Agnico Eagle Mines Company Overview: Facts and Figures

Agnico Eagle Mines Limited is a Toronto-based gold producer that runs ten mines in Canada, Australia, Finland and Mexico. It made 3,447,367 ounces of payable gold in 2025 and calls itself the second largest gold producer in the world (Agnico Eagle, 2025 annual report). “Payable” gold is the metal in products that have been or will be sold. This overview gives the company facts in one place, using results up to 30 September 2026: who runs it, where it mines, how the money moves, what it is building and how its supply chain is exposed.

Agnico Eagle company facts at a glance

The table is a quick reference. Figures come from the company’s filings unless the row says otherwise, and all dollar amounts on this page are US dollars.

Forward sales fix a selling price in advance, so a policy of none leaves revenue fully tied to the gold price, in both directions (Agnico Eagle, Q3 2026 report).

A short history of Agnico Eagle: from 1957 to today

The company dates itself two ways. The annual report says it was founded in 1957, and the management discussion says it has produced precious metals since its formation in 1972. Today’s size comes mostly from deals made in the last few years.

The Finnish deals brought about 2,492 square kilometres of ground in the Central Lapland Greenstone Belt under one owner, including the Ikkari gold project, near the existing Kittila mine (Q3 2026 report). The Canadian Malartic purchase is covered by MINING.COM, and our page on Quebec gold mines and claims gives the local context.

Where Agnico Eagle mines: operations by region

Canada carries the business. In the first nine months of 2026 the seven Canadian mines made 2,142,115 of the company’s 2,494,937 ounces, or 86% (our arithmetic from the Q3 2026 report). Older write-ups often list United States mines, but the company’s mining operations are in Canada, Australia, Finland and Mexico. The United States appears only in its list of exploration areas.

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Gold output by region, first nine months of 2026

Thousand ounces, all ten operating mines

For a mine-by-mine view of cost, reserves and mine life, see our ranking of Agnico Eagle’s mines. Much of the Quebec and Ontario output comes from one geological belt, explained in our guide to the Abitibi greenstone belt, with more on the province in gold deposits in Ontario.

▶ Shows where Ontario’s gold belts are and the big camps from Timmins to Kirkland Lake. · 2:53

How big is Agnico Eagle among gold producers

By 2025 gold output, Agnico Eagle sat behind Newmont and just ahead of Barrick. The US Geological Survey estimates world mine output at 3,300 tonnes in 2025, which is about 106 million troy ounces, so Agnico Eagle’s 3.45 million ounces is roughly 3% of the world total (our arithmetic). The USGS puts Canada’s own output at about 200 tonnes.

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Reported gold output, 2025

Million ounces; bases differ, see the table

These companies do not measure output the same way, so treat small gaps with care. Sources: Newmont 10-K, Barrick annual report and Kinross 2025 MD&A. Agnico Eagle describes itself as Canada’s largest mining company. We also compare producers in our list of the top 20 gold mining companies.

Agnico Eagle financial results and balance sheet

Revenue has climbed mainly because gold rose, not because more ounces came out of the ground. Output was almost flat from 2023 to 2025, while the average realized price went from $1,946 to $3,454 an ounce.

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Realized gold price and total cash cost

US$ per ounce; 2026 is the first nine months, on the revised cost measure

Total cash cost is the running cost of an ounce, after credits from by-product metals. All-in sustaining cost (AISC) adds the capital needed to keep mines going. Both are company-defined measures, and the company changed their make-up for periods from 1 January 2026, which affects Meadowbank and the consolidated figure, so the last column is not exactly like-for-like.

The third quarter showed the squeeze. Output fell 6.1% from a year earlier to 814,012 ounces and AISC rose to $1,648 an ounce, above the $1,400 to $1,550 range guided for the year, although the company still expects the full year to land near the top of that range (Q3 2026 results release; Kitco News). A rock movement in the north wall of the Barnat pit at Canadian Malartic on 1 July 2026 is the main output issue. Nobody was hurt, mining restarted on 27 September, and the company expects up to 150,000 fewer ounces there in each of 2027 and 2028.

The balance sheet shows far more cash than debt. At 30 September 2026 the company held $3,613 million in cash against $197 million of debt, so it had net cash of $3,416 million. After the quarter it raised its bank credit line from $2 billion to $3 billion. Operating cash flow after capital spending was $852 million in the quarter. Fitch upgraded its rating to A- in April 2026 (Q2 2026 results release).

AEM stock, dividend and buybacks

AEM closed at $183.45 on the NYSE on 4 November 2026, with a market value of about $92.7 billion (our arithmetic: that close times 505.55 million shares; StockAnalysis). For scale, spot gold was about $4,122 an ounce at 9:10 a.m. Eastern on 5 November 2026 (Fortune). Both figures move daily. They are given as dated facts and are not advice.

The declared dividend is $0.45 a share per quarter, with the next one payable on 15 December 2026 to holders of record on 1 December. In the first nine months of 2026 the company paid $678 million in gross dividends and bought back 4,255,098 shares for about $800 million at an average of $187.94. A buyback under a normal course issuer bid means the shares are bought on the market and cancelled, and the current bid runs to 5 May 2027 with a $2 billion limit. The company says it expects to return more than half of its 2026 cash flow after capital spending to shareholders at current spot prices.

Growth projects and exploration pipeline

Consultants and contractors will find most of the future work here. The company guides to $2.6 to $2.8 billion of 2026 capital spending, excluding capitalized exploration, and $565 to $635 million of exploration and corporate development spending, including capitalized exploration (Agnico Eagle, exploration update, February 2026).

Hope Bay is the main new approval. The May 2026 announcement describes a 6,000-tonne-a-day plant, 400,000 to 435,000 ounces a year over an initial 11-year life, and initial capital of about $2.4 billion. The study is a preliminary economic assessment that includes inferred resources, the least certain resource category, so these are planning numbers and not results.

Agnico Eagle also takes stakes in smaller companies. At the end of 2025 it held 64 equity investments, the largest by carrying value being Foran Mining, Collective Mining, Perpetua Resources, Rupert Resources (since bought outright) and ATEX Resources. Rupert shows how such a holding can lead to a full purchase. For juniors and licence holders, that is a reason to read our notes on mining joint venture structures.

▶ Explains what satellites can and cannot show when screening ground for gold. · 4:25

Reserves: how long the gold lasts

Proven and probable reserves are the part of a deposit shown to be mineable at a profit under stated assumptions. The company reported 55.4 million ounces at the end of 2025, up 2.1% from 54.3 million a year earlier, and most operating mines were valued at $1,600 an ounce, far below recent gold prices. Dividing reserves by yearly output gives a rough years-of-production figure of about 16 years, before allowing for gold lost in processing. Use the calculator below with your own numbers, or with those of another producer or a project you are reviewing.

Agnico Eagle supply chain and input costs

The Q3 2026 report is unusually specific about what the company buys, which helps suppliers and analysts. Diesel is about 11% of operating costs, and consumables and supplies about 30%. Each 10% change in the diesel price moves total cash cost by about $3 an ounce directly and $1 through transport. Year-on-year prices rose about 6% for steel products, about 50% for drill bits (partly because of tungsten export controls from China), about 7% for cyanide and about 4% for grinding media.

• Sealift: Nunavut sites get supplies in a short summer shipping season, and the company expects 2026 sealift purchases to add about $21 million to fourth-quarter production costs.
• Tariffs: the company estimates Canadian retaliatory tariffs will add about $5 an ounce to operating costs. It expects no revenue effect because its gold is refined in Canada, Australia and Europe.
• Local buying: combined local spending was over $2.02 billion in 2025 (2025 sustainability report).
• Supplier rules: a Supplier Code of Conduct forms part of contract terms and covers human rights, safety, the environment and business ethics. A breach can end the relationship. The company also publishes a modern slavery report under Australian and Canadian law.

Agnico sustainability record and targets

Some older articles quote a 2035 carbon-neutral goal, but the current filings say something different. The stated ambition is net-zero Scope 1 and 2 emissions by 2050, with an interim goal of a 30% cut in absolute emissions by 2030 from 2021 levels. Scope 1 means direct emissions and Scope 2 means purchased energy.

The company reports against the Mining Association of Canada’s Towards Sustainable Mining programme and the World Gold Council’s Responsible Gold Mining Principles, and says seven of its operations received Towards Sustainable Mining Leadership Awards in 2025. In June 2026 it published its first progress report on its Reconciliation Action Plan with Indigenous Peoples. In October 2026 it finalized a framework with the Kitikmeot Inuit Association that extends the Hope Bay benefit agreement to 2056.

▶ A short explainer of seven environmental impacts that mining companies must manage. · 2:31

What a mining consultant should check next

1. Read the guidance date. Output and cost guidance changed in July and again in October 2026, so older summaries are out of date.
2. Compare like with like. Check whether a cost is by-product or co-product, and whether output is payable, attributable or gold equivalent.
3. Check the reserve price. A reserve valued at $1,600 an ounce means something different from one valued at $2,500.
4. Read the project study type. A preliminary economic assessment with inferred resources is less certain than a feasibility study.
5. Look at nearby ground. Large programmes around Odyssey, Detour Lake and Kittila can raise interest in adjoining licences, but they say nothing about what those licences contain.

Satellite imagery can help with that last step by screening a licence area for exploration targets ahead of any drilling or resource estimate; the Farmonaut band below covers this. Farmonaut’s other satellite tools are listed on its pages for carbon footprinting, fleet management, traceability, loan and insurance verification, the developer API and the admin app. Investors comparing jurisdictions can also read our ranking of countries for gold mining investment.

Frequently asked questions

What is Agnico Eagle Mines?

It is a Canadian gold mining company with its head office in Toronto. It has ten operating mines in Canada, Australia, Finland and Mexico and earns substantially all of its revenue from gold.

Who owns Agnico Eagle?

It is a public company owned by its shareholders, with shares listed in New York and Toronto.

Who is the CEO of Agnico Eagle?

Ammar Al-Joundi is President and Chief Executive Officer, as named in the October 2026 results. Sean Boyd chairs the board, according to the 2025 annual report.

Where is Agnico Eagle stock listed?

The shares trade as AEM on both the NYSE and the TSX. “Aandeel Agnico Eagle Mines” is Dutch for an Agnico Eagle Mines share; the ticker is the same.

Is Agnico Eagle the largest gold miner in Canada?

The company describes itself as Canada’s largest mining company, and Kitco calls it Canada’s largest gold producer. Its mines in Canada made about 3 million ounces in 2025.

Does Agnico Eagle have mines in the United States?

No operating mines are listed there. The Q3 2026 report names the United States only as an exploration area.

How much gold will Agnico Eagle produce this year?

Guidance for 2026 is 3.3 to 3.5 million ounces, and in October the company said output should land near the low end. It made 2,494,937 ounces in the first nine months.

What is Agnico Eagle’s sustainability target?

A 30% cut in absolute Scope 1 and 2 emissions by 2030 from 2021 levels, and an ambition of net zero by 2050. Reported emissions were 1.36 million tonnes CO2e in 2025.

What does Agnico Eagle’s supply chain depend on?

Mainly diesel, steel, drill bits, cyanide and grinding media, plus an annual sealift to Nunavut. The Q3 2026 report gives the cost effect of each main item.

What is the Barnat pit issue at Canadian Malartic?

A rock movement on the north wall on 1 July 2026 stopped pit mining until 27 September. There were no injuries, and the redesigned plan lowers expected output through 2028.