Alamos Gold Inc.

Alamos Gold Inc. Earnings Recaps

AGI Materials 2 recaps
Q1 2026 May 1, 2026

Shares of Alamos Gold declined 3.7% following Q1 2026 results, as investors focused on higher-than-expected all-in sustaining costs and cautious commentary on inflationary pressures. While management maintained full-year production guidance, first quarter margins were pressured by elevated costs, particularly at Young-Davidson, and the outlook for cost relief was pushed to the latter half of the year.

Key takeaways
  • Q1 all-in sustaining costs were $1,862/oz, above first half guidance range, with management citing inflationary pressures across labor, contractor, diesel, and electricity.
  • Gold production was 124,000 ounces, in line with guidance, but Young-Davidson production came in below plan, offset by a strong quarter at Island Gold.
  • Management expects production to increase by ~20% in Q2, with a 5% sequential decrease in AISC; more meaningful cost improvement is not anticipated until H2.
  • Record quarterly revenues of $597 million, adjusted net earnings of $232 million ($0.55/share), and free cash flow generation of $102 million were positives.
  • Capital spending was $184 million for the quarter; the company continues to target growth projects and has eliminated the majority of legacy gold hedges from the Argonaut acquisition.
Full recap
Q3 2025 Oct 31, 2025

Alamos Gold reported a slight production increase in Q3 2025, albeit below guidance due to operational challenges, while achieving record revenue and free cash flow amidst a robust gold price environment.

Key takeaways
  • Production totaled 141,700 ounces, a 3% increase QoQ but below the guidance range due to unplanned downtimes.
  • Total cash costs fell 9% and all-in sustaining costs decreased 7%, contributing to record free cash flow of $130 million.
  • Adjusted full-year production guidance is now between 560,000 and 580,000 ounces, reflecting a 6% reduction from initial expectations.
  • The company announced the sale of its Turkish development project for $470 million, enhancing liquidity and enabling potential share buybacks.
  • Long-term growth prospects remain strong with ongoing expansions and expected annual production exceeding 900,000 ounces by the end of the decade.
Full recap