Alamos Gold Inc (NYSE: AGI) stock rose over 0.4% in the pre-market session on Feb 21st, 2019 (Source: Google finance). During the fourth quarter of 2018, the Company sold 131,161 ounces of gold for total revenue of $163.1 million, an increase of $1.4 million compared to the prior year period. This was primarily driven by the Island Gold acquisition completed in November 2017, which contributed a record 30,199 ounces, or $37.5 million in gold sales in the quarter, offset by lower ounces sold at Mulatos and a lower realized gold price in the quarter. The Company’s realized gold price of $1,244 per ounce in the fourth quarter was $17 per ounce higher than the London PM fix of $1,227 per ounce.
The Company reported a net loss of $71.5 million in the quarter, compared to net loss of $4.7 million in the same period of 2017. AGI in the fourth quarter of FY 18 has reported the adjusted earnings per share of 1 cents. Consolidated total cash costs for the quarter were $770 per ounce, compared to $753 in the prior year period. The increase was driven by higher total cash costs at Young-Davidson and El Chanate, partially offset by the addition of lower cost production from Island Gold. In the quarter, AISC per ounce increased to $983 from $902 in the prior year period. This was primarily driven by higher total cash costs, and the timing of sustaining capital spending at Young-Davidson.
AGI has authorized an increase to its dividend to US$0.01 per common share quarterly, from US$0.01 semi-annually. This is expected to double the amount of dividends distributed to shareholders from the $7.8 million paid in 2018. The first quarterly dividend is payable on March 29, 2019 to shareholders of record as of the close of business on March 15, 2019. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes. Subsequent to Year-End, the company had re-purchased and canceled 2,444,352 common shares at a cost of $10.0 million, or $4.07 per share under its Normal Course Issuer Bid.
Meanwhile, during the quarter, the company wrote down $64.0 million of heap leach inventory at El Chanate, of which $62.5 million was related to mining and processing costs and $1.5 million was related to amortization.