AGI NYSE Earnings call
Alamos Gold Inc. (AGI) · Q2 2026 results and valuation
Share price: $30.00 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income up 44.2% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+44.2%
Net income vs Q1 2026
Net income 383.8M vs 266.2M
Revenue +1.6%
Against the same quarter last year (Q2 2025) it is +140.7%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 59% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
New
AGI continued ramping up underground mining at Island Gold and improved mining rates and grades at Young-Davidson.
Valuation
Is Alamos Gold Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $34.83 a share — the stock trades 14% below it. Today's price assumes 17.9% growth a year.
Current price
$30.00
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.9% for 10 yrs
Fair value / share
$34.83
Buy below
$26.12
Price vs fair value
Undervalued 14%
Price vs buy-below price
Overvalued 15%
Read between the lines
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Figure
AGI improved operations through increased underground mining rates at Island Gold and improved mining rates and grades at Young-Davidson.
Source quote
“The continued ramp-up of underground mining rates at Island Gold as well as improvements in mining rates and grades at Young-Davidson...”
-
Fading
Total cash costs and mine-site all-in sustaining costs were above annual guidance but are expected to decrease significantly in the second quarter due to improved milling rates and throughput.
Source quote
“Total cash costs and mine-site all-in sustaining costs were above annual guidance but are expected to decrease significantly in the second... Magino’s milling rates are expected to increase in the second quarter through the second half of the year, driven by recent improvements to the crushing circuit. This is expected to be driven by higher mill throughput at Magino as well as an increase in underground mining rates and grades at Island...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“That would allow us to increase the proportion of high grade ore to be processed with an expanded Magino mill and push production rates well above the 534 thousand ounce...”
“As we further define these targets and additional sources of high grade ore, we see excellent potential for this to support further production growth by leveraging our existing and planned...”
“We also further expanded high grade mineralization closer to surface within Island Gold West uplunge area.”
Full figures
CAD · ROIC.AI fundamentals (NYSE:AGI, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 843.2M | 829.8M | +1.6% | 438.2M | +92.4% |
| Gross profit | 514.0M | 544.0M | −5.5% | 237.5M | +116.4% |
| Operating income | 507.1M | 479.5M | +5.8% | 214.8M | +136.1% |
| Net income | 383.8M | 266.2M | +44.2% | 159.4M | +140.7% |
| EPS | 0.91 | 0.63 | +44.2% | 0.38 | +141.2% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- 1 of the highlights of the release was the discovery of a new high grade zone located between 250 and...
- New Earlier this year, Alamos Gold reported the best hole drilled to date at Cline Pick.
- New Having intersected a 178 grams per tonne gold over 3.5 meters....
Faded since Q1 2026
- Dropped The Island Gold District generated mine-site free cash flow of $58 million in the first quarter, net of the significant...
- Dropped As Alamos Gold moves into 2027, moving from ramp mining to skipping up the shaft at Island will have a significant...
- Dropped Actual results from a grade perspective usually reconcile quite well to the model, and Alamos Gold has a good history of...
- Fading At current gold prices, higher production and lower costs are expected to...