Much of the Value of YD Now Out of the Stock

研报英文原文证据摘录

Much of the Value of YD Now Out of the Stock

Gold and Precious Minerals - Large-Cap Golds

Alamos Gold Inc.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

June 19, 2026

Price: C$41.95 (06/19/2026) Much of the Value of YD Now Out of the Stock

Price Target: C$61.00 (Prior C$78.00)

BUY (1)

ESG SCORE: 53/100

Steven Green, CFA^ THE TD COWEN INSIGHT

416 307 6304

We are reducing our estimates following the operational issues at YD. The update is

steven.green@tdsecurities.com

disappointing and follows a guidance miss in 2025, we believe it is now baked in the stock and

Faiq Qadri, P. Eng^ Island is now ramping up.

416 308 3741

faiq.qadri@tdsecurities.com The 19% decline in share price has reduced mkt. cap by over $2.3B, which is ~75% of our

YD NAV, so we believe this is more than baked in now. Our TP decreased to $61 (prev. $78),

Key Data

Maintain BUY.

Symbol TSX: AGI-T

12-Month Div (Est.): C$0.16 Impact: NEGATIVE

Beta: 1.27

12-Month Total 45.8% YD challanges leads to ~30% reduction in mining rates: Young-Davidson Q2 production is

Return:

expected to be roughly in line with Q1 levels, 23% below our prior expectations. Management

52-Week Range: C$75.78-C$33.11

indicated mining rates are expected to average 5,000 tpd through the remainder of 2026,

Market Cap: C$17.7B

with additional ground support and mine sequencing changes planned through H2/26.

Net Debt (MM): C$(625.1)

Cash/Share: C$1.14 ■Seismic Event: AGI reported two seismic events at Young-Davidson which damaged

infrastructure and restricted access to higher-grade stopes. YD has been operating for 14

Dil. Shares Out (MM): 422.8

years without significant ground control issues, so its possible this is an isolated event the

Float Shares (mm): 420.4

company can manage, but the market will remain wary.

Float Cap ($mm): $8,846