AEM · Agnico Eagle Mines Limited

Agnico Eagle Mines Limited reported a strong first quarter in 2026, achieving record quarterly operating margins and adjusted net income. The company produced 825,109 ounces of gold, representing approximately 24% of the midpoint of its full-year guidance, with production costs per ounce of $1,158, total cash costs per ounce of $1,093, and all-in sustaining costs per ounce of $1,483. The solid operating performance was led by Detour Lake, Canadian Malartic, and Fosterville. The record results were driven by a higher realized gold price of $4,861 per ounce, which more than offset the impact of lower production compared to the prior-year period (873,794 ounces in Q1 2025). Net income was $1,695 million ($3.39 per share), and adjusted net income reached a record $1,706 million ($3.41 per share). Cash flow from operations was $1,346 million, and free cash flow was $732 million, after a $1.3 billion payment for the remaining cash tax liability related to 2025. The company ended the quarter with a cash balance of $3,112 million and a net cash position of $2,915 million, with total debt of only $197 million. Management reiterated full-year 2026 guidance for payable gold production of 3.3 to 3.5 million ounces, total cash costs per ounce of $1,020 to $1,120, and AISC per ounce of $1,400 to $1,550. The company also announced proposed acquisitions in Finland to consolidate the Central Lapland Greenstone Belt, targeting a future production hub of approximately 500,000 ounces per year. Additionally, Agnico Eagle returned $375 million to shareholders in Q1 through dividends and share repurchases, and intends to seek renewal of its NCIB with an increased internal limit to $2 billion.