Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter and year ended
December 31, 2021.
“Our Canadian operations performed well in the
fourth quarter driving a stronger finish to 2021 and meeting our
revised full year production and cost guidance. Young-Davidson had
a record year in terms of mining rates and free cash flow and
Island Gold had another strong year operationally while advancing
the Phase III expansion, offsetting the temporary challenges at
Mulatos,” said John A. McCluskey, President and Chief Executive
Officer.
“We look forward to delivering on our 2022
milestones, all of which support our longer-term objective of
growing production at substantially lower costs. Our global
reserves increased 4% over the past year driven by growth at all
three mines, demonstrating increasing value within our operating
base. La Yaqui Grande remains on track to achieve commercial
production in the third quarter and will be key to driving
near-term production higher and costs lower. The updated and
optimized mine plan for Island Gold to be released mid-year, is
expected to improve already impressive economics and highlight
further low-cost growth. We are well positioned to fund these
growth projects internally, which will in turn support growing
returns to shareholders over the long term,” Mr. McCluskey
added.
Fourth Quarter 2021
- Production of 112,500 ounces of
gold, a 7% increase from the third quarter of 2021 with strong
performances at Young-Davidson and Island Gold offsetting weaker
production at Mulatos. Full year production was in-line with
revised guidance
- Young-Davidson achieved record
mining rates of 8,240 tonnes per day ("tpd"), driving production of
51,900 ounces of gold and mine-site free cash flow1 of $30.4
million
- Island Gold produced 37,500 ounces
and generated mine-site free cash flow1 of $15.8 million
- Consolidated total cash costs1 of
$843 per ounce, all-in sustaining costs ("AISC")1 of $1,237 per
ounce and cost of sales of $1,225 per ounce, all increased from
earlier in the year reflecting higher costs at Mulatos, as
previously guided. Full year total cash costs and AISC were in-line
with revised guidance
- La Yaqui Grande remains on track
for commercial production in the third quarter of 2022, and is
expected to significantly reduce the cost profile at Mulatos
starting in the second half of 2022
- Sold 112,966 ounces of gold at an
average realized price of $1,798 per ounce for revenues of $203.1
million
- Generated cash flow from operating
activities of $88.1 million ($91.8 million, or $0.23 per share,
before changes in working capital1)
- Free cash flow1 was negative in the
quarter, driven by higher capital spending mainly related to La
Yaqui Grande and the Phase III expansion at Island Gold
- Realized adjusted net earnings1 of
$36.7 million, or $0.09 per share1, which includes adjustments for
an unrealized foreign exchange loss of $3.3 million recorded within
deferred taxes and foreign exchange and other losses of $3.9
million
- Recorded net earnings of $29.5
million, or $0.08 per share
- Ended the quarter with cash and
cash equivalents of $172.5 million, equity securities of $23.9
million, and no debt
- Paid a quarterly dividend of $9.8
million, or US$0.025 per share (annualized rate of US$0.10 per
share) and repurchased an additional 783,300 shares in the quarter
at a cost of $5.7 million under the Company's Normal Course Issuer
Bid ("NCIB"). The NCIB was renewed for another year on December 20,
2021
- Repurchased a Net Profits Interest
("NPI") royalty on Island Gold for $15.7 million which was
applicable to certain claims that made up the majority of Mineral
Reserves and Resources on the property
- Reported results from the ongoing
exploration program at Island Gold including extending high-grade
gold mineralization up to 300 metres (“m”) down-plunge from
existing Inferred Mineral Resources in Island East as well as to a
depth of more than 1,700 m in the deepest hole drilled to date
- Provided an exploration update for
Lynn Lake, highlighting the potential for further Mineral Reserve
and Resource growth around the existing deposits as well as a new
greenfields discovery
- Achieved a top 15% ranking within
Canadian corporate boards in the 2021 Globe and Mail Board Games in
recognition of strong governance practices. This included ranking
as the third highest company in the materials sector listed on the
Toronto Stock Exchange
- Received a Medium ESG Risk Rating
from Sustainalytics, positioning Alamos in the top 20th percentile
of its industry; in addition, received a B- climate change score
from the Carbon Disclosure Project ("CDP"), ahead of the industry
average
Full Year 2021
- Produced 457,200 ounces of gold,
meeting revised production guidance. Young-Davidson and Island Gold
performed well with both meeting full year initial guidance,
offsetting temporary weaker production at Mulatos
- Young-Davidson produced 195,000
ounces, driving record mine-site free cash flow1 of $100.3
million
- Island Gold produced 140,900
ounces, generating $53.1 million of mine-site free cash flow1 net
of $23.5 million of exploration expenditures and $101.2 million of
capital spending, primarily related to the Phase III expansion
- Sold 457,517 ounces of gold at an
average realized price of $1,800 per ounce for record revenues of
$823.6 million
- Total cash costs1 of $794 per
ounce, AISC1 of $1,135 per ounce and Cost of sales of $1,167 per
ounce were in line with revised guidance
- Realized adjusted net earnings1 for
the year of $162.1 million, or $0.41 per share1. Adjusted net
earnings include adjustments for the non-cash, after tax impairment
charge of $213.8 million on the Company's Turkish projects incurred
in the second quarter, unrealized foreign exchange losses recorded
within both deferred taxes and foreign exchange of $7.8 million,
and other losses totaling $7.2 million
- Reported a net loss of $66.7
million, or $0.17 per share, reflecting the impairment charge on
the Turkish projects
- Cash flow from operating activities
of $356.5 million (including a record $410.9 million, or $1.05 per
share, before changes in working capital1), a 7% increase from
2020
- Declared $39.1 million in
dividends, a 53% increase compared to 2020. Combined with 1.6
million shares repurchased at a cost of $11.7 million, the Company
returned $50.8 million to shareholders in 2021
- During the year, the Company
generated $25.8 million in cash on the liquidation of certain
equity securities and realized an after-tax gain of $12.0 million
(recorded within equity)
- In the second quarter of 2021,
filed an investment treaty claim against the Republic of Turkey for
expropriation and unfair and inequitable treatment with respect to
its Turkey projects.
- Reported inaugural three-year
guidance in January 2022, outlining a strong outlook with growing
production at significantly lower costs over the next three years.
This includes AISC decreasing to a range of $950 to $1,050 per
ounce in 2024, an 18% improvement from 2022 (based on the mid-point
of guidance)
- Reported year end 2021 Mineral
Reserves of 10.3 million ounces of gold, a 4% increase from the end
of 2020 with growth at all three operating mines more than
offsetting mining depletion. This included a 5% increase in global
Mineral Reserve Grades reflecting higher grade additions at Island
Gold and Mulatos. Island Gold continues to grow with combined
Mineral Reserves and Resources increasing 8% to 5.1 million ounces
of gold, net of mining depletion, marking a key milestone for the
operation and highlighting its significant upside potential
(1) Refer to the “Non-GAAP Measures and
Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures.
Highlight Summary
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
2021 |
|
|
2020 |
Financial Results (in millions) |
|
|
|
|
Operating revenues |
$ |
203.1 |
|
$ |
226.6 |
$ |
823.6 |
|
$ |
748.1 |
Cost of sales (1) |
$ |
138.4 |
|
$ |
135.8 |
$ |
534.1 |
|
$ |
482.0 |
Earnings (Loss) from operations |
$ |
49.8 |
|
$ |
81.3 |
$ |
14.9 |
|
$ |
227.6 |
Earnings (Loss) before income taxes |
$ |
43.6 |
|
$ |
85.8 |
$ |
2.3 |
|
$ |
218.2 |
Net earnings (loss) |
$ |
29.5 |
|
$ |
76.9 |
($ |
66.7 |
) |
$ |
144.2 |
Adjusted net earnings (2) |
$ |
36.7 |
|
$ |
58.2 |
$ |
162.1 |
|
$ |
156.5 |
Earnings before interest, depreciation and amortization (2) |
$ |
88.0 |
|
$ |
133.6 |
$ |
402.0 |
|
$ |
381.7 |
Cash provided by operations before working capital and cash
taxes(2) |
$ |
91.8 |
|
$ |
126.5 |
$ |
410.9 |
|
$ |
382.9 |
Cash provided by operating activities |
$ |
88.1 |
|
$ |
131.4 |
$ |
356.5 |
|
$ |
368.4 |
Capital expenditures (sustaining) (2) |
$ |
32.2 |
|
$ |
27.5 |
$ |
113.4 |
|
$ |
82.1 |
Capital expenditures (growth) (2) (3) (5) |
$ |
51.2 |
|
$ |
41.9 |
$ |
218.0 |
|
$ |
151.2 |
Capital expenditures (capitalized exploration) (4) |
$ |
8.2 |
|
$ |
4.0 |
$ |
27.0 |
|
$ |
12.8 |
Free cash flow (2) |
($ |
3.5 |
) |
$ |
58.0 |
($ |
1.9 |
) |
$ |
122.3 |
Operating Results |
|
|
|
|
Gold production (ounces) |
|
112,500 |
|
|
120,400 |
|
457,200 |
|
|
426,800 |
Gold sales (ounces) |
|
112,966 |
|
|
121,831 |
|
457,517 |
|
|
424,325 |
Per Ounce Data |
|
|
|
|
Average realized gold price |
$ |
1,798 |
|
$ |
1,860 |
$ |
1,800 |
|
$ |
1,763 |
Average spot gold price (London PM Fix) |
$ |
1,795 |
|
$ |
1,874 |
$ |
1,799 |
|
$ |
1,770 |
Cost of sales per ounce of gold sold (includes amortization)
(1) |
$ |
1,225 |
|
$ |
1,115 |
$ |
1,167 |
|
$ |
1,136 |
Total cash costs per ounce of gold sold (2) |
$ |
843 |
|
$ |
733 |
$ |
794 |
|
$ |
761 |
All-in sustaining costs per ounce of gold sold (2) |
$ |
1,237 |
|
$ |
1,030 |
$ |
1,135 |
|
$ |
1,046 |
Share Data |
|
|
|
|
Earnings (Loss) per share, basic and diluted |
$ |
0.08 |
|
$ |
0.20 |
($ |
0.17 |
) |
$ |
0.37 |
Adjusted earnings per share, basic and diluted(2) |
$ |
0.09 |
|
$ |
0.15 |
$ |
0.41 |
|
$ |
0.40 |
Weighted average common shares outstanding (basic) (000’s) |
|
392,333 |
|
|
392,720 |
|
392,649 |
|
|
391,675 |
Financial Position (in millions) |
|
|
|
|
Cash and cash equivalents(5) |
|
|
$ |
172.5 |
|
$ |
220.5 |
(1) Cost of sales includes mining and
processing costs, royalties, and amortization expense.
(2) Refer to the “Non-GAAP Measures and Additional GAAP
Measures” disclosure at the end of this press release and
associated MD&A for a description and calculation of these
measures.(3) Includes growth capital from operating
sites. Growth capital excludes an Island Gold Net Profits Interest
royalty repurchased in December 2021 for $15.7 million, a Net
Smelter Return royalty repurchased in March 2020 for $54.8 million,
and the acquisition of Trillium Mining Corp for $19.5 million in
December 2020.(4) Includes capitalized exploration at
Island Gold, Young-Davidson and Mulatos.(5) Includes
capital advances of $nil and $9.8 million for the three and
twelve months ended December 31, 2021 ($nil for the three and
twelve months ended December 31, 2020).
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Gold production (ounces) (1) |
|
|
|
|
Young-Davidson |
|
51,900 |
|
48,000 |
|
195,000 |
|
136,200 |
Island Gold |
|
37,500 |
|
41,200 |
|
140,900 |
|
139,000 |
Mulatos |
|
23,100 |
|
31,200 |
|
121,300 |
|
150,800 |
Gold sales (ounces) |
|
|
|
|
Young-Davidson |
|
53,006 |
|
48,094 |
|
194,937 |
|
134,987 |
Island Gold |
|
38,101 |
|
42,605 |
|
139,946 |
|
139,614 |
Mulatos |
|
21,859 |
|
31,132 |
|
122,634 |
|
149,724 |
Cost of sales (in
millions)(2) |
|
|
|
|
Young-Davidson |
$ |
62.6 |
$ |
60.8 |
$ |
244.4 |
$ |
201.3 |
Island Gold |
$ |
33.1 |
$ |
33.7 |
$ |
112.3 |
$ |
111.9 |
Mulatos |
$ |
42.7 |
$ |
41.3 |
$ |
177.4 |
$ |
168.8 |
Cost of sales per ounce of gold sold (includes
amortization) |
|
|
|
Young-Davidson |
$ |
1,181 |
$ |
1,264 |
$ |
1,254 |
$ |
1,491 |
Island Gold |
$ |
869 |
$ |
791 |
$ |
802 |
$ |
801 |
Mulatos |
$ |
1,953 |
$ |
1,327 |
$ |
1,447 |
$ |
1,127 |
Total cash costs per ounce of gold sold
(3) |
|
|
|
|
Young-Davidson |
$ |
775 |
$ |
792 |
$ |
846 |
$ |
1,019 |
Island Gold |
$ |
575 |
$ |
481 |
$ |
529 |
$ |
451 |
Mulatos |
$ |
1,473 |
$ |
986 |
$ |
1,013 |
$ |
816 |
Mine-site
all-in sustaining costs per ounce of gold sold
(3),(4) |
|
|
Young-Davidson |
$ |
1,017 |
$ |
934 |
$ |
1,072 |
$ |
1,214 |
Island Gold |
$ |
871 |
$ |
676 |
$ |
863 |
$ |
660 |
Mulatos |
$ |
1,899 |
$ |
1,426 |
$ |
1,240 |
$ |
1,032 |
Capital
expenditures (sustaining, growth, capitalized exploration and
capital advances) (in millions)(3) |
|
Young-Davidson(5) |
$ |
24.8 |
$ |
19.5 |
$ |
88.6 |
$ |
101.7 |
Island Gold (6) |
$ |
27.4 |
$ |
26.9 |
$ |
120.0 |
$ |
80.8 |
Mulatos(7) |
$ |
34.2 |
$ |
20.5 |
$ |
128.3 |
$ |
42.1 |
Other |
$ |
5.2 |
$ |
6.5 |
$ |
21.5 |
$ |
21.5 |
(1) Production for the three and
twelve months ended December 31, 2020 included nil and 800 ounces,
respectively, from El Chanate which transitioned to the reclamation
phase of the mine life in 2019. There was no production from El
Chanate for the three and twelve months ended December 31,
2021. (2) Cost of sales includes mining and processing
costs, royalties, COVID-19 costs, and amortization.
(3) Refer to the “Non-GAAP Measures and Additional GAAP
Measures” disclosure at the end of this press release and
associated MD&A for a description and calculation of these
measures.(4) For the purposes of calculating mine-site
all-in sustaining costs, the Company does not include an allocation
of corporate and administrative and share based compensation
expenses.(5) Includes capitalized exploration at
Young-Davidson of $1.3 million and $3.8 million for the three and
twelve months ended December 31, 2021 ($nil for the three and
twelve months ended December 31, 2020).(6) Includes
capitalized exploration at Island Gold of $5.2 million and $18.8
million for the three and twelve months ended December 31, 2021
($3.8 million and $11.9 million for the three and twelve months
ended December 31, 2020); Island Gold capital expenditures exclude
the NPI royalty repurchased in December 2021 for $15.7 million, a
Net Smelter Return royalty repurchased in March 2020 for $54.8
million and the acquisition of Trillium Mining Corp for $19.5
million in December 2020.(7) Includes capitalized
exploration at Mulatos of $0.3 million and $1.7 million for the
three and twelve months ended December 31, 2021 ($0.2 million and
$0.9 million for the three and twelve months ended December 31,
2020).Environment, Social and Governance Summary
Performance
Health and Safety
- Recordable injury frequency rate1 of
2.77 in the quarter and 2.46 for the year, an increase from 2.25 in
2020
- Lost time injury frequency rate1 of
0.25 in the quarter and 0.21 for the year, an increase from 0.14 in
2020
- Performed over 100,000 COVID-19
tests in 2021 on employees, contractors and visitors as part of
enhanced screening practices
During the fourth quarter of 2021, the
recordable injury frequency rate increased with 33 recordable
injuries, up from 29 in the third quarter of 2021. Three lost time
injuries were reported in the quarter, down from four in the third
quarter of 2021, resulting in an overall decrease to the Company’s
lost time injury frequency rate from the previous quarter. Alamos
strives to maintain a safe, healthy working environment for all,
with a strong safety culture where everyone is continually reminded
of the importance of keeping themselves and their colleagues
healthy and injury-free. During the quarter, the Company finalized
and introduced three new safety standards to its sites, part of the
Company’s ongoing development of its Sustainability Performance
Management Framework which includes standards specific to safety
leadership and managing higher-risk activities. The Company’s
flagship Home Safe Every Day safety leadership program was also
restarted at both the Young-Davidson and Mulatos mines following
their temporary suspension for safety reasons due to COVID-19. The
Company’s overarching commitment is to have all employees and
contractors return Home Safe Every Day.
The World Health Organization declared COVID-19
a pandemic on March 11, 2020. The Company responded rapidly and
proactively and implemented several initiatives to help protect the
health and safety of our employees, their families and the
communities in which we operate.
Specifically, each mine site activated
established crisis management plans and developed site-specific
plans that have enabled them to meet and respond to changing
conditions associated with COVID-19. The Company has adopted the
advice of public health authorities and is adhering to government
regulations with respect to COVID-19 in the jurisdictions in which
it operates
The following measures have been instituted at
sites to prevent the potential spread of the COVID-19 virus:
- Medical screening for all personnel
prior to entry to site for symptoms of COVID-19
- Testing of personnel at all
operating sites prior to starting their work rotation
- Vaccinations offered to employees at
Island Gold and Mulatos given their unique camp set-up
- Training on proper hand hygiene and
social distancing
- Remote work options have been
implemented for eligible employees
- Social distancing practices have
been implemented for all meetings, huddles and transportation
- Mandatory use of personal protective
equipment for employees where social distancing is not
practicable
- Rigid camp and site hygiene
protocols have been instituted and are being followed
- In addition, since the COVID-19
pandemic began the Company’s teams in Canada, Mexico, and Turkey
have donated their time, medical supplies, and funds to help combat
the effects and spread of the virus
COVID 19 - Impact on Operations
Given the significant precautionary measures
taken by the Company, and thanks to the dedication of its
employees, contractors and stakeholders, operations remain
relatively unaffected by COVID-19. All the Company's operations
continue to incur additional costs related to testing of personnel,
lodging and transportation, which have been included in mining and
processing costs. These incremental costs have increased total cash
costs globally by approximately $25 per ounce.
Environment
- Zero significant environmental
incidents in the fourth quarter and for the year
- Advanced permitting of the Lynn Lake
Project and the Phase III expansion of Island Gold – a project that
will significantly increase automation and reduce fleet diesel
usage resulting in 35% lower life-of-mine greenhouse gas ("GHG")
emissions
- Advanced the power line project at
the Mulatos and La Yaqui Grande which will connect the operations
to grid power and eliminate the need for site diesel power
generation, reducing GHG emissions
Sixteen minor spills occurred during the fourth
quarter, including one at Young-Davidson, ten at Island Gold and
five at Mulatos. All spills were immediately cleaned and remediated
with no anticipated long-term effects. The Company is committed to
preserving the long-term health and viability of the natural
environment that surround its operations and projects. This
includes investing in new initiatives to reduce our environmental
footprint with the goal of minimizing the environmental impacts of
our activities and offsetting any impacts that cannot be fully
mitigated or rehabilitated.
Community
- Donated time, medical supplies, food
supplies and funds across select operations and projects to help
combat the effects and spread of COVID-19 in local communities
- Young-Davidson employees
participated in the Great Cycle Challenge in support of the Sick
Kids Foundation, raising money through sponsorship and
participation with the Company matching all contributions
- Continued partnership with Tech
Manitoba and the Northern Manitoba Sector Council to deliver
digital literacy classes in Lynn Lake, and continued to support the
Mining Matters charitable organization in providing the Lynn Lake
high school with educational resources and curriculum related to
Earth sciences, the minerals industry and their roles in
society
- Together with community
representatives, completed an annual evaluation of the Mi Matarachi
Program to review our progress and shape community development
efforts for 2022 and beyond
- Continued to support local students
in Sahuaripa, Matarachi and Hermosillo, Mexico with 180 students
supported through the Company’s Scholarship Program
- In addition to ongoing COVID-19 and
influenza vaccination clinics, and community nutrition programs,
several new health initiatives were introduced during the quarter
in collaboration with the Matarachi community. These included a
breast cancer awareness campaign, healthy eating campaign, and
training to the Matarachi Community Health Committee on using a
defibrillator that we donated to the Matarachi Health Clinic
- Made various donations to local
communities including medicine, cleaning and hygiene equipment,
fans, toys, and school supplies for teachers and students returning
to classrooms
Alamos believes that excellence in
sustainability provides a net benefit to all stakeholders. The
Company continues to engage with local communities to understand
local challenges and priorities, and to offer support during the
COVID-19 pandemic. Ongoing investments in local infrastructure,
health care, education, cultural and community programs have
continued through the COVID-19 pandemic, with appropriate health
and safety protocols.
Governance and Disclosure
- Finalized 12 sustainability
standards during the quarter and 22 to date as part of Alamos’
Sustainability Performance Management Framework that addresses
governance, health & safety, security, environment and
community relations management
- Achieved a top 15% ranking within
Canadian corporate boards in the 2021 Globe and Mail Board Games in
recognition of strong governance practices. This included ranking
as the third highest company in the materials sector listed on the
Toronto Stock Exchange
- Received a B- climate change score
from the Carbon Disclosure Project in response to the Company's
2021 CDP Report, ahead of the industry C average
- Received a Medium ESG Risk Rating
from Sustainalytics, positioning Alamos in the top 20th percentile
of its industry
- Received a BBB ESG rating within
Alamos’ most recent MSCI ESG Ratings Report
Alamos maintains the highest standards of
corporate governance to ensure that corporate decision-making
reflects its values, including the Company’s commitment to
sustainable development. During the quarter, the Company continued
to advance its implementation of the Responsible Gold Mining
Principles, developed by the World Gold Council as a framework that
sets clear expectations as to what constitutes responsible gold
mining.
(1) Frequency rate is calculated as incidents
per 200,000 hours worked.
Outlook and Strategy
2022 Guidance |
|
Young-Davidson |
Island Gold |
Mulatos |
Other (2) |
Total |
Gold production (000’s ounces) |
185 - 200 |
125 - 135 |
130 - 145 |
|
440 - 480 |
Cost of sales, including amortization (in
millions)(4) |
|
|
|
|
$610 |
Cost of sales, including amortization ($ per
ounce)(4) |
|
|
|
|
$1,325 |
Total cash costs ($ per ounce)(1) |
$850 - $900 |
$550 - $600 |
$1,225 - $1,275 |
— |
$875- $925 |
All-in sustaining costs ($ per ounce)(1) |
|
|
|
|
$1,190 - $1,240 |
Mine-site all-in sustaining costs ($ per
ounce)(1)(3) |
$1,125 - $1,175 |
$850 - $900 |
$1,325 - $1,375 |
— |
|
Capital expenditures (in millions) |
|
|
|
|
|
Sustaining capital(1) |
$50 - $55 |
$35 - $40 |
$5 - $10 |
— |
$90 - $105 |
Growth capital(1) |
$5 - $10 |
$145 - $160 |
$50 - $55 |
$15 |
$215 - $240 |
Total Sustaining and Growth
Capital(1) |
$55 - $65 |
$180 - $200 |
$55 - $65 |
$15 |
$305 - $345 |
Capitalized exploration(1) |
$4 |
$20 |
— |
$3 |
$27 |
Total capital expenditures and capitalized
exploration(1) |
$59 - $69 |
$200 - $220 |
$55 - $65 |
$18 |
$332 - $372 |
(1) Refer to the "Non-GAAP Measures
and Additional GAAP" disclosure at the end of this press release
and associated MD&A for a description of these
measures.(2) Includes growth capital and capitalized
exploration at the Company's development projects (Lynn Lake and
Esperanza).(3) For the purposes of calculating mine-site
all-in sustaining costs at individual mine sites, the Company does
not include an allocation of corporate and administrative and share
based compensation expenses to the mine sites. (4) Cost
of sales includes mining and processing costs, royalties, and
amortization expense, and is calculated based on the mid-point of
total cash cost guidance.
The Company’s objective is to operate a
sustainable business model that can support growing returns to all
stakeholders over the long-term through growing production,
expanding margins, and increasing profitability. This includes a
balanced approach to capital allocation focused on generating
strong ongoing free cash flow while re-investing in high-return
internal growth opportunities and supporting higher returns to
shareholders.
The Company continues to deliver on its key
long-term objectives, with strong performances at its Canadian
operations and significant progress made on its high-return growth
projects. Young-Davidson and Island Gold both met full year
production guidance and revised cost guidance. This included a
record performance from Young-Davidson with the operation achieving
record mining rates and mine-site free cash flow. Mulatos had a
challenging year as the operation works through a transitional
phase with higher costs while making excellent progress on the
development of the higher-grade, low-cost La Yaqui Grande project.
La Yaqui Grande remains on track achieve commercial production in
the third quarter of 2022 and is expected drive costs significantly
lower in the second half of the year. Finally, the Phase III
expansion at Island Gold continues to advance while ongoing
exploration success drove another substantial increase in Mineral
Reserves and Resources to more than five million ounces. This
represents another key milestone for the operation and highlights
the significant upside potential to the Phase III expansion study
("Phase III Study") with Mineral Reserves and Resources having
increased 37% since the completion of the study in 2020.
The Company provided inaugural three-year
production and operating guidance in January 2022, which outlined
growing production at significantly lower costs over the 2022 to
2024 period. Refer to the Company’s January 17, 2022 guidance press
release for a summary of the key assumptions and related risks
associated with the comprehensive 2022 guidance and three-year
production, cost and capital outlook. Production is expected to be
between 440,000 and 480,000 ounces of gold in 2022, consistent with
2021, and increase approximately 4% (based on the mid-point of
guidance) to between 460,000 and 500,000 ounces in 2023 and 2024.
Total cash costs and AISC are expected to increase in 2022 compared
to 2021, reflecting industry-wide cost inflation and a temporary
increase in costs at Mulatos. La Yaqui Grade is expected to drive
Mulatos and consolidated costs lower in the second half of 2022 and
will be a key contributor to an expected 18% decrease in AISC
between 2022 and 2024. The Company expects a further reduction of
costs following the completion of the Phase III expansion at Island
Gold in 2025, and over the longer term.
As outlined in the Company's 2022 guidance, first quarter gold
production is expected to be the lowest of the year at
approximately 100,000 ounces, with costs well above annual
guidance. Production is expected to increase and costs decrease
through the year, particularly in the second half of the year with
the start of low-cost production from La Yaqui Grande.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c340c398-f260-4eec-9cae-2700fdfd968e
Capital spending at producing mines (excluding
Lynn Lake and other development projects) is expected to decrease
from between $290 to $330 million in 2022 to between $220 and $260
million in 2023. This represents a 23% decrease reflecting the
completion of construction of La Yaqui Grande. Total capital is
expected to decrease further following the completion of the Phase
III expansion at Island Gold in 2025. La Yaqui Grande and the Phase
III expansion are expected to be fully funded through ongoing cash
flow and existing cash.
Young-Davidson is expected to produce between
185,000 and 200,000 ounces in 2022, consistent with 2021,
reflecting similar grades, mining and processing rates. Total cash
costs and mine-site AISC are expected to increase from 2021
primarily reflecting industry-wide cost inflation, partially offset
by operational improvements. Production and costs are expected to
remain at similar levels over the next three years. Capital
spending in 2022 (excluding exploration) is expected to range
between $55 and $65 million, a 27% decrease from 2021 with
construction of the new life of mine tailings facility (“TIA 1”)
completed in the fourth quarter of 2021. Capital spending is
expected to remain at similar levels in 2023 and decrease slightly
in 2024. Young-Davidson generated record mine-site free cash flow
of $100 million in 2021. With the lower mine expansion complete and
a 15 year Mineral Reserve life, Young-Davidson is expected to
generate similar mine-site free cash flow in 2022 and over the long
term.
Island Gold is expected to produce between
125,000 and 135,000 ounces in 2022, consistent with the Phase III
Study. Total cash costs and mine-site AISC are expected to increase
relative to the Phase III Study reflecting industry-wide cost
inflation and the stronger Canadian dollar. Capital spending at
Island Gold (excluding exploration) is expected to increase to
between $180 and $200 million in 2022, reflecting the ramp up of
construction activities as outlined in the Phase III Study.
Consistent with the study, capital spending is expected to decrease
slightly in 2023 and 2024 before decreasing closer to sustaining
levels following the completion of the expansion in 2025.
The exploration budget for Island Gold in 2022
of $22 million will follow up on the successful drilling campaign
in 2021 that drove an 8% increase in high-grade Mineral Reserves
and Resources to 5.1 million ounces of gold. Since the completion
of the Phase III Study, Mineral Reserves and Resources have
increased 37%, or 1.4 million ounces demonstrating the significant
growth in size and value of operation. This ongoing growth will be
incorporated into an optimized mine plan to be released
mid-2022.
Combined gold production from the Mulatos
District (including La Yaqui Grande) is expected to be between
130,000 and 145,000 ounces in 2022. With the start of production
from La Yaqui Grande in the third quarter and increasing grades
from the El Salto portion of the Mulatos pit, approximately 65% of
2022 production is expected in the second half of the year at
substantially lower costs. Total cash costs and mine-site AISC are
expected to be well above annual guidance during the first half of
2022 and trend significantly lower during the second half of the
year, driven by low-cost production growth from La Yaqui Grande.
Costs are expected to improve further in 2023 and 2024 with La
Yaqui Grande representing the majority of Mulatos production.
Capital spending is expected to total $55 to $65 million in 2022
with the majority being growth capital to complete construction of
La Yaqui Grande, which remains on track to achieve commercial
production in the third quarter of 2022. Capital spending is
expected to trend lower in the second half of 2022 and down closer
to sustaining capital levels in 2023 and 2024.
The total capital budget for Lynn Lake in 2022
is $14 million, including $11 million for development activities
and $3 million for exploration. Development activities will be
focused on environmental work in support of permitting, detailed
engineering and other site access upgrades. The approval of the
Environmental Impact Statement (“EIS”) for the project is expected
in the second half of 2022 following which the Company expects to
make a construction decision.
A total of $40 million has been budgeted for
exploration in 2022 with Island Gold continuing to account for the
largest portion of the budget at $22 million, followed by $7
million at Mulatos, $5 million at Young-Davidson and $3 million at
Lynn Lake. This follows a widely successful 2021 program with
Mineral Reserves more than replaced at all three operations. This
drove a 4% increase in Mineral Reserves to 10.3 million ounces of
gold with grades also increasing 5% reflecting higher grade
increases at Island Gold and Mulatos.
The Company's liquidity position remains strong,
ending the year with $172.5 million of cash and cash equivalents,
$23.9 million in equity securities, and no debt. Additionally, the
Company has a $500 million undrawn credit facility, providing total
liquidity of $672.5 million. Combined with strong ongoing cash flow
generation, the Company's high-return internal growth initiatives
are fully funded, with the capacity to increase production by more
than 60% and reduce AISC by over 30% by 2025.
Fourth Quarter and Year-End 2021
results
Young-Davidson Financial and Operational
Review
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Gold production (ounces) |
|
51,900 |
|
|
48,000 |
|
|
195,000 |
|
|
136,200 |
|
Gold
sales (ounces) |
|
53,006 |
|
|
48,094 |
|
|
194,937 |
|
|
134,987 |
|
Financial Review (in millions) |
|
|
|
|
Operating Revenues |
$ |
95.2 |
|
$ |
89.3 |
|
$ |
350.5 |
|
$ |
239.4 |
|
Cost of sales (1) |
$ |
62.6 |
|
$ |
60.8 |
|
$ |
244.4 |
|
$ |
201.3 |
|
Earnings from operations |
$ |
31.9 |
|
$ |
28.5 |
|
$ |
105.4 |
|
$ |
38.1 |
|
Cash provided by operating
activities |
$ |
55.2 |
|
$ |
50.3 |
|
$ |
188.9 |
|
$ |
101.3 |
|
Capital expenditures
(sustaining) (2) |
$ |
12.8 |
|
$ |
6.8 |
|
$ |
43.8 |
|
$ |
26.1 |
|
Capital expenditures (growth)
(2) |
$ |
9.3 |
|
$ |
12.7 |
|
$ |
38.3 |
|
$ |
75.6 |
|
Capital expenditures
(capitalized exploration) (2) |
$ |
2.7 |
|
$ |
— |
|
$ |
6.5 |
|
$ |
— |
|
Mine-site free cash flow
(2) |
$ |
30.4 |
|
$ |
30.8 |
|
$ |
100.3 |
|
($ |
0.4 |
) |
Cost of sales, including amortization per ounce of gold sold
(1) |
$ |
1,181 |
|
$ |
1,264 |
|
$ |
1,254 |
|
$ |
1,491 |
|
Total cash costs per ounce of gold sold (2) |
$ |
775 |
|
$ |
792 |
|
$ |
846 |
|
$ |
1,019 |
|
Mine-site all-in sustaining costs per ounce of gold sold
(2),(3) |
$ |
1,017 |
|
$ |
934 |
|
$ |
1,072 |
|
$ |
1,214 |
|
Underground Operations |
|
|
|
|
Tonnes of ore mined |
|
758,089 |
|
|
703,898 |
|
|
2,879,662 |
|
|
1,956,198 |
|
Tonnes of ore mined per day |
|
8,240 |
|
|
7,651 |
|
|
7,889 |
|
|
5,345 |
|
Average grade of gold (4) |
|
2.47 |
|
|
2.20 |
|
|
2.31 |
|
|
2.24 |
|
Metres developed |
|
3,116 |
|
|
3,223 |
|
|
12,367 |
|
|
12,549 |
|
Mill Operations |
|
|
|
|
Tonnes of ore processed |
|
723,247 |
|
|
729,747 |
|
|
2,883,241 |
|
|
2,181,324 |
|
Tonnes of ore processed per day |
|
7,861 |
|
|
7,932 |
|
|
7,899 |
|
|
5,960 |
|
Average grade of gold (4) |
|
2.47 |
|
|
2.21 |
|
|
2.31 |
|
|
2.08 |
|
Contained ounces milled |
|
57,459 |
|
|
51,774 |
|
|
213,769 |
|
|
145,733 |
|
Average recovery rate |
|
91 |
% |
|
91 |
% |
|
91 |
% |
|
92 |
% |
(1) Cost of sales includes mining and
processing costs, royalties and amortization.(2) Refer
to the “Non-GAAP Measures and Additional GAAP Measures” disclosure
at the end of this press release and associated MD&A for a
description and calculation of these measures. (3) For
the purposes of calculating mine-site all-in sustaining costs, the
Company does not include an allocation of corporate and
administrative and share based compensation expenses.
(4) Grams per tonne of gold ("g/t Au").
Young-Davidson finished the year strongly with
production of 51,900 ounces of gold in the fourth quarter of 2021,
an 8% increase from the prior year period due to higher grades
mined. This brought full year production to 195,000 ounces for the
year, in line with guidance and a 43% increase from the prior
year.
Underground mining rates continued to perform
extremely well, increasing to average a record 8,240 tpd in the
quarter, and 7,889 tpd for the full year. Mining rates are expected
to average design rates of 8,000 tpd going forward.
As anticipated, grades mined increased in the
fourth quarter to average 2.47 g/t Au. Full year grades mined were
slightly below budget and reserve grade primarily due to mine
sequencing. Mill throughput averaged 7,861 tpd in the fourth
quarter, lower than tonnes mined due to planned mill maintenance.
The resulting stockpile will be processed through the first half of
2022. Mill recoveries averaged 91% in the quarter, consistent with
guidance and the prior year.
Financial Review
Fourth quarter revenues of $95.2 million were 7%
higher than the prior year period driven by more ounces sold. For
the full year, Young-Davidson sold 194,937 ounces for record
revenues of $350.5 million, a 46% increase from 2020 due to higher
realized gold prices and an increase in ounces sold.
Cost of sales (which includes mining and
processing costs, royalties, and amortization expense) of $62.6
million in the fourth quarter were higher than the prior year
period, due to increased underground mining rates, partially offset
by lower unit mining costs. Similarly, cost of sales for the full
year were higher than the prior year given lower mining rates
during the temporary shutdown which occurred in 2020. Underground
unit mining costs were CAD $42 per tonne in the quarter, an
improvement from the prior year and the lowest quarterly unit
mining costs of the year driven by economies of scale from
averaging a record 8,240 tpd mined.
Total cash costs of $775 per ounce in the fourth
quarter were 2% lower than the prior year period driven by higher
throughput and lower mining and processing costs per tonne,
partially offset by a stronger Canadian dollar. Mine-site AISC of
$1,017 per ounce in the fourth quarter were 9% higher than the
prior year period primarily reflecting higher sustaining capital,
partially offset by lower total cash costs. Full year total cash
costs of $846 per ounce and mine-site AISC of $1,072 per ounce were
consistent with revised annual guidance, and well below the prior
year driven by higher mining rates and lower unit mining costs,
partially offset by the stronger Canadian dollar in 2021. The
stronger Canadian dollar increased total cash costs by
approximately $45 per ounce and mine-site AISC by approximately $60
per ounce, relative to both prior year and initial guidance.
Capital expenditures in the quarter included
$12.8 million of sustaining capital and $9.3 million of growth
capital. In addition, $2.7 million was invested in capitalized
exploration as part of the first significant exploration program at
the operation since 2011. Capital expenditures totaled $88.6
million for the full year, including $6.5 million of capitalized
exploration. This represented a 13% decrease from the prior year
reflecting the completion of the lower mine expansion in July 2020.
Capital expenditures were slightly above annual guidance due to the
impact of the stronger than budgeted Canadian dollar on capital
costs.
Young-Davidson has consistently met or exceeded
expectations since transitioning to the new lower mine
infrastructure in mid-2020, driving production higher, costs lower,
and significant free cash flow growth. This included mine-site free
cash flow of $30.4 million in the fourth quarter, and a record
$100.3 million for the full year. At current gold prices,
Young-Davidson is positioned to generate similar mine-site free
cash flow in 2022 and over the long term.
Island Gold Financial and Operational
Review
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Gold production (ounces) |
|
37,500 |
|
|
41,200 |
|
|
140,900 |
|
|
139,000 |
|
Gold
sales (ounces) |
|
38,101 |
|
|
42,605 |
|
|
139,946 |
|
|
139,614 |
|
Financial Review (in millions) |
|
|
|
|
Operating Revenues |
$ |
68.6 |
|
$ |
79.6 |
|
$ |
252.0 |
|
$ |
247.0 |
|
Cost of sales (1) |
$ |
33.1 |
|
$ |
33.7 |
|
$ |
112.3 |
|
$ |
111.9 |
|
Earnings from operations |
$ |
34.0 |
|
$ |
45.4 |
|
$ |
135.0 |
|
$ |
134.1 |
|
Cash provided by operating
activities |
$ |
43.2 |
|
$ |
58.7 |
|
$ |
173.1 |
|
$ |
182.2 |
|
Capital expenditures
(sustaining) (2) |
$ |
11.2 |
|
$ |
8.3 |
|
$ |
46.7 |
|
$ |
29.0 |
|
Capital expenditures (growth)
(2) (5) |
$ |
11.0 |
|
$ |
14.8 |
|
$ |
54.5 |
|
$ |
39.9 |
|
Capital expenditures
(capitalized exploration) (2) |
$ |
5.2 |
|
$ |
3.8 |
|
$ |
18.8 |
|
$ |
11.9 |
|
Mine-site free cash flow (2) |
$ |
15.8 |
|
$ |
31.8 |
|
$ |
53.1 |
|
$ |
101.4 |
|
Cost of sales, including amortization per ounce of gold sold
(1) |
$ |
869 |
|
$ |
791 |
|
$ |
802 |
|
$ |
801 |
|
Total cash costs per ounce of gold sold (2) |
$ |
575 |
|
$ |
481 |
|
$ |
529 |
|
$ |
451 |
|
Mine-site all-in sustaining costs per ounce of gold sold
(2),(3) |
$ |
871 |
|
$ |
676 |
|
$ |
863 |
|
$ |
660 |
|
Underground Operations |
|
|
|
|
Tonnes of ore mined |
|
109,541 |
|
|
113,540 |
|
|
438,731 |
|
|
412,169 |
|
Tonnes of ore mined per day ("tpd") |
|
1,191 |
|
|
1,234 |
|
|
1,202 |
|
|
1,126 |
|
Average grade of gold (4) |
|
10.98 |
|
|
10.77 |
|
|
10.27 |
|
|
11.18 |
|
Metres developed |
|
1,906 |
|
|
1,854 |
|
|
7,472 |
|
|
6,168 |
|
Mill Operations |
|
|
|
|
Tonnes of ore processed |
|
114,689 |
|
|
105,509 |
|
|
435,297 |
|
|
386,591 |
|
Tonnes of ore processed per day |
|
1,247 |
|
|
1,147 |
|
|
1,193 |
|
|
1,056 |
|
Average grade of gold (4) |
|
10.51 |
|
|
11.88 |
|
|
10.35 |
|
|
11.62 |
|
Contained ounces milled |
|
38,742 |
|
|
40,305 |
|
|
144,804 |
|
|
144,378 |
|
Average recovery rate |
|
96 |
% |
|
97 |
% |
|
96 |
% |
|
97 |
% |
(1) Cost of sales includes mining and
processing costs, royalties, COVID-19 costs and
amortization.(2) Refer to the “Non-GAAP Measures and
Additional GAAP Measures” disclosure at the end of this press
release and associated MD&A for a description and calculation
of these measures. (3) For the purposes of calculating
mine-site all-in sustaining costs, the Company does not include an
allocation of corporate and administrative and share based
compensation expenses. (4) Grams per tonne of gold ("g/t
Au").(5) Includes capital advances of $nil and
$1.4 million for the three and twelve months ended December
31, 2021 (($nil for the three and twelve months ended December 31,
2020).
Island Gold produced 37,500 ounces in the fourth
quarter of 2021, a decrease from the fourth quarter of 2020
reflecting lower grades processed. For the full year, Island Gold
produced 140,900 ounces, consistent with the prior year, and at the
mid-point of production guidance.
Underground mining rates averaged 1,191 tpd in
the fourth quarter and 1,202 tpd for the full year, consistent with
annual guidance. As previously guided, underground grades increased
from the third quarter, averaging 10.98 g/t Au, increasing full
year grades mined to 10.27 g/t Au.
Mill throughput averaged 1,247 tpd in the fourth
quarter, and 1,193 tpd for the full year, in line with annual
guidance of 1,200 tpd. Mill recoveries averaged 96% in the quarter
and 96% year-to-date, consistent with annual guidance.
Financial Review
Island Gold generated revenues of $68.6 million
in the fourth quarter, a 14% decrease compared to the prior year
period, reflecting less ounces sold and lower realized gold prices.
Full year revenues were $252.0 million, consistent with the prior
year.
Cost of sales (includes mining and processing
costs, royalties and amortization expense) of $33.1 million in the
fourth quarter and $112.3 million during the full year were
consistent with the prior year periods. Higher mining and
processing rates for the full year and a stronger Canadian dollar
in 2021 were offset by lower unit mining costs and lower
amortization charges.
Total cash costs of $575 per ounce in the fourth
quarter were significantly higher than the prior year period, due
to lower grades processed and the impact of the stronger Canadian
dollar. Mine-site AISC of $871 per ounce in the fourth quarter were
29% higher than in the prior year reflecting higher sustaining
capital spending with increased underground development. For the
full year, total cash costs and mine-site AISC were both higher
than the prior year largely reflecting the stronger Canadian dollar
in 2021, as well as increased sustaining capital spending. The
Canadian dollar increased total cash costs by approximately $30 per
ounce and mine-site AISC by approximately $50 per ounce, relative
to the prior year and initial guidance.
Total capital expenditures were $27.4 million in
the fourth quarter, including $5.2 million of capitalized
exploration. Spending was focused on lateral development,
engineering and early procurement for the Phase III expansion
project, and surface infrastructure. Full year capital spending
totaled $118.6 million, including $18.8 million of capitalized
exploration. In addition, Island Gold advanced $1.4 million for
long lead time items supporting the Phase III expansion.
In the fourth quarter of 2021, the Company
acquired and canceled a net profit interest ("NPI") royalty payable
on production from certain claims at the Island Gold mine for
consideration of $15.7 million. Over the past two years, the
Company has acquired both an NPI and an NSR royalty on Island Gold
that have significantly enhanced the long term value of the
operation.
Island Gold generated mine-site free cash flow
of $15.8 million in the fourth quarter and $53.1 million for the
full year, net of all capital spending on the Phase III expansion.
Given the planned ramp up in capital spending on the Phase III
expansion, Island Gold is not expected to generate mine-site free
cash flow in 2022.
Mulatos Financial and Operational
Review
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Gold production (ounces) |
|
23,100 |
|
|
31,200 |
|
|
121,300 |
|
|
150,800 |
|
Gold
sales (ounces) |
|
21,859 |
|
|
31,132 |
|
|
122,634 |
|
|
149,724 |
|
Financial Review (in millions) |
|
|
|
|
Operating Revenues |
$ |
39.3 |
|
$ |
57.7 |
|
$ |
221.1 |
|
$ |
261.7 |
|
Cost of sales (1) |
$ |
42.7 |
|
$ |
41.3 |
|
$ |
177.4 |
|
$ |
168.8 |
|
(Loss) earnings from
operations |
($ |
5.0 |
) |
$ |
14.8 |
|
$ |
36.4 |
|
$ |
88.7 |
|
Cash (used) provided by
operating activities |
($ |
6.3 |
) |
$ |
24.6 |
|
$ |
32.1 |
|
$ |
110.5 |
|
Capital expenditures
(sustaining) (2) |
$ |
8.2 |
|
$ |
12.4 |
|
$ |
22.9 |
|
$ |
27.0 |
|
Capital expenditures (growth)
(2) (7) |
$ |
25.7 |
|
$ |
7.9 |
|
$ |
103.7 |
|
$ |
14.2 |
|
Capital expenditures
(capitalized exploration) (2) |
$ |
0.3 |
|
$ |
0.2 |
|
$ |
1.7 |
|
$ |
0.9 |
|
Mine-site free cash flow
(2) |
($ |
40.5 |
) |
$ |
4.1 |
|
($ |
96.2 |
) |
$ |
68.4 |
|
Cost of sales, including amortization per ounce of gold sold
(1) |
$ |
1,953 |
|
$ |
1,327 |
|
$ |
1,447 |
|
$ |
1,127 |
|
Total cash costs per ounce of gold sold (2) |
$ |
1,473 |
|
$ |
986 |
|
$ |
1,013 |
|
$ |
816 |
|
Mine site all-in sustaining costs per ounce of gold sold
(2),(3) |
$ |
1,899 |
|
$ |
1,426 |
|
$ |
1,240 |
|
$ |
1,032 |
|
Open Pit Operations |
|
|
|
|
Tonnes of ore mined - open pit (4) |
|
660,576 |
|
|
1,270,425 |
|
|
3,116,492 |
|
|
5,641,346 |
|
Total waste mined - open pit (6) |
|
2,496,896 |
|
|
3,913,900 |
|
|
9,060,201 |
|
|
9,534,900 |
|
Total tonnes mined - open pit |
|
3,157,472 |
|
|
5,184,324 |
|
|
12,176,694 |
|
|
15,176,245 |
|
Waste-to-ore ratio (operating) |
|
0.55 |
|
|
0.61 |
|
|
1.23 |
|
|
0.68 |
|
Crushing and Heap Leach Operations |
|
|
|
|
Tonnes of ore stacked |
|
1,760,629 |
|
|
1,969,732 |
|
|
7,074,460 |
|
|
7,308,457 |
|
Average grade of gold processed (5) |
|
0.85 |
|
|
0.83 |
|
|
0.99 |
|
|
1.08 |
|
Contained ounces stacked |
|
48,133 |
|
|
52,281 |
|
|
225,551 |
|
|
253,736 |
|
Average recovery rate |
|
48 |
% |
|
60 |
% |
|
54 |
% |
|
59 |
% |
Ore
crushed per day (tonnes) - combined |
|
19,100 |
|
|
21,400 |
|
|
19,400 |
|
|
20,000 |
|
(1) Cost of sales includes mining and
processing costs, royalties, and amortization.(2) Refer
to the “Non-GAAP Measures and Additional GAAP Measures” disclosure
at the end of this press release and associated MD&A for a
description and calculation of these measures. (3) For
the purposes of calculating mine-site all-in sustaining costs, the
Company does not include an allocation of corporate and
administrative and share based compensation expenses.
(4) Includes ore stockpiled during the
quarter.(5) Grams per tonne of gold ("g/t
Au").(6) Total waste mined includes operating waste and
capitalized stripping, but excludes tonnes mined at La Yaqui
Grande. (7) Includes capital advances of $nil and
$8.4 million for the three and twelve months ended December
31, 2021 (($nil for the three and twelve months ended December 31,
2020).
Mulatos produced 23,100 ounces in the fourth
quarter, lower than the prior year period though consistent with
the third quarter. Production in the second half of 2022 was
impacted by longer leach cycles for stockpiled ore stacked and
lower production from Cerro Pelon with the deposit being depleted
in the quarter. For the year, Mulatos produced 121,300 ounces, a
20% decrease from the prior year driven by lower grades mined,
primarily from Cerro Pelon, as well as longer leach times for ore
stacked in the second half of the year.
Ore mined in the fourth quarter decreased
significantly compared to the prior year period, with mining
activities within the main Mulatos pit focused on pre-stripping the
El Salto portion of the pit. The majority of ore mined in the
quarter was from Cerro Pelon and San Carlos, which were depleted by
the end of the year. Total tonnes mined of 3,157,472 is exclusive
of pre-stripping activities at La Yaqui Grande, where an additional
6.4 million tonnes of waste was mined in the quarter.
Total crusher throughput in the fourth quarter
averaged 19,100 tpd for a total of 1,760,629 tonnes stacked at a
grade of 0.85 g/t Au. Crusher throughput was 11% below the prior
year period, though improved compared to the third quarter which
had been impacted by above average rainfall. Tonnes stacked in the
quarter exceeded tonnes mined due to the processing of surface
stockpiles, which comprised the majority of tonnes stacked in the
fourth quarter. For the full year, tonnes stacked were relatively
consistent year-over-year, but at lower grades.
The increased proportion of stockpiles stacked
in the quarter, combined with stacking on higher lifts of the leach
pad, resulted in a longer than anticipated leach cycle which
contributed to a lower recovery rate of 48%. The Company expects an
improvement in production over the next two quarters as these
previously stacked ounces are recovered; however, at higher
processing costs given the additional reagents required. Total cash
costs are expected to remain at similar levels of approximately
$1,500 per ounce during the first half of 2022 reflecting the
higher costs associated with processing the stockpiles as well as
lower grades from the El Salto. Production rates are expected to
increase in the second half of 2022 at substantially lower costs
with the start of production from La Yaqui Grande and higher grades
from El Salto.
Financial Review
Revenues of $39.3 million in the fourth quarter
were lower than the prior year period driven by fewer ounces sold.
For the full year, revenues of $221.1 million were lower than the
prior year, as fewer ounces sold were partially offset by a higher
realized gold price.
Cost of sales (includes mining and processing
costs, royalties and amortization expense) of $42.7 million in the
fourth quarter were higher than in the comparative period,
primarily due to higher processing costs related to surface
stockpiles and higher amortization charges. Amortization per ounce
was higher in the quarter given the proportion of ore coming from
Cerro Pelon which carries a higher amortization charge, as well as
the impact of straight line depreciation on lower sales in the
quarter. Total cash costs of $1,473 per ounce were higher than in
the prior year period as a result of less tonnes stacked, and an
increasing proportion of surface stockpiles processed which carry a
higher cost per ounce given increased reagents consumption. The
surface stockpiles also include historical inventory costs of
approximately $150 per ounce, which were incurred in previous years
when these tonnes were mined. Mine-site AISC of $1,899 per ounce in
the quarter were higher than in the prior year period, consistent
with the increase in total cash costs. Full year total cash costs
and mine-site AISC were also higher than the prior year due to the
increasing proportion of surface stockpiles stacked.
Capital spending totaled $34.2 million in the
fourth quarter, of which $8.2 million was sustaining capital
primarily related to capitalized stripping at El Salto. Growth
capital of $25.7 million was primarily related to pre-stripping and
construction activities at La Yaqui Grande. During the year,
Mulatos incurred $119.9 million of capital spending, including
$102.0 million on construction of La Yaqui Grande. Given the
significant level of spending on La Yaqui Grande, Mulatos generated
negative mine-site free cash flow of $40.5 million in the quarter
and negative $96.2 million for the year. Full year mine-site free
cash flow also was impacted by $26.9 million of tax payments in the
first half of the year given the strong profitability in 2020.
Fourth Quarter 2021 Development Activities
Island Gold (Ontario,
Canada)
Phase III Expansion Study
On July 14, 2020 the Company reported results of
the positive Phase III Study conducted on its Island Gold mine.
Based on the results of the study, the Company is proceeding with
an expansion of the operation to 2,000 tpd. This follows a detailed
evaluation of several scenarios which demonstrated the shaft
expansion as the best option, having the strongest economics, being
the most efficient and productive, and the best positioned to
capitalize on further growth in Mineral Reserves and Resources. The
Phase III expansion is expected to drive average annual gold
production to 236,000 ounces per year upon completion of the
shaft in 2025, representing a 70% increase from 2020 production.
This will also reduce total cash costs to an average of $403 per
ounce and mine-site all-in sustaining costs to $534 per ounce.
The Phase III Study was based on Mineral
Reserves and Resources at Island Gold as of December 31, 2019 and
does not include the significant growth subsequent to the study.
This includes a 37%, or 1.4 million ounce increase in combined
Mineral Reserves and Resources which now total 5.1 million ounces
of gold. As a result, the Company is working on an updated Phase
III expansion mine plan that will incorporate the significant
growth in high-grade Mineral Reserves and Resources into an
optimized mine plan which is expected to enhance already attractive
economics and the value of the operation. The updated study is
expected to be completed by mid-2022.
The Company is currently focused on permitting
and detailed engineering of the shaft and associated
infrastructure, including the hoisting plant and surface civil
works, as well as the paste plant. Contract tendering and awarding
remains ongoing, with significant contracts signed for the shaft
sinking and headworks, shaft site surface works, and steel supply
and fabrication. In addition, procurement of long lead time items
is underway. Phase III permitting is anticipated to be completed
during the first half of 2022 with the pre-sink for the shaft
expected to begin mid-2022.
During the fourth quarter of 2021, the Company
spent $11.0 million on surface infrastructure, capital development,
detailed engineering and permitting activities. Growth capital
spending through the year totaled $54.5 million, the majority of
which relates to the Phase III expansion.
Mulatos District (Sonora,
Mexico)
La Yaqui Grande
On July 28, 2020, the Company reported results
of an internal study completed on its fully permitted La Yaqui
Grande project located in the Mulatos District in Sonora, Mexico.
La Yaqui Grande is located approximately seven kilometres (straight
line) from the existing Mulatos operation and adjacent to the past
producing La Yaqui Phase I operation. As with La Yaqui Phase I, La
Yaqui Grande is being developed with an independent heap leach pad
and crushing circuit.
La Yaqui Grande is expected to produce an
average of 123,000 ounces of gold per year starting in the third
quarter of 2022, significantly reducing the Mulatos District
mine-site AISC from approximately $1,675 per ounce in the first
half of 2022 to $1,175 per ounce in the second half. This is
expected to decrease even further in 2023 as higher cost production
from the main Mulatos operation is displaced with lower-cost
production from La Yaqui Grande.
Construction activities progressed well in the
fourth quarter, with the project on schedule to achieve commercial
production in the third quarter of 2022. In 2021, approximately
$102.0 million was spent on the project (including capital
advances).
Fourth quarter highlights at La Yaqui Grande
included:
- Over 21 million
tonnes of waste mined in 2021 with the fourth quarter averaging
70,000 tpd;
- Primary,
secondary and tertiary crushers are more than 90% complete;
agglomeration system 80% complete;
- Crusher circuit
commissioning is scheduled for Q2 2022;
- Heap leach
construction is 85% complete;
- Carbon columns
and ADR plant construction is 70% complete;
- Water treatment
plant engineering and earthwork has been completed
La Yaqui Grande -
Pit: https://www.globenewswire.com/NewsRoom/AttachmentNg/dfca1b42-8db9-4b5e-8562-1fbfc191857d
La Yaqui Grande - Crusher
area: https://www.globenewswire.com/NewsRoom/AttachmentNg/b6075925-44ef-4409-a343-791e941b25ea
La Yaqui Grande - Leach
Pad: https://www.globenewswire.com/NewsRoom/AttachmentNg/8a1ba811-18de-4ab4-9bc1-08ce0f6f2506
Lynn Lake (Manitoba,
Canada)
The Company released a positive Feasibility
Study on the Lynn Lake project in December 2017 outlining average
annual production of 143,000 ounces over a 10 year mine life at
average mine-site all-in sustaining costs of $745 per ounce.
The project economics based on the 2017
Feasibility Study at a $1,500 per ounce gold price include an
after-tax internal rate of return ("IRR") of 21.5% and an after-tax
NPV of $290 million (12.5% IRR at a $1,250 per ounce gold price).
During the second quarter of 2020, the Company filed the
Environmental Impact Statement ("EIS") with the federal government.
Approval of the EIS is expected in the second half of 2022
following which the Company expects to make a construction
decision. Assuming a positive construction decision, development of
Lynn Lake is expected to take approximately two years.
Development spending (excluding exploration) was
$2.6 million in the fourth quarter of 2021 to support the ongoing
permitting process and engineering, and $6.0 million for the full
year.
Kirazlı (Çanakkale, Turkey)
On October 14, 2019, the Company suspended all
construction activities on its Kirazlı project following the
Turkish government's failure to grant a routine renewal of the
Company’s mining licenses, despite the Company having met all legal
and regulatory requirements for their renewal. In October 2020, the
Turkish government refused the renewal of the Company’s Forestry
Permit. The Company had been granted approval of all permits
required to construct Kirazlı including the Environmental Impact
Assessment approval, Forestry Permit, and GSM (Business Opening and
Operation) permit, and certain key permits for the nearby Ağı Dağı
and Çamyurt Gold Mines. These permits were granted by the Turkish
government after the project earned the support of the local
communities and passed an extensive multi-year environmental review
and community consultation process.
On April 20, 2021, the Company announced that
its Netherlands wholly-owned subsidiaries Alamos Gold Holdings
Coöperatief U.A, and Alamos Gold Holdings B.V. (the “Subsidiaries”)
would be filing an investment treaty claim against the Republic of
Turkey for expropriation and unfair and inequitable treatment,
among other things, with respect to the Kirazlı, Ağı Dağı and
Çamyurt gold development projects in Turkey. The claim was filed
under the Netherlands-Turkey Bilateral Investment Treaty (the
“Treaty”). Alamos Gold Holdings Coöperatief U.A. and Alamos Gold
Holdings B.V. had its claim against the Republic of Turkey
registered on June 7, 2021 with the International Centre for
Settlement of Investment Disputes (World Bank Group).
In its effort to secure the renewal of its
mining licenses, the Company has attempted to work cooperatively
with the Turkish government, has raised with the Turkish government
its obligations under the Treaty, has sought to resolve the dispute
by good faith negotiations, and has made considerable effort to
build support among stakeholders and host communities. The Turkish
government has failed to provide the Company with a reason for the
non-renewal of its licenses.
Bilateral investment treaties are agreements
between countries to assist with the protection of investments. The
Treaty establishes legal protections for investment between Turkey
and the Netherlands. The Subsidiaries directly own and control the
Company’s Turkish assets. The Subsidiaries invoking their rights
pursuant to the Treaty does not mean that they relinquish their
rights to the Turkish project, or otherwise cease the Turkish
operations. The Company will continue to work towards a
constructive resolution with the Republic of Turkey.
As a result, the Company incurred an after-tax
impairment charge of $213.8 million in the second quarter of 2021.
The non-cash impairment charge reflects the Company’s entire net
carrying value of the Turkish mineral property, plant and equipment
and certain other current assets.
In addition, the Company incurred approximately
$2.5 million in the year for severances, legal costs, and ongoing
holding costs which have been expensed, with the majority incurred
in the second quarter following the announcement of the Treaty
claim. Going forward, the Company expects holding costs will be
approximately $1.0 to $2.0 million per year during the Treaty claim
process.
Fourth Quarter 2021 Exploration Activities
Island Gold (Ontario,
Canada)
The 2021 exploration drilling program was
focused on expanding high-grade mineralization in the down-plunge
and lateral extensions of the Island Gold deposit with the
objective of adding new near-mine Mineral Resources across the two
kilometre long Island Gold deposit. The most recent drill
intercepts from the 2021 program were disclosed in a November 11,
2021 press release.
The Company continued its strong track record of
exploration success and Mineral Reserve and Resource growth in
2021, with a 2% increase in Mineral Reserves to 1.3 million ounces
of gold (4.1 mt grading 10.12 g/t Au), including a 4% increase in
reserve grade, as well as an 8% increase in Inferred Mineral
Resources to 3.5 million ounces (7.9 mt grading 13.59 g/t Au).
Four diamond drill rigs continued operating in
the fourth quarter focused on the surface directional exploration
program. One underground regular exploration diamond drill operated
in the quarter and two diamond drill rigs were focused on
underground directional drilling. A total of 4,020 m of surface
directional drilling, 1,527 m of underground directional drilling
and 2,628 m of standard underground exploration drilling was
completed in the fourth quarter of 2021.
Surface exploration drilling
A total of 4,020 m of surface directional
drilling was completed in seven holes during the fourth quarter.
Surface directional drilling targeted areas peripheral to the
Inferred Mineral Resource block in the Island East area between
1,400 m and 1,750 m below surface with drill hole spacing ranging
from 75 m to 100 m.
Underground exploration drilling
During the fourth quarter of 2021, a total of
1,527 m of underground directional drilling was completed in three
holes from the 740 and 840 levels. A total of 2,628 m of standard
underground exploration drilling was completed in 9 holes from the
340 and 840 levels. The objective of the underground drilling is to
identify new Mineral Resources close to existing Mineral Resource
or Reserve blocks. A total of 205 m of underground exploration
drift development was completed on the 490, 620, 790 and 840 levels
during the fourth quarter of 2021.
Total exploration expenditures during the fourth
quarter were $6.7 million, of which $5.2 million was capitalized.
For the full year, $23.5 million of exploration expenditures were
incurred, of which $18.8 million was capitalized.
Young-Davidson (Ontario,
Canada)
The 2021 drill program represented the first
significant exploration campaign at Young-Davidson since 2011,
given the focus of the last several years on completing the lower
mine expansion. Through a successful delineation drilling program,
Mineral Reserves were more than replaced, increasing 5% to 3.4
million ounces (43.7 mt grading 2.42 g/t Au) at the end of 2021,
and extending Young-Davidson's Mineral Reserve life to 15
years.
Underground exploration drilling during the
fourth quarter was focused on four targets with 4,011 m completed
in nine holes. Drilling from the 8960-level exploration drill bay
established in the lower mine infrastructure tested the footwall
stratigraphy to the north, followed by evaluation to the west and
down-plunge of existing Mineral Reserves and Resources with one
drill hole completed in the fourth quarter. Drilling is targeting
syenite-hosted mineralization as well as continuing to test
mineralization in the footwall sediments and in the hanging wall
mafic-ultramafic stratigraphy. On the east side of the deposit, a
second underground drill completed five holes from the 8900-level
targeting an area down-dip from the existing Mineral Reserves and
Resources. This drill also completed three holes from the
9710-level testing along strike to the east of existing Mineral
Reserves and Resources.
As previously disclosed in a July 12, 2021 press
release, the current drilling campaign has been successful in
extending gold mineralization 150 m below existing Inferred Mineral
Resources. This follows a 220 m extension of gold mineralization in
2020 which contributed to an increase in Inferred Mineral Resources
in the 2020 year-end update. The 2021 campaign has also intersected
high-grade mineralization 200 m outside of the syenite in the
hanging wall, as well as in the footwall of the deposit
highlighting significant near-mine exploration potential outside of
the known ore body.
Exploration spending totaled $3.4 million of
which $2.7 million was capitalized in the fourth quarter 2021 and
$7.2 million of which $6.5 million was capitalized for the
year.
Mulatos District (Sonora,
Mexico)
The Company has a large exploration package
covering 28,972 hectares with the majority of past exploration
efforts focused around the Mulatos mine. Exploration has moved
beyond the main Mulatos pit area and is focused on earlier stage
prospects throughout the wider district.
During the fourth quarter of 2021, exploration
activities were focused on the near-mine, Puerto del Aire trend
with 1,179 m of drilling completed in two drill holes. Drilling at
Puerto del Aire during the year was successful in establishing a
new underground Mineral Reserve at Mulatos, consisting of 0.4
million ounces of gold (2.8 mt grading 4.67 g/t Au) as at December
31, 2021. Drilling also continued at the El Halcon targets with
twelve drill holes completed totaling 3,259 m.
At Halcon west, geophysical work including
magnetometry and induced polarization surveys were initiated. The
option agreement with Aloro Mining Corp. was extended for a second
year in order to further evaluate the Los Venados Property, which
is immediately north of the Mulatos mine.
During the fourth quarter, the Company incurred
$1.9 million of exploration spending, of which $0.3 million was
capitalized. For 2021, $9.0 million was incurred, of which $1.7
million was capitalized.
Lynn Lake (Manitoba,
Canada)
During the fourth quarter of 2021,
interpretation of results from the 2021 drilling programs were
ongoing with a focus on identifying resource expansion
opportunities at MacLellan, Gordon, and Burnt Timber.
Interpretation and targeting of data collected during the 2021
field season was also underway with the objective of advancing a
pipeline of prospective regional exploration targets. This included
follow-up exploration targeting at Tulune, a new greenfields
discovery, disclosed in a December 16, 2021 press release.
Exploration spending totaled $1.4 million in the fourth quarter,
and $7.8 million in the year, which was capitalized.
Review of Fourth Quarter Financial Results
During the fourth quarter of 2021, the Company
sold 112,966 ounces of gold for revenues of $203.1 million, a 10%
decrease from the prior year period driven by lower realized gold
prices and less ounces sold.
The average realized gold price in the fourth
quarter was $1,798 per ounce, a 3% decrease compared to $1,860 per
ounce realized in the prior year period. The average realized gold
price was slightly above the London PM Fix price for the quarter of
$1,795 per ounce.
Cost of sales were $138.4 million in the fourth
quarter, 2% higher than the prior year period.
Mining and processing costs were $92.2 million,
7% higher than the prior year period. The increase in mining costs
was primarily related to increased mining activity at Young
Davidson, where mining rates were 8% higher than the prior year, as
well as higher processing costs at Mulatos. Further, reported US
dollar costs have been impacted by the stronger Canadian dollar in
2021.
Consolidated total cash costs of $843 per ounce
and AISC of $1,237 per ounce in the quarter were both higher
compared to the prior year period due to higher processing costs
for stockpiled ore at Mulatos, a stronger Canadian dollar, and
slightly lower grades mined at Island Gold, partially offset by
lower unit mining costs at Young-Davidson.
Royalty expense was $3.0 million in the quarter,
lower than the prior year period of $3.3 million due to lower
ounces sold in the period.
Amortization of $43.2 million in the quarter was
lower than the prior year period due to less ounces sold.
Amortization of $382 per ounce was consistent with the prior
year.
The Company recognized earnings from operations
of $49.8 million in the quarter, a decrease from the prior year
period as a result of less ounces sold, and lower operating margins
driven by a 3% decrease in realized gold prices, and higher cash
costs at Mulatos and Island Gold.
The Company reported net earnings of $29.5
million in the quarter, compared to net earnings of $76.9 million
in the comparative period. The decrease in net earnings from the
prior year period is mainly driven by lower operating margins and a
higher effective tax rate resulting from foreign exchange losses
recorded within taxes. Net earnings in the fourth quarter of 2020
benefited from a $13.7 million foreign exchange gain recorded
within deferred tax expense. On an adjusted basis, earnings in the
fourth quarter of 2021 were $36.7 million, or $0.09 per share.
Review of 2021 Financial
Results
For the full year 2021, the Company sold 457,517
ounces of gold for record revenues of $823.6 million, a 10%
increase from the prior year period driven by higher realized gold
prices and more ounces sold. The 8% increase in ounces sold was
primarily driven by higher production at Young-Davidson, as the
prior year was impacted by the temporary shutdown of the Northgate
shaft. In addition, the average realized gold price in 2021 of
$1,800 per ounce was 2% higher than the realized gold price of
$1,763 per ounce in the prior year.
Year-to-date cost of sales were $534.1 million,
an increase from $482.0 million in the prior year.
Mining and processing costs increased to $351.5
million from $312.6 million in the prior year, driven by
significantly higher mining rates at Young-Davidson in 2021. In
addition, the stronger Canadian dollar and Mexican peso, as well as
costs related to COVID-19 preventative measures at all three
operations increased cost of sales compared to the prior year.
Consolidated total cash costs in the year were
$794 per ounce compared to $761 per ounce in the prior year. The
increase in total cash costs was primarily driven by higher
processing costs at Mulatos and the impact of foreign exchange and
COVID-19 preventative costs, partially offset by lower unit mining
costs at Young-Davidson.
AISC of $1,135 per ounce was higher than the
prior year, mainly due to higher sustaining capital spending at the
operations.
Royalty expense was $11.7 million, a 15%
increase compared to $10.2 million in the prior year, due to more
ounces sold and a higher realized gold price.
Amortization of $170.9 million was higher than
in the prior year, mainly driven by an increase in amortization per
ounce to $374 per ounce, a 4% increase compared to 2020.
Amortization cost per ounce was higher reflecting increased
production at Cerro Pelon which carries a higher amortization rate,
as well as the completion of the lower-mine tie-in at
Young-Davidson in mid-2020, which resulted in amortization of the
new lower-mine infrastructure.
In accordance with the Company’s accounting
policy, assets are tested for impairment when events or changes in
circumstances suggest that the carrying amount may not be
recoverable. In April 2021, the Company proceeded with a bilateral
investment treaty claim following the continued failure by the
Republic of Turkey to renew the mining licenses since their expiry,
and the continued failure of discussions with the Republic of
Turkey to resolve the situation. As a result, the Company concluded
that an impairment trigger for accounting purposes existed in the
second quarter of 2021.
The recoverable amount relating to mineral
properties was determined as nil, based on both the FVLCD and VIU
methods. The FVLCD is considered to be nil on the basis that no
other market participant would likely be able to progress the
Project in the face of the Treaty claim and the current state of
the Company’s mining licenses. A market approach was used in
estimating the FVLCD as an income approach would not be considered
to provide a reliable estimate of fair value. The VIU of the
Project is also considered to be nil due to the current probability
of resolving the dispute with the Republic of Turkey, and therefore
the likelihood of the Project being developed, being now considered
to be remote, and therefore no future positive cash flows can be
expected to be generated.
As a result, the Company incurred an impairment
charge of $224.3 million ($213.8 million after tax) in the second
quarter of 2021. The non-cash impairment charge reflects the
Company’s entire net carrying value of the Turkish mineral
property, plant and equipment and certain other current assets.
Refer to note 13 of the Company's consolidated financial statements
for the year ended December 31, 2021 for further details.
The Company recognized earnings from operations
of $14.9 million, compared to earnings of $227.6 million in the
prior year. The decrease in earnings from operations was due to the
impairment charge of $224.3 million related to the Turkish
Projects.
The Company reported a net loss of $66.7 million
for 2021 compared to net earnings of $144.2 million in the prior
year. The net loss in the current year was driven by the impairment
charge related to the Turkish Projects recorded in the second
quarter. On an adjusted basis, earnings of $162.1 million or $0.41
per share in 2021 were 4% higher than in the prior year, driven by
higher revenues. Adjusted earnings reflect adjustments for the
Turkish impairment charge, other one-time gains and losses, as well
as foreign exchange movements recorded in deferred taxes and
foreign exchange of $6.9 million.
Associated Documents
This press release should be read in conjunction
with the Company’s interim consolidated financial statements for
the year ended December 31, 2021 and associated Management’s
Discussion and Analysis (“MD&A”), which are available from the
Company's website, www.alamosgold.com, in the "Investors" section
under "Reports and Financials", and on SEDAR (www.sedar.com) and
EDGAR (www.sec.gov).
Reminder of Fourth Quarter and Year-End 2021 Results
Conference Call
The Company's senior management will host a
conference call on Thursday, February 24, 2022 at 11:00 am ET to
discuss the fourth quarter and year-end 2021 results. Participants
may join the conference call via webcast or through the following
dial-in numbers:
Toronto and International: (416)
406-0743Toll free (Canada and the United States): (800)
898-3989Participant passcode:
3966847#Webcast: www.alamosgold.com
A playback will be available until March 27,
2022 by dialling (905) 694-9451 or (800) 408-3053 within Canada and
the United States. The pass code is 7399968#. The webcast will be
archived at www.alamosgold.com.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos’ Senior Vice
President, Technical Services, who is a qualified person within the
meaning of National Instrument 43-101 ("Qualified Person"), has
reviewed and approved the scientific and technical information
contained in this press release.
About Alamos
Alamos is a Canadian-based intermediate gold
producer with diversified production from three operating mines in
North America. This includes the Young-Davidson and Island Gold
mines in northern Ontario, Canada and the Mulatos mine in Sonora
State, Mexico. Additionally, the Company has a significant
portfolio of development stage projects in Canada, Mexico, Turkey,
and the United States. Alamos employs more than 1,700 people and is
committed to the highest standards of sustainable development. The
Company’s shares are traded on the TSX and NYSE under the symbol
“AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K.
Parsons |
|
Vice-President, Investor
Relations |
|
(416) 368-9932 x 5439 |
|
All amounts are in United States dollars, unless otherwise
stated.
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains or incorporates by
reference “forward-looking statements” and “forward-looking
information” as defined under applicable Canadian and U.S.
securities legislation. All statements, other than statements of
historical fact, which address events, results, outcomes or
developments that the Company expects to occur are, or may be
deemed, to be, forward-looking statements. Forward-looking
statements are generally, but not always, identified by the use of
forward-looking terminology such as "expect", “assume”, “inferred”,
“schedule”, "believe", "anticipate", "intend", "estimate",
“potential”, "forecast", "budget", “target”, “on track”, “outlook”,
“continue”, “plan” or variations of such words and phrases and
similar expressions or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved or the negative connotation of such terms.
Such statements include, but may not be limited
to, information as to strategy, plans or future financial or
operating performance, such as the Company’s expansion plans,
project timelines, production plans and expected sustainable
productivity increases, expected increases in mining activities and
corresponding cost efficiencies, expected drilling targets,
expected sustaining costs, expected improvements in cash flows and
margins, expectations of changes in capital expenditures,
forecasted cash shortfalls and the Company’s ability to fund them,
cost estimates, projected exploration results, reserve and resource
estimates, expected production rates and use of the stockpile
inventory, expected recoveries, sufficiency of working capital for
future commitments and other statements that express management’s
expectations or estimates of future plans and performance.
Alamos cautions that forward-looking statements
are necessarily based upon a number of factors and assumptions
that, while considered reasonable by the Company at the time of
making such statements, are inherently subject to significant
business, economic, technical, legal, political and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking statements, and undue reliance should not be
placed on such statements and information.
Such factors and assumptions underlying the
forward-looking statements in this document include, but are not
limited to: changes to current estimates of mineral reserves and
resources; changes to production estimates (which assume accuracy
of projected ore grade, mining rates, recovery timing and recovery
rate estimates which may be impacted by unscheduled maintenance;
weather issues, labour and contractor availability and other
operating or technical difficulties); operations may be exposed to
new diseases, epidemics and pandemics, including the effects and
potential effects of the global COVID-19 widespread pandemic; the
impact of the COVID-19 pandemic on the broader market and the
trading price of the Company's shares; provincial and federal
orders or mandates (including with respect to mining operations
generally or auxiliary businesses or services required for the
Company’s operations) in Canada, Mexico, the United States and
Turkey; the duration of regulatory responses to the COVID-19
pandemic; government and the Company’s attempts to reduce the
spread of COVID-19 which may affect many aspects of the Company's
operations including the ability to transport personnel to and from
site, contractor and supply availability and the ability to sell or
deliver gold doré bars; fluctuations in the price of gold or
certain other commodities such as, diesel fuel, natural gas, and
electricity; changes in foreign exchange rates (particularly the
Canadian Dollar, Mexican Peso, U.S. Dollar and Turkish Lira); the
impact of inflation; changes in the Company's credit rating; any
decision to declare a quarterly dividend; employee and community
relations; litigation and administrative proceedings (including but
not limited to the investment treaty claim announced on April 20,
2021 against the Republic of Turkey by the Company’s wholly-owned
Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A, and
Alamos Gold Holdings B.V.); disruptions affecting operations;
availability of and increased costs associated with mining inputs
and labour; expansion delays with the Phase III expansion project
at the Island Gold mine; construction delays at the La Yaqui Grande
project; delays in permitting, construction decisions and any
development of the Lynn Lake project; the risk that the Company’s
mines may not perform as planned; uncertainty with the Company’s
ability to secure additional capital to execute its business plans;
the speculative nature of mineral exploration and development,
including the risks of obtaining and maintaining necessary licenses
and permits, including the necessary licenses, permits,
authorizations and/or approvals from the appropriate regulatory
authorities for the Company’s development stage and operating
assets; labour and contractor availability (and being able to
secure the same on favourable terms); contests over title to
properties; expropriation or nationalization of property; inherent
risks and hazards associated with mining and mineral processing
including environmental hazards, industrial hazards, industrial
accidents, unusual or unexpected formations, pressures and
cave-ins; changes in national and local government legislation
(including tax and employment legislation), controls or regulations
in Canada, Mexico, Turkey, the United States and other
jurisdictions in which the Company does or may carry on business in
the future; increased costs and risks related to the potential
impact of climate change; failure to comply with environmental and
health and safety laws and regulations; disruptions in the
maintenance or provision of required infrastructure and information
technology systems; risk of loss due to sabotage, protests and
other civil disturbances; the impact of global liquidity and credit
availability and the values of assets and liabilities based on
projected future cash flows; risks arising from holding derivative
instruments; and business opportunities that may be pursued by the
Company. The litigation against the Republic of Turkey, described
above, results from the actions of the Turkish government in
respect of the Company’s projects in the Republic of Turkey. Such
litigation is a mitigation effort and may not be effective or
successful. If unsuccessful, the Company’s projects in Turkey may
be subject to resource nationalism and further expropriation; the
Company may lose any remaining value of its assets and gold mining
projects in Turkey and its ability to operate in Turkey. Even if
successful, there is no certainty as to the quantum of any damages
award or recovery of all, or any, legal costs. Any resumption of
activities in Turkey or even retaining control of its assets and
gold mining projects in Turkey can only result from agreement with
the Turkish government. The investment treaty claim described above
may have an impact on foreign direct investment in the Republic of
Turkey which may result in changes to the Turkish economy,
including but not limited to high rates of inflation and
fluctuation in the Turkish Lira which may also affect the Company’s
relationship with the Turkish government, the Company’s ability to
effectively operate in Turkey, and which may have a negative effect
on overall anticipated project values.
For a more detailed discussion of such risks and
other factors that may affect the Company’s ability to achieve the
expectations set forth in the forward-looking statements contained
in this press release, see the Company's latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each
under the heading “Risk Factors”, which is available on the SEDAR
website at www.sedar.com or on EDGAR at www.sec.gov. The foregoing
should be reviewed in conjunction with the information, risk
factors and assumptions found in this press release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Cautionary Note to U.S. Investors Concerning Measured,
Indicated and Inferred Resources
Alamos prepares its disclosure in accordance with the
requirements of securities laws in effect in Canada. Unless
otherwise indicated, all Mineral Resource and Mineral Reserve
estimates included in this document have been prepared in
accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the “CIM Standards”). NI
43-101 is a rule developed by the Canadian Securities
Administrators, which established standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Mining disclosure in the United States
was previously required to comply with SEC Industry Guide 7 (“SEC
Industry Guide 7”) under the United States Securities Exchange Act
of 1934, as amended. The U.S. Securities and Exchange Commission
(the “SEC”) has adopted final rules, to replace SEC Industry Guide
7 with new mining disclosure rules under sub-part 1300 of
Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”)
which became mandatory for U.S. reporting companies beginning with
the first fiscal year commencing on or after January 1, 2021. Under
Regulation S-K 1300, the SEC now recognizes estimates of “Measured
Mineral Resources”, “Indicated Mineral Resources” and “Inferred
Mineral Resources”. In addition, the SEC has amended its
definitions of “Proven Mineral Reserves” and “Probable Mineral
Reserves” to be substantially similar to international
standards.
Investors are cautioned that while the above terms are
“substantially similar” to CIM Definitions, there are differences
in the definitions under Regulation S-K 1300 and the CIM Standards.
Accordingly, there is no assurance any mineral reserves or mineral
resources that the Company may report as “proven mineral reserves”,
“probable mineral reserves”, “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”
under NI 43-101 would be the same had the Company prepared the
mineral reserve or mineral resource estimates under the standards
adopted under Regulation S-K 1300. U.S. investors are also
cautioned that while the SEC recognizes “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under Regulation S-K 1300, investors should not assume
that any part or all of the mineralization in these categories will
ever be converted into a higher category of mineral resources or
into mineral reserves. Mineralization described using these terms
has a greater degree of uncertainty as to its existence and
feasibility than mineralization that has been characterized as
reserves. Accordingly, investors are cautioned not to assume that
any measured mineral resources, indicated mineral resources, or
inferred mineral resources that the Company reports are or will be
economically or legally mineable.
International Financial Reporting
Standards: The condensed consolidated financial statements
of the Company have been prepared by management in accordance with
International Financial Reporting Standard 34, Interim Financial
Reporting, as issued by the International Accounting Standards
Board. These accounting principles differ in certain material
respects from accounting principles generally accepted in the
United States of America. The Company’s reporting currency is the
United States dollar unless otherwise noted.
Non-GAAP Measures and Additional GAAP
Measures
The Company has included certain non-GAAP
financial measures to supplement its Consolidated Financial
Statements, which are presented in accordance with IFRS, including
the following:
- adjusted net earnings and adjusted
earnings per share;
- cash flow from operating activities
before changes in working capital and taxes received;
- Company-wide free cash flow;
- total mine-site free cash flow;
- mine-site free cash flow;
- net cash;
- total cash cost per ounce of gold
sold;
- all-in sustaining cost ("AISC") per
ounce of gold sold;
- mine-site all-in sustaining cost
("Mine-site AISC") per ounce of gold sold;
- sustaining and non-sustaining
capital expenditures; and
- earnings before interest, taxes,
depreciation, and amortization
The Company believes that these measures,
together with measures determined in accordance with IFRS, provide
investors with an improved ability to evaluate the underlying
performance of the Company. Non-GAAP financial measures do not have
any standardized meaning prescribed under IFRS, and therefore they
may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Management's determination of the components of non-GAAP and
additional measures are evaluated on a periodic basis influenced by
new items and transactions, a review of investor uses and new
regulations as applicable. Any changes to the measures are dully
noted and retrospectively applied as applicable.
Adjusted Net Earnings and Adjusted
Earnings per Share
“Adjusted net earnings” and “adjusted earnings
per share” are non-GAAP financial measures with no standard meaning
under IFRS which exclude the following from net earnings:
- Foreign exchange gain (loss)
- Items included in other gain
(loss)
- Certain non-reoccurring items
- Foreign exchange gain (loss)
recorded in deferred tax expense
- The income and mining tax impact of
items included in other gain (loss)
Net earnings have been adjusted, including the
associated tax impact, for the group of costs in “Other loss” on
the consolidated statement of comprehensive income. Transactions
within this grouping are: the fair value changes on non-hedged
derivatives; the renunciation of flow-through exploration
expenditures; and loss on disposal of assets; severance costs
related to Turkish projects; and Turkish Projects holding costs and
arbitration costs. The adjusted entries are also impacted for tax
to the extent that the underlying entries are impacted for tax in
the unadjusted net earnings.
The Company uses adjusted net earnings for its
own internal purposes. Management’s internal budgets and forecasts
and public guidance do not reflect the items which have been
excluded from the determination of adjusted net earnings.
Consequently, the presentation of adjusted net earnings enables
shareholders to better understand the underlying operating
performance of the core mining business through the eyes of
management. Management periodically evaluates the components of
adjusted net earnings based on an internal assessment of
performance measures that are useful for evaluating the operating
performance of our business and a review of the non-GAAP measures
used by mining industry analysts and other mining companies.
Adjusted net earnings is intended to provide
additional information only and does not have any standardized
meaning under IFRS and may not be comparable to similar measures
presented by other companies. It should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. The measure is not necessarily indicative
of operating profit or cash flows from operations as determined
under IFRS. The following table reconciles this non-GAAP measure to
the most directly comparable IFRS measure.
(in
millions) |
|
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
Net earnings (loss) |
$ |
29.5 |
$ |
76.9 |
|
($ |
66.7 |
) |
$ |
144.2 |
|
$ |
96.1 |
|
Adjustments: |
|
|
|
|
|
Impairment charge, net of taxes |
|
— |
|
— |
|
|
213.8 |
|
|
— |
|
|
— |
|
Foreign exchange loss (gain) |
|
1.1 |
|
(2.7 |
) |
|
0.9 |
|
|
1.4 |
|
|
(0.3 |
) |
Other loss (gain) |
|
3.9 |
|
(3.1 |
) |
|
7.2 |
|
|
3.7 |
|
|
(5.1 |
) |
Unrealized foreign exchange loss (gain) recorded in deferred tax
expense |
|
2.2 |
|
(13.7 |
) |
|
6.9 |
|
|
3.1 |
|
|
(13.2 |
) |
COVID-19 costs |
|
— |
|
— |
|
|
— |
|
|
6.5 |
|
|
— |
|
Other income tax and mining tax adjustments |
|
— |
|
0.8 |
|
|
— |
|
|
(2.4 |
) |
|
6.0 |
|
Adjusted net earnings |
$ |
36.7 |
$ |
58.2 |
|
$ |
162.1 |
|
$ |
156.5 |
|
$ |
83.5 |
|
Adjusted earnings per share - basic and diluted |
$ |
0.09 |
$ |
0.15 |
|
$ |
0.41 |
|
$ |
0.40 |
|
$ |
0.21 |
|
Cash Flow from Operating Activities
before Changes in Working Capital and Cash Taxes
“Cash flow from operating activities before
changes in working capital and cash taxes” is a non-GAAP
performance measure that could provide an indication of the
Company’s ability to generate cash flows from operations, and is
calculated by adding back the change in working capital and taxes
received to “Cash provided by (used in) operating activities” as
presented on the Company’s consolidated statements of cash flows.
“Cash flow from operating activities before changes in working
capital” is a non-GAAP financial measure with no standard meaning
under IFRS.
The following table reconciles the non-GAAP
measure to the consolidated statements of cash flows.
(in
millions) |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
Cash flow from operating activities |
$ |
88.1 |
$ |
131.4 |
|
$ |
356.5 |
$ |
368.4 |
Add: Changes in working
capital and cash taxes |
|
3.7 |
|
(0.8 |
) |
|
54.4 |
|
14.5 |
Cash flow from operating activities before changes in
working capital and cash taxes |
$ |
91.8 |
$ |
130.6 |
|
$ |
410.9 |
$ |
382.9 |
Company-wide Free Cash Flow
“Company-wide free cash flow" is a non-GAAP
performance measure calculated from the consolidated operating cash
flow, less consolidated mineral property, plant and equipment
expenditures. The Company believes this to be a useful indicator of
our ability to operate without reliance on additional borrowing or
usage of existing cash company-wide. Company-wide free cash flow is
intended to provide additional information only and does not have
any standardized meaning under IFRS and may not be comparable to
similar measures of performance presented by other mining
companies. Company-wide free cash flow should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS.
(in
millions) |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Cash flow from operating activities |
$ |
88.1 |
|
$ |
131.4 |
|
$ |
356.5 |
|
$ |
368.4 |
|
Less: mineral property, plant
and equipment expenditures (1) |
|
(91.6 |
) |
|
(73.4 |
) |
|
(348.6 |
) |
|
(246.1 |
) |
Less:
capital advances |
|
— |
|
|
— |
|
|
(9.8 |
) |
|
— |
|
Company-wide free cash flow |
($ |
3.5 |
) |
$ |
58.0 |
|
($ |
1.9 |
) |
$ |
122.3 |
|
(1) Mineral property, plant and equipment expenditures exclude
royalties repurchased at Island Gold of $15.7 million and $54.8
million in the fourth quarter of 2021 and the first quarter of
2020, respectively, as well as the acquisition of Trillium Mining
Corp. for $19.5 million in the fourth quarter of 2020.
Mine-site Free Cash Flow
"Mine-site free cash flow" is a non-GAAP
financial performance measure calculated as cash flow from
mine-site operating activities, less mineral property, plant and
equipment expenditures. The Company believes this to be a useful
indicator of our ability to operate without reliance on additional
borrowing or usage of existing cash. Mine-site free cash flow is
intended to provide additional information only and does not have
any standardized meaning under IFRS and may not be comparable to
similar measures of performance presented by other mining
companies. Mine-site free cash flow should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS.
Total Mine-Site Free Cash Flow |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
$ |
88.1 |
|
$ |
131.4 |
|
$ |
356.5 |
|
$ |
368.4 |
|
Add:
operating cash flow used by non-mine site activity |
|
4.0 |
|
|
2.2 |
|
|
37.6 |
|
|
25.6 |
|
Cash flow from operating mine-sites |
$ |
92.1 |
|
$ |
133.6 |
|
$ |
394.1 |
|
$ |
394.0 |
|
|
|
|
|
|
Mineral property, plant and
equipment expenditure 1 |
$ |
91.6 |
|
$ |
73.4 |
|
$ |
348.6 |
|
$ |
246.1 |
|
Capital advances |
|
— |
|
|
— |
|
|
9.8 |
|
|
— |
|
Less: capital expenditures
from development projects, and corporate |
|
(5.2 |
) |
($ |
6.5 |
) |
|
(21.5 |
) |
|
(21.5 |
) |
Capital expenditure and capital advances from
mine-sites |
$ |
86.4 |
|
$ |
66.9 |
|
$ |
336.9 |
|
$ |
224.6 |
|
|
|
|
|
|
Total mine-site free cash flow |
$ |
5.7 |
|
$ |
66.7 |
|
$ |
57.2 |
|
$ |
169.4 |
|
(1) Excludes royalties repurchased at
Island Gold of $15.7 million and $54.8 million in the fourth
quarter of 2021 and the first quarter of 2020, respectively, as
well as the acquisition of Trillium Mining Corp. for $19.5 million
in the fourth quarter of 2020.
Young-Davidson Mine-Site Free Cash Flow |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
$ |
55.2 |
|
$ |
50.3 |
|
$ |
188.9 |
|
$ |
101.3 |
|
Mineral
property, plant and equipment expenditure |
|
(24.8 |
) |
|
(19.5 |
) |
|
(88.6 |
) |
|
(101.7 |
) |
Mine-site free cash flow |
$ |
30.4 |
|
$ |
30.8 |
|
$ |
100.3 |
|
($ |
0.4 |
) |
Island Gold Mine-Site Free Cash Flow |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
$ |
43.2 |
|
$ |
58.7 |
|
$ |
173.1 |
|
$ |
182.2 |
|
Mineral property, plant and
equipment expenditure 1 |
|
(27.4 |
) |
|
(26.9 |
) |
|
(118.6 |
) |
|
(80.8 |
) |
Capital
advances |
|
— |
|
|
— |
|
|
(1.4 |
) |
|
— |
|
Mine-site free cash flow |
$ |
15.8 |
|
$ |
31.8 |
|
$ |
53.1 |
|
$ |
101.4 |
|
(1) Excludes royalties repurchased at
Island Gold of $15.7 million and $54.8 million in the fourth
quarter of 2021 and the first quarter of 2020, respectively
Mulatos Mine-Site Free Cash Flow |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
(in millions) |
|
|
|
|
Cash flow from operating
activities |
($ |
6.3 |
) |
$ |
24.6 |
|
$ |
32.1 |
|
$ |
110.5 |
|
Mineral property, plant and
equipment expenditure |
|
(34.2 |
) |
|
(20.5 |
) |
|
(119.9 |
) |
|
(42.1 |
) |
Capital advances |
|
— |
|
|
— |
|
|
(8.4 |
) |
|
— |
|
Mine-site free cash flow |
($ |
40.5 |
) |
$ |
4.1 |
|
($ |
96.2 |
) |
$ |
68.4 |
|
Net Cash
The Company defines net cash as cash and cash equivalents less
long-term debt.
Total Cash Costs per ounce
Total cash costs per ounce is a non-GAAP term
typically used by gold mining companies to assess the level of
gross margin available to the Company by subtracting these costs
from the unit price realized during the period. This non-GAAP term
is also used to assess the ability of a mining company to generate
cash flow from operations. Total cash costs per ounce includes
mining and processing costs plus applicable royalties, and net of
by-product revenue and net realizable value adjustments. This
metric excludes COVID-19 costs incurred in the period. Total cash
costs per ounce is exclusive of exploration costs.
Total cash costs per ounce is intended to
provide additional information only and does not have any
standardized meaning under IFRS and may not be comparable to
similar measures presented by other mining companies. It should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The measure is not
necessarily indicative of cash flow from operations under IFRS or
operating costs presented under IFRS.
All-in Sustaining Costs per ounce and
Mine-site All-in Sustaining Costs
The Company adopted an “all-in sustaining costs
per ounce” non-GAAP performance measure in accordance with the
World Gold Council published in June 2013. The Company believes the
measure more fully defines the total costs associated with
producing gold; however, this performance measure has no
standardized meaning. Accordingly, there may be some variation in
the method of computation of “all-in sustaining costs per ounce” as
determined by the Company compared with other mining companies. In
this context, “all-in sustaining costs per ounce” for the
consolidated Company reflects total mining and processing costs,
corporate and administrative costs, share-based compensation,
exploration costs, sustaining capital, and other operating
costs.
For the purposes of calculating "mine-site
all-in sustaining costs" at the individual mine-sites, the Company
does not include an allocation of corporate and administrative
costs and share-based compensation, as detailed in the
reconciliations below.
Sustaining capital expenditures are expenditures
that do not increase annual gold ounce production at a mine site
and excludes all expenditures at the Company’s development projects
as well as certain expenditures at the Company’s operating sites
that are deemed expansionary in nature. For each mine-site
reconciliation, corporate and administrative costs, and non-site
specific costs are not included in the all-in sustaining cost per
ounce calculation.
All-in sustaining costs per gold ounce is intended
to provide additional information only and does not have any
standardized meaning under IFRS and may not be comparable to
similar measures presented by other mining companies. It should not
be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS.
The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.
Total Cash Costs and All-in Sustaining
Costs per Ounce Reconciliation Tables
The following tables reconciles these non-GAAP
measures to the most directly comparable IFRS measures on a
Company-wide and individual mine-site basis.
Total Cash
Costs and AISC Reconciliation - Company-wide |
|
|
|
Three Months Ended December 31, |
Years ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2019 |
(in millions, except ounces and per ounce figures) |
|
|
|
|
|
Mining and processing |
$ |
92.2 |
$ |
86.0 |
$ |
351.5 |
$ |
312.6 |
$ |
339.0 |
Royalties |
|
3.0 |
|
3.3 |
|
11.7 |
|
10.2 |
|
17.4 |
Total cash costs |
|
95.2 |
|
89.3 |
|
363.2 |
|
322.8 |
|
356.4 |
Gold
ounces sold |
|
112,966 |
|
121,831 |
|
457,517 |
|
424,325 |
|
494,702 |
Total cash costs per ounce |
$ |
843 |
$ |
733 |
$ |
794 |
$ |
761 |
$ |
720 |
|
|
|
|
|
|
Total cash costs |
$ |
95.2 |
$ |
89.3 |
$ |
363.2 |
$ |
322.8 |
$ |
356.4 |
Corporate and
administrative(1) |
|
6.7 |
|
5.7 |
|
24.5 |
|
21.0 |
|
19.8 |
Sustaining capital
expenditures(2) |
|
32.2 |
|
27.5 |
|
113.4 |
|
82.1 |
|
76.8 |
Share-based compensation |
|
3.9 |
|
1.2 |
|
11.1 |
|
10.3 |
|
9.2 |
Sustaining exploration |
|
1.1 |
|
1.2 |
|
4.9 |
|
5.0 |
|
5.4 |
Accretion of decommissioning
liabilities |
|
0.6 |
|
0.6 |
|
2.4 |
|
2.6 |
|
2.8 |
Total all-in sustaining costs |
$ |
139.7 |
$ |
125.5 |
$ |
519.5 |
$ |
443.8 |
$ |
470.4 |
Gold
ounces sold |
|
112,966 |
|
121,831 |
|
457,517 |
|
424,325 |
|
494,702 |
All-in sustaining costs per ounce |
$ |
1,237 |
$ |
1,030 |
$ |
1,135 |
$ |
1,046 |
$ |
951 |
(1) Corporate and administrative
expenses exclude expenses incurred at development
properties.(2) Sustaining capital expenditures are
defined as those expenditures which do not increase annual gold
ounce production at a mine site and exclude all expenditures at
growth projects and certain expenditures at operating sites which
are deemed expansionary in nature. Total sustaining capital for the
period is as follows:
Three Months Ended December 31, |
Years ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
(in millions) |
|
|
|
|
|
Capital expenditures per cash
flow statement |
$ |
91.6 |
|
$ |
73.4 |
|
$ |
348.6 |
|
$ |
246.1 |
|
$ |
263.6 |
|
Less: non-sustaining capital
expenditures at: |
|
|
|
|
|
Young-Davidson |
|
(12.0 |
) |
|
(12.7 |
) |
|
(44.8 |
) |
|
(75.6 |
) |
|
(53.7 |
) |
Island Gold |
|
(16.2 |
) |
|
(18.6 |
) |
|
(71.9 |
) |
|
(51.8 |
) |
|
(44.8 |
) |
Mulatos |
|
(26.0 |
) |
|
(8.1 |
) |
|
(97.0 |
) |
|
(15.1 |
) |
|
(47.7 |
) |
Corporate and other |
|
(5.2 |
) |
|
(6.5 |
) |
|
(21.5 |
) |
|
(21.5 |
) |
|
(40.6 |
) |
Sustaining capital expenditures |
$ |
32.2 |
|
$ |
27.5 |
|
$ |
113.4 |
|
$ |
82.1 |
|
$ |
76.8 |
|
Young-Davidson Total Cash Costs and Mine-site AISC
Reconciliation |
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$ |
39.8 |
$ |
36.9 |
$ |
159.7 |
$ |
133.9 |
Royalties |
|
1.3 |
|
1.2 |
|
5.3 |
|
3.7 |
Total cash costs |
$ |
41.1 |
$ |
38.1 |
$ |
165.0 |
$ |
137.6 |
Gold
ounces sold |
|
53,006 |
|
48,094 |
|
194,937 |
|
134,987 |
Total cash costs per ounce |
$ |
775 |
$ |
792 |
$ |
846 |
$ |
1,019 |
|
|
|
|
|
Total cash costs |
$ |
41.1 |
$ |
38.1 |
$ |
165.0 |
$ |
137.6 |
Sustaining capital
expenditures |
|
12.8 |
|
6.8 |
|
43.8 |
|
26.1 |
Accretion of decommissioning liabilities |
|
— |
|
— |
|
0.2 |
|
0.2 |
Total all-in sustaining costs |
$ |
53.9 |
$ |
44.9 |
$ |
209.0 |
$ |
163.9 |
Gold
ounces sold |
|
53,006 |
|
48,094 |
|
194,937 |
|
134,987 |
Mine-site all-in sustaining costs per ounce |
$ |
1,017 |
$ |
934 |
$ |
1,072 |
$ |
1,214 |
Island
Gold Total Cash Costs and Mine-site AISC
Reconciliation |
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$ |
20.4 |
$ |
18.7 |
$ |
68.7 |
$ |
57.8 |
Royalties |
|
1.5 |
|
1.8 |
|
5.3 |
|
5.2 |
Total cash costs |
$ |
21.9 |
$ |
20.5 |
$ |
74.0 |
$ |
63.0 |
Gold
ounces sold |
|
38,101 |
|
42,605 |
|
139,946 |
|
139,614 |
Total cash costs per ounce |
$ |
575 |
$ |
481 |
$ |
529 |
$ |
451 |
|
|
|
|
|
Total cash costs |
$ |
21.9 |
$ |
20.5 |
$ |
74.0 |
$ |
63.0 |
Sustaining capital
expenditures |
|
11.2 |
|
8.3 |
|
46.7 |
|
29.0 |
Accretion of decommissioning liabilities |
|
0.1 |
|
— |
|
0.1 |
|
0.1 |
Total all-in sustaining costs |
$ |
33.2 |
$ |
28.8 |
$ |
120.8 |
$ |
92.1 |
Gold
ounces sold |
|
38,101 |
|
42,605 |
|
139,946 |
|
139,614 |
Mine-site all-in sustaining costs per ounce |
$ |
871 |
$ |
676 |
$ |
863 |
$ |
660 |
Mulatos
Total Cash Costs and Mine-site AISC Reconciliation |
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
(in millions, except ounces and per ounce figures) |
|
|
|
|
Mining and processing |
$ |
32.0 |
$ |
30.4 |
$ |
123.1 |
$ |
120.9 |
Royalties |
|
0.2 |
|
0.3 |
|
1.1 |
|
1.3 |
Total cash costs |
$ |
32.2 |
$ |
30.7 |
$ |
124.2 |
$ |
122.2 |
Gold
ounces sold |
|
21,859 |
|
31,132 |
|
122,634 |
|
149,724 |
Total cash costs per ounce |
$ |
1,473 |
$ |
986 |
$ |
1,013 |
$ |
816 |
|
|
|
|
|
Total cash costs |
$ |
32.2 |
$ |
30.7 |
$ |
124.2 |
$ |
122.2 |
Sustaining capital
expenditures |
|
8.2 |
|
12.4 |
|
22.9 |
|
27.0 |
Sustaining exploration |
|
0.6 |
|
0.7 |
|
2.9 |
|
3.0 |
Accretion of decommissioning liabilities |
|
0.5 |
|
0.6 |
|
2.1 |
|
2.3 |
Total all-in sustaining costs |
$ |
41.5 |
$ |
44.4 |
$ |
152.1 |
$ |
154.5 |
Gold
ounces sold |
|
21,859 |
|
31,132 |
|
122,634 |
|
149,724 |
Mine-site all-in sustaining costs per ounce |
$ |
1,899 |
$ |
1,426 |
$ |
1,240 |
$ |
1,032 |
Earnings Before Interest, Taxes, Depreciation, and
Amortization (“EBITDA”)
EBITDA represents net earnings before interest,
taxes, depreciation, and amortization. EBITDA is an indicator of
the Company’s ability to generate liquidity by producing operating
cash flow to fund working capital needs, service debt obligations,
and fund capital expenditures.
EBITDA does not have any standardized meaning
under IFRS and may not be comparable to similar measures presented
by other mining companies. It should not be considered in isolation
or as a substitute for measures of performance prepared in
accordance with IFRS.
The following is a reconciliation of EBITDA to
the consolidated financial
statements:
(in
millions) |
|
|
|
|
|
Three Months Ended December 31, |
Years Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
Net earnings (loss) |
$ |
29.5 |
|
$ |
76.9 |
|
($ |
66.7 |
) |
$ |
144.2 |
Add back: |
|
|
|
|
Impairment charge |
|
— |
|
|
— |
|
|
224.3 |
|
|
— |
Finance expense |
|
1.2 |
|
|
1.3 |
|
|
4.5 |
|
|
4.3 |
Amortization |
|
43.2 |
|
|
46.5 |
|
|
170.9 |
|
|
152.7 |
Deferred income tax expense |
|
19.6 |
|
|
(0.8 |
) |
|
63.7 |
|
|
43.9 |
Current income tax expense |
|
(5.5 |
) |
|
9.7 |
|
|
5.3 |
|
|
30.1 |
COVID-19 costs |
|
— |
|
|
— |
|
|
— |
|
|
6.5 |
EBITDA |
$ |
88.0 |
|
$ |
133.6 |
|
$ |
402.0 |
|
$ |
381.7 |
Additional GAAP Measures
Additional GAAP measures are presented on the
face of the Company’s consolidated statements of comprehensive
income (loss) and are not meant to be a substitute for other
subtotals or totals presented in accordance with IFRS, but rather
should be evaluated in conjunction with such IFRS measures. The
following additional GAAP measures are used and are intended to
provide an indication of the Company’s mine and operating
performance:
- Earnings from
operations - represents the amount of earnings before net finance
income/expense, foreign exchange gain/loss, other income/loss, loss
on redemption of senior secured notes and income tax expense
Unaudited Consolidated Statements of
Financial Position, ComprehensiveIncome, and Cash
Flow
ALAMOS GOLD
INC.Consolidated Statements of Financial
Position(Unaudited - stated in millions of United States
dollars)
|
December 31, 2021 |
|
December 31, 2020 |
A S S E T
S |
|
|
|
Current
Assets |
|
|
|
Cash and cash equivalents |
$ |
172.5 |
|
|
$ |
220.5 |
|
Equity securities |
|
23.9 |
|
|
|
43.7 |
|
Amounts receivable |
|
31.1 |
|
|
|
34.7 |
|
Income taxes receivable |
|
8.7 |
|
|
|
— |
|
Inventory |
|
199.0 |
|
|
|
148.5 |
|
Other current assets |
|
24.2 |
|
|
|
26.0 |
|
Total Current
Assets |
|
459.4 |
|
|
|
473.4 |
|
|
|
|
|
Non-Current
Assets |
|
|
|
Long-term inventory |
|
10.6 |
|
|
|
17.9 |
|
Mineral property, plant and
equipment |
|
3,108.5 |
|
|
|
3,101.3 |
|
Other non-current assets |
|
43.0 |
|
|
|
43.9 |
|
Total Assets |
$ |
3,621.5 |
|
|
$ |
3,636.5 |
|
|
|
|
|
L I A B I L I T I E
S |
|
|
|
Current
Liabilities |
|
|
|
Accounts payable and accrued
liabilities |
$ |
157.4 |
|
|
$ |
131.4 |
|
Income taxes payable |
|
— |
|
|
|
15.5 |
|
Total Current
Liabilities |
|
157.4 |
|
|
|
146.9 |
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
Deferred income taxes |
|
623.2 |
|
|
|
559.9 |
|
Decommissioning
liabilities |
|
102.8 |
|
|
|
75.2 |
|
Other non-current
liabilities |
|
2.5 |
|
|
|
3.0 |
|
Total Liabilities |
|
885.9 |
|
|
|
785.0 |
|
|
|
|
|
E Q U I T
Y |
|
|
|
Share capital |
$ |
3,692.9 |
|
|
$ |
3,702.9 |
|
Contributed surplus |
|
89.5 |
|
|
|
88.5 |
|
Accumulated other
comprehensive income |
|
1.9 |
|
|
|
18.2 |
|
Deficit |
|
(1,048.7 |
) |
|
|
(958.1 |
) |
Total Equity |
|
2,735.6 |
|
|
|
2,851.5 |
|
Total Liabilities and Equity |
$ |
3,621.5 |
|
|
$ |
3,636.5 |
|
ALAMOS GOLD
INC.Consolidated Statements of Comprehensive
(Loss) Income(Unaudited - stated in millions of United
States dollars, except share and per share amounts)
|
For three months ended |
|
For twelve months ended |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
OPERATING
REVENUES |
$ |
203.1 |
|
|
$ |
226.6 |
|
|
$ |
823.6 |
|
|
$ |
748.1 |
|
|
|
|
|
|
|
|
|
COST OF
SALES |
|
|
|
|
|
|
|
Mining and processing |
|
92.2 |
|
|
|
86.0 |
|
|
|
351.5 |
|
|
|
312.6 |
|
Royalties |
|
3.0 |
|
|
|
3.3 |
|
|
|
11.7 |
|
|
|
10.2 |
|
COVID-19 costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.5 |
|
Amortization |
|
43.2 |
|
|
|
46.5 |
|
|
|
170.9 |
|
|
|
152.7 |
|
|
|
138.4 |
|
|
|
135.8 |
|
|
|
534.1 |
|
|
|
482.0 |
|
EXPENSES |
|
|
|
|
|
|
|
Exploration |
|
4.3 |
|
|
|
2.6 |
|
|
|
14.7 |
|
|
|
7.2 |
|
Corporate and
administrative |
|
6.7 |
|
|
|
5.7 |
|
|
|
24.5 |
|
|
|
21.0 |
|
Share-based compensation |
|
3.9 |
|
|
|
1.2 |
|
|
|
11.1 |
|
|
|
10.3 |
|
Impairment charge |
|
— |
|
|
|
— |
|
|
|
224.3 |
|
|
|
— |
|
|
|
153.3 |
|
|
|
145.3 |
|
|
|
808.7 |
|
|
|
520.5 |
|
EARNINGS (LOSS) FROM
OPERATIONS |
|
49.8 |
|
|
|
81.3 |
|
|
|
14.9 |
|
|
|
227.6 |
|
|
|
|
|
|
|
|
|
OTHER
EXPENSES |
|
|
|
|
|
|
|
Finance expense |
|
(1.2 |
) |
|
|
(1.3 |
) |
|
|
(4.5 |
) |
|
|
(4.3 |
) |
Foreign exchange (loss)
gain |
|
(1.1 |
) |
|
|
2.7 |
|
|
|
(0.9 |
) |
|
|
(1.4 |
) |
Other (loss) gain |
|
(3.9 |
) |
|
|
3.1 |
|
|
|
(7.2 |
) |
|
|
(3.7 |
) |
EARNINGS (LOSS) FROM
OPERATIONS |
$ |
43.6 |
|
|
$ |
85.8 |
|
|
$ |
2.3 |
|
|
$ |
218.2 |
|
|
|
|
|
|
|
|
|
INCOME
TAXES |
|
|
|
|
|
|
|
Current income tax
expense |
|
5.5 |
|
|
|
(9.7 |
) |
|
|
(5.3 |
) |
|
|
(30.1 |
) |
Deferred income tax
expense |
|
(19.6 |
) |
|
|
0.8 |
|
|
|
(63.7 |
) |
|
|
(43.9 |
) |
NET EARNINGS
(LOSS) |
$ |
29.5 |
|
|
$ |
76.9 |
|
|
($ |
66.7 |
) |
|
$ |
144.2 |
|
|
|
|
|
|
|
|
|
Items that may be subsequently
reclassified to net earnings: |
|
|
|
|
|
|
|
Net change in fair value of currency hedging instruments, net of
taxes |
|
2.1 |
|
|
|
3.7 |
|
|
|
(1.7 |
) |
|
|
1.1 |
|
Net change in fair value of fuel hedging instruments, net of
taxes |
|
— |
|
|
|
0.4 |
|
|
|
0.3 |
|
|
|
0.1 |
|
Items that will not be
reclassified to net earnings: |
|
|
|
|
|
|
|
Unrealized (loss) gain on equity securities, net of taxes |
|
(2.3 |
) |
|
|
9.9 |
|
|
|
(2.9 |
) |
|
|
23.8 |
|
Total other
comprehensive (loss) income |
($ |
0.2 |
) |
|
$ |
14.0 |
|
|
($ |
4.3 |
) |
|
$ |
25.0 |
|
COMPREHENSIVE INCOME
(LOSS) |
$ |
29.3 |
|
|
$ |
90.9 |
|
|
($ |
71.0 |
) |
|
$ |
169.2 |
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE |
|
|
|
|
|
|
|
– basic |
$ |
0.08 |
|
|
$ |
0.20 |
|
|
($ |
0.17 |
) |
|
$ |
0.37 |
|
–
diluted |
$ |
0.07 |
|
|
$ |
0.19 |
|
|
($ |
0.17 |
) |
|
$ |
0.37 |
|
Weighted average number of
common shares outstanding (000's) |
|
|
|
|
|
|
|
– basic |
|
392,333 |
|
|
|
392,720 |
|
|
|
392,649 |
|
|
|
391,675 |
|
– diluted |
|
394,983 |
|
|
|
396,033 |
|
|
|
392,649 |
|
|
|
394,862 |
|
ALAMOS GOLD
INC.Consolidated Statements of Cash
Flows(Unaudited - stated in millions of United States
dollars)
|
For three months ended |
|
For twelve months ended |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
CASH PROVIDED BY (USED
IN): |
|
|
|
|
|
|
|
OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
Net earnings (loss) for the
period |
$ |
29.5 |
|
|
$ |
76.9 |
|
|
($ |
66.7 |
) |
|
$ |
144.2 |
|
Adjustments for items not
involving cash: |
|
|
|
|
|
|
|
Amortization |
|
43.2 |
|
|
|
46.5 |
|
|
|
170.9 |
|
|
|
153.8 |
|
Impairment charge |
|
— |
|
|
|
— |
|
|
|
224.3 |
|
|
|
— |
|
Foreign exchange loss (gain) |
|
1.1 |
|
|
|
(2.7 |
) |
|
|
0.9 |
|
|
|
1.4 |
|
Current income tax expense |
|
(5.5 |
) |
|
|
9.7 |
|
|
|
5.3 |
|
|
|
30.1 |
|
Deferred income tax expense |
|
19.6 |
|
|
|
(0.8 |
) |
|
|
63.7 |
|
|
|
43.9 |
|
Share-based compensation |
|
3.9 |
|
|
|
1.2 |
|
|
|
11.1 |
|
|
|
10.3 |
|
Finance expense |
|
1.2 |
|
|
|
1.3 |
|
|
|
4.5 |
|
|
|
4.3 |
|
Other items |
|
(1.2 |
) |
|
|
(5.6 |
) |
|
|
(3.1 |
) |
|
|
(5.1 |
) |
Changes in working capital and
taxes paid |
|
(3.7 |
) |
|
|
4.9 |
|
|
|
(54.4 |
) |
|
|
(14.5 |
) |
|
|
88.1 |
|
|
|
131.4 |
|
|
|
356.5 |
|
|
|
368.4 |
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
Mineral property, plant and
equipment |
|
(91.6 |
) |
|
|
(73.4 |
) |
|
|
(348.6 |
) |
|
|
(246.1 |
) |
Capital advances |
|
— |
|
|
|
— |
|
|
|
(9.8 |
) |
|
|
— |
|
Repurchase of Island Gold
royalties |
|
(15.7 |
) |
|
|
— |
|
|
|
(15.7 |
) |
|
|
(54.8 |
) |
Acquisition of Trillium Mining
Corp. |
|
— |
|
|
|
(19.5 |
) |
|
|
— |
|
|
|
(19.5 |
) |
Proceeds from disposition of
equity securities |
|
— |
|
|
|
8.6 |
|
|
|
25.8 |
|
|
|
9.7 |
|
Investment in equity
securities |
|
(4.0 |
) |
|
|
(1.1 |
) |
|
|
(8.8 |
) |
|
|
(3.4 |
) |
|
|
(111.3 |
) |
|
|
(85.4 |
) |
|
|
(357.1 |
) |
|
|
(314.1 |
) |
FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
Proceeds from draw down of
credit facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100.0 |
|
Repayment of credit
facility |
|
— |
|
|
|
(100.0 |
) |
|
|
— |
|
|
|
(100.0 |
) |
Proceeds from optional share
purchase plan |
|
— |
|
|
|
8.3 |
|
|
|
— |
|
|
|
8.3 |
|
Repayment of equipment
financing obligations |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Credit facility interest and
transaction fees |
|
(1.1 |
) |
|
|
(0.7 |
) |
|
|
(1.1 |
) |
|
|
(1.5 |
) |
Proceeds from the exercise of
options |
|
— |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
7.5 |
|
Dividends paid |
|
(8.6 |
) |
|
|
(7.4 |
) |
|
|
(34.5 |
) |
|
|
(23.9 |
) |
Repurchase and cancellation of
common shares |
|
(5.7 |
) |
|
|
— |
|
|
|
(11.7 |
) |
|
|
(5.5 |
) |
|
|
(15.5 |
) |
|
|
(99.8 |
) |
|
|
(47.3 |
) |
|
|
(15.6 |
) |
Effect of exchange rates on
cash and cash equivalents |
|
(0.2 |
) |
|
|
0.2 |
|
|
|
(0.1 |
) |
|
|
(1.0 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(38.9 |
) |
|
|
(53.6 |
) |
|
|
(48.0 |
) |
|
|
37.7 |
|
Cash and cash equivalents -
beginning of period |
|
211.4 |
|
|
|
274.1 |
|
|
|
220.5 |
|
|
|
182.8 |
|
CASH AND CASH
EQUIVALENTS - END OF PERIOD |
$ |
172.5 |
|
|
$ |
220.5 |
|
|
$ |
172.5 |
|
|
$ |
220.5 |
|
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