Alamos Gold earnings fell in the third quarter of 2026 even as revenue rose, with gold production declining from a year earlier. The company said it remained on track for its revised annual guidance but delayed commissioning of a major shaft expansion.
Key Takeaways
- Revenue rose to $510.4 million, while reported net earnings fell to $165.6 million.
- Gold production was 119,000 ounces, down from 141,700 ounces a year earlier but in line with quarterly guidance.
- Shaft commissioning at the Island Gold District is now expected in mid-2027, about one quarter later than planned.
Alamos Gold earnings and production
For the quarter ended September 30, 2026, revenue increased from $462.3 million a year earlier. Gold sales totaled 118,361 ounces at an average realized price of $4,258 per ounce, compared with $3,359 per ounce in the third quarter of 2025.
Reported net earnings fell from $276.3 million to $165.6 million, or $0.40 per share. Adjusted net earnings, a non-GAAP measure, rose to $184.0 million, or $0.44 per share, from $155.5 million a year earlier. Operating cash flow was $216.3 million.
The Island Gold District produced a quarterly record of 68,700 ounces, while Young-Davidson produced 22,700 ounces. Alamos said lower mining rates and grades at Young-Davidson had been anticipated.
| Item | Details |
|---|---|
| 2026 production guidance | 510,000 to 560,000 ounces |
| 2026 total cash cost guidance | $1,175 to $1,275 per ounce |
| 2026 all-in sustaining cost guidance | $1,775 to $1,875 per ounce |
Production and cost outlook
Alamos said it remains on track to meet the annual targets set in its July guidance revision. At that time, the company lowered its production outlook and raised its cost forecasts, citing lower expected mining rates and grades at Young-Davidson among the factors.
For the fourth quarter, management expects production of 140,000 to 160,000 ounces and lower total cash costs and all-in sustaining costs. It expects higher mining rates and grades at the Island Gold District to support the improvement.
Third-quarter all-in sustaining costs were $1,956 per ounce, up from the second quarter. Alamos attributed the increase to lower production at Young-Davidson and higher sustaining capital at the Island Gold District.
Expansion schedule and cash
Commissioning of the Island Gold District shaft has been delayed to mid-2027 because more time is needed to complete the ore and waste handling system. CEO John McCluskey said the delay does not affect the company’s longer-term outlook.
Alamos also said construction of the PDA mill remained on track for completion in mid-2027, although slower underground development is expected to result in lower mining rates in the second half of 2027. Initial production at Lynn Lake remains targeted for the first half of 2029.
Cash and cash equivalents stood at $597.4 million at September 30. The company spent $86.2 million during the quarter to eliminate 33,000 ounces of legacy gold hedges inherited from Argonaut Gold. It received a further $160 million on October 9 under the sale of its Turkish projects, completed in 2025.
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