Agnico Eagle Q1 Adjusted Net Income $1.706B, Production Costs $1,093/oz
AEM•Agnico Eagle reported Q1 adjusted net income of $1.706B ($3.41/share) on record operating margins and $4,861/oz realized gold price while producing 825,109 ounces at $1,093 cash cost and $1,483 AISC. It ended March with $3.112B cash (net cash $2.915B), secured a Fitch upgrade to A- and maintained 3.3–3.5M oz guidance.
1. First Quarter Financial Results
Agnico Eagle delivered net income of $1.695B and record adjusted net income of $1.706B, or $3.41 per share, underpinned by a realized gold price of $4,861 per ounce. The quarter generated $1.346B of operating cash and $732M of free cash flow, which included a $1.3B tax payment for the 2025 tax year.
2. Production and Cost Metrics
Payable gold production reached 825,109 ounces, roughly 24% of the mid-point of full-year guidance, driven by Detour Lake, Canadian Malartic and Fosterville. Production costs were $1,158 per ounce, total cash costs were $1,093 per ounce and all-in sustaining costs totaled $1,483 per ounce.
3. Balance Sheet Strength and Outlook
Cash balance rose by $246M to $3.112B at March 31, leaving a net cash position of $2.915B against $197M of debt. Fitch upgraded the long-term rating to A-, the company reiterated 2026 guidance of 3.3–3.5M ounces and returned $375M to shareholders via a $0.45 dividend and $150M of share repurchases under its NCIB.
