Agnico Eagle stock keeps 2026 outlook after strong third quarter

Published on 11/03/2026 at 12:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Agnico Eagle stock enters the final quarter with strong cash generation and higher gold prices. Management kept its annual production outlook.

Results and outlook

Third-quarter gold production reached 814,012 ounces, while realized gold prices supported adjusted net income of 1.324 billion US dollars.
Management expects 2026 production near the lower end of its range and costs near the upper end.
The company returned 478 million US dollars to shareholders during the quarter and plans further project investment.

AEM, CA0084741085, Illustration mit AI erstellt.

Agnico Eagle Mines reported third-quarter 2026 results on Wednesday, October 28, with higher gold prices supporting earnings despite lower production and rising operating costs. The company's official release said payable gold production reached 814,012 ounces in the three months ended September 30.

Agnico Eagle Mines stock traded at 148.75 euros on Lang & Schwarz at 12:36 CET on Tuesday, November 3, 2026. Investors can follow the real-time quote of Agnico Eagle Mines stock.

Higher gold prices support earnings

Realized gold prices averaged 4,264 US dollars per ounce in the quarter, up from 3,476 US dollars a year earlier. That increase helped lift revenue to 3.584 billion US dollars and net income to 1.353 billion US dollars, compared with 3.060 billion and 1.055 billion US dollars, respectively, in the prior-year period.

Adjusted net income rose to 1.324 billion US dollars, or 2.62 US dollars per share, from 1.085 billion US dollars, or 2.16 US dollars per share. Agnico Eagle said the adjusted figure excludes non-recurring tax adjustments, purchase price allocation to inventory, derivative losses, foreign-exchange losses and other adjustments.

Cash flow remains a key support

Operating cash flow reached 1.755 billion US dollars, while free cash flow came to 852 million US dollars. Free cash flow was lower than the 1.190 billion US dollars recorded a year earlier, as working capital movements and development spending weighed on the quarter.

The company ended September with 3.613 billion US dollars in cash and a net cash position of 3.416 billion US dollars. It returned 478 million US dollars to shareholders through dividends and share repurchases, including a quarterly dividend of 0.45 US dollars per share. Agnico Eagle said it expects to return more than half of 2026 free cash flow to shareholders at current gold prices, subject to operational needs.

Production outlook holds, costs rise

Management kept its 2026 payable gold production guidance at 3.3 million to 3.5 million ounces but expects output near the lower end of that range. The outlook reflects the adjusted mine plan for the Barnat open pit at Canadian Malartic after the rock mass movement reported in July.

Total cash costs are expected near the upper end of the 1,020 to 1,120 US dollar range per ounce, while all-in sustaining costs are expected near the upper end of the 1,400 to 1,550 US dollar range. Agnico Eagle cited diesel and consumables inflation as key pressures. In the third quarter, total cash costs were 1,133 US dollars per ounce and all-in sustaining costs were 1,648 US dollars per ounce, both above the year-earlier levels.

Projects add a longer-term angle

The company continues to advance growth projects at Canadian Malartic, Detour Lake, Upper Beaver and Hope Bay. Management is targeting a 20% to 30% increase in annual gold production over the next decade, with potential output above four million ounces in the early 2030s. Capital spending guidance for 2026 remains 2.6 billion to 2.8 billion US dollars excluding capitalized exploration, with exploration spending guided at 290 million to 330 million US dollars.

The broader Canadian market provides the relevant backdrop for investors, with the S&P/TSX Composite serving as the main domestic equity benchmark.

For more company-specific coverage, see More news and analyses on Agnico Eagle Mines stock.