Alamos Gold Reports First Quarter 2025 Results
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 First Quarter 2025 Results
Toronto, Ontario (April 30, 2025) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended March 31, 2025.
“We produced 125,000 ounces in the first quarter, meeting the low end of quarterly guidance with a solid
performance from Island Gold offset by a slower ramp up of the Magino mill, as well as lower production from
Young-Davidson. Both operations have demonstrated a significant improvement in April and we expect this to
contribute to stronger production and lower costs in the second quarter. With a further increase in production and
decrease in costs expected in the second half of the year, we remain on track to achieve our full year production
guidance,” said John A. McCluskey, President and Chief Executive Officer.
“We expect this improvement to continue over the next several years through our portfolio of high -return, low-cost
growth projects. The Phase 3+ Expansion continues to track well for completion in 2026, and with construction
activities ramping up on Lynn Lake and PDA this year, we expect steady growth over the next several years towards
a run rate of 900,000 ounces per year. Longer -term, we see excellent potential to grow production to one million
ounces per year through a further expansion of the Island Gold District. Nearly all of this growth is in Canada, it’s all
lower cost, and it’s all fully funded providing one of the strongest outlooks in our sector,” Mr. McCluskey added.
First Quarter 2025 Operational and Financial Highlights
• Produced 125,000 ounces of gold, consistent with the low end of the range of quarterly guidance with a solid
quarter at Island Gold offsetting lower production from Young -Davidson and Magino. With stronger production
expected in the second quarter and through the remainder of the year, the Company remains on track to
achieve full year production guidance
• Sold 117,583 ounces of gold at an average realized price of $2,802 per ounce, generating quarterly revenues of
$333 million. Ounces sold were 6% lower than production in the quarter due to timing, with the sale of these
ounces to benefit future quarters. 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
• Total cash costs1 of $1,193 per ounce and all-in sustaining costs ("AISC" 1) of $1,805 per ounce were above the
top end of guidance for the first half of 2025, driven by higher share -based compensation costs and higher
costs per ounce at Young-Davidson and Magino. Given the 45% increase in the share price during the quarter,
the revaluation of previously issued share -based compensation increased AISC by approximately $230 per
ounce compared to guidance
• Total cash costs and AISC are expected to decrease significantly into the second quarter and through the
second half of the year
• Cost of sales were $195.2 million or $1,660 per ounce
• Cash flow from operating activities totaled $ 79.6 million (including $131.4 million before changes in working
capital and taxes paid 1, or $0.31 per share). Free cash flow was negative $20.1 million and was impacted by
$52.8 million of cash taxes primarily related to 2024 year -end mining and income taxes, settlement of 25% of
the gold prepayment obligation , and annual share -based compensation payments. The Company expects
stronger free cash flow through the remainder of the year reflecting higher production, lower costs , and lower
cash tax payments
• Adjusted net earnings 1 were $59.8 million, or $0.14 per share. Adjusted net earnings includes adjustments for
unrealized losses on commodity hedge derivatives, net of tax, of $ 46.3 million, adjustments for unrealized
foreign exchange gains recorded within deferred taxes and foreign exchange gain totaling $2.5 million, and
other adjustments of $0.8 million
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Cash and cash equivalents were $289.5 million at March 31, 2025, down from $327.2 million at the end of 2024
due to timing of gold sales and the 2024 year -end cash tax payment, paid in the first quarter. The Company
remains in a net cash position with $250 million drawn on its credit facility (the "Facility"), and is well -positioned
to internally fund all its growth initiatives with strong ongoing free cash flow and $789.5 million of total liquidity
• Paid dividends of $10.4 million, or $0.025 per share for the quarter
• Announced a construction decision on the Lynn Lake project in January 2025 with initial production expected
during the first half of 2028. With average annual production of 176,000 ounces over its first ten years at first
quartile mine-site AISC, Lynn Lake is expected to increase consolidated production to approximately 900,000
ounces per year, and drive a further decrease in costs
• Entered into an Impact Benefit Agreement ("IBA") with Mathias Colomb Cree Nation ("MCCN"). Concurrently,
MCCN's application for judicial review of the positive Decision Statement issued by the Minist er of Environment
and Climate Change Canada in respect of the Lynn Lake Project and its corresponding internal appeal of the
Environment Act Licenses issued by the Province of Manitoba were both withdrawn by MCCN. The Company
now has IBA's in place with both of the First Nation communities proximate to the Lynn Lake Project
• Received approval of an amendment to the existing environmental impact assessment (Manifestación de
Impacto Ambiental “MIA") by Mexico’s Secretariat of Environment and Natural Resources (“SEMARNAT”) in
January 2025, allowing for the start of construction on the PDA project within the Mulatos District
• Reported year -end 2024 Mineral Reserves of 14.0 million ounces of gold (298 million tonnes ("mt")) grading
1.45 grams per tonne of gold (“g/t Au”), a 31% increase from 2023 reflecting the acquisition of Magino in 2024,
continued high-grade additions at Island Gold, and an initial Mineral Reserve at Burnt Timber and Linkwood.
This marked the sixth consecutive year Mineral Reserves have grown for a cumulative increase of 44%.
Additionally, Measured and Indicated Mineral Resources increased 50% to 6.6 million ounces, while Inferred
Mineral Resources decreased 2% to 7.1 million ounces
• Announced a binding agreement to sell 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”) for total
consideration of up to $21 million and a 9.9% equity interest in Q -Gold in April 2025. The transaction is
expected to close in the second quarter of 2025
(1) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and
calculation of these measures.
TRADING SYMBOL: TSX:AGI NYSE:AGI
3 | Alamos Gold Inc
Highlight Summary
Three Months Ended March 31,
2025 2024
Financial Results (in millions)
Operating revenues $333.0 $277.6
Cost of sales (1) $195.2 $173.6
Earnings from operations $94.7 $81.4
Earnings before income taxes $25.7 $75.6
Net earnings $15.2 $42.1
Adjusted net earnings (2) $59.8 $51.2
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $145.4 $127.2
Cash provided by operating activities before changes in working capital and taxes paid (2) $131.4 $135.4
Cash provided by operating activities $79.6 $109.4
Capital expenditures (sustaining) (2) $26.8 $26.5
Sustaining finance leases (3) $4.3 $—
Capital expenditures (growth) (2) $66.3 $51.6
Capital expenditures (capitalized exploration) $6.6 $6.4
Free cash flow (2)(3) ($20.1) $24.9
Operating Results
Gold production (ounces) 125,000 135,700
Gold sales (ounces) 117,583 132,849
Per Ounce Data
Average realized gold price (5) $2,802 $2,069
Average spot gold price (London PM Fix) $2,859 $2,070
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,660 $1,307
Total cash costs per ounce of gold sold (2) $1,193 $910
All-in sustaining costs per ounce of gold sold (2) $1,805 $1,265
Share Data
Earnings per share, basic $0.04 $0.11
Earnings per share, diluted $0.04 $0.11
Adjusted earnings per share, basic (2) $0.14 $0.13
Weighted average common shares outstanding (basic) (000’s) 420,415 396,817
Financial Position (in millions)
Cash and cash equivalents (4) $289.5 $327.2
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end 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 ca sh 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 during the first quarter of 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524
per ounce.
(6) Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Three Months Ended March 31,
2025 2024
Gold production (ounces)
Island Gold District (7) 59,200 33,400
Young-Davidson 35,400 40,100
Mulatos District (8) 30,400 62,200
Gold sales (ounces)
Island Gold District (7) 53,388 34,130
Young-Davidson 35,475 39,810
Mulatos District (8) 28,720 58,909
Cost of sales (in millions) (1)
Island Gold District (7) $79.5 $33.4
Young-Davidson $65.1 $65.4
Mulatos District (8) $50.6 $74.8
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,489 $979
Young-Davidson $1,835 $1,643
Mulatos District (8) $1,762 $1,270
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,068 $706
Young-Davidson $1,350 $1,188
Mulatos District (8) $1,233 $840
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,446 $1,105
Young-Davidson $1,655 $1,482
Mulatos District (8) $1,320 $905
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7)(9) $72.3 $54.6
Young-Davidson (5) $18.8 $20.2
Mulatos District (6)(8) $4.0 $3.9
Other $8.9 $5.8
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end 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 $ 3.9 million for the three months ended March 31, 2025 ($3.5 million for the three months ended March
31, 2024).
(5) Includes capitalized exploration at Young -Davidson of $2.0 million for the three months ended March 31, 2025 ($1.0 million for the three months ended March 31,
2024).
(6) Includes capitalized exploration at Mulatos District of $0.7 million for the three months ended March 31, 2025 ($1.9 million for the three months ended March 31,
2024).
(7) The Island Gold District includes Island Gold and Magino mines for the three months ended March 31, 2025. Comparative prior year period figures do not include
the Magino mine, as the acquisition of the Magino mine was completed 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.
TRADING SYMBOL: TSX:AGI NYSE:AGI
5 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
• Total recordable injury frequency rate 1 of 1.49 in the first quarter, a 34% decrease from 2.25 in the fourth
quarter of 2024
• Lost time injury frequency rate1 of 0.09 in the first quarter, consistent with the fourth quarter of 2024
• During the first quarter, Alamos had 17 recordable injuries across its sites and one lost time injury
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
• Zero significant environmental incidents and two minor reportable spills in the first quarter
• Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits
Two minor reportable events occurred during the first quarter. At Young-Davidson, a minor spill of process water
occurred within the paste plant which was promptly contained and recovered, preventing it from entering the
surrounding environment. The second reportable incident involved a supplier's equipment malfunction during the
transfer of natural gas tanks. Both incidents were promptly reported to regulators.
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
Ongoing donations, medical support and infrastructure investments were provided to local communities, including:
• Significant donations to support the needs of two hospitals in the Algoma region, including contributions for
the purchase of new medical imaging equipment. Additionally, donated CAD$66,000 to fund the acquisition
of an SCBA Filling Station for the Matachewan Fire Department
• Committed CAD$300,000 over three years to the Museum of Northern History in Kirkland Lake, Ontario, to
support its reopening and continued operation
• Delivered continuous health services to the local community near the Mulatos District, offering dental
services, medical consultations and essential medications to residents
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
• Completed annual fieldwork and assurance of Alamos’ compliance with the World Gold Council’s
Responsible Gold Mining Principles ("RGMPs"). Alamos will publish its 2024 RGMP Report in the second
quarter of 2025
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.
TRADING SYMBOL: TSX:AGI NYSE:AGI
6 | Alamos Gold Inc
Outlook and Strategy
2025 Guidance
Island Gold
District
Young-
Davidson
Mulatos
District Lynn Lake Total
Gold production (000's ounces) 275 - 300 175 - 190 130 - 140 — 580 - 630
Cost of sales, including amortization (in millions)(3) $805
Cost of sales, including amortization ($ per ounce)(3) $1,330
Total cash costs ($ per ounce)(1) $725 - $775 $1,075 - $1,125 $925 -$975 — $875- $925
All-in sustaining costs ($ per ounce)(1) $1,250 - $1,300
Mine-site all-in sustaining costs ($ per ounce)(1)(2) $1,100 - $1,150 $1,390 - $1,440 $1,025 - $1,075 —
Capital expenditures (in millions)
Sustaining capital(1) $80 - $85 $55 - $60 $3 - $5 — $138 - $150
Growth capital(1) $270 - $300 $15 - $20 $37 - $40 $100 - $120 $422- $480
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 $46 - $51 $104 - $124 $599 - $699
(1) Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release and associated MD&A for a description of these measures.
(2) For the purposes of calculating mine -site all -in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and
administrative expense and corporate share-based compensation expenses to the mine sites.
(3) Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid -point of total cash cost guidance.
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 re -
investing in high-return internal growth opportunities and supporting higher returns to shareholders.
In January 2025, the Company provided three -year production and operating guidance, which outlined growing
production at declining costs over the next three years. Refer to the Company’s guidance press release for a
summary of the key assumptions and related risks associated with the comprehensive 2025 guidance and three -
year production, cost and capital outlook. The Company's cost and capital guidance does not factor any potential
impact from tariffs introduced by the United States on imports from countries including Canada and Mexico or
potential retaliatory tariffs on imports from the United States. The Company does not expect its revenue structure
will be impacted by the tariffs as its gold production is refined in Canada or Europe. The Company’s cost structure
predominantly relates to input costs which are not expected to be directly affected by the tariffs, including labour and
contractors. The Company will continue to monitor developments and may take steps to limit the impact of any
tariffs as may be appropriate in the circumstances.
First quarter production of 125,000 ounces was in -line with the low end of quarterly guidance with a solid quarter
from Island Gold offsetting lower production from Young -Davidson and Magino. Following the implementation of a
number of optimization initiatives within the Magino mill during the second half of 2024, and early 2025, the
operation demonstrated significant improvements in the latter portion of the first quarter. This progress has
continued into the second quarter with milling rates averaging approximately 9,500 tonnes per day ("tpd") in the last
two weeks of April with further improvement expected in May.
Higher milling rates at Magino along with increased grades at Young -Davidson and La Yaqui Grande are expected
to drive stronger production in the second quarter of between 135,000 and 150,000 ounces. A more significant
increase in production is expected into the second half of 2025 driven by higher grades and mining rates at Island
Gold, and increasing grades at La Yaqui Grande. The Company remains on track to achieve annual production
guidance of between 580,000 and 630,000 ounces.
Reflecting the expected stronger performance moving forward, the Company expects AISC to decrease
approximately 20% in the second quarter, with further decreases the remainder of the year. The Company is
monitoring its full year cost guidance given higher share -based compensation and royalty costs compared to
guidance, which are impacted by factors outside of the Company's control. Excluding the impact of these variables,
the Company remains confident with its full year cost guidance.
TRADING SYMBOL: TSX:AGI NYSE:AGI
7 | Alamos Gold Inc
The Company's pipeline of high -return organic growth projects, including the Phase 3+ Expansion, Lynn Lake and
PDA all continue to advance supporting one of the strongest growth profiles in the sector. The Phase 3+ Expansion
remains on track to be completed during the first half of 2026, driving further production growth at lower costs in
2026. The shaft sink has advanced to a depth of 1,1 54 metres (“m”) as of late April and remains on track to reach
the ultimate planned depth of 1,373 m in the third quarter. The integration of the Magino and Island Gold operations
continues to progress with the transition to processing Island Gold ore through the larger and more efficient Magino
mill expected to be completed in early May 2025. This is expected to drive significant operating cost synergies
starting in the second quarter of 2025, with further improvements in 2026 upon completion of the Phase 3+
Expansion.
Production is expected to increase further to a range of 680,000 to 730,000 ounces in 2027, a 24% increase from
2024, at 8% lower AISC, driven by additional low -cost growth from Island Gold. A further increase in production and
decrease in costs is expected into 2028 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.
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. This is supported by the large Mineral Reserve and
Resource base at Island Gold and Magino, and significant ongoing growth in higher grade Mineral Reserves at
Island Gold. An expansion study is currently underway and is expected to be completed during the fourth quarter of
2025.
Capital spending in 2025 will be focused on the ramp up of construction activities at Lynn Lake and PDA, as well as
the final full year of spending at the Phase 3+ Expansion. Capital spending is expected to increase modestly into
2026 with lower capital at the Island Gold District offset by the ramp up in spending on Lynn Lake and PDA. In
2027, capital spending is expected to decrease 27% relative to 2026 driven by significantly lower capital at the
Island Gold District, and the completion of construction of PDA. A further decrease in capital is expected in 2028
with the completion of construction of Lynn Lake.
The global exploration budget for 2025 is $72 million, a 16% increase from $62 million spent in 2024, and the
largest in the Company's history reflecting broad based exploration success across its assets. The Company
continues to demonstrate its long -term track record of value creation through exploration with Global Mineral
Reserves increasing 31% in 2024 to 14.0 million ounces (298 mt grading 1.45 g/t Au). This reflected an initial
Mineral Reserve at Burnt Timber and Linkwood, tremendous ongoing exploration success at Island Gold, as well as
the addition of Magino. Mineral Reserves have now increased for six consecutive years for a cumulative increase of
44% over that time frame.
As previously guided, the Company's cash flow during 2025 will be impacted by the planned delivery of 49,384
ounces into the gold prepayment facility. The ounces will be delivered monthly in 2025 (4,115 ounces per month)
and recorded as revenue based on the prepaid price of $2,524 per ounce. There will be no cash flow associated
with the delivery of these ounces in 2025, with proceeds already received in 2024. The Company delivered 12,346
ounces in the first quarter, representing 25% of the gold prepayment facility.
The Company remains well positioned to fund its high -return growth projects internally with strong ongoing free
cash flow, $289.5 million of cash and cash equivalents at the end of the first quarter of 2025, and $789.5 million of
total liquidity. At current gold prices, the Company expects to generate strong free cash flow through the remainder
of 2025 while funding its growth projects, with a significant increase in free cash flow expected following the
completion of the Phase 3+ Expansion in 2026, PDA in 2027, and Lynn Lake in 2028.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
First Quarter 2025 Results
Island Gold District Financial and Operational Review
Three Months Ended March 31,
2025 2024
Gold production (ounces) 59,200 33,400
Gold sales (ounces) 53,388 34,130
Financial Review (in millions)
Operating Revenues $152.0 $71.0
Cost of sales (1) $79.5 $33.4
Earnings from operations $71.4 $36.9
Cash provided by operating activities $86.9 $40.9
Capital expenditures (sustaining) (2) $15.5 $13.5
Lease payments (sustaining) (2),(5) $4.3 $—
Capital expenditures (growth) (2) $48.6 $37.6
Capital expenditures (capitalized exploration) (2) $3.9 $3.5
Mine-site free cash flow (2),(5) $18.9 ($13.7)
Cost of sales, including amortization per ounce of gold sold (1) $1,489 $979
Total cash costs per ounce of gold sold (2) $1,068 $706
Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $1,446 $1,105
Island Gold Mine
Underground Operations
Tonnes of ore mined 110,226 106,737
Tonnes of ore mined per day 1,225 1,173
Average grade of gold (4) 11.50 10.53
Metres ("m") developed 2,157 1,787
Mill Operations
Tonnes of ore processed 109,067 107,215
Tonnes of ore processed per day 1,212 1,178
Average grade of gold (4) 11.36 10.63
Contained ounces milled 39,838 36,651
Average recovery rate 98% 97%
Magino Mine
Open Pit Operations
Tonnes of ore mined - open pit (7) 1,064,870 —
Tonnes of ore mined per day 11,832 —
Total waste mined - open pit (8) 3,446,128 —
Total tonnes mined - open pit 4,510,998 —
Waste-to-ore ratio (8) 3.24 —
Average grade of gold (4) 0.77 —
Mill Operations
Tonnes of ore processed 651,153 —
Tonnes of ore processed per day 7,235 —
Average grade of gold processed (4) 0.86 —
Contained ounces milled 17,920 —
Average recovery rate 92% —
(1) Cost of sales includes mining and processing costs, royalties, and amortization.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end 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 ("g/t Au").
(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 prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
(7) Includes ore stockpiled during the quarter.
(8) Total waste mined includes operating waste and capitalized stripping.