Alamos Gold (AGI) had a mixed start to 2025: production dropped due to technical issues at the Magino mill and lower-grade ore at Mulatos, but revenue jumped 20% YoY thanks to record gold prices topping $3,500/oz. Meanwhile, the Kirazli project in Turkiye remains stalled, and legal action there may not resolve until 2028. The company's strong balance sheet ($319M cash, $250M debt), and recent Magino/Argonaut acquisition support growth plans like Island Gold expansion and Lynn Lake, targeting 24% production growth by 2027. However, costs rose sharply (AISC $1,805/oz) and net income fell to $15.2M. With limited buybacks and a low dividend, upside could be capped unless gold prices stay elevated. Technicals show a descending channel; caution is warranted if the price falls below $25.