Alamos Gold (TSX: AGI) reported Q3 2025 revenue of $462.3 million, up 28% from $360.9 million a year earlier, which together with a $218.8 million impairment reversal lifted net income to $276.3 million or $0.66 per share, more than triple the $84.5 million or $0.20 per share in Q3 2024.
Gold sales fell to 136,473 ounces from 145,204 ounces in 2024, but the average realized gold price jumped to $3,359 per ounce from $2,458 per ounce. The realized price was below the London PM fix of $3,457 per ounce because Alamos delivered 12,346 ounces into the 2024 gold prepay at $2,524 per ounce, which pulled the average down.
Cost of sales declined to $194.1 million from $204.0 million even as cost of sales per ounce including amortization increased to $1,422 per ounce from $1,405 per ounce.
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Total cash costs were $973 per ounce, slightly below $984 per ounce last year, mainly on stronger Mulatos performance. AISC came in at $1,375 per ounce, up from $1,359 per ounce because sustaining capex, corporate costs and decommissioning accretion were higher.
Adjusted net earnings were $155.5 million or $0.37 per share, nearly double the $78.1 million or $0.19 per share in Q3 2024. Adjusted EBITDA moved to $283.5 million from $176.2 million last year.
Cash flow from operating activities reached a record $265.3 million, up from $165.5 million in Q3 2024. Capital expenditures were heavy at $135.0 million versus $106.8 million a year earlier, reflecting spend on the Island Gold Phase 3+ Expansion, Magino, and other growth. Even after that, free cash flow was a record $130.3 million versus $87.5 million last year.
At September 30, 2025, cash and cash equivalents rose to $463.1 million from the previous ending balance of $327.2 million.
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Group production was 141,700 ounces, down from 152,000 ounces in Q3 2024 and slightly below the low end of guidance at 145,000 ounces. The shortfall came from one week of unplanned downtime at the Magino mill late in September due to a capacitor failure.
After quarter end, a seismic event underground at Island Gold delayed access to higher grade stopes. Combined with the Magino downtime in September, Alamos cut 2025 production guidance to 560,000 to 580,000 ounces from the original 580,000 to 630,000 ounces range. The company still expects Q4 2025 production to rise 18% to 157,000 to 177,000 ounces and total cash costs and AISC to fall 5% in Q4.
Capital guidance for 2025 was also lowered to $539 to $599 million from $599 to $669 million, mainly because wildfires and evacuation orders in northern Manitoba pushed out 2025 work at Lynn Lake. The project is now expected to be completed in the first half of 2029 instead of the second half of 2028.
Alamos Gold last traded at $41.80 on the TSX.
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