AGI · Alamos Gold Inc.

Alamos Gold reported a record first quarter in 2026, driven by a 79% surge in revenue to $596.7 million, fueled by an average realized gold price of $4,829 per ounce—a 72% increase year-over-year. Gold production of 123,900 ounces was in line with guidance, with the Island Gold District contributing 61,200 ounces. Despite higher total cash costs of $1,230/oz and AISC of $1,862/oz (above the top end of first-half guidance), the company generated record cash flow from operations of $242.5 million and free cash flow of $101.7 million after $82 million in cash taxes. Net earnings soared to $191.4 million ($0.46/share) from $15.2 million ($0.04/share) a year ago, while adjusted net earnings reached $232.0 million ($0.55/share). Management expects production to increase 20% in Q2 and costs to decline as the Island Gold District ramps up. The company also eliminated 15,000 ounces of legacy gold hedges at a cost of $42.7 million, providing further upside to gold prices. With a net cash position of $459.5 million and total liquidity of approximately $1.2 billion, Alamos is well-positioned to fund its growth projects, including the IGD Expansion and Phase 3+ Shaft Expansion, both on track for completion by 2028 and early 2027, respectively. The quarterly dividend was increased 60% to $0.04 per share.