AGNICO EAGLE REPORTS THIRD QUARTER 2026 RESULTS - STRONG FREE CASH FLOW GENERATION DRIVEN BY SOLID OPERATIONAL PERFORMANCE; ON TRACK TO ACHIEVE 2026 PRODUCTION AND COST GUIDANCE
At current spot gold prices and subject to operational needs, the company anticipates returning more than 50% of 2026 free cash flow to shareholders.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Agnico Eagle Mines (AEM) reported third-quarter 2026 net income of $1,353 million while maintaining its annual production and cost guidance. Earnings were $2.67 per share, operating cash flow was $1,755 million and free cash flow was $852 million. Gold production fell to 814,012 ounces from 866,936 a year earlier; all-in sustaining costs rose to $1,648 per ounce from a restated $1,331.
The company expects annual production near the lower end of 3.3–3.5 million ounces, with cash costs and all-in sustaining costs near their guidance ranges' upper ends. Cash reached $3,613 million against $197 million of debt. Quarterly shareholder returns totaled $478 million. After quarter-end, the revolving credit facility increased to $3 billion, maturing October 28, 2031. Hope Bay construction remained on schedule, and Odyssey's first shaft production is planned for the second quarter of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net income totaled $1,353 million, or $2.67 per share.
- Moderate pointOperating cash flow totaled $1,755 million, or $3.47 per share, in the third quarter.
- Moderate pointFree cash flow, a non-GAAP measure, totaled $852 million, or $1.68 per share, in the third quarter.
- Moderate pointRevolving credit capacity increased from $2 billion to $3 billion after quarter-end, adding available funding. 3.3% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 shareholder returns are anticipated above 50% of free cash flow, subject to operational needs and current spot gold prices.
18 minor points
- Minor pointThird-quarter adjusted net income, a non-GAAP measure, totaled $1,324 million, or $2.62 per share.
- Minor pointCash increased $149 million to $3,613 million at September 30, 2026, against $197 million in debt.
- Minor pointShare repurchases retired 1,297,940 common shares at an average $192.60, costing approximately $250 million during the quarter.
- Minor point. Forward-looking: it has not happened yet and may not happen.Odyssey's first shaft-sinking phase finished in July 2026; shaft production is planned for the second quarter of 2027.
- Minor pointEast Gouldie drilling returned 3.8 g/t gold over 38.8 metres at 1,707 metres depth.
- Minor pointEclipse drilling returned 2.9 g/t over 27.6 metres and 3.8 g/t over 36.3 metres, both core lengths.
- Minor pointArtemis drilling returned 9.5 g/t gold over 18.9 metres of core at 1,061 metres depth.
- Minor pointDetour Lake underground development advanced its exploration ramp to 207 metres depth, toward the planned bulk sample area.
- Minor pointWest Pit drilling returned 18.9 g/t gold over 26.4 metres, including 182.7 g/t over 2.7 metres.
- Minor pointWest Extension drilling returned 22.4 g/t gold over 2.9 metres and 2.5 g/t over 29.1 metres.
- Minor pointUpper Beaver development reached 210 metres on the ramp and 732 metres in shaft sinking.
- Minor point. Forward-looking: it has not happened yet and may not happen.Upper Beaver expects to reach the 760 Level and begin station excavation in the fourth quarter of 2026.
- Minor pointHope Bay construction remained on schedule, with approximately 73% engineering completion and approximately 13% construction completion at September 30.
- Minor pointHope Bay's 2026 sealift campaign was completed, supporting construction through 2027.
- Minor pointHope Bay's Inuit Impact and Benefit Agreement was extended to 2056, with coverage expanded across the entire belt.
- Minor pointPatch 7 drilling returned 37.1 g/t gold over 2.8 metres and 8.5 g/t over 8.6 metres.
- Minor pointBoston drilling returned 11.0 g/t gold over 12.3 metres and 17.0 g/t over 4.5 metres.
- Minor pointSan Nicolás continued advancing engineering, critical infrastructure and secondary permitting for power and water.
Negative
- Moderate pointGold production declined to 814,012 ounces from 866,936 in the prior-year quarter.
- Moderate pointQuarterly gold sales declined to 825,084 ounces from 868,563 a year earlier.
- Moderate pointQuarterly production costs rose to $1,193 per ounce from $963 a year earlier.
- Moderate pointQuarterly total cash costs rose to $1,133 per ounce from a restated $952 a year earlier.
- Moderate pointQuarterly all-in sustaining costs rose to $1,648 per ounce from a restated $1,331 a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 production is expected near the lower end of 3.3–3.5 million ounces following Barnat's adjusted mine plan.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 all-in sustaining costs are expected near the upper end of $1,400–$1,550 per ounce.
9 minor points
- Minor pointNine-month gold production declined to 2,494,937 ounces from 2,606,759 in the comparable 2025 period.
- Minor pointNine-month gold sales declined to 2,490,240 ounces from 2,558,363 in the comparable 2025 period.
- Minor pointNine-month production costs rose to $1,155 per ounce from $918 in the comparable 2025 period.
- Minor pointNine-month total cash costs rose to $1,092 per ounce from a restated $924 in the comparable 2025 period.
- Minor pointNine-month all-in sustaining costs rose to $1,529 per ounce from a restated $1,262 in the comparable 2025 period.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 cash costs are expected near the upper end of $1,020–$1,120 per ounce.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 capital expenditures, excluding capitalized exploration, remain expected at $2.6 billion–$2.8 billion.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 capitalized exploration spending remains expected at $290 million–$330 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.San Nicolás approval is potentially expected in late 2027 or early 2028, subject to additional permits and authorizations.
News Explained
Hope Bay’s Inuit agreement now covers the entire belt through 2056, while Odyssey has completed its first shaft-sinking phase.
In
At Odyssey, the first phase of shaft sinking was complete in
Key Figures
- Payable gold production
- 814,012 ounces
- Q3 2026; in line with the adjusted plan
- Net income
- $1,353 million
- Q3 2026, compared with $1,055 million in Q3 2025
- Free cash flow
- $852 million
- Q3 2026, compared with $1,190 million in Q3 2025
- AISC per ounce
- $1,648
- Q3 2026, compared with $1,331 in Q3 2025
- 2026 payable gold production guidance
- 3.3 to 3.5 million ounces
- Expected near the lower end of the range
- 2026 total cash cost guidance
- $1,020 to $1,120 per ounce
- Expected near the upper end of the range
- Shareholder returns
- $478 million
- Q3 2026; dividends and share repurchases
- Unsecured revolving credit facility
- $3 billion
- Increased from $2 billion; maturity October 28, 2031
Previous Earnings Reports
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Reported 855,816 ounces and $1,335 million free cash flow; 24-hour reaction was positive.
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Reported 866,936 ounces and $1,190 million free cash flow; 24-hour reaction was positive.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
payable gold production technical
all-in sustaining costs financial
normal course issuer bid financial
non-gaap measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in
"Our business continues to perform well, reflecting the consistent execution of our teams across the Company. Solid operational performance contributed to strong free cash flow generation and we remain on track to achieve our full year guidance, with production expected near the lower end of the range and costs within the range despite inflationary cost pressures," said Ammar Al-Joundi, President and Chief Executive Officer. "We are making excellent progress across our project pipeline, with the focus on continuing our long track record of increasing gold production per share for our owners. Construction is ramping up at Hope Bay, the first phase of shaft sinking is complete at Odyssey and project infrastructure continues to advance at Upper Beaver and Detour Lake. Our strong free cash flow generation provides the flexibility to advance these growth opportunities while continuing to return significant capital to shareholders through dividends and share repurchases."
Third quarter 2026 highlights:
- Disciplined execution supports solid operational performance – Payable gold production1 was 814,012 ounces, in line with the adjusted plan, at production costs per ounce of
$1,193 $1,133 $1,648 Fosterville and Kittila - Strong quarterly free cash flow drives quarterly financial results – Solid operational performance, combined with realized gold prices3 of
$4,264 $1,353 million $2.67 $1,324 million $2.62 $1,755 million $3.47 $852 million $1.68 - Financial strength and flexibility further enhanced – The Company increased its cash balance by
$149 million $3,613 million $3,416 million $197 million $2 billion $3 billion - Annual gold production remains at lower end of guidance range, while total cash costs per once and AISC per ounce expected near upper end of annual guidance range – Expected payable gold production for the full year 2026 remains near the lower end of the guided range of 3.3 to 3.5 million ounces, reflecting the adjusted mine plan of the Barnat open pit at Canadian Malartic following the rock mass movement reported on July 2, 2026. Full year total cash costs per ounce and AISC per ounce guidance for 2026 are expected to be near the upper end of the guidance range of
$1,020 $1,120 $1,400 $1,550 $2.6 billion $2.8 billion $290 million $330 million - Strong quarterly shareholder returns – The Company returned a total of
$478 million $0.45 $192.60 $250 million 50% of free cash flow to shareholders in 2026 through dividends and share repurchases - Update on key value drivers and pipeline projects in the third quarter of 2026
- Canadian
Malartic – Following completion of the first phase of shaft sinking at Odyssey in July 2026, work advanced on the headframe changeover, dismantling of the sinking infrastructure and construction of the first loading station, supporting the planned start of production through Shaft #1 in the second quarter of 2027. The Company also continued to advance its evaluation of the optimal mining rate at East Gouldie, which will determine the size, scale and location of a potential second shaft at Odyssey. Exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, including 3.8 grams per tonne ("g/t") gold over 38.8 metres at 1,707 metres depth in the deepest portion of the East Gouldie deposit; 2.9 g/t gold over 27.6 metres (core length) at 1,585 metres depth and 3.8 g/t gold over 36.3 metres (core length) at 1,622 metres depth in the Eclipse zone; and 9.5 g/t gold over 18.9 metres (core length) at 1,061 metres depth in the new internal Artemis porphyry sub-zone within the Odyssey North zone - Detour Lake – Development of the underground project continued to advance during the quarter, with the exploration ramp reaching a depth of 207 metres and development toward the planned bulk sample area. Progress also continued on key infrastructure, including the overburden excavation for the conveyor ramp portal, as well as the ongoing camp expansion and the multi-services building. High-intensity drilling from surface near the exploration ramp in the West Pit zone continued in the third quarter with a highlight intercept of 18.9 g/t gold over 26.4 metres at 331 metres depth, including 182.7 g/t gold over 2.7 metres at 320 metres depth. Drilling into the West Extension zone had highlight intercepts of 22.4 g/t gold over 2.9 metres at 682 metres depth and 2.5 g/t gold over 29.1 metres at 733 metres depth, approximately 1.0 kilometre west of the mineral resource pit outline
- Canadian
-
- Upper Beaver – Development activities performed well during the quarter, with ramp development advancing to a depth of 210 metres, achieving a fifth consecutive quarterly productivity record, and shaft sinking reaching a depth of 732 metres. The Company expects to reach the 760 Level and commence excavation of the 760 Level station in the fourth quarter of 2026. The Company continues to evaluate opportunities to expand exploration activities, including the extension of the shaft to a depth of 1,220 metres and the addition of drill stations to support infill drilling and potential mineral resource growth in the lower portions of the deposit
- Hope Bay – Following the positive investment decision announced in May 2026, construction of the Hope Bay project continued to advance and remained on schedule. Detailed engineering reached approximately
73% completion and overall construction progress reached approximately13% as at September 30, 2026. The Company also successfully completed the 2026 sealift campaign, positioning the project to maintain construction momentum through 2027. A new framework agreement with the Kitikmeot Inuit Association was finalized in October 2026, extending the Hope Bay Inuit Impact and Benefit Agreement to 2056 and expanding its coverage across the entire Hope Bay Belt. Conversion drilling at Patch 7 at theMadrid deposit during the third quarter had highlights of 37.1 g/t gold over 2.8 metres at 686 metres depth and 8.5 g/t gold over 8.6 metres at 413 metres depth. At theBoston deposit, the Company completed its first exploration drilling program since acquiring Hope Bay in 2021, with highlights of 11.0 g/t gold over 12.3 metres at 298 metres depth in the core of the B2 zone and 17.0 g/t gold over 4.5 metres at 308 metres depth in the B3 zone to the south - San Nicolás – Minas de San Nicolás continued to advance engineering, critical infrastructure and secondary permitting for power and water infrastructure. A potential project approval decision is expected in late 2027 or early 2028, subject to the receipt of the additional required permits and authorizations
- Upper Beaver – Development activities performed well during the quarter, with ramp development advancing to a depth of 210 metres, achieving a fifth consecutive quarterly productivity record, and shaft sinking reaching a depth of 732 metres. The Company expects to reach the 760 Level and commence excavation of the 760 Level station in the fourth quarter of 2026. The Company continues to evaluate opportunities to expand exploration activities, including the extension of the shaft to a depth of 1,220 metres and the addition of drill stations to support infill drilling and potential mineral resource growth in the lower portions of the deposit
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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. |
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5 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. |
Third Quarter 2026 Results Conference Call and Webcast Tomorrow
The Company's senior management will host a conference call on Thursday, October 29, 2026, at 11:00 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 46013#. The conference call replay will be available until November 29, 2026.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Third Quarter 2026 Production and Costs
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Production and Cost Results Summary |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025* |
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2026 |
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2025* |
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Gold production** (ounces) |
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814,012 |
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866,936 |
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2,494,937 |
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2,606,759 |
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Gold sales (ounces)*** |
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825,084 |
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868,563 |
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2,490,240 |
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2,558,363 |
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Production costs per ounce |
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$ 1,193 |
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$ 963 |
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$ 1,155 |
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$ 918 |
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Total cash costs per ounce |
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$ 1,133 |
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$ 952 |
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$ 1,092 |
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$ 924 |
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AISC per ounce |
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$ 1,648 |
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$ 1,331 |
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$ 1,529 |
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$ 1,262 |
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* Total cash costs per ounce and AISC per ounce for the three and nine months ended September 30, 2025 have been restated using the Company's revised composition for periods commencing on or after January 1, 2026, see Note Regarding Certain Measures of Performance below for further details. Using the Company's composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were |
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** Gold production for the three months ended September 30, 2026 excludes payable gold production at La India and Creston Mascota of 557 and 115 ounces, respectively, which were produced from residual leaching. Gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 945 ounces and 189 ounces, respectively, which were producing from residual leaching. Gold production for the nine months ended September 30, 2026 excludes payable gold production at La India and Creston Mascota of 1,415 and 249 ounces, respectively, which were produced from residual leaching. Gold production for the nine months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 3,614 ounces and 253 ounces, respectively, which were producing from residual leaching. |
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*** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of |
Gold Production
- Third Quarter of 2026 – Gold production decreased when compared to the prior-year period primarily due to lower production from Canadian Malartic (lower throughput and grade) and Meadowbank (lower grade), partially offset by higher production from Detour Lake (higher grade partially offset by lower throughput) and
Fosterville (higher throughput and grade)
- First Nine Months of 2026 – Gold production decreased when compared to the prior-year period primarily due to lower production from Canadian Malartic (lower throughput and grade), Meadowbank (lower grade partially offset by higher throughput) and Macassa (lower grade partially offset by higher throughput), partially offset by higher production from Detour Lake (higher grade)
Production Costs per Ounce
- Third Quarter of 2026 – Production costs per ounce increased when compared to the prior-year period primarily due to higher labour costs, higher energy costs related to diesel prices, higher royalty costs resulting from higher gold prices and lower production
- First Nine Months of 2026 – Production costs per ounce increased when compared to the prior-year period primarily due to higher labour costs, higher royalty costs resulting from higher gold prices, higher energy costs related to diesel prices and lower production
Total Cash Costs per Ounce
- Third Quarter and First Nine Months of 2026 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in each respective period
AISC per Ounce
- Third Quarter of 2026 and First Nine Months of 2026 – AISC per ounce increased when compared to the prior-year periods due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures (primarily at Detour Lake and
Fosterville ), higher non-cash reclamation-related costs and higher general and administrative expenses
Refer to the Company's Management Discussion and Analysis for the third 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 periods.
Third Quarter 2026 Financial Results
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Financial Results Summary |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Realized gold price (per ounce) |
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$ 4,264 |
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$ 3,476 |
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$ 4,537 |
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$ 3,221 |
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Net income (millions) |
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$ 1,353 |
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$ 1,055 |
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$ 4,649 |
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$ 2,938 |
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Adjusted net income (millions) |
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$ 1,324 |
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$ 1,085 |
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$ 4,571 |
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$ 2,831 |
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EBITDA (millions)6 |
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$ 2,445 |
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$ 2,030 |
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$ 8,203 |
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$ 5,684 |
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Adjusted EBITDA (millions)6 |
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$ 2,466 |
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$ 2,098 |
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$ 8,214 |
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$ 5,602 |
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Cash provided by operating activities (millions) |
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$ 1,755 |
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$ 1,816 |
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$ 5,245 |
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$ 4,706 |
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Cash provided by operating activities before changes in non-cash working capital balances (millions)6 |
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$ 1,960 |
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$ 1,661 |
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$ 6,303 |
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$ 4,203 |
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Capital expenditures* (millions)6 |
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$ 921 |
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$ 644 |
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$ 2,296 |
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$ 1,601 |
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Free cash flow (millions) |
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$ 852 |
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$ 1,190 |
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$ 2,919 |
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$ 3,089 |
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Free cash flow before changes in non-cash working capital balances (millions)6 |
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$ 1,057 |
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$ 1,035 |
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$ 3,978 |
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$ 2,586 |
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Net income per share (basic) |
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$ 2.67 |
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$ 2.10 |
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$ 9.25 |
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$ 5.85 |
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Adjusted net income per share (basic) |
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$ 2.62 |
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$ 2.16 |
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$ 9.09 |
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$ 5.64 |
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Cash provided by operating activities per share (basic) |
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$ 3.47 |
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$ 3.62 |
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$ 10.43 |
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$ 9.37 |
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Cash provided by operating activities before changes in non-cash working capital balances per share (basic) |
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$ 3.87 |
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$ 3.31 |
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$ 12.54 |
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$ 8.37 |
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Free cash flow per share (basic) |
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$ 1.68 |
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$ 2.37 |
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$ 5.81 |
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$ 6.15 |
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Free cash flow before changes in non-cash working capital balances per share (basic) |
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$ 2.09 |
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$ 2.06 |
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$ 7.91 |
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$ 5.15 |
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* Includes capitalized exploration |
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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
- Third Quarter of 2026
- Net income increased when compared to the prior-year period primarily due to higher revenues from mining operations from higher realized gold prices and lower care and maintenance expenses related to Hope Bay, partially offset by higher production costs related to labour, royalties and diesel prices and higher income and mining taxes
-
- Net income of
$1,353 million $2.67 $45 million ($0.09 $11 million ($0.02 $8 million ($0.02 $7 million ($0.01 $12 million ($0.03 $1,324 million $2.62
- Net income of
- First Nine Months of 2026 – Net income increased when compared to the prior-year period primarily due to higher revenues from mining operations from higher realized gold prices and a gain on sale of investments, partially offset by higher income and mining taxes, higher production costs related to labour, royalties and diesel prices and losses on derivative financial instruments (compared to gains in the prior-year period)
Adjusted EBITDA
- Third Quarter and First Nine Months of 2026 – Adjusted EBITDA increased when compared to the prior-year periods primarily due to higher revenues from mining operations (higher realized gold prices, partially offset by lower gold sales) and lower care and maintenance expenses related to Hope Bay, partially offset by higher production costs (higher labour costs, royalty costs and energy costs, related to diesel prices)
Cash Provided by Operating Activities
- Third Quarter of 2026 – Cash provided by operating activities decreased when compared to the prior-year period due to unfavourable changes in non-cash components of working capital in the current period, primarily related to an increase in supplies inventory in
Nunavut resulting from the summer sealift season. Cash provided by operating activities before changes in non-cash components of working capital increased when compared to the prior-year period primarily due to the reasons described above related to the increase in adjusted EBITDA
- First Nine Months of 2026 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital increased when compared to the prior-year period primarily due to the reasons described above related to the increase in adjusted EBITDA. For the first nine months of 2026, cash provided by operating activities was reduced by approximately
$1.3 billion
Free Cash Flow
- Third Quarter and First Nine Months of 2026 – Free cash flow decreased when compared to the prior-year periods due to unfavourable changes in non-cash components of working capital as described above related to cash provided by operating activities and higher development capital expenditures related to the Hope Bay, Odyssey and Detour Lake underground projects in each such period
- Third Quarter and First Nine Months of 2026 – Free cash flow before changes in non-cash components of working capital increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher development capital expenditures related to the Hope Bay, Odyssey and Detour Lake underground projects in each such period
Capital Expenditures
In the third quarter of 2026, capital expenditures were
The table below sets out a summary of capital expenditures and capitalized exploration in the third quarter of 2026 and the first nine months of 2026, in each case broken down between sustaining capital expenditures and development capital expenditures and by mine.
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Summary of Capital Expenditures |
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(thousands) |
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Capital Expenditures* |
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Capitalized Exploration |
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Three Months Ended |
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Nine Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Sep 30, 2026 |
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Sep 30, 2026 |
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Sep 30, 2026 |
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Sep 30, 2026 |
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Sustaining Capital Expenditures** |
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LaRonde |
$ 22,631 |
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$ 57,804 |
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$ 814 |
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$ 3,084 |
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Canadian |
16,732 |
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61,935 |
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650 |
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2,858 |
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Goldex |
7,725 |
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27,301 |
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811 |
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1,497 |
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47,088 |
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147,040 |
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2,275 |
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7,439 |
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Detour Lake |
95,740 |
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212,767 |
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— |
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— |
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Macassa |
13,774 |
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45,408 |
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— |
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1,592 |
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109,514 |
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258,175 |
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— |
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1,592 |
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Meliadine |
28,467 |
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62,995 |
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1,754 |
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5,392 |
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Meadowbank |
46,783 |
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93,676 |
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— |
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— |
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75,250 |
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156,671 |
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1,754 |
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5,392 |
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23,073 |
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70,595 |
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845 |
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1,763 |
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23,073 |
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70,595 |
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845 |
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1,763 |
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Kittila |
14,713 |
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48,159 |
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1,092 |
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3,387 |
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14,713 |
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48,159 |
|
1,092 |
|
3,387 |
|
|
14,807 |
|
34,850 |
|
2,308 |
|
3,845 |
|
|
14,807 |
|
34,850 |
|
2,308 |
|
3,845 |
|
Other |
2,788 |
|
5,285 |
|
666 |
|
(248) |
|
Total Sustaining Capital Expenditures |
$ 287,233 |
|
$ 720,775 |
|
$ 8,940 |
|
$ 23,170 |
|
|
|
|
|
|
|
|
|
|
Development Capital Expenditures** |
|
|
|
|
|
|
|
|
LaRonde |
$ 23,453 |
|
$ 65,486 |
|
$ — |
|
$ — |
|
Canadian |
97,822 |
|
299,458 |
|
6,168 |
|
20,235 |
|
Goldex |
9,650 |
|
24,346 |
|
2,196 |
|
5,828 |
|
|
130,925 |
|
389,290 |
|
8,364 |
|
26,063 |
|
Detour Lake |
94,786 |
|
244,864 |
|
7,959 |
|
23,141 |
|
Detour Lake underground |
3,591 |
|
21,966 |
|
26,032 |
|
64,992 |
|
Macassa |
41,519 |
|
105,529 |
|
8,510 |
|
26,830 |
|
Upper Beaver |
13,706 |
|
38,725 |
|
8,987 |
|
26,792 |
|
|
153,602 |
|
411,084 |
|
51,488 |
|
141,755 |
|
Meliadine |
33,198 |
|
71,843 |
|
3,053 |
|
11,382 |
|
Meadowbank |
20,648 |
|
40,159 |
|
1,177 |
|
1,228 |
|
Hope Bay |
189,675 |
|
338,282 |
|
(6,337) |
|
33,581 |
|
|
243,521 |
|
450,284 |
|
(2,107) |
|
46,191 |
|
|
12,302 |
|
23,525 |
|
3,790 |
|
11,812 |
|
|
12,302 |
|
23,525 |
|
3,790 |
|
11,812 |
|
Kittila |
347 |
|
2,394 |
|
1,539 |
|
6,795 |
|
|
347 |
|
2,394 |
|
1,539 |
|
6,795 |
|
|
5,457 |
|
11,110 |
|
13 |
|
36 |
|
San Nicolás ( |
7,849 |
|
12,416 |
|
1,084 |
|
3,713 |
|
|
13,306 |
|
23,526 |
|
1,097 |
|
3,749 |
|
Other |
6,819 |
|
15,283 |
|
— |
|
— |
|
Total Development Capital Expenditures |
$ 560,822 |
|
$ 1,315,386 |
|
$ 64,171 |
|
$ 236,365 |
|
Total Capital Expenditures |
$ 848,055 |
|
$ 2,036,161 |
|
$ 73,111 |
|
$ 259,535 |
|
* |
Excludes capitalized exploration |
|
** |
Sustaining capital expenditures and development capital expenditures 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
As disclosed on July 2, 2026, the Company expects full year 2026 production to be near the lower end of its previously disclosed guidance range of 3.3 million to 3.5 million ounces of gold, reflecting the adjusted mine plan for the Barnat open pit at Canadian Malartic. Full year total cash costs per ounce and AISC per ounce guidance for 2026 are expected to be near the upper end of the guidance range of
Total capital expenditures expected for 2026 (excluding capitalized exploration) remain between
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 ounce7 |
|
$ 1,020 |
$ 1,120 |
|
$ 1,070 |
|
AISC per ounce7 |
|
$ 1,400 |
$ 1,550 |
|
$ 1,475 |
|
|
|
|
|
|
|
|
Capital expenditures7 (excluding capitalized exploration) |
|
$ 2,605 |
$ 2,825 |
|
$ 2,715 |
|
Capitalized exploration |
|
$ 290 |
$ 330 |
|
$ 310 |
|
Capital expenditures (including capitalized exploration) |
|
$ 2,895 |
$ 3,155 |
|
$ 3,025 |
|
|
|
|
|
|
|
|
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 Payment8 |
|
$ 185 |
$ 195 |
|
$ 190 |
|
Cash taxes |
|
$ 3,400 |
$ 3,600 |
|
$ 3,500 |
|
Effective tax rate (%) |
|
34 % |
36 % |
|
35 % |
|
* |
2026 Guidance includes |
|
** |
2026 Guidance includes share-based compensation, expected to be between |
|
*** |
2026 Guidance includes |
|
_______________________ |
|
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. |
Cost Considerations Amid Continued Market Uncertainty
The Company is experiencing input cost pressures, primarily related to diesel and consumables. Despite these pressures, total cash costs per ounce and all-in sustaining costs per ounce are expected to remain within the full year guidance ranges, albeit towards the upper end.
Diesel
The Company's full year 2026 cost guidance is based on an assumed diesel benchmark price of
Diesel now represents approximately
Consumables
Consumables and supplies, which represent approximately
Tariffs
The trade disputes initiated by
Foreign Exchange
The Company's full year 2026 cost guidance is based on assumed exchange rates of
Based on its C$/US$ exchange rate assumption for 2026 cost estimates, the Company has hedged approximately
The stronger
Cash Taxes
The Company's expected effective tax rate continues to be approximately
Depreciation and Amortization Expense
The Company now expects depreciation and amortization expense to be towards the upper end of the
Strong Cash Flow Generation and Enhanced Liquidity Support a Balanced Capital Allocation Strategy
Cash and cash equivalents increased by
As at September 30, 2026, the Company's total long-term debt was
In order to maintain financial flexibility, and consistent with past practice, the Company plans to file a new base shelf prospectus in November 2026. The Company has no present intention to offer securities pursuant to the base shelf prospectus and the notice set out in this paragraph does not constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any securities.
As a result of the increase in cash and cash equivalents of
Subsequent to the quarter-end, the Company amended and restated its
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. The Company believes that the 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.
The Company prioritizes delivering stable returns to shareholders through its dividend program and continuing to reinvest in the business to support long-term value creation. Excess cash flow may be returned opportunistically through the NCIB when the Company believes market conditions provide an attractive opportunity to repurchase shares. At current spot gold prices and subject to operational needs, the Company anticipates returning more than
The Company paid
In the third quarter of 2026, the Company repurchased 1,297,940 common shares under the NCIB at an average price of
Dividend Record and Payment Dates for the Third Quarter of 2026
The Company's Board of Directors has declared a quarterly cash dividend of
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
Key Value Drivers – Advancing 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
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. For further information see Notes to Investors Regarding Certain Project Evaluations below.
Canadian
The Company continues to advance the transition to underground mining with the construction of the Odyssey mine, including the development of Odyssey Shaft #1. The Company is also advancing internal evaluations on three projects that, together, have the potential to increase annual gold production towards one million ounces starting as early as 2033. 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. The Company believes that the rock mass movement that occurred at the Barnat open pit at Canadian Malartic on July 1, 2026, will not affect the development or production outlook for the Odyssey mine. Refer to the "Abitibi Region,
Odyssey Development
During the third quarter of 2026, mine development advanced by 4,874 metres, with work focused on developing the East Gouldie production levels and advancing the main ramp toward the shaft bottom, which reached a depth of 1,232 metres as of September 30, 2026. Development rates improved through the quarter as the Company continued to advance productivity initiatives, including haul truck payload optimization and the expanded use of automated equipment. In the fourth quarter of 2026, the extension of the auxiliary cage will allow for workforce transportation down to level 111. This is expected to further improve productivity by reducing travel times and congestion at the main ramp.
The first phase of shaft sinking of Odyssey Shaft #1 was completed on July 9, 2026, reaching a depth of 1,586 metres, and excavation of level 158 was completed in August. Preparations for the headframe changeover to the production hoist continued during the quarter, with structural and mechanical work advancing, including the installation of the production sheaves and the dismantling of the sinking infrastructure. The second phase of shaft sinking is expected to commence in 2029 and be completed in 2031, extending the shaft to its final planned depth of 1,870 metres, while the third loading station, located between levels 172 and 181, is expected to be commissioned in 2031.
At the first loading station between levels 102 and 111, development and construction activities remained focused on advancing underground infrastructure to support the planned start of shaft-hoisted production from East Gouldie in the second quarter of 2027. Excavation of the rock-handling infrastructure is substantially complete, while development of the maintenance shop and service bays progressed as planned. Construction of the crusher room advanced during the quarter, with the completion of the overhead crane installation and coarse ore liner installation in the silo. Mechanical and electrical installation of the crusher and apron feeders continued to progress, while initial concrete work commenced in the loading conveyor area.
Construction of key surface infrastructure continued to advance during the quarter. Phase 2 of the paste plant (20,000 tonnes per day ("tpd") capacity) progressed with the completion of the binder silo installation, while electrical work continued ahead of testing in the fourth quarter of 2026 and commissioning in the second quarter of 2027. At the production hoist, lubrication and cooling piping circuits were completed, program testing and simulations were successfully finalized, and electrical and control system installations continued in support of commissioning 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. Current work is focused on mine design, planning and geotechnical analysis to determine the optimal mining rate at the East Gouldie deposit, which will inform the size, design and overall scope of the proposed second shaft. Studies supporting the surface layout, headframe design and permitting activities continue to progress and the Company expects to submit a decree modification application in the first quarter of 2027, with the permitting process expected to take approximately 18 months.
Exploration at Odyssey
During the third quarter of 2026, ten surface rigs and seven underground rigs were in operation at the Odyssey mine, drilling a total of 35,100 metres (128,400 metres during the first nine months of 2026). This was supplemented by an additional three surface rigs, completing 15,500 metres (85,700 metres during the first nine months of 2026) of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project.
Exploration drilling targeted multiple areas of the Odyssey mine, continuing to return positive results in the deeper areas of the East Gouldie deposit, in the subparallel Eclipse zone and in the Odyssey and
In the deepest portions of the East Gouldie deposit, underground drilling returned several high-grade results, including: 2.2 g/t gold over 14.8 metres at 1,860 metres depth and 2.8 g/t gold over 34.1 metres at 1,951 metres depth in hole MEX25-354Z, which is a branch from the Shaft #2 pilot hole; and 2.5 g/t gold over 41.5 metres at 1,901 metres depth, including 5.1 g/t gold over 7.5 metres at 1,915 metres depth, in hole MEX26-361ZB in an intersection located further west and outside the current mineral resource. The results further demonstrate the potential to extend mineralization at East Gouldie at depth in proximity to planned infrastructure.
Conversion drilling at depth in East Gouldie further east and below the current inferred mineral resource was highlighted by hole MEX26-356ZA intersecting 3.8 g/t gold over 38.8 metres at 1,707 metres depth, including 5.9 g/t gold over 4.6 metres at 1,702 metres depth and 8.1 g/t gold over 7.4 metres at 1,719 metres depth.
Exploration drilling into the Eclipse zone confirmed and extended the zone, with highlights of 2.9 g/t gold over 27.6 metres (core length) at 1,585 metres depth and 3.8 g/t gold over 36.3 metres (core length) at 1,622 metres depth in hole MEX26-361ZB; and 4.0 g/t gold over 10.6 metres (core length) at 940 metres depth in hole MEX26-364Z.
At the Odyssey North zone, conversion drilling intersected significant mineralization within the internal Artemis porphyry sub-zone. Highlights included: hole UGOD-102-022 intersecting 9.5 g/t gold over 18.9 metres (core length) at 1,061 metres depth; hole UGOD-102-023 intersecting 8.8 g/t gold over 14.2 metres (core length) at 1,030 metres depth; and hole UGOD-102-027 intersecting 3.6 g/t gold over 25.0 metres (core length) at 989 metres depth. The results have further enhanced the geological understanding of this new sub-zone which is currently undergoing geological reinterpretation.
Selected recent drill intersections from the Odyssey mine are set out in the composite longitudinal section below and in a table in Appendix A.
[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 third quarter of 2026, the Company initiated a new drilling program targeting the extension of mineralization at depth northwest of the main Marban deposit.
Wasamac
At Wasamac, located approximately 100 kilometres from the Canadian Malartic mill, 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 average annual gold production expected to be approximately 90,000 ounces with the potential for initial production as early as 2033. In the third quarter of 2026, the Company continued to advance studies to complete the Environmental and Social Impact Assessment, alongside engagement with stakeholders.
Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold production
Detour Lake is
The Detour Lake underground exploration ramp reached a total length of 1,889 metres of lateral development and a depth of 207 metres as at September 30, 2026. Development is currently progressing from two active headings with dedicated crews, supporting advancement of the exploration ramp and the lateral development towards the mineralized domain where the bulk sample is planned. The Company plans to add a third development crew in 2027 to advance the future conveyor ramp.
Results from the bulk sample will inform the planned mine development within one of the main mineralized domains within the West Extension zone, which could enable the commencement of underground production as early as 2028. The Company expects to provide an updated project outlook in 2027.
Other activities supporting the underground project continued to advance during the third quarter of 2026. Overburden removal for the conveyor ramp portal near the mill progressed, supporting the planned commencement of the underground conveyor ramp development in 2027. Construction activities also progressed for key site infrastructure, including the camp expansion and the multi-services building. The camp expansion remains on track for completion in 2027.
Detailed engineering for the paste plant, ore-handling system, underground infrastructure and electrical infrastructure also continued to advance during the quarter, with a focus on supporting the execution of future project development activities.
Exploration drilling at Detour Lake during the third quarter of 2026 totalled 49,389 metres (141,204 metres during the first nine months of 2026). The program continued to expand and infill the mineralization below and to the west of the mineral resource pit. Underground exploration drilling totalling 4,680 metres during the third quarter (6,810 metres year-to-date with the first underground drill rig mobilized in the exploration ramp in March 2026). A second underground drill rig is planned to be added in the fourth quarter of 2026.
Conversion drilling of underground mineralization in the West Pit zone below the current open pit mineral reserve continued to generate positive results, highlighted by hole DLM26-1405 intersecting 8.1 g/t gold over 2.7 metres at 191 metres depth, 8.0 g/t gold over 4.0 metres at 479 metres depth and 11.9 g/t gold over 5.4 metres at 583 metres depth.
The Company continued the high-intensity drilling program targeting Domain 54 in the West Pit zone during the third quarter to validate the continuity of mineralization and improve the accuracy of the geological model to complement the planned bulk sample at level 200. Highlights from this drilling included hole DLM26-1367 intersecting 18.9 g/t gold over 26.4 metres at 331 metres depth, including 182.7 g/t gold over 2.7 metres at 320 metres depth; and hole DLM26-1362A intersecting 12.0 g/t gold over 6.2 metres at 326 metres depth.
Drilling in the West Extension zone, approximately 1.0 kilometre west of the mineral resource pit outline, continued to extend the underground mineral potential to the west with highlights of hole DLM26-1361 intersecting 22.4 g/t gold over 2.9 metres at 682 metres depth and 2.5 g/t gold over 29.1 metres at 733 metres depth, including 9.0 g/t gold over 3.5 metres at 733 metres depth; and hole DLM26-1342W intersecting 4.3 g/t gold over 9.0 metres at 700 metres depth, 4.5 g/t gold over 4.4 metres at 874 metres depth and 4.8 g/t gold over 7.4 metres at 894 metres depth.
Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in Appendix A.
[Detour Lake – Composite Longitudinal Section]
Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of annual copper production
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 performed well during the quarter, with ramp development advancing to a depth of 210 metres as at September 30, 2026. Ramp development remained ahead of schedule and achieved a fifth consecutive quarterly productivity record.
Shaft sinking reached a depth of 732 metres as at September 30, 2026, surpassing the halfway milestone. The Company expects to reach the 760 level and commence excavation of the 760 level station in the fourth quarter of 2026. Following the completion of the high-intensity drilling program in the second quarter of 2026, the Company continues to evaluate opportunities to expand exploration activities, including extending the shaft to a depth of 1,220 metres and establishing additional drill stations to support infill drilling and potential mineral resource growth in the lower portions of the deposit.
Permitting activities for production continued to progress as planned during the quarter, with submission of the Environmental Impact Statement to the Impact Assessment Agency of
Hope Bay – Expected annual gold production of 400,000 to 435,000 ounces
Following the positive investment decision announced in May 2026, the Company continued to advance construction of a new underground mining operation and 6,000 tpd processing facility, which is expected to produce 400,000 to 435,000 ounces of gold annually. The project remains on track for completion in 2029, with first gold production expected in 2030.
Construction activities continued to progress during the quarter. Detailed engineering reached approximately
At Doris, progress was achieved on camp and site infrastructure, including the completion of foundations for two new accommodation wings, kitchen and common-area facilities, and continued advancement of the power plant structure. Construction also progressed on the mill services building and the Roberts Bay fuel farm, where tank foundation works were completed and tank installation activities are underway.
At
The Company achieved an important milestone with the execution of a new framework agreement with the Kitikmeot Inuit Association in October 2026, extending the Hope Bay Inuit Impact and Benefit Agreement to 2056 and expanding its coverage across the entire Hope Bay Belt. The water licence amendment process also continued to advance as planned, with the public hearing completed in October 2026 and licence approval expected in the first quarter of 2027.
Conversion and exploration drilling at Hope Bay totalled 14,429 metres during the third quarter (83,816 metres during the first three quarters of 2026), using up to seven surface drill rigs. Drilling primarily targeted the Patch 7 zone at the
At Patch 7, the conversion drilling program continued to demonstrate the strong continuity of the high-grade mineralization, which remains open along strike and at depth. Recent highlights included hole HBM26-500A intersecting 37.1 g/t gold over 2.8 metres at 686 metres depth, including 100.0 g/t gold over 0.9 metres at 686 metres depth, in the deeper portion of the zone to the north; and hole HBM26-496 intersecting 8.5 g/t gold over 8.6 metres at 413 metres depth, including 35.2 g/t gold over 1.0 metre at 410 metres depth, in the shallower portion of the zone to the south.
These results are expected to contribute positively to the internal prefeasibility study planned to be completed at year-end 2026 and to the year-end mineral reserve and mineral resource estimate for Hope Bay that is anticipated to include a substantial reclassification of mineral resources to mineral reserves.
At the
Drilling into the B3 zone in the southern portion of the
Selected recent drill intersections from the
[
San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)
Minas de San Nicolás ("MDSN") received the land use change (ETJ) and the environmental impact assessment (MIA-R) permits in July 2026. During the third quarter of 2026, MDSN continued to advance engineering, critical infrastructure and secondary permitting for power and water infrastructure, as well as other pre-construction authorizations and licenses required under Mexican law before construction or operations can commence. Drilling activities are continuing with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area. These activities continue to strengthen confidence in the project, reducing execution risk, refining capital cost estimates and advancing construction and operational readiness, as MDSN moves toward a potential project approval decision in late 2027 or 2028, subject to the receipt of additional permits and authorizations required.
Third Quarter 2026 Operating Results
Regional operating statistics and highlights for the third 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,
Quarterly Gold Production in Line with Adjusted Plan; Barnat Mining Operations Restarted on Schedule; Odyssey Delivers Record Quarterly Tonnes Mined
|
Abitibi Quebec – Operating Statistics |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
LaRonde |
|
Canadian |
|
Goldex |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
720 |
|
4,726 |
|
834 |
|
6,280 |
|
Tonnes of ore milled per day |
|
7,826 |
|
51,370 |
|
9,065 |
|
68,261 |
|
Gold grade (g/t) |
|
3.60 |
|
0.82 |
|
1.33 |
|
1.21 |
|
Gold production (ounces) |
|
77,250 |
|
111,202 |
|
29,940 |
|
218,392 |
|
Production costs per tonne (C$) |
|
C$ 220 |
|
C$ 39 |
|
C$ 68 |
|
C$ 64 |
|
Minesite costs per tonne (C$)9 |
|
C$ 182 |
|
C$ 50 |
|
C$ 64 |
|
C$ 67 |
|
Production costs per ounce |
|
$ 1,468 |
|
$ 1,198 |
|
$ 1,363 |
|
$ 1,316 |
|
Total cash costs per ounce |
|
$ 981 |
|
$ 1,508 |
|
$ 902 |
|
$ 1,238 |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
LaRonde |
|
Canadian |
|
Goldex |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
2,209 |
|
13,820 |
|
2,464 |
|
18,493 |
|
Tonnes of ore milled per day |
|
8,092 |
|
50,623 |
|
9,026 |
|
67,741 |
|
Gold grade (g/t) |
|
3.65 |
|
1.03 |
|
1.34 |
|
1.38 |
|
Gold production (ounces) |
|
240,107 |
|
412,661 |
|
88,589 |
|
741,357 |
|
Production costs per tonne (C$) |
|
C$ 197 |
|
C$ 39 |
|
C$ 68 |
|
C$ 62 |
|
Minesite costs per tonne (C$) |
|
C$ 180 |
|
C$ 51 |
|
C$ 67 |
|
C$ 68 |
|
Production costs per ounce |
|
$ 1,309 |
|
$ 944 |
|
$ 1,373 |
|
$ 1,113 |
|
Total cash costs per ounce |
|
$ 987 |
|
$ 1,196 |
|
$ 965 |
|
$ 1,101 |
|
______________________ |
|
9 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS Accounting Standards. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs see Note Regarding Certain Measures of Performance below. |
Regional Highlights
- Gold production in the quarter was in line with the adjusted plan following the adjustment to the mine plan at the Barnat pit in July 2026, with slightly better than expected gold production at LaRonde offset by slightly lower than expected gold production at Odyssey
- At LaRonde, planned underground maintenance and mill shutdowns were completed during the quarter, while gold production reflected lower grades due to a higher proportion of LZ5 ore being processed
- At LZ5, automation initiatives continued to ramp up with automated trucking performance increasing
32% per fully automated shift compared to the second quarter of 2026 - At Odyssey, a record 391,000 tonnes were mined during the quarter. Mining at East Gouldie continued to ramp up, with gold production of 27,250 ounces
- At LaRonde, a five-day shutdown is scheduled in the fourth quarter of 2026 for regular maintenance at the mill. Canadian
Malartic has a four-day quarterly shutdown planned in the fourth quarter of 2026 for regular maintenance at the mill. Goldex has a three-day quarterly shutdown planned in the fourth quarter of 2026 for regular maintenance at the mill - An update on Odyssey and the "fill-the-mill" strategy is set out in the Key Value Drivers – Advancing the Next Phase of Growth section above
Update on Barnat Open Pit at Canadian Malartic
- As previously reported, a localized rock mass movement occurred along the north wall of the Barnat pit on July 1, 2026. Mining activities were temporarily suspended while geotechnical assessments and remediation measures were completed
- Remediation activities were completed during the third quarter of 2026, including the construction of a rock catchment area and safety berm along portions of the north wall, as well as the development of a new access ramp to the redesigned open pit
- Mining operations resumed on September 27, 2026, following the completion of remediation work and the implementation of enhanced monitoring, safety protocols and action response plans
- As reported on July 2, 2026, the event is expected to reduce gold production at Canadian Malartic by 60,000 to 80,000 ounces in the second half of 2026, and by up to 150,000 ounces in each of 2027 and 2028. Feed to the Canadian Malartic processing plant is being supplemented with low-grade ore from existing stockpiles, partially mitigating the production impact. The Company continues to assess opportunities to further mitigate the impact on production and costs
ABITIBI REGION,
Record Mine Performance and Higher Grades Drive Strong Gold Production at Detour Lake as Mine Pours Eight Millionth Ounce; Macassa Delivers Third Consecutive Quarter of Record Mill Throughput
|
Abitibi Ontario – Operating Statistics |
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
Detour Lake |
|
Macassa |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
5,992 |
|
264 |
|
6,256 |
|
Tonnes of ore milled per day |
|
65,130 |
|
2,870 |
|
68,000 |
|
Gold grade (g/t) |
|
1.05 |
|
9.74 |
|
1.42 |
|
Gold production (ounces) |
|
183,118 |
|
80,582 |
|
263,700 |
|
Production costs per tonne (C$) |
|
C$ 35 |
|
C$ 500 |
|
C$ 55 |
|
Minesite costs per tonne (C$) |
|
C$ 38 |
|
C$ 514 |
|
C$ 58 |
|
Production costs per ounce |
|
$ 819 |
|
$ 1,170 |
|
$ 927 |
|
Total cash costs per ounce |
|
$ 872 |
|
$ 1,189 |
|
$ 969 |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
Detour Lake |
|
Macassa |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
20,045 |
|
649 |
|
20,694 |
|
Tonnes of ore milled per day |
|
73,425 |
|
2,377 |
|
75,802 |
|
Gold grade (g/t) |
|
0.97 |
|
10.69 |
|
1.27 |
|
Gold production (ounces) |
|
567,416 |
|
216,318 |
|
783,734 |
|
Production costs per tonne (C$) |
|
C$ 33 |
|
C$ 507 |
|
C$ 47 |
|
Minesite costs per tonne (C$) |
|
C$ 35 |
|
C$ 539 |
|
C$ 51 |
|
Production costs per ounce |
|
$ 832 |
|
$ 1,096 |
|
$ 905 |
|
Total cash costs per ounce |
|
$ 887 |
|
$ 1,152 |
|
$ 960 |
Regional Highlights
- Regional gold production was better than plan for the quarter, supported by strong performance at Detour Lake, where a higher-grade mining sequence and record mine performance drove solid production. At Macassa, record quarterly mill throughput was achieved for the third consecutive quarter, partially offsetting the impact of lower than expected grades from AK
- At Detour Lake, record mining performance continued for the third consecutive quarter, with 32.5 million tonnes of ore and waste extracted from the open pit. Mill performance was affected by a planned seven-day shutdown for regular maintenance and a seven-day unplanned shutdown related to a minor tailings line breach
- The tailings line breach occurred on August 29, 2026 and resulted in the release of a small amount of tailings and process water. The release was quickly contained, with most tailings solids retained within secondary containment, limiting impacts to Easter Creek. Water quality largely returned to pre-incident conditions within 48 hours. The mill was shut down for seven days to replace the affected tailings line and strengthen secondary containment measures
- Trucking of ore from the AK deposit to the LZ5 processing facility at LaRonde for milling continued to ramp up during the third quarter of 2026. The LZ5 mill processed 93,000 tonnes of ore from the AK deposit and produced approximately 10,500 ounces of gold
- Detour Lake has a seven-day planned shutdown for regular mill maintenance in the fourth quarter of 2026. The shutdown of the Line 2 SAG mill will be extended by an additional 13 days to replace the mill gear. During this extended period, both mill lines will remain operational, with the Line 1 SAG mill feeding the Line 1 and Line 2 ball mills, resulting in overall mill throughput of approximately
60% of capacity - Updates on the Detour Lake underground and Upper Beaver projects are set out in the Key Value Drivers – Advancing the Next Phase of Growth section above
Exploration Highlights at Macassa
- Extension and infill drilling during the third quarter of 2026 totalled 28,891 metres (90,652 metres during the first three quarters of 2026)
- Highlights from the first three quarters of 2026 include positive results from the eastern, down-dip extensions of the Main Break including hole 64-610 intersecting 25.0 g/t gold over 5.2 metres at 2,120 metres depth, hole 64-698 intersecting 23.2 g/t gold over 6.8 metres at 2,135 metres depth and hole 64-781 intersecting 21.0 g/t gold over 1.6 metres at 2,123 metres depth
- In the western portion the deposit near Shaft #3, extension drilling into the Main Break 04 zone was highlighted by hole 57-1730 intersecting 45.4 g/t gold over 1.8 metres at 2,310 metres depth and extension drilling into the SMC West zone was highlighted by hole 57-1699 intersecting 26.6 g/t gold over 1.7 metres at 1,719 metres depth and hole 57-1712 intersecting 19.2 g/t gold over 2.0 metres at 1,809 metres depth
- These results at depth at Macassa continue to demonstrate that the deposit remains open at depth and provide targets for future exploration. Selected recent drill intersections from Macassa are set out in the composite longitudinal section below and in a table in Appendix A
[Macassa – Isometric View and Composite Longitudinal Section]
Solid Quarterly Production at Meliadine Supported by Strong Open Pit Mining Performance; Gold Grades at Meadowbank Expected to Increase in the Fourth Quarter of 2026
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
Meliadine |
|
Meadowbank |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
636 |
|
1,136 |
|
1,772 |
|
Tonnes of ore milled per day |
|
6,913 |
|
12,348 |
|
19,261 |
|
Gold grade (g/t) |
|
4.87 |
|
3.48 |
|
3.98 |
|
Gold production (ounces) |
|
96,149 |
|
115,501 |
|
211,650 |
|
Production costs per tonne (C$) |
|
C$ 199 |
|
C$ 211 |
|
C$ 207 |
|
Minesite costs per tonne (C$) |
|
C$ 226 |
|
C$ 176 |
|
C$ 194 |
|
Production costs per ounce |
|
$ 944 |
|
$ 1,486 |
|
$ 1,240 |
|
Total cash costs per ounce |
|
$ 1,046 |
|
$ 1,177 |
|
$ 1,117 |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2026 |
|
Meliadine |
|
Meadowbank |
|
Consolidated |
|
Tonnes of ore milled (thousands) |
|
1,842 |
|
3,248 |
|
5,090 |
|
Tonnes of ore milled per day |
|
6,747 |
|
11,897 |
|
18,644 |
|
Gold grade (g/t) |
|
5.02 |
|
3.48 |
|
4.04 |
|
Gold production (ounces) |
|
287,496 |
|
329,528 |
|
617,024 |
|
Production costs per tonne (C$) |
|
C$ 230 |
|
C$ 215 |
|
C$ 221 |
|
Minesite costs per tonne (C$) |
|
C$ 236 |
|
C$ 167 |
|
C$ 192 |
|
Production costs per ounce |
|
$ 1,067 |
|
$ 1,532 |
|
$ 1,315 |
|
Total cash costs per ounce |
|
$ 1,080 |
|
$ 1,152 |
|
$ 1,118 |
Regional Highlights
- Gold production in the quarter was lower than plan, primarily due to lower-than-anticipated grades and ore tonnes mined at Meadowbank, while production at Meliadine was in line with plan. Regional gold production for the full year 2026 remains on track to be within the guidance range
- At Meliadine, mill throughput remained above plan, supported by strong open pit performance, where increased ore haulage offset lower-than-planned underground production. Underground development and production were temporarily affected as resources were prioritized toward the installation of additional ground support at key intersections. Underground mining activities are expected to ramp up to planned levels in the fourth quarter of 2026
- At Meadowbank, gold grades were below plan primarily due to lower ore tonnes mined from the IVR pit from negative ore-tonnage reconciliation, as well as reduced ore production from the underground operation due to lower mechanical availability. Gold grades improved in September and are expected to increase further in the fourth quarter of 2026, in line with the planned mining sequence
- Meadowbank has a five-day planned shutdown in the fourth quarter of 2026 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 – Advancing the Next Phase of Growth section above
Exploration Highlights at Meliadine
- Exploration ramp development continued to enhance deep exploration access during the first three quarters of 2026, with 241 metres completed at Tiriganiaq and 47 metres completed at the Wesmeg-Pump exploration drift. Exploration drilling during the third quarter of 2026 totalled 21,500 metres (77,500 metres year-to-date) with results from a larger step-out drill program showing positive intersections at depth and laterally
- Drilling into the Tiriganiaq deposit during the first three quarters of 2026 continued to confirm the continuity of mineralization and expansion potential at depth and laterally. Highlights included hole ML425-10071-D14 intersecting 17.9 g/t gold over 3.4 metres at 892 metres depth, including 121.0 g/t gold over 0.5 metres at 892 metres depth, approximately 200 metres below current mineral resources; and hole ML425-8846-D15 intersecting 10.9 g/t gold over 6.6 metres at 694 metres depth at the lower limit of mineral resources to the west
- Drilling at the Wesmeg North deposit was highlighted by hole ML425-9950-D8 intersecting 4.1 g/t gold over 13.6 metres at 1,014 metres depth in the deepest intercept of the deposit to date and approximately 300 metres below current mineral resources. At similar depths in the Wesmeg deposit, hole ML425-10171-D10 intersected 24.3 g/t gold over 3.0 metres at 805 metres depth and 10.8 g/t gold over 3.3 metres at 1,035 metres depth, including 20.8 g/t gold over 1.7 metres at 1,035 metres depth. Further west in Wesmeg, hole ML425-9085-D28 intersected 10.5 g/t over 4.8 metres at 817 metres depth, including 78.9 g/t over 0.5 metres at 818 metres depth, approximately 100 metres below current mineral resources. The results further demonstrate the depth potential of mineralization at Wesmeg North and Wesmeg
- Selected recent drill intersections from the Tiriganiaq, Wesmeg North and Wesmeg deposits are set out in the composite longitudinal section below and in Appendix A
[Meliadine – Plan Map and Composite Longitudinal Section]
Strong Quarterly Gold Production Driven by Higher Grades and Solid Operational Performance
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Tonnes of ore milled (thousands) |
|
225 |
|
645 |
|
Tonnes of ore milled per day |
|
2,446 |
|
2,363 |
|
Gold grade (g/t) |
|
5.82 |
|
6.25 |
|
Gold production (ounces) |
|
40,090 |
|
123,545 |
|
Production costs per tonne (A$) |
|
A$ 294 |
|
A$ 321 |
|
Minesite costs per tonne (A$) |
|
A$ 303 |
|
A$ 319 |
|
Production costs per ounce |
|
$ 1,167 |
|
$ 1,165 |
|
Total cash costs per ounce |
|
$ 1,189 |
|
$ 1,141 |
Highlights
- Gold production in the quarter was higher than plan driven by higher gold grades primarily as a result of positive grade reconciliation at Robbins Hill as well as higher mill recovery
- During the quarter, the mine continued to ramp up underground development across additional mining areas, setting a monthly development record of 1,154 metres in August
- At the processing plant, ongoing work to upgrade the grinding circuit and related ancillary equipment continued during the quarter, including tie-in work related to the installation of a new BIOX (bacterial oxidation reactor) tank. The mill upgrades are expected to achieve the targeted 3,300 tpd throughput starting in 2028
Fosterville has scheduled a five-day shutdown for regular mill maintenance in the fourth quarter of 2026
Significant Improvement in Mill Recoveries Supports Strong Gold Production; Exploration Drilling At Helmi, Along the Ikkari Trend, Yields Positive Results
|
Kittila – Operating Statistics |
|
Three Months Ended |
|
Nine Months Ended |
|
Tonnes of ore milled (thousands) |
|
539 |
|
1,570 |
|
Tonnes of ore milled per day |
|
5,859 |
|
5,751 |
|
Gold grade (g/t) |
|
4.06 |
|
4.10 |
|
Gold production (ounces) |
|
59,907 |
|
170,403 |
|
Production costs per tonne (€) |
|
€ 119 |
|
€ 115 |
|
Minesite costs per tonne (€) |
|
€ 114 |
|
€ 112 |
|
Production costs per ounce |
|
$ 1,231 |
|
$ 1,229 |
|
Total cash costs per ounce |
|
$ 1,162 |
|
$ 1,195 |
Highlights – Kittila
- Gold production was better than plan in the quarter, driven by strong mill recoveries of approximately
85% . The Company continues to achieve improved recoveries as it advances several recovery improvement initiatives, including the optimization of reagent usage based on feed blend - Kittila has scheduled a 17-day shutdown for regular maintenance on the mill and autoclave relining in the fourth quarter of 2026
Highlights – Ikkari Project and Contingent Value Rights
- As at October 28, 2026, the Company had 207,654,166 contingent value rights ("CVRs") outstanding. The Company's obligation to make payments under the CVRs is conditional on the satisfaction of certain payment conditions prior to the expiry of the CVRs, as described in the contingent value rights agreement dated June 16, 2026 between the Company and Computershare Trust Company of
Canada , a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. The applicable conditions relate to mineral reserves and production on the Ikkari project properties acquired by the Company on the closing of the acquisition of Rupert Resources Ltd. on June 16, 2026 - Exploration drilling by the Company at the newly acquired Ikkari project commenced in the third quarter with three drill rigs in operation completing 12,332 metres during the third quarter. The number of rigs is expected to increase to five in the fourth quarter with improved access to wet land during winter freezing conditions. The exploration program during the second half of 2026 comprises condemnation and exploration drilling at the Ikkari deposit and at the Helmi deposit located one-kilometre west of Ikkari
- Initial results from Helmi were highlighted by hole IKK26-124 intersecting 3.2 g/t gold over 10.7 metres at 476 metres depth, including 7.6 g/t gold over 4.1 metres at 474 metres depth and 30.0 g/t gold over 0.8 metres at 473 metres depth; and hole IKK26-136 intersecting 0.9 g/t gold over 20.0 metres at 496 metres depth
- Technical review and validation work is progressing to support future mine planning and the completion of an internal evaluation for the optimized mine design is targeted by the end of 2027
[Ikkari – Plan Map and Composite Longitudinal Section]
Strong Mill Throughput Drives Gold Production at
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Tonnes of ore milled (thousands) |
|
435 |
|
1,304 |
|
Tonnes of ore milled per day |
|
4,728 |
|
4,777 |
|
Gold grade (g/t) |
|
1.50 |
|
1.47 |
|
Gold production (ounces) |
|
20,273 |
|
58,874 |
|
Production costs per tonne |
|
$ 131 |
|
$ 139 |
|
Minesite costs per tonne |
|
$ 136 |
|
$ 134 |
|
Production costs per ounce |
|
$ 2,804 |
|
$ 3,084 |
|
Total cash costs per ounce |
|
$ 2,093 |
|
$ 2,080 |
About Agnico Eagle
Canadian-based and led, Agnico Eagle is
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.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.
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", "cash provided by operating activities before changes in non-cash components of working capital", "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", "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 measures 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 is calculated by adjusting production costs as recorded in the Third 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 (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
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
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 Third 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
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 and nine months ended September 30, 2026 and September 30, 2025, as presented in the Third Quarter Financial Statements in accordance with IFRS Accounting Standards.
|
Total Production Costs by Mine |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
(thousands of |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
LaRonde |
$ 113,372 |
|
$ 70,785 |
|
$ 314,320 |
|
$ 241,163 |
|
Canadian |
133,252 |
|
124,353 |
|
389,386 |
|
359,025 |
|
Goldex |
40,812 |
|
35,956 |
|
121,637 |
|
108,302 |
|
|
287,436 |
|
231,094 |
|
825,343 |
|
708,490 |
|
Detour Lake |
150,060 |
|
151,199 |
|
472,060 |
|
427,475 |
|
Macassa |
94,265 |
|
48,652 |
|
236,996 |
|
146,744 |
|
|
244,325 |
|
199,851 |
|
709,056 |
|
574,219 |
|
Meliadine |
90,739 |
|
85,662 |
|
306,671 |
|
282,577 |
|
Meadowbank |
171,626 |
|
163,403 |
|
504,882 |
|
396,409 |
|
|
262,365 |
|
249,065 |
|
811,553 |
|
678,986 |
|
|
46,800 |
|
38,036 |
|
143,986 |
|
109,094 |
|
|
46,800 |
|
38,036 |
|
143,986 |
|
109,094 |
|
Kittila |
73,757 |
|
61,762 |
|
209,389 |
|
172,659 |
|
|
73,757 |
|
61,762 |
|
209,389 |
|
172,659 |
|
|
56,837 |
|
55,443 |
|
181,538 |
|
148,723 |
|
|
56,837 |
|
55,443 |
|
181,538 |
|
148,723 |
|
Corporate and Other |
889 |
|
4,070 |
|
889 |
|
4,070 |
|
Production costs per the Third Quarter Financial Statements |
$ 972,409 |
|
$ 839,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and nine months ended September 30, 2026 and September 30, 2025, exclusive of amortization, as presented in the Third Quarter Financial Statements in accordance with IFRS Accounting Standards.
|
Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||||
|
Mine |
Payable gold production (ounces)(i) |
Production costs ($) |
Production costs per ounce ($) |
Inventory adjustments ($)(ii) |
Realized (gains) and losses on hedges ($) |
In-kind royalty costs and NTI Payment ($)(iii) |
Smelting, refining and marketing charges ($) |
Total cash costs per ounce (co-product basis) ($) |
Impact of by-product metals ($) |
Total cash costs per ounce (by-product basis) ($) |
|
LaRonde |
77,250 |
113,372 |
1,468 |
(11,986) |
229 |
— |
950 |
1,328 |
(26,753) |
981 |
|
Canadian |
111,202 |
133,252 |
1,198 |
13,233 |
391 |
26,009 |
430 |
1,559 |
(5,677) |
1,508 |
|
Goldex |
29,940 |
40,812 |
1,363 |
(2,519) |
84 |
— |
1,511 |
1,332 |
(12,889) |
902 |
|
|
218,392 |
287,436 |
1,316 |
(1,272) |
704 |
26,009 |
2,891 |
1,446 |
(45,319) |
1,238 |
|
Detour Lake |
183,118 |
150,060 |
819 |
8 |
476 |
11,939 |
1,114 |
893 |
(3,986) |
872 |
|
Macassa |
80,582 |
94,265 |
1,170 |
(3,130) |
215 |
5,586 |
200 |
1,205 |
(1,307) |
1,189 |
|
|
263,700 |
244,325 |
927 |
(3,122) |
691 |
17,525 |
1,314 |
989 |
(5,293) |
969 |
|
Meliadine |
96,149 |
90,739 |
944 |
12,135 |
(1,315) |
— |
(83) |
1,055 |
(893) |
1,046 |
|
Meadowbank |
115,501 |
171,626 |
1,486 |
4,974 |
(2,360) |
(32,886) |
(33) |
1,224 |
(5,421) |
1,177 |
|
|
211,650 |
262,365 |
1,240 |
17,109 |
(3,675) |
(32,886) |
(116) |
1,147 |
(6,314) |
1,117 |
|
|
40,090 |
46,800 |
1,167 |
1,472 |
(652) |
— |
36 |
1,189 |
— |
1,189 |
|
|
40,090 |
46,800 |
1,167 |
1,472 |
(652) |
— |
36 |
1,189 |
— |
1,189 |
|
Kittila |
59,907 |
73,757 |
1,231 |
(3,416) |
20 |
— |
(44) |
1,174 |
(688) |
1,162 |
|
|
59,907 |
73,757 |
1,231 |
(3,416) |
20 |
— |
(44) |
1,174 |
(688) |
1,162 |
|
|
20,273 |
56,837 |
2,804 |
2,955 |
(578) |
— |
377 |
2,939 |
(17,169) |
2,093 |
|
|
20,273 |
56,837 |
2,804 |
2,955 |
(578) |
— |
377 |
2,939 |
(17,169) |
2,093 |
|
Corporate and Other(vi) |
— |
889 |
— |
(889) |
— |
— |
— |
— |
— |
— |
|
Consolidated |
814,012 |
972,409 |
1,193 |
12,837 |
(3,490) |
10,648 |
4,458 |
1,225 |
(74,783) |
1,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
(i) |
Gold production for the three months ended September 30, 2026 excludes 557 ounces of payable production of gold at La India and 115 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 September 30, 2026 is |
|
|
|
|
(iii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
|
|
|
(iv) |
Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
|
Three Months Ended September 30, 2025 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||||
|
Mine |
Payable gold production (ounces)(i) |
Production costs ($) |
Production costs per ounce ($) |
Inventory adjustments ($)(ii) |
Realized (gains) and losses on hedges ($) |
In-kind royalty costs and NTI Payment ($)(iii) |
Smelting, refining and marketing charges ($) |
Total cash costs per ounce (co-product basis) ($) |
Impact of by-product metals ($) |
Total cash costs per ounce (by-product basis) ($) |
|
LaRonde |
81,522 |
70,785 |
868 |
21,049 |
(57) |
— |
3,142 |
1,164 |
(19,398) |
926 |
|
Canadian |
156,875 |
124,353 |
793 |
1,470 |
(306) |
28,025 |
6 |
979 |
(3,151) |
959 |
|
Goldex |
29,375 |
35,956 |
1,224 |
2,732 |
(24) |
— |
1,018 |
1,351 |
(8,072) |
1,076 |
|
|
267,772 |
231,094 |
863 |
25,251 |
(387) |
28,025 |
4,166 |
1,076 |
(30,621) |
962 |
|
Detour Lake |
176,539 |
151,199 |
856 |
(15,420) |
(431) |
12,183 |
1,384 |
844 |
(2,205) |
831 |
|
Macassa |
78,832 |
48,652 |
617 |
(184) |
(57) |
3,878 |
110 |
665 |
(487) |
659 |
|
|
255,371 |
199,851 |
783 |
(15,604) |
(488) |
16,061 |
1,494 |
788 |
(2,692) |
778 |
|
Meliadine |
93,836 |
85,662 |
913 |
20,706 |
(270) |
— |
(126) |
1,129 |
(158) |
1,128 |
|
Meadowbank |
136,152 |
163,403 |
1,200 |
1,638 |
(389) |
(36,444) |
99 |
942 |
(2,401) |
925 |
|
|
229,988 |
249,065 |
1,083 |
22,344 |
(659) |
(36,444) |
(27) |
1,019 |
(2,559) |
1,008 |
|
|
34,966 |
38,036 |
1,088 |
(597) |
(28) |
— |
29 |
1,071 |
(158) |
1,066 |
|
|
34,966 |
38,036 |
1,088 |
(597) |
(28) |
— |
29 |
1,071 |
(158) |
1,066 |
|
Kittila |
57,954 |
61,762 |
1,066 |
(415) |
(1,127) |
— |
(40) |
1,038 |
(139) |
1,036 |
|
|
57,954 |
61,762 |
1,066 |
(415) |
(1,127) |
— |
(40) |
1,038 |
(139) |
1,036 |
|
|
20,885 |
55,443 |
2,655 |
(1,704) |
(560) |
— |
326 |
2,562 |
(13,691) |
1,906 |
|
|
20,885 |
55,443 |
2,655 |
(1,704) |
(560) |
— |
326 |
2,562 |
(13,691) |
1,906 |
|
Corporate and Other(iv) |
— |
4,070 |
— |
(4,070) |
— |
— |
— |
— |
— |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
866,936 |
839,321 |
963 |
25,205 |
(3,249) |
7,642 |
5,948 |
1,009 |
(49,860) |
952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
(i) |
Gold production for the three months ended September 30, 2025 excludes 945 ounces of payable production of gold at La India and 189 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 September 30, 2025 is |
|
|
|
|
(iii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
|
|
|
(iv) |
Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
|
Nine Months Ended September 30, 2026 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Mine |
Payable gold production (ounces)(i) |
Production costs ($) |
Production costs per ounce ($) |
Inventory adjustments ($)(ii) |
Realized (gains) and losses on hedges ($) |
In-kind royalty and NTI Payment ($)(iii) |
Smelting, refining and marketing charges ($) |
Total cash costs per ounce (co-product basis) ($) |
Impact of by-product metals ($) |
Total cash costs per ounce (by-product basis) ($) |
|
LaRonde |
240,107 |
314,320 |
1,309 |
(7,318) |
(121) |
— |
5,264 |
1,300 |
(75,044) |
987 |
|
Canadian |
412,661 |
389,386 |
944 |
25,892 |
(773) |
94,295 |
1,803 |
1,237 |
(16,909) |
1,196 |
|
Goldex |
88,589 |
121,637 |
1,373 |
(3,218) |
(45) |
— |
3,934 |
1,381 |
(36,776) |
965 |
|
|
741,357 |
825,343 |
1,113 |
15,356 |
(939) |
94,295 |
11,001 |
1,275 |
(128,729) |
1,101 |
|
Detour Lake |
567,416 |
472,060 |
832 |
(7,652) |
(1,653) |
47,258 |
3,262 |
905 |
(10,205) |
887 |
|
Macassa |
216,318 |
236,996 |
1,096 |
62 |
(114) |
14,422 |
307 |
1,163 |
(2,577) |
1,152 |
|
|
783,734 |
709,056 |
905 |
(7,590) |
(1,767) |
61,680 |
3,569 |
976 |
(12,782) |
960 |
|
Meliadine |
287,496 |
306,671 |
1,067 |
6,798 |
(1,717) |
— |
139 |
1,085 |
(1,524) |
1,080 |
|
Meadowbank |
329,528 |
504,882 |
1,532 |
2,574 |
(2,860) |
(115,574) |
239 |
1,181 |
(9,610) |
1,152 |
|
|
617,024 |
811,553 |
1,315 |
9,372 |
(4,577) |
(115,574) |
378 |
1,136 |
(11,134) |
1,118 |
|
|
123,545 |
143,986 |
1,165 |
3 |
(2,674) |
— |
149 |
1,145 |
(466) |
1,141 |
|
|
123,545 |
143,986 |
1,165 |
3 |
(2,674) |
— |
149 |
1,145 |
(466) |
1,141 |
|
Kittila |
170,403 |
209,389 |
1,229 |
(4,677) |
10 |
— |
(113) |
1,201 |
(1,031) |
1,195 |
|
|
170,403 |
209,389 |
1,229 |
(4,677) |
10 |
— |
(113) |
1,201 |
(1,031) |
1,195 |
|
|
58,874 |
181,538 |
3,084 |
(3,883) |
(2,323) |
— |
1,975 |
3,012 |
(54,865) |
2,080 |
|
|
58,874 |
181,538 |
3,084 |
(3,883) |
(2,323) |
— |
1,975 |
3,012 |
(54,865) |
2,080 |
|
Corporate and Other(iv) |
— |
889 |
— |
(889) |
— |
— |
— |
— |
— |
— |
|
Consolidated |
2,494,937 |
2,881,754 |
1,155 |
7,692 |
(12,270) |
40,401 |
16,959 |
1,176 |
(209,007) |
1,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
(i) |
Gold production for the nine months ended September 30, 2026 excludes 1,415 ounces of payable production of gold at La India and 249 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 nine months ended September 30, 2026 is |
|
|
|
|
(iii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
|
|
|
(iv) |
Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
|
Nine Months Ended September 30, 2025 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Mine |
Payable gold production (ounces)(i) |
Production costs ($) |
Production costs per ounce ($) |
Inventory adjustments ($)(ii) |
Realized (gains) and losses on hedges ($) |
In-kind royalty and NTI Payment ($)(iii) |
Smelting, refining and marketing charges ($) |
Total cash costs per ounce (co-product basis) ($) |
Impact of by-product metals |
Total cash costs per ounce (by-product basis) ($) |
|
LaRonde |
264,265 |
241,163 |
913 |
18,760 |
732 |
— |
9,672 |
1,023 |
(52,979) |
822 |
|
Canadian |
489,179 |
359,025 |
734 |
17,706 |
988 |
79,745 |
843 |
937 |
(8,680) |
919 |
|
Goldex |
92,509 |
108,302 |
1,171 |
2,418 |
308 |
— |
3,139 |
1,234 |
(21,914) |
997 |
|
|
845,953 |
708,490 |
838 |
38,884 |
2,028 |
79,745 |
13,654 |
996 |
(83,573) |
897 |
|
Detour Lake |
497,649 |
427,475 |
859 |
(13,355) |
646 |
30,266 |
4,384 |
903 |
(4,324) |
894 |
|
Macassa |
252,224 |
146,744 |
582 |
4,591 |
737 |
11,488 |
271 |
650 |
(1,662) |
643 |
|
|
749,873 |
574,219 |
766 |
(8,764) |
1,383 |
41,754 |
4,655 |
818 |
(5,986) |
810 |
|
Meliadine |
282,611 |
282,577 |
1,000 |
14,310 |
728 |
— |
102 |
1,053 |
(855) |
1,050 |
|
Meadowbank |
378,213 |
396,409 |
1,048 |
(1,373) |
915 |
(50,239) |
398 |
915 |
(4,533) |
903 |
|
|
660,824 |
678,986 |
1,027 |
12,937 |
1,643 |
(50,239) |
500 |
974 |
(5,388) |
966 |
|
|
128,155 |
109,094 |
851 |
2,824 |
(28) |
— |
82 |
874 |
(428) |
870 |
|
|
128,155 |
109,094 |
851 |
2,824 |
(28) |
— |
82 |
874 |
(428) |
870 |
|
Kittila |
162,415 |
172,659 |
1,063 |
1,388 |
(1,558) |
— |
(159) |
1,061 |
(433) |
1,058 |
|
|
162,415 |
172,659 |
1,063 |
1,388 |
(1,558) |
— |
(159) |
1,061 |
(433) |
1,058 |
|
|
59,539 |
148,723 |
2,498 |
1,819 |
(531) |
— |
894 |
2,535 |
(30,814) |
2,017 |
|
|
59,539 |
148,723 |
2,498 |
1,819 |
(531) |
— |
894 |
2,535 |
(30,814) |
2,017 |
|
Corporate and Other(iv) |
— |
4,070 |
— |
(4,070) |
— |
— |
— |
— |
— |
— |
|
Consolidated |
2,606,759 |
2,396,241 |
918 |
45,018 |
2,937 |
71,260 |
19,626 |
973 |
(126,622) |
924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
(i) |
Gold production for the nine months ended September 30, 2025 excludes 3,614 ounces of payable production of gold at La India and 253 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 nine months ended September 30, 2025 is |
|
|
|
|
(iii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
|
|
|
(iv) |
Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
|
Reconciliation of Production Costs to Minesite Costs per Tonne by Mine |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2026 |
|
|
|
|||||
|
|
|
|
|
|||||
|
Mine |
Tonnes of ore milled (thousands) |
Production costs ($) |
Production costs in local currency |
Local currency production costs per tonne |
Inventory adjustments in local currency(i) |
In-kind royalty and NTI Payment in local currency(ii) |
Smelting, refining and marketing charges in local currency |
Local currency minesite costs per tonne |
|
LaRonde |
720 |
|
C |
C$ 220 |
C |
C$ — |
C$ (9,079) |
C$ 182 |
|
Canadian |
4,726 |
|
C |
C$ 39 |
C$ 16,905 |
C$ 36,455 |
C$ — |
C$ 50 |
|
Goldex |
834 |
$ 40,812 |
C$ 56,992 |
C$ 68 |
C$ (3,471) |
C$ — |
C$ — |
C$ 64 |
|
|
6,280 |
|
C$ 399,192 |
C$ 64 |
C$ (4,799) |
C$ 36,455 |
C$ (9,079) |
C$ 67 |
|
Detour Lake |
5,992 |
|
C |
C$ 35 |
C$ 11 |
C$ 16,712 |
C$ — |
C$ 38 |
|
Macassa |
264 |
$ 94,265 |
C |
C$ 500 |
C$ (4,338) |
C$ 7,926 |
C$ — |
C$ 514 |
|
|
6,256 |
|
C$ 341,326 |
C$ 55 |
C$ (4,327) |
C$ 24,638 |
C$ — |
C$ 58 |
|
Meliadine |
636 |
$ 90,739 |
C |
C$ 199 |
C$ 17,197 |
C$ — |
C$ — |
C$ 226 |
|
Meadowbank |
1,136 |
|
C |
C$ 211 |
C$ 6,923 |
C |
C$ — |
C$ 176 |
|
|
1,772 |
|
C$ 366,614 |
C$ 207 |
C$ 24,120 |
C$ (46,241) |
C$ — |
C$ 194 |
|
|
225 |
$ 46,800 |
A$ 66,103 |
A$ 294 |
A$ 1,983 |
A$ — |
A$ — |
A$ 303 |
|
|
225 |
$ 46,800 |
A$ 66,103 |
A$ 294 |
A$ 1,983 |
A$ — |
A$ — |
A$ 303 |
|
Kittila |
539 |
$ 73,757 |
€ 64,185 |
€ 119 |
€ (2,960) |
€ — |
€ — |
€ 114 |
|
|
539 |
$ 73,757 |
€ 64,185 |
€ 119 |
€ (2,960) |
€ — |
€ — |
€ 114 |
|
|
435 |
$ 56,837 |
$ 56,837 |
$ 131 |
$ 2,378 |
$ — |
$ — |
$ 136 |
|
|
435 |
$ 56,837 |
$ 56,837 |
$ 131 |
$ 2,378 |
$ — |
$ — |
$ 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 September 30, 2026 is C |
|
|
|
|
(ii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
Three Months Ended September 30, 2025 |
|
|
|
|||||
|
|
|
|
|
|||||
|
Mine |
Tonnes of ore milled (thousands) |
Production costs ($) |
Production costs (local currency) |
Production costs per tonne (local currency) |
Inventory adjustments (local currency)(i) |
In-kind royalty costs (local currency)(ii) |
Smelting, refining and marketing charges (local currency) |
Local currency minesite costs per tonne |
|
LaRonde |
764 |
$ 70,785 |
C$ 97,569 |
C$ 128 |
C$ 29,130 |
C$ — |
C$ (6,553) |
C$ 157 |
|
Canadian |
5,091 |
$ 124,353 |
C |
C$ 33 |
C$ 2,129 |
C$ 38,792 |
C$ — |
C$ 41 |
|
Goldex |
843 |
$ 35,956 |
C$ 49,637 |
C$ 59 |
C$ 3,761 |
C$ — |
C$ — |
C$ 63 |
|
|
6,698 |
$ 231,094 |
C$ 317,399 |
C$ 47 |
C$ 35,020 |
C$ 38,792 |
C$ (6,553) |
C$ 57 |
|
Detour Lake |
7,351 |
$ 151,199 |
C |
C$ 28 |
C$ (21,293) |
C$ 16,856 |
C$ — |
C$ 28 |
|
Macassa |
133 |
$ 48,652 |
C$ 67,786 |
C$ 510 |
C$ (382) |
C$ 5,369 |
C$ — |
C$ 547 |
|
|
7,484 |
$ 199,851 |
C$ 276,718 |
C$ 37 |
C$ (21,675) |
C$ 22,225 |
C$ — |
C$ 37 |
|
Meliadine |
627 |
$ 85,662 |
C |
C$ 187 |
C$ 29,369 |
C$ — |
C$ — |
C$ 234 |
|
Meadowbank |
1,177 |
$ 163,403 |
C |
C$ 191 |
C$ 2,513 |
C$ (50,557) |
C$ — |
C$ 151 |
|
|
1,804 |
$ 249,065 |
C$ 342,571 |
C$ 190 |
C$ 31,882 |
C$ (50,557) |
C$ — |
C$ 180 |
|
|
198 |
$ 38,036 |
A$ 58,454 |
A$ 295 |
A$ (1,171) |
A$ — |
A$ — |
A$ 289 |
|
|
198 |
$ 38,036 |
A$ 58,454 |
A$ 295 |
A$ (1,171) |
A$ — |
A$ — |
A$ 289 |
|
Kittila |
558 |
$ 61,762 |
€ 53,023 |
€ 95 |
€ (435) |
€ — |
€ — |
€ 94 |
|
|
558 |
$ 61,762 |
€ 53,023 |
€ 95 |
€ (435) |
€ — |
€ — |
€ 94 |
|
|
431 |
$ 55,443 |
$ 55,443 |
$ 129 |
$ (2,264) |
$ — |
$ — |
$ 123 |
|
|
431 |
$ 55,443 |
$ 55,443 |
$ 129 |
$ (2,264) |
$ — |
$ — |
$ 123 |
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2025 is C |
|
|
|
|
(ii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
Nine Months Ended September 30, 2026 |
|
|
|
|||||
|
|
|
|
|
|||||
|
Mine |
Tonnes of ore milled (thousands) |
Production costs ($) |
Production costs in local currency |
Local currency production costs per tonne |
Inventory adjustments in local currency(i) |
In-kind royalty and NTI Payment in local currency(ii) |
Smelting, refining and marketing charges in local currency |
Local currency minesite costs per tonne |
|
LaRonde |
2,209 |
314,320 |
C$ 435,765 |
C$ 197 |
C |
C$ — |
C$ (27,541) |
C$ 180 |
|
Canadian |
13,820 |
389,386 |
C$ 536,482 |
C$ 39 |
C$ 34,364 |
C$ 130,631 |
C$ — |
C$ 51 |
|
Goldex |
2,464 |
121,637 |
C$ 168,626 |
C$ 68 |
C$ (4,414) |
C$ — |
C$ — |
C$ 67 |
|
|
18,493 |
825,343 |
C$ 1,140,873 |
C$ 62 |
C$ 18,859 |
C$ 130,631 |
C$ (27,541) |
C$ 68 |
|
Detour Lake |
20,045 |
472,060 |
C$ 652,982 |
C$ 33 |
C |
C$ 65,541 |
C$ — |
C$ 35 |
|
Macassa |
649 |
236,996 |
C$ 329,167 |
C$ 507 |
C$ 540 |
C$ 20,325 |
C$ — |
C$ 539 |
|
|
20,694 |
709,056 |
C$ 982,149 |
C$ 47 |
C$ (9,707) |
C$ 85,866 |
C$ — |
C$ 51 |
|
Meliadine |
1,842 |
306,671 |
C$ 424,263 |
C$ 230 |
C$ 10,045 |
C$ — |
C$ — |
C$ 236 |
|
Meadowbank |
3,248 |
504,882 |
C$ 699,331 |
C$ 215 |
C$ 3,996 |
C |
C$ — |
C$ 167 |
|
|
5,090 |
811,553 |
C$ 1,123,594 |
C$ 221 |
C$ 14,041 |
C$ (159,833) |
C$ — |
C$ 192 |
|
|
645 |
143,986 |
A$ 207,030 |
A$ 321 |
A$ (1,123) |
A$ — |
A$ — |
A$ 319 |
|
|
645 |
143,986 |
A$ 207,030 |
A$ 321 |
A$ (1,123) |
A$ — |
A$ — |
A$ 319 |
|
Kittila |
1,570 |
209,389 |
€ 180,361 |
€ 115 |
€ (3,849) |
€ — |
€ — |
€ 112 |
|
|
1,570 |
209,389 |
€ 180,361 |
€ 115 |
€ (3,849) |
€ — |
€ — |
€ 112 |
|
|
1,304 |
181,538 |
$ 181,538 |
$ 139 |
$ (6,205) |
$ — |
$ — |
$ 134 |
|
|
1,304 |
181,538 |
$ 181,538 |
$ 139 |
$ (6,205) |
$ — |
$ — |
$ 134 |
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 30, 2026 is C |
|
|
|
|
(ii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|
Nine Months Ended September 30, 2025 |
|
|
|
|||||
|
|
|
|
|
|||||
|
Mine |
Tonnes of ore milled (thousands) |
Production costs ($) |
Production costs in local currency |
Local currency production costs per tonne |
Inventory adjustments in local currency(i) |
In-kind royalty and NTI Payment in local currency(ii) |
Smelting, refining and marketing charges in local currency |
Local currency minesite costs per tonne |
|
LaRonde |
2,113 |
241,163 |
C |
C$ 160 |
C$ 25,945 |
C$ — |
C$ (19,756) |
C$ 163 |
|
Canadian |
14,919 |
359,025 |
C |
C$ 33 |
C$ 24,333 |
C$ 111,462 |
C$ — |
C$ 43 |
|
Goldex |
2,454 |
108,302 |
C |
C$ 62 |
C$ 3,196 |
C$ — |
C$ — |
C$ 63 |
|
|
19,486 |
708,490 |
C$ 987,560 |
C$ 51 |
C$ 53,474 |
C$ 111,462 |
C$ (19,756) |
C$ 58 |
|
Detour Lake |
20,817 |
427,475 |
C |
C$ 29 |
C$ (18,952) |
C$ 42,298 |
C$ — |
C$ 30 |
|
Macassa |
424 |
146,744 |
C |
C$ 484 |
C$ 6,264 |
C$ 16,061 |
C$ — |
C$ 537 |
|
|
21,241 |
574,219 |
C$ 802,218 |
C$ 38 |
C$ (12,688) |
C$ 58,359 |
C$ — |
C$ 40 |
|
Meliadine |
1,730 |
282,577 |
C |
C$ 228 |
C$ 18,509 |
C$ — |
C$ — |
C$ 239 |
|
Meadowbank |
2,906 |
396,409 |
C |
C$ 190 |
C$ (2,594) |
C$ (69,787) |
C$ — |
C$ 165 |
|
|
4,636 |
678,986 |
C$ 945,039 |
C$ 204 |
C$ 15,915 |
C$ (69,787) |
C$ — |
C$ 192 |
|
|
549 |
109,094 |
A |
A$ 307 |
A$ 4,145 |
A$ — |
A$ — |
A$ 315 |
|
|
549 |
109,094 |
A$ 168,621 |
A$ 307 |
A$ 4,145 |
A$ — |
A$ — |
A$ 315 |
|
Kittila |
1,562 |
172,659 |
€ 154,529 |
€ 99 |
€ 199 |
€ — |
€ — |
€ 99 |
|
|
1,562 |
172,659 |
€ 154,529 |
€ 99 |
€ 199 |
€ — |
€ — |
€ 99 |
|
|
1,252 |
148,723 |
$ 148,723 |
$ 119 |
$ 1,288 |
$ — |
$ — |
$ 120 |
|
|
1,252 |
148,723 |
$ 148,723 |
$ 119 |
$ 1,288 |
$ — |
$ — |
$ 120 |
|
|
|
|
|
|
|
|
|
|
|
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 nine months ended September 30, 2025 is C |
|
|
|
|
(ii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
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 respect 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 and nine months ended September 30, 2026 and September 30, 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).
|
(United States dollars per ounce, except where noted) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Production costs per the Third Quarter Financial Statements (thousands of |
$ 972,409 |
|
$ 839,321 |
|
$ 2,881,754 |
|
$ 2,396,241 |
|
Less: Production costs from non-operating minesites |
(889) |
|
(4,070) |
|
(889) |
|
(4,070) |
|
Adjusted production costs |
971,520 |
|
835,251 |
|
2,880,865 |
|
2,392,171 |
|
Gold production (ounces)(i) |
814,012 |
|
866,936 |
|
2,494,937 |
|
2,606,759 |
|
Production costs per ounce |
$ 1,193 |
|
$ 963 |
|
$ 1,155 |
|
$ 918 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Inventory adjustments(ii) |
17 |
|
33 |
|
3 |
|
18 |
|
In-kind royalty and NTI Payments(iii) |
13 |
|
9 |
|
16 |
|
28 |
|
Realized gains and losses on hedges of production costs |
(4) |
|
(4) |
|
(5) |
|
1 |
|
Smelting, refining, and marketing charges |
6 |
|
8 |
|
7 |
|
8 |
|
Total cash costs per ounce (co-product basis) |
$ 1,225 |
|
$ 1,009 |
|
$ 1,176 |
|
$ 973 |
|
Impact of by-product metals |
(92) |
|
(57) |
|
(84) |
|
(49) |
|
Total cash costs per ounce (by-product basis) |
$ 1,133 |
|
$ 952 |
|
$ 1,092 |
|
$ 924 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Sustaining capital expenditures (including capitalized exploration) |
360 |
|
282 |
|
296 |
|
250 |
|
General and administrative expenses (including stock option expense) |
86 |
|
78 |
|
83 |
|
71 |
|
Non-cash reclamation provision and sustaining leases(iv) |
69 |
|
19 |
|
58 |
|
17 |
|
All-in sustaining costs per ounce (by-product basis) |
$ 1,648 |
|
$ 1,331 |
|
$ 1,529 |
|
$ 1,262 |
|
Impact of by-product metals |
92 |
|
57 |
|
84 |
|
49 |
|
All-in sustaining costs per ounce (co-product basis) |
$ 1,740 |
|
$ 1,388 |
|
$ 1,613 |
|
$ 1,311 |
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
(i) |
Gold production for the three and nine months ended September 30, 2026 excludes 557 and 1,415 ounces of payable production of gold at La India and 115 and 249 ounces of payable production of gold at Creston Mascota, respectively, which were produced from residual leaching. Gold production for the three and nine months ended September 30, 2025 excludes 945 and 3,614 ounces of payable production of gold at La India and 189 and 253 ounces of payable production of gold at CrestonMascota, respectively, which were produced from residual leaching, as well as 2,442 ounces of gold recovered at Hope Bay for the three and nine months ended September 30, 2025 |
|||||||
|
|
|
|||||||
|
(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 for the three and nine months ended September 30, 2026 is |
|||||||
|
|
|
|||||||
|
(iii) |
In‑kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in‑kind royalties of |
|||||||
|
|
|
|||||||
|
(iv) |
Sustaining leases are lease payments related to sustaining assets |
|||||||
Adjusted net income
Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the Third 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 exchange translation, 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 and adjusted net income per share for the three and nine months ended September 30, 2026, and September 30, 2025.
|
Reconciliation of Net Income to Adjusted Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended September 30, |
||||
|
(thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
Net income for the period - basic |
$ 1,352,874 |
|
$ 1,054,958 |
|
$ 4,648,788 |
|
$ 2,938,400 |
|
Dilutive impact of cash settling LTIP |
— |
|
— |
|
6,865 |
|
— |
|
Net income for the period - diluted |
$ 1,352,874 |
|
$ 1,054,958 |
|
$ 4,655,653 |
|
$ 2,938,400 |
|
Foreign exchange translation |
6,902 |
|
(6,559) |
|
26,297 |
|
(18,190) |
|
Loss (gain) on derivative financial instruments |
12,519 |
|
20,242 |
|
89,223 |
|
(173,881) |
|
Environmental remediation |
8,555 |
|
2,370 |
|
31,629 |
|
24,334 |
|
Net loss on disposal of property, plant and equipment |
10,284 |
|
5,719 |
|
27,120 |
|
17,824 |
|
Purchase price allocation to inventory(i) |
(17,187) |
|
3,700 |
|
(26,613) |
|
6,234 |
|
Debt extinguishment costs |
— |
|
2,838 |
|
— |
|
8,245 |
|
Impairment loss(ii) |
— |
|
— |
|
— |
|
10,554 |
|
Loss on sale of equity securities |
— |
|
40,175 |
|
— |
|
40,175 |
|
Gain on sale of investments |
— |
|
— |
|
(155,319) |
|
— |
|
Multi-year donations |
— |
|
— |
|
19,369 |
|
— |
|
Other(iii) |
— |
|
— |
|
— |
|
2,077 |
|
Income and mining taxes adjustments(iv) |
(49,598) |
|
(38,234) |
|
(89,727) |
|
(24,676) |
|
Adjusted net income for the period - basic |
$ 1,324,349 |
|
$ 1,085,209 |
|
$ 4,570,767 |
|
$ 2,831,096 |
|
Adjusted net income for the period - diluted |
$ 1,324,349 |
|
$ 1,085,209 |
|
$ 4,577,632 |
|
$ 2,831,096 |
|
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. 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) |
Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative period. |
|||||||
|
(iv) |
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 Third 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 exchange translation, 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 and nine months ended September 30, 2026 and September 30, 2025.
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
(thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
|
|
|
$ 4,648,788 |
|
$ 2,938,400 |
|
Finance costs |
15,037 |
|
24,154 |
|
46,832 |
|
74,027 |
|
Amortization of property, plant and mine development |
457,447 |
|
429,947 |
|
1,300,969 |
|
1,223,703 |
|
Income and mining tax expense |
619,346 |
|
520,610 |
|
2,205,911 |
|
1,448,358 |
|
EBITDA |
2,444,704 |
|
2,029,669 |
|
8,202,500 |
|
5,684,488 |
|
Foreign exchange translation |
6,902 |
|
(6,559) |
|
26,297 |
|
(18,190) |
|
Loss (gain) on derivative financial instruments |
12,519 |
|
20,242 |
|
89,223 |
|
(173,881) |
|
Environmental remediation |
8,555 |
|
2,370 |
|
31,629 |
|
24,334 |
|
Net loss on disposal of property, plant and equipment |
10,284 |
|
5,719 |
|
27,120 |
|
17,824 |
|
Purchase price allocation to inventory(i) |
(17,187) |
|
3,700 |
|
(26,613) |
|
6,234 |
|
Debt extinguishment costs |
— |
|
2,838 |
|
— |
|
8,245 |
|
Impairment loss(ii) |
— |
|
— |
|
— |
|
10,554 |
|
Loss on sale of equity securities |
— |
|
40,175 |
|
— |
|
40,175 |
|
Gain on sale of investments |
— |
|
— |
|
(155,319) |
|
— |
|
Multi-year donations |
— |
|
— |
|
19,369 |
|
— |
|
Other(iii) |
— |
|
— |
|
— |
|
2,077 |
|
Adjusted EBITDA |
|
|
|
|
$ 8,214,206 |
|
$ 5,601,860 |
|
|
|
|
|
|
|
|
|
|
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. 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) |
Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative period. |
|||||||
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 Third 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 Third 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 and accounts payable and accrued liabilities.
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 and nine months ended September 30, 2026 and September 30, 2025.
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
(thousands, except where noted) |
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities |
$ 1,755,015 |
|
$ 1,815,875 |
|
$ 5,245,003 |
|
$ 4,705,609 |
|
Additions to property, plant and mine development |
(902,801) |
|
(626,330) |
|
(2,325,805) |
|
(1,616,930) |
|
Free cash flow |
852,214 |
|
1,189,545 |
|
2,919,198 |
|
3,088,679 |
|
Changes in income taxes |
(11,082) |
|
(189,741) |
|
991,388 |
|
(491,108) |
|
Changes in inventory |
235,852 |
|
143,052 |
|
241,546 |
|
165,196 |
|
Changes in other current assets |
173,186 |
|
11,022 |
|
202,941 |
|
17,784 |
|
Changes in accounts payable and accrued liabilities |
(193,046) |
|
(118,964) |
|
(377,387) |
|
(194,761) |
|
Free cash flow before changes in non-cash components of working capital |
$ 1,057,124 |
|
$ 1,034,914 |
|
$ 3,977,686 |
|
$ 2,585,790 |
|
Additions to property, plant and mine development |
902,801 |
|
626,330 |
|
2,325,805 |
|
1,616,930 |
|
Cash provided by operating activities before changes in non-cash components of working capital |
$ 1,959,925 |
|
$ 1,661,244 |
|
$ 6,303,491 |
|
$ 4,202,720 |
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities per share - basic |
$ 3.47 |
|
$ 3.62 |
|
$ 10.43 |
|
$ 9.37 |
|
Cash provided by operating activities before changes in non-cash components of working capital per share - basic |
$ 3.87 |
|
$ 3.31 |
|
$ 12.54 |
|
$ 8.37 |
|
|
|
|
|
|
|
|
|
|
Free cash flow per share - basic |
$ 1.68 |
|
$ 2.37 |
|
$ 5.81 |
|
$ 6.15 |
|
Free cash flow before changes in non-cash components of working capital per share - basic |
$ 2.09 |
|
$ 2.06 |
|
$ 7.91 |
|
$ 5.15 |
Capital expenditures
Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the Third 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 Third Quarter Financial Statements for the three and nine months ended September 30, 2026 and September 30, 2025.
|
(thousands) |
Three Months Ended |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2024 |
|
Sustaining capital expenditures |
|
|
|
|
$ 720,775 |
|
$ 642,295 |
|
Sustaining capitalized exploration |
8,940 |
|
6,373 |
|
23,170 |
|
16,335 |
|
Development capital expenditures |
560,822 |
|
316,054 |
|
1,315,386 |
|
728,924 |
|
Development capitalized exploration |
64,171 |
|
80,809 |
|
236,365 |
|
213,488 |
|
Total Capital Expenditures |
|
|
|
|
$ 2,295,696 |
|
$ 1,601,042 |
|
Working capital adjustments |
(18,365) |
|
(17,525) |
|
30,109 |
|
15,888 |
|
Additions to property, plant and mine development per the Third Quarter Financial Statements |
|
|
|
|
$ 2,325,805 |
|
$ 1,616,930 |
|
|
|
|
|
|
|
|
|
Net cash
Net cash is calculated by adjusting the total of the current portion of long-term debt and non-current portion of long-term debt as recorded on the Third Quarter Financial Statements for deferred financing costs and cash and cash equivalents. Management believes the measure of net cash is useful to help investors assess the Company's overall cash position and to evaluate the future debt capacity of the Company.
The following table sets out a reconciliation of long-term debt per the Third Quarter Financial Statements to net cash as at September 30, 2026, and December 31, 2025.
|
|
As at |
|
As at |
|
(thousands) |
September 30, 2026 |
|
December 31, 2025 |
|
Long-term debt |
$ (197,102) |
|
$ (196,271) |
|
Cash and cash equivalents |
3,613,125 |
|
2,866,053 |
|
Net cash |
$ 3,416,023 |
|
$ 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 October 28, 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, 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
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 set out in the table below, or other parameters, will be realized.
|
Key Project |
2026 Gold (000s oz) |
Anticipated Production Ramp-up Year |
Anticipated Incremental (000s oz) |
Anticipated Incremental (tonnes) |
|
Canadian |
505 — 535 |
2033 |
400 — 500 |
— |
|
Detour Lake |
700 — 730 |
2030 |
300 — 350 |
— |
|
Upper Beaver |
— |
2030 |
200 — 225 |
3,600 |
|
Hope Bay |
— |
2030 |
400 — 435 |
— |
|
San Nicolás ( |
— |
2030 |
— |
50,000 — 60,000 |
|
* |
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 |
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, dated July 31, 2024 for Upper Beaver and dated May 19, 2026 for Hope Bay. 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 for the "fill-the-mill" strategy at Canadian Malartic, for Detour Lake and Upper Beaver in 2027.
Scientific and Technical Information
The scientific and technical information contained in this news release relating to
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,
APPENDIX A – EXPLORATION DETAILS
East Gouldie deposit, Eclipse zone and Odyssey deposit at Odyssey mine
|
Drill hole |
Deposit / zone |
From (metres) |
To (metres) |
Depth of midpoint below surface (metres) |
Estimated true width (metres) |
Gold grade (g/t) (uncapped) |
Gold grade (g/t) (capped)* |
|
MEX25-354Z |
Eclipse |
1,663.0 |
1,679.9 |
1,670 |
16.9** |
4.1 |
4.1 |
|
including |
|
1,665.1 |
1,669.0 |
1,666 |
4.0** |
8.5 |
8.5 |
|
and |
Eclipse |
1,748.3 |
1,777.0 |
1,760 |
28.7** |
3.3 |
3.3 |
|
and |
East Gouldie |
1,847.2 |
1,890.5 |
1,860 |
14.8 |
2.2 |
2.2 |
|
and |
East Gouldie |
1,943.6 |
1,988.0 |
1,951 |
34.1 |
2.8 |
2.8 |
|
MEX26-356WZA |
East Gouldie |
1,932.3 |
1,973.1 |
1,707 |
38.8 |
3.9 |
3.8 |
|
including |
|
1,944.0 |
1,949.0 |
1,702 |
4.6 |
5.9 |
5.9 |
|
including |
|
1,965.1 |
1,973.1 |
1,719 |
7.4 |
8.6 |
8.1 |
|
MEX26-361ZB |
Eclipse |
1,372.3 |
1,377.2 |
1,339 |
4.9** |
7.8 |
3.3 |
|
including |
|
1,375.3 |
1,375.8 |
1,340 |
0.5** |
63.9 |
20.0 |
|
and |
Eclipse |
1,456.5 |
1,466.0 |
1,421 |
9.5** |
2.8 |
2.8 |
|
and |
Eclipse |
1,618.5 |
1,646.0 |
1,585 |
27.6** |
2.9 |
2.9 |
|
including |
|
1,618.5 |
1,621.0 |
1,573 |
2.5** |
13.8 |
13.8 |
|
and |
Eclipse |
1,653.2 |
1,689.5 |
1,622 |
36.3** |
3.8 |
3.8 |
|
including |
|
1,682.1 |
1,687.3 |
1,635 |
5.2** |
9.2 |
9.2 |
|
and |
East Gouldie |
1,946.0 |
1,992.0 |
1,901 |
41.5 |
2.5 |
2.5 |
|
including |
|
1,980.0 |
1,988.3 |
1,915 |
7.5 |
5.1 |
5.1 |
|
MEX26-362Z |
East Gouldie |
1,450.7 |
1,462.5 |
1,137 |
10.7 |
1.7 |
1.7 |
|
and |
East Gouldie |
1,509.0 |
1,516.4 |
1,176 |
5.7 |
4.4 |
4.4 |
|
MEX26-364Z |
Eclipse |
1,211.5 |
1,222.1 |
940 |
10.6** |
4.0 |
4.0 |
|
including |
|
1,216.0 |
1,217.5 |
940 |
1.5** |
18.3 |
18.3 |
|
and |
|
1,400.3 |
1,407.4 |
1,050 |
6.5 |
5.1 |
5.1 |
|
MEX26-366Z |
|
988.8 |
997.5 |
934 |
7.7 |
3.9 |
3.9 |
|
and |
|
1,011.2 |
1,018.5 |
950 |
6.4 |
2.6 |
2.3 |
|
including |
|
1,012.9 |
1,013.4 |
949 |
0.4 |
24.0 |
20.0 |
|
and |
|
1,165.6 |
1,190.5 |
1,070 |
16.8 |
2.0 |
2.0 |
|
UGOD-102-022 |
Ody N - Artemis |
112.0 |
130.9 |
1,061 |
18.9** |
10.4 |
9.5 |
|
including |
|
117.0 |
120.0 |
1,060 |
3.0** |
22.8 |
17.0 |
|
UGOD-102-023 |
Ody N - Artemis |
94.0 |
108.2 |
1,030 |
14.2** |
10.6 |
8.8 |
|
including |
|
100.0 |
107.0 |
1,030 |
7.0** |
19.4 |
15.8 |
|
UGOD-102-027 |
Ody N - Artemis |
151.1 |
176.0 |
989 |
25.0** |
4.3 |
3.6 |
|
including |
|
173.0 |
174.9 |
987 |
1.9** |
29.7 |
20.0 |
|
*Results from Eclipse zone and East Gouldie and Odyssey deposits use a capping factor of 20 g/t gold. Results from |
|
**Core length. True width undetermined. |
West Pit and West Extension zones at Detour Lake
|
Drill hole |
Zone |
From (metres) |
To (metres) |
Depth of |
Estimated true width (metres) |
Gold grade (g/t) |
|
DLM26-1342W |
West Extension |
805.0 |
815.0 |
700 |
9.0 |
4.3 |
|
and |
West Extension |
1,039.3 |
1,044.0 |
874 |
4.4 |
4.5 |
|
and |
West Extension |
1,065.0 |
1,073.0 |
894 |
7.4 |
4.8 |
|
DLM26-1361 |
West Extension |
789.2 |
792.5 |
682 |
2.9 |
22.4 |
|
and |
West Extension |
838.1 |
871.0 |
733 |
29.1 |
2.5 |
|
including |
|
852.0 |
856.0 |
733 |
3.5 |
9.0 |
|
DLM26-1362A |
West Pit |
394.0 |
401.0 |
326 |
6.2 |
12.0 |
|
DLM26-1367 |
West Pit |
377.0 |
407.6 |
331 |
26.4 |
18.9 |
|
including |
|
377.0 |
380.0 |
320 |
2.7 |
182.7 |
|
DLM26-1395A |
West Pit |
135.0 |
138.0 |
107 |
2.7 |
18.1 |
|
and |
West Pit |
164.2 |
167.2 |
129 |
2.7 |
13.4 |
|
and |
West Pit |
304.1 |
394.3 |
266 |
84.0 |
0.8 |
|
DLM26-1401 |
West Pit |
160.0 |
174.9 |
132 |
13.4 |
3.1 |
|
including |
|
170.6 |
174.9 |
137 |
3.9 |
9.4 |
|
and |
West Pit |
216.3 |
223.0 |
173 |
6.1 |
3.3 |
|
and |
West Pit |
266.0 |
269.0 |
209 |
2.7 |
17.6 |
|
and |
West Pit |
375.0 |
535.9 |
346 |
150.7 |
1.0 |
|
including |
|
502.0 |
505.0 |
380 |
2.8 |
11.6 |
|
DLM26-1405 |
West Pit |
233.4 |
236.4 |
191 |
2.7 |
8.1 |
|
and |
West Pit |
607.3 |
611.6 |
479 |
4.0 |
8.0 |
|
and |
West Pit |
749.2 |
755.0 |
583 |
5.4 |
11.9 |
|
DLM26-1409 |
West Pit |
277.4 |
293.7 |
229 |
14.7 |
6.4 |
|
including |
|
281.0 |
285.8 |
227 |
4.3 |
15.9 |
|
*Results from Detour Lake are uncapped. |
|
Drill hole |
Deposit / Zone |
From (metres) |
To (metres) |
Depth of |
Estimated true |
Gold grade (g/t) (uncapped) |
Gold grade (g/t) (capped)* |
|
HBM26-496 |
|
590.0 |
599.0 |
413 |
8.6 |
8.5 |
8.5 |
|
including |
|
590.0 |
591.0 |
410 |
1.0 |
35.2 |
35.2 |
|
HBM26-500A |
|
957.0 |
960.0 |
686 |
2.8 |
51.8 |
37.1 |
|
including |
|
958.0 |
959.0 |
686 |
0.9 |
144.0 |
100.0 |
|
HBB26-004 |
|
357.8 |
364.1 |
308 |
4.5 |
17.0 |
17.0 |
|
HBB26-006 |
|
370.0 |
386.0 |
298 |
12.3 |
11.0 |
11.0 |
|
HBB26-007 |
|
840.0 |
845.0 |
673 |
3.5 |
3.5 |
3.5 |
|
HBB26-008 |
|
808.0 |
815.0 |
565 |
6.3 |
6.3 |
6.3 |
|
HBB26-009 |
|
452.0 |
460.0 |
399 |
6.1 |
3.5 |
3.5 |
|
HB-11SBD411A** |
|
802.1 |
814.5 |
782 |
10.8 |
9.8 |
9.8 |
|
and |
|
822.1 |
834.5 |
801 |
8.0 |
10.1 |
10.1 |
|
HB-11SBD414A** |
|
600.0 |
607.1 |
557 |
5.0 |
28.5 |
28.5 |
|
and |
|
618.4 |
626.0 |
573 |
5.8 |
54.9 |
26.4 |
|
including |
|
618.4 |
619.6 |
573 |
0.9 |
285.1 |
100.0 |
|
and |
|
660.5 |
670.5 |
611 |
6.4 |
37.3 |
12.9 |
|
including |
|
669.1 |
669.7 |
611 |
0.4 |
474.7 |
100.0 |
|
HB-S03-293** |
|
1,439.8 |
1,448.5 |
1,014 |
8.2 |
56.6 |
27.9 |
|
*Results from |
|
**Historic holes by Miramar Hope Bay Ltd. (hole HB-S03-293) (see news release dated February 23, 2022), capped at 50 g/t Au; and Newmont Mining (holes HB-11SBD411A and HB-11SBD414A), capped at 100 g/t Au. |
Amalgamated
|
Drill hole |
Zone |
From (metres) |
To (metres) |
Depth of |
Estimated |
Gold grade (g/t) (uncapped) |
Gold grade (g/t) (capped)* |
|
KLAK-591 |
AK |
206.5 |
208.5 |
502 |
0.9 |
11.0 |
11.0 |
|
KLAK-646 |
AK |
242.7 |
244.7 |
471 |
2.0 |
4.0 |
4.0 |
|
57-1699 |
SMC West |
125.3 |
127.4 |
1,719 |
1.7 |
89.2 |
26.6 |
|
57-1712 |
SMC West |
140.5 |
142.5 |
1,809 |
2.0 |
19.2 |
19.2 |
|
57-1730 |
Main Break 04 |
639.2 |
641.3 |
2,310 |
1.8 |
46.8 |
45.4 |
|
63-290 |
Main Break 04 |
277.1 |
279.1 |
2,163 |
0.7 |
8.7 |
8.7 |
|
and |
Main Break 04 |
373.8 |
376.1 |
2,260 |
0.8 |
15.5 |
15.5 |
|
64-610 |
Main Break |
162.2 |
167.9 |
2,120 |
5.2 |
91.7 |
25.0 |
|
64-698 |
Main Break |
175.3 |
183.4 |
2,135 |
6.8 |
23.8 |
23.2 |
|
64-701 |
Main Break |
307.6 |
309.6 |
2,316 |
1.1 |
28.0 |
28.0 |
|
64-721 |
Main Break |
111.5 |
113.5 |
2,112 |
1.1 |
71.9 |
43.6 |
|
64-749 |
Main Break |
159.1 |
161.1 |
2,049 |
1.9 |
26.6 |
26.6 |
|
64-774 |
Main Break |
280.4 |
282.4 |
2,290 |
1.9 |
13.1 |
13.1 |
|
64-781 |
Main Break |
227.5 |
229.5 |
2,123 |
1.6 |
21.0 |
21.0 |
|
*Results from Macassa use a capping factor ranging from 68.6 g/t to 445.7 g/t gold depending on the zone. |
Tiriganiaq, Wesmeg North and Wesmeg deposits at Meliadine
|
Drill hole |
Deposit |
Lode / zone |
From (metres) |
To (metres) |
Depth of midpoint |
Estimated |
Gold grade (g/t) (uncapped) |
Gold grade (g/t) (capped)* |
|
ML425-8846-D15 |
Tiriganiaq |
1374 |
171.6 |
178.5 |
694 |
6.6 |
10.9 |
10.9 |
|
ML425-8994-D13 |
Tiriganiaq |
1380 |
110.0 |
114.6 |
645 |
3.5 |
8.2 |
8.2 |
|
and |
Tiriganiaq |
1083 |
266.5 |
270.3 |
791 |
3.1 |
8.3 |
8.3 |
|
ML425-10071-D9 |
Tiriganiaq |
1370 |
251.1 |
256.0 |
663 |
4.9 |
9.0 |
9.0 |
|
ML425-10071-D10 |
Tiriganiaq |
650 |
717.7 |
721.0 |
1,035 |
3.3 |
10.8 |
10.8 |
|
including |
|
|
718.4 |
720.1 |
1,035 |
1.7 |
20.8 |
20.8 |
|
ML425-10071-D12 |
Tiriganiaq |
1000 |
389.9 |
394.2 |
736 |
4.2 |
8.6 |
8.6 |
|
ML425-10071-D14 |
Tiriganiaq |
1000 |
469.0 |
472.7 |
892 |
3.4 |
17.9 |
17.9 |
|
including |
|
|
470.5 |
471.0 |
892 |
0.5 |
121.0 |
121.0 |
|
ML425-9085-D28 |
Wesmeg N |
922 |
454.6 |
458.9 |
782 |
4.2 |
5.0 |
5.0 |
|
ML425-9950-D8 |
Wesmeg N |
945 |
672.0 |
685.8 |
1,014 |
13.6 |
4.1 |
4.1 |
|
ML300-10325-D21 |
Wesmeg N |
950 |
204.2 |
209.2 |
447 |
4.5 |
18.9 |
12.8 |
|
including |
|
|
205.0 |
205.7 |
446 |
0.6 |
114.0 |
114.0 |
|
ML425-9085-D28 |
Wesmeg |
650 |
517.6 |
522.5 |
817 |
4.8 |
11.4 |
10.5 |
|
including |
|
|
522.0 |
522.5 |
818 |
0.5 |
78.9 |
78.9 |
|
ML425-10171-D10 |
Wesmeg |
650 |
443.3 |
446.7 |
805 |
3.0 |
24.3 |
24.3 |
|
*Results from Meliadine use a capping factor ranging from 20 g/t to 100 g/t gold depending on the zone. |
Helmi deposit at Ikkari
|
Drill hole |
Deposit |
From (metres) |
To (metres) |
Depth of midpoint |
Estimated |
Gold grade (g/t) (uncapped) |
Gold grade (g/t) (capped)* |
|
IKK26-124 |
Helmi |
626.0 |
639.1 |
476 |
10.7 |
15.1 |
3.2 |
|
including |
|
627.0 |
632.0 |
474 |
4.1 |
38.6 |
7.6 |
|
and including |
|
627.0 |
628.0 |
473 |
0.8 |
185.0 |
30.0 |
|
IKK26-136 |
Helmi |
683.0 |
703.9 |
496 |
20.0 |
0.9 |
0.9 |
|
*Results from Helmi use a capping factor of 30.0 g/t gold. |
Exploration Drill Collar Coordinates
|
Drill hole |
UTM East* |
UTM North* |
Elevation |
Azimuth |
Dip (degrees) |
Length |
|
Odyssey mine |
||||||
|
MEX26-361ZB |
717440 |
5334732 |
310 |
173 |
-80 |
2,085 |
|
MEX25-354Z |
717791 |
5334354 |
310 |
105 |
-89 |
2,055 |
|
MEX25-354 |
717791 |
5334354 |
310 |
105 |
-89 |
2,151 |
|
MEX26-364Z |
717584 |
5333790 |
347 |
355 |
-64 |
1,467 |
|
MEX26-356WZA |
718596 |
5334757 |
308 |
185 |
-64 |
2,053 |
|
MEX26-368 |
716140 |
5334403 |
317 |
267 |
-69 |
1,429 |
|
MEX26-362Z |
716620 |
5334814 |
315 |
208 |
-64 |
1,663 |
|
MEX26-368W |
716140 |
5334403 |
317 |
267 |
-69 |
1,326 |
|
MEX22-264Z |
717440 |
5334731 |
309 |
207 |
-74 |
1,891 |
|
MEX26-366 |
716241 |
5334941 |
315 |
182 |
-79 |
991 |
|
MEX26-366Z |
716241 |
5334941 |
315 |
182 |
-79 |
1,632 |
|
MEX25-355WZA |
716982 |
5333691 |
346 |
59 |
-72 |
2,151 |
|
MEX26-364 |
717584 |
5333790 |
347 |
355 |
-64 |
1,374 |
|
MEX26-370 |
716861 |
5334695 |
318 |
154 |
-76 |
2,000 |
|
MEX26-366Z |
716241 |
5334941 |
315 |
182 |
-79 |
1,632 |
|
UGOD-102-022 |
718133 |
5334352 |
-713 |
329 |
-19 |
171 |
|
UGOD-102-023 |
718132 |
5334352 |
-713 |
328 |
-4 |
159 |
|
UGOD-102-027 |
718134 |
5334352 |
-712 |
15 |
12 |
258 |
|
MEX26-363ZA |
718766 |
5333635 |
325 |
14 |
-73 |
1,781 |
|
MEX26-363Z |
718766 |
5333635 |
325 |
14 |
-73 |
1,785 |
|
MEX26-363 |
718766 |
5333635 |
325 |
14 |
-73 |
1,746 |
|
Detour Lake |
||||||
|
DLM26-1342W |
586920 |
5541990 |
305 |
176 |
-69 |
1,156 |
|
DLM26-1361 |
586839 |
5542053 |
303 |
179 |
-65 |
1,173 |
|
DLM26-1362A |
587165 |
5541718 |
296 |
178 |
-58 |
516 |
|
DLM26-1367 |
587206 |
5541697 |
294 |
177 |
-60 |
510 |
|
DLM26-1395A |
588690 |
5541474 |
285 |
177 |
-54 |
929 |
|
DLM26-1401 |
588408 |
5541562 |
287 |
176 |
-53 |
948 |
|
DLM26-1405 |
588691 |
5541560 |
286 |
179 |
-55 |
937 |
|
DLM26-1409 |
588329 |
5541539 |
287 |
176 |
-56 |
900 |
|
Hope Bay |
||||||
|
HBM26-496 |
434984 |
7547860 |
38 |
60 |
-53 |
768 |
|
HBM26-500A |
434335 |
7548811 |
55 |
88 |
-61 |
1,101 |
|
HBB26-004 |
441266 |
7504582 |
79 |
281 |
-64 |
639 |
|
HBB26-006 |
441333 |
7505091 |
81 |
276 |
-59 |
500 |
|
HBB26-007 |
441404 |
7504420 |
74 |
272 |
-67 |
951 |
|
HBB26-008 |
441569 |
7504378 |
73 |
256 |
-69 |
1,062 |
|
HBB26-009 |
441217 |
7504448 |
78 |
280 |
-67 |
681 |
|
HB-11SBD411A** |
440855 |
7504594 |
65 |
104 |
-78 |
938 |
|
HB-11SBD414A** |
440862 |
7504750 |
66 |
107 |
-74 |
900 |
|
HB-S03-293** |
441773 |
7504636 |
69 |
274 |
-76 |
1,615 |
|
Macassa |
||||||
|
KLAK-549 |
570337 |
5331446 |
23 |
141 |
-53 |
335 |
|
KLAK-591 |
570339 |
5331444 |
21 |
154 |
-62 |
442 |
|
KLAK-646 |
570431 |
5331501 |
5 |
126 |
-38 |
305 |
|
57-1699 |
568211 |
5330935 |
-1400 |
291 |
1 |
229 |
|
57-1712 |
568296 |
5330991 |
-1402 |
332 |
-33 |
204 |
|
57-1730 |
568296 |
5330991 |
-1402 |
327 |
-66 |
744 |
|
63-290 |
569142 |
5331609 |
-1565 |
288 |
-73 |
743 |
|
64-610 |
569926 |
5332115 |
-1674 |
347 |
-37 |
296 |
|
64-698 |
569926 |
5332113 |
-1672 |
347 |
-44 |
259 |
|
64-701 |
570230 |
5332209 |
-1706 |
305 |
-60 |
351 |
|
64-721 |
569923 |
5332114 |
-1674 |
282 |
-62 |
122 |
|
64-749 |
570327 |
5332242 |
-1719 |
345 |
-3 |
290 |
|
64-774 |
570229 |
5332212 |
-1708 |
308 |
-59 |
351 |
|
64-781 |
570329 |
5332240 |
-1718 |
357 |
-15 |
274 |
|
Meliadine |
||||||
|
ML425-8994-D13 |
538994 |
6988957 |
-476 |
217 |
-70 |
400 |
|
ML425-9085-D28 |
539085 |
6988949 |
-464 |
155 |
-39 |
630 |
|
ML425-8846-D15 |
538846 |
6988969 |
-493 |
163 |
-57 |
334 |
|
ML425-10071-D9 |
540071 |
6989004 |
-432 |
176 |
-47 |
422 |
|
ML425-9950-D8 |
539950 |
6989006 |
-422 |
168 |
-63 |
760 |
|
ML300-10325-D21 |
540325 |
6988412 |
-214 |
159 |
-60 |
441 |
|
ML425-9085-D28 |
539085 |
6988949 |
-464 |
155 |
-39 |
630 |
|
ML425-10171-D10 |
540071 |
6989004 |
-432 |
173 |
-65 |
756 |
|
ML425-10071-D12 |
540071 |
6989004 |
-432 |
163 |
43 |
423 |
|
ML425-10071-D14 |
540071 |
6989004 |
-432 |
150 |
65 |
672 |
|
Helmi at Ikkari |
||||||
|
IKK26-124 |
452096 |
7496270 |
241 |
344 |
-49 |
787 |
|
IKK26-136 |
451955 |
7496200 |
244 |
338 |
-50 |
872.5 |
|
*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake and Macassa; NAD 1983 UTM Zone 14N for Meliadine; NAD 1983 UTM Zone 13N for Hope Bay; and Finnish Coordinate System for Ikkari. |
APPENDIX B – FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
AGNICO EAGLE MINES LIMITED |
|||||||
|
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS |
|||||||
|
(thousands of United States dollars, except where noted) |
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
Net income - key line items: |
|
|
|
|
|
|
|
|
Revenue from mine operations: |
|
|
|
|
|
|
|
|
LaRonde |
$ 404,180 |
|
$ 291,011 |
|
$ 1,179,696 |
|
$ 881,171 |
|
Canadian |
485,326 |
|
543,870 |
|
1,837,946 |
|
1,463,134 |
|
Goldex |
144,311 |
|
108,124 |
|
449,784 |
|
319,373 |
|
|
1,033,817 |
|
943,005 |
|
3,467,426 |
|
2,663,678 |
|
Detour Lake |
799,036 |
|
653,283 |
|
2,615,702 |
|
1,642,343 |
|
Macassa |
359,982 |
|
282,208 |
|
960,899 |
|
778,101 |
|
|
1,159,018 |
|
935,491 |
|
3,576,601 |
|
2,420,444 |
|
Meliadine |
370,665 |
|
267,332 |
|
1,265,147 |
|
880,138 |
|
Meadowbank |
477,684 |
|
476,831 |
|
1,499,644 |
|
1,216,631 |
|
|
848,349 |
|
744,163 |
|
2,764,791 |
|
2,096,769 |
|
|
166,595 |
|
142,448 |
|
554,922 |
|
406,122 |
|
|
166,595 |
|
142,448 |
|
554,922 |
|
406,122 |
|
Kittila |
269,371 |
|
190,208 |
|
785,061 |
|
519,238 |
|
|
269,371 |
|
190,208 |
|
785,061 |
|
519,238 |
|
|
99,702 |
|
88,586 |
|
330,734 |
|
221,999 |
|
|
99,702 |
|
88,586 |
|
330,734 |
|
221,999 |
|
Corporate and Other |
6,757 |
|
15,628 |
|
6,481 |
|
15,628 |
|
Revenues from mining operations |
$ 3,583,609 |
|
$ 3,059,529 |
|
$ 11,486,016 |
|
$ 8,343,878 |
|
Production costs |
972,409 |
|
839,321 |
|
2,881,754 |
|
2,396,241 |
|
Amortization of property, plant and mine development |
457,447 |
|
429,947 |
|
1,300,969 |
|
1,223,703 |
|
Gross profit |
2,153,753 |
|
1,790,261 |
|
7,303,293 |
|
4,723,934 |
|
Exploration, corporate and other |
181,533 |
|
214,693 |
|
448,594 |
|
337,176 |
|
Income before income and mining taxes |
1,972,220 |
|
1,575,568 |
|
6,854,699 |
|
4,386,758 |
|
Income and mining taxes expense |
619,346 |
|
520,610 |
|
2,205,911 |
|
1,448,358 |
|
Net income for the period |
$ 1,352,874 |
|
$ 1,054,958 |
|
$ 4,648,788 |
|
$ 2,938,400 |
|
Net income per share — basic |
$ 2.67 |
|
$ 2.10 |
|
$ 9.25 |
|
$ 5.85 |
|
Net income per share — diluted |
$ 2.67 |
|
$ 2.10 |
|
$ 9.24 |
|
$ 5.83 |
|
|
|
|
|
|
|
|
|
|
Cash flows: |
|
|
|
|
|
|
|
|
Cash provided by operating activities |
$ 1,755,015 |
|
$ 1,815,875 |
|
$ 5,245,003 |
|
$ 4,705,609 |
|
Cash used in investing activities |
$ (1,155,049) |
|
$ (288,064) |
|
$ (3,109,491) |
|
$ (1,548,940) |
|
Cash used in financing activities |
$ (449,795) |
|
$ (732,120) |
|
$ (1,385,162) |
|
$ (1,734,241) |
|
|
|
|
|
|
|
|
|
|
Realized prices: |
|
|
|
|
|
|
|
|
Gold (per ounce) |
$ 4,264 |
|
$ 3,476 |
|
$ 4,537 |
|
$ 3,221 |
|
Silver (per ounce) |
$ 60.34 |
|
$ 43.43 |
|
$ 69.45 |
|
$ 37.80 |
|
AGNICO EAGLE MINES LIMITED |
|||||||
|
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS |
|||||||
|
(thousands of United States dollars, except where noted) |
|||||||
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
Payable production(i): |
|
|
|
|
|
|
|
|
Gold (ounces): |
|
|
|
|
|
|
|
|
LaRonde |
77,250 |
|
81,522 |
|
240,107 |
|
264,265 |
|
Canadian |
111,202 |
|
156,875 |
|
412,661 |
|
489,179 |
|
Goldex |
29,940 |
|
29,375 |
|
88,589 |
|
92,509 |
|
|
218,392 |
|
267,772 |
|
741,357 |
|
845,953 |
|
Detour Lake |
183,118 |
|
176,539 |
|
567,416 |
|
497,649 |
|
Macassa |
80,582 |
|
78,832 |
|
216,318 |
|
252,224 |
|
|
263,700 |
|
255,371 |
|
783,734 |
|
749,873 |
|
Meliadine |
96,149 |
|
93,836 |
|
287,496 |
|
282,611 |
|
Meadowbank |
115,501 |
|
136,152 |
|
329,528 |
|
378,213 |
|
|
211,650 |
|
229,988 |
|
617,024 |
|
660,824 |
|
|
40,090 |
|
34,966 |
|
123,545 |
|
128,155 |
|
|
40,090 |
|
34,966 |
|
123,545 |
|
128,155 |
|
Kittila |
59,907 |
|
57,954 |
|
170,403 |
|
162,415 |
|
|
59,907 |
|
57,954 |
|
170,403 |
|
162,415 |
|
|
20,273 |
|
20,885 |
|
58,874 |
|
59,539 |
|
|
20,273 |
|
20,885 |
|
58,874 |
|
59,539 |
|
Total gold (ounces): |
814,012 |
|
866,936 |
|
2,494,937 |
|
2,606,759 |
|
|
|
|
|
|
|
|
|
|
Silver (thousands of ounces) |
606 |
|
630 |
|
1,860 |
|
1,843 |
|
Zinc (tonnes) |
1,809 |
|
1,924 |
|
3,928 |
|
6,051 |
|
Copper (tonnes) |
1,521 |
|
1,468 |
|
4,582 |
|
4,013 |
|
|
|
|
|
|
|
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AGNICO EAGLE MINES LIMITED |
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SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS |
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(thousands of United States dollars, except where noted) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Payable metal sold(ii): |
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Gold (ounces): |
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|
|
|
|
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|
LaRonde |
89,161 |
|
77,224 |
|
248,700 |
|
256,641 |
|
Canadian |
113,581 |
|
157,228 |
|
399,512 |
|
452,721 |
|
Goldex |
31,052 |
|
28,479 |
|
91,895 |
|
92,339 |
|
|
233,794 |
|
262,931 |
|
740,107 |
|
801,701 |
|
Detour Lake |
186,292 |
|
188,008 |
|
572,711 |
|
509,522 |
|
Macassa |
84,151 |
|
81,330 |
|
211,667 |
|
241,475 |
|
|
270,443 |
|
269,338 |
|
784,378 |
|
750,997 |
|
Meliadine |
86,637 |
|
76,739 |
|
277,981 |
|
274,197 |
|
Meadowbank |
110,826 |
|
136,974 |
|
328,287 |
|
379,548 |
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|
197,463 |
|
213,713 |
|
606,268 |
|
653,745 |
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|
39,015 |
|
41,300 |
|
123,015 |
|
125,800 |
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|
39,015 |
|
41,300 |
|
123,015 |
|
125,800 |
|
Kittila |
62,821 |
|
55,000 |
|
173,721 |
|
162,000 |
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|
62,821 |
|
55,000 |
|
173,721 |
|
162,000 |
|
|
19,907 |
|
21,734 |
|
61,493 |
|
59,573 |
|
|
19,907 |
|
21,734 |
|
61,493 |
|
59,573 |
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Total gold (ounces): |
825,084 |
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868,563 |
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2,490,240 |
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2,558,363 |
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Silver (thousands of ounces) |
698 |
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653 |
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1,888 |
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1,754 |
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Zinc (tonnes) |
1,351 |
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1,977 |
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3,688 |
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6,180 |
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Copper (tonnes) |
1,512 |
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1,438 |
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4,609 |
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3,998 |
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Notes: |
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(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 September 30, 2026 and September 30, 2025, it excludes 557 ounces of gold and 945 ounces of gold produced at La India respectively and 115 ounces of gold and 189 ounces of gold produced at Creston Mascota respectively. For the nine months ended September 30, 2026 and September 30, 2025, it excludes 1,415 ounces of gold and 3,614 ounces of gold produced at La India respectively, and 249 ounces of gold and 253 ounces of gold produced at Creston Mascota respectively. |
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(ii) |
Payable metals sold from Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of |
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AGNICO EAGLE MINES LIMITED |
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CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS |
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(thousands of |
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(Unaudited) |
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As at |
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As at |
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September 30, 2026 |
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December 31, 2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 3,613,125 |
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$ 2,866,053 |
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Inventories |
1,898,882 |
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1,698,830 |
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Fair value of derivative financial instruments |
1,817 |
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34,428 |
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Other current assets |
656,275 |
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394,631 |
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Total current assets |
6,170,099 |
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4,993,942 |
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Non-current assets: |
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Goodwill |
4,157,672 |
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4,157,672 |
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Property, plant and mine development |
26,195,919 |
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22,850,540 |
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Investments |
1,381,101 |
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1,508,252 |
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Other assets |
1,222,228 |
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960,885 |
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Total assets |
$ 39,127,019 |
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$ 34,471,291 |
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LIABILITIES |
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Current liabilities: |
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Accounts payable and accrued liabilities |
$ 1,537,428 |
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$ 1,033,444 |
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Share based liabilities |
38,225 |
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31,722 |
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Income taxes payable |
296,177 |
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1,226,347 |
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Reclamation provision |
232,758 |
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144,537 |
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Lease obligations |
43,400 |
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30,480 |
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Fair value of derivative financial instruments |
95,969 |
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5,676 |
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Total current liabilities |
2,243,957 |
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2,472,206 |
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Non-current liabilities: |
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Long-term debt |
197,102 |
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196,271 |
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Reclamation provision |
1,169,682 |
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1,318,476 |
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Lease obligations |
87,576 |
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94,719 |
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Share based liabilities |
18,474 |
|
23,921 |
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Deferred income and mining tax liabilities |
5,608,895 |
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5,373,013 |
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Other liabilities |
184,488 |
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250,221 |
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Total liabilities |
9,510,174 |
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9,728,827 |
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EQUITY |
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Common shares: |
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Outstanding — 505,999,563 common shares issued, less 453,082 shares held in trust |
20,165,616 |
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18,699,862 |
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Stock options |
167,601 |
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166,775 |
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Retained earnings |
9,055,369 |
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5,463,906 |
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Other reserves |
228,259 |
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411,921 |
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Total equity |
29,616,845 |
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24,742,464 |
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Total liabilities and equity |
$ 39,127,019 |
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$ 34,471,291 |
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AGNICO EAGLE MINES LIMITED |
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME |
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(thousands of United States dollars, except per share amounts) |
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(Unaudited) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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REVENUES |
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Revenues from mining operations |
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$ 11,486,016 |
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$ 8,343,878 |
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COST OF SALES |
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Production costs |
972,409 |
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839,321 |
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2,881,754 |
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2,396,241 |
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Amortization of property, plant and mine development |
457,447 |
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429,947 |
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1,300,969 |
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1,223,703 |
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Gross profit |
2,153,753 |
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1,790,261 |
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7,303,293 |
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4,723,934 |
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EXPENSES (INCOME) |
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Exploration and corporate development |
77,117 |
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59,630 |
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191,204 |
|
153,535 |
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General and administrative |
69,555 |
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67,761 |
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205,353 |
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186,360 |
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Finance costs |
15,037 |
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24,154 |
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46,832 |
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74,027 |
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Loss (gain) on derivative financial instruments |
12,519 |
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20,242 |
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89,223 |
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(173,881) |
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Foreign exchange translation |
6,902 |
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(6,559) |
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26,297 |
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(18,190) |
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Care and maintenance |
6,192 |
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17,866 |
|
44,063 |
|
47,449 |
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Gain on sale of investments |
— |
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— |
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(155,319) |
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— |
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Other income and expenses |
(5,789) |
|
31,599 |
|
941 |
|
67,876 |
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Income before income and mining taxes |
1,972,220 |
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1,575,568 |
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6,854,699 |
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4,386,758 |
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Income and mining taxes expense |
619,346 |
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520,610 |
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2,205,911 |
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1,448,358 |
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Net income for the period |
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$ 2,938,400 |
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Net income per share - basic |
$ 2.67 |
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$ 2.10 |
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$ 9.25 |
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$ 5.85 |
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Net income per share - diluted |
$ 2.67 |
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$ 2.10 |
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$ 9.24 |
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$ 5.83 |
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Adjusted net income per share - basic(i) |
$ 2.62 |
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$ 2.16 |
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$ 9.09 |
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$ 5.64 |
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Adjusted net income per share - diluted(i) |
$ 2.61 |
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$ 2.16 |
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$ 9.08 |
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$ 5.62 |
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Weighted average number of common shares outstanding (in thousands): |
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Basic |
506,119 |
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502,178 |
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502,673 |
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502,389 |
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Diluted |
507,246 |
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503,539 |
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504,009 |
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503,768 |
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Note: |
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(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. See Note 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 |
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AGNICO EAGLE MINES LIMITED |
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(thousands of United States dollars) |
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(Unaudited) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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OPERATING ACTIVITIES |
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Net income for the period |
$ 1,352,874 |
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$ 1,054,958 |
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$ 4,648,788 |
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$ 2,938,400 |
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Add (deduct) adjusting items: |
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Amortization of property, plant and mine development |
457,447 |
|
429,947 |
|
1,300,969 |
|
1,223,703 |
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Gain on sale of investments |
— |
|
— |
|
(155,319) |
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— |
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Deferred income and mining taxes |
105,775 |
|
64,616 |
|
264,595 |
|
74,341 |
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Unrealized loss (gain) on currency and commodity derivatives |
8,577 |
|
50,343 |
|
125,619 |
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(99,455) |
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Unrealized gain on warrants |
(217) |
|
(25,613) |
|
(6,910) |
|
(87,044) |
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Stock-based compensation |
31,492 |
|
37,913 |
|
78,118 |
|
86,695 |
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Foreign exchange translation |
6,902 |
|
(6,559) |
|
26,297 |
|
(18,190) |
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Other |
(2,925) |
|
55,639 |
|
21,334 |
|
84,270 |
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|
|
|
|
|
|
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Changes in non-cash working capital balances: |
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|
|
|
|
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Income taxes |
11,082 |
|
189,741 |
|
(991,388) |
|
491,108 |
|
Inventories |
(235,852) |
|
(143,052) |
|
(241,546) |
|
(165,196) |
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Other current assets |
(173,186) |
|
(11,022) |
|
(202,941) |
|
(17,784) |
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Accounts payable and accrued liabilities |
193,046 |
|
118,964 |
|
377,387 |
|
194,761 |
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Cash provided by operating activities |
1,755,015 |
|
1,815,875 |
|
5,245,003 |
|
4,705,609 |
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INVESTING ACTIVITIES |
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Additions to property, plant and mine development |
(902,801) |
|
(626,330) |
|
(2,325,805) |
|
(1,616,930) |
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Purchase of O3 Mining, net of cash and cash equivalents acquired |
— |
|
— |
|
— |
|
(121,960) |
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Purchase of Central Lapland properties, net of cash and cash equivalents |
— |
|
— |
|
(578,408) |
|
— |
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Purchase of exploration properties |
(55,591) |
|
— |
|
(55,591) |
|
— |
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Contributions for acquisition of mineral assets |
(5,445) |
|
— |
|
(17,079) |
|
(8,400) |
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Purchase of equity securities and other investments |
(189,750) |
|
(60,142) |
|
(407,841) |
|
(198,503) |
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Proceeds on sale of equity securities and other investments |
— |
|
402,720 |
|
260,646 |
|
402,720 |
|
Other investing activities |
(1,462) |
|
(4,312) |
|
14,587 |
|
(5,867) |
|
Cash used in investing activities |
(1,155,049) |
|
(288,064) |
|
(3,109,491) |
|
(1,548,940) |
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FINANCING ACTIVITIES |
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Repayment of Senior Notes |
— |
|
(400,000) |
|
— |
|
(950,000) |
|
Debt financing and extinguishment costs |
— |
|
(8,245) |
|
— |
|
(8,245) |
|
Repayment of lease obligations |
(10,821) |
|
(8,620) |
|
(26,590) |
|
(26,970) |
|
Dividends paid |
(204,919) |
|
(186,350) |
|
(614,938) |
|
(542,695) |
|
Repurchase of common shares |
(249,989) |
|
(149,855) |
|
(817,764) |
|
(309,843) |
|
Proceeds on exercise of stock options |
3,427 |
|
10,411 |
|
36,409 |
|
72,257 |
|
Common shares issued |
12,507 |
|
10,539 |
|
37,721 |
|
31,255 |
|
Cash used in financing activities |
(449,795) |
|
(732,120) |
|
(1,385,162) |
|
(1,734,241) |
|
Effect of exchange rate changes on cash and cash equivalents |
(1,003) |
|
1,503 |
|
(3,278) |
|
5,900 |
|
Net increase in cash and cash equivalents during the period |
149,168 |
|
797,194 |
|
747,072 |
|
1,428,328 |
|
Cash and cash equivalents, beginning of period |
3,463,957 |
|
1,557,565 |
|
2,866,053 |
|
926,431 |
|
Cash and cash equivalents, end of period |
$ 3,613,125 |
|
$ 2,354,759 |
|
$ 3,613,125 |
|
$ 2,354,759 |
|
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Interest paid |
$ 1,618 |
|
$ 7,795 |
|
$ 4,957 |
|
$ 46,213 |
|
Income and mining taxes paid |
$ 513,720 |
|
$ 261,403 |
|
$ 2,925,218 |
|
$ 877,708 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-reports-third-quarter-2026-results--strong-free-cash-flow-generation-driven-by-solid-operational-performance-on-track-to-achieve-2026-production-and-cost-guidance-302922624.html
SOURCE Agnico Eagle Mines Limited
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Agnico Eagle's earnings and free cash flow in the third quarter of 2026?
Agnico Eagle earned $1,353 million, or $2.67 per share, and generated free cash flow of $852 million, or $1.68 per share. Free cash flow is a non-GAAP measure. Operating cash flow totaled $1,755 million, or $3.47 per share.
What is Agnico Eagle's 2026 gold production and cost outlook?
Agnico Eagle expects production near the lower end of 3.3 to 3.5 million ounces, with total cash costs near the upper end of $1,020 to $1,120 per ounce and all-in sustaining costs near the upper end of $1,400 to $1,550 per ounce. The company links the outlook to the adjusted Barnat production plan and input cost pressures, primarily diesel.
What will determine whether Agnico Eagle builds a second shaft at Odyssey?
The evaluation of the optimal mining rate at East Gouldie will determine the size, scale and location of a potential second shaft at Odyssey. That evaluation continued during the quarter; the second shaft remains a potential project.
What additional exploration work is Agnico Eagle considering at Upper Beaver?
Agnico Eagle is evaluating an extension of the shaft to 1,220 metres and additional drill stations. These potential additions would support drilling to better define the deposit and potential mineral resource growth in its lower portions.