Alamos Gold Inc

Latest Results (22.10.2026):

Alamos Gold Inc. — second quarter 2026: the company reported Q2 2026 results showing production of 130,600 ounces, revenues of $594.1 million, net earnings of $270.4 million (adjusted net earnings $247.6 million), strong free cash flow, and a revised full-year guidance driven by lower expected output at Young‑Davidson after a June seismic event.

Production & Sales

Q2 2026 gold production was 130,600 oz (in‑line with revised quarterly guidance); gold sales were 130,834 oz at an average realized price of $4,504/oz, generating $594.1 million of operating revenues.

Profitability

Reported net earnings were $270.4 million ($0.64/share) and adjusted net earnings were $247.6 million ($0.59/share). EBITDA (adjusted) for the quarter was $423.8 million.

Costs per Ounce

Q2 unit metrics: cost of sales $1,772/oz, total cash costs $1,303/oz, and AISC $1,728/oz. Full‑year consolidated guidance was raised to total cash costs $1,175–$1,275/oz and AISC $1,775–$1,875/oz due to lower Young‑Davidson production and higher Canadian inflation/contractor costs.

Guidance Revision

Full‑year 2026 consolidated production guidance lowered to 510,000–560,000 oz (previously 570–650k); by asset the guidance is Island Gold 290–310k, Young‑Davidson 100–115k (reduced from 155–175k), Mulatos 120–135k.

Cash, Liquidity & Capital Allocation

Cash and cash equivalents were $636.9 million at June 30, 2026, with approximately $1.2 billion of total liquidity. Q2 free cash flow (company‑wide) was $143.5 million. The company returned $67 million to shareholders in Q2 (≈$50M buyback, $17M dividend).

Hedge Activity

Alamos repurchased/eliminated 35,000 oz of legacy Argonaut 2026 hedges in Q2 at a cost of $92.3 million (effective ~$4,458/oz) and has retired 279,000 oz (85%) of the 329,000 oz inherited forward contracts; remaining legacy hedges include ~50,000 oz maturing in 2027.

Island Gold District — operational & growth driver

Island Gold delivered a record quarter (67,500 oz): record underground mining rates ~1,550 tpd and Magino milling ~8,900 tpd (9,800 tpd in June). Phase 3+ shaft equipping is underway and expected to commission Q1 2027; Magino mill expansion to 20,000 tpd remains on track for Q1 2028.

Young‑Davidson — seismic impact

Young‑Davidson produced 33,000 oz in Q2, was impacted by a June seismic event that reduced access to higher‑grade stopes (~2,500 tpd source), and is expected to average ~5,000 tpd for the remainder of 2026 — driving lower production and higher per‑ounce costs (Young‑Davidson full‑year cash cost guidance now $1,750–$1,850/oz; mine‑site AISC $2,500–$2,600/oz).

Mulatos — recovering but slower leach

Mulatos produced 30,100 oz in Q2; La Yaqui Grande recoveries are slower than planned (longer leach cycle), prompting lower near‑term production and a net realizable value inventory adjustment of $10.8 million (≈$7.0M after tax) to Mulatos leach pad inventory.

Capital spending & project pipeline

2026 capital spend guidance is $885–$975 million (excl. $60M capitalized exploration). Q2 growth capital focused on Island Gold shaft/IGD expansion ($65.7M), Lynn Lake ($36.2M), and PDA ($21.0M). Alamos targets ~1 Moz annual production by 2030 from its growth portfolio.

Cash flow outlook

The company expects stronger production and materially lower costs in 2027 driven by Young‑Davidson recovery and IGD growth; management highlights strong ability to internally fund growth and continue shareholder returns given ongoing free cash flow and liquidity.