Q2 2026 Alamos Gold Inc Earnings Call Transcript
Key Points
- Alamos Gold Inc (AGI) generated strong free cash flow of $144 million in Q2 2026, net of reinvestment in growth and exploration.
- The Island Gold District achieved record production of 67,500 ounces in Q2, up 10% from Q1, and remains on track to meet its original full-year guidance.
- Alamos Gold Inc (AGI) significantly increased shareholder returns, with $84 million returned in the first half of 2026, already exceeding total returns for 2025.
- The company eliminated all remaining 2026 gold hedges inherited from the Argonaut transaction, increasing upside exposure to higher gold prices.
- Exploration at the Island Gold District continues to yield exceptional high-grade results, highlighting significant upside potential beyond the current expansion study.
- A seismic event at Young-Davidson in June caused localized damage, limiting access to higher-grade stopes and reducing expected mining rates and grades for the rest of 2026.
- Slower-than-expected leach pad cycles at La Yaqui Grande are delaying gold recovery, leading to a 12% reduction in full-year consolidated production guidance.
- Full-year all-in sustaining cost guidance increased by 18%, driven by lower production, higher costs at Young-Davidson, and labor inflation in Canada.
- Young-Davidson's production guidance was reduced to between 100,000 and 115,000 ounces, with costs temporarily spiking to $3,300 per ounce on an all-in sustaining basis in H2 2026.
- Labor inflation and increased contractor costs in Northern Ontario, including a new retention program, added approximately $90 per ounce to consolidated all-in sustaining costs.
Good morning. I'll now turn the call over to Scott Parsons, Almost Senior Vice President of Corporate Development and Investor Relations.
Thank you, operator, and thanks to everybody for attending LLS's second quarter 2026 conference call. In addition to myself, we have on the line today John Klusky, President and Chief Executive Officer, Greg Fisher, Chief Financial Officer, Luke.
Boarding Officer and Scott R.G. Parsons, Senior Vice President of Exploration. We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session.
As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release and MD&A as well as the risk factors set out in our annual information form.
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