Alamos Gold Stock Earnings Reports

Alamos reported Q1 2026 production of 124,000 oz, in line with guidance, driven by strong Island Gold performance offsetting lower Young‑Davidson output. Island Gold ramped underground mining to a record ~1,423 tpd and the Phase III+ shaft reached planned depth; commissioning is expected early 2027 and further ramp to 2,000 tpd in 2026 is targeted. Magino milling rates have meaningfully improved (temporary crusher) and are on track to ~10,000 tpd by Q3, with a larger 20,000 tpd mill expansion progressing and expected online in early 2028. Young‑Davidson underperformed in Q1 due to downtime, ore‑pass rehabilitation and some stope dilution, but management expects rates ~8,000 tpd and grades back in guidance in Q2. Mulatos/PDA remains on budget/schedule for mid‑2027 first production. Company released a successful 2025 exploration program that increased year‑end reserves 32% to 16 Moz (Island Gold reserves nearly doubled to >8 Moz) and published a larger Island Gold District expansion study showing substantial NPV and free cash flow at current gold prices. Financially, Q1 revenues were a record $597M (realized price $4,829/oz), operating cash flow before working capital was $338M, and free cash flow was $102M after $184M capex. AISC was $1,862/oz (Q1 above first‑half guidance; expected ~5% lower in Q2 and materially lower in H2 as higher low‑cost production comes online). The company has $660M cash and $1.2B available liquidity, continues to self‑fund growth (Magino expansion, Island shaft, Lynn Lake, PDA), repurchased legacy Argonaut hedges (245k of 330k oz eliminated) and raised the dividend by 60% in February. Management expects to be opportunistic on further hedge buyouts and share buybacks, with continued focus on productivity gains (Island ramp, Magino throughput, Young‑Davidson recovery) to offset inflationary pressures (diesel, contractor labor).