Alamos Gold Inc. - Ordinary Shares - Class A

Production and Guidance: Alamos Gold reported 2025 production of 545,000 ounces, below guidance due to severe weather and operational challenges. For 2026, they project a 12% increase in production driven by ramp-up at Island Gold and Young-Davidson, targeting between 600,000 to 610,000 ounces.

Financial Performance: The company achieved record revenues of $1.8 billion in 2025, a 34% increase YoY, and free cash flow of $352 million. However, total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce were above guidance, indicating pressures on operational expenses.

Strong Growth Outlook: Management outlined a 46% increase in production by 2028 at nearly 20% lower all-in sustaining costs of approximately $1,250 per ounce. The larger Island Gold District expansion projects promise significant cash flow generation, and by the end of the decade, production could reach approximately 1 million ounces per year.