Alamos Gold (AGI) Q1 2026 earnings summary

Executive summary

• Q1 2026 gold production reached 125,000 ounces, in line with guidance, with Island Gold District offsetting lower Young-Davidson output and 21% production growth expected in Q2.

• Record quarterly revenues of $597 million, up 79% year-over-year, and strong free cash flow of $102 million were achieved, driven by higher gold prices and increased sales volumes.

• Major expansion projects advanced, including Island Gold District Phase 3+ Shaft Expansion and Magino Mill improvements, supporting long-term production growth and cost reductions.

• Mineral reserves increased 32% year-over-year to 16 million ounces, with Island Gold reserves nearly doubling.

• Dividend increased by 60% in February, with further shareholder returns under evaluation.

Financial highlights

• 122,000–125,000 ounces of gold sold at an average realized price of $4,829/oz, generating $597 million in revenue.

• Total cash costs were $1,230/oz; all-in sustaining costs (AISC) ranged from $1,661 to $1,862/oz, expected to decrease in Q2.

• Operating cash flow before working capital changes was $338 million ($0.80/share); adjusted net earnings were $232 million ($0.55/share).

• Free cash flow was $102 million after significant cash taxes paid.

• Cash and cash equivalents at quarter-end were $660 million.

Outlook and guidance

• Full-year 2026 gold production guidance maintained at 570,000–650,000 ounces, with Q2 production expected to increase by ~20% sequentially.

• Annual production targeted to reach 800,000 ounces by 2028 and 1 million ounces by 2030, with declining costs.

• Capital expenditures for 2026 guided at $910 million–$1,000 million, including $850 million–$940 million in sustaining and growth capital.

• Ongoing productivity improvements and expansion projects expected to drive margin expansion and cost reductions.