Alamos Gold reported fourth‑quarter 2025 production of 141,500 ounces, essentially flat against the 141,700 ounces produced in the third quarter but 12% below the consensus estimate of 161,000 ounces and the company’s own guidance of 161,000–170,000 ounces. The shortfall was attributed to severe winter weather that limited access to the Island Gold and Young‑Davidson sites and caused operational downtime, especially in the Canadian operations.
Full‑year 2025 production totaled 545,400 ounces, 2.6% below the low end of the company’s revised guidance range of 560,000–580,000 ounces and 9% lower than the 605,000 ounces originally reported in the draft. The figure is also 5% higher than the 520,000 ounces produced in 2024, but still short of the 560,000‑ounce target set for the end of 2025.
Financially, Alamos delivered record revenue of $1.8 billion for 2025, up 4% from the $1.74 billion reported in 2024, and a record quarterly revenue of $568 million in Q3 2025. The company generated a record free‑cash‑flow of $130.3 million in Q3, the highest quarterly figure to date, and ended the year with $623 million in cash, a significant increase from $463 million at the end of Q3 and $327 million at the end of 2024. Debt was reduced by $81 million, and shareholder returns rose to $81 million in 2025.
Strategically, Alamos is advancing its growth plan through the integration of the Magino mill, the Phase 3+ expansion at Island Gold, and the upcoming Island Gold District Expansion Study, slated for release in February 2026. Management reiterated its confidence that the 2026 guidance will reflect a rebound in Canadian operations and that the company is on track to reach a one‑million‑ounce production target by the end of the decade.
CEO John McCluskey said the production shortfall was a temporary operational hiccup and that the company’s low‑cost growth strategy remains intact. He emphasized that the company’s financial strength and cash position provide a buffer to weather the winter‑weather‑induced disruptions and that the company is focused on delivering higher production volumes and margin expansion in 2026.
Market reaction to the results was negative, with the stock falling 6.7% on the day of the announcement. The decline was driven by the production miss, but analysts noted that the company’s record revenue, cash position, and debt reduction mitigate the impact of the shortfall and that the operational challenges are viewed as transitory.
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