AGI:CC - Alamos Gold beats Q1 top and bottom line estimates; initiates Q2 and updates FY23 outlook

2023-04-26 17:07:21 ET

• Alamos Gold press release ( NYSE: AGI ): Q1 Non-GAAP EPS of $0.12 beats by $0.03 .
• Revenue of $251.5M (+36.3% Y/Y) beats by $19.95M .
• Produced 128,400 ounces of gold, exceeding quarterly guidance and marking a 30% increase from the first quarter of 2022.
• Sold 132,668 ounces of gold at an average realized price of $1,896 per ounce, for record quarterly revenues of $251.5 million.
• Total cash costs of $821 per ounce, and all-in sustaining costs  of $1,176 per ounce were 17% and 14% lower than the first quarter of 2022, respectively.
• Generated cash flow from operating activities of $94.3 million ($127.2 million, or $0.32 per share, before changes in working capital).
• Outlook: Second quarter gold production of 2023 is expected to be between 120,000 and 130,000 ounces, with costs expected to be within the annual guidance range.
• Production is expected to increase to between 480,000 and 520,000 ounces in 2023, a 9% increase from 2022, and remain at similar levels in 2024 and 2025. Additional upside potential exists in 2025 as production guidance excludes the higher-grade PDA project in the Mulatos District. Company-wide AISC is expected to decrease 4% in 2023 and 17% by 2025 to between $950 and $1,050 per ounce.

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