lateral development,
mining equipment, and capitalized exploration. This included $7.1
million of sustaining capital and $6.7 million of growth capital
(inclusive of $4.3 million of capitalized exploration). For the
nine month period, total capital expenditures and capitalized
exploration was $44.2 million, consistent with the prior year
period. Capital spending is expected to be at the highest level of
the year in the fourth quarter.
Island Gold generated record mine-site free cash
flow of $26.8 million during the third quarter driven by strong
gold production, high operating margins, and lower capital
spending. Through the first nine months of 2019, Island Gold has
generated $55.1 million of mine-site free cash flow, net of all
capital and ongoing investment in exploration.
Mulatos Financial and Operational
Review
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gold production (ounces) |
|
32,700 |
|
|
43,300 |
|
|
107,900 |
|
|
139,900 |
|
Gold sales
(ounces) |
|
31,164 |
|
|
42,300 |
|
|
107,369 |
|
|
136,285 |
|
Financial
Review (in millions) |
|
|
|
|
Operating Revenues |
$45.1 |
|
$51.5 |
|
$144.7 |
|
$175.2 |
|
Cost of sales (1) |
$33.5 |
|
$41.9 |
|
$103.1 |
|
$134.7 |
|
Earnings from operations |
$10.6 |
|
$8.0 |
|
$38.9 |
|
$33.9 |
|
Cash provided by operating activities |
$7.2 |
|
$16.1 |
|
$31.0 |
|
$56.3 |
|
Capital expenditures (sustaining) (2) |
$2.1 |
|
$2.1 |
|
$5.3 |
|
$4.7 |
|
Capital expenditures (growth) (2) |
$10.8 |
|
$4.4 |
|
$39.4 |
|
$16.5 |
|
Capital expenditures
(capitalized exploration) (2) |
$— |
|
$0.3 |
|
$— |
|
$2.3 |
|
Mine-site free cash flow,
before changes in working capital |
($5.7 |
) |
$9.3 |
|
($13.7 |
) |
$32.8 |
|
Cost of sales, including amortization per ounce of gold sold
(1) |
$1,075 |
|
$991 |
|
$960 |
|
$988 |
|
Total
cash costs per ounce of gold sold (2) |
$866 |
|
$771 |
|
$772 |
|
$784 |
|
Mine
site all-in sustaining costs per ounce of gold sold (2),(3) |
$979 |
|
$846 |
|
$861 |
|
$847 |
|
Open Pit &
Underground Operations |
|
|
|
|
Tonnes of ore mined - open pit (4) |
|
1,664,898 |
|
|
1,904,534 |
|
|
5,608,221 |
|
|
6,360,911 |
|
Total waste mined - open pit |
|
1,361,660 |
|
|
1,108,953 |
|
|
5,036,918 |
|
|
4,958,609 |
|
Total tonnes mined - open pit |
|
3,026,558 |
|
|
3,490,021 |
|
|
10,645,139 |
|
|
13,000,643 |
|
Waste-to-ore ratio (operating) |
|
0.63 |
|
|
0.58 |
|
|
0.66 |
|
|
0.78 |
|
Tonnes of ore mined -
underground |
|
— |
|
|
9,280 |
|
|
— |
|
|
45,258 |
|
Crushing and Heap
Leach Operations |
|
|
|
|
Tonnes of ore stacked |
|
1,628,401 |
|
|
1,465,876 |
|
|
5,466,393 |
|
|
5,018,456 |
|
Average grade of gold processed (5) |
|
0.81 |
|
|
0.96 |
|
|
0.92 |
|
|
0.89 |
|
Contained ounces stacked |
|
42,667 |
|
|
45,043 |
|
|
161,450 |
|
|
143,310 |
|
Mill Operations |
|
|
|
|
Tonnes of high-grade ore milled |
|
— |
|
|
29,806 |
|
|
— |
|
|
91,680 |
|
Average grade of gold processed (5) |
|
— |
|
|
6.07 |
|
|
— |
|
|
6.70 |
|
Contained ounces milled |
|
— |
|
|
5,815 |
|
|
— |
|
|
19,744 |
|
Total contained ounces stacked and milled |
|
42,667 |
|
|
50,858 |
|
|
161,450 |
|
|
163,054 |
|
Average recovery
rate |
|
77 |
% |
|
85 |
% |
|
67 |
% |
|
86 |
% |
Ore crushed per day
(tonnes) - combined |
|
17,700 |
|
|
16,300 |
|
|
20,000 |
|
|
18,700 |
|
(1) Cost of sales includes mining and processing costs,
royalties and amortization.(2) Refer to the “Non-GAAP Measures
and Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.(3) For the purposes of calculating
mine-site all-in sustaining costs, the Company does not include an
allocation of corporate and administrative and share based
compensation expenses.(4) Includes ore stockpiled during the
quarter.(5) Grams per tonne of gold ("g/t Au").
Mulatos produced 32,700 ounces in the third
quarter of 2019, bringing year-to-date production to 107,900
ounces. Third quarter production decreased compared to the prior
year period as a result of lower contained ounces stacked in the
period, as well as the cessation of mining from the San Carlos
underground deposit in the third quarter of 2018.
The Company is currently mining from the
Mulatos, Victor, and San Carlos open pits, and recently completed
mining of La Yaqui Phase I. Mining and stacking rates were impacted
by abnormally high rainfall in September over a short period of
time which temporarily restricted mining activities in the main
Mulatos pit, as well as the wind-down of mining activities at La
Yaqui Phase I.
Total crusher throughput averaged 17,700 tpd for
a total of 1,628,401 tonnes stacked in the third quarter at a grade
of 0.81 g/t Au. Fourth quarter production at Mulatos is expected to
be similar to the third quarter, as lower contained ounces stacked
in the third quarter and the completion of mining at La Yaqui Phase
I are expected to be partially offset by stacking of ore from Cerro
Pelon.
During the third quarter, the Company completed
mining activities at the La Yaqui Phase I project. Over a two-year
period starting in the third quarter of 2017, La Yaqui Phase I gold
production totaled approximately 60,000 ounces and the project
generated over $35 million of free cash flow (net of construction
capital of $12.5 million). The project was constructed on time and
on budget, demonstrating the strength of the Company’s
mine-building team at Mulatos, as well as the high-return potential
of the satellite projects that exist at Mulatos, including Cerro
Pelon and La Yaqui Grande.
Financial Review
Third quarter revenues of $45.1 million were
$6.4 million lower than the prior year quarter, primarily due to
lower grades mined and no contribution from the San Carlos
underground in 2019. For the first nine months of 2019, revenues of
$144.7 million were $30.5 million lower than the prior year
period.
Cost of sales (includes mining and processing
costs, royalties, and amortization expense) were $33.5 million in
the third quarter, lower than the prior year period due to a lower
number of tonnes mined and ounces sold. Amortization expense of
$209 per ounce was below the prior year period but in line with
annual guidance. Cost of sales for the first nine months of 2019
were $103.1 million, 23% lower due to lower tonnes mined and the
completion of underground operations in the prior year period.
Total cash costs of $866 per ounce in the third
quarter were higher than the prior year quarter, due to lower
grades mined and higher mining and processing costs. For the first
nine months of 2019, total cash costs of $772 per ounce were
consistent with the prior year period, and below annual guidance,
as the Company benefited from higher grades mined than planned. The
Company expects total cash costs in the fourth quarter to be
consistent with the third quarter.
Mine-site AISC of $979 per ounce in the third
quarter were higher than the prior year quarter, as a result of
higher total cash costs. Mine-site AISC for the first nine months
of 2019 of $861 per ounce were in line with the prior year period.
The Company expects full year 2019 mine-site AISC to be consistent
with guidance.
Capital spending in the third quarter was
focused on expansion projects at Mulatos, including development of
the Cerro Pelon open pit and commissioning of the crusher, as well
as completion of a leach pad expansion. Total capital spending for
the quarter was $12.9 million, of which $2.1 million was sustaining
capital. For the nine month period, capital expenditures of $44.7
million were $21.2 million higher than the prior year period as the
Company has invested $17.7 million in 2019 constructing the Cerro
Pelon mine.
Mulatos reported negative mine-site free
cash-flow of $5.7 million in the third quarter due to significant
investment in growth projects. Mine-site free-cash flow is expected
to be neutral for the remainder of the year as construction of
Cerro Pelon is completed.
El Chanate Financial and Operational
Review
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Gold production (ounces) |
|
2,500 |
|
|
9,700 |
|
|
12,700 |
|
|
33,600 |
|
Gold sales
(ounces) |
|
2,589 |
|
|
9,687 |
|
|
13,000 |
|
|
33,463 |
|
Financial
Review (in millions) |
|
|
|
|
Operating Revenues |
$3.6 |
|
$12.6 |
|
$17.1 |
|
$44.0 |
|
Cost of sales (1) |
$4.1 |
|
$13.6 |
|
$17.6 |
|
$46.3 |
|
Loss from operations |
($0.5 |
) |
($1.0 |
) |
($0.5 |
) |
($2.3 |
) |
Cash (used in) provided by operating activities |
($1.0 |
) |
($2.6 |
) |
$1.2 |
|
($1.8 |
) |
Capital expenditures |
$— |
|
$0.2 |
|
$— |
|
$0.5 |
|
Mine-site free cash flow (2) |
($1.0 |
) |
($2.8 |
) |
$1.2 |
|
($2.3 |
) |
Cost of sales, including amortization per ounce of gold sold
(1) |
$1,584 |
|
$1,404 |
|
$1,354 |
|
$1,384 |
|
Total cash costs per
ounce of gold sold (2) |
$1,429 |
|
$1,301 |
|
$1,254 |
|
$1,285 |
|
Mine site all-in
sustaining costs per ounce of gold sold (2),(3) |
$1,506 |
|
$1,332 |
|
$1,277 |
|
$1,312 |
|
(1) Cost of sales includes mining and processing costs,
royalties and amortization.(2) Refer to the “Non-GAAP Measures
and Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.(3) For the purposes of calculating
mine-site all-in sustaining costs, the Company does not include an
allocation of corporate and administrative and share based
compensation expenses.
El Chanate produced 2,500 ounces of gold in the
third quarter, in line with budget. The Company expects full year
production to be approximately 15,000 ounces, in line with the low
end of annual guidance. Effective October 1, 2019, the
operation ceased residual leaching and is transitioning to
reclamation activities with rinsing of the leach pad. The
Company expects to recover up to 4,000 ounces over the next year
through rinsing of the leach pad for reclamation purposes.
Financial Review
Third quarter revenues of $3.6 million were
lower than the prior year quarter due to fewer ounces sold, as
mining activities and stacking of ore to the leach pad ceased in
2018. Total cash costs and mine-site AISC in the third quarter were
$1,429 and $1,506 per ounce, respectively, increasing from the
prior year period due to higher fixed costs.
El Chanate generated negative mine-site free
cash flow of $1.0 million in the quarter and positive mine-site
free cash flow of $1.2 million year to date. The Company has
transitioned to reclamation activities and expects to partially
offset the cost of reclamation through ounces recovered from
rinsing of the leach pad.
Third Quarter 2019 Development Activities
Kirazlı (Çanakkale, Turkey)
On October 14, 2019, the Company suspended all
construction activities on its Kirazlı project pending the renewal
of its Turkish mining concessions which expired on October 13,
2019. Although the mining concessions have not been revoked and can
be renewed following this expiration date, no further construction
activities can be completed until the concessions have been
renewed.
There has been false information about the
project circulated through social media, which resulted in project
opposition and related protests. The Company continues to share
correct information about the project and dispel this
misinformation.
The Company has met all the regulatory
requirements and conditions for the concessions to be renewed and
reasonably expected the renewal by the expiration date. The
communities local to the Kirazlı project remain supportive. As
such, the Company is working with the Turkish Department of Energy
and Natural Resources on securing the renewal of the mining
concessions which will allow for a resumption of construction
activities. The renewal is required from the same government
department that granted the Operating Permit for Kirazlı in March
2019.
Given the uncertainty around the timing of the concession
renewal, initial production from Kirazlı has been delayed from
previous guidance of late 2020. The Company will provide updated
guidance on the construction schedule and budget for Kirazlı
following the receipt of the concession renewal and resumption of
construction activities.
During the third quarter of 2019, the Company
spent $12.8 million at Kirazlı, bringing year-to-date spending to
$19.1 million. Of the spending for the year, approximately $15.0
million was directly related to construction activities, with the
rest related to administrative expenses and working capital
adjustments.
As outlined in the 2017 Feasibility Study,
Kirazlı has an expected 44% after-tax internal rate of return and
is expected to produce over 100,000 ounces of gold during its first
full year of production at mine-site all-in sustaining costs of
less than $400 per ounce.
Mulatos District (Sonora,
Mexico)
Cerro Pelon
During the third quarter, construction
activities were substantially completed, with the Cerro Pelon
crushing circuit and conveyor commissioned in October. Major
activities in the quarter included:
- Installation and testing of the crushing circuit
- Construction of the overland conveyor and agglomerators
- Construction of the grasshopper conveying system
- Pre-stripping of the open pit
The Company spent $6.7 million at Cerro Pelon in
the third quarter, bringing year-to-date spending to $17.7 million.
The Company expects to commence stacking ore from the Cerro Pelon
pit in the fourth quarter of this year, with production expected
late in 2019.
Cerro Pelon
pithttps://www.globenewswire.com/NewsRoom/AttachmentNg/c5186b21-596c-4d9d-a472-4fc10220838f
Cerro Pelon
pithttps://www.globenewswire.com/NewsRoom/AttachmentNg/e18f93de-8aec-442c-8a4e-33bf3e0f45dc
La Yaqui Grande
The Company received approval of the
environmental impact assessment ("MIA") for La Yaqui Grande during
the second quarter and the Change in Land Use permit in July 2019.
The Company has completed detailed engineering to support the
project design and economics. The Company plans to finalize the
project economics and announce a construction decision in early
2020. During the third quarter the Company invested $2.3 million on
La Yaqui Grande, bringing year-to-date spending to $4.2
million.
Lynn Lake (Manitoba,
Canada)
The Company released a positive Feasibility
Study on the Lynn Lake project in December 2017 outlining average
annual production of 143,000 ounces over a 10 year mine life at
average mine-site all-in sustaining costs of $745 per ounce.
The project economics were detailed in the 2017
Feasibility Study (12.5% IRR at a $1,250 per ounce gold price; 18%
IRR at a $1,400 per ounce gold price). Since the release of the
2017 Feasibility Study, the Company has undertaken several
initiatives designed to improve the project economics. These
include a detailed review of construction capital, the evaluation
of various production scenarios and the inclusion of the results of
more detailed engineering.
Development spending in the third quarter of
$1.1 million and year-to-date of $2.5 million was related to
project optimization activities. Ongoing development spending will
be focused on baseline work in support of the Environmental Impact
Study (“EIS”) for the project that will be submitted to satisfy
Federal and Provincial environmental assessment requirements. The
permitting process is expected to take approximately two years
followed by two years of construction.
Third Quarter 2019 Exploration Activities
Island Gold (Ontario, Canada)
The 2019 exploration program continues to target
three main areas within the Island Gold Deposit which extends over
two kilometres along strike. During the first nine months of 2019,
the surface and underground exploration drilling programs focused
on expanding the down-plunge and lateral extensions of the deposit
with the objective of adding new near-mine Mineral Resources. Drill
holes in the Main, Western, and Eastern Extension areas were
testing high-grade, east-plunging shoots outside of existing
Mineral Reserves and Resources.
The 2019 exploration budget includes 48,000
metres ("m") of surface directional exploration drilling, 30,000 m
of underground exploration drilling and 900 m of exploration drift
development.
Surface exploration drilling
A total of 11 holes (12,312 m) were completed in
the third quarter as part of the directional exploration drilling
program. Directional drilling targeted areas peripheral to the
Inferred Mineral Resource blocks below the 1,000 m level, with
drill hole spacing ranging from 75 m to 100 m. The area that was
targeted by the surface directional drill program extends
approximately 2,000 m in strike length between the 1,000 m and
1,500 m elevation below surface.
The Company released highlights from the surface
drilling program in a press release on September 11, 2019, which
included the following intercepts:
- 34.28 g/t Au (24.95 g/t cut) over 8.36 m;
- 12.30 g/t Au (12.30 g/t cut) over 6.67 m;
- 6.31 g/t Au (6.31 g/t cut) over 8.10 m;
- 16.61 g/t Au (14.48 g/t cut) over 7.27 m;
- 5.98 g/t Au (5.98 g/t cut) over 5.24 m;
- 3.21 g/t Au (3.21 g/t cut) over 4.83 m; and
- 2.36 g/t Au (2.36 g/t cut) over 9.41 m
Underground exploration drilling
During the third quarter of 2019, a total of
11,903 m of underground exploration drilling was completed in 46
holes from the 340, 620 and 840 levels. The objective of the
underground drilling is to identify new Mineral Resources close to
existing Mineral Resource or Reserve blocks. A total of 142m of
underground exploration drift development was completed on the 620
and 840 levels during the third quarter of 2019.
The Company released highlights from the
underground exploration drilling program in a press release on
September 11, 2019, which included the following intercepts:
- 63.94 g/t Au (22.24 g/t cut) over 12.33 m;
- 27.82 g/t Au (20.71 g/t cut) over 7.60 m;
- 8.47 g/t Au (8.47 g/t cut) over 3.95 m;
- 9.58 g/t Au (9.58 g/t cut) over 4.30 m;
- 13.48 g/t Au (13.48 g/t cut) over 2.09 m;
- 11.12 g/t Au (11.12 g/t cut) over 2.19 m;
- 11.78 g/t Au (11.78 g/t cut) over 2.38 m; and
- 5.24 g/t Au (5.24 g/t cut) over 6.21 m
Total exploration expenditures during the third
quarter of 2019 were $4.7 million, of which $4.3 million was
capitalized. Year-to-date, $12.5 million was spent, of which $11.7
million was capitalized.
Mulatos District (Sonora,
Mexico)
The Company has a large exploration package
covering 28,972 hectares with the majority of past exploration
efforts focused around the Mulatos mine. Over the last three years,
exploration has moved beyond the main Mulatos pit area and is
focused on earlier stage prospects throughout the wider
district.
In the third quarter of 2019, the Company
invested $1.0 million in exploration activities within the Mulatos
District, and has invested $2.7 million year-to-date. Spending in
the quarter primarily related to mapping and re-logging, and
administrative costs.
Lynn Lake (Manitoba,
Canada)
Regional exploration continued in the third
quarter of 2019 including mapping, prospecting, till sampling, and
soil sampling programs focused on a series of prospective targets
across the Lynn Lake Greenstone Belt.
Spending in the third quarter totaled $1.4
million, bringing the year-to-date spend to $3.7 million. A total
of $6.0 million is budgeted for the Lynn Lake project in 2019.
Review of Third Quarter Financial Results
During the third quarter of 2019, the Company
sold 119,392 ounces of gold for total revenue of $172.9 million, an
18% increase from the prior year period due to an increase in
realized gold prices. The average realized gold price in the
quarter was $1,448 per ounce compared to $1,229 per ounce in the
prior year.
Cost of sales were $127.3 million in the third
quarter of 2019, a 7% decrease compared to the prior year period,
driven by lower mining and processing costs, and lower
royalties.
Mining and processing costs were $83.0 million
compared to $92.8 million in the prior year period. This decline
was attributable to lower operating costs at Island Gold and
Young-Davidson, and the completion of mining activities at El
Chanate in the fourth quarter of 2018.
Consolidated total cash costs for the quarter
were $730 per ounce compared to $817 per ounce in the prior year
period. Low cost production growth at Island Gold, combined
with higher mining rates and higher grades mined at Young-Davidson,
contributed to an 11% decrease in total cash costs compared to the
prior year period.
AISC were $950 per ounce in the quarter, a 9%
decrease from the prior year period, primarily driven by lower
total cash costs.
Royalty expense was $4.2 million in the quarter,
lower than the prior year period of $4.8 million, as the 5% Mulatos
royalty commitment ceased in the first quarter of 2019, partially
offset by a higher number of ounces sold at Island Gold and a
higher gold price.
Amortization of $40.1 million in the quarter was
consistent with the prior year period expense of $40.0 million. On
a per ounce basis, amortization of $336 per ounce was consistent
with both the prior year period and guidance.
The Company recognized earnings from operations
of $37.5 million in the quarter, higher than the prior year period
due to higher realized gold prices combined with lower mining and
processing and royalty expense, driving stronger margins.
The Company reported net earnings of $17.7
million in the quarter, compared to net earnings of $7.2 million in
the same period of 2018, driven by improved gross margins,
partially offset by the impact of foreign exchange on tax expense.
On an adjusted basis, earnings of $23.4 million or $0.06 per share
increased compared to the prior year driven by higher gross
margins. Adjusted earnings reflect adjustments for other
gains and losses, as well as foreign exchange movements related to
the Canadian dollar and Mexican Peso, which generated foreign
exchange losses of $6.5 million recorded within both foreign
exchange and deferred income taxes.
Associated Documents
This press release should be read in conjunction
with the Company’s interim consolidated financial statements for
the three-month period ended September 30, 2019 and associated
Management’s Discussion and Analysis (“MD&A”), which are
available from the Company's website, www.alamosgold.com, in the
"Investors" section under "Reports and Financials", and on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov).
Reminder of Third Quarter 2019 Results Conference
Call
The Company's senior management will host a
conference call on Thursday, October 31, 2019 at 11:00 am ET to
discuss the third quarter 2019 results.
Participants may join the conference call by
dialling (416) 340-2216 or (800) 273-9672 for calls within Canada
and the United States, or via webcast
at www.alamosgold.com.
A playback will be available until December 1,
2019 by dialling (905) 694-9451 or (800) 408-3053 within Canada and
the United States. The pass code is 5853944#. The webcast will be
archived at www.alamosgold.com.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos’ Vice President, Technical
Services, who is a qualified person within the meaning of National
Instrument 43-101 ("Qualified Person"), has reviewed and approved
the scientific and technical information contained in this press
release.
About Alamos
Alamos is a Canadian-based intermediate gold
producer with diversified production from four operating mines in
North America. This includes the Young-Davidson and Island Gold
mines in northern Ontario, Canada and the Mulatos and El Chanate
mines in Sonora State, Mexico. Additionally, the Company has a
significant portfolio of development stage projects in Canada,
Mexico, Turkey, and the United States. Alamos employs more than
1,700 people and is committed to the highest standards of
sustainable development. The Company’s shares are traded on the TSX
and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K.
Parsons |
|
Vice-President, Investor
Relations |
|
(416) 368-9932 x 5439 |
|
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note
Certain statements contained in this press
release are, or may deemed to be, “forward-looking statements”
within the meaning of applicable Canadian and U.S. securities
laws. All statements in this press release, other than
statements of historical fact, which address events, results,
outcomes or developments that the Company expects to occur are, or
may be deemed, to be forward-looking statements. Forward-looking
statements are generally, but not always, identified by the use of
forward-looking terminology such as "expect", "believe",
"anticipate”, “intend", "estimate", "forecast", "budget", “target”,
“outlook”, “continue”, “plan” or variations of such words and
phrases and similar expressions or statements that certain actions,
events or results “may", "could", "would", "might" or "will"
be taken, occur or be achieved.
Such statements include information as to
strategy, plans or future financial or operating performance, such
as the Company’s expansion plans, project timelines, production
plans and expected sustainable productivity increases, expected
increases in mining activities and corresponding cost efficiencies,
expected drilling targets, expected sustaining costs, expected
improvements in cash flows and margins, expectations of changes in
capital expenditures, forecasted cash shortfalls and the Company’s
ability to fund them, cost estimates, projected exploration
results, reserve and resource estimates, expected production rates
and use of the stockpile inventory, expected recoveries,
sufficiency of working capital for future commitments and other
statements that express management’s expectations or estimates of
future performance.
Alamos cautions that forward-looking statements
are necessarily based upon several factors and assumptions that,
while considered reasonable by the Company at the time of making
such statements, are inherently subject to significant business,
economic, legal, political and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward-looking
statements.
Such factors and assumptions underlying the
forward-looking statements in this press release include, but are
not limited to: changes to current estimates of mineral reserves
and resources; changes to production estimates (which assume
accuracy of projected ore grade, mining rates, recovery timing and
recovery rate estimates and may be impacted by unscheduled
maintenance, labour and contractor availability and other operating
or technical difficulties); fluctuations in the price of gold;
changes in foreign exchange rates (particularly the Canadian
dollar, Mexican peso, Turkish Lira and U.S. dollar); the impact of
inflation; employee and community relations (including maintaining
social license to operate in Turkey); litigation and administrative
proceedings; disruptions affecting operations; availability of and
increased costs associated with mining inputs and labour;
development delays at the Kirazlı project or Young-Davidson mine;
inherent risks associated with mining and mineral processing; the
risk that the Company’s mines may not perform as planned;
uncertainty with the Company’s ability to secure additional capital
to execute its business plans; the speculative nature of mineral
exploration and development, the renewal of the Company’s mining
concessions in Turkey; timely resumption of construction and
development at the Kirazlı project; the risks of obtaining and
maintaining necessary licenses, permits and authorizations
for the Company’s development and operating assets;
labour and contractor availability (and being able to secure the
same on favourable terms); contests over title to properties;
expropriation or nationalization of property; inherent risks and
hazards associated with mining including environmental hazards,
industrial accidents, unusual or unexpected formations, pressures
and cave-ins; changes in national and local government legislation
(including tax legislation), controls or regulations in Canada,
Mexico, Turkey, the United States and other jurisdictions in which
the Company does or may carry on business in the future; risk of
loss due to sabotage, protests and other civil disturbances; the
impact of global liquidity and credit availability and the values
of assets and liabilities based on projected future cash flows;
risks arising from holding derivative instruments; and business
opportunities that may be pursued by the Company.
For a more detailed discussion of such risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this press release, see the Company’s latest 40-F/Annual
Information Form and MD&A, each under the heading “Risk
Factors”, available on the SEDAR website at www.sedar.com or on
EDGAR at www.sec.gov. The foregoing should be reviewed in
conjunction with the information found in this press release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Cautionary Note to U.S. Investors
Concerning Measured, Indicated and Inferred Resources
The Company is required to prepare its resource
estimates in accordance with standards of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in
Canadian National Instrument 43-101. These standards are materially
different from the standards generally permitted in reports filed
with the United States Securities and Exchange Commission
(“SEC”). When describing resources, we use the terms "measured",
"indicated" or "inferred” resources which are not recognized by the
SEC. The estimation of measured resources and indicated
resources involve greater uncertainty as to their existence and
economic feasibility than the estimation of proven and probable
reserves. U.S. investors are cautioned not to assume that any part
of measured or indicated resources will ever be converted into
economically or legally mineable proven or probable reserves. The
estimation of inferred resources may not form the basis of a
feasibility or other economic studies and involves far greater
uncertainty as to their existence and economic viability than the
estimation of other categories of resources.
Non-GAAP Measures and Additional GAAP
Measures
The Company has included certain non-GAAP
financial measures to supplement its Consolidated Financial
Statements, which are presented in accordance with IFRS, including
the following:
- adjusted net earnings and adjusted earnings per share;
- cash flow from operating activities before changes in working
capital and taxes received;
- Company-wide free cash flow;
- total mine-site free cash flow;
- mine-site free cash flow;
- total cash cost per ounce of gold sold;
- all-in sustaining cost ("AISC") per ounce of gold sold;
- mine-site all-in sustaining cost ("Mine-site AISC") per ounce
of gold sold;
- sustaining and non-sustaining capital expenditures; and
- earnings before interest, taxes, depreciation, and
amortization
The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. Non-GAAP financial measures do not have
any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Management's determination of the components of non-GAAP and
additional measures are evaluated on a periodic basis influenced by
new items and transactions, a review of investor uses and new
regulations as applicable. Any changes in to the measures are dully
noted and retrospectively applied as applicable.
Adjusted Net Earnings and Adjusted
Earnings per Share
“Adjusted net earnings” and “adjusted earnings
per share” are non-GAAP financial measures with no standard meaning
under IFRS which exclude the following from net earnings:
- Foreign exchange gain (loss)
- Items included in other gain (loss)
- Certain non-reoccurring items
- Foreign exchange gain (loss) recorded in deferred tax
expense
Net earnings have been adjusted, including the
associated tax impact, for the group of costs in “Other loss” on
the consolidated statement of comprehensive income. Transactions
within this grouping are: the fair value changes on non-hedged
derivatives; the renunciation of flow-through exploration
expenditures; and loss on disposal of assets. The adjusted entries
are also impacted for tax to the extent that the underlying entries
are impacted for tax in the unadjusted net earnings.
The Company uses adjusted net earnings for its
own internal purposes. Management’s internal budgets and forecasts
and public guidance do not reflect the items which have been
excluded from the determination of adjusted net earnings.
Consequently, the presentation of adjusted net earnings enables
shareholders to better understand the underlying operating
performance of the core mining business through the eyes of
management. Management periodically evaluates the components of
adjusted net earnings based on an internal assessment of
performance measures that are useful for evaluating the operating
performance of our business and a review of the non-GAAP measures
used by mining industry analysts and other mining companies.
Adjusted net earnings is intended to provide
additional information only and does not have any standardized
meaning under IFRS and may not be comparable to similar measures
presented by other companies. It should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measure is not necessarily indicative
of operating profit or cash flows from operations as determined
under IFRS. The following table reconciles this non-GAAP measure to
the most directly comparable IFRS measure.
(in millions) |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net earnings (loss) |
$17.7 |
|
$7.2 |
|
$58.1 |
|
($1.1 |
) |
Adjustments: |
|
|
|
|
Foreign exchange (gain) loss |
|
— |
|
|
(0.7 |
) |
|
(0.3 |
) |
|
2.7 |
|
Other gain |
|
(0.8 |
) |
|
(0.4 |
) |
|
(2.5 |
) |
|
(1.7 |
) |
Unrealized foreign exchange loss (gain) recorded in deferred tax
expense |
|
6.5 |
|
|
(8.0 |
) |
|
(4.6 |
) |
|
14.7 |
|
Other income and mining tax adjustments |
|
— |
|
|
— |
|
|
0.7 |
|
|
0.7 |
|
Adjusted net earnings |
$23.4 |
|
($1.9 |
) |
$51.4 |
|
$15.3 |
|
Adjusted earnings per
share - basic and diluted |
$0.06 |
|
$— |
|
$0.13 |
|
$0.04 |
|
Cash Flow from Operating Activities
before Changes in Working Capital and Cash Taxes
“Cash flow from operating activities before
changes in working capital and cash taxes” is a non-GAAP
performance measure that could provide an indication of the
Company’s ability to generate cash flows from operations, and is
calculated by adding back the change in working capital and taxes
received to “Cash provided by (used in) operating activities” as
presented on the Company’s consolidated statements of cash flows.
“Cash flow from operating activities before changes in working
capital” is a non-GAAP financial measure with no standard meaning
under IFRS.
The following table reconciles the non-GAAP
measure to the consolidated statements of cash flows.
(in millions) |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Cash
flow from operating activities |
$67.9 |
|
$45.2 |
|
$182.6 |
|
$166.5 |
|
Add back:
Changes in working capital and cash taxes |
|
11.9 |
|
|
(3.6 |
) |
|
28.6 |
|
|
(7.6 |
) |
Cash flow from operating activities before changes in
working capital and cash taxes |
$79.8 |
|
$41.6 |
|
$211.2 |
|
$158.9 |
|
Company-wide Free Cash Flow
“Company-wide free cash flow" is a non-GAAP
performance measure calculated from the consolidated operating cash
flow, less consolidated mineral property, plant and equipment
expenditures. The Company believes this to be a useful indicator of
our ability to operate without reliance on additional borrowing or
usage of existing cash company-wide. Company-wide free cash flow is
intended to provide additional information only and does not have
any standardized meaning under IFRS and may not be comparable to
similar measures of performance presented by other mining
companies. Company-wide free cash flow should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS.
(in millions) |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Cash flow from operating
activities |
$67.9 |
|
$45.2 |
|
$182.6 |
|
$166.5 |
|
Less: mineral
property, plant and equipment expenditures |
|
(66.3 |
) |
|
(55.1 |
) |
|
(190.7 |
) |
|
(160.0 |
) |
Company-wide free cash flow |
$1.6 |
|
($9.9 |
) |
($8.1 |
) |
$6.5 |
|
Mine-site Free Cash Flow
"Mine-site free cash flow" is a non-GAAP
financial performance measure calculated as cash flow from
mine-site operating activities, less mineral property, plant and
equipment expenditures. The Company believes this to be a useful
indicator of our ability to operate without reliance on additional
borrowing or usage of existing cash. Mine-site free cash flow is
intended to provide additional information only and does not have
any standardized meaning under IFRS and may not be comparable to
similar measures of performance presented by other mining
companies. Mine-site free cash flow should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS.
Total Mine-Site Free
Cash Flow |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Cash flow from operating activities |
$67.9 |
|
$45.2 |
|
$182.6 |
|
$166.5 |
|
Less:
operating cash flow used by non-mine site activity |
|
(6.2 |
) |
|
(6.2 |
) |
|
(22.7 |
) |
|
(21.5 |
) |
Cash flow from operating mine-sites |
$74.1 |
|
$51.4 |
|
$205.3 |
|
$188.0 |
|
|
|
|
|
|
Mineral property, plant and equipment expenditure |
$66.3 |
|
$55.1 |
|
$190.7 |
|
$160.0 |
|
Less: capital expenditures from development projects, and
corporate |
|
(15.7 |
) |
|
(8.2 |
) |
|
(28.9 |
) |
|
(23.2 |
) |
Capital expenditure from mine-sites |
$50.6 |
|
$46.9 |
|
$161.8 |
|
$136.8 |
|
|
|
|
|
|
Total
mine-site free cash flow |
$23.5 |
|
$4.5 |
|
$43.5 |
|
$51.2 |
|
Young-Davidson
Mine-Site Free Cash Flow |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Cash flow from operating activities |
$27.3 |
|
$24.0 |
|
$73.8 |
|
$73.9 |
|
Mineral
property, plant and equipment expenditure |
|
(23.9 |
) |
|
(22.1 |
) |
|
(72.9 |
) |
|
(63.5 |
) |
Mine-site free cash flow |
$3.4 |
|
$1.9 |
|
$0.9 |
|
$10.4 |
|
Mulatos Mine-Site Free
Cash Flow |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Cash flow from operating activities |
$7.2 |
|
$16.1 |
|
$31.0 |
|
$56.3 |
|
Mineral
property, plant and equipment expenditure |
|
(12.9 |
) |
|
(6.8 |
) |
|
(44.7 |
) |
|
(23.5 |
) |
Mine-site free cash flow |
($5.7 |
) |
$9.3 |
|
($13.7 |
) |
$32.8 |
|
Island Gold Mine-Site
Free Cash Flow |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
$40.6 |
|
$13.9 |
|
$99.3 |
|
$59.6 |
|
Mineral
property, plant and equipment expenditure |
|
(13.8 |
) |
|
(17.8 |
) |
|
(44.2 |
) |
|
(49.3 |
) |
Mine-site free cash flow |
$26.8 |
|
|
($3.9 |
) |
$55.1 |
|
$10.3 |
|
El Chanate Mine-Site
Free Cash Flow |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
|
($1.0 |
) |
|
($2.6 |
) |
$1.2 |
|
|
($1.8 |
) |
Mineral
property, plant and equipment expenditure |
|
— |
|
|
(0.2 |
) |
|
— |
|
|
(0.5 |
) |
Mine-site free cash flow |
|
($1.0 |
) |
|
($2.8 |
) |
$1.2 |
|
|
($2.3 |
) |
Total Cash Costs per ounce
Total cash costs per ounce is a non-GAAP term
typically used by gold mining companies to assess the level of
gross margin available to the Company by subtracting these costs
from the unit price realized during the period. This non-GAAP term
is also used to assess the ability of a mining company to generate
cash flow from operations. Total cash costs per ounce includes
mining and processing costs plus applicable royalties, and net of
by-product revenue and net realizable value adjustments. Total cash
costs per ounce is exclusive of exploration costs.
Total cash costs per ounce is intended to
provide additional information only and does not have any
standardized meaning under IFRS and may not be comparable to
similar measures presented by other mining companies. It should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The measure is not
necessarily indicative of cash flow from operations under IFRS or
operating costs presented under IFRS.
All-in Sustaining Costs per ounce and
Mine-site All-in Sustaining Costs
The Company adopted an “all-in sustaining costs
per ounce” non-GAAP performance measure in accordance with the
World Gold Council published in June 2013. The Company
believes the measure more fully defines the total costs associated
with producing gold; however, this performance measure has no
standardized meaning. Accordingly, there may be some
variation in the method of computation of “all-in sustaining costs
per ounce” as determined by the Company compared with other mining
companies. In this context, “all-in sustaining costs per ounce” for
the consolidated Company reflects total mining and processing
costs, corporate and administrative costs, share-based
compensation, exploration costs, sustaining capital, and other
operating costs.
For the purposes of calculating "mine-site
all-in sustaining costs" at the individual mine-sites, the Company
does not include an allocation of corporate and administrative
costs and share-based compensation, as detailed in the
reconciliations below.
Sustaining capital expenditures are expenditures
that do not increase annual gold ounce production at a mine site
and excludes all expenditures at the Company’s development projects
as well as certain expenditures at the Company’s operating sites
that are deemed expansionary in nature. For each mine-site
reconciliation, corporate and administrative costs, and non-site
specific costs are not included in the all-in sustaining cost per
ounce calculation.
All-in
sustaining costs per gold ounce is
intended to provide additional information only and does not
have any standardized
meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
Total Cash Costs and All-in Sustaining
Costs per Ounce Reconciliation Tables
The following tables reconciles these non-GAAP
measures to the most directly comparable IFRS measures on a
Company-wide and individual mine-site basis.
Total Cash
Costs and AISC Reconciliation - Company-wide |
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$83.0 |
|
$92.8 |
|
$251.6 |
|
$291.0 |
|
Royalties |
|
4.2 |
|
|
4.8 |
|
|
13.0 |
|
|
16.8 |
|
Total cash costs |
$87.2 |
|
$97.6 |
|
$264.6 |
|
$307.8 |
|
Gold ounces sold |
|
119,392 |
|
|
119,401 |
|
|
367,554 |
|
|
378,718 |
|
Total cash costs per ounce |
$730 |
|
$817 |
|
$720 |
|
$813 |
|
|
|
|
|
|
Total cash costs |
$87.2 |
|
$97.6 |
|
$264.6 |
|
$307.8 |
|
Corporate and administrative(1) |
|
4.5 |
|
|
4.9 |
|
|
14.6 |
|
|
13.9 |
|
Sustaining capital expenditures(2) |
|
17.8 |
|
|
19.6 |
|
|
53.5 |
|
|
42.4 |
|
Share-based compensation |
|
1.7 |
|
|
1.2 |
|
|
7.7 |
|
|
5.3 |
|
Sustaining exploration |
|
1.4 |
|
|
1.1 |
|
|
4.2 |
|
|
3.9 |
|
Accretion of decommissioning liabilities |
|
0.8 |
|
|
0.7 |
|
|
2.2 |
|
|
2.2 |
|
Total all-in sustaining
costs |
$113.4 |
|
$125.1 |
|
$346.8 |
|
$375.5 |
|
Gold ounces sold |
|
119,392 |
|
|
119,401 |
|
|
367,554 |
|
|
378,718 |
|
All-in sustaining costs per ounce |
$950 |
|
$1,048 |
|
$944 |
|
$992 |
|
(1) Corporate and administrative expenses exclude
expenses incurred at development properties.
(2) Sustaining capital expenditures
are defined as those expenditures which do not increase annual gold
ounce production at a mine site and exclude all expenditures at
growth projects and certain expenditures at operating sites which
are deemed expansionary in nature. Total sustaining capital for the
period is as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions) |
|
|
|
|
Capital expenditures per cash
flow statement |
$66.3 |
|
$55.1 |
|
$190.7 |
|
$160.0 |
|
Less: non-sustaining capital
expenditures at: |
|
|
|
|
Young-Davidson |
|
(15.3 |
) |
|
(12.6 |
) |
|
(43.1 |
) |
|
(38.5 |
) |
Mulatos |
|
(10.8 |
) |
|
(4.7 |
) |
|
(39.4 |
) |
|
(18.8 |
) |
Island Gold |
|
(6.7 |
) |
|
(10.0 |
) |
|
(25.8 |
) |
|
(37.1 |
) |
Corporate and other |
|
(15.7 |
) |
|
(8.2 |
) |
|
(28.9 |
) |
|
(23.2 |
) |
Sustaining capital expenditures |
$17.8 |
|
$19.6 |
|
$53.5 |
|
$42.4 |
|
Young-Davidson Total Cash Costs and Mine-site AISC
Reconciliation |
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$36.6 |
|
$37.8 |
|
$108.5 |
|
$110.3 |
|
Royalties |
|
1.2 |
|
|
0.8 |
|
|
2.9 |
|
|
2.6 |
|
Total cash costs |
$37.8 |
|
$38.6 |
|
$111.4 |
|
$112.9 |
|
Gold ounces sold |
|
48,430 |
|
|
46,853 |
|
|
137,091 |
|
|
133,649 |
|
Total cash costs per ounce |
$781 |
|
$824 |
|
$813 |
|
$845 |
|
|
|
|
|
|
Total cash costs |
$37.8 |
|
$38.6 |
|
$111.4 |
|
$112.9 |
|
Sustaining capital expenditures |
|
8.6 |
|
|
9.5 |
|
|
29.8 |
|
|
25.0 |
|
Exploration |
|
0.1 |
|
|
0.0 |
|
|
0.3 |
|
|
0.1 |
|
Accretion of decommissioning liabilities |
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
Total all-in sustaining
costs |
$46.5 |
|
$48.2 |
|
$141.6 |
|
$138.2 |
|
Gold ounces sold |
|
48,430 |
|
|
46,853 |
|
|
137,091 |
|
|
133,649 |
|
Mine-site all-in sustaining costs per ounce |
$960 |
|
$1,029 |
|
$1,033 |
|
$1,034 |
|
Mulatos
Total Cash Costs and Mine-site AISC Reconciliation |
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$26.7 |
|
$29.9 |
|
$80.0 |
|
$97.2 |
|
Royalties |
|
0.3 |
|
|
2.7 |
|
|
2.9 |
|
|
9.7 |
|
Total cash costs |
$27.0 |
|
$32.6 |
|
$82.9 |
|
$106.9 |
|
Gold ounces sold |
|
31,164 |
|
|
42,300 |
|
|
107,369 |
|
|
136,285 |
|
Total cash costs per ounce |
$866 |
|
$771 |
|
$772 |
|
$784 |
|
|
|
|
|
|
Total cash costs |
$27.0 |
|
$32.6 |
|
$82.9 |
|
$106.9 |
|
Sustaining capital expenditures |
|
2.1 |
|
|
2.1 |
|
|
5.3 |
|
|
4.7 |
|
Exploration |
|
0.8 |
|
|
0.6 |
|
|
2.4 |
|
|
2.3 |
|
Accretion of decommissioning liabilities |
|
0.6 |
|
|
0.5 |
|
|
1.8 |
|
|
1.6 |
|
Total all-in sustaining
costs |
$30.5 |
|
$35.8 |
|
$92.4 |
|
$115.5 |
|
Gold ounces sold |
|
31,164 |
|
|
42,300 |
|
|
107,369 |
|
|
136,285 |
|
Mine-site all-in sustaining costs per ounce |
$979 |
|
$846 |
|
$861 |
|
$847 |
|
Island
Gold Total Cash Costs and Mine-site AISC
Reconciliation |
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions, except ounces and per ounce figures) |
|
|
|
|
|
|
Mining and processing |
$16.0 |
|
$12.5 |
|
$46.8 |
|
$40.5 |
|
Royalties |
|
2.7 |
|
|
1.3 |
|
|
7.2 |
|
|
4.5 |
|
Total cash costs |
$18.7 |
|
$13.8 |
|
$54.0 |
|
$45.0 |
|
Gold ounces sold |
|
37,209 |
|
|
20,561 |
|
|
110,094 |
|
|
75,321 |
|
Total cash costs per ounce |
$503 |
|
$671 |
|
$490 |
|
$597 |
|
|
|
|
|
|
Total cash costs |
$18.7 |
|
$13.8 |
|
$54.0 |
|
$45.0 |
|
Sustaining capital expenditures |
|
7.1 |
|
|
7.8 |
|
|
18.4 |
|
|
12.2 |
|
Total all-in sustaining
costs |
$25.8 |
|
$21.6 |
|
$72.4 |
|
$57.2 |
|
Gold ounces sold |
|
37,209 |
|
|
20,561 |
|
|
110,094 |
|
|
75,321 |
|
Mine-site all-in sustaining costs per ounce |
$693 |
|
$1,051 |
|
$658 |
|
$759 |
|
El Chanate
Total Cash Costs and Mine-site AISC Reconciliation |
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$3.7 |
|
$12.6 |
|
$16.3 |
|
$43.0 |
|
Total cash costs |
$3.7 |
|
$12.6 |
|
$16.3 |
|
$43.0 |
|
Gold ounces sold |
|
2,589 |
|
|
9,687 |
|
|
13,000 |
|
|
33,463 |
|
Total cash costs per ounce |
$1,429 |
|
$1,301 |
|
$1,254 |
|
$1,285 |
|
|
|
|
|
|
Total cash costs |
$3.7 |
|
$12.6 |
|
$16.3 |
|
$43.0 |
|
Sustaining capital expenditures |
|
— |
|
|
0.2 |
|
|
— |
|
|
0.5 |
|
Accretion of decommissioning liabilities |
|
0.2 |
|
|
0.1 |
|
|
0.3 |
|
|
0.4 |
|
Total all-in sustaining
costs |
$3.9 |
|
$12.9 |
|
$16.6 |
|
$43.9 |
|
Gold ounces sold |
|
2,589 |
|
|
9,687 |
|
|
13,000 |
|
|
33,463 |
|
Mine-site all-in sustaining costs per ounce |
$1,506 |
|
$1,332 |
|
$1,277 |
|
$1,312 |
|
Earnings Before Interest, Taxes,
Depreciation, and Amortization (“EBITDA”)
EBITDA represents net earnings before interest,
taxes, depreciation, and amortization. EBITDA is an indicator of
the Company’s ability to generate liquidity by producing operating
cash flow to fund working capital needs, service debt obligations,
and fund capital expenditures.
EBITDA does not have any standardized meaning
under IFRS and may not be comparable to similar measures presented
by other mining companies. It should not be considered in isolation
or as a substitute for measures of performance prepared in
accordance with IFRS.
The following is a reconciliation of EBITDA to
the consolidated financial statements:
(in millions) |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net earnings (loss) |
$17.7 |
|
$7.2 |
|
$58.1 |
|
|
($1.1 |
) |
Add back: |
|
|
|
|
Finance expense |
|
0.9 |
|
|
1.0 |
|
|
2.1 |
|
|
2.8 |
|
Amortization |
|
40.1 |
|
|
40.0 |
|
|
120.8 |
|
|
124.5 |
|
Deferred income tax expense (recovery) |
|
15.9 |
|
|
(10.7 |
) |
|
8.5 |
|
|
8.1 |
|
Current income tax expense |
|
3.8 |
|
|
4.2 |
|
|
18.5 |
|
|
17.9 |
|
EBITDA |
$78.4 |
|
$41.7 |
|
$208.0 |
|
$152.2 |
|
Additional GAAP Measures
Additional GAAP measures are presented on the
face of the Company’s consolidated statements of comprehensive
income (loss) and are not meant to be a substitute for other
subtotals or totals presented in accordance with IFRS, but rather
should be evaluated in conjunction with such IFRS measures.
The following additional GAAP measures are used and are intended to
provide an indication of the Company’s mine and operating
performance:
- Earnings from operations - represents the amount of earnings
before net finance income/expense, foreign exchange gain/loss,
other income/loss, loss on redemption of senior secured notes and
income tax expense
Unaudited Consolidated Statements of
Financial Position, ComprehensiveIncome, and Cash
Flow
ALAMOS GOLD
INC.Condensed Interim Consolidated Statements of
Financial Position(Unaudited - stated in millions of
United States dollars)
|
September 30, 2019 |
|
|
December 31,2018 |
|
A S S E T
S |
|
|
|
Current
Assets |
|
|
|
Cash and cash equivalents |
$185.6 |
|
|
$206.0 |
|
Equity securities |
|
16.9 |
|
|
|
7.8 |
|
Amounts receivable |
|
35.4 |
|
|
|
40.5 |
|
Inventory |
|
123.8 |
|
|
|
110.2 |
|
Other current assets |
|
15.8 |
|
|
|
15.5 |
|
Total Current
Assets |
|
377.5 |
|
|
|
380.0 |
|
|
|
|
|
Non-Current
Assets |
|
|
|
Long-term inventory |
|
29.8 |
|
|
|
30.0 |
|
Mineral property, plant and
equipment |
|
2,880.9 |
|
|
|
2,813.3 |
|
Other non-current assets |
|
42.9 |
|
|
|
41.9 |
|
Total Assets |
$3,331.1 |
|
|
$3,265.2 |
|
|
|
|
|
L I A B I L I T I E
S |
|
|
|
Current
Liabilities |
|
|
|
Accounts payable and accrued
liabilities |
$107.1 |
|
|
$118.7 |
|
Income taxes payable |
|
16.5 |
|
|
|
6.2 |
|
Total Current
Liabilities |
|
123.6 |
|
|
|
124.9 |
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
Deferred income taxes |
|
501.4 |
|
|
|
491.5 |
|
Decommissioning
liabilities |
|
45.6 |
|
|
|
44.9 |
|
Other non-current
liabilities |
|
3.1 |
|
|
|
1.6 |
|
Total Liabilities |
|
673.7 |
|
|
|
662.9 |
|
|
|
|
|
E Q U I T
Y |
|
|
|
Share capital |
$3,694.5 |
|
|
$3,705.2 |
|
Contributed surplus |
|
92.2 |
|
|
|
87.3 |
|
Warrants |
|
— |
|
|
|
3.9 |
|
Accumulated other
comprehensive loss |
|
(5.5 |
) |
|
|
(9.2 |
) |
Deficit |
|
(1,123.8 |
) |
|
|
(1,184.9 |
) |
Total Equity |
|
2,657.4 |
|
|
|
2,602.3 |
|
Total Liabilities and Equity |
$3,331.1 |
|
|
$3,265.2 |
|
|
|
|
|
|
|
ALAMOS GOLD
INC.Condensed Interim Consolidated Statements of
Comprehensive Income (Loss)(Unaudited - stated in millions
of United States dollars, except share and per share amounts)
|
For three months ended |
|
For nine months ended |
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
OPERATING
REVENUES |
$172.9 |
|
|
$146.7 |
|
|
$497.1 |
|
|
$488.7 |
|
|
|
|
|
|
|
|
|
COST OF
SALES |
|
|
|
|
|
|
|
Mining and processing |
|
83.0 |
|
|
|
92.8 |
|
|
|
251.6 |
|
|
|
291.0 |
|
Royalties |
|
4.2 |
|
|
|
4.8 |
|
|
|
13.0 |
|
|
|
16.8 |
|
Amortization |
|
40.1 |
|
|
|
40.0 |
|
|
|
120.8 |
|
|
|
124.5 |
|
|
|
127.3 |
|
|
|
137.6 |
|
|
|
385.4 |
|
|
|
432.3 |
|
EXPENSES |
|
|
|
|
|
|
|
Exploration |
|
1.9 |
|
|
|
2.4 |
|
|
|
5.0 |
|
|
|
8.5 |
|
Corporate and
administrative |
|
4.5 |
|
|
|
4.9 |
|
|
|
14.6 |
|
|
|
13.9 |
|
Share-based compensation |
|
1.7 |
|
|
|
1.2 |
|
|
|
7.7 |
|
|
|
5.3 |
|
|
|
135.4 |
|
|
|
146.1 |
|
|
|
412.7 |
|
|
|
460.0 |
|
EARNINGS FROM
OPERATIONS |
|
37.5 |
|
|
|
0.6 |
|
|
|
84.4 |
|
|
|
28.7 |
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
Finance expense |
|
(0.9 |
) |
|
|
(1.0 |
) |
|
|
(2.1 |
) |
|
|
(2.8 |
) |
Foreign exchange gain
(loss) |
|
— |
|
|
|
0.7 |
|
|
|
0.3 |
|
|
|
(2.7 |
) |
Other gain |
|
0.8 |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
1.7 |
|
EARNINGS BEFORE INCOME
TAXES |
$37.4 |
|
|
$0.7 |
|
|
$85.1 |
|
|
$24.9 |
|
|
|
|
|
|
|
|
|
INCOME
TAXES |
|
|
|
|
|
|
|
Current income tax
expense |
|
(3.8 |
) |
|
|
(4.2 |
) |
|
|
(18.5 |
) |
|
|
(17.9 |
) |
Deferred income tax (expense)
recovery |
|
(15.9 |
) |
|
|
10.7 |
|
|
|
(8.5 |
) |
|
|
(8.1 |
) |
NET EARNINGS
(LOSS) |
$17.7 |
|
|
$7.2 |
|
|
$58.1 |
|
|
($ |
1.1 |
) |
|
|
|
|
|
|
|
|
Items that may be subsequently
reclassified to net earnings: |
|
|
|
|
|
|
|
Unrealized (loss) gain on currency hedging instruments, net of
taxes |
|
(0.8 |
) |
|
|
2.5 |
|
|
|
4.2 |
|
|
|
(2.9 |
) |
Unrealized gain on fuel hedging instruments, net of taxes |
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
Items that will not be
reclassified to net earnings: |
|
|
|
|
|
|
|
Unrealized gain (loss) on equity securities, net of taxes |
|
0.3 |
|
|
|
(3.5 |
) |
|
|
(1.0 |
) |
|
|
(5.0 |
) |
Total other
comprehensive (loss) income |
|
($0.5 |
) |
|
|
($1.0 |
) |
|
$3.7 |
|
|
|
($7.9 |
) |
COMPREHENSIVE INCOME
(LOSS) |
$17.2 |
|
|
$6.2 |
|
|
$61.8 |
|
|
|
($9.0 |
) |
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE |
|
|
|
|
|
|
|
– basic |
$0.05 |
|
|
$0.02 |
|
|
$0.15 |
|
|
$0.00 |
|
–
diluted |
$0.04 |
|
|
$0.02 |
|
|
$0.15 |
|
|
$0.00 |
|
Weighted average number of
common shares outstanding (000's) |
|
|
|
|
|
|
|
– basic |
|
390,593 |
|
|
|
389,854 |
|
|
|
389,852 |
|
|
|
389,572 |
|
– diluted |
|
394,355 |
|
|
|
394,546 |
|
|
|
393,183 |
|
|
|
389,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALAMOS GOLD
INC.Condensed Interim Consolidated Statements of
Cash Flows(Unaudited - stated in millions of United States
dollars)
|
For three months ended |
|
For nine months ended |
|
September 30, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
CASH PROVIDED BY (USED
IN): |
|
|
|
|
|
|
|
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
Net earnings (loss) for the
period |
$17.7 |
|
|
$7.2 |
|
|
$58.1 |
|
|
|
($1.1 |
) |
Adjustments for items not
involving cash: |
|
|
|
|
|
|
|
Amortization |
|
40.1 |
|
|
|
40.0 |
|
|
|
120.8 |
|
|
|
124.5 |
|
Foreign exchange (gain) loss |
|
— |
|
|
|
(0.7 |
) |
|
|
(0.3 |
) |
|
|
2.7 |
|
Current income tax expense |
|
3.8 |
|
|
|
4.2 |
|
|
|
18.5 |
|
|
|
17.9 |
|
Deferred income tax expense (recovery) |
|
15.9 |
|
|
|
(10.7 |
) |
|
|
8.5 |
|
|
|
8.1 |
|
Share-based compensation |
|
1.7 |
|
|
|
1.2 |
|
|
|
7.7 |
|
|
|
5.3 |
|
Finance expense |
|
0.9 |
|
|
|
1.0 |
|
|
|
2.1 |
|
|
|
2.8 |
|
Other items |
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
(4.2 |
) |
|
|
(1.3 |
) |
Changes in working capital and
cash taxes |
|
(11.9 |
) |
|
|
3.6 |
|
|
|
(28.6 |
) |
|
|
7.6 |
|
|
|
67.9 |
|
|
|
45.2 |
|
|
|
182.6 |
|
|
|
166.5 |
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
Mineral property, plant and
equipment |
|
(66.3 |
) |
|
|
(55.1 |
) |
|
|
(190.7 |
) |
|
|
(160.0 |
) |
Proceeds from sale of equity
securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24.9 |
|
Other |
|
(0.5 |
) |
|
|
— |
|
|
|
(1.6 |
) |
|
|
— |
|
|
|
(66.8 |
) |
|
|
(55.1 |
) |
|
|
(192.3 |
) |
|
|
(135.1 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
Repayment of equipment
financing obligations |
|
(0.8 |
) |
|
|
(1.0 |
) |
|
|
(2.6 |
) |
|
|
(3.2 |
) |
Revolving credit facility
transaction fees |
|
— |
|
|
|
(0.8 |
) |
|
|
— |
|
|
|
(0.8 |
) |
Repurchase and cancellation of
common shares |
|
— |
|
|
|
— |
|
|
|
(11.4 |
) |
|
|
— |
|
Proceeds from the exercise of
options and warrants |
|
6.4 |
|
|
|
0.6 |
|
|
|
7.0 |
|
|
|
1.7 |
|
Dividends paid |
|
(3.9 |
) |
|
|
— |
|
|
|
(11.7 |
) |
|
|
(3.9 |
) |
Proceeds from issuance of
flow-through shares |
|
— |
|
|
|
— |
|
|
|
7.5 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
(1.2 |
) |
|
|
(11.2 |
) |
|
|
(6.2 |
) |
Effect of exchange rates on
cash and cash equivalents |
|
(0.4 |
) |
|
|
0.8 |
|
|
|
0.5 |
|
|
|
(1.2 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
2.4 |
|
|
|
(10.3 |
) |
|
|
(20.4 |
) |
|
|
24.0 |
|
Cash and cash equivalents -
beginning of period |
|
183.2 |
|
|
|
235.1 |
|
|
|
206.0 |
|
|
|
200.8 |
|
CASH AND CASH
EQUIVALENTS - END OF PERIOD |
$185.6 |
|
|
$224.8 |
|
|
$185.6 |
|
|
$224.8 |
|
Alamos Gold (NYSE:AGI)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Alamos Gold (NYSE:AGI)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024