Fact Summary
Agnico Eagle Mines (AEM) is a gold producer based in Ontario, Canada, dual-listed on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). Q1 2026 adjusted net income reached an all-time high of USD 1,706 million (USD 3.41 per share), driven by a higher realized gold price per ounce, but in early July 2026 a wall failure at the Barnat open pit within the Canadian Malartic mine led to a precautionary suspension of mining, with second-half 2026 production announced to decline by 60,000–80,000 ounces. The company stated it continues to advance expansion projects during the same period, including the consolidation of assets in Finland's Central Lapland region and the redevelopment of Hope Bay in Ontario.
Price-Change Context Note
The reference-date (2026-07-17) closing price of USD 136.97 was down a modest -0.23% from the previous close, but over the trailing one month as of the same reference date, the share price fell -17.78%, a steeper decline than the materials sector (-8.52%) over the same period. During this period, the international gold spot price fluctuated in the low USD 4,000s, down about 28% from its January 2026 all-time high (USD 5,595/oz), and the timing of the Barnat open-pit mining suspension announcement coincided with the share price correction.
Business Overview & Recent Results
The company operates gold mining businesses in Canada, Australia, Finland, and Mexico, with core assets including LaRonde, Canadian Malartic, Detour Lake, Meadowbank, and Meliadine. The 2026 annual production plan (company guidance, E) is 3.3–3.5 million ounces, reaffirming a 48%/52% first-half/second-half split. Q2 2026 results are scheduled for release after market close on 2026-07-29 (conference call 2026-07-30).
Five-Year Financial Trend
Revenue, which stood at USD 3.87 billion in 2021, grew to USD 11.91 billion in 2025 and reached USD 13.54 billion on a TTM basis as of the end of Q1 2026 (reflecting mainly higher gold prices and M&A effects such as full ownership of Canadian Malartic and the consolidation of Finnish assets, A). Net income declined slightly from USD 1,941 million in 2023 to USD 1,896 million in 2024, then expanded to USD 4,461 million in 2025 (A, per the 40-F filing). Long-term debt principal at year-end 2025 was USD 196 million, sharply down from USD 1,053 million at year-end 2024 (A).
Peer Comparison — Cost Positioning
Based on company guidance, AEM's 2026 AISC range (USD 1,400–1,550/oz) is lower than Newmont's (USD 1,680), Barrick's (USD 1,760–1,950), and Kinross's (USD 1,730). Market capitalization, calculated using the system's authoritative closing price (USD 136.97), is approximately USD 68.8 billion; as this differs in reference date from external snapshots (e.g., USD 109.6 billion as of 2026-06-19), caution is warranted in direct comparison (shares outstanding approximately 502 million, as of year-end 2025).
Valuation (Fact-Based Multiples)
Absolute P/B ratio and dividend yield figures were not available in this research. Forward P/E figures vary by source between 10.99x and 12.96x (consensus-based estimate, C), making it difficult to present a single confirmed value.
Supply-Demand Indicators
Over the 2026-05-15 to 06-30 period, the short interest ratio fluctuated within a 0.9–1.0% range and ticked up slightly as of the most recent date (06-30) (A, MarketBeat-processed data). The number of 13F reporting institutions increased from 1,122 in Q4 2025 to 1,187 in Q1 2026, while aggregate shares held decreased slightly from 315 million to 313 million shares; the expansion in reported value (from USD 53.4 billion to USD 63.6 billion) is estimated to be mainly a price effect (A/E mixed). Trading volume on 2026-07-17 was 3,049,120 shares, exceeding the average trading volume reported across multiple sources (1.89–2.63 million shares) under any reference used (A).
Governance & Ownership
Based on EDGAR filings, BlackRock (7.4% as of 2023-12-31) is effectively the only institution that has recently maintained and renewed a 5%-or-more ownership filing; other institutions' renewal filings have lapsed (A). As an Ontario corporation with Foreign Private Issuer status, the company's insider transactions are reported through Canada's SEDI system rather than SEC Form 4, and the original SEDI filings were not verified in this research (not available). The 2022 merger with Kirkland Lake Gold brought four former KLG directors onto the board, and the subsequent 2023 Yamana Transaction acquired the remaining stake in Canadian Malartic, consolidating all four core mines (Detour Lake, LaRonde, Meliadine, Kittilä) into 100% sole ownership (A).
Macro Influencing Factors
| Factor | Value as of Reference Date | Transmission Channel |
|---|---|---|
| International Gold Spot Price | USD 4,016.47/oz (2026-07-18) | Directly linked to revenue per unit (A) |
| US Federal Funds Rate | 3.50–3.75% (held per 2026-06-17 decision) | Indirectly affects gold price via real interest rates (A) |
| US 10-Year Real Yield | Approx. 2.29–2.31% (2026-07-17) | Inversely correlated with gold price (A) |
| USD/CAD Exchange Rate | 1.403 (2026-07-17) | Directly affects the USD-converted value of Canadian-dollar costs (A) |
| WTI Crude Oil | USD 82.49/barrel (2026-07-17) | Directly affects open-pit mining fuel costs (A) |
| US CPI (June) | +3.5% YoY | Channel via real interest rates and cost inflation (A) |
Approximately 85% of the company's production is concentrated in Canadian assets, making the currency mismatch between revenue (USD, linked to gold spot) and costs (denominated in Canadian dollars) central to its P&L structure. As of July 2026, escalating geopolitical conflict in the Middle East has driven up oil and diesel prices, creating a phase of simultaneous cost pressure and constrained gold price recovery (A, includes some qualitative interpretation).
Key Fact Timeline
- 2026-02-12 · Announced 12.5% increase in quarterly dividend (USD 0.45 per share) (A)
- 2026-04-20 to 06-16 · Sequentially announced and closed three M&A transactions consolidating assets in Finland's Central Lapland region (Aurion, Rupert, 70% stake in Fingold JV) (A)
- 2026-04-30 · Released Q1 2026 results — adjusted net income of USD 1,706 million (USD 3.41 per share), mining revenue +66.1% YoY (A)
- 2026-05-19 · Approved investment decision for Hope Bay (Nunavut) redevelopment, total investment of USD 2.4 billion (A)
- 2026-07-01 to 02 · Wall failure at the Barnat open pit at Canadian Malartic; announced precautionary suspension of mining and reduced second-half 2026 production (A)
- 2026-07-17 · Closing price USD 137.29 (-3.47%), down 17.78% over the trailing month (secondary source)
- 2026-07-29 (scheduled) · Q2 2026 results release (after market close), conference call 2026-07-30 (A)
Risk Factors (Fact-Based)
- Revenue and earnings are directly linked to volatility in gold and other commodity prices (A, company disclosure)
- Seismic activity exposure explicitly disclosed at LaRonde, Goldex, Fosterville, and others (A)
- Exposure to protests related to Indigenous communities explicitly disclosed (A)
- Potential permitting delays in highly regulated environments such as Canada and Finland (A)
- Exposure to foreign exchange (CAD, EUR) fluctuations, inflation, and economic slowdown in major economies (A)
- Mining suspension and production disruption due to wall failure at the Barnat open pit at Canadian Malartic (2026-07, A)
The full original disclosure text, quantified exposure figures (regional revenue mix, hedge ratios, etc.), and ESG details were not available in this research.
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Fact Highlights
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX), NASDAQ, DART, SEC EDGAR