Alamos Gold Achieves Increased 2023 Guidance With Record Annual Production And Provides 3-Year Production And Operating Guidance; 2024 Production Guidance Increased; 7% Growth Expected By 2026
Portfolio Pulse from Benzinga Newsdesk
Alamos Gold Inc. (NYSE:AGI) reported record annual gold production of 529,300 ounces for 2023, a 15% increase from 2022, and provided a three-year production and operating guidance. The company expects production growth and declining costs over the next few years, with a 7% growth anticipated by 2026. The Phase 3+ Expansion at Island Gold is on track, and the company is advancing other growth initiatives, including the development plan for PDA and Lynn Lake. Alamos Gold ended 2023 with strong financial performance, generating record revenues of $1.0 billion and increasing its cash position to $225 million while remaining debt-free. The company has increased its 2024 production guidance and expects total cash costs and AISC to remain flat in 2024 and decrease by 2026. Capital spending is projected to decrease by 46% by 2026 at existing operations. Alamos Gold has also increased its exploration budget to the highest level in its history.
January 10, 2024 | 10:04 pm
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Alamos Gold Inc. achieved record gold production in 2023 and expects continued growth with increased production guidance for 2024. The company's strong financial performance and increased cash position, along with a debt-free status, are positive indicators for investors. The increased exploration budget and development plans for PDA and Lynn Lake suggest a focus on long-term growth.
The record production and financial performance in 2023, along with the positive outlook for growth and cost management, are likely to be viewed favorably by investors. The company's increased exploration budget and development initiatives indicate a commitment to future growth, which could further bolster investor confidence in the short term.
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