$AGI · ALAMOS GOLD INC
Alamos Gold reported Q3 FY2026 results with revenue of $510.4M (+10% YoY) on 118,361 ounces sold at an average realized price of $4,258/oz. Adjusted EPS of $0.44 missed consensus. Production of 119,000 ounces fell 16% YoY, with Young-Davidson output halving to 22,700 ounces. AISC jumped to $1,956/oz from $1,375/oz a year ago. The Phase 3+ Shaft Expansion commissioning was delayed to mid-2027.
- Q3 adjusted EPS of $0.44 missed consensus estimates
- Gold production fell 16% YoY to 119,000 ounces, with Young-Davidson dropping 40% to 22,700 oz
- AISC surged 42% YoY to $1,956/oz, driven by lower production and higher sustaining capital
- Phase 3+ Shaft Expansion commissioning delayed to mid-2027, one quarter later than prior guidance
- Free cash flow collapsed 42% YoY to $75.6M as growth capex nearly doubled to $164.4M
Stock down 8.98% to $28.82 in regular trading, reflecting the EPS miss, cost inflation, and shaft delay. The $12.07B market cap gold producer is being repriced as growth capex surges and operational execution slips.
A $12B gold producer missing earnings while costs spike 42% and a flagship growth project slips — in a $4,200+ gold price environment — signals operational stress that the 9% selloff reflects.
Gold producers are under scrutiny as cost inflation erodes margin expansion from record gold prices. Alamos's AISC spike to $1,956/oz contrasts with peers holding costs flatter.
Shaft commissioning delay to mid-2027 and slower-than-planned underground development at PDA mill could compress 2027 production. Legacy Argonaut hedge buyouts consumed $86.2M in cash during Q3.