Agnico Eagle Mines Limited Q3 2026 Earnings Recap

The stock fell 9.7% after Agnico said full-year production is tracking to the lower end of guidance and costs to the upper end, while quarterly cash costs were 1% above the top of guidance. The near-term outlook leaves little room for operating upside, despite the company’s longer-term growth plans.

Key Takeaways

• Q3 gold production was 814,000 ounces, at the midpoint of adjusted quarterly guidance; year-to-date production was approximately 2.5 million ounces.
• Cash costs were $1,133 per ounce, 1% above the top end of quarterly guidance; all-in sustaining costs were $1,648 per ounce. Management expects full-year costs within the upper end of guidance.
• Free cash flow was $852 million; adjusted net income was approximately $1.3 billion, or $2.62 per share, and adjusted EBITDA was approximately $2.5 billion.
• Elevated diesel prices added more than $30 per ounce to cash costs relative to budget. Diesel represents approximately 11% of operating costs.
• Agnico invested approximately $1.6 billion in development capital year-to-date. It targets 20%–30% production growth over the next decade, with four projects forecast to add 1.3 million–1.5 million ounces annually by the mid-2030s.