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Orla Mining vs. Alamos Gold: Which Gold Stock Is a Better Buy?
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Key Takeaways
ORLA boosted Q1'26 output and sales, driven by strong gains at the Musselwhite Mine.
AGI expansion study shows a 30% reserve increase and higher Magino mill capacity to 20,000 tpd.
AGI expects higher 2026 output with Q2 strength and longer-term 534,000 oz annual production from 2028.
Orla Mining Ltd. (ORLA - Free Report) and Alamos Gold Inc. (AGI - Free Report) are two prominent gold miners with solid producing assets and expansion-focused operations. Both ORLA and AGI are gaining from the surge in gold prices.
Gold prices are benefiting from safe-haven demand, heightened geopolitical risks and trade tensions. The prices of gold are currently trading above $4,300 per ounce. The yellow metal has advanced 27.4% in a year. For investors seeking to ride this momentum, the question is: which stock offers better value? Let us examine the fundamentals, growth prospects and challenges for Orla Mining and Alamos Gold.
The Case for ORLA
Based in Vancouver, Orla Mining has operations in Mexico, Canada and the United States. The company acquired the Musselwhite gold mine in February 2025, expanding its asset base. Orla Mining inked a deal with Equinox Gold Corp. (EQX - Free Report) on May 13 for an at-market combination to create a North American senior gold producer. Once completed, it will operate as Equinox Gold.
ORLA shareholders will receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla Mining common share as part of the deal. The company is set to increase the annual production, aided by a highly complementary portfolio of six North American mines.
Orla Mining’s Musselwhite mine, combined with Equinox Gold’s Greenstone mine in Ontario and the Valentine mine in Newfoundland & Labrador, will have a cumulative production of 685,000 ounces of gold in Canada. Of this, Musselwhite is expected to contribute 235,000 ounces of gold or 34% of the total production in Canada.
In the first quarter of 2026, Orla Mining reported a total gold production of 81,206 ounces and gold sales of 81,540 ounces. Gold sales in the quarter came in 76% higher than in the first quarter of 2025. The increase in both production and sales volume was attributed to the Musselwhite mine.
Gold production at the Musselwhite mine came in at 62,985 ounces, which marked a 254% surge from the prior-year quarter. ORLA ended the quarter with $517 million in liquidity, including cash and cash equivalents of $427 million.
However, Orla Mining has been facing headwinds from higher operating costs. Total cash costs per ounce surged 109% year over year to $1,251 in the first quarter. All-in-sustaining costs per ounce increased 97.4% to $1,668. Higher costs are also expected to weigh on the company’s performance in 2026.
Nonetheless, gold production for 2026 is projected at 340,000-360,000 ounces. This suggests year-over-year growth of 16% at the mid-point.
The Case for AGI
Alamos Gold is a Canada-based gold producer with diversified production from operating mines in North America. In July 2024, AGI acquired its rival Argonaut Gold. This move granted AGI access to Argonaut's Magino mine, which is adjacent to Island Gold Mine in Ontario, Canada.
AGI remains focused on high-return growth projects. The company’s Island Gold Phase 3+ Expansion in Canada is currently in progress, with completion expected in late 2026. The project aims to design infrastructure that will increase underground mining rates to 3,000 tons per day.
In February 2026, the company reported the results of its Island Gold District Expansion Study. The study indicates a 30% boost in Mineral Reserves and upgrades the Magino mill's capacity to 20,000 tons per day. This daily processing will consist of 3,000 tons of high-grade underground ore alongside 17,000 tons from the open pit. Beginning in 2028, the mine is projected to yield an average of 534,000 ounces annually for its first decade, while maintaining a low average mine-site AISC of $1,025 per ounce. This is expected to significantly boost production, establishing one of the largest, longest-life and most profitable gold operations in Canada.
AGI reported a year-over-year production dip of 0.1% in the first quarter of 2026, but the metric came in line with the company’s guidance. Solid production at Island Gold District was offset by lower than planned production at Young-Davidson. However, the company expects a hike in the second-quarter production with further growth in the second half of 2026. AGI expects its production to reach 755,000-835,000 ounces, suggesting an increase of 46% from the 2025 reported figure.
The company’s cash position was $659.5 million in the first quarter of 2026, a 6% jump from the end of 2025. This indicates a strong ongoing free cash flow. The company expects its capital expenditure to fall 28% from the 2026 reported level.
How Do Estimates Compare for ORLA & AGI?
The Zacks Consensus Estimate for Orla Mining’s 2026 earnings is pegged at $1.64 per share, indicating a year-over-year upsurge of 82%. Earnings estimates of $1.69 for 2027 imply a 3.3% rise. Estimates for 2026 and 2027 have been trending north over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Alamos Gold’s earnings for 2026 is pegged at $2.46 per share, indicating a year-over-year jump of 75.7%. The 2027 estimate of $3.12 implies growth of 26.8%. Estimates for 2026 have been trending south, while those for 2027 have been trending north over the past 60 days.
In the past year, Orla Mining’s stock has gained 0.9%, whereas Alamos Gold has climbed 40.2%.
Image Source: Zacks Investment Research
AGI is currently trading at a forward 12-month earnings multiple of 13.52X, lower than its five-year median. ORLA is currently trading at a forward 12-month earnings multiple of 6.69X, lower than its five-year median.
Image Source: Zacks Investment Research
ORLA or AGI: Which Is the Better Pick?
Both AngloGold Ashanti and Alamos Gold are well-positioned to benefit from the ongoing rally in gold prices, along with their efforts to grow their production capabilities. Both companies have a Zacks Rank #3 (Hold) at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, ORLA has a more attractive valuation, which gives it the edge over AGI. Moreover, earnings estimates for ORLA show upward revisions for 2026, while AGI’s estimates have been trending south. The Equinox Gold merger provides Orla Mining shareholders with immediate exposure to a diversified platform. These factors make ORLA the more compelling choice right now.
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Orla Mining vs. Alamos Gold: Which Gold Stock Is a Better Buy?
Key Takeaways
Orla Mining Ltd. (ORLA - Free Report) and Alamos Gold Inc. (AGI - Free Report) are two prominent gold miners with solid producing assets and expansion-focused operations. Both ORLA and AGI are gaining from the surge in gold prices.
Gold prices are benefiting from safe-haven demand, heightened geopolitical risks and trade tensions. The prices of gold are currently trading above $4,300 per ounce. The yellow metal has advanced 27.4% in a year.
For investors seeking to ride this momentum, the question is: which stock offers better value? Let us examine the fundamentals, growth prospects and challenges for Orla Mining and Alamos Gold.
The Case for ORLA
Based in Vancouver, Orla Mining has operations in Mexico, Canada and the United States. The company acquired the Musselwhite gold mine in February 2025, expanding its asset base. Orla Mining inked a deal with Equinox Gold Corp. (EQX - Free Report) on May 13 for an at-market combination to create a North American senior gold producer. Once completed, it will operate as Equinox Gold.
ORLA shareholders will receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla Mining common share as part of the deal. The company is set to increase the annual production, aided by a highly complementary portfolio of six North American mines.
Orla Mining’s Musselwhite mine, combined with Equinox Gold’s Greenstone mine in Ontario and the Valentine mine in Newfoundland & Labrador, will have a cumulative production of 685,000 ounces of gold in Canada. Of this, Musselwhite is expected to contribute 235,000 ounces of gold or 34% of the total production in Canada.
In the first quarter of 2026, Orla Mining reported a total gold production of 81,206 ounces and gold sales of 81,540 ounces. Gold sales in the quarter came in 76% higher than in the first quarter of 2025. The increase in both production and sales volume was attributed to the Musselwhite mine.
Gold production at the Musselwhite mine came in at 62,985 ounces, which marked a 254% surge from the prior-year quarter. ORLA ended the quarter with $517 million in liquidity, including cash and cash equivalents of $427 million.
However, Orla Mining has been facing headwinds from higher operating costs. Total cash costs per ounce surged 109% year over year to $1,251 in the first quarter. All-in-sustaining costs per ounce increased 97.4% to $1,668. Higher costs are also expected to weigh on the company’s performance in 2026.
Nonetheless, gold production for 2026 is projected at 340,000-360,000 ounces. This suggests year-over-year growth of 16% at the mid-point.
The Case for AGI
Alamos Gold is a Canada-based gold producer with diversified production from operating mines in North America. In July 2024, AGI acquired its rival Argonaut Gold. This move granted AGI access to Argonaut's Magino mine, which is adjacent to Island Gold Mine in Ontario, Canada.
AGI remains focused on high-return growth projects. The company’s Island Gold Phase 3+ Expansion in Canada is currently in progress, with completion expected in late 2026. The project aims to design infrastructure that will increase underground mining rates to 3,000 tons per day.
In February 2026, the company reported the results of its Island Gold District Expansion Study. The study indicates a 30% boost in Mineral Reserves and upgrades the Magino mill's capacity to 20,000 tons per day. This daily processing will consist of 3,000 tons of high-grade underground ore alongside 17,000 tons from the open pit. Beginning in 2028, the mine is projected to yield an average of 534,000 ounces annually for its first decade, while maintaining a low average mine-site AISC of $1,025 per ounce. This is expected to significantly boost production, establishing one of the largest, longest-life and most profitable gold operations in Canada.
AGI reported a year-over-year production dip of 0.1% in the first quarter of 2026, but the metric came in line with the company’s guidance. Solid production at Island Gold District was offset by lower than planned production at Young-Davidson. However, the company expects a hike in the second-quarter production with further growth in the second half of 2026. AGI expects its production to reach 755,000-835,000 ounces, suggesting an increase of 46% from the 2025 reported figure.
The company’s cash position was $659.5 million in the first quarter of 2026, a 6% jump from the end of 2025. This indicates a strong ongoing free cash flow. The company expects its capital expenditure to fall 28% from the 2026 reported level.
How Do Estimates Compare for ORLA & AGI?
The Zacks Consensus Estimate for Orla Mining’s 2026 earnings is pegged at $1.64 per share, indicating a year-over-year upsurge of 82%. Earnings estimates of $1.69 for 2027 imply a 3.3% rise. Estimates for 2026 and 2027 have been trending north over the past 60 days.
The Zacks Consensus Estimate for Alamos Gold’s earnings for 2026 is pegged at $2.46 per share, indicating a year-over-year jump of 75.7%. The 2027 estimate of $3.12 implies growth of 26.8%. Estimates for 2026 have been trending south, while those for 2027 have been trending north over the past 60 days.
ORLA & AGI: Price Performance & Valuation Comparisons
In the past year, Orla Mining’s stock has gained 0.9%, whereas Alamos Gold has climbed 40.2%.
AGI is currently trading at a forward 12-month earnings multiple of 13.52X, lower than its five-year median. ORLA is currently trading at a forward 12-month earnings multiple of 6.69X, lower than its five-year median.
ORLA or AGI: Which Is the Better Pick?
Both AngloGold Ashanti and Alamos Gold are well-positioned to benefit from the ongoing rally in gold prices, along with their efforts to grow their production capabilities. Both companies have a Zacks Rank #3 (Hold) at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, ORLA has a more attractive valuation, which gives it the edge over AGI. Moreover, earnings estimates for ORLA show upward revisions for 2026, while AGI’s estimates have been trending south. The Equinox Gold merger provides Orla Mining shareholders with immediate exposure to a diversified platform. These factors make ORLA the more compelling choice right now.