Alamos Gold Investor Day 2026 transcript

Alamos Gold Investor Day 2026 transcript

"Obviously, Island's been a big success story from an exploration standpoint, but there's a lot of success going across the rest of our portfolio."

"Some of the recent drill results we've put out over the past week and the past year, really high-grade intercepts from within the main structure, as well as that spectacular new hole we released earlier this week from the Cline-Pick target. That is an upside opportunity beyond the expansion study that we're gonna be outlining today, but fundamentally, it's that pace of exploration success, which is driving the larger expansion of the district."

Feb 4, 2026, 14:30 GMT+1

Powerpoint

Ivanhoe $IVN.TO : Less Tonnes, but More Revenue

Ivanhoe: The New Numbers Matter

Figure 1:Ivanhoe's revenue projections show significant upside from commodity price strength, with current spot prices adding +421M (19.3%) in 2026F and +727M (21.7%) in 2027F versus the original November 2025 price deck.

Following Ivanhoe's updates on Platreef & Kamoa, and given the run-up in metals prices since last year, it's probably a good time to take a look at what this means for the bottom line ahead of full 2026 Guidance next month. The market seems to be valuing Ivanhoe Mines on old volumes, at old prices. The reality is lower volumes, yes, but at much, much higher prices.

When Ivanhoe reset Kamoa-Kakula production guidance on December 3, 2025, the market rightly punished the stock for a 27% copper cut in 2026. But since that guidance release, every single commodity in Ivanhoe's basket has appreciated materially, generating a $421M revenue uplift in 2026 and, at current spot prices, a $727M windfall in 2027—entirely from price strength, not volume growth. There are also a couple of (positive) surprises hiding inside that it seems nobody's modeling.

Let's take a look under the hood.

The Numbers

Without mining a single additional tonne, Ivanhoe's 2027 revenue grows by $727M purely from commodity price appreciation vs. the November 2025 estimates.

 

2026F	2026F at Old Prices	2026F at Spot	Uplift
Total Revenue	$2,178M	$2,599M	+$421M (+19.3%)
2027F	2027F at Old Prices	2027F at Spot	Uplift
Total Revenue	$3,347M	$4,074M	+$727M (+21.7%)

Millions USD. Previous from November 2025 estimates. Spot Prices Jan. 16, 2026. All production figures attributable to Ivanhoe; volumes held constant at December 2025 guidance.

Revenue Mix by Asset at Spot Prices

Ivanhoe's Kamoa-Kakula: Lower, Slower, But Still World-Class

Ivanhoe's "New Normal" at Kamoa-Kakula

Lower, Slower, But Still World-Class

Ivanhoe Mines finally released its long-awaited 2026–2027 production guidance for Kamoa-Kakula on December 3^rd, and the numbers confirm what skeptics feared: full recovery from the May 2025 flood will take longer and yield less than pre-incident expectations.

The New Guidance Reality