Agnico Eagle Mines

Agnico Eagle Mines is a Canadian gold producer. It has mines in Canada, Australia, Finland and Mexico, including Detour Lake, Canadian Malartic, LaRonde, Meadowbank, Meliadine, Fosterville and Kittila. It expects to produce near the low end of 3.3 to 3.5 million ounces of gold in 2026. It does not sell gold forward, so its revenue moves with the gold price.

Its projects include the Odyssey mine at Canadian Malartic, Detour Lake underground, Upper Beaver and Hope Bay. It has declared a cash dividend every year since 1983. The company reports in U.S. dollars, and amounts are in U.S. dollars unless the text says otherwise. Its shares trade on the Toronto Stock Exchange in Canadian dollars and on the New York Stock Exchange.

Agnico Eagle trades at a premium because investors pay for low-risk mines, net cash and a long project pipeline at a gold price near record levels. Its mines are in stable countries, and it does not sell gold forward, so a high gold price goes straight to earnings. The realized gold price was $4,264 per ounce in Q3 2026, adjusted net income was $1.32 billion and net cash was $3.42 billion at September 30, 2026. The price assumes that gold stays high for many years and that production grows at stable costs.

For the premium to be earned, three things must be true. The gold price must stay near its 2026 level, because the company has no hedges on its gold. Costs must stay within guidance, after AISC of $1,648 per ounce in Q3 2026 and inflation in diesel and consumables. Projects must deliver on time: first production through Shaft #1 at Odyssey in Q2 2027, Hope Bay construction and recovery at Canadian Malartic, where the Barnat pit event cuts output by up to 150,000 ounces in each of 2027 and 2028.

The Q4 2026 report with 2027 guidance, expected in February 2027, gives the next test. If gold falls back toward its 2025 level, the premium can shrink fast.

1. Oct 28, 2026Passed

   Q3 2026 resultsProduction in line with the adjusted plan, costs within guidance and higher net cash pass; a production cut or costs above guidance fail.Outcome: Production of 814,012 ounces was in line with the adjusted plan and net cash rose to $3.42 billion, while costs moved to the upper end of guidance.
2. Feb 11, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 production guidance that includes the Barnat impact, AISC guidance near 2026 levels and continued buybacks pass; lower production or a large rise in costs fail.
3. Q2 2027 · est.Pending

   First production through Shaft #1 at OdysseyA start of production through Shaft #1 in Q2 2027 as planned passes; a delay or a higher cost fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Agnico Eagle reported Q3 2026 results. Gold production was 814,012 ounces, and AISC was $1,648 per ounce. At a realized gold price of $4,264 per ounce, net income was $1.35 billion, or $2.67 per share, and adjusted net income was $1.32 billion, or $2.62 per share. Free cash flow was $852 million. The company bought back 1,297,940 shares for about $250 million and kept the quarterly dividend at $0.45 per share. It expects 2026 production near the low end of its range and costs near the upper end. It also increased its unsecured credit facility to $3.0 billion, with a maturity of October 28, 2031.
• July 29, 2026Agnico Eagle reported Q2 2026 results. Gold production was 855,816 ounces at AISC of $1,459 per ounce. At a realized gold price of $4,483 per ounce, adjusted net income was $1.54 billion, or $3.07 per share. Free cash flow was a record $1.34 billion, and the company returned a record $625 million to shareholders.
• July 2, 2026Agnico Eagle reported a rock mass movement on the north wall of the Barnat open pit at Canadian Malartic on July 1, 2026. Nobody was hurt. The company expects it to reduce production by 60,000 to 80,000 ounces in the second half of 2026 and by up to 150,000 ounces in each of 2027 and 2028. Mining in the pit started again on September 27, 2026.

Next earnings

Expected about February 11, 2027. The company has not confirmed the date.

• 40-FAnnual report for the period ended Dec 31, 2025Filed March 19, 2026 · aem-20251231x40f
• 6-KInterim report for the period ended Dec 31, 2025Filed February 13, 2026 · aem-20251231x6k
• 40-FAnnual report for the period ended Dec 31, 2024Filed February 27, 2025 · aem-20241231x40f
• 6-KInterim report for the period ended Dec 31, 2024Filed February 13, 2025 · aem-20241231x6k

Every filing on SEC EDGAR (CIK 2809)

• Almost all revenue comes from gold, and the company does not sell gold forward. A fall in the gold price lowers earnings and free cash flow almost one for one with the margin per ounce.
• Costs are rising. AISC was $1,648 per ounce in Q3 2026, and the company expects full-year costs near the upper end of guidance. Diesel is about 11% of operating costs, and consumables, about 30% of operating costs, face inflation of about 6%.
• Growth depends on large projects, such as Odyssey, Detour Lake underground, Upper Beaver and Hope Bay. Capital spending is $2.6 billion to $2.8 billion in 2026. Delays or cost overruns can lower returns.
• Many costs are in Canadian, Australian and other local currencies, while revenue is in U.S. dollars, so stronger local currencies raise costs. Canadian retaliatory tariffs on U.S. imports add about $5 per ounce to operating costs.

Agnico Eagle has net cash. At September 30, 2026, cash was $3.61 billion and long-term debt was $197 million, so net cash was $3.42 billion, up from $2.67 billion at December 31, 2025. Read more

Dividend yield

0.9% (last 12 months, at today’s price of CA$283.31)

Paid per share

CA$2.419 in the last 12 months (4 payments)

Current annual rate

CA$2.492 (CA$0.623 × 4 a year)

Latest ex-dividend date

September 1, 2026, CA$0.623 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.5% a year. Over the last 10 years, the dividend grew by about 18.4% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.