TORONTO – October 29, 2026 -- Agnico Eagle Mines reported third-quarter 2026 net income of $1,353 million ($2.67 per share) and free cash flow of $852 million ($1.68 per share), driven by a realized gold price of $4,264 per ounce.
Adjusted net income was $1,324 million, or $2.62 per share. Cash provided by operating activities reached $1,755 million, or $3.47 per share.
Payable gold output of 814,012 ounces comes with costs above full-year guidance ranges
Production costs were $1,193 per ounce, total cash costs were $1,133 per ounce and all-in sustaining costs (AISC) were $1,648 per ounce. Detour Lake, Fosterville and Kittila led operations.
Full-year payable production is still expected near the lower end of the 3.3 to 3.5 million ounce guidance range. The company attributes this to the adjusted mine plan for the Barnat open pit at Canadian Malartic after the rock mass movement reported on July 2, 2026.
Total cash costs and AISC are now expected near the upper end of their ranges of $1,020 to $1,120 and $1,400 to $1,550 per ounce. The company cites the adjusted production plan and input cost pressures, primarily diesel. Capital expenditures (excluding capitalized exploration) remain at $2.6 billion to $2.8 billion, and capitalized exploration at $290 million to $330 million.
CEO Ammar Al-Joundi said the company remains "on track to achieve our full year guidance" despite inflationary cost pressures.
Agnico Eagle holds $3,416 million net cash and raises its credit facility to $3 billion
Cash rose $149 million to $3,613 million at September 30, 2026. Total debt outstanding was $197 million. After quarter-end, the company amended and restated its unsecured revolving bank credit facility, increasing it from $2 billion to $3 billion with a maturity of October 28, 2031.
Shareholder returns total $478 million as buybacks absorb about $250 million
The company repurchased 1,297,940 shares under its normal course issuer bid at an average price of $192.60, for roughly $250 million. It also declared a quarterly dividend of $0.45 per share. At current spot gold prices and subject to operational needs, it expects to return more than 50% of 2026 free cash flow to shareholders.
Hope Bay construction reaches 13% as Odyssey targets Shaft #1 production in Q2 2027
At Hope Bay, detailed engineering reached about 73% completion and overall construction about 13% at September 30, following the May 2026 investment decision. The 2026 sealift campaign is complete. A framework agreement with the Kitikmeot Inuit Association, finalized in October, extends the Inuit Impact and Benefit Agreement to 2056 and covers the entire Hope Bay Belt.
At Canadian Malartic, the first phase of Odyssey shaft sinking was completed in July 2026. Production through Shaft #1 is planned for the second quarter of 2027. The company is still evaluating the optimal mining rate at East Gouldie, which will determine the size, scale and location of a potential second Odyssey shaft. Drilling there returned 3.8 g/t gold over 38.8 metres at 1,707 metres depth.
At Upper Beaver, ramp development reached 210 metres, a fifth consecutive quarterly productivity record, and shaft sinking reached 732 metres. The company expects to reach the 760 Level and begin excavating its station in the fourth quarter of 2026. It is evaluating extending the shaft to 1,220 metres.
At Detour Lake, the underground exploration ramp reached 207 metres. Surface drilling in the West Pit zone returned 18.9 g/t gold over 26.4 metres at 331 metres depth.
At San Nicolás, engineering and secondary permitting for power and water infrastructure continued. A project approval decision is expected in late 2027 or early 2028, subject to additional permits and authorizations.