ALAMOS GOLD (AGI) Company Report

Analyst Coverage

Research analysts who have asked questions during ALAMOS GOLD earnings calls.

Cosmos Chiu

CIBC World Markets

5 questions for AGI

Also covers: EGO, FNV, HL +6 more

Ovais Habib

Scotiabank

3 questions for AGI

Also covers: BTG, PAAS, SSRM

Don DeMarco

National Bank Financial

2 questions for AGI

Also covers: AAUCF, ARMN, BTG +9 more

Carey MacRury

Canaccord Genuity Group Inc.

1 question for AGI

Also covers: AAUCF, ARMN, BTG +5 more

Charles Ehidiamhen

RBC Capital Markets

1 question for AGI

Kerry Smith

Haywood Securities Inc.

1 question for AGI

Also covers: ARMN, GROY

Michael Parkin

National Bank Financial

1 question for AGI

Also covers: AEM, CDE, CGAU +6 more

Michael Siperco

RBC Capital Markets

1 question for AGI

Also covers: CDE, HL, NGD

Steven Green

TD Securities

1 question for AGI

Also covers: CGAU, IAG

Latest news

Recent press releases and 8-K filings for AGI.

Alamos Gold Reports Record 2025 Revenues and Free Cash Flow, Increases Dividend by 60%

AGI

Earnings

Dividends

Guidance Update

Alamos Gold achieved record annual revenues of $1.8 billion and record free cash flow of $352 million in 2025, despite production of 545,000 ounces falling below guidance and all-in sustaining costs reaching $1,524 per ounce.
The company announced a 60% increase in its dividend commencing this quarter and returned a total of $81 million to shareholders in 2025, which included $39 million for share repurchases.
Alamos Gold projects a 12% increase in production for 2026, with a longer-term target of 800,000 ounces by 2028 at approximately $1,250 per ounce all-in sustaining costs, supported by a 32% increase in mineral reserves to 16 million ounces in 2025.
The Island Gold District expansion is on track for completion by 2028, expected to average 534,000 ounces of gold annually for the initial 10 years at mine site all-in sustaining costs of $1,025 per ounce.

Feb 19, 2026, 3:00 PM

Transcript

Alamos Gold Reports Record 2025 Financials, Increases Dividend, and Projects Significant Production Growth

AGI

Earnings

Dividends

Guidance Update

Alamos Gold achieved record annual revenues of $1.8 billion and record free cash flow of $352 million in 2025, despite production of 545,000 ounces falling below guidance due to severe weather and operational challenges.
The company announced a 60% increase in its dividend and returned $81 million to shareholders in 2025, while strengthening its balance sheet with a 90% increase in cash to $623 million and reducing debt to $200 million.
Alamos Gold anticipates a 12% increase in production for 2026 and projects a 46% increase in production by 2028 at approximately 20% lower all-in sustaining costs, with a long-term goal of nearly 1 million ounces annually by the end of the decade.
Mineral reserves grew 32% to 16 million ounces at year-end 2025, primarily driven by the Island Gold District, which nearly doubled its reserves to over 8 million ounces and is undergoing an expansion expected to average 534,000 ounces annually from 2028.

Feb 19, 2026, 3:00 PM

Transcript

Alamos Gold Reports Record 2025 Revenue and Free Cash Flow, Increases Dividend, and Provides Strong Growth Outlook

AGI

Earnings

Dividends

Guidance Update

Alamos Gold achieved record annual revenues of $1.8 billion and record free cash flow of $352 million for 2025, despite 2025 production of 545,000 ounces being below guidance due to severe weather and operational challenges.
The company announced a 60% increase in its dividend commencing this quarter and returned a total of $81 million to shareholders in 2025, doubling the amount from 2024, through dividends and share repurchases.
Alamos Gold strengthened its balance sheet by reducing debt to $200 million and increasing its cash position by 90% to $623 million by the end of 2025.
Looking ahead, the company expects a 12% increase in production in 2026 and projects to reach 800,000 ounces of gold production by 2028 at approximately 20% lower all-in sustaining costs of $1,250 per ounce.
Mineral reserves increased 32% to 16 million ounces in 2025, marking the seventh consecutive year of growth, with Island Gold District reserves nearly doubling to over 8 million ounces.

Feb 19, 2026, 3:00 PM

Transcript

Alamos Gold Reports Record Q4 and Full Year 2025 Results, Increases Dividend

AGI

Earnings

Dividends

Guidance Update

Alamos Gold Inc. reported record annual revenues of $1.8 billion and record annual free cash flow of $351.7 million for the year ended December 31, 2025.
For the full year 2025, the company produced 545,400 ounces of gold at all-in sustaining costs (AISC) of $1,524 per ounce.
The company announced a 60% increase in its quarterly dividend to $0.04 per share, starting in the first quarter of 2026.
Alamos Gold expects production 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, with AISC expected to decrease 18% by 2028 relative to 2025.
The company completed the sale of its Turkish development projects for $470 million and the Quartz Mountain Gold Project for up to $21 million in October 2025.

Feb 18, 2026, 10:02 PM

6-K

Alamos Gold Increases Quarterly Dividend

AGI

Dividends

New Projects/Investments

Guidance Update

Alamos Gold Inc. has announced a 60% increase in its quarterly dividend to US$0.04 per common share, supported by a strong outlook and record free cash flow of $352 million in 2025.
The company expects to nearly double annual production to approximately one million ounces at lower costs by 2030 through ongoing growth projects.
The increased dividend is payable on March 26, 2026, to shareholders of record as of March 12, 2026.
Alamos also offers a dividend reinvestment plan (DRIP), allowing shareholders to receive common shares at a 1% discount to the prevailing market price.

Feb 18, 2026, 10:00 PM

Press Release

RPX Gold Inc. Announces Robust Preliminary Economic Assessment for Wawa Gold Project

AGI

New Projects/Investments

Guidance Update

RPX Gold Inc. announced a Preliminary Economic Assessment (PEA) for its Wawa Gold Project, projecting an after-tax NPV 5% of C$523 million and an after-tax IRR of 99.7% at a base case gold price of US$3,500/ounce, with a low initial capital expenditure of approximately C$51 million and a payback period of less than 1 year.
The PEA outlines a phased development plan (open-pit to underground) utilizing toll milling, aiming for early free cash flow and reduced upfront capital, with a projected average annual after-tax free cash flow of C$85 million and All-In Sustaining Costs (AISC) of US$2,149/oz.
The updated 2026 Mineral Resource Estimate (MRE) for the project shows a 48% increase in indicated ounces of gold compared to the 2024 MRE, now totaling 1,244,000 indicated ounces.

Feb 18, 2026, 9:15 PM

Press Release

Alamos Gold Reports Significant Increase in Mineral Reserves for Year-Ended 2025

AGI

New Projects/Investments

Guidance Update

Alamos Gold Inc. reported its updated Mineral Reserves and Resources as of December 31, 2025, showing a 32% increase in Global Proven and Probable Mineral Reserves to 15.9 million ounces of gold.
This growth was primarily driven by Island Gold, where Mineral Reserves more than doubled (125% increase to 5.1 million ounces), and Magino, which saw a 56% increase to 3.1 million ounces.
The company increased its gold price assumption for Mineral Reserves to $1,800 per ounce and for Mineral Resources to $2,000 per ounce for 2025 estimates, reflecting a higher gold price environment.
Alamos Gold plans a record global exploration budget of $97 million in 2026, up 37% from 2025, and announced the Island Gold District Expansion which is projected to increase average annual production to 534,000 ounces after 2028.

Feb 17, 2026, 10:11 PM

6-K

Alamos Gold Reports Significant Increase in Mineral Reserves for Year-Ended 2025

AGI

New Projects/Investments

Guidance Update

Alamos Gold Inc. announced a 32% increase in Global Proven and Probable Mineral Reserves to 15.9 million ounces of gold as of December 31, 2025, with grades also rising 5% to 1.87 g/t Au.
This growth was largely due to Island Gold's Mineral Reserves more than doubling (125% increase to 5.1 million ounces) and Magino's Mineral Reserves increasing 56% to 3.1 million ounces.
The company's Global Measured and Indicated Mineral Resources grew 6% to 5.5 million ounces, while Global Inferred Mineral Resources decreased 63% to 2.0 million ounces due to successful conversion to reserves.
Alamos Gold plans a record global exploration budget of $97 million in 2026, a 37% increase from the $71 million spent in 2025, and updated its gold price assumption for Mineral Reserves to $1,800 per ounce and for Mineral Resources to $2,000 per ounce.

Feb 17, 2026, 10:00 PM

Press Release

Alamos Gold Inc. Provides Updated Three-Year Operating Guidance

AGI

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Alamos Gold Inc. announced updated three-year operating guidance, forecasting 46% production growth by 2028 and a nearly 20% decrease in All-in Sustaining Costs (AISC) by the same year.
The company expects to reach one million ounces of annual production by 2030, primarily driven by the Island Gold District Expansion and the Lynn Lake project.
For 2026, total gold production is projected to be between 570,000 and 650,000 ounces, with AISC between $1,500 and $1,600 per ounce, and total capital expenditures between $850 and $940 million.

Metric	2026	2027	2028
Total Gold Production (000 oz)	570 - 650	650 - 730	755 - 835
All-in Sustaining Costs ($/oz)	$1,500 - 1,600	$1,325 - 1,425	$1,200 - 1,300
Total Capital ($ millions)	$850 - 940	$800 - 890	$610 - 680

Feb 4, 2026, 9:16 PM

6-K

Alamos Gold Reports Island Gold District Expansion Study Results

AGI

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Alamos Gold Inc. reported the results of its Island Gold District Expansion Study, which projects an average annual gold production of 534,000 ounces over 10 years post-expansion (2028+), representing a 27% increase from the Base Case Life of Mine Plan.
The expansion is expected to achieve an average mine-site All-in Sustaining Cost (AISC) of $1,025 per ounce over the initial 10 years (2028+), a 31% decrease from 2025 levels.
The study incorporates a 30% increase in Mineral Reserves to 8.3 million ounces and an expansion of the Magino mill to 20,000 tonnes per day.
The project demonstrates strong economics with an after-tax Net Present Value (NPV) (5%) of $8.2 billion and an after-tax Internal Rate of Return (IRR) of 53% at a long-term gold price of $3,200 per ounce.
The total growth capital expenditure for the expansion is estimated at $704 million, with the majority to be spent over the next three years, and the expansion is expected to be completed in 2028.