Agnico Eagle President and CEO Ammar Al-Joundi told investors on CNBC’s Mad Money that the fundamental forces propelling gold to record highs—continued global geopolitical tensions, sustained central bank purchases and a weakening U.S. dollar—are firmly in place. He highlighted that these factors not only support elevated metal prices but also underpin the company’s long-term strategic investments in exploration and mine development across five continents. Al-Joundi emphasized that Agnico Eagle’s disciplined cost management and strong balance sheet uniquely position it to capitalize on extended periods of strong gold pricing.

In the third quarter, Agnico Eagle reported net income of $1.06 billion, an 86% increase year over year, and earnings per share of $2.10, nearly doubling compared with the same period last year. Revenue surged 20% to $3.7 billion, driven by realized gold prices averaging $3,476 per ounce and total gold sales of 900,000 ounces. The company’s gross margin expanded to 53%, reflecting efficient cost control, while all-in sustaining costs averaged $1,373 per ounce—well below the prevailing market price for the metal.

Agnico Eagle has used its surge in profitability to strengthen its financial flexibility. Through the third quarter, the company paid down $950 million in long-term debt, leaving just $196 million on the balance sheet, while cash and short-term investments totaled $2.7 billion. This net cash position provides ample liquidity to fund ongoing exploration programs, potential acquisitions and the phased expansion of its Canadian and Nordic mine portfolios without resorting to equity issuance or incremental borrowing.

The company remains on track to deliver a record 3.5 million ounces of gold for the full year, representing a 15% increase over 2024 output. Agnico Eagle also reaffirmed its commitment to returning capital to shareholders, maintaining a quarterly dividend that yields approximately 0.75%. With a 145% rise in its share price over the past 12 months and a return on equity approaching 9.4%, management argues that the stock continues to offer attractive exposure to gold’s upside while providing a hedge against inflation and currency risk.