Alamos stocks surge on positive outlook
TORONTO (miningweekly.com) – Intermediate gold producer Alamos Gold’s NYSE-listed stock on Wednesday rose 13% on the back of positive second-quarter results.
Toronto-based Alamos did not report its financials on a consolidated basis following its merger with AuRico Gold, as the transaction only closed on July 2, subsequent to quarter-end.
Alamos reported a second-quarter loss of $14.2-million, or $0.11 a share, compared with a net profit of $700 000, or $0.01 a share, in the same period a year earlier.
On an adjusted basis, removing special items, Alamos reported a loss of $0.06 a share, missing analyst expectations of a loss of $0.05 a share on revenue of $43.68-million.
The company reported revenue of $44-million in the period.
Combined output for the quarter was 95 606 oz of gold, a 7% improvement year-over-year.
The new company’s two key assets, the Mulatos mine, in Mexico, and the Young-Davidson mine, in Ontario, Canada, reported weaker performances in the second quarter, owing to lower grades, offset by a new production record at El Chanate, also located in Mexico, reflecting higher recoveries.
All-in sustaining costs declined 12% year-over-year at Young-Davidson to $1 008/oz, rose 10% to $1 154 at Mulatos and declined 10% at El Chanate to $878/oz.
Alamos maintained its full-year guidance at 375 000 oz to 425 000 oz of gold.
The company's NYSE-listed stock closed up $0.45 a share on Wednesday at $3.92 apiece.
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