Alamos Gold Inc. (NYSE:AGI) Q1 2024 Earnings Conference Call April 25, 2024 11:00 AM ET

Company Participants

Scott Parsons - Senior Vice President, Investor Relations
John McCluskey - President & Chief Executive Officer
Greg Fisher - Chief Financial Officer
Luc Guimond - Chief Operating Officer

Conference Call Participants

Mike Parkin - National Bank
Kerry Smith - Haywood Securities

Operator

Good morning and I will now turn the call over to Scott Parsons, Alamos's Senior Vice President of Investor Relations. Please go ahead.

Scott Parsons

Thank you, operator, and thanks to everybody for attending Alamos' First Quarter 2024 Conference Call. In addition to myself, we have on the line today, John McCluskey, President and Chief Executive Officer; Greg Fisher, Chief Financial Officer; Luc Guimond, Chief Operating Officer.

We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session.

As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A as well as the risk factors set out in our Annual Information Form.

Technical information in this presentation has been reviewed and approved by Chris Bostwick, our Senior VP Technical Services and a qualified person. Also please bear in mind that all dollar amounts mentioned in this conference call are in U.S. dollars unless otherwise noted.

Now, John will provide you with an overview.

John McCluskey

Thank you, Scott. We had a strong start to the year across a number of fronts, following up on record performance in 2023. Production of 135,700 ounces exceeded quarterly guidance, led by record production from La Yaqui Grande. Costs were consistent with the guidance for the quarter and are expected to decrease through the remainder of the year. We are well positioned to achieve our full year production guidance and cost guidance. With solid operational performance and higher gold prices, we generated record quarterly revenue of $280 million and free cash flow of $24 million net of $45 million in cash tax payments in Mexico. We continue to generate strong ongoing free cash flow while funding the Phase 3 plus expansion at Island Gold. In addition to delivering operationally and financially, we are also creating value in a number of ways, most notably through our acquisition of Argonaut Gold.