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Revenue: $1.8 billion for the full year, up 34% from 2024. Free Cash Flow: Over $350 million for the full year, with a record $157 million in the fourth quarter. Gold Production: 545,000 ounces for 2025, below guidance due to severe weather and operational challenges. Net Earnings: $435 million in the fourth quarter, or $1.03 per share. Adjusted Net Earnings: $228 million in the fourth quarter, or $0.54 per share; $587 million for the full year, or $1.40 per share. Operating Cash Flow: $924 million for the full year, or $2.20 per share. Total Cash Costs: $1,077 per ounce for the full year. All-in Sustaining Costs: $1,524 per ounce for the full year. Capital Expenditures: $507 million for the full year, including $318 million in growth capital. Dividend Increase: 60% increase commencing this quarter. Debt Reduction: Paid down $50 million of debt, reducing total debt to $200 million. Cash Position: Grew 90% from the end of 2024 to $623 million. Mineral Reserves: Increased 32% to 16 million ounces at the end of 2025.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Alamos Gold Inc (NYSE:AGI) reported record annual revenues of $1.8 billion and record free cash flow of over $350 million for 2025. The company announced a 60% increase in its dividend, reflecting strong free cash flow and financial position. Alamos Gold Inc (NYSE:AGI) expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson. The Island Gold District expansion is expected to double production by 2028 at 30% lower costs, with significant free cash flow potential. The company achieved a 32% increase in mineral reserves to 16 million ounces, marking the seventh consecutive year of growth.

Negative Points

Production for 2025 was below guidance at 545,000 ounces due to severe weather and operational challenges in Canada. Costs were above annual guidance, with total cash costs at $1,077 per ounce and all-in sustaining costs at $1,524 per ounce. Fourth quarter production from Island Gold District declined by 10% due to lower underground mining rates and reduced mill throughput. Magino milling rates were below expectations, partly due to weather-related disruptions. Young-Davidson's production was below revised guidance due to lower-than-expected mining rates and grades.

Q & A Highlights

Q: Can you provide more details on the exploration at Young-Davidson, particularly regarding the higher-grade mineralization? A: Scott Parsons, Vice President of Exploration, explained that the excitement around Young-Davidson's hanging wall mineralization is due to its different style, found in conglomerates and volcanics, with higher grades associated with conglomerate units. The South Cyanite target, similar to the main reserves, shows potential for higher grades, and drilling is ongoing to understand these controls.

Story Continues

Q: What are the key deliverables for the PDA project in 2026 to achieve the mid-2027 production target? A: Luc Guimond, Chief Operating Officer, stated that establishing portal entrances and development work for sustaining mining rates are crucial. The processing plant's construction is advanced, with earthworks and procurement of long-lead items completed, keeping the project on track for mid-2027.

Q: With the 60% dividend increase, do you feel the market is rewarding you adequately, or is a higher yield necessary? A: John McCluskey, President and CEO, noted that Alamos Gold has historically balanced dividends and share buybacks. Despite heavy capital spending, strong gold prices and cash flows allowed for the dividend increase, with expectations for further growth in dividends.

Q: Could you elaborate on the capital return strategy, especially regarding dividends and share buybacks? A: John McCluskey emphasized a balanced approach between dividends and opportunistic share buybacks. The recent dividend increase reflects strong cash flows and the company's intention to continue rewarding shareholders, even amid significant capital expenditures.

Q: What are the expectations for the Island Gold District's production and costs in the coming years? A: John McCluskey highlighted that the Island Gold District's expansion will double production to 534,000 ounces annually by 2028, with a 30% reduction in costs. This expansion is expected to make it one of Canada's largest and most profitable gold operations.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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