The material guidance downgrade on production and costs, driven by the Young-Davidson seismic event, creates a significant near-term headwind. Monitor the Q3 production report for actual mining rates at Young-Davidson and any further guidance revisions. The Island Gold District's strong performance and the elimination of legacy hedges provide some offset, but the stock is likely to reprice lower on the reduced earnings trajectory for H2 2026.
Price Chart
Executive Summary
Alamos Gold reported Q2 2026 results with revenue of $594.1M (+36% YoY) and net earnings of $270.4M (+70% YoY), driven by a 40% higher realized gold price of $4,504/oz. However, the company materially lowered full-year production guidance to 510k-560k oz (from 570k-650k oz) and raised AISC guidance to $1,775-$1,875/oz (from $1,500-$1,600/oz), primarily due to a seismic event at Young-Davidson that will limit mining rates to ~5,000 tpd in H2 2026. The Island Gold District posted record quarterly production of 67,500 oz, partially offsetting weakness at Young-Davidson and Mulatos. Free cash flow was $143.5M, and the company eliminated remaining 2026 legacy hedges at a cost of $92.3M, providing full upside to spot gold prices going forward.
Key Facts
- Q2 2026 revenue of $594.1M, up 36% YoY from $438.2M
- Net earnings of $270.4M, up 70% YoY from $159.4M
- Full-year production guidance lowered to 510k-560k oz from 570k-650k oz
- Full-year AISC guidance raised to $1,775-$1,875/oz from $1,500-$1,600/oz
- Young-Davidson mine impacted by seismic event; mining rates expected to average ~5,000 tpd in H2 2026 (down from ~7,100 tpd)
- Island Gold District produced record 67,500 oz in Q2, up 5% YoY
- Free cash flow of $143.5M in Q2, up from $84.6M in Q2 2025
- Eliminated remaining 35,000 oz of 2026 legacy Argonaut hedges at cost of $92.3M
- Repurchased 1,401,100 shares for $50M ($35.70/share) in Q2
- Cash and cash equivalents of $636.9M at June 30, 2026
Financial Impact
Full-year production cut of 60k-90k oz (10-14% reduction) and AISC increase of $275/oz (18% increase) from prior guidance; Q2 revenue beat on higher gold price but guidance revision signals material earnings headwind for H2 2026
Risk Factors
- Further operational issues at Young-Davidson beyond current guidance
- Delays in Phase 3+ Shaft or IGD Expansion timelines
- Further cost inflation in Northern Ontario labour and contractor markets
- Lower gold prices reducing the benefit of hedge elimination
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178819-26-000081 |
| Exhibit: ex991alamosgoldq22026earni.htm | 0001178819-26-000081 |
| Exhibit: ex99306302026quarterlyfs.htm | 0001178819-26-000081 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access