Alamos Gold Reports Third Quarter 2025 Results Growing production and margins drive record quarterly free cash flow of $130 million
Alamos Gold Inc.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823 Toronto, Ontario M5J 2T3 Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
Alamos Gold Reports Third Quarter 2025 Results
Growing production and margins drive record quarterly free cash flow of $130 million
Toronto, Ontario (October 29, 2025) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended September 30, 2025.
“We delivered a number of new financial records in the third quarter including record free cash flow of $130 million, while continuing to fund our high-return growth projects. This was driven by a further increase in production to 141,700 ounces and significant margin expansion,” said John A. McCluskey, President and Chief Executive Officer.
“Given unplanned downtime of the Magino mill at the end of September, and lower expected underground grades from Island Gold due to a seismic event in October, we are revising our 2025 production guidance lower by approximately 6%. These challenges are short-term and are not reflective of our strong outlook, nor our long-term track record. We expect a significant improvement starting in the fourth quarter with an 18% increase in production, and a 5% decrease in costs,” Mr. McCluskey added.
Third Quarter 2025 Operational and Financial Highlights
- Produced 141,700 ounces of gold, a 3% increase from the second quarter of 2025 reflecting stronger performances from both Mulatos and the Island Gold District. Third quarter production was slightly below the low end of quarterly guidance of 145,000 ounces, reflecting one week of unplanned downtime within the Magino mill due to a capacitor failure within the electrical house, which occurred during the last week of September
- Subsequent to quarter end, a seismic event occurred underground at Island Gold on October 17th. Mining activities continue at budgeted rates; however, this has delayed access to higher grade stopes in one mining front. As a result, grades mined are expected to be lower in the fourth quarter than budgeted. Combined with the unplanned downtime at the end of September at the Magino mill, the Company is updating its 2025 production guidance to a range of 560,000 to 580,000 ounces, a 6% decrease from original guidance (based on the mid-point)
- Fourth quarter production is expected to increase 18% (based on the mid-point) to between 157,000 and 177,000 ounces, the strongest quarter of the year, reflecting a substantial improvement across all three operations
- Generated record free cash flow1 of $130.3 million, while continuing to reinvest in high-return growth projects including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a 54% increase from the second quarter of 2025, reflecting strong contributions from all three operations. At current gold prices, the Company expects strong ongoing free cash flow generation through the remainder of 2025, with significant growth starting in 2026 reflecting higher production and lower costs
- Sold 136,473 ounces of gold at an average realized price of $3,359 per ounce, generating record quarterly revenues of $462.3 million. The average realized gold price was below the London PM Fix price, reflecting the delivery of 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid price of $2,524 per ounce. The Company delivered 75% of the committed ounces under the facility during the first nine months of 2025
- Cash flow from operating activities increased to a record $265.3 million (including $275.3 million before changes in working capital and taxes paid1, or $0.65 per share), a 33% increase from the second quarter of 2025 reflecting strong margin expansion through higher gold prices and lower costs
1 | Alamos Gold Inc
- Total cash costs1 of $973 per ounce were 9% lower than the second quarter of 2025 and in-line with quarterly guidance. All-in sustaining costs ("AISC")1 of $1,375 per ounce decreased 7% from the second quarter of 2025, driven by the stronger operational performance at the Mulatos District. The Company is reporting total cash costs and AISC excluding the impact of mark-to-market adjustments for the revaluation of previously issued share-based compensation. This provides a better representation of the total costs associated with producing an ounce of gold and eliminates volatility associated with mark-to-market adjustments. Prior year periods have been updated to reflect these changes retrospectively. Mark-to-market adjustments to share-based instruments impact both total cash costs and AISC given the Company allocates these costs to mining and processing costs and share-based compensation expense in the condensed interim consolidated financial statements
- Total cash costs and AISC are expected to decrease 5% in the fourth quarter reflecting higher production and stronger performances from all three operations. The Company remains on track to achieve annual total cash cost and AISC guidance, which was revised in July
- Cost of sales of $194.1 million, or $1,422 per ounce, decreased 4% from the second quarter of 2025 on a perounce basis
- Reported net earnings for the quarter were $276.3 million, or $0.66 per share
- Adjusted net earnings1 were $155.5 million, or $0.37 per share. Adjusted net earnings includes net-of-tax adjustments for a reversal of impairment of $192.9 million, and unrealized losses on commodity hedge derivatives of $53.8 million, as well as adjustments for unrealized foreign exchange loss recorded within deferred taxes and foreign exchange loss totaling $15.4 million, and other adjustments of $2.9 million
- Cash and cash equivalents increased 34% from the second quarter of 2025 to $463.1 million at September 30, 2025 reflecting the record free cash flow generation. The Company remains well-positioned to internally fund all of its growth initiatives with strong ongoing free cash flow, net cash of $213.1 million, and $963.1 million of total liquidity
- Announced the sale of the Company's Turkish development projects, which consist of Kirazlı, Ağı Dağı and Çamyurt, to Tümad Madencilik Sanayi ve Ticaret A.Ş (“Tümad”) for total cash consideration of $470 million. The transaction closed in October upon which Alamos received the first payment of $160 million. The remaining cash payments, totaling $310 million are expected to be received on the first and second anniversaries of the closing of the transaction
- Closed the sale of the option to earn 100% interest in the non-core Quartz Mountain Gold Project (“Quartz Mountain”), located in Oregon, to Q-Gold Resources Ltd. (TSXV:QGR) (“Q-Gold”) in October. Quartz Mountain was sold for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold
- With a growing cash balance of more than $600 million following the close of the sale of the Turkish projects and Quartz Mountain, the Company expects to reduce existing debt obligations, and will assess opportunities to be active on its share buyback
- The total recordable injury frequency rate2 ("TRIFR") was 0.97 in the third quarter, compared to 2.01 in the prior year period. For the first nine months of the year, TRIFR was 0.99, compared to 1.86 in the prior year period
- Alamos was recognized for the second consecutive year as a TSX30TM 2025 winner by the Toronto Stock Exchange. The annual ranking recognizes the 30 top performing stocks over a three-year period. Alamos’ share price increased 310% over the trailing three-year period
- Advanced the Phase 3+ Expansion of the Island Gold District. This included the shaft sink progressing to a depth of 1,350 metres ("m") in the third quarter, or 98% of the planned depth. The Phase 3+ Expansion remains on track for completion in the second half of 2026
- Published Alamos’ 2024 Environmental, Social and Governance (“ESG”) Report, outlining the Company’s progress on its ESG performance
(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
(2) Frequency rate is calculated as incidents per 200,000 hours worked.
2 | Alamos Gold Inc
Highlight Summary
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
Financial Results (in millions)
| Operating revenues | $462.3 | $360.9 | $1,233.5 | $971.1 |
| Cost of sales(1) | $194.1 | $204.0 | $590.0 | $550.2 |
| Earnings from operations | $455.7 | $183.3 | $766.6 | $403.5 |
| Earnings before income taxes | $371.5 | $141.2 | $578.8 | $345.0 |
| Net earnings | $276.3 | $84.5 | $450.9 | $196.7 |
| Adjusted net earnings(2) | $155.5 | $78.1 | $359.5 | $225.7 |
Adjusted earnings before interest, taxes, depreciation and $283.5 $176.2 $689.1 $484.3 amortization (2)
Cash provided by operating activities before changes in $275.3 $192.8 $639.6 $518.3 working capital and taxes paid (2)
| Cash provided by operating activities | $265.3 | $165.5 | $544.4 | $468.9 |
| Capital expenditures (sustaining)(2) | $34.8 | $32.7 | $95.1 | $80.1 |
| Sustaining finance leases(3) | $4.3 | $5.4 | $12.6 | $5.4 |
| Capital expenditures (growth)(2) | $83.3 | $67.9 | $221.2 | $178.3 |
| Capital expenditures (capitalized exploration) | $16.9 | $6.2 | $33.3 | $20.5 |
| Free cash flow(2)(3) | $130.3 | $87.5 | $194.8 | $218.8 |
Operating Results
141,700 152,000 403,900 426,800 Gold production (ounces)
136,473 145,204 389,083 418,976 Gold sales (ounces)
Per Ounce Data
Average realized gold price (5) $3,359 $2,458 $3,144 $2,294 Average spot gold price (London PM Fix) $3,457 $2,475 $3,201 $2,296 Cost of sales per ounce of gold sold $1,422 $1,405 $1,516 $1,313 (includes amortization) (1)
Total cash costs per ounce of gold sold (2) $973 $984 $1,065 $909 All-in sustaining costs per ounce of gold sold (2) $1,375 $1,359 $1,499 $1,226
Share Data
| Earnings per share, basic | $0.66 | $0.20 | $1.07 | $0.49 |
| Earnings per share, diluted | $0.65 | $0.20 | $1.07 | $0.48 |
| Adjusted earnings per share, basic(2) | $0.37 | $0.19 | $0.86 | $0.56 |
| Weighted average common shares outstanding (basic) (000’s) | 420,500 | 417,147 | 420,463 | 404,127 |
Financial Position (in millions)
$463.1 $327.2 Cash and cash equivalents (4)
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
(3) Sustaining finance leases at Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities.
(4) Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2024.
(5) Average realized gold price for the three and nine months ended September 30, 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524 per ounce.
(6) Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.
3 | Alamos Gold Inc
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
Gold production (ounces)
| Island Gold District(7) | 66,800 | 57,300 | 190,400 | 132,400 |
| Young-Davidson | 37,900 | 44,200 | 112,000 | 128,300 |
| Mulatos District(8) | 37,000 | 50,500 | 101,500 | 166,100 |
Gold sales (ounces)
| Island Gold District(7) | 62,011 | 53,445 | 179,357 | 127,341 |
| Young-Davidson | 37,406 | 42,966 | 111,095 | 127,833 |
| Mulatos District(8) | 37,056 | 48,793 | 98,631 | 163,802 |
Cost of sales (in millions) (1)
| Island Gold District(7) | $83.4 | $71.9 | $251.2 | $136.0 |
| Young-Davidson | $65.2 | $63.9 | $195.5 | $196.0 |
| Mulatos District(8) | $45.5 | $68.2 | $143.3 | $218.2 |
Cost of sales per ounce of gold sold (includes amortization) (1)
| Island Gold District(7) | $1,345 | $1,345 | $1,401 | $1,068 |
| Young-Davidson | $1,743 | $1,487 | $1,760 | $1,533 |
| Mulatos District(8) | $1,228 | $1,398 | $1,453 | $1,332 |
Total cash costs per ounce of gold sold (2)
| Island Gold District(7) | $964 | $988 | $1,002 | $758 |
| Young-Davidson | $1,200 | $1,033 | $1,248 | $1,080 |
| Mulatos District(8) | $761 | $937 | $971 | $892 |
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
| Island Gold District(7) | $1,432 | $1,405 | $1,420 | $1,137 |
| Young-Davidson | $1,476 | $1,406 | $1,555 | $1,358 |
| Mulatos District(8) | $831 | $1,002 | $1,045 | $954 |
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
| Island Gold District(4)(7)(9) | $92.8 | $76.5 | $239.5 | $187.2 |
| Young-Davidson(5) | $20.2 | $25.6 | $60.4 | $64.8 |
| Mulatos District(6)(8) | $11.2 | $3.1 | $18.9 | $14.8 |
| Other | $15.1 | $7.0 | $43.4 | $17.5 |
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.
(4) Includes capitalized exploration at Island Gold District of $9.6 million and $20.3 million for the three and nine months ended September 30, 2025 ($3.8 million and $10.7 million for the three and nine months ended September 30, 2024 ).
(5) Includes capitalized exploration at Young-Davidson of $4.2 million and $9.1 million for the three and nine months ended September 30, 2025 ($1.5 million and $3.9 million for the three and nine months ended September 30, 2024).
(6) Includes capitalized exploration at Mulatos District of $7.6 million and $10.1 million for the three and nine months ended September 30, 2025 ($0.9 million and $5.9 million for the three and nine months ended September 30, 2024).
(7) The Island Gold District includes Island Gold and Magino mines for the three and nine months ended September 30, 2025. Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.
(8) The Mulatos District includes Mulatos and La Yaqui Grande mines.
(9) Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.
4 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
- TRIFR1 of 0.97 in the third quarter
- Lost time injury frequency rate1 ("LTIFR") of 0.08 in the third quarter
- Alamos had 12 recordable injuries across its sites and one lost time injury in the third quarter
- Year-to-date TRIFR of 0.99 and LTIFR of 0.08
Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.
Environment
- Five reportable spills occurred in the third quarter
- One reportable effluent exceedance
- Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits
All five reportable spills were promptly addressed at the time of occurrence, and are not expected to have any lasting impact on the natural environment. The effluent exceedance was due to elevated nitrate concentrations in the open pit water at the Magino mine, which is in the process of being addressed with no impact to the environment.
The Company is committed to preserving the long-term health and viability of the natural environment that surrounds its operations and projects. This includes investing in new initiatives to reduce the Company's environmental footprint with the goal of minimizing the impacts of its activities.
Community
Alamos continued to provide charitable donations, sponsorships, medical support and infrastructure investments within its local communities, including:
- Cash donations to the Haileybury and New Liskeard food banks
- Committed CAD$43,000 to the Blanche River Health Foundation to support the installation of emergency room waiting clocks at Englehart and Kirkland Lake BRH sites, providing accurate and timely information to patients
- Provided new fitness equipment for the Elk Lake Recreation Centre to promote community wellbeing
- Sponsorship of multiple events and teams, including the Canadian Mining Games
- Supported student development through the Young Mining Professionals Scholarships initiative
- Ongoing support within the Mulatos District, including medical services, road maintenance, water distribution, and student scholarships
The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company continues to engage with local communities to understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company.
Governance and Disclosure
- The Mulatos District was awarded the prestigious Silver Helmet trophy for excellence in health and safety, for the third time since 2022, recognizing its outstanding management systems and performance
- Released the 2024 ESG Report, highlighting progress on ESG performance across the Company's operations, projects and offices
- Completed annual submissions to the Carbon Disclosure Project and S&P Global’s Corporate Sustainability Assessment, outlining ESG and climate performance
The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company’s commitment to sustainable development.
(1) Frequency rate is calculated as incidents per 200,000 hours worked.
5 | Alamos Gold Inc
Outlook and Strategy
| 2025 Guidance (4) | |||||
| Island Gold | Young- | Mulatos | Lynn Lake | ||
| District | Davidson | District | Total |
Gold production (000's ounces) 260 - 270 160 - 165 140 - 145 — 560 - 580 Previous gold production (000's ounces) 275 - 300 175 - 190 130 - 140 — 580 - 630 Cost of sales, including amortization (in millions) (3) $865 Total cash costs ($ per ounce) (1) $875 - $925 $1,150 - $1,200 $925 - $975 — $975 - $1,025 All-in sustaining costs ($ per ounce) (1)(2) $1,225 - $1,275 $1,550 - $1,600 $1,025 - $1,075 — $1,400 - $1,450
Capital expenditures (in millions)
Sustaining capital (1) $80 - $85 $55 - $60 $3 - $5 — $138 - $150 Growth capital (1) $270 - $300 $15 - $20 $17 - $20 $60 - $70 $362 - $410 Previous growth capital (1) $270 - $300 $15 - $20 $37 - $40 $100 - $120 $422 - $480
Total sustaining and growth capital (1) $350 - $385 $70 - $80 $20 - $25 $60 - $70 $500 - $560 Previous total sustaining and growth capital (1) $350 - $385 $70 - $80 $40 - $45 $100 - $120 $560 - $630
Capitalized exploration (1) $20 $9 $6 $4 $39
Total capital expenditures and capitalized exploration (1) $370 - $405 $79 - $89 $26 - $31 $64 - $74 $539 - $599 Previous total capital expenditures and capitalized $370 - $405 $79 - $89 $46 - $51 $104 - $124 $599 - $669 exploration (1)
(1) Refer to the "Non-GAAP Measures and Additional GAAP" section of this press release and associated MD&A for a description of these measures.
(2) Total consolidated all-in sustaining costs include corporate and administrative, and share-based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, and corporate share-based compensation expenses.
(3) Cost of sales includes mining and processing costs, royalties, amortization expense, and silver by-product credits, and is calculated based on the mid-point of total cash costs guidance.
(4) Initial annual guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025, and production and capital guidance was revised on October 29, 2025.
The Company’s objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while reinvesting in high-return internal growth opportunities, and supporting higher returns to shareholders.
Third quarter production increased 3% from the second quarter to 141,700 ounces driven by stronger performances from Mulatos and the Island Gold District. This was slightly below the low end of quarterly guidance of 145,000 ounces reflecting one week of unplanned downtime within the Magino mill during the last week of September due to a capacitor failure within the electrical house, which impacted the electrical drive for the SAG and Ball mills. The capacitor and electrical drive module were replaced at the end of September following which milling rates have continued to improve, approaching 10,000 tonnes per day (“tpd”) for the month of October.
Reflecting the unplanned downtime of the Magino mill, the Island Gold mill was restarted on September 24th focused on processing the higher grade Island Gold ore. Given the higher gold price environment, the Company will continue operating the Island Gold mill through the remainder of the year, in addition to the Magino mill. This will provide increased combined milling capacity from the Island Gold District, supporting additional gold production, higher cash flow, and increased profitability. The Company will evaluate the ongoing operation of the Island Gold mill into 2026 as part of the expansion study ("Expansion Study") which is expected to be completed in the first quarter of 2026.
Total cash costs decreased 9% from the second quarter to $973 per ounce, and AISC decreased 7%, both consistent with quarterly guidance and driven by the improved performance from the Mulatos District. Higher gold production, lower total cash costs, and the rising gold price, all contributed to a number of new financial records. This included record quarterly revenues of $462.3 million, and cash flow from operations of $265.3 million. Free cash flow also increased to a new record of $130.3 million while continuing to reinvest in high-return growth that will support a more substantial increase in the years ahead.
6 | Alamos Gold Inc
Subsequent to quarter end, a seismic event occurred underground at Island Gold on October 17, 2025. Mining activities continue at budgeted rates; however, this has deferred access to higher grade stopes in one mining front. This is expected to result in lower grades mined in the fourth quarter than budgeted. Combined with the unplanned downtime of the Magino mill at the end of September, the Company is updating its annual production guidance to a range of 560,000 to 580,000 ounces, a 6% decrease from original guidance (based on the mid-point).
Fourth quarter production is expected to increase 18% (based on the mid-point) to between 157,000 and 177,000 ounces, the strongest quarter of the year. This is expected to be driven by an increase in tonnes and grades processed at Young-Davidson, higher tonnes processed at the Magino mill, and the recovery of higher-grade ore stacked during the second and third quarters at La Yaqui Grande. All three operations are on track to deliver an increase in production in the fourth quarter at lower costs compared to the third quarter.
Reflecting the stronger expected production and improved performances from all three operations, total cash costs and AISC are expected to decrease 5% in the fourth quarter. The Company remains on track to achieve annual total cash cost and AISC guidance, which was revised in July.
This strong trend of growing production and declining costs is expected over the next several years, driven by lowcost growth from the Company's pipeline of high-return development projects. The Phase 3+ Expansion at Island Gold is expected to be a significant driver of near-term production growth and further decrease in costs in 2026. The expansion continues to progress well with the shaft sink advancing to a depth of 1,350 m, or 98% of its ultimate planned depth. The Phase 3+ mill expansion and paste plant are also advancing with the overall expansion expected to be completed in the second half of 2026, as previously guided. As outlined in the Base Case Life of Mine Plan ("Base Case LOM Plan") for the Island Gold District announced in June 2025, the expansion is expected to transform the operation into one of the largest, lowest-cost, and most profitable gold mines in Canada with significant upside potential.
Post completion of the Phase 3+ Expansion, production from the Island Gold District is expected to increase to average 411,000 ounces per year at mine-site AISC of $915 per ounce over the initial 12 years (refer to the press release dated June 23, 2025 for more details). This is expected to drive consolidated production to a range of 680,000 to 730,000 ounces in 2027, a 24% increase from the mid-point of revised 2025 guidance, at 18% lower AISC. A further increase in production and decrease in costs is expected with the startup of production from Lynn Lake. With average annual production of 176,000 ounces over its first 10 years at first quartile mine-site AISC, Lynn Lake is expected to increase consolidated production to approximately 900,000 ounces per year.
Given the impact of wildfires and evacuation orders on communities across northern Manitoba that lasted until the end of September, the ramp up of construction activities on the Lynn Lake project that had been planned for 2025 has been delayed. With the evacuation order lifted, the project team will continue returning to Lynn Lake over the coming weeks with limited construction activities to be completed ahead of and during the winter months. As a result, the more cost effective and lower risk approach is a ramp up of construction activities in the spring of 2026, with completion of the Lynn Lake project now expected in the first half of 2029, compared with the previous timeline of the second half of 2028. The Company has updated its consolidated 2025 capital guidance to between $539 and $599 million, a 10% decrease from previous capital guidance, mainly reflecting the change in timing of activities at Lynn Lake.
Longer term, there is excellent potential to increase consolidated production to approximately one million ounces per year through a further expansion of the Island Gold District. The Expansion Study for the Island Gold District is scheduled to be released in the first quarter of 2026 and is expected to demonstrate the significant upside potential to the Base Case LOM Plan. The timeline of completion has shifted from the fourth quarter of 2025 to ensure all assays are included from recent delineation drilling to support further Mineral Reserve growth. The Expansion Study is expected to include a larger Mineral Reserve, through ongoing Mineral Resource conversion, and will evaluate a potential expansion of the mill to between 18,000 and 20,000 tpd, supporting higher underground mining rates from Island Gold, and open pit mining and processing rates from Magino.
The Company remains well positioned to fund its high-return growth projects internally with strong ongoing free cash flow, $463.1 million of cash and cash equivalents at the end of the third quarter of 2025, and $963.1 million of total liquidity. Subsequent to quarter end, the Company closed the sale of its Turkish development projects and Quartz Mountain, providing cash of $163 million, with additional payments to be received in future years. With a growing cash balance of more than $600 million, the Company expects to reduce existing debt obligations, and will assess opportunities to be active on its share buyback. At current gold prices, the Company expects to continue generating strong free cash flow while funding its growth projects, with significant increases following the completion of the Phase 3+ Expansion in 2026, PDA in 2027, and Lynn Lake in 2029.
7 | Alamos Gold Inc
Third Quarter 2025 Results
Island Gold District Financial and Operational Review
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
Gold production (ounces) 66,800 57,300 190,400 132,400 Gold sales (ounces) 62,011 53,445 179,357 127,341
Financial Review (in millions)
| Operating Revenues | $213.0 | $132.1 | $575.8 | $296.2 |
| Cost of sales(1) | $83.4 | $71.9 | $251.2 | $136.0 |
| Earnings from operations | $128.6 | $58.6 | $320.8 | $155.9 |
| Cash provided by operating activities | $160.9 | $62.1 | $370.5 | $173.8 |
| Capital expenditures (sustaining)(2) | $23.9 | $16.2 | $59.5 | $41.9 |
| Lease payments (sustaining)(2),(5) | $4.3 | $5.4 | $12.6 | $5.4 |
| Capital expenditures (growth)(2) | $59.5 | $51.1 | $153.3 | $129.2 |
| Capital expenditures (capitalized exploration)(2) | $5.1 | $3.8 | $14.1 | $10.7 |
| Mine-site free cash flow(2),(5) | $72.4 | ($9.0) | $143.6 | ($8.0) |
| Cost of sales, including amortization per ounce of gold sold(1) | $1,345 | $1,345 | $1,401 | $1,068 |
| Total cash costs per ounce of gold sold(2) | $964 | $988 | $1,002 | $758 |
| Mine-site all-in sustaining costs per ounce of gold sold(2),(3) | $1,432 | $1,405 | $1,420 | $1,137 |
Island Gold Mine Underground Operations
| Tonnes of ore mined | 121,864 | 82,132 | 345,272 | 283,706 |
| Tonnes of ore mined per day | 1,325 | 893 | 1,265 | 1,035 |
| Average grade of gold(4) | 12.05 | 14.61 | 11.69 | 12.92 |
| Metres developed | 1,779 | 1,338 | 6,058 | 4,713 |
Island Gold Mill Operations (9)
| Tonnes of ore processed | 23,906 | 82,446 | 234,174 | 282,364 |
| Tonnes of ore processed per day | 1,087 | 896 | 1,154 | 1,031 |
| Average grade of gold(4) | 13.20 | 14.42 | 12.03 | 12.97 |
| Contained ounces milled | 10,148 | 38,218 | 90,578 | 117,764 |
| Average recovery rate | 99% | 99% | 98% | 98% |
Magino Mine Open Pit Operations
| Tonnes of ore mined - open pit(7) | 1,622,689 | 818,237 | 3,938,588 | 818,237 |
| Tonnes of ore mined per day | 17,638 | 10,228 | 14,427 | 10,228 |
| Total waste mined - open pit(8) | 3,764,681 | 2,882,392 | 11,104,219 | 2,882,392 |
| Total tonnes mined - open pit | 5,387,370 | 3,700,629 | 15,042,807 | 3,700,629 |
| Waste-to-ore ratio(8) | 2.32 | 4.52 | 2.82 | 4.52 |
| Average grade of gold(4) | 0.84 | 0.90 | 0.81 | 0.90 |
Magino Mill Operations (10)
| Tonnes of ore processed | 776,796 | 550,475 | 2,210,908 | 550,475 |
| Tonnes of ore processed per day | 8,443 | 6,881 | 8,099 | 6,881 |
| Average grade of gold processed(4) | 2.28 | 0.92 | 1.42 | 0.92 |
| Contained ounces milled | 56,923 | 16,370 | 101,000 | 16,370 |
| Average recovery rate | 96% | 95% | 95% | 95% |
(1) Cost of sales includes mining and processing costs, royalties, and amortization.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.
(4) Grams per tonne of gold.
(5) Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the condensed interim consolidated financial statements.
(6) Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.
(7) Includes ore stockpiled during the periods.
(8) Total waste mined includes operating waste and capitalized stripping.
(9) The Island Gold mill operated for 22 days during the quarter. It was on care and maintenance from July 16 to September 23, 2025, during which time all Island Gold ore was processed at the Magino mill. Island Gold mill average tpd reflects only active operating days.
(10) Magino mill results include Island Gold ore processed at Magino mill from July 16 through September 23, 2025.
8 | Alamos Gold Inc
The Island Gold District produced 66,800 ounces in the third quarter of 2025, a 17% increase from the prior year period reflecting higher tonnes processed. Production is expected to increase in the fourth quarter driven by an increase in total tonnes processed between the Island Gold and Magino mills.
Island Gold Operational Review
Underground mining rates averaged 1,325 tpd in the third quarter, a 48% increase over the prior year period and 7% increase from the second quarter. Grades mined averaged 12.05 g/t Au, consistent with annual guidance and 18% lower than in the prior year period.
Subsequent to quarter end, a seismic event occurred underground at Island Gold on October 17, 2025. Mining rates are expected to be within guided levels for the fourth quarter; however, this has delayed access to higher grade stopes within one mining front. As a result, grades mined are expected to be lower than budgeted in the fourth quarter, contributing to reduced 2025 production guidance.
In mid-July, the Island Gold mill was shut down as part of the long-term plan to transition to processing higher-grade underground ore within the larger Magino mill. The transition was successful with recoveries of the higher-grade and blended ore consistent with expectations, and milling rates continuing to increase through the quarter until the last week of September when a capacitor failure resulted in one week of unplanned downtime. Given the downtime, the decision was made to restart the Island Gold mill to both provide additional milling capacity within the Island Gold District, and capitalize on the higher gold price environment. Island Gold mill processed a total of 23,906 tonnes of underground ore in the 22 active operating days.
The operation of both the Island Gold and Magino mills will support additional gold production, higher cash flow, and increased profitability. Given the higher gold price environment, the Island Gold mill will be operated through the remainder of the year. The Company is evaluating the ongoing operation of the Island Gold mill into 2026 as part of the Expansion Study which is expected to be completed in the first quarter of 2026.
Magino Operational Review
Total mining rates averaged 58,558 tpd during the third quarter, including 17,638 tpd of ore, up 4% and 28%, respectively, from the second quarter. Mining rates and grades mined of 0.84 g/t Au were both consistent with annual guidance.
Magino milling rates steadily improved subsequent to the installation of a redesigned liner and bolt configuration within the SAG mill, which was completed during the second week of July. For the full third quarter, milling rates averaged 8,443 tpd. Post liner change, and excluding the impact of the downtime at the end of September, milling rates averaged approximately 9,200 tpd for the quarter, a nearly 10% increase from the second quarter.
During the last week of September, a capacitor failure within the electrical house impacted the electrical drive for the SAG and Ball mills, resulting in one-week of unplanned downtime within the Magino mill. The capacitor and electrical drive module were replaced by the end of September following which milling rates have continued to improve, approaching 10,000 tpd for the month of October. Milling rates are expected to continue increasing further through the fourth quarter. A further review of electrical components was completed, which will supplement other critical spares that are already on site to minimize potential unplanned downtime within the Magino mill in future.
Combined grades from underground and open pit ore processed during the third quarter was 2.28 g/t Au, consistent with guidance.
Island Gold District Financial Review
Revenues of $213.0 million in the third quarter were 61% higher than the prior year period, driven by higher realized gold prices and an increase in ounces sold reflecting higher tonnes processed from the Island Gold District. Similarly, revenues of $575.8 million during the first nine months of the year were 94% higher than the prior year period, primarily due to higher realized gold prices and increased ounces sold given the acquisition of Magino in July 2024.
Cost of sales of $83.4 million in the third quarter and $251.2 million for the first nine months of the year were 16% and 85% higher than the comparative periods, respectively, due to the increase in ounces sold. On a per ounce basis, cost of sales in the third quarter were consistent with the prior year period, but increased by 31% for the first nine months of the year, reflecting the inclusion of relatively higher cost ounces from Magino since July 2024.
9 | Alamos Gold Inc
Total cash costs were $964 per ounce and mine-site AISC were $1,432 per ounce in the third quarter. AISC was slightly higher than the prior year period driven by higher sustaining capital. For the first nine months of the year, total cash costs of $1,002 per ounce and mine-site AISC of $1,420 per ounce were above the revised annual guidance range, driven by lower mill throughput at Magino, and higher royalty expense, which was impacted by increases in realized gold prices during the third quarter. Costs are expected to trend lower into the fourth quarter reflecting higher combined milling rates from the Magino and Island Gold mills, driving higher gold production.
Total capital expenditures were $83.4 million in the third quarter, including $45.6 million of growth capital and $5.1 million of capitalized exploration. Capital spending is expected to increase in the fourth quarter to be consistent with guidance. Growth capital spending remained primarily focused on the Phase 3+ Expansion, including shaft site infrastructure, paste plant, and shaft sinking. The shaft sink advanced to a depth of 1,350 m at the end of the third quarter, 98% of its ultimate planned depth. The shaft sink is scheduled to be completed early 2026, with initial production from the shaft infrastructure expected in the second half of 2026. The expansion of the Magino mill to 12,400 tpd is expected to be completed in the second half of 2026, to coincide with the completion of the Phase 3+ Expansion at Island Gold.
Island Gold District generated record mine-site free cash flow of $72.4 million in the third quarter and $143.6 million in the first nine months of the year, net of the significant capital investment related to the Phase 3+ Expansion and exploration. At current gold prices, the Island Gold District is expected to continue to generate strong free cash flow while funding the Phase 3+ Expansion and a robust exploration program, with significant free cash flow growth expected in 2026 onwards following the completion of the expansion.
10 | Alamos Gold Inc
Young-Davidson Financial and Operational Review
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
Gold production (ounces) 37,900 44,200 112,000 128,300 Gold sales (ounces) 37,406 42,966 111,095 127,833
Financial Review (in millions)
| Operating Revenues | $130.0 | $106.0 | $357.3 | $294.8 |
| Cost of sales(1) | $65.2 | $63.9 | $195.5 | $196.0 |
| Earnings from operations | $64.6 | $98.4 | $159.7 | $153.8 |
| Cash provided by operating activities | $82.5 | $61.5 | $220.6 | $155.4 |
| Capital expenditures (sustaining)(2) | $10.2 | $15.8 | $33.8 | $35.1 |
| Capital expenditures (growth)(2) | $5.8 | $8.3 | $17.5 | $25.8 |
| Capital expenditures (capitalized exploration)(2) | $4.2 | $1.5 | $9.1 | $3.9 |
| Mine-site free cash flow(2) | $62.3 | $35.9 | $160.2 | $90.6 |
| Cost of sales, including amortization per ounce of gold sold(1) | $1,743 | $1,487 | $1,760 | $1,533 |
| Total cash costs per ounce of gold sold(2) | $1,200 | $1,033 | $1,248 | $1,080 |
| Mine site all-in sustaining costs per ounce of gold sold(2),(3) | $1,476 | $1,406 | $1,555 | $1,358 |
Underground Operations
| Tonnes of ore mined | 667,801 | 663,295 | 1,930,719 | 2,047,922 |
| Tonnes of ore mined per day | 7,259 | 7,210 | 7,072 | 7,474 |
| Average grade of gold(4) | 1.92 | 2.11 | 1.98 | 2.08 |
| Metres developed | 1,800 | 2,220 | 6,135 | 6,320 |
Mill Operations
| Tonnes of ore processed | 720,933 | 668,058 | 1,959,516 | 2,059,483 |
| Tonnes of ore processed per day | 7,836 | 7,261 | 7,178 | 7,516 |
| Average grade of gold(4) | 1.79 | 2.07 | 1.94 | 2.07 |
| Contained ounces milled | 41,387 | 44,555 | 122,354 | 136,996 |
| Average recovery rate | 91% | 92% | 91% | 91% |
(1) Cost of sales includes mining and processing costs, royalties and amortization.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
(3) For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.
(4) Grams per tonne of gold.
Operational review
Young-Davidson produced 37,900 ounces of gold in the third quarter, similar to the second quarter with a 12% increase in milling rates offset by lower grades processed. Relative to the prior year period, production decreased 14%.
Mining rates averaged 7,259 tpd in the third quarter, below the annual guidance due to planned downtime of the Northgate shaft for maintenance. As previously guided, mining rates were impacted early in the quarter by a planned shutdown of the Northgate shaft in July for a scheduled replacement of the head ropes. Mining rates have since returned to guided levels, averaging approximately 8,000 tpd in September and October, and are expected to remain at similar levels through the rest of the year.
Milling rates averaged 7,836 tpd in the third quarter, a 12% improvement from the second quarter and an 8% increase compared to the prior year period. Given the lower underground mining rates earlier in the quarter, excess mill capacity, and higher gold prices, low-grade stockpiled ore was processed, maximizing the profitability of the operation. The higher milling rates also allowed for a more consistent supply of paste to support underground operations.
Processed grades averaged 1.79 g/t Au in the third quarter, 14% lower than the prior year period due to lower underground grades mined and the addition of the low-grade stockpiles. Grades mined are expected to increase towards the upper end of full year guidance of 2.25 g/t Au in the fourth quarter. Combined with higher mining and processing rates, this is expected to drive a significant increase in production in the fourth quarter. Mill recoveries averaged 91% for the third quarter, in line with annual guidance.
11 | Alamos Gold Inc
Financial Review
Revenues increased to $130.0 million in the third quarter, 23% higher than the prior year period, driven by higher realized gold prices, partially offset by lower ounces sold. For the first nine months of the year, revenues of $357.3 million were 21% higher than the prior year, driven by the same factors.
Cost of sales of $65.2 million in the third quarter were 2% higher than the prior year period, reflecting increased share-based compensation and royalty expenses, and ongoing labour inflation, partially offset by lower ounces sold. Cost of sales of $195.5 million for the first nine months of the year were consistent with the comparative period, driven by the same factors.
Third quarter total cash costs of $1,200 per ounce and mine-site AISC of $1,476 per ounce were higher than the prior year period, primarily due to lower grades processed, higher royalty expense, and ongoing labour inflation. Total cash costs of $1,248 per ounce and mine-site AISC of $1,555 per ounce for the first nine months of year were higher than the comparative period, driven by the same factors.
Capital expenditures in the third quarter totaled $20.2 million, including $10.2 million of sustaining capital and $5.8 million of growth capital. Additionally, $4.2 million was invested in capitalized exploration during the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $60.4 million for the first nine months of 2025 and are on track to meet annual guidance.
Young-Davidson continues to generate strong ongoing mine-site free cash flow, including a record $62.3 million in the third quarter and $160.2 million for the first nine months of the year, already surpassing the previous annual record of $141 million in 2024. With a 14-year Mineral Reserve life, the operation is well-positioned to generate strong ongoing free cash flow over the long-term.
12 | Alamos Gold Inc