By Robb M. Stewart

Alamos Gold laid out plans to ramp up production by about 46% over the coming three years and to roughly 1 million troy ounces annually by 2030.

Following a difficult year in 2025, the Canadian gold miner forecast output this year of between 570,000 and 650,000 ounces, rising steadily to 650,000 to 730,000 the year after and to 755,000 to 835,000 ounces in 2028.

The guidance for 2026 has been scaled back from the company's prior target, with slightly lower output from Canadian operations expected to be partially offset by an increase in Mexico.

Growth through 2030 is expected to be driven by a phased expansion of the company's Island Gold District operation in North Ontario and the start up in 2029 of its Lynn Lake project in Manitoba.

Alamos, which currently produces from the Young-Davidson mine and Island Gold in Ontario and the Mulatos District in Mexico, last month said output totaled 141,500 troy ounces in the final quarter of 2025. That was little changed on the prior quarter but below the company's target due to a drop in mining and processing rates in Canada amid severe winter weather in late December, as well as other operational challenges.

That took production for the year to 545,400 ounces, below the 560,000-to-580,000 the company had projected in October.

"Our operational performance over the past year wasn't up to our standards and not reflective of our long-term track record. We expect to deliver a stronger performance in 2026, particularly into the second half of the year as production ramps up and costs decrease with the completion of the shaft expansion at Island Gold," President and Chief Executive John McCluskey said.

Alamos said costs in 2026 are expected to be consistent with 2025, and decrease steadily starting in the second half of 2026 with the completion of the shaft expansion at Island Gold. Costs are expected to continue declining through 2028 and beyond, driven by low-cost growth from the Island Gold District and initial production from Lynn Lake in 2029, it said.

The company said construction activities at Lynn Lake are expected to restart in the spring of 2026, with spending set to total between $140 million and $160 million, a 43% decrease from previous guidance for 2026 after the deferral of construction activities due to wildfires in Northern Manitoba last year. Capital spending on Lynn Lake is expected to increase into 2027 and 2028 during peak construction, and then decrease into 2029 with initial production expected in the first half of that year.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 04, 2026 07:09 ET (12:09 GMT)

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