Alamos Gold (AGI) Position Maintained by Jefferies in 2026 Metals and Mining Preview

Company Overview - Alamos Gold Inc. operates as a gold producer in Canada, Mexico, and the US, primarily exploring for gold deposits [5] Analyst Ratings and Price Target - Jefferies analyst Fahad Tariq raised the price target on Alamos Gold to $49 from $44, maintaining a Buy rating on the shares as part of the firm's 2026 preview for the metals and mining group [1] Financial Performance - In Q3 2025, Alamos Gold recorded a record revenue of $462 million and a record free cash flow of $130 million, marking a 54% increase from Q2 [3] - The net earnings for the quarter were $276 million, or $0.66 per share, with adjusted net earnings at $156 million, or $0.37 per share [3] - The average realized gold price for approximately 136,500 ounces of gold sold in Q3 was $3,359 per ounce [3] Project Development - The Phase 3 expansion at Island Gold is progressing well and is expected to be completed in H2 2026 [4] - The Lynn Lake project has been delayed due to forest fires in northern Manitoba, pushing initial production to early 2029 from mid-2028, with capital expenditure estimates expected to increase by approximately 15% due to inflation over the past 3 years [4] Market Outlook - The firm remains favorable toward attractively valued gold equities, expecting gold miners to deliver strong margin expansion and increased free cash flow by 2026 [2] - If gold prices stay elevated, investor interest is likely to shift from valuation to growth opportunities [2]