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Alamos Gold (AGI) investor relations material
Alamos Gold Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly revenue, cash flow from operations, and free cash flow of $130.3 million in Q3 2025, up 54% sequentially, driven by higher gold production, lower costs, and record gold prices.
Gold production reached 141,700 oz, up 3% sequentially, but slightly below guidance due to unplanned Magino Mill downtime and a seismic event at Island Gold, prompting a 6% reduction in full-year production guidance to 560,000–580,000 oz.
Closed sale of Turkish development projects for $470 million, with $160 million received and the remainder due over two years, and sold Quartz Mountain project for up to $21 million and a 9.9% equity stake in Q-Gold.
Recognized as a TSX 30 winner for 310% share price growth over three years and as a top performer for the second consecutive year.
Finalized the acquisition of Argonaut Gold, consolidating the Magino mine and integrating assets.
Financial highlights
Q3 2025 revenue was $462.3 million, up 28% year-over-year, with 136,500 oz of gold sold at an average realized price of $3,359/oz.
Net earnings for Q3 2025 were $276.3 million ($0.66/share), up 227% year-over-year; adjusted net earnings were $155.5 million ($0.37/share), excluding impairment reversals and unrealized hedge losses.
Operating cash flow before working capital changes was $275 million ($0.65/share); cash flow from operations for the nine months was $544.4 million.
All-in sustaining costs (AISC) decreased 7% quarter-over-quarter to $1,226–$1,375/oz; total cash costs down 9% quarter-over-quarter.
Cash and cash equivalents rose 34% sequentially to $463.1 million, with total liquidity exceeding $600 million post-asset sales.
Outlook and guidance
2025 production guidance revised to 560,000–580,000 oz, down 6% from original guidance, with AISC guidance at $1,400–$1,450/oz.
Q4 2025 production expected to rise 18% to 157,000–177,000 oz, with costs projected to decrease 5% sequentially.
Capital guidance for 2025 updated to $539–$599 million, a 10% decrease, mainly due to lower Lynn Lake spending and project delays.
Long-term production target of 900,000 oz/year by decade’s end, with potential to reach 1 million oz/year and 8% AISC reduction by 2027.
Phase 3+ Expansion at Island Gold on track for completion in H2 2026; Lynn Lake project completion now expected in H1 2029.
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