Alamos Gold (TSX: AGI) finished 2025 with record quarterly revenue at $575.3 million from $375.8 million in Q4 2024, driven by a realized gold price of $3,998 per ounce versus $2,632 last year on 142,147 gold ounces sold versus 141,258.
Full-year operating revenues also increased to $1.81 billion from $1.35 billion on 531,230 ounces sold versus 560,234, with realized gold price $3,372 per ounce versus $2,379.
Cost of sales also increased to $219.5 million from $200.9 million; full-year also matched the jump to $809.5 million from $751.1 million.
Net earnings for the quarter were $434.9 million versus $87.6 million last year. On adjusted basis, Q4 net earnings came in at $227.6 million versus $103.2 million, translating to $0.54 earnings per share. Full-year adjusted net earnings was $587.1 million versus $328.9 million last year.
Adjusted EBITDA for Q4 was $384.6 million versus $207.2 million last year, and full-year adjusted EBITDA was $1.07 billion versus $691.5 million. In Q4, Alamos recorded a net gain on asset sales of $231.0 million including the Turkish projects sale, which carried total cash consideration of $470.0 million with $160.0 million received at close and $310.0 million due on the first and second anniversaries.
Cash provided by operating activities rose to $250.9 million in Q4 from $192.2 million. Company-wide free cash flow was $156.9 million in Q4 versus $53.5 million. Cash and cash equivalents ended 2025 at $623.1 million versus $327.2 million at end-2024.
Despite the rise in fundamentals, the firm’s production missed guidance and unit costs ran above plan, according to the firm. 2025 gold production was 545,400 ounces, down from 567,000 ounces, while Q4 production was 141,500 ounces versus 140,200 ounces.
Q4 total cash costs increased to $1,111 per ounce from $981, and AISC increased to $1,592 per ounce from $1,327, with higher royalties and higher maintenance and contractor costs cited, plus planned timing of sustaining capital at Young-Davidson. Full-year total cash costs increased to $1,077 per ounce from $927, and AISC increased to $1,524 per ounce from $1,252.
2026 production guidance is 570,000 to 650,000 ounces with total cash costs $1,020 to $1,120 per ounce, and AISC $1,500 to $1,600 per ounce.
Alamos Gold last traded at $59.89 on the TSX.
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