Key Highlights

● Revenue rose 36% to $594.1 million at a realized gold price of $4,504 per ounce.

● Net earnings were $270.4 million, or $0.64 per share.

● 2026 production guidance fell to 510,000–560,000 ounces from 570,000–650,000 ounces.

● The board declared a quarterly dividend of US$0.04 per share.

Alamos Gold Inc. (NYSE:AGI), a Canadian-based gold producer whose common shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange under AGI, published second-quarter 2026 results on July 29, 2026. The quarter combined a very high gold price with an operational setback. Revenue was $594.1 million, up 36% year over year, helped by gold sales of 130,834 ounces at an average realized price of $4,504 per ounce.

Net earnings were $270.4 million, or $0.64 per share, and adjusted net earnings were $247.6 million, or $0.59 per share. Operating cash flow was $231.8 million and free cash flow was $143.5 million, leaving cash and equivalents of $636.9 million at June 30, 2026. Production was 130,600 ounces, up 5% on the first quarter and inside the revised range of 130,000 to 135,000 ounces. Total cash costs were $1,303 per ounce and all-in sustaining costs (AISC) were $1,728 per ounce.

A Guidance Reduction

The more cautionary news was a cut to the 2026 outlook. Production guidance fell to 510,000 to 560,000 ounces from 570,000 to 650,000 ounces. Total cash costs are now expected at $1,175 to $1,275 per ounce, previously $1,020 to $1,120, and AISC at $1,775 to $1,875 per ounce, previously $1,500 to $1,600. The company said the revision was driven mainly by the Young-Davidson mine, where a June seismic event led to a new production range of 100,000 to 115,000 ounces. Third-quarter production is guided at 115,000 to 140,000 ounces, a wide range that signals uncertainty. Capital spending, including capitalized exploration, is guided at $945 million to $1,035 million. Separately, an evacuation order was issued for Lynn Lake in late June because of wildfires and lifted in early July.

Because revenue depends on the gold price, which management does not control, the lower output is partly masked by pricing in the latest quarter.

Growth Projects and Shareholder Returns

Alamos is investing heavily. The Island Gold District Phase 3+ shaft is expected to be commissioned in the first quarter of 2027, and the Magino mill expansion to 20,000 tonnes per day is on track for the first quarter of 2028. Lynn Lake in Manitoba carries initial capital of $937 million, with first production expected in the first half of 2029, and the Mexican PDA project, with $165 million of initial capital, targets mid-2027. The company aims for about one million ounces of annual production by 2030, which is an ambition, not a forecast.

On August 27, 2026 the board declared a quarterly dividend of US$0.04 per share, payable on September 24, 2026 to holders of record on September 10. That is $0.16 on an annualized basis, a modest payout when compared with the buyback activity. In the second quarter dividends paid totaled $17 million and the company repurchased 1,401,100 shares for $50 million, and it said it had returned $106 million to shareholders so far in 2026 through dividends and buybacks.

Seismic Risk and the October 28 Report

The S&P/TSX Composite, a broad home-market index, holds many sectors, so a single gold miner exposed to bullion prices and mine-level events can behave quite differently from it.

Alamos will release third-quarter results after the market close on October 28, 2026, with a conference call at 10:00 a.m. Eastern time on October 29. Risks disclosed by the company include seismic activity, power outages, wildfires, rising labor and contractor costs in Northern Ontario, currency and inflation exposure, and construction and permitting timelines.