Alamos Gold (AGI) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly revenue 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.

• Sale of Turkish development projects for $470 million, with $160 million received and the remainder due over two years, and sale of Quartz Mountain for up to $21 million, boosting cash and liquidity above $600 million.

• Recognized as a TSX 30 winner for the second consecutive year, with 310% share price growth over three years.

• Expect a strong Q4 rebound with 18% higher production and 5% lower costs, setting up for record output and free cash flow at current gold prices.

Financial highlights

• Sold 136,500 oz of gold at an average realized price of $3,359/oz, generating record revenues of $462 million, up 28% year-over-year.

• Adjusted net earnings were $157 million ($0.37/share), with net earnings of $276 million ($0.66/share) reflecting impairment reversals and unrealized hedge losses.

• Operating cash flow before working capital changes was $275 million ($0.65/share), up 42% year-over-year.

• All-in sustaining costs (AISC) decreased 7% quarter-over-quarter to $1,226–$1,375/oz; total cash costs down 9% sequentially.

• Cash and cash equivalents rose 34% sequentially to $463 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.

• Fourth quarter production expected to increase 18% sequentially to 157,000–177,000 oz, with a further 5% cost reduction.

• Capital guidance for 2025 updated to $539–$599 million, a 10% decrease, mainly due to delayed Lynn Lake construction.

• Long-term production target of 900,000–1,000,000 oz/year by decade’s end, with 8% AISC reduction by 2027.

• Lynn Lake project completion now expected in H1 2029 due to wildfire delays and inflation.