# Alamos Gold Reports Fourth Quarter and Year-End 2025 Results

Source Brief: https://evesgoldminers.com/research/source-briefs/alamos-gold-2026-05-01-alamos-gold-reports-fourth-quarter-and-year-end-2025-resul-e20983cb
Original source: https://s24.q4cdn.com/779615370/files/doc_financials/2025/q4/20250218_Alamos-Gold-Q4-2025-Earnings-Release-_Final.pdf
Original published: 2026-05-01
EGM generated: 2026-09-04
Company: Alamos Gold (AGI)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# Download Press Release PDF Format (opens in new window) PDF 1.63 MB

Source: https://s24.q4cdn.com/779615370/files/doc_financials/2025/q4/20250218_Alamos-Gold-Q4-2025-Earnings-Release-_Final.pdf
Published: 2026-05-01T12:00:44+00:00
Fetched: 2026-05-05T09:13:31.21+00:00
Source artifact: e20983cb-d86a-495c-b6bf-6565efa2dfc4
Normalizer input: text

## Content

# Download Press Release PDF Format (opens in new window) PDF 1.63 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 Fourth Quarter and Year-End 2025 Results
Record free cash flow generation supports growing shareholder returns
with 60% increase in dividend
Toronto, Ontario (February 18, 2026) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”)
today reported its financial results for the quarter and year ended December 31, 2025.
“Our full year production was lower than planned and costs higher due to a challenging year at our Canadian
operations. Despite these challenges, we established a number of new financial records including record free cash
flow of $352 million while investing in our high-return growth initiatives. This included advancing the Phase 3+ Shaft
Expansion, delivering a 32% increase in Mineral Reserves, and incorporating that growth into a larger expansion of
the Island Gold District,” said John A. McCluskey, President and Chief Executive Officer.
“Collectively, we expect these growth projects to drive a significant improvement into 2026, and sustained low-cost
growth over the next five years to approximately one million ounces annually by 2030. All of this growth is in
Canada, and we expect to fund it all internally while generating increasing free cash flow. Reflecting this strong
outlook and growing free cash flow, we are pleased to announce a 60% increase in our dividend,” Mr. McCluskey
added.
Fourth Quarter and Full Year 2025 Highlights
Operational and Financial Highlights
• Produced 545,400 ounces of gold in 2025, below revised annual guidance and a 4% decrease from 2024.
Lower mining and processing rates at the Canadian operations as a result of severe winter weather, as well as
other operational challenges, impacted production late in the year. Fourth quarter production of 141,500 ounces
was consistent with the third quarter but below quarterly guidance
• The Island Gold District produced 250,400 ounces of gold in 2025 and generated record annual mine-site free
cash flow1 of $205.0 million after funding all Phase 3+ Shaft Expansion capital and exploration initiatives
• Young-Davidson produced 153,400 ounces of gold in 2025 and generated record mine-site free cash flow of
$249.9 million, including a record $89.7 million in the fourth quarter
• The Mulatos District produced 141,600 ounces of gold in 2025 and generated strong mine-site free cash flow of
$221.5 million, including a record $92.3 million in the fourth quarter
• Cost of sales were $809.5 million or $1,524 per ounce in 2025, and $219.5 million, or $1,544 per ounce in the
fourth quarter
• Total cash costs1 of $1,077 per ounce and all-in sustaining costs ("AISC"1) of $1,524 per ounce for the full year
were above revised annual guidance. Total cash costs of $1,111 per ounce and AISC of $1,592 per ounce for
the fourth quarter were higher than the third quarter and quarterly guidance, driven by lower than planned
production from the Island Gold District and Young-Davidson
• Full year sales totaled 531,230 ounces of gold at an average realized price of $3,372 per ounce, generating
record annual revenues of approximately $1.8 billion, including silver sales, representing a 34% increase from
2024. This included fourth quarter sales of 142,147 ounces of gold at an average realized price of $3,998 per
ounce, generating record quarterly revenues of $575.3 million. This represented a 53% increase from the fourth
quarter of 2024 and marked the third consecutive quarter of record revenues
1 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
• Generated record annual cash flow from operating activities of $795.3 million (including $924.3 million before
changes in working capital and taxes paid1, or $2.20 per share1), a 20% increase from 2024. Fourth quarter
cash flow from operating activities was $250.9 million (including $284.7 million before changes in working
capital and taxes paid, or $0.68 per share)
• Generated record annual free cash flow1 of $351.7 million, including a record $156.9 million in the fourth
quarter, while continuing to reinvest in high-return growth projects including the Phase 3+ Shaft Expansion, IGD
Expansion to 20,000 tonnes per day ("tpd"), Lynn Lake, PDA, and a record exploration program
• Reported net earnings were $885.8 million in 2025, or $2.11 per share. Adjusted net earnings1 were $587.1
million in 2025, or $1.40 per share1. Adjusted earnings include after-tax adjustments for an impairment reversal
and gain on sale of assets of $419.6 million, loss on commodity hedge derivatives of $152.1 million, as well as
adjustments for net unrealized foreign exchange gain recorded within deferred taxes and foreign exchange
totaling $27.4 million, and other adjustments of $3.8 million
• Reported net earnings were $434.9 million for the fourth quarter, or $1.03 per share. Adjusted net earnings for
the fourth quarter were $227.6 million, or $0.54 per share. Adjusted net earnings include after-tax adjustments
for a gain on sale of assets of $226.7 million, loss on commodity hedge derivatives of $34.9 million, as well as
adjustments for unrealized foreign exchange gain recorded within deferred taxes and foreign exchange totaling
$6.0 million, and other adjustments of $9.5 million
• Cash and cash equivalents were $623.1 million at December 31, 2025, up from $463.1 million at the end of the
third quarter, and $327.2 million at the end of 2024. This reflects record free cash flow generation, while
continuing to reinvest in high-return growth, supporting increased shareholder returns, debt reduction, and the
repurchase of hedges. The Company remains well-positioned to internally fund all of its growth initiatives with
strong ongoing free cash flow, net cash of $423.1 million, and approximately $1.2 billion of total liquidity
• Returned $80.9 million to shareholders in 2025, nearly double the $41.0 million returned in 2024. This included
the repurchase of 1.3 million shares at a cost of $38.8 million, and dividend payments totalling $42.1 million. In
addition, the Company announced a 60% increase in the quarterly dividend to $0.04 per share, starting in the
first quarter of 2026
• Repaid $50 million of debt during the fourth quarter, leaving $200 million drawn on the credit facility at the end
of 2025
• Eliminated half of the 2026 legacy gold hedges from Argonaut Gold Inc. ("Argonaut") in the fourth quarter with
the repurchase and elimination of all forward sale contracts that were scheduled to mature in the first half of
2026. These contracts totaled 50,000 ounces at an average price of $1,821 per ounce. The cost to eliminate the
hedges was $113.5 million, at an effective price of approximately $4,091 per ounce, providing further upside to
current gold prices. This was funded by $63.5 million in cash and a gold sale prepayment for $50.0 million in
exchange for the delivery of 12,255 ounces in the first half of 2026 at a prepay price of $4,166 per ounce
Mineral Reserves and Resources, Growth Projects and Other Highlights
• Announced the Island Gold District Expansion Study ("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. Compared to the Base Case Life of Mine Plan (the "Base Case LOM Plan") released in June 2025, the
IGD Expansion incorporates a 30% increase in Mineral Reserves and an expansion of the Magino mill to
20,000 tpd, driving increased annual production of 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
• Issued three-year guidance on February 4, 2026, with production expected to increase 12% in 2026 to between
570,000 and 650,000 ounces, and 46% by 2028 to between 755,000 and 835,000 ounces. AISC are expected
to decrease 18% by 2028 relative to 2025, driven by low-cost growth from the Island Gold District following the
completion of the Phase 3+ Shaft Expansion late in 2026 and the IGD Expansion in 2028. Further growth in
production and reduction in costs is expected after the completion of the Lynn Lake project in 2029
2 | Alamos Gold Inc
TRADING SYMBOL: TSX:AGI NYSE:AGI
• 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”). The growth was driven
by the successful conversion of a large portion of Mineral Resources to Reserves at the Island Gold District.
Measured and Indicated Mineral Resources also increased 6% to 5.5 million ounces (119 mt grading 1.44 g/t
Au) driven by additions at Young-Davidson, Lynn Lake and Mulatos. Inferred Mineral Resources decreased
63% to 2.0 million ounces (35 mt grading 1.82 g/t Au) reflecting the successful conversion of Mineral Resources
at the Island Gold District to Reserves
• Advanced the Phase 3+ Shaft Expansion at the Island Gold District. This included shaft sink progressing to a
depth of 1,350 metres ("m"), or 98% of the ultimate depth, and advancing the paste plant construction. The
Phase 3+ Shaft Expansion completion is expected in the fourth quarter of 2026
• Announced an updated development plan for the Lynn Lake project incorporating the BT and Linkwood
deposits, and several scope changes including a 13% increase in mill capacity to 9,000 tpd, driving production
higher and stronger economics. Lynn Lake is expected to average 186,000 ounces over its initial 10-years at
first quartile mine-site AISC of $829 per ounce. Construction activities are expected to ramp up in the spring of
2026, with initial production expected in the first half of 2029
• Received approval of an amendment to the existing environmental impact assessment (Manifestación de
Impacto Ambiental) by Mexico’s Secretariat of Environment and Natural Resources in January 2025, allowing
for the start of construction on the PDA project within the Mulatos District. PDA remains on budget and on
schedule for initial production by mid-2027
• Closed the sale of the Company's Turkish development projects, which consist of Kirazlı, Ağı Dağı and
Çamyurt, to Tümad Madencilik Sanayi ve Ticaret A.Ş (“Tümad”) for total cash consideration of $470 million in
October 2025. Upon closing, Alamos received the first payment of $160 million. The remaining cash payments,
totaling $310 million, are expected to be received on the first and second anniversaries of the closing of the
transaction
• Closed the sale of the option to earn 100% interest in the non-core Quartz Mountain Gold Project (“Quartz
Mountain”), located in Oregon, to Q-Gold Resources Ltd. (TSXV:QGR) (“Q-Gold”) in October 2025. Quartz
Mountain was sold for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold
• Alamos was recognized for the second consecutive year as a TSX30TM 2025 winner by the Toronto Stock
Exchange in September 2025. The annual ranking recognizes the 30 top performing stocks over a three-year
period. Alamos’ share price increased 310% over the trailing three-year period
(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]