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Argonaut Gold Lists 1Q Profit, Record Production

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Argonaut Gold (TSX: AR) reports a profit and record output for the first quarter. The company lists adjusted net income of $2.4 million, or a penny per share, down from $7.9 million, or 4 cents, in the same period a year ago. Net income was $4.1 million, or 2 cents per share, a decrease from $12.2 million, or 7 cents, in the first quarter of 2018. The company reports record quarterly production of 54,169 gold-equivalent ounces, up from 40,046 a year ago. However, all-in sustaining costs rose to $1,123 from $861. "We challenged ourselves to grow our production approximately 65% from 2017 to 2019,” says Pete Dougherty, president and chief executive officer. “With a second consecutive quarter of record production above 50,000 GEOs, we are well on our way to achieving this goal with an annualized production profile of over 200,000 GEOs per annum….After record quarterly production, we remain on track to achieve our 2019 production and cost guidance.”

By Allen Sykora of Kitco News;


Alamos Gold 1Q Adjusted Profit Dips; Sales Curbed By Shipment Timing

Thursday May 2, 2019 08:31

Alamos Gold Inc. (TSX, NYSE: AGI) reports a dip in first-quarter adjusted earnings as revenues were dinged by lower gold sales due to the timing of shipments, plus a lower gold price. Alamos lists an adjusted profit of $10.3 million, or 3 cents per share, down from $12.3 million in the same period of 2018. Net earnings were $16.8 million, or 4 cents a share, compared to $0.6 million in the year-ago period. Revenue fell to $156.1 million from $173.1 million.  “This was driven by 8% lower gold sales in the quarter given the timing of shipments at quarter-end, as well as a 2% decrease in the average realized gold price,” Alamos says. The average price fell to $1,304 an ounce from $1,331. Gold production fell to 125,300 ounces from 128,900 a year ago. However, output is on track to achieve 2019 guidance, and the Island Gold Mine posted a quarterly record of 35,600 ounces. Alamos also reports the 2 millionth ounce of gold came from Mulatos in March, marking the end of the 5% royalty that has been paid since the start of production in 2005. All-in sustaining costs were $957 per ounce, a 2% increase from the prior-year period, primarily driven by the timing of sustaining capital spending at Young-Davidson, the company says. Alamos also reports that it ended the quarter with no debt and cash and cash equivalents of $180.6 million.  “Our various growth initiatives remain on schedule with the lower mine expansion at Young-Davidson and development of the Cerro Pelon project progressing well in the quarter,” says said John A. McCluskey, president and chief executive officer. “In addition, construction activities at Kirazli will be ramping up through the year having received the operating permit during the quarter. "

By Allen Sykora of Kitco News;


Kirkland Lake Reports High-Grade Intercepts At Macassa Mine

Thursday May 2, 2019 08:31

Kirkland Lake Gold Ltd. (TSX, NYSE: KL) reports high-grade gold intercepts from underground drilling within the SMC at the Macassa Mine in Ontario. The company reports several high-grade intercepts of more than 100 grams of gold per tonne, including one of 4,772.2 g/t over a two-meter core length. “Today’s results highlight what we have often said, that while it is a historic mine, Macassa is a modern operation, with high-grade, low-cost production and substantial exploration potential that will support mining well into the future,” says Tony Makuch, president and chief executive officer. “Early drilling in 2019 has successfully identified high-grade mineralization to the east, west and well below our existing Mineral Resource base in the SMC…. We will follow up on these results over the balance of this year and plan to expand our exploration efforts going forward.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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