Gold mining / Operating producer / Gold & Precious Metals
Agnico Eagle Mines
TSXAEMNYSEAEM
Agnico Eagle is a gold producer headquartered in Toronto that operates ten mines: the LaRonde, Canadian Malartic and Goldex complexes in Quebec, Detour Lake and Macassa in Ontario, Meliadine and the Meadowbank complex in Nunavut, Fosterville in Victoria, Australia, Kittilä in Finland, and Pinos Altos in Mexico [1]. The shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the same symbol, AEM, so a U.S. investor can hold the NYSE line in U.S. dollars [2]. The company reports in U.S. dollars [3].
What it owns is ore in the ground and the plant to turn it into metal. At December 31, 2025 proven and probable gold reserves stood at 55.4 million ounces, contained in 1,329,551 thousand tonnes grading 1.30 grams per tonne [4]. In 2025 the mines produced 3,447,367 payable ounces at an all-in sustaining cost (AISC, the industry's non-GAAP measure of the cash cost of keeping a mine running) of $1,339 per ounce against a realized gold price of $3,454 per ounce; net income was $4,461 million, or $8.89 per share, and free cash flow, management's non-GAAP measure, was $4,399 million [4]. The company guided to 3.3 million to 3.5 million ounces a year for each of 2026, 2027 and 2028 [4].
The quarter ended June 30, 2026 shows the business at a high gold price. Payable production of 855,816 ounces was slightly below the 866,029 ounces of a year earlier, while total cash costs rose to $1,054 per ounce from $925 and AISC to $1,459 from $1,281 [5]. Against a realized price of $4,483 per ounce (up from $3,288), revenues from mining operations reached $3,802.8 million, net income $1,600.5 million or $3.19 per share, and free cash flow $1,335 million [3][5]. Cash and cash equivalents were $3,464.0 million, total debt $197 million, and the net cash position $3,267 million at quarter end [3][5]. The company returned $625 million to shareholders in the quarter through a $0.45 dividend and the repurchase of 2,235,947 shares at an average of $178.86 [5].
Two things in the second-quarter release matter for the rest of 2026. On July 1, 2026 a rock mass movement of about one million tonnes occurred on the north wall of the Barnat open pit at Canadian Malartic; the company expects it to reduce second-half production by 60,000 to 80,000 ounces, and said full-year production would be near the lower end of the 3.3 million to 3.5 million ounce range [5]. Separately, 2026 capital expenditures were put at $2.6 billion to $2.8 billion in July, against the $2,175 million to $2,395 million (excluding exploration) given in April; between those two dates the board approved construction of Hope Bay in Nunavut, with initial capital of about $2.4 billion and expected production of 400,000 to 435,000 ounces a year over an initial 11-year mine life, with first production possible as early as 2030 [5][6][7].
A U.S. holder should note that the dividend is paid in U.S. dollars at a quarterly rate of $0.45 per share for 2026, that Canadian withholding tax applies to dividends paid to non-residents, and that the company has declared a cash dividend every year since 1983 [2]. The profile below is a dated starting point, not a valuation.
Primary assets & business
- LaRonde Complex · Quebec, Canada (operating) [1]
- Canadian Malartic Complex, including the Odyssey underground project · Quebec, Canada (operating; production via ramp from East Gouldie began March 2026; first phase of shaft sinking completed July 2026 at 1,586 m; Barnat pit rock mass movement July 1, 2026) [1][6][5]
- Goldex Complex · Quebec, Canada (operating) [1]
- Detour Lake · Ontario, Canada (operating; underground exploration ramp at 180 m depth and 1,263 m of lateral development as of Q2 2026) [1][5]
- Macassa · Ontario, Canada (operating; record quarterly mill throughput in Q2 2026) [1][5]
- Meliadine · Nunavut, Canada (operating; record quarterly mill throughput of 648,000 tonnes in Q2 2026) [1][5]
- Meadowbank Complex · Nunavut, Canada (operating) [1]
- Fosterville · Victoria, Australia (operating; 42,012 oz in Q2 2026) [1][5]
- Kittilä · Lapland, Finland (operating; 61,969 oz in Q2 2026) [1][5]
- Pinos Altos · Chihuahua, Mexico (operating; 20,951 oz in Q2 2026) [1][5]
- Hope Bay · Nunavut, Canada (construction approved May 19, 2026; initial capital ~$2.4B; 400,000–435,000 oz/yr over an initial 11-year life; detailed engineering ~67% complete at Q2 2026) [7][5]
- Upper Beaver · Ontario, Canada (exploration ramp 165 m and shaft 478 m deep at Q2 2026) [1][5]
- San Nicolás · Zacatecas, Mexico (50% joint venture with Teck; land-use change permit and environmental impact assessment received July 2026) [1][5]
- Exploration projects: Marban and Wasamac (Quebec), Hammond Reef (Ontario), Ikkari (Finland) [1]
Financial position
| Payable gold production (fiscal 2025) | 3,447,367 oz2026–2028 guidance: 3.3–3.5M oz per year; 2026 now expected near the lower end [4][5]. | Year ended Dec 31, 2025 [4] |
|---|---|---|
| Payable gold production (latest quarter) | 855,816 ozQ2 2025: 866,029 oz. | Quarter ended Jun 30, 2026 [5] |
| All-in sustaining cost (non-GAAP) | US$1,459/ozQ2 2025: US$1,281/oz. Fiscal 2025: US$1,339/oz [4]. 2026 guidance US$1,400–1,550/oz [5]. | Quarter ended Jun 30, 2026 [5] |
| Realized gold price | US$4,483/ozQ2 2025: US$3,288/oz. Fiscal 2025: US$3,454/oz [4]. | Quarter ended Jun 30, 2026 [3] |
| Revenues from mining operations (latest quarter) | US$3,802.8MQ2 2025: US$2,816.1M. | Quarter ended Jun 30, 2026 [3] |
| Net income (latest quarter) | US$1,600.5MUS$3.19 per share. Adjusted net income (non-GAAP) US$1,541M or US$3.07 per share [5]. | Quarter ended Jun 30, 2026 [3] |
| Free cash flow (non-GAAP, latest quarter) | US$1,335MQ2 2025: US$1,305M. Fiscal 2025: US$4,399M [4]. | Quarter ended Jun 30, 2026 [5] |
| Cash and cash equivalents | US$3,464.0MTotal debt US$197M; net cash position US$3,267M [5]. | Jun 30, 2026 [3] |
| Proven and probable gold reserves | 55.4M oz1,329,551 thousand tonnes at 1.30 g/t. | Dec 31, 2025 [4] |
| Market capitalization | Not yet verifiedNot verified against a dated close. |
All figures in U.S. dollars, the company's reporting currency. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release and quarterly report; annual figures are from the Q4 2025 release of February 12, 2026. AISC, total cash costs, adjusted net income and free cash flow are management's non-GAAP measures. Blank means not yet verified, never zero.
Ownership & capital structure
| Common shares outstanding | Not yet verifiedNot verified here; see the latest quarterly report on SEDAR+ or EDGAR. | |
|---|---|---|
| Quarterly dividend | US$0.45 per shareRaised 12.5% from US$0.40 in February 2026 [4]. 2026 record dates March 2, June 1, September 1 and December 1. Canadian withholding tax applies to non-resident holders. | 2026 [2] |
| Share repurchases | 2,235,947 shares for US$400MAverage price US$178.86. Q1 2026: 721,211 shares for US$150M at an average of US$207.68 [6]. Fiscal 2025 repurchases US$600M [4]. | Quarter ended Jun 30, 2026 [5] |
| Significant shareholders | Not yet verifiedNot verified; see the proxy circular and EDGAR 13F/13G filings. |
What has to happen next
- Third-quarter 2026 results: the first full quarter after the July 1, 2026 Barnat rock mass movement, which the company expects to cost 60,000 to 80,000 ounces in the second half [5].
- Full-year 2026 production against the 3.3 million to 3.5 million ounce range, now guided to the lower end, and AISC against US$1,400 to US$1,550 per ounce [5].
- Hope Bay construction: detailed engineering was about 67% complete at June 30, 2026; initial production is possible as early as 2030 on about US$2.4 billion of initial capital [5][7].
- Odyssey at Canadian Malartic: the first phase of shaft sinking reached 1,586 metres in July 2026 [5].
- Detour Lake underground: extension of the exploration ramp to the bulk-sampling location at level 200 is expected in the first half of 2027 [5].
- San Nicolás (50%): permits received in July 2026; the next step is a construction decision with partner Teck [5].
- Closing of the C$60,002,400 private placement in Cadillac Mines Corporation, expected on or about August 5, 2026, taking Agnico Eagle to about 11.09% [8].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
We publish no valuation conclusion. For a producer, the comparison that matters is the margin between the realized price and AISC, applied to ounces the company can actually mine, less the growth capital it has committed. At June 30, 2026 the inputs were a realized price of US$4,483 per ounce, AISC of US$1,459 per ounce, production near the lower end of 3.3 million to 3.5 million ounces for the year, and 2026 capital spending of US$2.6 billion to US$2.8 billion with Hope Bay's US$2.4 billion still ahead [3][5][7]. A dated enterprise value needs the share count and a stated gold-price deck; costs have risen while the price has risen faster, and whether that persists is the whole question.
Mandatory reading
Key risks
- Costs follow the gold price with a lag: total cash costs rose to US$1,054 per ounce in Q2 2026 from US$925 a year earlier, so a price retreat squeezes margin from both sides [5].
- Ground conditions at open pits and deep underground mines: the Barnat rock mass movement on July 1, 2026 removed an expected 60,000 to 80,000 ounces from the second half with no change to the cost base [5].
- Hope Bay commits about US$2.4 billion of capital to a remote Nunavut site before first gold, which the company says is possible as early as 2030; the project economics were struck at a US$4,500 gold price [7].
- The 2026 capital budget rose to US$2.6 billion to US$2.8 billion between April and July 2026; growth spending competes with the dividend and buybacks for the same cash [5][6].
- Three sites are in the Canadian Arctic: Meliadine, Meadowbank and the Hope Bay project, the last of them about 125 km from Cambridge Bay, Nunavut; remote logistics raise the cost of every delay [1][7].
- A U.S. holder receives the dividend after Canadian withholding tax, and the quarterly rate is a board decision, not a formula: it was US$0.40 for 2023, 2024 and 2025 before the increase to US$0.45 [2].
Source documents
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1
Operations
Ten operating mines by location; exploration projects including Hope Bay, Upper Beaver, Marban, Wasamac, Hammond Reef, Ikkari and San Nicolás (50%).
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2
Stock information
TSX: AEM and NYSE: AEM; 2026 quarterly dividend of $0.45 per share with record dates; dividend declared every year since 1983; dividends designated as eligible dividends.
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3
Second Quarter Report 2026
Revenues from mining operations $3,802.8M (Q2 2025: $2,816.1M); net income $1,600.5M or $3.19 per share (Q2 2025: $1,068.7M, $2.13); cash $3,464.0M; realized gold price $4,483/oz (Q2 2025: $3,288); reporting currency U.S. dollars.
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4
Agnico Eagle reports fourth quarter and full year 2025 results
2025 production 3,447,367 oz; total cash costs $979/oz; AISC $1,339/oz; realized $3,454/oz; net income $4,461M ($8.89/share); adjusted net income $4,169M; cash from operations $6,817M; free cash flow $4,399M; cash $2,866M, debt $196M, net cash $2,670M at Dec 31, 2025; 2025 returns $1.4B ($803M dividends, $600M buybacks); dividend raised 12.5% to $0.45; 2026–2028 guidance 3.3–3.5M oz; 2026 TCC $1,020–1,120, AISC $1,400–1,550, capex ex-exploration $2,175–2,395M; P&P reserves 55.4M oz (1,329,551 kt at 1.30 g/t); dateline Toronto.
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5
Agnico Eagle reports second quarter 2026 results – record quarterly free cash flow reflects solid operational performance; record quarterly shareholder returns
Q2 2026 production 855,816 oz (Q2 2025: 866,029); TCC $1,054/oz ($925); AISC $1,459/oz ($1,281); realized $4,483/oz; net income $1,600M ($3.19); adjusted $1,541M ($3.07); cash from operations $2,144M; free cash flow $1,335M ($1,305M); cash $3,464M; net cash $3,267M; debt $197M; $625M returned; buyback 2,235,947 shares at $178.86 for $400M; 2026 production near lower end of 3.3–3.5M oz; capex $2.6–2.8B; Barnat rock mass movement July 1, 2026 (~1 million tonnes; 60,000–80,000 oz H2 impact); Odyssey shaft 1,586 m; Detour, Upper Beaver, Hope Bay (67% engineering), San Nicolás permits; mine-level production figures.
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6
Agnico Eagle reports first quarter 2026 results, including record quarterly operating margins and adjusted net income
Q1 2026 production 825,109 oz; TCC $1,093/oz; AISC $1,483/oz; realized $4,861/oz; net income $1,695M ($3.39); adjusted $1,706M ($3.41); cash from operations $1,346M; free cash flow $732M; cash $3,112M, debt $197M, net cash $2,915M; buyback 721,211 shares at $207.68 for $150M; 2026 capex $2,175–2,395M excluding exploration; Odyssey production via ramp from East Gouldie began March 2026; dateline Toronto.
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7
Agnico Eagle approves Hope Bay investment decision; strong economic returns with expected annual gold production of over 400,000 ounces
400,000–435,000 oz/yr over an initial 11-year mine life; initial capital ~$2.4B; after-tax IRR ~26% and NPV ~$4.3B (5%) at $4,500/oz; AISC ~$1,214/oz; initial production possible as early as 2030; measured and indicated 5.79M oz (31.97 Mt at 5.63 g/t); 125 km southwest of Cambridge Bay, Nunavut.
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8
Agnico Eagle announces investment in Cadillac Mines Corporation
8,696,000 shares at C$6.90 for C$60,002,400; ~11.09% post-closing; closing expected on or about August 5, 2026; pro rata participation right; 180-day lock-up after Cadillac's IPO.
