Company Reports

Despite increased unit costs on modestly lower ounces sold, stronger realized gold prices mean Agnico Eagle's Q2 2026 adjusted NPAT is up around 60% from a year ago, to USD 1.5 billion or USD 3.05 per share. It declared a USD 0.45 quarterly dividend in line with its payout policy, up 13%.

Agnico Eagle is one of the world’s largest gold miners by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2025, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2025.

The gold price continues to fall. At around USD 4,200 per ounce now, it is down 13% since we last updated our assumed prices. ETF outflows have accelerated, consistent with their tendency to be procyclical and the marginal buyers or sellers. Solid central bank buying partially offsets this.

Agnico Eagle is one of the world’s largest gold miners by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2025, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2025.

Agnico Eagle is one of the world’s largest gold miners by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2025, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2025.

Agnico Eagle sold slightly fewer ounces in the first quarter than a year ago, contributing to higher unit costs, but a stronger gold price more than offset these headwinds. Adjusted NPAT rose 120% to USD 1.7 billion or USD 3.40 per share. It declared a USD 0.45 quarterly dividend, up 13%.

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

Agnico Eagle is one of the world’s largest gold miners by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2025, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2025.

Agnico Eagle’s adjusted net income of USD 1.3 billion, or EPS of USD 2.70, for the fourth quarter is double that of a year ago. The higher gold price more than offset increased unit costs on steady volumes. The quarterly dividend rose to USD 0.45 per share, from USD 0.40 in the prior quarter.

Agnico Eagle is one of the world’s largest gold miners by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2025, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2025.

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

Agnico Eagle is the world’s third-largest gold miner by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2024, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2024.

Agnico Eagle's 2025 third-quarter adjusted net profit after tax of USD 1.1 billion, or USD 2.16 per share, is roughly double last year. Higher average realized gold prices are the driver, more than offsetting increased unit cash costs on steady volumes.

The gold bull market continues. Now around USD 3,850 per ounce, gold is up 47% so far in 2025 and near historical highs. Safe-haven buying is a major driver, led by strong ETF and central bank purchases, with ongoing US fiscal deficits, a weaker US dollar, and lower real interest rates assisting.

Agnico Eagle is the world’s third-largest gold miner by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2024, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2024.

Agnico Eagle reported second-quarter adjusted EBITDA of USD 1.9 billion, up 63% from a year ago, as 40% higher gold prices more than offset lower volume and higher unit cash costs. Adjusted net profit after tax of USD 980 million, or USD 1.94 per share, was up about 80%.

The gold price has been on a tear in 2025, rising 27% to USD 3,330 per ounce, close to historical highs. Safe-haven buying is likely the main driver, with investors concerned about tariffs and geopolitical uncertainty, as well as the US fiscal deficit.

Agnico Eagle is the world’s third-largest gold miner by production, operating mines in Canada, Mexico, Finland, and Australia, reflecting the company’s focus on lower-risk jurisdictions. Its four cornerstone assets each produce roughly 350,000-700,000 ounces of gold annually, consisting of Detour Lake, Canadian Malartic, Meadowbank, and Meliadine. All four are in Canada. These mines accounted for around 60% of the company’s sales of 3.4 million ounces of gold in 2024, with the company also producing minor amounts of copper, zinc, and silver. Agnico Eagle had about 15 years of gold reserves at the end of 2024.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

In Agnico Eagle's first-quarter result, 40% higher gold prices more than offset 4% lower volumes, while unit cash costs were stable. Adjusted EBITDA rose 71% compared with a year ago, to USD 1.6 billion. Adjusted net profit after tax more than doubled to USD 770 million, or USD 1.53 per share.