Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless otherwise noted)
TORONTO, April 30, 2026 /PRNewswire/ - Agnico Eagle Mines Limited $(AEM)$ (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2026.
"We delivered a solid start to 2026, achieving record operating margins while production and costs tracked well to plan. With gold production expected to be weighted to a stronger second half of the year, we are managing cost volatility through disciplined execution and asset optimization, supported by our regional operating model. This positions us well to deliver on our full year guidance," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are excited by the strong progress across our industry leading growth pipeline and are beginning to look beyond the 20--30% production growth already expected over the next decade, with our recently announced proposed acquisitions in Finland marking a milestone in our next phase of long-term growth. At the same time, we remain committed to returning value to shareholders, through our dividend and the expansion of our share repurchase program."
First quarter 2026 highlights:
-- Solid quarterly performance, in line with plan -- Payable gold
production1 was 825,109 ounces, representing approximately 24% of the
mid-point of the full year production guidance, at production costs per
ounce of $1,158, total cash costs per ounce2 of $1,093 and all-in
sustaining costs ("AISC") per ounce2 of $1,483. The solid operating
performance was led by Detour Lake, Canadian Malartic and Fosterville
-- Record quarterly operating margins and adjusted net income -- Solid
production, combined with higher realized gold prices of $4,861 per ounce
in the first quarter, resulted in record operating margins and adjusted
net income. The Company reported quarterly net income of $1,695 million
or $3.39 per share and record adjusted net income3 of $1,706 million or
$3.41 per share. The Company generated cash provided by operating
activities of $1,346 million or $2.69 per share and free cash flow3 of
$732 million or $1.46 per share, which included the impact of a $1.3
billion payment for the remaining cash tax liability related to the 2025
taxation year. Total cash taxes paid in the first quarter were $1.8
billion, approximately 50% of the expected cash taxes for 2026
-- Financial strength continues to grow through robust cash generation --
The Company increased its cash balance by $246 million to $3,112 million
as at March 31, 2026, resulting in a net cash4 position of $2,915 million
with total debt outstanding of $197 million as at March 31, 2026.
Reflecting this strong financial profile, Fitch Ratings upgraded the
Company's long-term issuer default rating from BBB+ to A-- in April 2026
-- Annual gold production and cost guidance reiterated -- Full year expected
payable gold production in 2026 remains unchanged at 3.3 to 3.5 million
ounces, with production now weighted approximately 48% to the first half
of the year and 52% to the second half. Full year total cash costs per
ounce and AISC per ounce in 2026 remain unchanged at $1,020 to $1,120 and
$1,400 to $1,550, respectively. While the Company is subject to cost
uncertainty, including fuel price volatility as a result of ongoing
geopolitical events, the Company's regional operating strategy, focused
on local procurement and resilient supply chains, is expected to mitigate
potential cost impacts. Further details are set out in the 2026 Guidance
Summary section below
-- Continued commitment to shareholder returns and expected renewal and
increase of NCIB -- The Company returned a total of $375 million to
shareholders during the first quarter of 2026, including the declaration
of a quarterly dividend of $0.45 per share and the repurchase of 721,211
common shares under its normal course issuer bid ("NCIB"). Share
repurchases were completed at an average price of $207.68 per share for
total consideration of $150 million. As previously disclosed, the Company
intends to seek approval from the TSX to renew the NCIB for another year
on substantially the same terms, with an increase to its internal limit
on purchases of common shares to $2 billion. Additional details will be
provided at the time of the renewal
-- 2025 Sustainability Report published -- The Company released its 17th
annual Sustainability Report on April 30, 2026, demonstrating its
commitment to operating in a safe, sustainable and environmentally
responsible manner
-- Update on key value drivers and pipeline projects in the first quarter of
2026
-- Canadian Malartic -- Production from the East Gouldie ramp
commenced in March 2026. The development and construction
activities continued to progress on schedule, with the main ramp
and shaft #1 reaching a depth of 1,151 metres and 1,514 metres,
respectively. Construction of the first loading station is on
schedule for first production through shaft #1 in the second
quarter of 2027. Exploration drilling continued to yield positive
results in multiple areas of the Odyssey mine, including 6.7 grams
per tonne ("g/t") gold over 36.0 metres at 1,089 metres depth in
the upper eastern portion of the East Gouldie deposit and 9.0 g/t
gold over 53.5 metres (core length) at 1,067 metres depth in the
internal zones of the Odyssey deposit
-- Detour Lake -- Development activities for the underground project
continued, with the exploration ramp reaching a depth of 147
metres and overburden removal commencing for the conveyor--ramp
portal. High-intensity drilling from surface near the exploration
ramp was initiated, with a highlight intercept of 8.9 g/t gold
over 14.1 metres at 187 metres depth. Drilling into the West
Extension zone had highlights of 10.7 g/t gold over 10.1 metres at
497 metres depth, approximately 1.5 kilometres west of the
resource-pit outline, and 10.0 g/t gold over 3.1 metres at 922
metres depth, approximately 2.5 kilometres west of the
resource-pit outline
-- Upper Beaver -- Development of the exploration ramp and shaft
continued to advance ahead of schedule, reaching depths of 108
metres and 382 metres, respectively. During the quarter, the
Company initiated a high--intensity drilling program targeting a
portion of the Upper Beaver deposit between approximately 500 and
600 metres depth, characterized by intrusion--suite host rocks, to
complement the bulk sample planned at the 760 level
-- Hope Bay -- Project activities focused on site preparedness for a
potential redevelopment, including the addition of a new third
wing to the camp, substantial completion of the internal technical
evaluation, including advancement of detailed engineering to
approximately 55%, and planning for the 2026 sealift season. A
construction decision at Hope Bay is expected in May 2026
-- San Nicolás -- Minas de San Nicolás, which has the
potential for base metal production in Mexico, continued to
advance engineering and execution strategy, targeting completion
of 50% of the engineering by mid-year 2026. Drilling activities
progressed with a focus on condemnation drilling and geological
evaluation in proximity to the projected mine area
-- Proposed consolidation of Finland's Central Lapland Greenstone Belt
("CLGB") in three separate transactions -- On April 20, 2026, the Company
announced a comprehensive consolidation of properties in the CLGB of
Northern Finland through the proposed acquisitions of Rupert Resources
Ltd. ("Rupert") and Aurion Resources Ltd. ("Aurion") and the acquisition
of the 70% interest in Fingold Ventures Ltd. held by B2Gold Corp
("B2Gold"). The Company expects the Rupert and Aurion transactions to be
completed late in the second quarter of 2026. The transaction with B2Gold
was completed in April 2026
-- Through these transactions, the Company expects to build another
multi-asset, multi-decade regional platform within its portfolio,
create significant value at the Ikkari gold project by leveraging
over 20 years of regional experience and unlock multi-layered
exploration potential across the consolidated 2,492 km2 land
package
-- It establishes a pathway to transform its Finland platform into an
approximately 500,000--ounce--per--year gold production hub within
the next decade, and contribute beyond the 20-30% Company--wide
production growth over that period
-- The Company will evaluate opportunities to reduce dilution
associated with the Rupert transaction, including potentially
returning the proceeds of portfolio investment sales to
shareholders through share repurchases under the NCIB
______________________________________
(1) Payable production of a mineral means the quantity of a mineral produced
during a period contained in products that have been or will be sold by the
Company whether such products are shipped during the period or held as
inventory at the end of the period.
(2) Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS$(R)$ Accounting Standards and in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis and a description of their composition and usefulness, see "Note Regarding Certain Measures of Performance" below. (3) Adjusted net income, free cash flow and where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below. (4) Net cash is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.
First Quarter 2026 Results Conference Call and Webcast Tomorrow
The Company's senior management will host a conference call on Friday, May 1, 2026, at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.
Via Webcast:
To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.
Via Phone:
To join the conference call by phone, please dial 437-900-0527 or toll-free 1-888-510-2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.
Replay Archive:
Please dial 289-819-1450 or toll-free 1-888-660-6345, access code 72715#. The conference call replay will expire on June 1, 2026.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Annual Meeting
The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, May 1, 2026 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.
The AGM will be held in person at Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online at: https://meetnow.global/M59UWL4.
For details explaining how to attend, communicate and vote virtually at the AGM see the Company's Management Information Circular dated March 19, 2026, filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416-947-1212, by toll-free phone at 1-888-822-6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by calling 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting "INFO" to either number, or by e-mail at assistance@laurelhill.com.
First Quarter 2026 Production and Costs
Production and Cost Results Summary
------------------------------------
Three Months Ended
March 31,
----------------------------
2026 2025*
------------- -------------
Gold production** (ounces) 825,109 873,794
Gold sales (ounces)*** 829,651 842,965
Production costs per ounce $ 1,158 $ 879
Total cash costs per ounce $ 1,093 $ 895
AISC per ounce $ 1,483 $ 1,175
* Total cash costs per ounce and AISC per ounce for the three months ended
March 31, 2025 have been restated using the Company's revised composition
for periods commencing on or after January 1, 2026. Using the Company's
composition of this measure for periods ending on or prior to December
31, 2025, total cash costs per ounce were $903 for the consolidated
Company and AISC per ounce was $1,183 for the consolidated Company.
** Gold production for the three months ended March 31, 2026 excludes
payable gold production at La India and Creston Mascota of 418 and 76
ounces, respectively, which were produced from residual leaching. Gold
production for the three months ended March 31, 2025 excludes payable
gold production at La India and Creston Mascota of 1,811 ounces and 25
ounces, respectively, which were producing from residual leaching.
*** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude
the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in
respect of gold production at such mines. For the three months ended
March 31, 2025, payable metals sold excludes 2,500 payable gold ounces
sold at La India.
Gold Production
Gold production decreased in the first quarter of 2026 when compared to the prior-year period primarily due to lower production at Macassa and Meadowbank (lower grades), partially offset by higher production at Detour Lake (higher grades and recoveries).
Production Costs per Ounce
Production costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices, lower gold production and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.
Total Cash Costs per Ounce
Total cash costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above for the increase in production costs per ounce.
AISC per Ounce
AISC per ounce increased in the first quarter of 2026 when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Macassa and Fosterville, higher non-cash reclamation related costs and higher general and administrative expenses.
Refer to the Company's Management Discussion & Analysis for the first quarter of 2026 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.
First Quarter 2026 Financial Results
Financial Results Summary
---------------------------------------------
Three Months Ended
March 31,
--------------------------
2026 2025
------------ ------------
Realized gold price (per ounce)(5) $ 4,861 $ 2,891
Net income (millions) $ 1,695 $ 815
Adjusted net income (millions) $ 1,706 $ 770
EBITDA (millions)(6) $ 2,996 $ 1,634
Adjusted EBITDA (millions)(6) $ 3,011 $ 1,590
Cash provided by operating activities
(millions) $ 1,346 $ 1,044
Cash provided by operating activities before
changes in non-cash components of working
capital (millions)(6) $ 2,231 $ 1,209
Capital expenditures* (millions)(6) $ 574 $ 419
Free cash flow (millions) $ 732 $ 594
Free cash flow before changes in non-cash
components of working capital (millions)(6) $ 1,618 $ 759
Net income per share (basic) $ 3.39 $ 1.62
Adjusted net income per share (basic) $ 3.41 $ 1.53
Cash provided by operating activities per
share (basic) $ 2.69 $ 2.08
Cash provided by operating activities before
changes in non-cash components of working
capital per share (basic) $ 4.46 $ 2.41
Free cash flow per share (basic) $ 1.46 $ 1.18
Free cash flow before changes in non-cash
components of working capital per share
(basic) $ 3.23 $ 1.51
*Includes capitalized exploration
_________________________
(5) Realized gold price is calculated as gold revenues from mining operations
divided by the number of ounces sold.
(6) "EBITDA" means earnings before interest, taxes, depreciation, and
amortization. EBITDA, adjusted EBITDA, capital expenditures, cash provided by
operating activities before changes in non-cash components of working capital
and free cash flow before changes in non-cash components of working capital
and, where applicable, their related per share measures, are non-GAAP measures
that are not standardized measures under IFRS Accounting Standards. For a
description of the composition and usefulness of these non-GAAP measures and a
reconciliation to the most comparable measure prepared in accordance with IFRS
Accounting Standards, see "Note Regarding Certain Measures of Performance" below.
Net Income
Net income increased in the first quarter of 2026 when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by lower gold sales and higher income and mining taxes.
Net income in the first quarter of 2026 of $1,695 million ($3.39 per share) includes the following items (net of tax): reclamation adjustments of $9 million ($0.02 per share), net gains on derivative financial instruments of $7 million ($0.01 per share), net asset disposal losses of $7 million ($0.01 per share), foreign currency translation losses on deferred tax liabilities of $5 million ($0.01 per share) and other adjustments totaling $3 million ($0.01 per share). Excluding these items results in adjusted net income of $1,706 million or $3.41 per share for the first quarter of 2026.
Adjusted EBITDA
Adjusted EBITDA increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices partially offset by lower gold sales), partially offset by higher production costs (higher royalty costs), higher general and administrative expenses and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.
Cash Provided by Operating Activities
Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher income and mining taxes. Cash provided by operating activities was reduced by unfavourable changes in non-cash working capital balances primarily due to approximately $1.3 billion in cash taxes paid in the quarter relating to the 2025 taxation year. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, representing approximately 50% of the expected cash taxes for 2026.
Free Cash Flow
Free cash flow and free cash flow before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above related to cash provided by operating activities, partially offset by higher development capital expenditures related to Odyssey, Hope Bay and Detour Lake underground pipeline projects.
Capital Expenditures
The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures by mine, and capitalized exploration in the first quarter of 2026.
Summary of Capital Expenditures
--------------------------------------------------------
(thousands) Three Months Ended
Mar 31, 2026
Capital Capitalized
Expenditures* Exploration
----------------- ------------------
Sustaining Capital Expenditures**
LaRonde $ 15,661 $ 1,232
Canadian Malartic 22,761 987
Goldex 10,105 200
----------------- ------------------
Quebec 48,527 2,419
Detour Lake 42,531 --
Macassa 19,545 827
----------------- ------------------
Ontario 62,076 827
Meliadine 16,310 1,425
Meadowbank 23,155 --
----------------- ------------------
Nunavut 39,465 1,425
Fosterville 22,540 496
----------------- ------------------
Australia 22,540 496
Kittila 13,167 982
----------------- ------------------
Finland 13,167 982
Pinos Altos 8,756 211
Mexico 8,756 211
Other 2,061 (973)
----------------- ------------------
Total Sustaining Capital Expenditures $ 196,592 $ 5,387
Development Capital Expenditures**
LaRonde $ 20,397 $ --
Canadian Malartic 85,092 7,519
Goldex 6,080 1,997
----------------- ------------------
Quebec 111,569 9,516
Detour Lake 73,444 6,621
Detour Lake underground 4,266 12,274
Macassa 24,510 8,819
Upper Beaver 7,316 16,595
----------------- ------------------
Ontario 109,536 44,309
Meliadine 18,374 4,181
Meadowbank 9,174 22
Hope Bay 31,764 13,834
----------------- ------------------
Nunavut 59,312 18,037
Fosterville 4,314 3,477
----------------- ------------------
Australia 4,314 3,477
Kittila 946 2,600
----------------- ------------------
Finland 946 2,600
Pinos Altos 1,821 11
San Nicolás (50%) 1,326 1,391
----------------- ------------------
Mexico 3,147 1,402
Other 3,466 --
----------------- ------------------
Total Development Capital
Expenditures $ 292,290 $ 79,341
----------------- ------------------
Total Capital Expenditures $ 488,882 $ 84,728
================= ==================
* Excludes capitalized exploration
** Sustaining capital expenditures and development capital expenditure are
non-GAAP measures that are not standardized measures under IFRS Accounting
Standards. For a description of the composition and usefulness of these
non-GAAP measures and a reconciliation to the most comparable measure
prepared in accordance with IFRS Accounting Standards, see "Note Regarding
Certain Measures of Performance" below.
2026 Guidance Reiterated
In the first three months of 2026, the Company achieved approximately 24% of the mid-point of its full year gold production guidance, while achieving total cash costs per ounce and AISC per ounce within the guidance range. Based on these results, the Company is reiterating its guidance for the full year 2026. Full year expected payable gold production in 2026 at 3.3 to 3.5 million ounces is now weighted approximately 48% to the first half of the year and 52% to the second half.
A summary of the Company's guidance is set out below.
2026 Guidance Summary
----------------------------
($ millions, unless otherwise stated)
2026 2026
Guidance Range Mid-Point
---------------------------- -------------
Gold production (thousands of
ounces) 3,300 3,500 3,400
Total cash costs per ounce(7) $ 1,020 $ 1,120 $ 1,070
AISC per ounce(7) $ 1,400 $ 1,550 $ 1,475
Capital expenditures(7)
(excluding capitalized
exploration) $ 2,175 $ 2,395 $ 2,285
Capitalized exploration $ 290 $ 330 $ 310
------------- ------------- -------------
Capital expenditures
(including capitalized
exploration) $ 2,465 $ 2,725 $ 2,595
Exploration and corporate
development* $ 275 $ 305 $ 290
Depreciation and amortization
expense $ 1,550 $ 1,750 $ 1,650
General and administrative
expense** $ 230 $ 260 $ 245
Other costs*** $ 75 $ 95 $ 85
NTI Payment(8) $ 185 $ 195 $ 190
Cash taxes $ 3,400 $ 3,600 $ 3,500
Effective tax rate (%) 34 % 36 % 35 %
* 2026 Guidance includes $185 million to $205 million related to
exploration and $90 million to $100 million related to corporate
development
** 2026 Guidance includes share-based compensation, expected to be between
$65 million and $75 million. General and administrative expense is
expected to fluctuate based on changes in the Company's share price,
which affect the costs related to stock-based compensation.
*** 2026 Guidance includes $35 million to $45 million related to site
maintenance costs primarily at Hope Bay and Northern Territory in
Australia and $40 million to $50 million related to remediation expenses
and other miscellaneous costs
_____________________________
(7) The Company's guidance for total cash costs per ounce, AISC per ounce and
capital expenditures is forward-looking non-GAAP information. For a
description of the composition and usefulness of these non-GAAP measures and a
discussion of revisions that have been made by the Company to the composition
of certain of these measures, see "Note Regarding Certain Measures of
Performance" below.
(8) The "NTI Payment" is the payment to Nunavut Tunngavik Inc. ("NTI") under
the Company's mineral production lease in respect of the Amaruq mine at
Meadowbank, which is a royalty based on net profits, subject to a minimum
profit margin. NTI Payments in this table are reflected on a cash basis with
2026 Guidance based on a gold price assumption of $4,500 per ounce.
Cash Taxes
The Company's effective tax rate continues to be expected to be approximately 34% to 36% for the full year of 2026. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, which included a $1.3 billion payment for the remaining cash tax liability for 2025. This represents approximately 50% of total cash taxes expected for 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million.
Cost Considerations Related to Current Market Uncertainty
While the ongoing conflict in the Middle East introduces uncertainty related to fuel price volatility and the global supply chain, the Company currently anticipates that volatility of fuel and commodity prices and currency exchange rates will be captured within the total cash costs per ounce and AISC per ounce guidance ranges of $1,020 to $1,120 and $1,400 to $1,550, respectively. Supported by the Company's regional operating strategy, with a focus on local procurement and resilient supply chains, the Company does not currently anticipate any significant risk of disruption to fuel, consumables or parts supplies across its operations. While higher transportation and freight costs are expected to persist amid ongoing uncertainty, the Company continues to actively monitor the situation for any potential impacts.
The Company's full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes). Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2025 sealift, approximately 54% of the Company's total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.71 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility for the balance of 2026.
Diesel represents approximately 10% of the Company's operating costs, comprising approximately 7% related to direct consumption for mobile equipment and on-site power generation, and approximately 3% related to transportation and freight. With respect to direct diesel consumption, the Company estimates that a 10% change in diesel prices would impact total cash costs per ounce by approximately $4 on a net basis after hedges (approximately $8 excluding the impact of diesel hedges) for the full year 2026. For indirect diesel exposure related to transportation, a 10% change in diesel prices is estimated to impact total cash costs per ounce by approximately $2 net of the fuel sealift to Nunavut.
Currency Hedges
The Company's full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.
Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 42% of its estimated remaining Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.
The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for 2026.
Tariffs
The international trade disputes set in motion in February 2025 by US tariffs, retaliatory tariffs and other actions remain fluid. The Company continues to believe that its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to monitor its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs or other trade disputes. The cost guidance provided in this news release does not include any potential impact from such tariffs or trade disputes.
Balance Sheet Strength Supported by Strong Net Cash Position; Continued Commitment to Shareholder Returns
Cash and cash equivalents increased by $246 million from the prior quarter, primarily due to cash provided by operating activities resulting from record operating margins (higher realized gold prices partially offset by higher royalty costs). The increase was partially offset by unfavourable changes in non-cash components of working capital (including an approximately $1.3 billion payment of cash taxes related to the 2025 taxation year), $614 million of capital expenditures including working capital adjustments and $375 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.
As at March 31, 2026, the Company's total long-term debt was $197 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2026 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.
Net cash increased to $2,915 million in the first quarter of 2026 compared to the prior quarter balance of $2,670 million due to the increase in cash and cash equivalents of $246 million. See "Note Regarding Certain Measures of Performance" below for the calculation of net cash.
On April 29, 2026, Fitch Ratings upgraded the Company's investment grade credit rating to A- with a Stable Outlook, reflecting the Company's strong operating profile, favorable low cost position and sustained commitment to a strengthening balance sheet. The Company strives to maintain a strong financial position and an investment grade balance sheet.
Shareholder Returns
The Company remains committed to delivering strong returns to shareholders in 2026 through a combination of the dividend and share repurchases under the NCIB, with a target to return approximately 40% of annual free cash flow to shareholders, assuming current gold prices and subject to operational needs.
The Company will evaluate opportunities to reduce the dilution associated with the Rupert transaction, including potentially returning the proceeds of portfolio investment sales to shareholders through share repurchases under the NCIB.
Normal Course Issuer Bid
In the first quarter of 2026, the Company repurchased 721,211 common shares under the NCIB at an average price of $207.68 per share for aggregate purchases of $150 million.
The Company believes that its NCIB is a flexible and effective complementary tool that, together with the quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. Under the NCIB, the Company may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.
The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases of common shares to $2 billion. Additional details will be provided at the time of the renewal.
Dividend Record and Payment Dates for the Second Quarter of 2026
The Company's Board of Directors has declared a quarterly cash dividend of $0.45 per common share, payable on June 15, 2026 to shareholders of record as of June 1, 2026. Agnico Eagle has declared a cash dividend every year since 1983.
Expected Dividend Record and Payment Dates for the 2026 Fiscal Year
Record Date Payment Date ----------------- ------------------ March 2, 2026* March 16, 2026* ----------------- ------------------ June 1, 2026** June 15, 2026** ----------------- ------------------ September 1, 2026 September 15, 2026 ----------------- ------------------ December 1, 2026 December 15, 2026 ----------------- ------------------ * Paid ** Declared
Dividend Reinvestment Plan
For information on the Company's dividend reinvestment plan, see Dividend Reinvestment Plan.
International Dividend Currency Exchange
For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.
Committed to Sustainability
17(th) Annual Sustainability Report for 2025 Released
The Company released its 2025 Sustainability Report (the "Report") on April 30, 2026, providing an overview of the Company's strategy, practices and risk management approach related to health, safety, environment and sustainability, along with a comprehensive review of sustainability performance.
The Report includes mining industry-specific indicators from the Sustainability Accounting Standards Board Metals and Mining disclosures and metrics, and certain indicators in reference to the Global Reporting Initiative standards.
The Report's theme, "Together, We Make Mining Work", reflects the Company's belief that responsible mining is achieved through collaboration. For almost 70 years, the Company has recognized that long-term success is built through strong relationships with employees, Indigenous Peoples, communities, partners and stakeholders and the Company remains committed to operating in a way that creates shared value for all stakeholders.
Report Highlights:
-- Strong sustainability performance -- The Company continued its "Towards
Zero Accidents" initiative by focusing on visible felt leadership,
employee training, and risk identification and mitigation. Performance
was maintained or improved across many key factors including zero
significant environmental incidents and increased employee engagement
results
-- However, these positive actions were overshadowed by fatal
accidents at Fosterville in December 2025 and Canadian Malartic in
April 2026. The Company has taken steps to reset its approach to
safety, including immediately calling for safety meetings globally,
with all employees and contractors, to emphasize that safe
production is core to the sustainability and success of our
business and that if a job cannot be done safely, it should not be
done
-- Approach to climate change -- The Company's continued efforts in
decarbonization are focused on energy efficiency, technology transition
and increased use of renewable energy. In 2025, the Company maintained
its position among gold industry leaders in greenhouse gas emissions
performance with an intensity of 0.39 tonnes of CO2 equivalent per ounce
of gold produced
-- Commitment to reconciliation with Indigenous communities -- The Company
progressed the implementation of its Reconciliation Action Plan,
including with the establishment of an Indigenous Advisory Committee, the
delivery of over 5,000 hours of Indigenous cultural awareness training to
employees and by hosting over 200 Indigenous cultural awareness
activities across the Company. This comprehensive approach reinforces the
Company's dedication to fostering positive relationships and supporting
Indigenous Peoples globally
-- Investing in communities -- Being a trusted and valued member of the
communities associated with the Company's operations remains a
fundamental principle and priority for the Company. In 2025, the
Company's donations to charitable organizations were approximately $11
million and the Company spent approximately $2.0 billion on locally
sourced goods and services, approximately $1.2 billion of which went to
Indigenous businesses
-- Mining responsibly -- The Company is committed to being a responsible
miner and contributing to the sustainable development of the regions in
which it operates. The Company upholds recognized international
sustainability frameworks, including Towards Sustainable Mining $(TSM)$,
Responsible Gold Mining Principles $(RGMP)$, the Voluntary Principles on
Security and Human Rights (VPSHRs) and the Conflict-Free Gold Standard
Commitment to the Development of Inuit Education
-- Inuit Nunangat University -- The Company is proud to formalize its
commitment of C$10M to support the development of the Inuit Nunangat
University. The Company commends the leadership of Inuit Tairiit Kanatami
in advancing this important initiative in support of Inuit
self-determination, cultural preservation and capacity-building and looks
forward to supporting the students and graduates as they pursue future
careers and business opportunities within Inuit Nunangat and beyond
The Company's 2025 Sustainability Report can be accessed here.
Key Value Drivers -- Building the Next Phase of Growth
The Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with a first step-up in production expected in 2030 and the potential to exceed 4.0 million ounces in the early 2030s. The growth is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as the construction of Upper Beaver, Hope Bay and San Nicolas located in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling risk-adjusted returns.
Anticipated Anticipated
2026 Gold Incremental Incremental
Production Anticipated Annual Gold Annual Copper
Guidance Production Production* Production
Key Project (000s oz) Ramp-up Year (000s oz) (tonnes)
----------------- ----------- ------------- ------------- ----------------
Canadian Malartic 575 -- 590 2033 400 -- 500 --
Detour Lake 700 -- 715 2030 300 -- 350 --
Upper Beaver -- 2030 200 -- 225 3,600
Hope Bay -- 2030 400 -- 425 --
San Nicolás
(50%)** -- 2030 -- 50,000 -- 60,000
----------------- ----------- ------------- ------------- ----------------
* The forecast parameters were based on internal evaluations, which are
preliminary in nature and include inferred mineral resources. For a
description see "Notes to Investors Regarding Certain Project Evaluations"
below
** San Nicolás incremental annual production also includes approximately
150,000 to 160,000 tonnes of zinc in first eight years of production and
20,000 to 30,000 tonnes of zinc in subsequent years
Canadian Malartic -- Potential for 400,000 to 500,000 ounces of incremental annual gold production
The Company continues to advance the transition to underground mining with the construction of the Odyssey mine, including the development of Odyssey Shaft #1 and is advancing internal evaluations on three projects that, together, have the potential to increase annual gold production, starting in 2033, towards one million ounces. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.
Odyssey Development
In the first quarter of 2026, mine development advanced with a continued focus on the main ramp, which reached a depth of 1,151 metres as of March 31, 2026, and the development of the East Gouldie production levels. Production via ramp from East Gouldie commenced in March 2026, approximately three months ahead of plan. Development remains a priority, with the Company targeting a sustained development rate of approximately 2,000 metres per month, supported by the integration of new development teams and equipment, increased hoisting capacity, optimization of hauling and service activities, and the increased use of automation and autonomous hauling. The excavation of two ventilation raises from surface to level 58 and the construction of the main exhaust fan station also advanced, with commissioning expected in June 2026.
Work continued on the development and construction of the first loading station between levels 102 and 111, including the crushing and material--handling circuit, shaft loading pocket and maintenance shop. Development activities continue to progress on schedule in support of the planned start of shaft--hoisted production from East Gouldie in the second quarter of 2027. Shaft sinking activities continued ahead of schedule, with the excavation of the material--handling infrastructure for the second loading station between levels 137 and 146 now expected to be completed in the second quarter of 2026 and the completion of the first phase of shaft sinking to a planned depth of 1,580 metres now expected at year-end 2026. The shaft reached a depth of 1,514 metres as at March 31, 2026. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 172 and 181, is expected to be completed and commissioned in 2031.
Construction of key surface infrastructure progressed, with the operational complex expected to be completed in the second quarter of 2026 and phase two of the paste plant (designed for a 20,000 tonnes per day ("tpd") capacity) expected to be completed in the fourth quarter of 2026. The fabrication of the production hoist is complete and delivery of the various components of the hoist is ongoing, with assembly to start in the second quarter of 2026. Commissioning of the production hoist is expected in the second quarter of 2027.
Odyssey Shaft #2
The Company is advancing an internal technical evaluation of a potential second shaft at the Odyssey mine. Drilling of the geotechnical pilot hole at the planned location has been completed to a depth of 1,800 metres. Current work is focused on mine design and planning, surface layout, headframe design and preparatory activities to support the permitting process. The evaluation is expected to be completed in the fourth quarter of 2026.
Exploration at Odyssey
During the first quarter of 2026, 13 surface rigs and 16 underground rigs were in operation, drilling a total of 56,635 metres supplemented by an additional six surface rigs completing 13,455 metres of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project.
Exploration drilling targeted multiple areas of the Odyssey mine, returning positive results in the upper eastern, central, western and deeper areas of the East Gouldie deposit and in the internal zones of the Odyssey deposit.
In the upper eastern extension of the East Gouldie deposit, underground drilling was highlighted by hole UGEG-103-005 intersecting 6.7 g/t gold over 36.0 metres at 1,089 metres depth, including 12.6 g/t gold over 15.3 metres at 1,089 metres depth; and hole UGEG-095-014 intersecting 5.5 g/t gold over 10.3 metres at 1,061 metres depth, 5.8 g/t gold over 9.8 metres at 1,153 metres depth, 5.1 g/t gold over 6.3 metres at 1,175 metres depth and 3.0 g/t gold over 15.8 metres at 1,187 metres depth.
In the Odyssey deposit, conversion drilling encountered significant mineralization in the lower portion of the porphyry in the internal zones, highlighted by hole UGOD-057-012 intersecting 6.1 g/t gold over 12.9 metres (core length) at 1,017 metres depth, including 12.0 g/t gold over 4.9 metres (core length) at 1,020 metres depth, and 9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth; and hole UGOD-064-019 intersecting 2.8 g/t gold over 27.6 metres (core length) at 992 metres depth, including 5.6 g/t gold over 8.0 metres (core length) at 992 metres depth. The internal zones in the vicinity of the Odyssey North zone will be further investigated in 2026 to help in planning the future mining infrastructure in this area.
Selected recent drill intersections from the Odyssey mine are set out in the composite longitudinal section below and in a table in the Appendix.
[Odyssey -- Composite Cross and Longitudinal Sections]
Marban
At the Marban deposit, located approximately 12 kilometres from the Canadian Malartic mill, the Company envisions the potential development of a satellite open pit operating at a planned mining rate between 14,000 to 16,000 tpd and producing approximately 120,000 to 150,000 ounces of gold annually over a mine life of approximately 12 years with the potential for initial production as early as 2033.
During the first quarter of 2026 at Marban, the second phase of an exploration and conversion drilling program completed 29 holes totalling 7,013 metres. The program mainly targeted the northern and eastern extensions of the Marban deposit near and beyond the newly expanded proposed pit outline.
Wasamac
At Wasamac, the Company envisions an underground satellite operation with a planned mining rate of approximately 3,200 tpd. Ore is expected to be transported to the Canadian Malartic mill for processing, with an average annual gold production expected to be approximately 90,000 ounces with the potential for initial production as early as 2033. In the first quarter of 2026, the Company advanced optimization and trade--off studies alongside permitting activities and engagement with stakeholders.
Detour Lake -- Potential for 300,000 to 350,000 ounces of incremental annual gold production
In the first quarter of 2026, excavation of the exploration ramp advanced by 345 metres to a total length of 823 metres, reaching a depth of 147 metres as of March 31, 2026. The Company is ramping up its workforce and integrating additional equipment in preparation for the commencement of multi--face development expected to begin in the third quarter of 2026. Extension of the exploration ramp to the planned bulk--sampling location at level 200 is expected to be completed in the first half of 2027.
Other activities supporting the underground project during the first quarter of 2026 included the commencement of overburden excavation for the conveyor ramp portal near the mill, with underground ramp development planned to begin in the first quarter of 2027. Work also progressed on the construction of the camp extension, and detailed engineering was initiated for the paste plant, ore--handling system and electrical infrastructure.
At Detour Lake during the first quarter of 2026, exploration drilling totalled 39,052 metres. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit. The first underground drill was mobilized during the first quarter of 2026 and completed 726 metres of drilling.
To complement the planned bulk sample at Level 200, the Company has initiated a high-intensity drill program targeting Domain 54, similar to the investigation of Domain 53 in 2025, to validate the continuity of mineralization and improve the accuracy of the geological model. Highlights from the high-intensity drilling included hole DLM26-1299 intersecting 14.0 g/t gold over 2.5 metres at 84 metres depth and 8.9 g/t gold over 14.1 metres at 187 metres depth; and hole DLM26-1313 intersecting 2.9 g/t gold over 23.2 metres at 210 metres depth, including 8.1 g/t gold over 6.0 metres at 218 metres depth and 14.9 g/t gold over 9.0 metres at 238 metres depth.
Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline continued to extend the underground mineral potential to the west with highlights of hole DLM25-1243 intersecting 28.0 g/t gold over 4.4 metres at 734 metres depth and 11.7 g/t gold over 2.6 metres at 794 metres depth; hole DLM25-1255 intersecting 2.6 g/t gold over 27.4 metres at 669 metres depth; hole DLM25-1274 intersecting 14.0 g/t gold over 2.6 metres at 797 metres depth and 3.6 g/t gold over 9.5 metres at 816 metres depth; and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth, including 37.8 g/t gold over 2.6 metres at 501 metres depth.
Drilling that tested the West Extension zone approximately 2.5 kilometres west of the resource-pit outline was highlighted by hole DLM25-1240 intersecting 10.0 g/t gold over 3.1 metres at 922 metres depth.
Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in the Appendix.
[Detour Lake -- Composite Longitudinal Section]
The Company also has a regional exploration program underway at Detour Lake, with $3.7 million budgeted in 2026 for 10,000 metres of drilling that will include condemnation drilling of planned and proposed infrastructure.
Upper Beaver -- Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copper
Located approximately 20 kilometres from the Company's Macassa mine, the Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.
Development activities continued to advance ahead of schedule in the first quarter of 2026, with the exploration ramp advancing by 514 metres and reaching a depth of 108 metres, and the shaft reaching a depth of 382 metres as at March 31, 2026.
During the first quarter of 2026, a high-intensity exploration drilling program at a 20-metre spacing focused on a portion of the Upper Beaver deposit between approximately 500 to 600 metres depth that is dominated by vein systems that are representative of the larger deposit. The primary objective of the high-intensity drilling is to validate the mineral resource model and assess grade-variability within the most representative geological zones of the Upper Beaver deposit. This high-intensity drilling program is expected to complement the planned bulk sample at the 760--metre level and has the potential to bring forward initial production to early 2030.
More than half of the high-intensity drilling program has been completed, starting with Zone 201 and continuing into Zone 107.
Recent highlights from Zone 201 include hole KLUB26-913A intersecting 4.5 g/t gold and 1.07% copper over 4.2 metres at 531 metres depth; hole KLUB26-881W3 intersecting 7.9 g/t gold and 0.98% copper over 6.4 metres at 555 metres depth; hole KLUB26-881W5 intersecting 18.3 g/t gold and 1.19% copper over 2.9 metres at 584 metres depth. In Zone 107, highlight hole KLUB26-915A intersected 45.5 g/t gold and 0.21% copper over 0.9 metres at 535 metres depth.
Selected recent drill intersections from Upper Beaver are set out in the composite longitudinal section below and in a table in the Appendix.
[Upper Beaver -- Composite Cross and Longitudinal Sections]
Hope Bay -- Potential for 400,000 to 425,000 ounces of annual gold production
In the first quarter of 2026, the Company advanced site preparations to support a potential project redevelopment, including upgrades to camp facilities, with installation of a third camp wing ongoing. During the quarter, the Company focused on completing a technical evaluation for the potential redevelopment, advancing detailed engineering to approximately 55% completion, and progressing planning and procurement activities for the upcoming sealift season, in advance of a potential redevelopment decision expected in May 2026.
In the first quarter of 2026, excavation of the Naartok East exploration ramp at Madrid advanced by 638 metres and reached a depth of 111 metres as of March 31, 2026. In 2026, the exploration ramp will continue to advance for a total of 3.3 kilometers to a depth of 185 metres to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, excavation of the portal boxcut for the dedicated exploration ramp was completed and preparation for ground support activities are underway.
San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)
Regulatory decisions for the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits are pending. In the first quarter of 2026, Minas de San Nicolás continued to advance engineering on critical infrastructure to increase confidence in the feasibility study, further de-risk the execution strategy and position the project for a potential sanction decision, subject to receipt of permits. As at March 31, 2026, more than 40% of engineering had been completed, with progress expected to reach approximately 50% by mid-2026.
During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.
First Quarter 2026 Operating Results
Regional operating statistics and highlights for the first quarter of 2026 are set out below. See the MD&A under the caption "Financial and Operating Results" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.
ABITIBI REGION, QUEBEC
First Production Achieved at East Gouldie; Strong Operational Performance at Akasaba West; Automation Initiatives Continue to Advance at LaRonde
Abitibi Quebec -- Operating Statistics ------------ Three Months Consolidated Ended March Canadian Abitibi 31, 2026 LaRonde Malartic Goldex Quebec ------------ ----------------- --------------- --------------- ------------- Tonnes of ore milled (thousands) 776 4,707 813 6,296 Tonnes of ore milled per day 8,622 52,300 9,033 69,955 Gold grade (g/t) 3.55 1.20 1.35 1.51 Gold production (ounces) 81,596 166,216 29,372 277,184 Production costs per tonne (C$) C$ 156 C$ 38 C$ 68 C$ 56 Minesite costs per tonne (C$) C$ 175 C$ 50 C$ 64 C$ 67 Production costs per ounce $ 1,079 $ 782 $ 1,362 $ 931 Total cash costs per ounce $ 1,027 $ 998 $ 915 $ 998
Regional Highlights
-- Gold production in the quarter was higher than planned primarily as a
result of higher grades and ore tonnes at the Barnat pit at Canadian
Malartic. The higher gold grades and ore tonnes were a result of the
continued mining of mineralized zones near historical underground stopes
in the Barnat pit
-- At LaRonde, production was affected by mining sequence adjustments, as
delays at the East Mine were offset by higher tonnes from LaRonde Zone 5
("LZ5") and Zone 11--3, resulting in lower gold grades than planned for
the quarter
-- At LaRonde, the Company continued its automation initiatives with
approximately 26% of the ore mucked using automated loaders during the
quarter. The Company began testing hauling of ore with autonomous trucks
from level 317 to level 290 in the East mine
-- At Odyssey, East Gouldie first production via ramp was achieved in March
2026, three months ahead of schedule. Gold production was in line with
plan at approximately 27,400 ounces
-- At Goldex, strong productivity at the Akasaba open pit resulted in higher
ore tonnes and a higher percentage of ore from Akasaba processed at the
mill during the quarter
-- At LaRonde, a 10-day shutdown is scheduled in the second quarter of 2026
to replace the liners at the SAG mill and to complete maintenance of the
drystack filtration plant and flotation circuit. Canadian Malartic has
four-day quarterly shutdowns planned in 2026 for regular maintenance at
the mill. Goldex has two to three-day quarterly shutdowns planned for
regular maintenance at the mill.
-- An update on Odyssey and the "fill-the-mill" strategy is set out in the
Key Value Drivers -- Building the Next Phase of Growth section above
ABITIBI REGION, ONTARIO
Strong Production at Detour Lake Driven by Higher Grades and Strong Mill Operating Performance; Record Quarterly Mill Throughput at Macassa
Abitibi Ontario -- Operating Statistics ------------ Three Months Ended March Consolidated 31, 2026 Detour Lake Macassa Abitibi Ontario ------------ ------------------ ------------------ ----------------- Tonnes of ore milled (thousands) 6,748 149 6,897 Tonnes of ore milled per day 74,978 1,656 76,634 Gold grade (g/t) 0.90 11.92 1.14 Gold production (ounces) 177,019 55,593 232,612 Production costs per tonne (C$) C$ 34 C$ 670 C$ 48 Minesite costs per tonne (C$) C$ 36 C$ 660 C$ 49 Production costs per ounce $ 951 $ 1,303 $ 1,035 Total cash costs per ounce $ 974 $ 1,256 $ 1,041
Regional Highlights
-- Gold production for the quarter was in line with plan. Strong production
at Detour Lake, driven by a higher grade sequence and a strong mill
performance, offset lower tonnes processed at Macassa. Despite milling
fewer tonnes than expected at Macassa, the mill achieved record quarterly
throughput of 149,000 tonnes
-- At Detour Lake, a record 29.5 million tonnes of ore and waste were
extracted from the open pit, despite seasonal weather interruptions,
driven by higher availability and productivity of the hauling fleet. Mill
performance remained strong, with runtime reaching a record level for a
first quarter of approximately 92.5% and mill recovery of 90.9%, both
higher than anticipated
-- At Macassa, planned production was affected primarily by challenges with
the paste plant and the paste distribution system during the quarter. The
reliability of the existing paste plant was insufficient to support the
increased mining rate, exacerbated by extreme cold temperatures. These
issues are expected to be resolved with the commissioning of the new
paste plant, with a design capacity of approximately 3,600 tpd, which
remains on track for the second quarter of 2026. The new paste plant and
distribution system are required to support the planned ramp-up of the
mining and milling rate to 2,040 tpd by the end of 2026
-- The Company received approval during the quarter for a permit amendment
allowing ore from the AK deposit to be processed at the LZ5 processing
facility at LaRonde. Trucking of ore from the AK deposit to the LZ5
facility commenced in April 2026, with milling expected to begin in the
second quarter of 2026. Production from the AK deposit is forecast to be
approximately 40,000 ounces of gold in 2026
-- Detour Lake has scheduled shutdowns for regular mill maintenance in the
second and fourth quarters of 2026, each lasting seven days. Macassa has
scheduled a 5-day shutdown in the third quarter of 2026 for the
replacement of the primary grinding mill liner, the annual overhaul of
the crusher and other regular mill maintenance
-- Updates on the Detour Lake underground and Upper Beaver projects are set
out in the Key Value Drivers -- Building the Next Phase of Growth section
above
NUNAVUT
Solid Performance at Meliadine Despite Weather Conditions; Higher Grade Delivers Strong Gold Production at Meadowbank
Nunavut -- Operating Statistics ------------ Three Months Ended March Consolidated 31, 2026 Meliadine Meadowbank Nunavut ------------ ------------------ ------------------ ------------------ Tonnes of ore milled (thousands) 558 1,099 1,657 Tonnes of ore milled per day 6,200 12,211 18,411 Gold grade (g/t) 5.48 3.56 4.21 Gold production (ounces) 93,831 113,862 207,693 Production costs per tonne (C$) C$ 231 C$ 230 C$ 230 Minesite costs per tonne (C$) C$ 270 C$ 158 C$ 196 Production costs per ounce $ 997 $ 1,613 $ 1,335 Total cash costs per ounce $ 1,162 $ 1,080 $ 1,117
Regional Highlights
-- Gold production in the quarter was higher than planned primarily as a
result of higher than anticipated grades at Meadowbank, partially offset
by lower throughput at Meliadine due to challenging weather conditions
-- At Meliadine, open pit operations were temporarily affected by adverse
weather conditions. Underground development delivered strong results,
with lateral development exceeding plan and achieving a quarterly record
of 4,114 metres
-- At Meadowbank, the mill delivered strong throughput during the quarter,
supported by higher than anticipated total tonnes mined from the open pit
operations and stockpile processing. Gold grades were higher, reflecting
a change in mining sequence and the processing of higher--grade
stockpiles
-- Meliadine has scheduled a four to five day shutdown for regular mill
maintenance in the third quarter of 2026 . Meadowbank has scheduled
shutdowns in the second and fourth quarters of 2026, each lasting five
days, to replace the SAG and ball mill liners and complete other regular
mill maintenance
-- An update on Hope Bay is set out in the Key Value Drivers -- Building the
Next Phase of Growth section above
AUSTRALIA
Strong Performance at the Phoenix Zone Drives Higher Grades and Throughput
Three Months Ended
Fosterville -- Operating Statistics March 31, 2026
------------------------------------ --------------------------
Tonnes of ore milled (thousands) 216
Tonnes of ore milled per day 2,400
Gold grade (g/t) 6.31
Gold production (ounces) 41,443
Production costs per tonne (A$) A$308
Minesite costs per tonne (A$) A$316
Production costs per ounce $ 1,098
Total cash costs per ounce $ 1,123
Highlights
-- Gold production in the quarter was higher than planned driven by higher
mill throughput and higher gold grades primarily as a result positive
grade reconciliation. Higher throughput was also achieved at the mill
primarily due to strong underground performance, with additional
development metres and ore tonnes than planned from the Phoenix zone
-- The Company is implementing an upgrade of the primary ventilation system
to sustain the mining rate in the Lower Phoenix zones in future years.
Major fan components have been installed underground and electrical
installation is ongoing. Commissioning is now expected to be completed in
the second quarter of 2026
-- Fosterville has scheduled quarterly 5-day shutdowns for regular mill
maintenance in 2026
FINLAND
Optimization Initiatives Continue to Drive Strong Underground Mining Performance; Proposed CLGB Consolidation Envisions a Multi-Decade, Multi-Asset Platform
Three Months Ended
Kittila -- Operating Statistics March 31, 2026
--------------------------------- --------------------------
Tonnes of ore milled (thousands) 448
Tonnes of ore milled per day 4,978
Gold grade (g/t) 4.19
Gold production (ounces) 48,527
Production costs per tonne (EUR) EUR129
Minesite costs per tonne (EUR) EUR122
Production costs per ounce $ 1,401
Total cash costs per ounce $ 1,313
Highlights
-- Gold production in the quarter was below plan, driven primarily by lower
mill throughput and recovery, partially offset by higher grades. Mill
performance was affected by an external power outage in January and an
unplanned three--day shutdown in March related to the mechanical failure
of the counter current decantation tank mixer. Higher gold grades reflect
positive grade reconciliation
-- Mill recovery remained lower than planned at 81%, as the Company
continues to advance several improvement initiatives, including the
optimization of reagent dosage based on feed blend, the addition of new
instrumentation at the autoclave for process optimization and pilot
testing of heated leach plant
-- Underground operations delivered strong performance during the quarter,
with development and ore production exceeding plan. The mine continues to
achieve productivity gains, reflecting sustained improvement initiatives
implemented over the past year
-- Kittila has scheduled a 17-day shutdown for regular maintenance on the
mill and autoclave relining in the fourth quarter of 2026
-- On April 20, 2026, the Company announced a comprehensive consolidation of
properties in the CLGB of Northern Finland through the announced
acquisitions of Rupert and Aurion and the acquisition of the 70% interest
in Fingold Ventures Ltd. held by B2Gold (the other 30% is held by
Aurion). Through these transactions, the Company expects to consolidate a
highly prospective 2,492 km2 land package encompassing the Kittila mine,
the advanced Ikkari exploration project, and substantial exploration
upside across multiple targets, including several recent discoveries
MEXICO
Strong Mill Throughput Driven by Solid Operational Performance at Sinter
Three Months Ended
Pinos Altos -- Operating Statistics March 31, 2026
------------------------------------ --------------------------
Tonnes of ore milled (thousands) 427
Tonnes of ore milled per day 4,744
Gold grade (g/t) 1.36
Gold production (ounces) 17,650
Production costs per tonne $ 155
Minesite costs per tonne $ 136
Production costs per ounce $ 3,746
Total cash costs per ounce $ 2,311
About Agnico Eagle
Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
About this News Release
Unless otherwise stated, references to "Canadian Malartic", "Goldex", "LaRonde" and "Meadowbank" are to the Company's operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively. The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining and processing operations at LZ5. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. References to other operations are to the relevant mines, projects or properties, as applicable.
When used in this news release, the terms "including" and "such as" mean including and such as, without limitation.
The information contained on any website linked to or referred to herein (including the Company's website) is not part of this news release.
Note Regarding Certain Measures of Performance
This news release discloses certain financial performance measures, including "total cash costs per ounce", "minesite costs per tonne", "all-in sustaining costs per ounce" (or "AISC per ounce"), "adjusted net income", "adjusted net income per share", "cash provided by operating activities before changes in non-cash components of working capital", "cash provided by operating activities before changes in non-cash components of working capital per share", "EBITDA" which means earnings before interest, taxes, depreciation and amortization, "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash components of working capital", "operating margin", "capital expenditures", "sustaining capital expenditures", "development capital expenditures", "sustaining capitalized exploration", "development capitalized exploration" and "net cash (debt)", as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers and should be considered together with other data prepared in accordance with IFRS Accounting Standards. See below for a reconciliation of these measures to the most directly comparable financial information reported in the condensed interim consolidated financial statements for the three months ended March 31, 2026 (the "First Quarter Financial Statements") prepared in accordance with IFRS Accounting Standards. Adjustments that are not applicable in respect of the periods for which reconciliations are provided are not shown in the quantitative reconciliation.
Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne
Total Cash Costs per Ounce
Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported either on a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and, where indicated, on a co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce on a by-product basis are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed further below), which adjustment only affects this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company's calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change.
The NTI Payment is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin ("NTI Payment"). NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the "Crown royalty") under the Nunavut Mining Regulations (the "NMR"). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Accounting Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics to the payments under the Crown royalty. Accordingly, to ensure comparability across the Company's mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable. In this news release, total cash costs per ounce for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.
Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production of by-product metals.
Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are helpful to investors so investors can, understand and monitor the performance of the Company's mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine's cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.
Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.
In this news release, unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) gold is the Company's primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.
Minesite Costs per Tonne
Minesite costs per tonne are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed above in "Total Cash Costs per Ounce"), which adjustment only affects minesite costs per tonne at Meadowbank and for the Nunavut region. The Company's calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. In this news release, minesite costs for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.
As the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company's mines. Management is aware, and investors should note,
that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS Accounting Standards.
The following table sets out the production costs per minesite for the three months ended March 31, 2026 and March 31, 2025, as presented in the First Quarter Financial Statements in accordance with IFRS Accounting Standards.
Total Production Costs by Mine
--------------------------------------------------
Three Months Ended
March 31,
(thousands of United States dollars) 2026 2025
LaRonde 88,008 86,644
Canadian Malartic 129,946 119,289
Goldex 39,999 34,656
----------- -----------
Quebec 257,953 240,589
Detour Lake 168,379 134,946
Macassa 72,465 49,826
----------- -----------
Ontario 240,844 184,772
Meliadine 93,559 83,822
Meadowbank 183,615 126,967
----------- -----------
Nunavut 277,174 210,789
Fosterville 45,493 33,040
----------- -----------
Australia 45,493 33,040
Kittila 68,009 55,833
----------- -----------
Finland 68,009 55,833
Pinos Altos 66,114 42,710
Mexico 66,114 42,710
Production costs per the First Quarter Financial
Statements $ 955,587 $ 767,733
=========== ===========
The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three months ended March 31, 2026 and March 31, 2025, exclusive of amortization, as presented in the First Quarter Financial Statements in accordance with IFRS Accounting Standards.
Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine
------------------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended March 31, 2026
(United States dollars in thousands, except per ounce measures or as otherwise noted)
Total
cash
Realized costs
(gains) In-kind Smelting, per Total cash
Payable and royalty refining ounce costs per
gold Production losses costs and and (co- Impact of ounce (by-
production Production costs per Inventory on NTI marketing product by-product product
Mine (ounces)(i) costs ounce adjustments(ii) hedges Payment(iii) charges basis) metals basis)
LaRonde 81,596 88,008 1,079 17,164 (323) -- 3,271 1,325 (24,299) 1,027
Canadian
Malartic 166,216 129,946 782 4,777 (705) 37,309 945 1,036 (6,462) 998
Goldex 29,372 39,999 1,362 (1,852) (119) -- 1,052 1,331 (12,217) 915
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- ------------
Quebec 277,184 257,953 931 20,089 (1,147) 37,309 5,268 1,153 (42,978) 998
Detour Lake 177,019 168,379 951 (9,663) (1,032) 17,369 921 994 (3,531) 974
Macassa 55,593 72,465 1,303 (7,071) (303) 5,929 59 1,279 (1,264) 1,256
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- ------------
Ontario 232,612 240,844 1,035 (16,734) (1,335) 23,298 980 1,062 (4,795) 1,041
Meliadine 93,831 93,559 997 16,333 (370) -- 136 1,169 (631) 1,162
Meadowbank 113,862 183,615 1,613 (6,070) (460) (51,283) 160 1,106 (3,022) 1,080
Nunavut 207,693 277,174 1,335 10,263 (830) (51,283) 296 1,134 (3,653) 1,117
Fosterville 41,443 45,493 1,098 1,781 (814) -- 68 1,123 -- 1,123
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- ------------
Australia 41,443 45,493 1,098 1,781 (814) -- 68 1,123 -- 1,123
Kittila 48,527 68,009 1,401 (4,052) (11) -- (27) 1,317 (187) 1,313
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- ------------
Finland 48,527 68,009 1,401 (4,052) (11) -- (27) 1,317 (187) 1,313
Pinos Altos 17,650 66,114 3,746 (7,244) (876) -- 1,100 3,348 (18,313) 2,311
Mexico 17,650 66,114 3,746 (7,244) (876) -- 1,100 3,348 (18,313) 2,311
Consolidated 825,109 955,587 1,158 4,103 (5,013) 9,324 7,685 1,178 (69,926) 1,093
=========== =========== =========== =============== ========= ============= ========== ======== =========== ============
Notes:
(i) Gold production for the period ended March 31, 2026 excludes 418
ounces of payable production of gold at La India and 76 ounces of
payable production of gold at Creston Mascota , which were produced
from residual leaching.
(ii) Under the Company's revenue recognition policy, revenue from contracts
with customers is recognized upon the transfer of control over metals
sold to the customer. As the total cash costs per ounce are calculated
on a production basis, an inventory adjustment is made to reflect the
portion of production not yet recognized as revenue. Included in
inventory adjustments for Canadian Malartic for the three months ended
March 31, 2026 is $3.6 million associated with the fair value
allocated to inventory on Canadian Malartic as part of the purchase
price allocation from the acquisition, on March 31, 2023, of the 50%
of Canadian Malartic that Agnico Eagle did not then hold.
(iii) In--kind royalty adjustments in respect of Canadian Malartic, Detour
Lake and Macassa related to in--kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines, which
are excluded from production costs under IFRS Accounting Standards and
added back in the calculation of total cash costs per ounce. NTI
Payments are incurred solely at Meadowbank and are included in
production costs under IFRS Accounting Standards and subtracted from
production costs in the calculation of total cash costs per ounce as
described more fully above. For a discussion of NTI Payments, see
"Total Cash Costs per Ounce".
Three Months Ended March 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
Total Total
cash cash
Realized In-kind costs costs
(gains) royalty Smelting, per per
Payable and costs refining ounce ounce
gold Production losses and and (co- Impact of (by-
production Production costs per Inventory on NTI marketing product by-product product
Mine (ounces)(i) costs ounce adjustments(ii) hedges Payment(iii) charges basis) metals basis)
LaRonde 91,491 86,644 947 (4,748) 713 -- 2,779 933 (17,222) 745
Canadian
Malartic 159,773 119,289 747 5,395 1,136 24,588 270 943 (2,589) 927
Goldex 30,016 34,656 1,155 108 301 -- 967 1,200 (7,249) 959
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- --------
Quebec 281,280 240,589 855 755 2,150 24,588 4,016 967 (27,060) 871
Detour Lake 152,838 134,946 883 (364) 878 8,700 1,303 952 (888) 946
Macassa 86,028 49,826 579 1,864 719 3,534 87 651 (501) 645
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- --------
Ontario 238,866 184,772 774 1,500 1,597 12,234 1,390 844 (1,389) 838
Meliadine 98,512 83,822 851 5,859 892 -- 84 920 -- 920
Meadowbank 140,126 126,967 906 (1,663) 1,158 (7,418) 35 850 (750) 844
Nunavut 238,638 210,789 883 4,196 2,050 (7,418) 119 879 (750) 876
Fosterville 43,615 33,040 758 2,520 -- -- 16 816 (114) 813
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- --------
Australia 43,615 33,040 758 2,520 -- -- 16 816 (114) 813
Kittila 54,104 55,833 1,032 (1,106) 174 -- (56) 1,014 (113) 1,012
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- --------
Finland 54,104 55,833 1,032 (1,106) 174 -- (56) 1,014 (113) 1,012
Pinos Altos 17,291 42,710 2,470 2,200 114 -- 259 2,619 (7,762) 2,170
Mexico 17,291 42,710 2,470 2,200 114 -- 259 2,619 (7,762) 2,170
----------- ----------- ----------- --------------- --------- ------------- ---------- -------- ----------- --------
Consolidated 873,794 767,733 879 10,065 6,085 29,404 5,744 938 (37,188) 895
=========== =========== =========== =============== ========= ============= ========== ======== =========== ========
Notes:
(i) Gold production for the three months ended March 31, 2025 excludes
1,811 ounces of payable production of gold at La India and 25 ounces
of payable production of gold at Creston Mascota, which were produced
from residual leaching.
(ii) Under the Company's revenue recognition policy, revenue from contracts
with customers is recognized upon the transfer of control over metals
sold to the customer. As the total cash costs per ounce are calculated
on a production basis, an inventory adjustment is made to reflect the
portion of production not yet recognized as revenue. Included in
inventory adjustments for Canadian Malartic for the three months ended
March 31, 2025 is $1.1 million associated with the fair value
allocated to inventory on Canadian Malartic as part of the purchase
price allocation from the acquisition, on March 31, 2023, of the 50%
of Canadian Malartic that Agnico Eagle did not then hold.
(iii) In--kind royalty adjustments in respect of Canadian Malartic, Detour
Lake and Macassa related to in--kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines, which
are excluded from production costs under IFRS Accounting Standards and
added back in the calculation of total cash costs per ounce. NTI
Payments are incurred solely at Meadowbank and are included in
production costs under IFRS Accounting Standards and subtracted from
production costs in the calculation of total cash costs per ounce as
described more fully above. For a discussion of NTI Payments, see
"Total Cash Costs per Ounce".
Reconciliation of Production Costs to Minesite Costs per Tonne by Mine
-------------------------------------------------------------------------------------------------------------------------
Three Months Ended March 31, 2026
(thousands, except per tonne measures or as otherwise noted)
Smelting,
refining
Local In-kind and Local
Production currency Inventory royalty and marketing currency
Tonnes of costs in production adjustments NTI Payment charges in minesite
ore milled Production local costs per in local in local local costs per
Mine (thousands) costs ($) currency tonne currency(i) currency(ii) currency tonne
LaRonde 776 $ 88,008 C$ 121,027 C$ 156 C$ 23,633 C$ -- C$ (9,224) C$ 175
Canadian
Malartic 4,707 $ 129,946 C$ 178,822 C$ 38 C$ 1,444 C$ 51,224 C$ 4,986 C$ 50
Goldex 813 $ 39,999 C$ 55,053 C$ 68 C$ (2,653) C$ -- C$ -- C$ 64
----------- ----------- ----------- ----------- ------------- ------------ ------------ -----------
Quebec 6,296 $ 257,953 C$ 354,902 C$ 56 C$ 22,424 C$ 51,224 C$ (4,238) C$ 67
Detour Lake 6,748 $ 168,379 C$ 231,062 C$ 34 C$ (13,326) C$ 23,834 C$ -- C$ 36
Macassa 149 $ 72,465 C$ 99,773 C$ 670 C$ (9,684) C$ 8,208 C$ -- C$ 660
----------- ----------- ----------- ----------- ------------- ------------ ------------ -----------
Ontario 6,897 $ 240,844 C$ 330,835 C$ 48 C$ (23,010) C$ 32,042 C$ -- C$ 49
Meliadine 558 $ 93,559 C$ 128,710 C$ 231 C$ 22,173 C$ -- C$ -- C$ 270
Meadowbank 1,099 $ 183,615 C$ 252,761 C$ 230 C$ (8,366) C$ (70,816) C$ -- C$ 158
----------- ----------- ----------- ----------- ------------- ------------ ------------ -----------
Nunavut 1,657 $ 277,174 C$ 381,471 C$ 230 C$ 13,807 C$ (70,816) C$ -- C$ 196
Fosterville 216 $ 45,493 A$ 66,470 A$ 308 A$ 1,871 A$ -- A$ -- A$ 316
----------- ----------- ----------- ----------- ------------- ------------ ------------ -----------
Australia 216 $ 45,493 A$ 66,470 A$ 308 A$ 1,871 A$ -- A$ -- A$ 316
Kittila 448 $ 68,009 EUR 57,890 EUR 129 EUR (3,365) EUR -- EUR -- EUR 122
----------- ----------- ----------- ----------- ------------- ------------ ------------ -----------
Finland 448 $ 68,009 EUR 57,890 EUR 129 EUR (3,365) EUR -- EUR -- EUR 122
Pinos Altos 427 $ 66,114 $ 66,114 $ 155 $ (8,119) $ -- $ -- $ 136
Mexico 427 $ 66,114 $ 66,114 $ 155 $ (8,119) $ -- $ -- $ 136
Notes:
(i) This inventory adjustment reflects production costs associated with
the portion of production still in inventory. Included in inventory
adjustments for Canadian Malartic for the three months ended March 31,
2026 is C$5.0 million associated with the fair value allocated to
inventory on Canadian Malartic as part of the purchase price
allocation from the acquisition, on March 31, 2023, of the 50% of
Canadian Malartic that Agnico Eagle did not then hold.
(ii) In--kind royalty adjustments in respect of Canadian Malartic, Detour
Lake and Macassa related to in--kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines, which
are excluded from production costs under IFRS Accounting Standards and
added back in the calculation of minesite costs per tonne. NTI
Payments are incurred solely at Meadowbank and are included in
production costs under IFRS Accounting Standards and subtracted from
production costs in the calculation of total cash costs per ounce as
described more fully above. For a discussion of NTI Payments, see
"Minesite Costs per Tonne".
Three Months Ended March 31, 2025
(thousands, except per tonne measures or as otherwise noted)
Smelting, Minesite
Production refining and costs
Production costs per Inventory In-kind marketing per
Tonnes of costs tonne adjustments royalty charges tonne
ore milled Production (local (local (local costs (local (local (local
Mine (thousands) costs ($) currency) currency) currency)(i) currency)(ii) currency) currency)
LaRonde 675 $ 86,644 C$ 123,759 C$ 183 C$ (6,151) C$ -- C$ (6,147) C$ 165
Canadian
Malartic 4,865 $ 119,289 C$ 169,263 C$ 35 C$ 7,950 C$ 35,400 C$ -- C$ 44
Goldex 792 $ 34,656 C$ 49,499 C$ 63 C$ 331 C$ -- C$ -- C$ 63
----------- ----------- ----------- ----------- ------------- ------------- -------------- ---------
Quebec 6,332 $ 240,589 C$ 342,521 C$ 54 C$ 2,130 C$ 35,400 C$(6,147) C$ 59
Detour Lake 6,630 $ 134,946 C$ 191,633 C$ 29 C$ 13 C$ 12,555 C$ -- C$ 31
Macassa 148 $ 49,826 C$ 71,459 C$ 483 C$ 2,692 C$ 5,108 C$ -- C$ 536
----------- ----------- ----------- ----------- ------------- ------------- -------------- ---------
Ontario 6,778 $ 184,772 C$ 263,092 C$ 39 C$ 2,705 C$ 17,663 C$ -- C$ 42
Meliadine 558 $ 83,822 C$ 118,780 C$ 213 C$ 8,727 C$ -- C$ -- C$ 229
Meadowbank 1,037 $ 126,967 C$ 179,936 C$ 174 C$ (2,425) C$ (10,697) C$ -- C$ 161
----------- ----------- ----------- ----------- ------------- ------------- -------------- ---------
Nunavut 1,595 $ 210,789 C$ 298,716 C$ 187 C$ 6,302 C$ (10,697) C$ -- C$ 185
Fosterville 163 $ 33,040 A$ 51,973 A$ 319 A$ 4,181 A$ -- A$ -- A$ 345
----------- ----------- ----------- ----------- ------------- ------------- -------------- ---------
Australia 163 $ 33,040 A$ 51,973 A$ 319 A$ 4,181 A$ -- A$ -- A$ 345
Kittila 522 $ 55,833 EUR 53,143 EUR 102 EUR (1,362) EUR -- EUR -- EUR 99
----------- ----------- ----------- ----------- ------------- ------------- -------------- ---------
Finland 522 $ 55,833 EUR 53,143 EUR 102 EUR (1,362) EUR -- EUR -- EUR 99
Pinos Altos 381 $ 42,710 $ 42,710 $ 112 $ 2,314 $ -- $ -- $ 118
Mexico 381 $ 42,710 $ 42,710 $ 112 $ 2,314 $ -- $ -- $ 118
Notes:
(i) This inventory adjustment reflects production costs associated with
the portion of production still in inventory. Included in inventory
adjustments for Canadian Malartic for the three months ended March 31,
2025 is C$1.5 million associated with the fair value allocated to
inventory on Canadian Malartic as part of the purchase price
allocation from the acquisition, on March 31, 2023, of the 50% of
Canadian Malartic that Agnico Eagle did not then hold.
(ii) In--kind royalty adjustments in respect of Canadian Malartic, Detour
Lake and Macassa related to in--kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines, which
are excluded from production costs under IFRS Accounting Standards and
added back in the calculation of minesite costs per tonne. NTI
Payments are incurred solely at Meadowbank and are included in
production costs under IFRS Accounting Standards and subtracted from
production costs in the calculation of total cash costs per ounce as
described more fully above. For a discussion of NTI Payments, see
"Minesite Costs per Tonne".
All-in sustaining costs per ounce
All-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. In this news release, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see "Total Cash Costs per Ounce" for a discussion of regarding the Company's use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including "all-in sustaining costs per ounce", to adjust for the NTI Payments, that is, payments made to NTI under the Company's mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of "total cash costs per ounce", discussed above in "Total Cash Costs per Ounce". For the reasons outlined above in respect of the change to the composition of "total cash costs per ounce", the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Company's mines.
Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.
The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018, except in aspect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as income tax under IFRS Accounting Standards and therefore excluded from the Company's AISC calculations. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.
The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three months ended March 31, 2026 and March 31, 2025 on both a by-product basis (deducting the impact of by-product metals from production costs) and a co-product basis (without deducting the impact of by-product metals from production costs).
(UnitedStates dollars per ounce, except where Three Months Ended
noted) March 31,
-----------------------
2026 2025
----------- ----------
Production costs per the First Quarter Financial
Statements (thousands of United States dollars) $ 955,587 $ 767,733
Gold production (ounces)(i) 825,109 873,794
----------- ----------
Production costs per ounce $ 1,158 $ 879
Adjustments:
Inventory adjustments(ii) 6 11
In-kind royalty and NTI Payments(iii) 11 34
Realized gains and losses on hedges of production
costs (6) 7
Smelting, refining, and marketing charges 9 7
----------- ----------
Total cash costs per ounce (co-product basis) $ 1,178 $ 938
Impact of by-product metals (85) (43)
----------- ----------
Total cash costs per ounce (by-product basis) $ 1,093 $ 895
=========== ==========
Adjustments:
Sustaining capital expenditures (including
capitalized exploration) 243 196
General and administrative expenses (including
stock option expense) 94 69
Non-cash reclamation provision and sustaining
leases(iv) 53 15
----------- ----------
All-in sustaining costs per ounce (by-product
basis) $ 1,483 $ 1,175
=========== ==========
Impact of by-product metals 85 43
----------- ----------
All-in sustaining costs per ounce (co-product
basis) $ 1,568 $ 1,218
=========== ==========
Notes:
------------------------------------------------------------------------------
(i) Gold production for the three months ended March 31, 2026 and 2025
excludes 418 ounces and 1,811 ounces of payable production of gold at La India
and 76 ounces and 25 ounces of payable production at Creston Mascota,
respectively, which were produced from residual leaching
(ii) Under the Company's revenue recognition policy, revenue from contracts
with customers is recognized upon the transfer of control over metals sold to
the customer. As the total cash costs per ounce of gold produced are
calculated on a production basis, an inventory adjustment is made to reflect
the portion of production not yet recognized as revenue. Included in inventory
adjustments for Canadian Malartic is $3.6 million and $1.1 million for the
three months ended March 31 2026 and 2025 respectively, associated with the
fair value allocated to inventory on Canadian Malartic as part of the purchase
price allocation from the acquisition, on March 31, 2023, of the 50% of
Canadian Malartic that Agnico Eagle did not then hold
(iii) In--kind royalty adjustments in respect of Canadian Malartic, Detour
Lake and Macassa related to in--kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines, which are
excluded from production costs under IFRS Accounting Standards and added back
in the calculation of all-in sustaining costs per ounce. NTI Payments are
incurred solely at Meadowbank and are included in production costs under IFRS
Accounting Standards and subtracted from production costs in the calculation
of total cash costs per ounce as described more fully above. For a discussion
of NTI Payments, see "Total Cash Costs per Ounce"
(iv) Sustaining leases are lease payments related to sustaining assets
Adjusted net income
Adjusted net income is calculated by adjusting the net income as recorded in the First Quarter Financial Statements for the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for certain non-recurring, unusual and other items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance, transaction costs related to acquisitions, revaluation gains and losses, environmental remediation charges, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self insurance losses, gains and losses on the sale of non-strategic properties, multi-year donations, disposal of supplies inventory at non-operating sites, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.
The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out the calculation of adjusted net income for the three months ended March 31, 2026, and March 31, 2025.
Three Months Ended
March 31,
(thousands) 2026 2025
----------- ---------
Net income for the period $ 1,695,461 $ 814,731
Foreign currency translation gain (733) (60)
Gain on derivative financial instruments (4,700) (68,859)
Environmental remediation 13,970 7,730
Net loss on disposal of property, plant and
equipment 10,239 5,646
Purchase price allocation to inventory(i) (3,641) 1,068
Impairment loss(ii) -- 10,554
Income and mining taxes adjustments(iii) (4,840) (703)
Adjusted net income for the period $ 1,705,756 $ 770,107
=========== =========
Notes:
------------------------------------------------------------------------------
(i) As part of the purchase price allocation in a business combination, the
Company is required to determine the fair value of net assets acquired. The
fair value of inventory acquired is estimated based on the selling cost less
costs to be incurred plus a profit margin on those costs resulting in a fair
value adjustment to the carrying value of inventories acquired. These non-cash
fair value adjustments which affected the cost of inventory sold during the
period and are not representative of ongoing operations, were removed from net
income in the calculation of adjusted net income
(ii) Relates to the Company's ownership percentage of an impairment loss
recorded by an associate
(iii) Income and mining taxes adjustments reflect items such as foreign
currency translation recorded to the income and mining taxes expense, the
impact of income and mining taxes on adjusted items, recognition of previously
unrecognized capital losses, the result of income and mining taxes audits,
impact of tax law changes and adjustments to prior period tax filings
EBITDA and adjusted EBITDA
EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the First Quarter Financial Statements.
Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for certain non-recurring, unusual and other items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance, non-recurring, unusual and other transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self insurance losses, gains and losses on the sale of non-strategic properties, multi-year donations, and disposal of supplies inventory at non-operating sites.
The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash-generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash-generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash-generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out the calculation of EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended
March 31,
(thousands) 2026 2025
----------- -----------
Net income for the period $ 1,695,461 $ 814,731
Finance costs 15,756 22,444
Amortization of property, plant and mine
development 420,266 416,800
Income and mining tax expense 864,163 379,840
----------- -----------
EBITDA 2,995,646 1,633,815
----------- -----------
Foreign currency translation gain (733) (60)
Gain on derivative financial instruments (4,700) (68,859)
Environmental remediation 13,970 7,730
Net loss on disposal of property, plant and
equipment 10,239 5,646
Purchase price allocation to inventory(i) (3,641) 1,068
Impairment loss(ii) -- 10,554
Adjusted EBITDA $ 3,010,781 $ 1,589,894
=========== ===========
Notes:
------------------------------------------------------------------------------
(i) As part of the purchase price allocation in a business combination, the
Company is required to determine the fair value of net assets acquired. The
fair value of inventory acquired is estimated based on the selling cost less
costs to be incurred plus a profit margin on those costs resulting in a fair
value adjustment to the carrying value of inventories acquired. These non-cash
fair value adjustments which affected the cost of inventory sold during the
period and are not representative of ongoing operations, were removed from net
income in the calculation of adjusted net income
(ii) Relates to the Company's ownership percentage of an impairment loss
recorded by an associate
Cash provided by operating activities before changes in non-cash components of working capital and its per share ratio
Cash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the First Quarter Financial Statements for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards measure is provided below.
Free cash flow and free cash flow before changes in non-cash components of working capital
Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the First Quarter Financial Statements.
Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.
The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash-generating ability of the Company.
The following table sets out the calculation of free cash flow and free cash flow before changes in non-cash components of working capital for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended March 31,
(thousands, except where noted) 2026 2025
-------------- --------------
Cash provided by operating activities $ 1,345,868 $ 1,044,246
Additions to property, plant and mine
development (613,749) (450,124)
-------------- --------------
Free cash flow 732,119 594,122
Changes in income taxes 989,080 176,739
Changes in inventory (36,800) (30,917)
Changes in other current assets 11,014 (31,390)
Changes in accounts payable and accrued
liabilities (77,800) 50,712
Free cash flow before changes in non-cash
components of working capital $ 1,617,613 $ 759,266
Additions to property, plant and mine
development 613,749 450,124
-------------- --------------
Cash provided by operating activities before
changes in non-cash components of working
capital $ 2,231,362 $ 1,209,390
============== ==============
Cash provided by operating activities per
share - basic $ 2.69 $ 2.08
============== ==============
Cash provided by operating activities before
changes in non-cash components of working
capital per share - basic $ 4.46 $ 2.41
============== ==============
Free cash flow per share - basic $ 1.46 $ 1.18
============== ==============
Free cash flow before changes in non-cash
components of working capital per share -
basic $ 3.23 $ 1.51
============== ==============
Operating margin
Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the First Quarter Financial Statements, the Company adds the following items to the operating margin: amortization of property, plant and mine development; exploration and corporate development expenses; general and administrative expenses; finance costs; gain (loss) on derivative financial instruments; foreign currency translation (gain) loss; care and maintenance expenses; other income and expenses; income and mining taxes expense; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a helpful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as amortization of property, plant and mine development, exploration and corporate development expenses, general and administrative expenses, finance costs, gains and losses on derivative financial instruments, foreign currency translation gains and losses, care and maintenance expenses, other income and expenses and income and mining taxes expense. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is helpful to investors as it provides them with additional information about the Company's underlying operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out the calculation of operating margin for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended
March 31,
------------------------
(thousands) 2026 2025
----------- -----------
Net income for the period $ 1,695,461 $ 814,731
Amortization of property, plant and mine
development 420,266 416,800
Exploration and corporate development 52,556 41,805
General and administrative 77,850 60,709
Finance costs 15,756 22,444
Gain on derivative financial instruments (4,700) (68,859)
Foreign currency translation gain (733) (60)
Care and maintenance 22,596 13,901
Other income and expenses 787 19,204
Income and mining taxes expense 864,163 379,840
----------- -----------
Operating margin $ 3,144,002 $ 1,700,515
=========== ===========
Capital expenditures
Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the First Quarter Financial Statements.
Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.
The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the First Quarter Financial Statements for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended
(thousands) March 31,
--------------------
2026 2025
--------- ---------
Sustaining capital expenditures $ 196,592 $ 168,076
Sustaining capitalized exploration 5,387 4,448
Development capital expenditures 292,290 186,224
Development capitalized exploration 79,341 60,504
--------- ---------
Total Capital Expenditures $ 573,610 $ 419,252
Working capital adjustments 40,139 30,872
--------- ---------
Additions to property, plant and mine development per
the First Quarter Financial Statements $ 613,749 $ 450,124
========= =========
Net cash
Net cash is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt for deferred financing costs, less cash and cash equivalents, as recorded in the First Quarter Financial Statements. Management believes that net cash is a useful measure to help investors assess the Company's overall liquidity position, ability to meet its financial obligations, fund capital expenditures, advance growth projects and return capital to shareholders after considering outstanding debt obligations.
The following table sets out a reconciliation of long-term debt per the First Quarter Financial Statements to net cash as at March 31, 2026, and December 31, 2025.
As at As at
(thousands) Mar 31, 2026 Dec 31, 2025
Long-term debt $ (196,548) $ (196,271)
Cash and cash
equivalents 3,111,869 2,866,053
------------------------ ------------------------
Net cash $ 2,915,321 $ 2,669,782
======================== ========================
Forward-Looking Non-GAAP Measures
This news release contains information regarding estimated future total cash costs per ounce, minesite costs per tonne and AISC per ounce. The estimates are based upon the total cash costs per ounce, minesite costs per tonne and AISC per ounce that the Company expects to incur to mine gold at its mining operations and do not include certain costs that will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.
Forward-Looking Statements
The information in this news release has been prepared as at April 30, 2026. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "envisions", "estimate", "expect", "forecast", "future", "guide", "objective", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production (including the weighting thereof within 2026), estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company's sites, including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's plans at Detour Lake underground, Upper Beaver, Odyssey, Hope Bay and San Nicolás, including the approval, timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic; statements concerning the proposed transactions with Rupert and Aurion, and the acquisition of 70% of Fingold Ventures Ltd., including the potential benefits thereof; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital expenditures and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to
hedging and the effectiveness of its hedging strategies and the economic impact thereof; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs, trade restrictions and the effect of geopolitical events on the Company, whether through availability of inputs or inflation; plans with respect to activity under the NCIB and the renewal thereof, including the anticipated increase in the purchase limit; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis for the year ended December 31, 2025 (the "2025 MD&A") and the Company's Annual Information Form (the "AIF") for the year ended December 31, 2025 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2025 (the "Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and 2025 MD&A filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Notes to Investors Regarding Certain Project Evaluations
The forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the "fill-the-mill" strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.
The basis for the internal evaluations and the qualifications and assumptions made by the qualified persons who undertook the internal evaluations are set out in this news release and the news releases dated June 29, 2024 for Detour Lake underground and dated July 31, 2024 for Upper Beaver. The results of the internal evaluations had no impact on the results of any pre-feasibility or feasibility study. An updated internal evaluation is expected in the second quarter of 2026 for Hope Bay, in the first quarter of 2027 for the "fill-the-mill" strategy at Canadian Malartic and in mid-2027 for Detour Lake and Upper Beaver.
Scientific and Technical Information
The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer -- Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer -- Ontario, Australia & Mexico; and relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration, each of whom is a "Qualified Person" for the purposes of the Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101").
Additional Information
Additional information about each of the Company's material mineral projects as at December 31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).
APPENDIX A -- EXPLORATION DETAILS
East Gouldie and Odyssey deposits at Odyssey mine
Depth of
midpoint Estimated Gold Gold
below true grade grade
Deposit / From To surface width (g/t) (g/t)
Drill hole zone (metres) (metres) (metres) (metres) (uncapped) (capped)*
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
MEX25-346WZB Gouldie 2,034.5 2,056.2 1,909 21.0 2.0 2.0
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
MEX25-348ZA Gouldie 1,875.1 1,905.6 1,711 22.6 1.7 1.7
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
UGEG-016-010 Gouldie 777.5 795.0 869 14.3 2.6 2.6
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
UGEG-071-031 Gouldie 641.0 665.5 1,057 24.2 2.8 2.8
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
UGEG-095-010 Gouldie 160.0 177.2 999 14.7 3.0 3.0
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
UGEG-095-014 Gouldie 159.0 170.4 1,061 10.3 5.5 5.5
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
and Gouldie 283.0 293.6 1,153 9.8 5.8 5.8
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
and Gouldie 315.4 322.2 1,175 6.3 5.1 5.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
and Gouldie 327.9 345.4 1,187 15.8 3.0 3.0
------------- --------- -------- -------- ---------- ---------- ---------- ---------
East
UGEG-103-005 Gouldie 131.0 168.4 1,089 36.0 6.9 6.7
------------- --------- -------- -------- ---------- ---------- ---------- ---------
including 141.1 157.0 1,089 15.3 13.1 12.6
------------------------ -------- -------- ---------- ---------- ---------- ---------
East
MEX25-350Z Gouldie 1,512.0 1,522.5 1,065 10.0 2.2 2.2
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-051-017 internal 495.0 535.0 884 40.0** 1.9 1.9
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-057-005 internal 555.2 561.2 978 6.0** 9.8 9.8
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-057-012 internal 538.5 551.4 1,017 12.9** 7.1 6.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
including 546.5 551.4 1,020 4.9** 14.7 12.0
------------------------ -------- -------- ---------- ---------- ---------- ---------
Odyssey
and internal 582.0 635.5 1,067 53.5** 9.7 9.0
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-057-013 internal 669.5 681.0 1,118 11.5** 4.6 4.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
including 677.7 680.0 1,121 2.4** 17.2 14.8
------------------------ -------- -------- ---------- ---------- ---------- ---------
Odyssey
and North 700.5 726.6 1,149 19.7 3.1 3.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
including 716.5 721.0 1,153 3.4 6.3 6.3
------------------------ -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-064-018 internal 355.5 369.0 891 13.5** 4.3 4.3
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
UGOD-064-019 internal 397.8 425.4 992 27.6** 2.8 2.8
------------- --------- -------- -------- ---------- ---------- ---------- ---------
including 408.0 416.0 992 8.0** 5.6 5.6
------------------------ -------- -------- ---------- ---------- ---------- ---------
Odyssey
and North 507.5 518.0 1,077 10.5** 2.1 2.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
Odyssey
and North 524.0 534.5 1,091 10.5** 2.1 2.1
------------- --------- -------- -------- ---------- ---------- ---------- ---------
*Results from East Gouldie and Odyssey deposits use a capping factor of 20 g/t
gold.
**Core length. True width undetermined.
West Pit and West Extension zones at Detour Lake
Depth of
midpoint Estimated
below true Gold grade
From To surface width (g/t)
Drill hole Zone (metres) (metres) (metres) (metres) (uncapped)*
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1240 Extension 1,089.0 1,092.5 922 3.1 10.0
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1243 Extension 837.0 842.1 734 4.4 28.0
-------------- ---------- -------- -------- --------- ---------- -----------
West
and Extension 910.9 913.9 794 2.6 11.7
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1245 Extension 592.5 604.0 497 10.1 10.7
-------------- ---------- -------- -------- --------- ---------- -----------
including 601.0 604.0 501 2.6 37.8
-------------------------- -------- -------- --------- ---------- -----------
West
DLM25-1246 Extension 889.8 897.1 801 6.0 4.3
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1255 Extension 774.0 805.3 669 27.4 2.6
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1274 Extension 911.0 914.0 797 2.6 14.0
-------------- ---------- -------- -------- --------- ---------- -----------
West
and Extension 930.0 941.0 816 9.5 3.6
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1282AW Extension 580.8 586.0 526 4.9 6.5
-------------- ---------- -------- -------- --------- ---------- -----------
West
DLM25-1282AW1 Extension 1,176.2 1,186.0 1,000 9.2 5.9
-------------- ---------- -------- -------- --------- ---------- -----------
DLM26-1299 West Pit 99.0 102.0 84 2.5 14.0
-------------- ---------- -------- -------- --------- ---------- -----------
and West Pit 215.4 231.7 187 14.1 8.9
-------------- ---------- -------- -------- --------- ---------- -----------
including 215.4 220.0 182 4.0 18.3
-------------------------- -------- -------- --------- ---------- -----------
and including 226.8 231.7 191 4.2 11.1
-------------------------- -------- -------- --------- ---------- -----------
DLM26-1313 West Pit 237.0 264.0 210 23.2 2.9
-------------- ---------- -------- -------- --------- ---------- -----------
including 257.0 264.0 218 6.0 8.1
-------------------------- -------- -------- --------- ---------- -----------
and West Pit 278.5 288.9 238 9.0 14.9
-------------- ---------- -------- -------- --------- ---------- -----------
*Results from Detour Lake are uncapped.
Upper Beaver deposit
Depth of
mid-point Estimated Gold Gold Copper Copper
below true grade grade grade grade
From To surface width (g/t) (g/t) (%) (%)
Drill hole Zone (metres) (metres) (metres) (metres) (uncapped) (capped) (uncapped) (capped)*
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB25-881W3 201 587.6 594.4 555 6.4 7.9 7.9 0.98 0.98
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
including 201 591.0 592.8 555 1.8 15.0 15.0 0.85 0.85
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB25-881W5 201 615.9 619.2 584 2.9 18.3 18.3 1.19 1.19
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
including 201 618.4 619.2 585 0.7 58.0 58.0 1.48 1.48
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB26-913A 201 597.5 602.0 531 4.2 4.5 4.5 1.07 1.07
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
including 201 597.5 599.0 530 1.4 10.6 10.6 1.29 1.29
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB26-913W5 201 629.1 632.6 574 3.2 9.7 9.7 1.52 1.52
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB26-913W6 201 647.7 653.8 599 6.0 8.3 8.3 0.40 0.40
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
including 201 651.0 652.0 599 1.0 44.3 44.3 1.64 1.64
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
and 201 656.5 663.5 607 6.9 6.0 6.0 0.53 0.53
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB26-916W2 201 553.0 555.4 501 1.8 2.4 2.4 3.17 2.77
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
Zone
KLUB26-915A 107 595.5 596.5 535 0.9 45.5 45.5 0.21 0.21
------------- ----- -------- -------- ---------- ---------- ---------- -------- ---------- ---------
*At Upper Beaver, results use capping factors of 85 g/t gold and 6.5% copper
for Zone 201 and 135 g/t gold and 4.0% copper for Zone 107.
Exploration Drill Collar Coordinates
Elevation
UTM UTM (metres above Azimuth Dip Length
Drill hole East* North* sea level) (degrees) (degrees) (metres)
-------------- ------ ------- -------------- --------- --------- --------
Odyssey mine
-------------------------------------------------------------------------------
MEX25-346WZB 717451 5334739 309 143 -78 2,221
-------------- ------ ------- -------------- --------- --------- --------
MEX25-348ZA 717440 5334731 310 182 -75 3,000
-------------- ------ ------- -------------- --------- --------- --------
UGEG-016-010 718856 5333901 113 163 -66 845
-------------- ------ ------- -------------- --------- --------- --------
UGEG-071-031 717758 5333977 -345 143 -42 711
-------------- ------ ------- -------------- --------- --------- --------
UGEG-095-010 717593 5333755 -619 143 -27 375
-------------- ------ ------- -------------- --------- --------- --------
UGEG-095-014 717591 5333756 -619 150 -56 360
-------------- ------ ------- -------------- --------- --------- --------
UGEG-103-005 717561 5333797 -699 214 -34 370
-------------- ------ ------- -------------- --------- --------- --------
MEX25-350Z 716852 5334693 316 199 -68 1,614
-------------- ------ ------- -------------- --------- --------- --------
UGOD-051-017 718102 5334207 -203 20 -48 585
-------------- ------ ------- -------------- --------- --------- --------
UGOD-057-005 718006 5334110 -261 14 -51 700
-------------- ------ ------- -------------- --------- --------- --------
UGOD-057-012 718006 5334110 -261 14 -57 756
-------------- ------ ------- -------------- --------- --------- --------
UGOD-057-013 718006 5334110 -261 18 -55 767
-------------- ------ ------- -------------- --------- --------- --------
UGOD-064-018 717907 5334312 -333 344 -44 435
-------------- ------ ------- -------------- --------- --------- --------
UGOD-064-019 717907 5334311 -333 2 -59 569
-------------- ------ ------- -------------- --------- --------- --------
Detour Lake
-------------------------------------------------------------------------------
DLM25-1240 584832 5542449 296 188 -59 1,176
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1243 586037 5542184 295 187 -66 975
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1245 586199 5542065 292 181 -58 762
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1246 585156 5542251 287 188 -65 1,113
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1252 586120 5541916 290 179 -67 720
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1255 585837 5542204 291 192 -60 951
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1274 585796 5542210 291 186 -65 951
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1282AW 586597 5542188 298 179 -68 669
-------------- ------ ------- -------------- --------- --------- --------
DLM25-1282AW1 586597 5542188 298 179 -68 1,253
-------------- ------ ------- -------------- --------- --------- --------
DLM26-1299 587148 5541601 290 177 -59 351
-------------- ------ ------- -------------- --------- --------- --------
DLM26-1313 587187 5541623 291 178 -59 402
-------------- ------ ------- -------------- --------- --------- --------
Upper Beaver
-------------------------------------------------------------------------------
KLUB25-881W3 591667 5335847 304 151 -74 642
-------------- ------ ------- -------------- --------- --------- --------
KLUB25-881W5 591667 5335847 304 151 -74 656
-------------- ------ ------- -------------- --------- --------- --------
KLUB26-913A 591687 5335928 305 155 -71 647
-------------- ------ ------- -------------- --------- --------- --------
KLUB26-913W5 591687 5335928 305 155 -71 689
-------------- ------ ------- -------------- --------- --------- --------
KLUB26-913W6 591687 5335928 305 155 -71 700
-------------- ------ ------- -------------- --------- --------- --------
KLUB26-916W2 591667 5335847 304 148 -70 593
-------------- ------ ------- -------------- --------- --------- --------
KLUB26-915A 591844 5336055 303 149 -69 641
-------------- ------ ------- -------------- --------- --------- --------
*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N
for Detour Lake and Upper Beaver.
APPENDIX B -- FINANCIAL INFORMATION
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of UnitedStates dollars, except where noted)
Three Months Ended
March 31,
2026 2025
---------------- ----------------
Net income - key line items:
Revenue from mine operations:
LaRonde 401,927 279,083
Canadian Malartic 754,853 422,047
Goldex 166,536 95,969
---------------- ----------------
Quebec 1,323,316 797,099
Detour Lake 944,230 443,886
Macassa 306,444 235,662
---------------- ----------------
Ontario 1,250,674 679,548
Meliadine 376,594 258,289
Meadowbank 594,426 405,085
Nunavut 971,020 663,374
Fosterville 180,676 109,829
---------------- ----------------
Australia 180,676 109,829
Kittila 251,898 161,088
---------------- ----------------
Finland 251,898 161,088
Pinos Altos 122,272 57,310
Mexico 122,272 57,310
---------------- ----------------
Corporate and Other (267) --
---------------- ----------------
Revenues from mining operations $ 4,099,589 $ 2,468,248
Production costs 955,587 767,733
Amortization of property, plant and
mine development 420,266 416,800
---------------- ----------------
Gross profit 2,723,736 1,283,715
Exploration, corporate and other 164,112 89,144
---------------- ----------------
Income before income and mining taxes 2,559,624 1,194,571
Income and mining taxes expense 864,163 379,840
---------------- ----------------
Net income for the period $ 1,695,461 $ 814,731
================ ================
Net income per share -- basic $ 3.39 $ 1.62
Net income per share -- diluted $ 3.38 $ 1.62
Cash flows:
Cash provided by operating activities $ 1,345,868 $ 1,044,246
Cash used in investing activities $ (764,859) $ (649,940)
Cash used in financing activities $ (334,652) $ (182,966)
Realized prices:
Gold (per ounce) $ 4,861 $ 2,891
Silver (per ounce) $ 83.90 $ 33.07
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of UnitedStates dollars, except where noted)
Three Months Ended
March 31,
2026 2025
--------- ---------
Payable production(i) :
Gold (ounces):
LaRonde 81,596 91,491
Canadian Malartic 166,216 159,773
Goldex 29,372 30,016
--------- ---------
Quebec 277,184 281,280
Detour Lake 177,019 152,838
Macassa 55,593 86,028
--------- ---------
Ontario 232,612 238,866
Meliadine 93,831 98,512
Meadowbank 113,862 140,126
Nunavut 207,693 238,638
Fosterville 41,443 43,615
--------- ---------
Australia 41,443 43,615
Kittila 48,527 54,104
--------- ---------
Finland 48,527 54,104
Pinos Altos 17,650 17,291
Mexico 17,650 17,291
--------- ---------
Total gold (ounces): 825,109 873,794
--------- ---------
Silver (thousands of ounces) 599 602
Zinc (tonnes) 1,019 1,742
Copper (tonnes) 1,479 1,384
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of UnitedStates dollars, except where noted)
Three Months Ended
March 31,
2026 2025
--------- ---------
Payable metal sold(ii) :
Gold (ounces):
LaRonde 78,447 90,509
Canadian Malartic 155,297 144,663
Goldex 31,756 30,693
--------- ---------
Quebec 265,500 265,865
Detour Lake 191,349 155,480
Macassa 62,034 81,000
--------- ---------
Ontario 253,383 236,480
Meliadine 77,250 89,270
Meadowbank 121,761 140,350
Nunavut 199,011 229,620
Fosterville 38,000 38,000
--------- ---------
Australia 38,000 38,000
Kittila 52,600 56,000
--------- ---------
Finland 52,600 56,000
Pinos Altos 21,157 17,000
Mexico 21,157 17,000
Total gold (ounces): 829,651 842,965
--------- ---------
Silver (thousands of ounces) 617 527
Zinc (tonnes) 1,184 1,812
Copper (tonnes) 1,509 1,398
Notes:
------------------------------------------------------------------------------
(i) Payable production (a non-GAAP non-financial performance measure) is the
quantity of mineral produced during a period contained in products that are or
will be sold by the Company, whether such products are sold during the period
or held as inventories at the end of the period. For the three months ended
March 31, 2026 and 2025, it excludes 418 payable gold ounces and 1,811 payable
gold ounces produced at La India along with 76 payable gold ounces and 25
payable gold ounces produced at Creston Mascota, respectively.
(ii) Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude
the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of
gold production at such mines. For the three months ended March 31, 2025, it
excludes 2,500 payable gold ounces sold at La India.
AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts)
(Unaudited)
As at As at
March 31, 2026 December 31, 2025
--------------------- ---------------------
ASSETS
Current assets:
Cash and cash equivalents $ 3,111,869 $ 2,866,053
Inventories 1,578,848 1,698,830
Fair value of derivative
financial instruments 28,172 34,428
Other current assets 410,385 394,631
--------------------- ---------------------
Total current assets 5,129,274 4,993,942
Non-current assets:
Goodwill 4,157,672 4,157,672
Property, plant and mine
development 23,027,704 22,850,540
Investments 1,814,118 1,508,252
Other assets 1,026,933 960,885
--------------------- ---------------------
Total assets $ 35,155,701 $ 34,471,291
===================== =====================
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities $ 1,090,948 $ 1,033,444
Share based liabilities 36,881 31,722
Income taxes payable 250,218 1,226,347
Reclamation provision 195,227 144,537
Lease obligations 32,573 30,480
Fair value of derivative
financial instruments 23,475 5,676
--------------------- ---------------------
Total current liabilities 1,629,322 2,472,206
Non-current liabilities:
Long-term debt 196,548 196,271
Reclamation provision 1,291,147 1,318,476
Lease obligations 90,098 94,719
Share based liabilities 12,615 23,921
Deferred income and mining
tax liabilities 5,450,784 5,373,013
Other liabilities 210,041 250,221
--------------------- ---------------------
Total liabilities 8,880,555 9,728,827
--------------------- ---------------------
EQUITY
Common shares:
Outstanding -- 500,653,224
common shares issued, less
616,987 shares held in
trust 18,759,399 18,699,862
Stock options 164,637 166,775
Retained earnings 6,814,704 5,463,906
Other reserves 536,406 411,921
--------------------- ---------------------
Total equity 26,275,146 24,742,464
--------------------- ---------------------
Total liabilities and equity $ 35,155,701 $ 34,471,291
===================== =====================
AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME
(thousands of UnitedStates dollars, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
------------------------
2026 2025
----------- -----------
REVENUES
Revenues from mining operations $ 4,099,589 $ 2,468,248
COST OF SALES
Production costs 955,587 767,733
Amortization of property, plant and mine
development 420,266 416,800
----------- -----------
Gross profit 2,723,736 1,283,715
EXPENSES (INCOME)
Exploration and corporate development 52,556 41,805
General and administrative 77,850 60,709
Finance costs 15,756 22,444
Gain on derivative financial instruments (4,700) (68,859)
Foreign currency translation gain (733) (60)
Care and maintenance 22,596 13,901
Other income and expenses 787 19,204
----------- -----------
Income before income and mining taxes 2,559,624 1,194,571
Income and mining taxes expense 864,163 379,840
----------- -----------
Net income for the period $ 1,695,461 $ 814,731
=========== ===========
Net income per share - basic $ 3.39 $ 1.62
Net income per share - diluted $ 3.38 $ 1.62
Adjusted net income per share - basic(i) $ 3.41 $ 1.53
Adjusted net income per share - diluted(i) $ 3.40 $ 1.53
Weighted average number of common shares
outstanding (in thousands):
Basic 500,240 502,410
Diluted 501,729 503,773
Notes:
------------------------------------------------------------------------------
(i) Adjusted net income per share is not a recognized measure under IFRS
Accounting Standards and this data may not be comparable to data reported by
other companies. SeeNote Regarding Certain Measures of Performance -- Adjusted
Net Income and Adjusted Net Income per Share for a discussion of the
composition and usefulness of this measure and a reconciliation to the nearest
IFRS Accounting Standards measure
AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of UnitedStates dollars)
(Unaudited)
Three Months Ended
March 31,
2026 2025
OPERATING ACTIVITIES
Net income for the period $ 1,695,461 $ 814,731
Add (deduct) adjusting items:
Amortization of property, plant and mine
development 420,266 416,800
Deferred income and mining taxes 59,537 18,491
Unrealized loss (gain) on currency and commodity
derivatives 24,054 (31,120)
Unrealized gain on warrants (18,989) (54,168)
Stock-based compensation 34,931 27,393
Foreign currency translation gain (733) (60)
Other 16,835 17,323
Changes in non-cash working capital balances:
Income taxes (989,080) (176,739)
Inventories 36,800 30,917
Other current assets (11,014) 31,390
Accounts payable and accrued liabilities 77,800 (50,712)
Cash provided by operating activities 1,345,868 1,044,246
----------- -----------
INVESTING ACTIVITIES
Additions to property, plant and mine development (613,749) (450,124)
Purchase of O3 Mining, net of cash and cash
equivalents acquired -- (121,960)
Contributions for acquisition of mineral assets (5,280) (3,825)
Purchase of equity securities and other
investments (144,702) (68,057)
Other investing activities (1,128) (5,974)
Cash used in investing activities (764,859) (649,940)
----------- -----------
FINANCING ACTIVITIES
Repayment of lease obligations (7,238) (9,178)
Dividends paid (203,165) (175,567)
Repurchase of common shares (167,833) (60,050)
Proceeds on exercise of stock options 31,434 52,026
Common shares issued 12,150 9,803
----------- -----------
Cash used in financing activities (334,652) (182,966)
----------- -----------
Effect of exchange rate changes on cash and cash
equivalents (541) 541
----------- -----------
Net increase in cash and cash equivalents during
the period 245,816 211,881
Cash and cash equivalents, beginning of period 2,866,053 926,431
----------- -----------
Cash and cash equivalents, end of period $ 3,111,869 $ 1,138,312
=========== ===========
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid $ 563 $ 1,185
=========== ===========
Income and mining taxes paid $ 1,788,322 $ 536,602
=========== ===========
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SOURCE Agnico Eagle Mines Limited
(END) Dow Jones Newswires
April 30, 2026 17:00 ET (21:00 GMT)