Alamos Gold Inc. reported its fourth‑quarter and full‑year 2025 results, delivering a record annual free‑cash‑flow of $351.7 million and a record quarterly free‑cash‑flow of $156.9 million. Revenue for the year rose 34% to $1.8 billion, driven by higher gold prices and a stronger mix of high‑margin projects.
Production for 2025 totaled 545,400 ounces, a 4% decline from 2024, while the company’s mineral reserves grew 32% to 15.9 million ounces. The reserve expansion reflects successful development of the Island Gold District and the Phase 3+ shaft expansion, positioning Alamos to increase output and lower costs in the coming years.
Quarterly earnings per share were $1.03 on a diluted basis, up from $0.54 on an adjusted basis, reflecting the company’s ability to maintain profitability despite higher operating costs. The increase in costs was largely attributable to lower mining and processing rates at Canadian operations, which were impacted by severe winter weather and other operational challenges.
Management reiterated its confidence in the 2026 outlook, citing the reserve growth and the progress of the Island Gold expansion as key drivers of future production and cash generation. The company also announced a 60% increase in its dividend, underscoring its commitment to returning value to shareholders while maintaining a strong cash‑flow position.
The results signal that Alamos Gold is successfully balancing short‑term operational headwinds with long‑term growth initiatives. Record free‑cash‑flow and reserve expansion provide a solid foundation for scaling production, while the dividend hike demonstrates confidence in sustained cash‑flow generation. These developments reinforce the company’s trajectory toward a million‑ounce‑per‑year target by 2030 and strengthen its competitive position in the gold mining sector.
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