We're pleased to announce a solid start to the year, with production slightly above budget and with costs in line with our guidance. This solid operating performance, coupled with exceptional gold prices, has allowed Agnico Eagle to announce yet another quarter of record net income driven by record operating margins. We are reiterating 2026 production guidance, with production expected to be weighted approximately 48%, 52% between the first and second halves of the year. Solid operations, strong progress on moving our growth pipeline forward, continued exceptional exploration results, as mentioned, another quarter of record financial results.
one, as mentioned, we're off to a good start to the year with solid operating performance, delivering record operational and financial results. Record mill throughput at Macassa, record development rates at Meliadine, record pit tonnage at Detour. Two, we continue to strengthen our financial position and to increase returns to shareholders. We invested almost $400 million into our high-quality growth projects, all while increasing our cash position by almost $250 million.
At these gold prices, we will increase our share repurchases, and we are increasing our normal course issuer bid to $2 billion. We have a path to industry-leading production growth over the next decade. Our execution of delivering this growth remains on track, and at these gold prices, we think we can deliver this growth and reduce share count at the same time. We've mobilized our teams to reinforce across our company and at all levels and to all employees our commitment to not only deliver on our guidance, but to do so safely and responsibly.
| Metric | Period | Current guidance |
|---|---|---|
| 2026 gold production | FY2026 | reiterated (weighted ~48%/52% H1/H2) |
| Total cash costs | FY2026 | $1,020-1,120/oz (reiterated) |
| All-in sustaining costs | FY2026 | $1,400-1,550/oz (reiterated) |
| Capital returns (dividends + buybacks) | FY2026 | ~40% of free cash flow (floor; may exceed) |
| Total capital spending | FY2026 | ~$3B all-in |
| Metric | YoY | Note |
|---|---|---|
| Gold production | ~825,000 oz, down YoY | Mine sequencing at LaRonde, Macassa and Fosterville |
| All-in sustaining costs | $1,483/oz, higher | Higher royalty costs on higher realized gold price, lower planned volumes, and a stronger Canadian dollar vs Q1 2025 |
| Free cash flow | ~$730M in Q1 | Strong gold prices, though reduced by ~$1.8B of cash taxes paid in the quarter (incl. $1.3B 2025 catch-up) |
| Share repurchases | $150M, half of Q4 | Lower Q1 free cash flow from the large cash tax payment; expected to ramp through the year |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Production growth pipeline | Five key value-driver projects | Targeting 20%-30% production growth over the next decade (Detour and Malartic each to 1M oz, Hope Bay, Upper Beaver, San Nicolas) | — |
| Finland consolidation | Kittila plus standalone Ikkari | Consolidating ~2,500 sq km via Rupert, Orion and 70% of B2Gold FinGold JV toward a 500,000 oz multi-decade platform | — |
| Capital returns | Prior NCIB / dividend | NCIB increased to $2B, ~$375M returned in Q1, 43 consecutive years of dividends | — |
| Cost discipline / energy exposure | Regional operating model | Hydro/nuclear power in Ontario and Quebec plus diesel hedging in Nunavut; 10% diesel move = ~$6/oz on total cash costs | — |