Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q2 2025, the gold production increased by 9.8% quarter-on-quarter to 137,200 ounces (4.27 tons), while sales rose by 14.8% to 135,027 ounces (4.20 tons) [1][3] - The average realized gold price in Q2 2025 was $3,223 per ounce, reflecting a 15.0% increase quarter-on-quarter and a 38.0% increase year-on-year [1][3] - Adjusted net profit for Q2 2025 was $144.1 million, a 141.0% increase quarter-on-quarter and a 48.7% increase year-on-year [3][5] Production and Financial Performance - Total cash costs in Q2 2025 were $1,075 per ounce, down 9.9% quarter-on-quarter but up 29.5% year-on-year [2][12] - All-in sustaining costs (AISC) for Q2 2025 were $1,475 per ounce, a decrease of 18.3% quarter-on-quarter and an increase of 34.6% year-on-year [2][12] - Revenue for Q2 2025 reached $438.2 million, a 31.6% increase quarter-on-quarter and a 31.7% increase year-on-year [3][12] Growth Projects - The Island Gold mine's Phase III expansion is expected to significantly drive production growth and reduce costs by 2026, with an anticipated average annual production of 411,000 ounces in the first 12 years [7] - The Lynn Lake project has temporarily halted construction due to wildfires, with expectations to resume in Q3 2025 and complete by late 2028 [8] 2025 Guidance - For Q3 2025, production is expected to increase to between 145,000 and 155,000 ounces, with total cash costs projected to decrease by 5% [9][11] - The full-year guidance for total cash costs is revised to $975 to $1,025 per ounce, with AISC expected to be $1,400 to $1,450 per ounce [11][13]
Alamos Gold 2025Q2 黄金产/销量分别环比增加 9.8%/14.8%至 4.27/4.2 吨，调整后净利润环比增长 141.0%至 1.441 亿美元
HUAXI Securities·2025-08-02 11:20