Alamos Gold (TSX: AGI) joins a growing list of producers this morning that failed to achieve their 2025 guidance. The company this morning reported 2025 production of 545,400 ounces of gold.
That production level falls short of the revised guidance that called for 560,000 to 580,000 ounces of production over the course of 2025. The figure was also down year over year, from 567,000 ounces in 2024.
The fourth quarter meanwhile saw production of 141,500 ounces of gold, down marginally from 141,700 ounces in the third quarter, while up from the 140,200 ounces produced in the fourth quarter of 2024. Broken out, Island Gold accounted for 60,000 ounces of production, while Young-Davidson produced 41,500 ounces and Mulatos produced 40,000 ounces.
“Mining and processing rates were lower than expected due to severe winter weather late in December which impacted access to the sites, as well as other operational challenges. Despite these challenges, we delivered a record quarter and year financially and made significant progress on our growth initiatives,” commented John A. McCluskey, CEO of Alamos Gold.
While production may have been down, gold sales in Q4 totaled 142,149 ounces at an average realized price of $3,997 an ounce, leading to record quarterly revenues of $568 million. For the full year, 531,230 ounces of gold were sold at an average realized price of $3,372 an ounce, generating record full year revenues of $1.8 billion.
“From an operational perspective, this past year was not reflective of our long-term track record, nor our strong outlook. We expect a substantial improvement from our operations in 2026 and low-cost growth from the Island Gold District to drive production significantly higher over the next several years. As we will be outlining in the Island Gold District Expansion Study next month, we expect this growth to continue with a clear path to one million ounces of annual production by the end of the decade,” continued McCluskey.
Cash and cash equivalents meanwhile are said to sit at $623 as of December 31, up from $463 million at the end of Q3, while Q4 saw a debt repayment of $50 million, bringing long term debt to $200 million as of the end of the year. The company also spent $113.5 million extinguishing legacy gold hedges related to Argonaut Gold.
Q4 also saw the buyback of 928,729 shares in November at an average price of $30.96, for a total expense of $28.8 million. 2025 buybacks totaled 1.3 million shares at an expense of $38.8 million.
Alamos Gold last traded at $59.68 on the TSX.
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