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Source: https://s24.q4cdn.com/779615370/files/doc_news/2026/July/20260729-Alamos-Gold-Q2-2026-Earnings-Release-_Final.pdf
Published: 2026-07-29T21:02:04+00:00
Fetched: 2026-07-29T21:13:50.962+00:00
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## Content

TRADING SYMBOL: TSX:AGI NYSE:AGI
Alamos Gold Inc.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
Toronto, Ontario M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
Alamos Gold Reports Second Quarter 2026 Results
Toronto, Ontario (July 29, 2026) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended June 30, 2026.
“We produced 130,600 ounces in the second quarter, meeting our revised quarterly guidance, and up 5% from the
first quarter. The Island Gold District had a solid quarter from multiple perspectives, including delivering record
underground mining rates, milling rates and production. This offset lower than expected production from Mulatos
and Young-Davidson. As previously disclosed, we are expecting lower mining rates at Young-Davidson in the
second half of 2026 resulting in a temporary reduction in production and increase in costs. We have revised our full
year consolidated production and cost guidance with lower production from Young-Davidson the primary driver,”
said John A. McCluskey, President and Chief Executive Officer.
“We expect stronger production and significantly lower costs in 2027 driven by improved results from Young-
Davidson, as well as low-cost growth from the Island Gold District. In addition to performing well operationally, work
on the shaft and mill expansion at the Island Gold District is progressing well with both expected to be key drivers of
growing production and declining costs over the next several years,” Mr. McCluskey added.
Second Quarter 2026 Operational and Financial Highlights
• Produced 130,600 ounces of gold in the second quarter of 2026, in-line with the revised quarterly guidance
of 130,000 to 135,000 ounces, and a 5% increase from the first quarter. The increase was driven by a
strong performance from the Island Gold District, offsetting lower than expected production from the
Mulatos District, as well as Young-Davidson which was impacted by a seismic event in June, as previously
disclosed
• Island Gold District continues to perform well, with underground mining rates increasing to average a record
1,550 tonnes per day ("tpd"). Magino milling rates also increased to average a new record of nearly 8,900
tpd for the quarter, including 9,800 tpd in June. The higher underground mining rates and milling rates drove
record quarterly production of 67,500 ounces. The operation remains on track to achieve its original full year
production guidance with a further increase in underground mining rates and grades expected to drive
growing production through the rest of 2026
• Consolidated production is expected to increase in the second half of 2026; however, given lower expected
mining rates and grades at Young-Davidson, due to the impact of the seismic event, as well as timing of
recovery of ounces at La Yaqui Grande, full year production guidance has been lowered to a range of
510,000 to 560,000 ounces
• Given the lower production, higher costs at Young-Davidson to complete rehabilitation work and enhanced
ground support in the second half of 2026, as well as increased labour inflation and contractor costs in
Canada, full year total cash cost1 guidance has been increased to a range of $1,175 to $1,275 per ounce,
and all-in sustaining costs ("AISC"1) to between $1,775 and $1,875 per ounce
• Second quarter gold sales totaled 130,834 ounces at an average realized price of $4,504 per ounce,
generating quarterly revenues of $594.1 million, including silver sales. This represented a 36% increase
from the second quarter of 2025
• Cash flow from operating activities in the second quarter was $231.8 million (including $286.9 million before
changes in working capital and taxes paid1, or $0.68 per share)
• Generated strong free cash flow1 of $143.5 million in the second quarter, while continuing to invest in high-
return growth
• Cost of sales were $231.9 million, or $1,772 per ounce in the second quarter. Total cash costs of $1,303 per
ounce were 6% higher than the first quarter, and AISC of $1,728 per ounce were 7% lower than the first
quarter, largely driven by timing of sustaining capital spend
1 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
• Reported net earnings were $270.4 million for the second quarter, or $0.64 per share. Adjusted net
earnings1 were $247.6 million, or $0.59 per share1. Adjusted net earnings include an after-tax adjustment for
net gain on commodity hedge derivatives of $27.4 million, an inventory net realizable value adjustment of
$7.0 million, net of tax, adjustments for net unrealized foreign exchange gains recorded within deferred
taxes and foreign exchange totaling $3.6 million, and other adjustments of $1.2 million
• Cash and cash equivalents totaled $636.9 million at June 30, 2026, down slightly from the first quarter
reflecting increased share repurchases and the elimination of the remaining 2026 legacy gold hedges
inherited from Argonaut Gold ("Argonaut"). The Company remains well-positioned to internally fund all of its
growth initiatives and increased shareholder returns with strong ongoing free cash flow
• Returned $67 million to shareholders during the second quarter. This included the repurchase of 1,401,100
shares at a cost of $50 million ($35.70 per share), and a dividend payment of $17 million (quarterly $0.04
per share)
• Repurchased and eliminated all remaining 2026 legacy gold hedges from Argonaut that were scheduled to
mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled
35,000 ounces at an average price of $1,821 per ounce. The Company utilized existing cash to eliminate
the hedges at a cost of $92.3 million for an effective price of approximately $4,458 per ounce. The
Company has now retired 279,000 ounces, or 85%, of the 329,000 ounces of forward contracts inherited
from Argonaut, prior to maturity
• Advanced construction of the Company's key growth projects including Lynn Lake, PDA and the expansion
at the Island Gold District. The Phase 3+ Shaft and IGD Expansions are both progressing well with the shaft
expected to be commissioned in the first quarter of 2027, and the Magino mill expansion on track for
completion in the first quarter of 2028
• Provided an exploration update at the Island Gold District with high-grade mineralization extended across
multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded
Magino mill. This includes defining a new zone of high-grade mineralization 250 metres (“m”) west of
underground Mineral Reserves and Mineral Resources (Island Gold West Extension), as well as continuing
to extend high-grade mineralization within the Island West up-plunge area and the past producing Cline-
Pick and Edwards mines. These targets represent opportunities for further production growth by increasing
the proportion of higher-grade ore to be fed within the expanded Magino mill
(1)
Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these
measures.
2 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
Highlight Summary
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Financial Results (in millions)
Operating revenues $594.1 $438.2 $1,190.8 $771.2
Cost of sales (1)
$231.9 $200.7 $437.4 $395.9
Earnings from operations $357.3 $216.2 $702.1 $310.9
Earnings before income taxes $410.0 $181.6 $725.2 $207.3
Net earnings $270.4 $159.4 $461.8 $174.6
Adjusted net earnings (2)
$247.6 $144.1 $479.6 $203.9
Adjusted earnings before interest, taxes, depreciation and $423.8 $260.2 $807.0 $405.6
amortization (2)
Cash provided by operating activities $231.8 $199.5 $474.3 $279.1
Cash provided by operating activities before changes in $286.9 $232.9 $624.9 $364.3
working capital and taxes paid (2)
Capital expenditures (sustaining) (2) $35.6 $33.5 $80.8 $60.3
Sustaining finance leases (2)(3) $3.4 $4.0 $7.2 $8.3
Capital expenditures (growth) (2) $130.0 $71.6 $257.2 $137.9
Capital expenditures (capitalized exploration) $15.0 $9.8 $26.1 $16.4
Free cash flow (2)(3) $143.5 $84.6 $245.2 $64.5
Operating Results
Gold production (ounces) 130,600 137,200 254,500 262,200
Gold sales (ounces) 130,834 135,027 252,757 252,610
Per Ounce Data
Average realized gold price (5) $4,504 $3,223 $4,660 $3,027
Average spot gold price (London PM Fix) $4,506 $3,280 $4,693 $3,067
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,772 $1,486 $1,731 $1,567
Total cash costs per ounce of gold sold (2) $1,303 $1,075 $1,268 $1,114
All-in sustaining costs per ounce of gold sold (2) $1,728 $1,481 $1,793 $1,565
Share Data
Earnings per share, basic $0.64 $0.38 $1.10 $0.42
Earnings per share, diluted $0.64 $0.38 $1.10 $0.41
Adjusted earnings per share, basic (2) $0.59 $0.34 $1.14 $0.48
Weighted average common shares outstanding (basic) (000’s) 419,694 420,474 419,796 420,445
Financial Position (in millions)
Cash and cash equivalents (4) $636.9 $623.1
(1)
Cost of sales includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization expense.
(2)
Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these
measures.
(3)
Sustaining finance leases at the Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing
activities.
(4)
Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2025.
(5) Average realized gold price for the three and six months ended June 30, 2026 included the delivery of ounces into the gold prepayment facility based on the
prepay price of $4,166 per ounce ($2,524 per ounce for the three and six months ended June 30, 2025).
3 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Gold production (ounces)
Island Gold District (7) 67,500 64,400 128,700 123,600
Young-Davidson 33,000 38,700 63,000 74,100
Mulatos District (8) 30,100 34,100 62,800 64,500
Gold sales (ounces)
Island Gold District (7) 65,726 63,958 122,835 117,346
Young-Davidson 32,860 38,214 63,901 73,689
Mulatos District (8) 32,248 32,855 66,021 61,575
Cost of sales (in millions) (1)
Island Gold District (7) $106.7 $88.3 $194.5 $167.8
Young-Davidson $65.6 $65.2 $133.0 $130.3
Mulatos District (8) $59.5 $47.2 $109.6 $97.8
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,623 $1,381 $1,583 $1,430
Young-Davidson $1,996 $1,706 $2,081 $1,768
Mulatos District (8) $1,845 $1,437 $1,660 $1,588
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,304 $1,008 $1,250 $1,023
Young-Davidson $1,540 $1,233 $1,590 $1,270
Mulatos District (8) $1,061 $1,017 $989 $1,098
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,715 $1,410 $1,736 $1,414
Young-Davidson $1,917 $1,575 $2,045 $1,595
Mulatos District (8) $1,132 $1,084 $1,062 $1,174
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7) $98.7 $74.4 $221.7 $146.7
Young-Davidson (5) $20.2 $21.4 $46.1 $40.2
Mulatos District (6)(8) $24.7 $3.7 $42.0 $7.7
Other $40.4 $19.4 $61.5 $28.3
(1)
Cost of sales includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization expense.
(2)
Refer to the “Non-GA

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