Monitor the Barnat pit remediation progress and its impact on 2027 production guidance, expected to reduce output by up to 150,000 oz annually. The Odyssey shaft #1 commissioning in Q2 2027 is a key catalyst for production growth. Watch for the year-end 2026 Hope Bay prefeasibility study and the 2027 project updates for Detour Lake underground and Upper Beaver.
Price Chart
Executive Summary
Agnico Eagle reported Q3 2026 adjusted EPS of $2.62, beating the $2.56 consensus by 2.3%, on revenue of $3.58B vs $3.50B consensus. Gold production of 814,012 oz was down 6.1% YoY due to the Barnat pit disruption, but strong realized gold prices of $4,264/oz drove free cash flow of $852M. Full-year production guidance was narrowed to the lower end of 3.3-3.5M oz, while cost guidance was tightened to the upper end of the ranges.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted net income of $1,324M or $2.62 per share vs consensus $2.56
- Revenue from mining operations of $3,584M vs consensus $3.50B
- Payable gold production of 814,012 oz, down from 866,936 oz YoY (-6.1%)
- Realized gold price of $4,264/oz, up from $3,476/oz YoY (+22.7%)
- Free cash flow of $852M vs $1,190M in Q3 2025
- Full-year 2026 production guidance maintained at 3.3-3.5M oz, expected near lower end
- Full-year total cash cost guidance expected near upper end of $1,020-$1,120/oz range
- Full-year AISC guidance expected near upper end of $1,400-$1,550/oz range
- Cash balance increased $149M to $3,613M; net cash position of $3,416M
- Credit facility upsized from $2B to $3B with maturity extended to 2031
- Returned $478M to shareholders in Q3 via dividends and $250M in share buybacks
- Barnat pit rock mass movement expected to reduce 2026 production by 60,000-80,000 oz
Financial Impact
EPS beat of $0.06 (2.3%) on $84M revenue beat (2.4%); free cash flow of $852M, down 28% YoY due to higher capex and working capital
Risk Factors
- Barnat pit rock mass movement reducing Canadian Malartic production by 60,000-80,000 oz in H2 2026 and up to 150,000 oz in each of 2027 and 2028
- Input cost pressures from diesel (45% higher than budgeted for Nunavut sealift) and consumables inflation (~6%)
- Canadian retaliatory tariffs estimated to add ~$5/oz to total cash costs
- Higher sustaining and development capex reducing free cash flow generation
- Effective tax rate of 34-36% and cash taxes of $3.4-3.6B for 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302922624 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 1d ago | Institutional Cluster | $179.56 | awaiting T+5 | awaiting T+5 | $165.38 (−7.90%) |
Oct 28, 2026 2d ago | 6-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 28, 2026 2d ago | Press Release | $184.24 | awaiting T+5 | awaiting T+5 | $165.38 (−10.24%) |
Sep 29, 2026 4w ago | 6-K | $185.83 $186.03 | ▲ +0.11% | ▼ −1.84% | $165.38 (−11.00%) |
Sep 28, 2026 4w ago | Press Release | $184.15 $183.33 | ▼ −0.45% | ▼ −1.65% | $165.38 (−10.19%) |
Sep 9, 2026 7w ago | 6-K | $202.57 $198.42 | ▼ −2.05% | ▼ −1.71% | $165.38 (−18.36%) |
Aug 31, 2026 8w ago | 6-K | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $165.38 (−18.58%) |
Aug 28, 2026 9w ago | Press Release | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | $165.38 (−18.58%) |
Aug 24, 2026 9w ago | 6-K | $217.89 $203.11 | ▼ −6.78% | ▼ −7.25% | $165.38 (−24.10%) |
Aug 4, 2026 12w ago | Institutional Cluster | $150.61 $181.75 | ▼ −20.68% | ▼ −20.78% | $165.38 (−9.81%) |
US Market Status
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