Agnico Eagle Mines Ltd. (AEM)

Agnico Eagle, a Canadian gold miner, reported third-quarter 2026 results on 28 October 2026, with net income of $1,352.9 million against $1,055.0 million a year earlier 1.

Gold production was 814,012 ounces, down from 866,936 a year earlier, mainly because of lower output at Canadian Malartic after a rock wall moved on 1 July 2026 1.

Revenue from mining operations rose to $3,583.6 million, helped by a 22.7 percent rise in the average realized gold price 1. Total cash costs per ounce, the cost of mining one ounce after crediting by-product metals, rose to $1,133 from $952 1.

Mining at the affected Barnat pit resumed on 27 September 2026 1. The company expects the event to cut Canadian Malartic output by up to 150,000 ounces in each of 2027 and 2028 1.

The company was formed on 1 June 1972, when Agnico Mines Limited and Eagle Gold Mines Limited joined under Ontario law 2. Agnico Mines had been incorporated on 21 January 1953 as Cobalt Consolidated Mining Corporation Limited and took its new name on 25 October 1957 2.

In 1974 the company took its first interest in the LaRonde property through Dumagami Mines, and it bought all of Dumagami on 19 December 1989 2. LaRonde began commercial production in 1988 and has anchored the business since 2. The company has paid a cash dividend every year since 1983 1.

In November 2005 it bought out Riddarhyttan, the Swedish owner of the Kittila property in Finland, and Kittila reached commercial production in May 2009 2. It acquired the Pinos Altos property in Mexico in March 2006, and that mine began commercial production in November 2009 2.

Cumberland Resources, owner of the Meadowbank property, was fully acquired in July 2007, and Comaplex, owner of Meliadine, in July 2010 2. On 16 June 2014 the company and Yamana Gold jointly bought Osisko Mining, owner of the Canadian Malartic mine, each holding an indirect 50 percent 2.

TMAC Resources, owner of the Hope Bay project in Nunavut, was bought on 2 February 2021 for C$2.20 in cash a share 2. On 8 February 2022 the company bought Kirkland Lake Gold, which brought the Detour Lake, Fosterville and Macassa mines, paying 0.7935 of its own share for each Kirkland share 2.

On 31 March 2023 it closed the purchase of Yamana's Canadian assets, including the other half of Canadian Malartic, for about $1.0 billion in cash and 36,177,931 shares 2. In 2025 it took up about 96.5 percent of O3 Mining, owner of the Marban property next to Canadian Malartic, for C$193.5 million 2.

Revenue from mining operations grew from $6,626.9 million in 2023 to $8,285.8 million in 2024 and $11,907.9 million in 2025 3. The 2025 rise came mainly from a 44.9 percent increase in the realized gold price, while gold sales volume fell 1.0 percent 3. Net income reached $4,461.5 million in 2025 3.

Mines in Canada

Agnico Eagle earns substantially all of its revenue from selling gold, and its Canadian mines are the core 1. In the third quarter of 2026, Detour Lake produced 183,118 ounces, up 3.7 percent, and Canadian Malartic produced 111,202 ounces 1.

Meadowbank produced 115,501 ounces, down 15.2 percent on lower grades and throughput 1. Meliadine produced 96,149 ounces, Macassa 80,582, LaRonde 77,250 and Goldex 29,940 1.

The company's plans put gold production at Detour Lake until 2052 and at Canadian Malartic until 2042 2.

Mines in Australia, Finland and Mexico

Fosterville in Australia produced 40,090 ounces, up 14.7 percent on higher throughput 1. Kittila in Finland produced 59,907 ounces, up 3.4 percent 1. Pinos Altos in Mexico produced 20,273 ounces, down 2.9 percent 1.

People

Ammar Al-Joundi has been president and chief executive officer since 23 February 2022 2. Boyd, with the company since 1985, became chair on 31 December 2023 2. On 31 December 2025 it had 18,216 workers, of whom 11,374 were permanent employees and 6,389 were contractors 2.

Problems and costs

A rock wall along the north side of the Barnat open pit at Canadian Malartic moved on 1 July 2026, with no injuries 1. Mining there stopped and the plant ran on stockpiled ore until mining resumed on 27 September 2026 1. Reuters reported the area had been flagged as geologically weaker and was under extra monitoring 4.

Diesel is now about 11 percent of operating costs, and supplies, about 30 percent of operating costs, face inflation of about 6 percent 1. The company estimates Canada's retaliatory tariffs add about $5 per ounce to operating costs 1.

The umbrella, in words

The company calls itself Canada's largest mining company and the second largest gold producer in the world 2. Its Canadian mines and Hope Bay are held directly by the parent, Kittila by Agnico Eagle Finland Oy, Pinos Altos by Agnico Eagle Mexico and Fosterville by Fosterville Gold Mine Pty Ltd 2.

In Mexico it agreed with Teck to a 50/50 joint venture on the San Nicolás copper-zinc project, funding $580.0 million, and holds about 17.24 percent of its shares so far 2. In the Finnish Lapland belt it now owns all of the FinGold joint venture, plus Rupert and Aurion outright 1.

It also invests in shares and warrants of other mining companies, buying $189.8 million of such securities in the third quarter 1. On 29 October 2025 it moved its non-gold, non-copper investments into a wholly owned unit, Avenir Minerals Limited, which it expects to fund with $50 million in cash 2.

For 2026 the company expects gold output to stay at the low end of its 3.3 to 3.5 million ounce range 1. It expects total cash costs near the upper end of $1,020 to $1,120 an ounce and all-in sustaining costs near the upper end of $1,400 to $1,550 1.

It expects capital spending of $2.6 billion to $2.8 billion in 2026, plus $290.0 million to $330.0 million of capitalized exploration 1.

In May 2026 the company made a positive investment decision on Hope Bay, with an underground mine and a 6,000 tonne a day plant 1. It envisions 400,000 to 435,000 ounces of gold a year over an 11-year mine life 1.

The company has said it sees potential to raise annual gold production by 20 percent to 30 percent over the next decade, exceeding four million ounces a year by the 2030s 1. It says the Finland deals could lift output there toward about 500,000 ounces a year, as Proactive reported 5.

Its share buyback program allows purchases of up to $2.0 billion until 5 May 2027, and it declared a quarterly dividend of $0.45 a share on 29 July 2026 1.