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Alamos Gold
(NYSE:AGI)
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Rating:82Outperform
Price Target:
C$59.00
▲(41.39% Upside)
Action:Reiterated
Date:08/21/26
The score is driven primarily by strong financial performance (high profitability and a low-leverage balance sheet), partially offset by weaker free-cash-flow conversion. The earnings call was net positive with maintained guidance, strong liquidity, and exploration/throughput progress, but highlighted meaningful near-term cost pressures and sustaining capital needs. Technicals are supportive but show signs of being stretched, while valuation is reasonable on P/E but offers minimal dividend support.
Positive Factors
Resource Base Expansion
More than tripling district resources, alongside a new open high-grade zone, strengthens the long-term mine-life pipeline and supports future production growth through exploration-led reserve replacement.
Negative Factors
Mining Cost Inflation
Persistent labor and contractor inflation can compress margins and reduce the benefit of production growth. Retention measures may support staffing, but higher unit costs raise the spending base across ongoing operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Resource Base Expansion
More than tripling district resources, alongside a new open high-grade zone, strengthens the long-term mine-life pipeline and supports future production growth through exploration-led reserve replacement.
Read all positive factors
Alamos Gold (AGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$21.83B
Dividend Yield0.34%
Average Volume (3M)1.55M
Price to Earnings (P/E)13.7
Beta (1Y)2.28
Revenue Growth46.49%
EPS Growth237.61%
CountryCA
Employees2,400
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)2.78
Shares Outstanding418,604,460
10 Day Avg. Volume1,187,856
30 Day Avg. Volume1,554,536
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)3.66
Price to Sales (P/S)8.82
P/FCF Ratio59.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$67.95Price Target Upside62.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)2.2
Revenue Forecast (FY)C$2.44B
Alamos Gold Business Overview & Revenue Model
Company Description
Alamos gold holding oorperatief u.a. operates as a subsidiary of Alamos Gold Inc....
How the Company Makes Money
Alamos Gold primarily makes money by producing and selling refined gold generated from ore mined at its operations. Revenue is recognized largely from (1) gold sales: gold doré/bullion produced from processed ore is sold to customers (commonly met...
Alamos Gold Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call showcased substantial exploration and operational progress (notably resource growth, new high-grade discoveries, improving mining and milling rates, major organic projects and a strong $1.2 billion liquidity position). Those positives are, however, tempered by near-term cost pressures driven by contractor and labor inflation (a ~$90/oz increase and a ~$30/oz retention program), seismic-related rehabilitation at Young Davidson requiring enhanced ground support and added sustaining capital (~$10–15M/yr), and some timing-related deferrals (La Yaqui Grande ounces into 2027). Management believes the issues are manageable, actionable and largely near-term (retention accruals payable later, truck shop to reduce contractor reliance, rehabilitation and sequence changes to manage seismicity), and they maintained production guidance while tightening ranges.Positive Updates
District-scale Resource Growth and New High-Grade Discovery
Island Gold district resources have grown from less than 2 million ounces in 2017 to approaching 7 million ounces today (net of ~1.7 million ounces produced) — roughly a >3x increase. A newly discovered high-grade zone was reported between 250–500 meters west of existing reserves, measuring approximately 200 by 300 meters and remaining open down plunge and to the west.
Negative Updates
Labor and Contractor Inflation Increasing Unit Costs
Company disclosed a ~$90 per ounce rise in costs driven by contractor and labor inflation (contractors for underground development and open-pit equipment mechanics were notably higher than assumed). This inflationary pressure was more pronounced in Q2 and is expected to persist through the year.
Read all updates
Q2-2026 Updates
Positive
Negative
District-scale Resource Growth and New High-Grade Discovery
Island Gold district resources have grown from less than 2 million ounces in 2017 to approaching 7 million ounces today (net of ~1.7 million ounces produced) — roughly a >3x increase. A newly discovered high-grade zone was reported between 250–500 meters west of existing reserves, measuring approximately 200 by 300 meters and remaining open down plunge and to the west.
Read all positive updates
Company Guidance
The company reiterated near‑term operational and financial guidance with many concrete metrics: liquidity of $1.2 billion and a $920 million Lynn Lake project underway; labor/contractor inflation and retention measures are adding about $90/oz (of which ~$30/oz is a mid‑year Canada retention accrual), Island Gold unit costs were revised up (~+17% noted) while production guidance was unchanged and the overall 2026 range was tightened from +/-40k oz to +/-20k oz; Island Gold underground ramped from ~1.4k tpd (Q1) to 1.55k tpd (Q2) with a target of 2.0k tpd by year‑end, 2.4k tpd in 2027 and 3.0k tpd by 2029 (shaft infrastructure can handle ~5.5k tpd of ore+ waste and the ramp could add ~1.0k tpd from the Upper West zone); Magino mill throughput improved to ~9.8–10.0k tpd (June/July) and is planned to expand to 20k tpd (mill expansion targeted for completion in Q1 2028); district scale and exploration metrics include island district reserves/resources growing from <2.0M oz in 2017 to ~7.0M oz (net of ~1.7M oz produced), high‑grade intersections such as 178 g/t over 3.5 m and 68 g/t over 3.1 m, a new 200 x 300 m high‑grade zone 250–500 m west that remains open, Island Gold mineralization defined to 1.6 km depth, Cline Pick drilling to 540 m (open at depth), La Yaqui Grande recoveries expected ~85% with ounces deferred into 2027 (end‑of‑life stacking into Q1), Young Davidson rehabilitation of the 9.41k level to restore ~2.5k tpd near term and >7k tpd longer term, and growth capex timing such that H1 spend was <50% of full‑year guidance with spend accelerating in H2.Alamos Gold Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.21B | 1.84B | 1.35B | 1.02B | 821.20M | 823.60M |
| Gross Profit | 1.33B | 980.26M | 595.80M | 385.60M | 212.30M | 289.50M |
| EBITDA | 1.59B | 1.11B | 735.00M | 486.40M | 321.20M | 176.14M |
| Net Income | 1.17B | 901.31M | 284.30M | 210.00M | 37.10M | -66.70M |
Balance Sheet | ||||||
| Total Assets | 6.70B | 6.37B | 5.34B | 4.00B | 3.67B | 3.62B |
| Cash, Cash Equivalents and Short-Term Investments | 675.60M | 680.76M | 351.20M | 237.80M | 148.40M | 196.40M |
| Total Debt | 215.95M | 233.77M | 286.60M | 994.88K | 400.00K | 400.00K |
| Total Liabilities | 1.90B | 1.94B | 1.75B | 1.08B | 953.10M | 885.90M |
| Stockholders Equity | 4.80B | 4.44B | 3.58B | 2.92B | 2.72B | 2.74B |
Cash Flow | ||||||
| Free Cash Flow | 315.36M | 271.17M | 235.80M | 123.80M | -15.20M | -7.80M |
| Operating Cash Flow | 967.68M | 789.18M | 661.10M | 472.70M | 298.50M | 356.50M |
| Investing Cash Flow | -479.72M | -345.75M | -467.10M | -351.80M | -312.70M | -357.10M |
| Financing Cash Flow | -192.90M | -143.16M | -89.40M | -26.00M | -28.40M | -47.30M |
Alamos Gold Technical Analysis
Positive
41.73
Price Trends
44.47
Positive
51.38
Positive
53.75
Negative
Market Momentum
1.75
Negative
70.43
Negative
92.61
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AGI, the sentiment is Positive. The current price of 41.73 is below the 20-day moving average (MA) of 44.72, below the 50-day MA of 44.47, and below the 200-day MA of 53.75, indicating a neutral trend. The MACD of 1.75 indicates Negative momentum. The RSI at 70.43 is Negative, neither overbought nor oversold. The STOCH value of 92.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AGI.
Alamos Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | C$21.83B | 13.72 | 26.09% | 0.43% | 46.49% | 237.61% | |
82 Outperform | C$24.38B | 18.91 | 81.63% | 2.08% | 35.61% | 49.78% | |
81 Outperform | C$16.60B | 10.62 | 28.08% | ― | 83.00% | 41.80% | |
76 Outperform | C$16.46B | 16.04 | 12.38% | 0.46% | 27.53% | 41.90% | |
76 Outperform | C$21.77B | 18.40 | 26.18% | 2.99% | 27.09% | 253.66% | |
72 Outperform | C$21.74B | 12.89 | 13.71% | 0.32% | 62.66% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:AGI
Alamos Gold
52.16
12.93
32.95%
TSE:ELD
Eldorado Gold
62.97
30.73
95.29%
TSE:IMG
IAMGOLD
29.07
16.84
137.69%
TSE:LUG
Lundin Gold
100.80
28.72
39.85%
TSE:EDV
Endeavour Mining
90.09
44.32
96.84%
TSE:EQX
Equinox Gold
18.62
7.45
66.64%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.