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Alamos Adjusted Profit Lower Than Year Ago

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(Kitco News) - Alamos Gold Inc. (TSX, AGI) lists adjusted net earnings of $4.9 million, or a penny per share, for the second quarter. This reflects adjustments for unrealized foreign-exchange losses recorded within both deferred taxes and foreign exchange of $15.3 million, as well as other one-time items, Alamos says. The adjusted profit is down from $9.8 million a year ago. The company lists a net loss of $8.9 million, a turnaround from a $2.4 million profit a year ago. The loss was due largely to foreign-exchange movements, Alamos says. Cash costs rose to $832 an ounce from $784, which Alamos blames on lower grades and downtime at Young-Davidson. Alamos produced 126,500 ounces of gold, 19% higher than the second quarter of 2017. “With near-record production in the second quarter, we came in slightly ahead of expectations and remain well positioned to achieve full-year guidance,” says John A. McCluskey, president and chief executive officer. “This reflected another strong outperformance from Mulatos and Island Gold, with production guidance for both mines increased for the second consecutive quarter.”

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