Alamos Gold Reports Second Quarter 2026 Results

About this update from Alamos Gold Inc.

[{"type":"image","size":{"original":{"url":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw=="}},"alt":"Alamos Gold Inc."},{"type":"text","tagName":"p","content":" All amounts are in United States dollars, unless otherwise stated. "},{"type":"text","tagName":"p","content":" TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (\"Alamos\" or the \"Company\") today reported its financial results for the quarter ended June 30, 2026. "},{"type":"text","tagName":"p","content":" \"We produced 130,600 ounces in the second quarter, meeting our revised quarterly guidance, and up 5% from the first quarter. The Island Gold District had a solid quarter from multiple perspectives, including delivering record underground mining rates, milling rates and production. This offset lower than expected production from Mulatos and Young-Davidson. As previously disclosed, we are expecting lower mining rates at Young-Davidson in the second half of 2026 resulting in a temporary reduction in production and increase in costs. We have revised our full year consolidated production and cost guidance with lower production from Young-Davidson the primary driver,\" said John A. McCluskey, President and Chief Executive Officer. "},{"type":"text","tagName":"p","content":" \"We expect stronger production and significantly lower costs in 2027 driven by improved results from Young-Davidson, as well as low-cost growth from the Island Gold District. In addition to performing well operationally, work on the shaft and mill expansion at the Island Gold District is progressing well with both expected to be key drivers of growing production and declining costs over the next several years,\" Mr. McCluskey added. "},{"type":"text","tagName":"p","content":" Second Quarter 2026 Operational and Financial Highlights "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Produced 130,600 ounces of gold in the second quarter of 2026, in-line with the revised quarterly guidance of 130,000 to 135,000 ounces, and a 5% increase from the first quarter. The increase was driven by a strong performance from the Island Gold District, offsetting lower than expected production from the Mulatos District, as well as Young-Davidson which was impacted by a seismic event in June, as previously disclosed "}]},{"val":[{"type":"text","tagName":"p","content":" Island Gold District continues to perform well, with underground mining rates increasing to average a record 1,550 tonnes per day (\"tpd\"). Magino milling rates also increased to average a new record of nearly 8,900 tpd for the quarter, including 9,800 tpd in June. The higher underground mining rates and milling rates drove record quarterly production of 67,500 ounces. The operation remains on track to achieve its original full year production guidance with a further increase in underground mining rates and grades expected to drive growing production through the rest of 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Consolidated production is expected to increase in the second half of 2026; however, given lower expected mining rates and grades at Young-Davidson, due to the impact of the seismic event, as well as timing of recovery of ounces at La Yaqui Grande, full year production guidance has been lowered to a range of 510,000 to 560,000 ounces "}]},{"val":[{"type":"text","tagName":"p","content":" Given the lower production, higher costs at Young-Davidson to complete rehabilitation work and enhanced ground support in the second half of 2026, as well as increased labour inflation and contractor costs in Canada, full year total cash cost1 guidance has been increased to a range of $1,175 to $1,275 per ounce, and all-in sustaining costs (\"AISC\"1) to between $1,775 and $1,875 per ounce "}]},{"val":[{"type":"text","tagName":"p","content":" Second quarter gold sales totaled 130,834 ounces at an average realized price of $4,504 per ounce, generating quarterly revenues of $594.1 million, including silver sales. This represented a 36% increase from the second quarter of 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" Cash flow from operating activities in the second quarter was $231.8 million (including $286.9 million before changes in working capital and taxes paid1, or $0.68 per share) "}]},{"val":[{"type":"text","tagName":"p","content":" Generated strong free cash flow1 of $143.5 million in the second quarter, while continuing to invest in high-return growth "}]},{"val":[{"type":"text","tagName":"p","content":" Cost of sales were $231.9 million, or $1,772 per ounce in the second quarter. Total cash costs of $1,303 per ounce were 6% higher than the first quarter, and AISC of $1,728 per ounce were 7% lower than the first quarter, largely driven by timing of sustaining capital spend "}]},{"val":[{"type":"text","tagName":"p","content":" Reported net earnings were $270.4 million for the second quarter, or $0.64 per share. Adjusted net earnings1 were $247.6 million, or $0.59 per share1. Adjusted net earnings include an after-tax adjustment for net gain on commodity hedge derivatives of $27.4 million, an inventory net realizable value adjustment of $7.0 million, net of tax, adjustments for net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange totaling $3.6 million, and other adjustments of $1.2 million "}]},{"val":[{"type":"text","tagName":"p","content":" Cash and cash equivalents totaled $636.9 million at June 30, 2026, down slightly from the first quarter reflecting increased share repurchases and the elimination of the remaining 2026 legacy gold hedges inherited from Argonaut Gold (\"Argonaut\"). The Company remains well-positioned to internally fund all of its growth initiatives and increased shareholder returns with strong ongoing free cash flow "}]},{"val":[{"type":"text","tagName":"p","content":" Returned $67 million to shareholders during the second quarter. This included the repurchase of 1,401,100 shares at a cost of $50 million ($35.70 per share), and a dividend payment of $17 million (quarterly $0.04 per share) "}]},{"val":[{"type":"text","tagName":"p","content":" Repurchased and eliminated all remaining 2026 legacy gold hedges from Argonaut that were scheduled to mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled 35,000 ounces at an average price of $1,821 per ounce. The Company utilized existing cash to eliminate the hedges at a cost of $92.3 million for an effective price of approximately $4,458 per ounce. The Company has now retired 279,000 ounces, or 85%, of the 329,000 ounces of forward contracts inherited from Argonaut, prior to maturity "}]},{"val":[{"type":"text","tagName":"p","content":" Advanced construction of the Company's key growth projects including Lynn Lake, PDA and the expansion at the Island Gold District. The Phase 3+ Shaft and IGD Expansions are both progressing well with the shaft expected to be commissioned in the first quarter of 2027, and the Magino mill expansion on track for completion in the first quarter of 2028 "}]},{"val":[{"type":"text","tagName":"p","content":" Provided an exploration update at the Island Gold District with high-grade mineralization extended across multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded Magino mill. This includes defining a new zone of high-grade mineralization 250 metres (\"m\") west of underground Mineral Reserves and Mineral Resources (Island Gold West Extension), as well as continuing to extend high-grade mineralization within the Island West up-plunge area and the past producing Cline-Pick and Edwards mines. These targets represent opportunities for further production growth by increasing the proportion of higher-grade ore to be fed within the expanded Magino mill "}]}]},{"type":"text","tagName":"p","content":" (1) Refer to the \"Non-GAAP Measures and Additional GAAP Measures\" section of this press release and associated MD&A for a description and calculation of these measures. "},{"type":"text","tagName":"p","content":" Highlight Summary "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Three Months Ended June 30, "}]},{"val":[{"type":"text","tagName":"p","content":" Six Months Ended June 30, "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Financial Results (in millions) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Operating 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"}]},{"val":[{"type":"text","tagName":"p","content":" $65.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $133.0 "}]},{"val":[{"type":"text","tagName":"p","content":" $130.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mulatos District(8) "}]},{"val":[{"type":"text","tagName":"p","content":" $59.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $47.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $109.6 "}]},{"val":[{"type":"text","tagName":"p","content":" $97.8 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Cost of sales per ounce of gold sold (includes amortization) (1) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Island Gold District(7) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,623 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,381 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,583 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,430 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Young-Davidson "}]},{"val":[{"type":"text","tagName":"p","content":" $1,996 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,706 "}]},{"val":[{"type":"text","tagName":"p","content":" $2,081 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,768 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mulatos District(8) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,845 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,437 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,660 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,588 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total cash costs per ounce of gold sold (2) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Island Gold District(7) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,304 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,008 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,250 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,023 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Young-Davidson "}]},{"val":[{"type":"text","tagName":"p","content":" $1,540 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,233 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,590 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,270 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mulatos District(8) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,061 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,017 "}]},{"val":[{"type":"text","tagName":"p","content":" $989 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,098 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mine-site all-in sustaining costs per ounce of gold sold (2)(3) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Island Gold District(7) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,715 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,410 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,736 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,414 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Young-Davidson "}]},{"val":[{"type":"text","tagName":"p","content":" $1,917 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,575 "}]},{"val":[{"type":"text","tagName":"p","content":" $2,045 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,595 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mulatos District(8) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,132 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,084 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,062 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,174 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Island Gold District(4)(7) "}]},{"val":[{"type":"text","tagName":"p","content":" $98.7 "}]},{"val":[{"type":"text","tagName":"p","content":" $74.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $221.7 "}]},{"val":[{"type":"text","tagName":"p","content":" $146.7 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Young-Davidson(5) "}]},{"val":[{"type":"text","tagName":"p","content":" $20.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $21.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $46.1 "}]},{"val":[{"type":"text","tagName":"p","content":" $40.2 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mulatos District(6)(8) "}]},{"val":[{"type":"text","tagName":"p","content":" $24.7 "}]},{"val":[{"type":"text","tagName":"p","content":" $3.7 "}]},{"val":[{"type":"text","tagName":"p","content":" $42.0 "}]},{"val":[{"type":"text","tagName":"p","content":" $7.7 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Other "}]},{"val":[{"type":"text","tagName":"p","content":" $40.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $19.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $61.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $28.3 "}]}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" Cost of sales includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization expense. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" Refer to the \"Non-GAAP Measures and Additional GAAP Measures\" section of this MD&A for a description and calculation of these measures. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Includes capitalized exploration at Island Gold District of $6.8 million and $10.2 million for the three and six months ended June 30, 2026, respectively ($5.1 million and $9.0 million for the three and six months ended June 30, 2025, respectively). "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (5) "}]},{"val":[{"type":"text","tagName":"p","content":" Includes capitalized exploration at Young-Davidson $2.7 million and $6.1 million for the three and six months ended June 30, 2026, respectively ($2.9 million and $4.9 million for the three and six months ended June 30, 2025, respectively). "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (6) "}]},{"val":[{"type":"text","tagName":"p","content":" Includes capitalized exploration at Mulatos District $3.1 million and $5.3 million for the three and six months ended June 30, 2026, respectively ($1.8 million and $2.5 million for the three and six months ended June 30, 2025, respectively). "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (7) "}]},{"val":[{"type":"text","tagName":"p","content":" The Island Gold District includes Island Gold and Magino mines. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (8) "}]},{"val":[{"type":"text","tagName":"p","content":" The Mulatos District includes Mulatos and La Yaqui Grande mines. "}]}]}]},{"type":"text","tagName":"p","content":" Environment, Social and Governance Summary Performance "},{"type":"text","tagName":"p","content":" Health and Safety "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Total Recordable Injury Frequency Rate1 (\"TRIFR\") of 1.33 in the second quarter, a 13% improvement from the first quarter "}]},{"val":[{"type":"text","tagName":"p","content":" Lost Time Injury Frequency Rate1 (\"LTIFR\") of 0.07 in the second quarter, compared with nil in the first quarter "}]},{"val":[{"type":"text","tagName":"p","content":" Alamos had 20 recordable injuries across its sites, including one lost time injury in the second quarter "}]},{"val":[{"type":"text","tagName":"p","content":" Year-to-date TRIFR of 1.42 and LTIFR of 0.03 "}]}]},{"type":"text","tagName":"p","content":" The Company's Home Safe Every Day safety leadership training program, and newly introduced Home Safe Eight safety initiative, continue to be delivered across the workforce. Alamos' Home Safe Eight is a new initiative consisting of eight non-negotiable safety rules targeting high-risk activities. These enhanced initiatives focus on areas such as energy isolation, working at heights, and safe vehicle operation, and are designed to significantly reduce the potential for injury through consistent and disciplined application. "},{"type":"text","tagName":"p","content":" Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company's overarching commitment is to have all employees and contractors return Home Safe Every Day. "},{"type":"text","tagName":"p","content":" Environment "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District were substantially complete by the end of the second quarter of 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" Zero significant environmental incidents "}]}]},{"type":"text","tagName":"p","content":" There was one minor reportable incident in the second quarter. At the Young-Davidson mine, a power outage caused a minor sulphur dioxide gas release at the mill, which was promptly detected and remediated with no impact. "},{"type":"text","tagName":"p","content":" The Company remains committed to preserving the long-term health and viability of the natural environment surrounding its operations and projects. This includes investing in new initiatives to reduce the Company's environmental footprint, with the goal of minimizing the impact of its activities. "},{"type":"text","tagName":"p","content":" Community "},{"type":"text","tagName":"p","content":" Alamos continued to provide charitable donations, sponsorships, medical support and infrastructure investments within its local communities, including: "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Providing flights for locum healthcare professionals travelling to Wawa to support healthcare access in the Algoma region "}]},{"val":[{"type":"text","tagName":"p","content":" Sponsorship of various events and teams, including the Manitoba Mine Rescue Competition, Marcel Colomb First Nation Fishing Derby, and the Lynn Lake Wildfire Strong Run/Walk "}]},{"val":[{"type":"text","tagName":"p","content":" Cash donations to various health, education, and food programs in the communities in which Alamos operates "}]}]},{"type":"text","tagName":"p","content":" The Company believes that excellence in sustainability provides a net benefit to all stakeholders and continues to engage with local communities to better understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company. "},{"type":"text","tagName":"p","content":" Governance and Disclosure "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Published Alamos' 2025 Report on Conformance to the Responsible Gold Mining Principles (\"RGMP\") in accordance with the World Gold Council's RGMP framework, including its supporting independent assurance report "}]},{"val":[{"type":"text","tagName":"p","content":" Published Alamos' 2025 Report on Modern Slavery in accordance with Canada's Fighting Against Forced Labour and Child Labour In Supply Chains Act "}]},{"val":[{"type":"text","tagName":"p","content":" Published Alamos' Extractive Sector Transparency Measures Act 2025 Annual Report on payments to governments in Canada and abroad "}]}]},{"type":"text","tagName":"p","content":" The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company's commitment to sustainable development. "},{"type":"text","tagName":"p","content":" (1) Frequency rate is calculated as incidents per 200,000 hours worked. "},{"type":"text","tagName":"p","content":" Outlook and Strategy "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" 2026 Guidance (5) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Island Gold District "}]},{"val":[{"type":"text","tagName":"p","content":" Young-Davidson "}]},{"val":[{"type":"text","tagName":"p","content":" Mulatos District "}]},{"val":[{"type":"text","tagName":"p","content":" Lynn Lake "}]},{"val":[{"type":"text","tagName":"p","content":" Total "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gold production ( 000's ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 290 - 310 "}]},{"val":[{"type":"text","tagName":"p","content":" 100 - 115 "}]},{"val":[{"type":"text","tagName":"p","content":" 120 - 135 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" 510 - 560 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous gold production (000's ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 290 - 330 "}]},{"val":[{"type":"text","tagName":"p","content":" 155 - 175 "}]},{"val":[{"type":"text","tagName":"p","content":" 125 - 145 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" 570 - 650 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Cost of sales, including amortization (in millions) (2) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $890 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous cost of sales, including amortization (in millions) (2) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $920 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total cash costs ($ per ounce) (1) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,025 - $1,125 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,750 - $1,850 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,050 - $1,150 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $1,175 - $1,275 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous total cash costs ($ per ounce) (1) "}]},{"val":[{"type":"text","tagName":"p","content":" $875 - $975 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,350 - $1,450 "}]},{"val":[{"type":"text","tagName":"p","content":" $930 - $1,030 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $1,020 - $1,120 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" All-in sustaining costs ($ per ounce) (1)(3) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,550-$1,650 "}]},{"val":[{"type":"text","tagName":"p","content":" $2,500-$2,600 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,125 - $1,225 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $1,775 - $1,875 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous all-in sustaining costs ($ per ounce) (1)(3) "}]},{"val":[{"type":"text","tagName":"p","content":" $1,340-$1,440 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,730-$1,830 "}]},{"val":[{"type":"text","tagName":"p","content":" $1,000 - $1,100 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $1,500 - $1,600 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital expenditures ($ millions) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Sustaining capital (1)(4) "}]},{"val":[{"type":"text","tagName":"p","content":" $135 - $150 "}]},{"val":[{"type":"text","tagName":"p","content":" $90 - $100 "}]},{"val":[{"type":"text","tagName":"p","content":" $3 - $5 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $228 - $255 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous sustaining capital (1)(4) "}]},{"val":[{"type":"text","tagName":"p","content":" $135 - $150 "}]},{"val":[{"type":"text","tagName":"p","content":" $55 - $65 "}]},{"val":[{"type":"text","tagName":"p","content":" $3 - $5 "}]},{"val":[{"type":"text","tagName":"p","content":" — "}]},{"val":[{"type":"text","tagName":"p","content":" $193 - $220 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Growth capital (1)(4) "}]},{"val":[{"type":"text","tagName":"p","content":" $355 - $385 "}]},{"val":[{"type":"text","tagName":"p","content":" $25 - $30 "}]},{"val":[{"type":"text","tagName":"p","content":" $137 - $145 "}]},{"val":[{"type":"text","tagName":"p","content":" $140 - $160 "}]},{"val":[{"type":"text","tagName":"p","content":" $657 - $720 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total sustaining and growth capital (1)(4) "}]},{"val":[{"type":"text","tagName":"p","content":" $490 - $535 "}]},{"val":[{"type":"text","tagName":"p","content":" $115 - $130 "}]},{"val":[{"type":"text","tagName":"p","content":" $140 - $150 "}]},{"val":[{"type":"text","tagName":"p","content":" $140 - $160 "}]},{"val":[{"type":"text","tagName":"p","content":" $885 - $975 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous total sustaining and growth capital (1)(4) "}]},{"val":[{"type":"text","tagName":"p","content":" $490 - $535 "}]},{"val":[{"type":"text","tagName":"p","content":" $80 - $95 "}]},{"val":[{"type":"text","tagName":"p","content":" $140 - $150 "}]},{"val":[{"type":"text","tagName":"p","content":" $140 - $160 "}]},{"val":[{"type":"text","tagName":"p","content":" $850 - $940 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capitalized exploration (1) "}]},{"val":[{"type":"text","tagName":"p","content":" $33 "}]},{"val":[{"type":"text","tagName":"p","content":" $12 "}]},{"val":[{"type":"text","tagName":"p","content":" $9 "}]},{"val":[{"type":"text","tagName":"p","content":" $6 "}]},{"val":[{"type":"text","tagName":"p","content":" $60 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Total capital expenditures and capitalized exploration (1) "}]},{"val":[{"type":"text","tagName":"p","content":" $523 - $568 "}]},{"val":[{"type":"text","tagName":"p","content":" $127 - $142 "}]},{"val":[{"type":"text","tagName":"p","content":" $149 - $159 "}]},{"val":[{"type":"text","tagName":"p","content":" $146 - $166 "}]},{"val":[{"type":"text","tagName":"p","content":" $945 - $1,035 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Previous total capital expenditures and capitalized exploration (1) "}]},{"val":[{"type":"text","tagName":"p","content":" $523 - $568 "}]},{"val":[{"type":"text","tagName":"p","content":" $92 - $107 "}]},{"val":[{"type":"text","tagName":"p","content":" $149 - $159 "}]},{"val":[{"type":"text","tagName":"p","content":" $146 - $166 "}]},{"val":[{"type":"text","tagName":"p","content":" $910 - $1,000 "}]}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" Refer to the \"Non-GAAP Measures and Additional GAAP\" section of this press release and associated MD&A for a description of these measures. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" Cost of sales includes mining and processing costs, royalties, and amortization expense but excludes silver credit and inventory net realizable value adjustment, and is calculated based on the mid-point of total cash cost guidance. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" Total consolidated all-in sustaining costs include corporate and administrative, and share based compensation expenses. For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Sustaining and growth capital guidance excludes capitalized exploration. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (5) "}]},{"val":[{"type":"text","tagName":"p","content":" Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026. "}]}]}]},{"type":"text","tagName":"p","content":" The Company's objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re-investing in high-return internal growth opportunities, and supporting higher returns to shareholders. "},{"type":"text","tagName":"p","content":" Second quarter production of 130,600 ounces increased 5% from the first quarter, and was in line with revised quarterly guidance with a strong performance from the Island Gold District offsetting lower production from Young-Davidson and the Mulatos District. Production guidance for the second quarter was revised in June reflecting the impact of a seismic event at Young-Davidson, and delayed recovery of ounces stacked on the leach pad at La Yaqui Grande. The seismic event at Young-Davidson impacted access to the 9410 level and higher-grade stopes that were supplying approximately 2,500 tpd of ore. As previously disclosed, this is expected to limit mining rates to an average of approximately 5,000 tpd in the second half of 2026. Reflecting the lower expected mining rates and grades at Young-Davidson in the second half of 2026, and longer leach cycle at La Yaqui Grande, full year production guidance has been lowered to between 510,000 and 560,000 ounces.   "},{"type":"text","tagName":"p","content":" Given the lower production, higher costs at Young-Davidson to complete rehabilitation work and enhanced ground support in the second half of 2026, as well as increased labour inflation and contractor costs in Canada, full year total cash cost guidance has been increased to a range of $1,175 to $1,275 per ounce, and AISC to between $1,775 and $1,875 per ounce. "},{"type":"text","tagName":"p","content":" The Company expects stronger production into the second half of the year driven by the ongoing ramp up of production from the Island Gold District. Production in the third quarter is expected to be between 115,000 and 140,000 ounces. AISC are expected to increase in the third quarter reflecting lower production and timing of sustaining capital. Production is expected to increase in the fourth quarter contributing to lower AISC. "},{"type":"text","tagName":"p","content":" The Island Gold District continues to perform well with a record operational performance from a number of perspectives in the second quarter. This included underground mining rates of 1,550 tpd and Magino milling rates increasing to a new high of nearly 8,900 tpd, including averaging approximately 9,800 tpd in June. This drove record quarterly production of 67,500 ounces. A further increase in underground mining and milling rates, as well as higher underground grades is expected to drive additional production growth through the second half of the year. "},{"type":"text","tagName":"p","content":" The Company continues to generate strong ongoing free cash flow while advancing its portfolio of high-return growth projects which are expected to support further production growth and lower costs over the next several years. Free cash flow totaled $143.5 million in the second quarter, net of a significant reinvestment in growth and exploration, and supporting the Company's other capital allocation priorities. This included repurchasing $50 million of shares during the second quarter, and eliminating all remaining legacy Argonaut hedges that were maturing in the second half of 2026 at a cost of $92.3 million. "},{"type":"text","tagName":"p","content":" Each of the Company's key growth projects are progressing well including the Island Gold District shaft and mill expansion, PDA and Lynn Lake. These projects are expected to double gold production to approximately one million ounces annually by 2030, underpinning one of the strongest outlooks in the sector. "},{"type":"text","tagName":"p","content":" The Island Gold District will be a key driver of this growth over the next several years. Following the completion of the shaft sinking to its planned depth of 1,381 m in the first quarter, shaft equipping and work on the shaft bottom infrastructure is well underway and expected to continue through 2026. The commissioning of the shaft in the first quarter of 2027 is expected to support a further increase in underground mining rates. This is expected to drive consolidated gold production higher and costs lower in 2027. "},{"type":"text","tagName":"p","content":" In parallel, work on the Magino mill expansion to 20,000 tpd continues to progress with all exterior cladding and roofing on the new mill building complete, and all eight leach tanks erected. The completion of the IGD Expansion in 2028 is expected to drive a further increase in production and decrease in costs. "},{"type":"text","tagName":"p","content":" Further growth is expected into 2029 with initial production from Lynn Lake, and the ramp up of underground mining rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study. By 2030, production is expected to increase to a rate of approximately one million ounces annually. "},{"type":"text","tagName":"p","content":" Capital spending in 2026 is expected to range between $885 and $975 million, excluding capitalized exploration of $60 million. The largest portion of this budget will be focused on the completion of the shaft expansion and Magino mill expansion within the Island Gold District. Capital spending is expected to decline slightly in 2027 with increased spending at Lynn Lake offset by lower spending on PDA and the Island Gold District. A further decrease is expected in 2028 with the completion of the IGD Expansion. A more significant decrease is expected into 2029 and 2030 with the completion of construction at Lynn Lake. "},{"type":"text","tagName":"p","content":" The Company remains well positioned to fund its high-return growth projects internally with strong ongoing free cash flow, $636.9 million of cash and cash equivalents at the end of the second quarter of 2026, and approximately $1.2 billion of total liquidity. At current gold prices, the Company expects significant free cash flow growth starting in 2027 with the completion of the Phase 3+ Shaft Expansion. The Company remains focused on delivering increasing shareholder returns with $83.6 million distributed thus far in 2026 through dividends and share buybacks. This included a 60% increase in the quarterly dividend rate in the first quarter, and the repurchase of $50 million of shares during the second quarter. "},{"type":"text","tagName":"p","content":" Given the Company's strong outlook with significant free cash flow growth expected over the next several years, the Company will continue to evaluate opportunities to be active on its share buyback while balancing its other capital allocation priorities, including the repurchase of the remaining 50,000 ounces of legacy Argonaut hedges set to mature in 2027. "},{"type":"text","tagName":"p","content":" Second Quarter 2026 Results "},{"type":"text","tagName":"p","content":" Island Gold District Financial and Operational Review "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Three Months Ended June 30, "}]},{"val":[{"type":"text","tagName":"p","content":" Six Months Ended June 30, "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gold production (ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 67,500 "}]},{"val":[{"type":"text","tagName":"p","content":" 64,400 "}]},{"val":[{"type":"text","tagName":"p","content":" 128,700 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"}]},{"val":[{"type":"text","tagName":"p","content":" 97% "}]}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" Cost of sales includes mining and processing costs, royalties, and amortization. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" Refer to the \"Non-GAAP Measures and Additional GAAP Measures\" section of this press release and associated MD&A for a description and calculation of these measures. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Grams per tonne of gold. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (5) "}]},{"val":[{"type":"text","tagName":"p","content":" Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the consolidated financial statements. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (6) "}]},{"val":[{"type":"text","tagName":"p","content":" Includes ore stockpiled during the periods. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (7) "}]},{"val":[{"type":"text","tagName":"p","content":" Total waste mined includes operating waste and capitalized stripping. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (8) "}]},{"val":[{"type":"text","tagName":"p","content":" Magino mill results include the processing of open pit ore from Magino and excess underground ore not processed within the Island Gold mill for the three and six months ended June 30, 2026. Grades of gold processed from the Magino mine averaged 1.07 g/t Au in both periods. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (9) "}]},{"val":[{"type":"text","tagName":"p","content":" Excludes 13,541 tonnes of ore grading 2.98 g/t Au that was recovered from the ore pad and processed during the three months period ended June 30, 2026. Including these tonnes, total tonnes mined in the second quarter of 2026 were 154,621 grading 8.61 g/t Au, or 1,699 tpd. "}]}]}]},{"type":"text","tagName":"p","content":" The Island Gold District produced a record 67,500 ounces in the second quarter of 2026, 5% higher than the prior year period and a 10% increase compared to the first quarter. With higher underground mining rates and grades expected to drive increasing production through the second half of 2026, the Island Gold District remains on track to achieve its original full year production guidance. "},{"type":"text","tagName":"p","content":" Island Gold Operational Review "},{"type":"text","tagName":"p","content":" Underground mining rates increased to average a record 1,550 tpd in the second quarter, 25% higher than the prior year period and a 9% increase from the previous quarter. Mining rates are expected to steadily increase in the second half of the year to a rate of 2,000 tpd by the end of 2026, with a further increase to 2,400 tpd in the first quarter of 2027 with the commissioning of the shaft infrastructure. "},{"type":"text","tagName":"p","content":" Underground grades mined averaged 9.15 g/t Au during the second quarter, consistent with guidance. Grades are expected to increase slightly in the third quarter, with a further increase in the fourth quarter. "},{"type":"text","tagName":"p","content":" Processing rates within the Island Gold mill averaged 1,232 tpd for the second quarter, with excess underground ore mined during the quarter processed in the Magino mill. Mill recoveries averaged 98% for the second quarter, in line with expectations. "},{"type":"text","tagName":"p","content":" As outlined in the IGD Expansion Study, the Island Gold mill will continue operating until the first quarter of 2028 and process approximately 1,265 tpd of higher grade underground ore. The remaining underground ore mined beyond the Island Gold mill capacity will be blended at increasing rates with open pit ore and processed within the Magino mill. Following the expected completion of the Magino mill expansion to 20,000 tpd in the first quarter of 2028, the Island Gold mill will be shut down and all underground and open pit ore will be processed within the larger and more cost-effective Magino mill. "},{"type":"text","tagName":"p","content":" Magino Operational Review "},{"type":"text","tagName":"p","content":" Total mining rates averaged 54,870 tpd during the second quarter, including 12,996 tpd of ore, a 5% decrease from the prior year period. Grades mined of 0.78 g/t Au for the second quarter were 5% lower than the prior year period and consistent with the guidance range for 2026. "},{"type":"text","tagName":"p","content":" Milling rates averaged a new high of 8,862 tpd in the second quarter, an 18% increase from the first quarter, reflecting the improving performance and reliability of the overall circuit, as well as the addition of supplemental ore feed from the temporary crusher. Following the completion of scheduled ball and SAG mill liner changes and conveyor belt replacements in May, milling rates continued to improve, averaging a new monthly high of 9,783 tpd in June. Subsequent to quarter end, milling rates have continued increasing to average approximately 10,000 tpd month to date in July, and are expected to remain at similar levels through the second half of 2026. "},{"type":"text","tagName":"p","content":" As outlined in the IGD Expansion Study released in February 2026, further improvements are planned for the existing crushing and conveying circuit as part of the mill expansion to 20,000 tpd. These include the addition of a gyratory crusher, ore bins, and a new truck dump configuration allowing for the direct tipping of ore. In addition to the connection to grid power, these changes will significantly improve the performance of the existing crushing circuit by reducing ore rehandling and ensuring more consistent and higher ore flow to the mill. "},{"type":"text","tagName":"p","content":" Grades processed averaged 1.27 g/t Au during the second quarter, and included approximately 44,000 tonnes of higher grade underground ore. Recoveries for the second quarter were 95%, consistent with guidance.  "},{"type":"text","tagName":"p","content":" Island Gold District Financial Review "},{"type":"text","tagName":"p","content":" Revenues of $296.8 million in the second quarter were 41% higher than the prior year period, driven by higher realized gold prices and an increase in ounces sold. Similarly, revenues of $576.1 million for the first half of the year were 59% higher than the prior year period, driven by the same factors. "},{"type":"text","tagName":"p","content":" Cost of sales of $106.7 million in the second quarter and $194.5 million for the first half of the year were 21% and 16% higher than the comparative periods, respectively, driven by higher ounces sold and ongoing inflation. "},{"type":"text","tagName":"p","content":" Total cash costs of $1,304 per ounce and mine-site AISC of $1,715 per ounce in the second quarter were higher than the prior year period, driven by higher contractor costs, ongoing labour inflation, higher diesel and energy costs, partially offset by the weaker Canadian dollar. For the first half of the year, total cash costs of $1,250 per ounce and mine-site AISC of $1,736 per ounce were higher than the prior year periods, driven by the same factors as well as higher sustaining capital in support of the IGD Expansion to 20,000 tpd. "},{"type":"text","tagName":"p","content":" Total cash costs and mine-site AISC are expected to decrease through the second half of 2026 driven by increased production through the ramp up of underground mining rates, higher underground grades, and increased milling rates. However, given increased labour and contractor costs reflecting the more competitive labour environment in Northern Ontario, as well as increased energy costs, full year cost guidance has been increased. Total cash costs are now expected to be between $1,025 and $1,125 per ounce, and mine-site AISC between $1,550 and $1,650 per ounce. "},{"type":"text","tagName":"p","content":" Capital expenditures totaled $98.7 million in the second quarter, including $22.8 million of sustaining capital, $3.4 million of sustaining lease payments, and $6.8 million of capitalized exploration. Growth capital spending of $65.7 million was primarily focused on the Phase 3+ Shaft Expansion, including shaft site infrastructure, paste plant, and underground development, as well as the Magino mill expansion to 20,000 tpd. Both sustaining and growth capital spending are expected to increase in the second half of the year to be consistent with full year guidance. "},{"type":"text","tagName":"p","content":" The Island Gold District generated strong mine-site free cash flow of $99.9 million in the second quarter, 91% higher than the prior year period, driven by higher realized gold prices and ounces sold. Mine-site free cash flow was $157.9 million for the first half of the year, 122% higher than the prior year period. The strong free cash flow generation was net of the significant capital investment related to the Phase 3+ Shaft and IGD Expansions. At current gold prices, the Island Gold District is expected to continue generating strong free cash flow while funding the expansion of the operation and a robust exploration program, with significant growth starting in the latter part of 2026. "},{"type":"text","tagName":"p","content":" Young-Davidson Financial and Operational Review "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Three Months Ended June 30, "}]},{"val":[{"type":"text","tagName":"p","content":" Six Months Ended June 30, "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gold production (ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 33,000 "}]},{"val":[{"type":"text","tagName":"p","content":" 38,700 "}]},{"val":[{"type":"text","tagName":"p","content":" 63,000 "}]},{"val":[{"type":"text","tagName":"p","content":" 74,100 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654,317 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,297,457 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,262,918 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Tonnes of ore mined per day "}]},{"val":[{"type":"text","tagName":"p","content":" 7,132 "}]},{"val":[{"type":"text","tagName":"p","content":" 7,190 "}]},{"val":[{"type":"text","tagName":"p","content":" 7,168 "}]},{"val":[{"type":"text","tagName":"p","content":" 6,977 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Average grade of gold(4) "}]},{"val":[{"type":"text","tagName":"p","content":" 1.75 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.01 "}]},{"val":[{"type":"text","tagName":"p","content":" 1.74 "}]},{"val":[{"type":"text","tagName":"p","content":" 2.01 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Metres developed "}]},{"val":[{"type":"text","tagName":"p","content":" 1,697 "}]},{"val":[{"type":"text","tagName":"p","content":" 2,203 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"}]},{"val":[{"type":"text","tagName":"p","content":" 89% "}]},{"val":[{"type":"text","tagName":"p","content":" 91% "}]}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" Cost of sales includes mining and processing costs, royalties and amortization. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" Refer to the \"Non-GAAP Measures and Additional GAAP Measures\" section of this press release and associated MD&A for a description and calculation of these measures. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Grams per tonne of gold. "}]}]}]},{"type":"text","tagName":"p","content":" Operational review "},{"type":"text","tagName":"p","content":" Young-Davidson produced 33,000 ounces of gold in the second quarter, 15% below the prior year period and lower than planned. Reflecting lower production through the first half of the year, and lower mining rates and grades expected through the second half of the year, full year production guidance has been reduced to between 100,000 and 115,000 ounces. Cost guidance has also been increased reflecting the decreased production. "},{"type":"text","tagName":"p","content":" In June, the operation experienced a seismic event at an active mining front. No injuries were sustained; however, infrastructure was damaged which has limited access to the 9410 level and two higher grade stopes, impacting both mining rates and grades mined. Additionally, the operation experienced power outages due to storm-related damage to the regional power line in late May, which impacted mining and processing rates for three days. "},{"type":"text","tagName":"p","content":" Mining rates averaged 7,132 tpd in the second quarter, below annual guidance reflecting the above noted impacts. The mining sequence is consistently being reviewed and monitored to manage seismicity. As a result of the seismic event, and delayed access to higher-grade stopes on the 9410 level that were supplying approximately 2,500 tpd, mining rates are expected to average approximately 5,000 tpd for the remainder of the year. The Company will be optimizing the mining sequence and implementing additional ground support measures through the second half of the year, which is expected to support higher mining rates beyond 2026. The Company expects to provide additional information on future mining rates and costs with the release of its three-year guidance early in 2027. "},{"type":"text","tagName":"p","content":" Grades mined of 1.75 g/t Au for the second quarter were below the low end of the annual guidance range, reflecting the change in mining sequence and deferred access to higher grade stopes on the 9410 level. Grades mined are expected to remain at similar levels through the rest of 2026. "},{"type":"text","tagName":"p","content":" Milling rates averaged 7,414 tpd in the second quarter, below guidance but higher than mining rates as lower-grade surface stockpiles were processed. Milling rates are expected to exceed mining rates in the second half of the year with additional stockpiles expected to be processed given the underutilized mill. Milled grades averaged 1.72 g/t Au for the second quarter, consistent with mined grades. Processed grades are expected to be lower than mined grades in the second half of the year reflecting the processing of lower-grade stockpiled ore. Mill recoveries averaged 90% for the second quarter and were consistent with guidance. "},{"type":"text","tagName":"p","content":" Financial Review "},{"type":"text","tagName":"p","content":" Revenues were $150.1 million in the second quarter, 19% higher than the prior year period, driven by higher realized gold prices, partially offset by lower ounces sold. For the first half of the year, revenues of $303.7 million were 34% higher than the prior year period, driven by the same factors. "},{"type":"text","tagName":"p","content":" Cost of sales of $65.6 million in the second quarter were in-line with the prior year period as inflation was offset by lower ounces sold. Cost of sales of $133.0 million for the first half of the year was in line with the prior year. "},{"type":"text","tagName":"p","content":" Second quarter total cash costs of $1,540 per ounce and mine-site AISC of $1,917 per ounce were higher than the prior year period, primarily due to lower grades processed, increased diesel costs, higher royalty expense, and ongoing labour inflation. Total cash costs of $1,590 per ounce and mine-site AISC of $2,045 per ounce for the first half of the year were higher than the prior year period, driven by the same factors, as well as higher sustaining capital expenditures across a lower number of ounces sold. "},{"type":"text","tagName":"p","content":" In the second half of 2026, total cash costs are expected to increase to average approximately $2,100 per ounce, and mine-site AISC average $3,300 per ounce. This reflects similar gross costs across lower gold production due to the lower mining rates and grades, as well as rehabilitation work and enhanced ground support measures to be completed in the second half of the year. As a result, full year total cash cost guidance has been increased to between $1,750 and $1,850 per ounce, and mine-site AISC to between $2,500 and $2,600 per ounce. "},{"type":"text","tagName":"p","content":" Capital expenditures in the second quarter totaled $20.2 million, including $12.2 million of sustaining capital and $5.3 million of growth capital. In addition, $2.7 million was invested in capitalized exploration during the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $46.1 million for the first half of the year. Full year capital guidance has been increased to between $115 and $130 million with higher sustaining capital spending expected in the second half of the year. This includes increased labour and contractor costs, a higher proportion of underground development being allocated to capital, and approximately $10 million for rehabilitation work and the implementation of enhanced ground support following the seismic event in June. "},{"type":"text","tagName":"p","content":" Young-Davidson continues to generate strong ongoing mine-site free cash flow, including $67.4 million in the second quarter and $138.9 million for the first half of the year. With a 14-year Mineral Reserve life, the operation is well-positioned to generate strong ongoing free cash flow over the long-term. "},{"type":"text","tagName":"p","content":" Mulatos District Financial and Operational Review "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Three Months Ended June 30, "}]},{"val":[{"type":"text","tagName":"p","content":" Six Months Ended June 30, "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]},{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 2025 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gold production (ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 30,100 "}]},{"val":[{"type":"text","tagName":"p","content":" 34,100 "}]},{"val":[{"type":"text","tagName":"p","content":" 62,800 "}]},{"val":[{"type":"text","tagName":"p","content":" 64,500 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Gold sales (ounces) "}]},{"val":[{"type":"text","tagName":"p","content":" 32,248 "}]},{"val":[{"type":"text","tagName":"p","content":" 32,855 "}]},{"val":[{"type":"text","tagName":"p","content":" 66,021 "}]},{"val":[{"type":"text","tagName":"p","content":" 61,575 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Financial Review (in millions) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Operating Revenues "}]},{"val":[{"type":"text","tagName":"p","content":" $149.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $110.6 "}]},{"val":[{"type":"text","tagName":"p","content":" $317.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $194.6 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Cost of sales(1) "}]},{"val":[{"type":"text","tagName":"p","content":" $59.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $47.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $109.6 "}]},{"val":[{"type":"text","tagName":"p","content":" $97.8 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Earnings from operations "}]},{"val":[{"type":"text","tagName":"p","content":" $86.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $59.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $201.6 "}]},{"val":[{"type":"text","tagName":"p","content":" $90.3 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Cash provided by operating activities "}]},{"val":[{"type":"text","tagName":"p","content":" $85.9 "}]},{"val":[{"type":"text","tagName":"p","content":" $58.9 "}]},{"val":[{"type":"text","tagName":"p","content":" $164.0 "}]},{"val":[{"type":"text","tagName":"p","content":" $63.5 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital expenditures (sustaining)(2) "}]},{"val":[{"type":"text","tagName":"p","content":" $0.6 "}]},{"val":[{"type":"text","tagName":"p","content":" $0.5 "}]},{"val":[{"type":"text","tagName":"p","content":" $1.3 "}]},{"val":[{"type":"text","tagName":"p","content":" $1.1 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital expenditures (growth)(2) "}]},{"val":[{"type":"text","tagName":"p","content":" $21.0 "}]},{"val":[{"type":"text","tagName":"p","content":" $1.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $35.4 "}]},{"val":[{"type":"text","tagName":"p","content":" $4.1 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Capital expenditures (capitalized exploration)(2) "}]},{"val":[{"type":"text","tagName":"p","content":" $3.1 "}]},{"val":[{"type":"text","tagName":"p","content":" $1.8 "}]},{"val":[{"type":"text","tagName":"p","content":" $5.3 "}]},{"val":[{"type":"text","tagName":"p","content":" $2.5 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Mine-site free cash flow(2) "}]},{"val":[{"type":"text","tagName":"p","content":" $61.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $55.2 "}]},{"val":[{"type":"text","tagName":"p","content":" $122.0 "}]},{"val":[{"type":"text","tagName":"p","content":" $55.8 "}]}]},{"val":[{"...

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