Alamos Gold (AGI.TO, AGI) was at last look up 1% in US after-hours trading as it on Wednesday posted higher earnings for the fourth quarter, buoyed by in line production performance over the last three months of a record making production year.

Adjusted earnings for the fourth quarter, excluding most one-time items, rose to US$0.25 per share, up from $0.12 per share a year earlier. The result included adjustments for unrealized gains on commodity hedge derivatives, net of tax, of $4.4 million, adjustments for unrealized net foreign exchange losses recorded within deferred taxes and foreign exchange of $19.6 million, and other adjustments totaling $0.4 million.

Reported net earnings for the fourth quarter were $87.6 million, or $0.21 per share, also up from $0.12 a year ago.

Alamos produced a record 567,000 ounces of gold in 2024, in-line with the mid-point of the revised guidance and a 7% increase from 2023. It said this reflected the inclusion of the Magino mine after the acquisition of Argonaut Gold., as well as strong performances from the Mulatos District and Island Gold. Fourth quarter production was 140,200 ounces, in-line with quarterly guidance.

Among other highlights, Alamos cited record production and strong margin expansion drive record free cash flow of $272 million while funding high-return growth.

"We delivered another record year operationally and financially driven by strong performances across our operations. Production grew 7% to 567,000 ounces, meeting our increased guidance and achieving a new annual record for the second consecutive year. Full year costs were in line with guidance and combined with the rising gold price, we set a number of financial records. This included record free cash flow of $272 million while funding additional high-return growth, including the Phase 3+ Expansion and our largest exploration budget ever," said chief executive John McCluskey.

He added, "Our significant investment in exploration continues to create value with global Mineral Reserves increasing 31% to 14 million ounces, including another substantial increase in higher-grade Reserves and Resources at Island Gold. We will be incorporating this growth into the Island Gold District Life of Mine Plan and Expansion Study to be released later this year that we expect will outline a larger, and more valuable operation."

Alamos shares were last seen up US$0.21 to US$22.89 after hours. They closed up $0.05 to $32.28 on the Toronto Stock Exchange.