Agnico Eagle Mines (AEM) Q3 2026 Earnings: Gold Price Covers a Production Miss
As seen on the 24/7 Wall St. homepage on November 2, 2026.
A $4,264 per ounce realized gold price carried Agnico Eagle past consensus on both lines, masking a production drop to 814,012 ounces. The Barnat pit rock movement at Canadian Malartic removes up to 150,000 ounces a year in 2027 and 2028, with full-year guidance now steering toward the low end of 3.3 to 3.5 million ounces.
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A realized gold price of $4,264 per ounce carried Agnico Eagle past expectations on both adjusted earnings per share and revenue in the third quarter of 2026, even as the mines produced less gold.
Production slipped to 814,012 ounces because a rock mass movement on the north wall of the Barnat pit at Canadian Malartic halted mining for nearly three months from July 1. The disruption puts up to 150,000 ounces of annual production at risk in both 2027 and 2028.
Full-year 2026 production guidance now points toward the lower end of the 3.3 to 3.5 million ounce range, with costs near the upper end of their ranges as diesel, consumables, and Canadian retaliatory tariffs add pressure. Development capital nearly doubled to $560.8 million behind Hope Bay, Odyssey, Upper Beaver, and Detour Lake.
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Detour Lake posted a record mining quarter for the third consecutive period, Macassa set a third straight record for mill throughput, and Odyssey mined a record 391,000 tonnes. With the rest of the portfolio performing, Canadian Malartic is the central variable through 2028.
The company is targeting 20 to 30 percent production growth over the next decade, with the potential to exceed 4.0 million ounces annually in the early 2030s, as shaft-hoisted production from East Gouldie arrives in the second quarter of 2027 and first gold at Hope Bay is targeted for 2030. How quickly the Barnat mine plan stabilizes determines whether those targets hold to schedule.