The massive earnings beat and record cash flow on higher gold prices provide a strong catalyst for AGI. Watch for continued cost improvement in Q2 and the Phase 3+ shaft commissioning in early 2027. The stock should re-rate higher given the growth pipeline and low valuations relative to peers.
Price Chart
Executive Summary
Alamos Gold reported blowout Q1 2026 results with record revenue of $596.7M (+79% YoY) and net earnings of $191.4M, driven by a 72% increase in realized gold prices. Despite slightly lower production, operating cash flow surged to $242.5M and free cash flow was $101.7M. Costs were elevated but expected to decline in H2. Guidance reaffirmed, dividend raised 60%, and legacy hedges partially eliminated. The IGD expansion and other growth projects remain on track.
Key Facts
- Record quarterly revenue of $596.7M, up 79% YoY
- Net earnings of $191.4M vs $15.2M in Q1 2025
- Adjusted net earnings of $232.0M ($0.55/share)
- Operating cash flow of $242.5M; free cash flow of $101.7M
- Average realized gold price $4,829/oz, up 72% YoY
- Gold production of 123,900 oz, in line with guidance
- Total cash costs $1,230/oz and AISC $1,862/oz, above guidance but expected to decrease
- Cash and equivalents $659.5M; net cash $459.5M; total liquidity ~$1.2B
- Quarterly dividend increased 60% to $0.04/share
- Repurchased 15,000 oz of legacy hedges at cost of $42.7M
- IGD Expansion study released; Phase 3+ shaft sink completed; Magino mill expansion on track
Financial Impact
Revenue increased by $263.7M (+79%), net earnings by $176.2M (+1,159%) compared to Q1 2025
Risk Factors
- Gold price volatility could reverse margin gains
- Execution risk on IGD Expansion, Lynn Lake, and PDA projects
- Inflationary cost pressures may persist, keeping AISC elevated longer than guided
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178819-26-000058 |
| Exhibit: ex991alamosgoldq12026earni.htm | 0001178819-26-000058 |
| Exhibit: ex99303312026quarterlyfs.htm | 0001178819-26-000058 |
| Exhibit: ex995109f2cfoq12026.htm | 0001178819-26-000058 |
| Exhibit: ex994109f2ceoq12026.htm | 0001178819-26-000058 |
| Document: a6k03312026.htm | 0001178819-26-000058 |
| Document: 0001178819-26-000058-index-headers.html | 0001178819-26-000058 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | 6-K | $36.61 $33.04 | ▼ −9.75% | ▼ −9.56% | $32.46 (−11.34%) |
Aug 8, 2026 7w ago | Institutional Cluster | $33.19 $36.45 | ▲ +9.82% | ▲ +10.74% | $32.46 (−2.20%) |
Jul 30, 2026 9w ago | 6-K | $28.40 $37.88 | ▼ −33.38% | ▼ −29.41% | $32.46 (−14.30%) |
Jul 29, 2026 9w ago | Press Release | $28.40 $37.88 | ▲ +33.38% | ▲ +29.41% | $32.46 (+14.30%) |
Jun 30, 2026 13w ago | 6-K | $30.31 $28.58 | ▼ −5.71% | ▼ −3.52% | $32.46 (+7.09%) |
Jun 11, 2026 16w ago | Institutional Cluster | $35.20 $29.46 | ▼ −16.31% | ▼ −18.09% | $32.46 (−7.78%) |
May 28, 2026 18w ago | 6-K | $40.80 $30.74 | ▼ −24.66% | ▼ −22.86% | $32.46 (−20.44%) |
May 28, 2026 18w ago | Press Release | $40.80 $30.74 | ▼ −24.66% | ▼ −22.86% | $32.46 (−20.44%) |
May 28, 2026 18w ago | 6-K | $39.52 $31.32 | ▼ −20.75% | ▼ −17.60% | $32.46 (−17.86%) |
May 28, 2026 18w ago | Press Release | $39.52 $31.32 | ▼ −20.75% | ▼ −17.60% | $32.46 (−17.86%) |
US Market Status
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