Alamos Gold (AGI) Q3 2026 earnings summary

Executive summary

• Q3 production was 119,000 oz, meeting quarterly guidance; record Island Gold District output offset planned lower production at Young-Davidson and Mulatos.

• Revised FY2026 production and cost guidance remains on track, with Q4 production expected to rise 26% QoQ to 140,000–160,000 oz.

• Growth projects and Lynn Lake are expected to support nearly 1 million oz of annual production by 2030 at substantially lower costs.

Financial highlights

• Revenue was $510.4M, up 10% YoY, on a realized gold price of $4,258/oz, up 27%.

• Net earnings were $165.6M, or $0.40/share; adjusted net earnings were $184.0M, or $0.44/share.

• Operating cash flow was $216.3M, or $234.9M before working-capital changes and taxes paid; free cash flow was $75.6M after growth and exploration investment.

• Adjusted EBITDA was $312.0M; capital investment totaled $226.9M, including $49.9M sustaining, $164.4M growth and $12.6M capitalized exploration.

Outlook and guidance

• Revised FY2026 guidance is 510,000–560,000 oz production, $1,175–$1,275/oz total cash costs and $1,775–$1,875/oz AISC; Q4 costs are expected to decline from Q3.

• Q4 production is expected at 140,000–160,000 oz, ~26% above Q3; operation guidance is 290,000–310,000 oz for Island Gold District, 100,000–115,000 oz for Young-Davidson and 120,000–135,000 oz for Mulatos District.

• Long-term production is projected to reach ~1 million oz annually from 2030+, with declining costs; 2025 Mineral Reserves support a 17-year average mine life.

• Island Gold shaft commissioning is expected mid-2027, PDA mill completion mid-2027, Magino mill expansion Q1 2028 and Lynn Lake initial production H1 2029.

• Island Gold underground rates are expected to reach 2,000 t/d by year-end 2026 and 2,400 t/d in H2 2027 after shaft commissioning.