Alamos Gold (AGI.TO) says weaker-than-expected production at its Canadian mining operations led the Toronto-based company to miss its 2025 guidance. Shares dropped over 10 per cent in early trading on Thursday.

Alamos is a mid-sized gold miner with operations in Ontario and Mexico. Like many in the gold sector, it benefited from the massive run-up in bullion prices throughout 2025.

Alamos reported fourth-quarter and 2025 annual financial results after Wednesday’s closing bell. The company says it produced 545,400 ounces for the full year of 2025, short of the 560,000 to 580,000 it predicted in revised guidance issued on Oct. 29.

Toronto-listed Alamos Gold shares closed 6.2 per cent lower on Thursday, at $55.98.

“Mining and processing rates were lower than expected due to severe winter weather late in December which impacted access to the sites, as well as other operational challenges,” CEO John McCluskey stated in a news release on Thursday.

“From an operational perspective, this past year was not reflective of our long-term track record, nor our strong outlook.”

To McCluskey’s point, Thursday’s stock decline came as Alamos reported record-high annual revenue of $1.8 billion. The company says it sold 531,230 ounces of gold at an average realized price of US$3,372 per ounce.

Gold futures for February (GC=F) were virtually flat on Thursday, owing in part to a more reserved tone from U.S. President Donald Trump on America potentially intervening in mass demonstrations and violence roiling Iran.

For Alamos, RBC Capital Markets says key upcoming milestones will include the release of updated three-year guidance and a study on expanding its Island Gold underground mine east of Thunder Bay, Ont. RBC analyst Michael Siperco maintained his US$50 per share price target and “outperform” rating on the company’s New York-listed stock. BNN Bloomberg