# Download Press Release PDF Format (opens in new window) PDF 1.85 MB

Source Brief: https://evesgoldminers.com/research/source-briefs/alamos-gold-2026-04-29-download-press-release-pdf-format-opens-in-new-window-pdf-c1dcbeb5
Original source: https://s24.q4cdn.com/779615370/files/doc_news/2026/April/20260429-Alamos-Gold-Q1-2026-Earnings-Release-_-Final.pdf
Original published: 2026-04-29
EGM generated: 2026-09-04
Company: Alamos Gold (AGI)

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# Download Press Release PDF Format (opens in new window) PDF 1.85 MB

Source: https://s24.q4cdn.com/779615370/files/doc_news/2026/April/20260429-Alamos-Gold-Q1-2026-Earnings-Release-_-Final.pdf
Published: 2026-04-29T21:01:21+00:00
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# Download Press Release PDF Format (opens in new window) PDF 1.85 MB
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 First Quarter 2026 Results
Strong margin expansion drives record cash flow from operations and solid ongoing free cash
flow of $102 million
Toronto, Ontario (April 29, 2026) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended March 31, 2026.
“Our first quarter production was in line with guidance driven by a solid performance from the Island Gold District.
Underground mining rates at Island Gold increased to a new record, and milling rates at Magino increased
significantly over the past six weeks following the implementation of additional improvements. We expect all three of
our operations to contribute to a 20% increase in production in the second quarter, with further growth into the
second half of the year at substantially lower costs driven by the ongoing ramp up of mining rates at Island Gold.
We expect this trend of growing production and declining costs to continue through the end of the decade as we
advance our portfolio of high-return growth projects, underpinning one of the strongest outlooks in the sector,” said
John A. McCluskey, President and Chief Executive Officer.
First Quarter 2026 Operational and Financial Highlights
• Produced 123,900 ounces of gold in the first quarter of 2026, in-line with quarterly guidance with strong results
from the Island Gold District offsetting lower than planned production at Young-Davidson. Production is
expected to increase in the second quarter with further growth in the second half of the year, putting the
Company on track to achieve full year production guidance
• Sold 121,924 ounces of gold at an average realized price of $4,829 per ounce, generating record quarterly
revenues of $596.7 million, including silver sales. This represented a 79% increase from the first quarter of 2025
and marked the fourth consecutive quarter of record revenues
• Cost of sales were $205.5 million, or $1,685 per ounce in the first quarter. Total cash costs1 of $1,230 per ounce
and all-in sustaining costs ("AISC"1) of $1,862 per ounce for the first quarter were above the top end of
guidance for the first half of 2026, as previously guided. Total cash costs and AISC are expected to decrease in
the second quarter and further into the second half of the year, driven by low-cost growth from the Island Gold
District, and lower costs from Young-Davidson
• First quarter cash flow from operating activities was $242.5 million (including a record $338.0 million before
changes in working capital and taxes paid1, or $0.80 per share)
• Generated strong free cash flow1 of $101.7 million in the first quarter, while continuing to invest in high return
growth projects, and net of $82.0 million paid in cash taxes
• Reported net earnings were $191.4 million for the first quarter, or $0.46 per share. Adjusted net earnings1 were
$232.0 million, or $0.55 per share1. Adjusted earnings include after-tax adjustment for net losses on commodity
hedge derivatives of $20.2 million, adjustments for net unrealized foreign exchange losses recorded within
deferred taxes and foreign exchange totaling $19.3 million, and other adjustments of $1.1 million
• Cash and cash equivalents increased to $659.5 million at March 31, 2026, up from $623.1 million at the end of
2025. This reflected strong ongoing free cash flow while funding high-return growth, increased shareholder
returns, and $42.7 million used to retire additional legacy gold hedges. The Company remains well-positioned to
internally fund all of its growth initiatives with strong ongoing free cash flow, net cash of $459.5 million, and
approximately $1.2 billion of total liquidity
• Announced a 60% increase in the quarterly dividend rate to $0.04 per share, with $16.6 million paid in the first
quarter
1 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
• Repurchased and eliminated approximately one-third of legacy gold hedges from Argonaut Gold Inc.
("Argonaut") that were scheduled to mature in the second half of 2026, providing further upside to higher gold
prices. These contracts totaled 15,000 ounces at an average price of $1,821 per ounce. The Company utilized
existing cash to eliminate the hedges at a cost of $42.7 million for an effective price of approximately $4,667 per
ounce
• Announced the IGD Expansion Study on February 3, 2026, outlining a long-life operation that is expected to
become one of the largest, lowest-cost, and most profitable gold mines in Canada with annual production
expected to increase to average 534,000 ounces over the initial 10 years (starting in 2028) at average mine-site
AISC of $1,025 per ounce. At a gold price of $4,500 per ounce and USD/CAD foreign exchange rate of $0.74:1,
the Island Gold District has an estimated after-tax net present value ("NPV") (5%) of $12.2 billion, making it one
of the most valuable gold mines in Canada. The IGD Expansion is progressing well and remains on track for
completion in 2028
• Advanced the Phase 3+ Shaft Expansion at the Island Gold District. This included completing the shaft sink and
advancing construction of the paste plant and administrative complex. Construction of the shaft and surface
infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft
completed in early 2027
• Reported year-end 2025 Mineral Reserves of 15.9 million ounces (265 million tonnes ("mt")), a 32% increase
from the end of 2024, with grades also increasing 5% to 1.87 grams per tonne (“g/t Au”). This marked the
seventh consecutive year Mineral Reserves have increased for a cumulative increase of 64%, with grades also
increasing 24% over that time frame
(1)
Refer to the “Non-GAAP Measures and Additional GAAP Measures” section at the end 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 March 31,
2026 2025
Financial Results (in millions)
Operating revenues $596.7 $333.0
Cost of sales (1) $205.5 $195.2
Earnings from operations $344.8 $94.7
Earnings before income taxes $315.2 $25.7
Net earnings $191.4 $15.2
Adjusted net earnings (2) $232.0 $59.8
Adjusted earnings before interest, taxes, depreciation and $383.2 $145.4
amortization (2)
Cash provided by operating activities $242.5 $79.6
Cash provided by operating activities before changes in working capital and taxes paid (2) $338.0 $131.4
Capital expenditures (sustaining) (2) $45.2 $26.8
Sustaining finance leases (2)(3) $3.8 $4.3
Capital expenditures (growth) (2) $127.2 $66.3
Capital expenditures (capitalized exploration) $11.1 $6.6
Free cash flow (2)(3) $101.7 ($20.1)
Operating Results
Gold production (ounces) 123,900 125,000
Gold sales (ounces) 121,924 117,583
Per Ounce Data
Average realized gold price (5) $4,829 $2,802
Average spot gold price (London PM Fix) $4,873 $2,859
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,685 $1,660
Total cash costs per ounce of gold sold (2) $1,230 $1,158
All-in sustaining costs per ounce of gold sold (2) $1,862 $1,661
Share Data
Earnings per share, basic $0.46 $0.04
Earnings per share, diluted $0.45 $0.04
Adjusted earnings per share, basic (2) $0.55 $0.14
Weighted average common shares outstanding (basic) (000’s) 419,899 420,415
Financial Position (in millions)
Cash and cash equivalents (4) $659.5 $623.1
(1)
Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2)
Refer to the “Non-GAAP Measures and Additional GAAP Measures” section at the end 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 months ended March 31, 2026 included the delivery of ounces into the gold prepayment facility based on the prepay price
of $4,166 ($2,524 per ounce for the three months ended March 31, 2025).
3 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
Three Months Ended March 31,
2026 2025
Gold production (ounces)
Island Gold District (7) 61,200 59,200
Young-Davidson 30,000 35,400
Mulatos District (8) 32,700 30,400
Gold sales (ounces)
Island Gold District (7) 57,109 53,388
Young-Davidson 31,042 35,475
Mulatos District (8) 33,773 28,720
Cost of sales (in millions) (1)
Island Gold District (7) $87.8 $79.5
Young-Davidson $67.4 $65.1
Mulatos District (8) $50.1 $50.6
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,537 $1,489
Young-Davidson $2,171 $1,835
Mulatos District (8) $1,483 $1,762
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,189 $1,040
Young-Davidson $1,643 $1,311
Mulatos District (8) $921 $1,191
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,760 $1,418
Young-Davidson $2,181 $1,615
Mulatos District (8) $995 $1,278
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7) $123.0 $72.3
Young-Davidson (5) $25.9 $18.8
Mulatos District (6)(8) $17.3 $4.0
Other $21.1 $8.9
(1)
Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2)
Refer to the “Non-GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3)
For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and
corporate share-based compensation expense.
(4)
Includes capitalized exploration at Island Gold District of $3.4 million for the three months ended March 31, 2026 ($3.9 million for the three months March 31,
2025).
(5)
Includes capitalized exploration at Young-Davidson $3.4 million for the three months ended March 31, 2026 ($2.0 million for the three months ended March 31,
2025).
(6)
Includes capitalized exploration at Mulatos District $2.2 million for the three months ended March 31, 2026 ($0.7 million for the three months ended March 31,
2025).
(7)
The Island Gold District includes Island Gold and Magino mines.
(8)
The Mulatos District includes Mulatos and La Yaqui Grande mines.
4 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
Environment, Social and Governance Summary Performance
Health and Safety
• Total Recordable Injury Frequency Rate1 of 1.47 in the first quarter, consistent with the fourth quarter of
2025
• Lost time injury frequency rate1 of nil in the first quarter, consistent with the fourth quarter of 2025
• During the first quarter, Alamos had 20 recordable injuries across its sites and no lost time injuries
The Company’s Home Safe Every Day safety leadership training program, and newly introduced Home Safe Eight
safety initiative, continue to be delivered across the workforce. Alamos’ Home Safe Eight is a new initiative
consisting of eight non-negotiable safety rules targeting high-risk activities. These enhanced initiatives focus on
areas such as energy isolation, working at heights, and safe vehicl

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