Agnico Eagle Reports Strong Q3 2026 Results

TORONTO, Oct. 28, 2026 /CourierPR/ -- Agnico Eagle Mines Limited, a leading gold mining company, reported strong financial and operational results for the third quarter of 2026. The company's business continues to perform well, reflecting the consistent execution of its teams across the organization. Solid operational performance contributed to robust free cash flow generation, and the company remains on track to achieve its full-year guidance.

Payable gold production for the third quarter of 2026 was 814,012 ounces, in line with the adjusted plan. The company reported production costs per ounce of $1,193, total cash costs per ounce of $1,133, and all-in sustaining costs (AISC) per ounce of $1,648. The strong operating performance was led by Detour Lake, Fosterville, and Kittila.

The company's financial results for the quarter were also robust. Realized gold prices in the third quarter of 2026 were $4,264 per ounce, driving strong free cash flow. Agnico Eagle reported a quarterly net income of $1,353 million or $2.67 per share and adjusted net income of $1,324 million or $2.62 per share. Cash provided by operating activities amounted to $1,755 million or $3.47 per share, and free cash flow was $852 million or $1.68 per share.

As of September 30, 2026, the company increased its cash balance by $149 million to $3,613 million, resulting in a net cash position of $3,416 million. The company had total debt outstanding of $197 million as of the same date. In a subsequent amendment, the company increased its $2 billion unsecured revolving bank credit facility to $3 billion, with a maturity date of October 28, 2031.

For the full year 2026, the company expects annual gold production to remain at the lower end of the guided range of 3.3 to 3.5 million ounces. Total cash costs per ounce and AISC per ounce are expected to be near the upper end of the guidance range of $1,020 to $1,120 and $1,400 to $1,550, respectively, reflecting the adjusted production plan and input cost pressures, primarily related to diesel.

The company also provided details on its capital expenditures for 2026. Expected total capital expenditures (excluding capitalized exploration) remain between $2.6 billion and $2.8 billion, and expected capitalized exploration remains between $290 million and $330 million.

In terms of shareholder returns, the company returned a total of $478 million during the third quarter of 2026. This included the declaration of a quarterly dividend of $0.45 per share and the repurchase of 1,297,940 common shares under the company's normal course issuer bid (NCIB). Share repurchases were completed at an average price of $192.60 per share for an aggregate cost of approximately $250 million. At current spot gold prices and subject to operational needs, the company anticipates returning more than 50% of free cash flow to shareholders in 2026 through dividends and share repurchases.

Key projects continued to advance during the quarter. At Canadian Malartic, the first phase of shaft sinking at Odyssey was completed in July 2026, supporting the planned start of production through Shaft #1 in the second quarter of 2027. Exploration drilling continued to yield positive results, with highlights including 3.8 grams per tonne (g/t) gold over 38.8 meters at 1,707 meters depth in the deepest portion of the East Gouldie deposit and 2.9 g/t gold over 27.6 meters (core length) at 1,585 meters depth.

At Detour Lake, development of the underground project continued to advance, with the exploration ramp reaching a depth of 207 meters and progress continuing on key infrastructure. High-intensity drilling from surface near the exploration ramp in the West Pit zone had a highlight intercept of 18.9 g/t gold over 26.4 meters at 331 meters depth, including 182.7 g/t gold over 2.7 meters at 320 meters depth.

At Upper Beaver, development activities performed well, with ramp development advancing to a depth of 210 meters and shaft sinking reaching a depth of 732 meters. The company expects to reach the 760 Level and commence excavation of the 760 Level station in the fourth quarter of 2026.

The Hope Bay project continued to advance, with detailed engineering reaching approximately 73% completion and overall construction progress at 13% as of September 30, 2026. The company also successfully completed the 2026 sealift campaign, positioning the project to maintain construction momentum through 2027.