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Alamos Gold Reports Fourth Quarter and Year-End 2019 Results

TORONTO, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (a??Alamosa?? or the a??Companya??) today reported its financial results for the quarter and year ended December 31, 2019.
a??We reported a solid fourth quarter and 2019. We met our production guidance for the fifth consecutive year, and we met our cost guidance with a 10% reduction in total cash costs from a year ago. Stronger gold prices and lower costs drove a 40% increase in operating cash flow,a?? said John A. McCluskey, President and Chief Executive Officer.a??We expect 2020 will be a transformational year for Alamos driven by several significant catalysts. On the back of another substantial increase in Mineral Reserves and Resources at Island Gold it is clear the ore body is evolving into a world class deposit. A Phase III expansion study will be completed in the second quarter and is expected to showcase a larger, highly profitable and longer-life operation. The lower mine expansion at Young-Davidson is on track for completion in June after which we expect to transition to strong free cash flow growth,a?? Mr. McCluskey added.Fourth Quarter 2019

Produced 122,100 ounces of gold, consistent with guidance, driven by strong performances at Young-Davidson and Island Gold



Island Gold produced 38,600 ounces of gold and generated mine-site free cash flow1 of $9.4 million



Young-Davidson produced 48,000 ounces of gold and achieved underground mining rates of 7,000 tonnes per day ("tpd"), exceeding budgeted mining rates for the fourth consecutive quarter and marking the second highest quarterly mining rate ever.A  Construction of the lower mine expansion remains on schedule with the tie-in of the upper and lower mines on track for completion in June 2020



Sold 127,148 ounces of gold at an average realized price of $1,463 per ounce for record revenues of $186.0 million



Record cash flow from operating activities of $77.8 million (and a record $85.7 million, or $0.22 per share, before changes in working capital1), reflecting higher gold prices and operating margins



Consolidated total cash costs1 of $722 per ounce were in line with annual guidance and 6% lower than the fourth quarter of 2018, driven by low cost production growth at Island Gold



All-in sustaining costs ("AISC")1 decreased slightly from the fourth quarter of 2018 to $972 per ounce, reflecting the timing of capital spending. Full year AISC of $951 per ounce were in line with guidance



Reported adjusted net earnings1 of $32.1 million, or $0.08 per share1, include adjustments for unrealized foreign exchange gains recorded within deferred taxes of $8.6 million, partially offset by other one-time losses and tax adjustments totaling $2.7 million



Realized net earnings of $38.0 million, or $0.10 per share



Ended the quarter with no debt, cash and cash equivalents of $182.8 million, and equity securities of $22.8 million



Completed construction of the Cerro Pelon mine ahead of schedule and achieved initial production in the fourth quarter



Announced a 50% increase to the quarterly dividend, commencing in the first quarter of 2020

Full Year 2019
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