Agnico Eagle Mines earnings: results of 28 October 2026

Agnico Eagle Mines earned more in the third quarter of 2026 than a year earlier. The reason was a much higher price for each ounce of metal it sold, not more output: production fell, mostly because a rock wall moved at its Canadian Malartic mine, and the cost of producing each ounce rose sharply. The company kept its yearly targets but now expects to finish at the weak end of them. ¹

Against what analysts expected

Before the results, analysts' average forecast was $2.47 of profit per share for the quarter, from six estimates gathered by Nasdaq's earnings calendar; the findings we have do not give the company's own per-share figure, so we cannot say whether it came in above or below. ¹²

The strong points

• Profit before tax rose about 25% from a year ago, to $1,972.2 million, carried almost entirely by the higher price of the metal. ¹
• The average price the company got for each ounce it sold was 22.7% higher than a year ago, enough to lift sales even though some mines sold less. ¹
• The company holds far more cash than debt, with net cash of $3,416.0 million, even after buying properties in Finnish Lapland and paying out more to shareholders. ¹

The weak points

• Production at Canadian Malartic, one of its biggest mines, fell 29.1% after a rock wall moved on 1 July and mining in the Barnat pit was paused until late September. ¹
• The cash cost of producing each ounce rose to $1,133 from $952 a year ago, pushed up by royalties, diesel and problems at three mines. ¹
• Cash from running the mines dipped slightly in the quarter even though sales rose, because more money was tied up in stock and unpaid bills. ¹

What the company expects

• The company kept its 2026 production range of 3.3 to 3.5 million ounces but now expects to land at the low end, and costs per ounce at the top of its cost ranges. ¹
• At Canadian Malartic it now expects the rock movement to cost up to 150,000 ounces of output in each of 2027 and 2028, with this year's cost per ounce there raised to about $1,260 from $1,187. ¹

Our verdict on the quarter

A mixed report. A quarter of clearly higher profit thanks to a much better price, but production fell, costs per ounce jumped, and the company now expects the weak end of its targets this year and lower output at Canadian Malartic through 2028.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Agnico Eagle Mines's results release, 28 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 28 October 2026. ↩