Agnico Eagle Reports Third Quarter 2025 Results – Record Adjusted Net Income with Another Quarter of Strong Production; Financial Position Further Strengthened by Repayment of Long-Term Debt and Cash Accumulation
Stock Symbol: AEM (NYSE and TSX)
For further information: Investor Relations (416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS THIRD QUARTER 2025 RESULTS – RECORD ADJUSTED NET INCOME WITH ANOTHER QUARTER OF STRONG PRODUCTION; FINANCIAL POSITION FURTHER STRENGTHENED BY REPAYMENT OF LONG-TERM DEBT AND CASH ACCUMULATION
Toronto (October 29, 2025) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2025.
"We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins. With solid year-to-date performance, we are well on track to meet our full year production and cost guidance, supported by disciplined cost management and a focus on productivity," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "With the record free cash flow generation year-to-date and a strengthened financial position, we continue to advance our five key pipeline projects and create value through the drill bit. We remain disciplined in our approach to capital allocation and we continue to provide strong returns to our shareholders through dividends and share buybacks."
Third quarter 2025 highlights:
- Strong quarterly gold production – Payable gold production1 was 866,936 ounces at production costs per ounce of $963, total cash costs per ounce2 of $994 and all-in sustaining costs ("AISC") per ounce2 of $1,373. The strong operational performance in the third quarter of 2025 was led by Meadowbank and LaRonde. In the first nine months of 2025, gold production was approximately 77% of the mid-point of the Company's full-year guidance, with total cash costs per ounce at approximately the mid-point of guidance
1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. Payable gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered at Hope Bay.
2 Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS® Accounting Standards and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see "Note Regarding Certain Measures of Performance" below.
- Higher gold prices generate stronger margins, while impacting royalty costs – Royalty costs, which are included in the calculation of total cash costs per ounce and AISC per ounce, are directly linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476 per ounce and in the first nine months of 2025 was $3,221, exceeding the Company's guidance assumption of $2,500 by $976 and $721, respectively. The higher gold prices affected the Company's total cash costs and AISC by approximately $61 per ounce in the third quarter of 2025 and approximately $34 per ounce in the first nine months of 2025, when compared to guidance
- Record quarterly adjusted net income and strong free cash flow generation – The Company reported quarterly net income of $1,055 million or $2.10 per share and record adjusted net income3 of $1,085 million or $2.16 per share. The Company generated cash provided by operating activities of $1,816 million or $3.62 per share ($1,661 million or $3.31 per share of cash provided by operating activities before changes in non-cash components of working capital4) and free cash flow4 of $1,190 million or $2.37 per share ($1,035 million or $2.06 per share of free cash flow before changes in non-cash components of working capital4)
- 2025 gold production and unit cost guidance reiterated – Full year expected payable gold production in 2025 remains unchanged at 3.3 to 3.5 million ounces. If gold prices remain elevated for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to trend towards the top end of the guidance ranges of $915 to $965 and $1,250 to $1,300, respectively, reflecting the strong commodity price environment and associated royalty costs impact. Total capital expenditures (excluding capitalized exploration) for 2025 are expected to remain between $1.75 billion to $1.95 billion and capitalized exploration is expected to remain between $290 and $310 million. Further details are set out in the 2025 Guidance Summary section below
- Financial position further strengthened through cash accumulation and debt repayment – The Company increased its net cash5 position to $2,159 million as at September 30, 2025 as a result of the increase in its cash position by $797 million to $2,355 million and the reduction of longterm debt by $400 million to $196 million. On September 29, 2025, the Company repaid its $50 million 4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350 million of the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. In addition, in August 2025, Moody's upgraded the Company's long-term issuer rating to A3 from Baa1
- Increased quarterly share repurchases demonstrate continued focus on shareholder returns
- A quarterly dividend of $0.40 per share has been declared. In addition, the Company
repurchased 1,005,577 common shares during the quarter under its normal course issuer bid ("NCIB") at an average share price of $149.02 for aggregate consideration of $150 million
- Update on key value drivers and pipeline projects in the third quarter of 2025
- Canadian Malartic – Excavation of the first loading station between levels 102 and 114 was completed, and conventional shaft sinking resumed. Development of East Gouldie production levels and support infrastructure progressed on schedule for planned production in the second half of 2026. Exploration drilling in the upper eastern extension of the East Gouldie deposit near the current shaft and ramp infrastructure was highlighted by 4.8 grams per tonne ("g/t") gold over 25.4 metres at 884 metres depth and 5.5 g/t gold over 15.4 metres at 907 metres depth, potentially providing a second mining area and
3 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below.
4 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see "Note Regarding Certain Measures of Performance" below.
5 Net cash (debt), that is, a negative "net debt" position, and net debt are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to long-term debt, see "Note Regarding Certain Measures of Performance" below.
potentially utilize excess mill capacity. Drilling also continued to extend the East Gouldie deposit to the east and west in the lower portions of the deposit. Regional exploration continued to prioritize the Marban project, including optimization of a potential open pit and the possible eastern extension of the Marban deposit
- Detour Lake – Excavation of the exploration ramp commenced with the first blast completed on July 3, 2025. The exploration ramp advanced by 259 metres and reached a depth of 43 metres as at September 30, 2025. Exploration drilling into the high-grade corridor in the West Pit zone further defined the high-grade domains that could potentially be mined early in the underground project, with a highlight intercept of 2.7 g/t gold over 55.7 metres at 297 metres depth. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit
- Upper Beaver – The shaft head frame and installation of the service hoist were completed on schedule, with shaft sinking expected to commence in the fourth quarter of 2025. At the ramp portal, excavation of the exploration ramp began and advanced by 268 metres, reaching a depth of 22 metres as at September 30, 2025
- Hope Bay – Site infrastructure upgrades advanced, including the addition of two wings at the Doris camp, the completion of the mill dismantling and the jetty expansion at Robert's Bay in time for the 2025 sealift season. Exploration drilling totaled 34,971 metres in the third quarter of 2025 (103,815 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 zone in the Madrid deposit. Highlights including 16.9 g/t gold over 4.6 metres at 865 metres depth and 12.7 g/t gold over 9.3 metres at 834 metres depth in two of the deepest intercepts of the Patch 7 zone to date continue to support the potential for mineral resource expansion at depth and along strike
- San Nicolas – Minas de San Nicolas continued to advance the feasibility study and execution strategy, with engineering expected to be 30% complete by year-end. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area
Third Quarter 2025 Results Conference Call and Webcast Tomorrow
The Company's senior management will host a conference call on Thursday, October 30, 2025, at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results.
Via Webcast:
To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.
Via Phone:
To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.
Replay Archive:
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 44229#. The conference call replay will expire on November 30, 2025.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Third Quarter 2025 Production and Costs
Production and Cost Results Summary Three Months Ended Nine Months Ended September 30, September 30,
| 2025 | 2024 | 2025 | 2024 | ||
| Gold production* (ounces) . . . . . . . . . . . . . . . . . . . . . . . . | 866,936 | 863,445 | 2,606,759 2,637,935 | ||
| Gold sales (ounces)** . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 868,563 | 855,899 | 2,558,363 2,609,192 | ||
| Production costs per ounce*** . . . . . . . . . . . . . . . . . . . . . $ | 963 $ | 908 $ | 918 $ | 887 | |
| Total cash costs per ounce*** . . . . . . . . . . . . . . . . . . . . . $ | 994 $ | 921 $ | 943 $ | 897 | |
| AISC per ounce*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 1,373 $ | 1,286 $ | 1,281 $ | 1,214 |
- Gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered at Hope Bay. Gold production for the nine months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 3,614 and 253 ounces, respectively, and 2,442 ounces of gold recovered at Hope Bay.
** Canadian Malartic's payable metal sold excludes the 5% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake's payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa's payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the nine months ended September 30, 2025, 2,500 payable gold ounces sold are excluded at La India.
*** Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis.
Gold Production
- Third Quarter of 2025 – Gold production increased when compared to the prior-year period primarily due to higher production from LaRonde (higher grade and throughput), Canadian Malartic (higher grade and throughput) and Macassa (higher grade), partially offset by lower production at Fosterville (lower grade and throughput) and Meliadine (lower grade)
- First Nine Months of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Fosterville (lower grade and throughput), Canadian Malartic (lower throughput) and La India (end of mine life), partially offset by higher production at Macassa and LaRonde (higher grades)
Production Costs per Ounce
- Third Quarter of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices and lower build-up of stockpiles, partially offset by higher gold production and the benefit of the weaker Canadian dollar
- First Nine Months of 2025 – Production costs per ounce increased when compared to the prioryear period primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar
Total Cash Costs per Ounce
- Third Quarter and First Nine Months of 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in the respective period
AISC per Ounce
- Third Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price), partially offset by lower sustaining capital expenditures, primarily at Detour Lake
- First Nine Months of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)
Refer to the Company's Management Discussion and Analysis for the third quarter of 2025 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.
Third Quarter 2025 Financial Results
Financial Results Summary Three Months Ended Nine Months Ended September 30, September 30,
| 2025 | 2024 | 2025 | 2024 | |
| Realized gold price (per ounce)6 . . . . . . . . . . . . . . . . . . . . . . . . . $ | 3,476 $ | 2,492 $ | 3,221 $ | 2,297 |
| Net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 1,055 $ | 567 $ | 2,938 $ | 1,386 |
| Adjusted net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 1,085 $ | 573 $ | 2,831 $ | 1,485 |
| EBITDA (millions)7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 2,030 $ | 1,259 $ | 5,684 $ | 3,264 |
$ 2,098 Adjusted EBITDA (millions)7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,257 $ 5,602 $ 3,362 Cash provided by operating activities (millions) . . . . . . . . . . . . $ 1,816 $ 1,085 $ 4,706 $ 2,829 Cash provided by operating activities before changes in non- $ 1,661 $ 1,027 $ 4,203 $ 2,791 cash working capital balances (millions) . . . . . . . . . . . . . . . . . .
Capital expenditures (millions)8 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 644 $ 486 $ 1,601 $ 1,265 Free cash flow (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,190 $ 620 $ 3,089 $ 1,573 Free cash flow before changes in non-cash working capital $ 1,035 $ 563 $ 2,586 $ 1,535 balances (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
| Net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 2.10 $ | 1.13 $ | 5.85 $ | 2.78 |
| Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . $ | 2.16 $ | 1.14 $ | 5.64 $ | 2.97 |
| Cash provided by operating activities per share (basic) . . . . . $ | 3.62 $ | 2.16 $ | 9.37 $ | 5.67 |
Cash provided by operating activities before changes in non- $ 3.31 $ 2.05 $ 8.37 $ 5.59 cash working capital balances per share (basic) . . . . . . . . . . .
$ 2.37 $ 1.24 $ 6.15 $ 3.15 Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . .
Free cash flow before changes in non-cash working capital $ 2.06 $ 1.12 $ 5.15 $ 3.07 balances per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income
- Third Quarter of 2025
- Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by higher
6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
7 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below.
8 Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below.
income and mining taxes, higher amortization of property, plant and mine development and losses on derivative financial instruments (compared to gains in the prior-year period)
- During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. at a price of C$14.75 per common share for total consideration of C$560 million ($405 million). A realized mark-to-market gain on the disposition of shares of $271 million was recognized through Other Comprehensive Income, while a loss on the sale of shares resulting from the discount to the market price of $34 million was recognized in net income
- Net income of $1,055 million ($2.10 per share) includes the following items (net of tax): discount to market price on the disposition of interest in Orla Mining Ltd. and related transaction costs of $40 million ($0.08 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $20 million ($0.04 per share), net losses on derivative financial instruments of $7 million ($0.01 per share), foreign exchange gains of $7 million ($0.01 per share), net asset disposal losses of $4 million ($0.01 per share) and debt extinguishment costs, reclamation and other adjustments totalling $6 million ($0.01 per share). Excluding these items results in adjusted net income of $1,085 million or $2.16 per share
- First Nine Months of 2025 – Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes and higher amortization of property, plant and mine development in the current period
Adjusted EBITDA
- Third Quarter of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices and higher gold sales), partially offset by higher production costs (higher royalty costs) and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)
- First Nine Months of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices), partially offset by lower gold sales, higher production costs (higher royalty costs) and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)
Cash Provided by Operating Activities
- Third Quarter and First Nine Months of 2025 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins
Free Cash Flow Before Changes in Non-cash Working Capital Balances
- Third Quarter and First Nine Months of 2025 – Free cash flow before changes in non-cash working capital balances was a record and increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development
Capital Expenditures
In the third quarter of 2025, capital expenditures were $557 million and capitalized exploration expenditures were $87 million, for a total of $644 million. For the first nine months of 2025, capital expenditures were $1,371 million and capitalized exploration expenditures were $230 million, for a total of $1,601 million. Total capital expenditures for 2025 (including capitalized exploration) are expected to remain in line with full year guidance as set out in the 2025 Guidance Summary below.
The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the third quarter of 2025 and the first nine months of 2025.
Summary of Capital Expenditures*
(thousands)
Capital Expenditures** Capitalized Exploration Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended Sep 30, 2025 Sep 30, 2025 Sep 30, 2025 Sep 30, 2025 Sustaining Capital Expenditures
| LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 17,226 $ | 55,131 $ | 1,080 $ | 3,079 |
| Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . | 34,600 | 87,637 | 305 | 1,618 |
| Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,461 | 37,721 | 351 | 1,523 |
| Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 63,287 | 180,489 | 1,736 | 6,220 |
| Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59,473 | 159,072 | — | — |
| Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,391 | 32,121 | 288 | 1,035 |
| Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 72,864 | 191,193 | 288 | 1,035 |
| Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22,734 | 53,203 | 2,541 | 4,574 |
| Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,104 | 97,632 | — | — |
| Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62,838 | 150,835 | 2,541 | 4,574 |
| Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,000 | 44,615 | — | — |
| Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,000 | 44,615 | — | — |
| Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,303 | 45,302 | 793 | 2,402 |
| Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,303 | 45,302 | 793 | 2,402 |
| Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,216 | 23,560 | 676 | 1,528 |
| Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,216 | 23,560 | 676 | 1,528 |
| Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,111 | 6,301 | 339 | 576 |
| Total Sustaining Capital Expenditures . . . . . . . . . . $ | 240,619 $ | 642,295 $ | 6,373 $ | 16,335 |
Development Capital Expenditures
| LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 18,939 $ | 54,021 $ | — $ | 11 |
| Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . | 78,866 | 197,827 | 6,983 | 19,789 |
| Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,538 | 11,169 | 1,174 | 2,249 |
| Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 103,343 | 263,017 | 8,157 | 22,049 |
| Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 76,300 | 188,966 | 9,122 | 26,518 |
| Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23,338 | 65,213 | 8,752 | 27,795 |
| Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 99,638 | 254,179 | 17,874 | 54,313 |
| Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,910 | 55,361 | 3,563 | 12,717 |
| Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,608 | 15,289 | — | — |
| Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41,518 | 70,650 | 3,563 | 12,717 |
| Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,321 | 23,094 | 2,680 | 8,080 |
| Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,321 | 23,094 | 2,680 | 8,080 |
| Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 409 | 346 | 1,767 | 4,776 |
| Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 409 | 346 | 1,767 | 4,776 |
| Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,001 | 3,917 | 9 | 32 |
| San Nicolas (50%) . . . . . . . . . . . . . . . . . . . . . . . | 2,566 | 6,613 | — | — |
| Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,567 | 10,530 | 9 | 32 |
| Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59,258 | 107,108 | 46,759 | 111,521 |
| Total Development Capital Expenditures . . . . . . . $ | 316,054 $ | 728,924 $ | 80,809 $ | 213,488 |
| Total Capital Expenditures . . . . . . . . . . . . . . . . . . $ | 556,673 $ | 1,371,219 $ | 87,182 $ | 229,823 |
- Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below.
** Excludes capitalized exploration
2025 Guidance Reiterated
In the first nine months of 2025, the Company achieved approximately 77% of the mid-point of its full-year gold production guidance, while achieving total cash costs per ounce at the mid-point of guidance. Based on this performance, the Company expects to meet its gold production guidance for the full year 2025. If gold prices remain elevated for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to trend towards the top end of the guidance ranges of $915 to $965 and $1,250 to $1,300, respectively, reflecting the strong commodity price environment and associated royalty costs impact. Total capital expenditures (including capitalized exploration) guidance for 2025 remains unchanged.
A summary of the Company's guidance is set out below.
2025 Guidance Summary
(millions, unless otherwise stated)
2025 2025 Range Mid-Point
| Gold production (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,300,000 | 3,500,000 | 3,400,000 |
| Total cash costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . | $915 | $965 | $940 |
| AISC per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,250 | $1,300 | $1,275 |
| Exploration and corporate development expense . . . . . . . | $215 | $235 | $225 |
| Depreciation and amortization expense . . . . . . . . . . . . . . . | $1,550 | $1,750 | $1,650 |
| General & administrative expense* . . . . . . . . . . . . . . . . . . . | $190 | $210 | $200 |
| Other costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $105 | $115 | $110 |
| Tax rate (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33% | 38% | 35% |
| Cash taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,100 | $1,200 | $1,150 |
| Capital expenditures (excluding capitalized exploration) . | $1,750 | $1,950 | $1,850 |
| Capitalized exploration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $290 | $310 | $300 |
- General and administrative expense is expected to fluctuate based on changes in the Company's share price, which affect the costs related to stock-based compensation.
Tariffs
On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs has been postponed or modified and exceptions to such tariffs have been made in respect of certain goods and Canada has now removed many of the counter tariffs it previously announced. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remain fluid.
At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs or other trade disputes. However, approximately 60% of the Company's cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether further tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company's supply chains, the Company continues to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances. The costs guidance provided in this news release does not include any potential impact from such tariffs or trade disputes.
Strengthened Financial Position Driven by Strong Free Cash Flow and Strategic Debt Reduction
Cash and cash equivalents increased by $797 million from the prior quarter primarily due to cash provided by operating activities resulting from strong operating margins (strong operational performance and higher realized gold prices), favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins) and the disposition of the Company's interest in Orla Mining Ltd. for $405 million. The increase was offset by $626 million of capital expenditures and by cash used in financing activities as $400 million of debt was repaid during the third quarter of 2025.
As at September 30, 2025, the Company's total long-term debt was $196 million. On September 29, 2025, the Company repaid the $50 million 4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350 million of the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. The aggregate payments were comprised of $50 million of the current portion of long-term debt and $350 million of long-term debt. The repayment will reduce interest expense, strengthen the balance sheet and enhance financial flexibility going forward. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.
On August 26, 2025, Moody's Ratings upgraded the Company's investment grade credit rating to A3 with a Stable Outlook reflecting the Company's strengthening credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.
The Company increased its net cash position from $963 million as at June 30, 2025 to $2,159 million as at September 30, 2025 as a result of the increase in cash and cash equivalents of $797 million and the reduction of long-term debt of $400 million. The following table sets out the calculation of net cash (debt).
Net Cash Summary
(millions)
As at As at Sep 30, 2025 June 30, 2025
| Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . $ | — $ | (50) |
| Non-current portion of long-term debt . . . . . . . . . . . . . . . . . . | (196) | (545) |
| Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | (196) $ | (595) |
| Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,355 | 1,558 |
| Net cash (debt) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ | 2,159 $ | 963 |
Hedges
The Company's full year 2025 cost guidance is based on assumed exchange rates of 1.38 C$/US$, 1.08 US$/EUR, 1.50 A$/US$ and 20.00 MXP/US$. The Company has entered into the following hedge positions based on its currency assumptions for 2025 cost estimates:
- Approximately 63% of the remaining estimated Canadian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.37 C$/ US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$;
- Approximately 32% of the remaining estimated Euro exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.10 US$/EUR, while
allowing for participation in respect of exchange rate movements down to an average of 1.07 US$/ EUR;
- Approximately 53% of the remaining estimated Australian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.50 A$/ US$, while allowing for participation in respect of exchange rate movements up to an average of 1.70 A$/US$; and
- Approximately 45% of the remaining estimated Mexican peso ("MXN") exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 24.00 MXP/US$.
With the 2025 sealift purchases at the Company's Nunavut operations largely completed, approximately 41% of the Company's remaining estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.70 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility for 2025. The Company's full year 2025 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes).
The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for the balance of 2025. Current hedging positions are not factored into 2025 or future guidance.
Shareholder Returns
Dividend Record and Payment Dates for the Fourth Quarter of 2025
The Company's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on December 15, 2025 to shareholders of record as of December 1, 2025. Agnico Eagle has declared a cash dividend every year since 1983.
Expected Dividend Record and Payment Dates for the 2025 Fiscal Year
| Record Date | Payment Date |
| February 28, 2025* | March 14, 2025* |
| May 30, 2025* | June 16, 2025* |
| September 2, 2025* | September 15, 2025* |
| December 1, 2025** | December 15, 2025** |
- Paid
** Declared
Dividend Reinvestment Plan
For information on the Company's dividend reinvestment plan, see: Dividend Reinvestment Plan.
International Dividend Currency Exchange
For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.
Normal Course Issuer Bid
The Company believes that its NCIB is a flexible and complementary tool that, together with the quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. Under the NCIB, the Company is authorized to purchase up to $1 billion of its common shares, subject to a maximum of 5% of the issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025. In the third quarter of 2025, the Company repurchased 1,005,577 common shares under the NCIB at an average share price of $149.02 for aggregate consideration of $150 million. In the first nine months of 2025, the Company repurchased 2,330,112 common shares under the NCIB at an average share price of $128.66 for aggregate consideration of $300 million.
Update on Key Value Drivers and Pipeline Projects
Canadian Malartic
The Company continues to advance the transition to underground mining with the construction of the Odyssey mine and is working on several opportunities with the goal to potentially grow annual production at Canadian Malartic to one million ounces per year in the 2030s. These opportunities include the potential for
(i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.
Odyssey
In the third quarter of 2025, mine development advanced by 4,770 metres, with a focus on the development of the East Gouldie production levels. The breakthrough of the ramp to the mid-shaft loading station at level 102 was completed in the third quarter of 2025, and the main ramp toward shaft bottom progressed to a depth of 1,059 metres as at September 30, 2025.
At East Gouldie, preparatory work, including the installation of the paste distribution infrastructure and essential services, progressed on schedule for the planned production start-up in the second half of 2026. Development of the main ventilation system advanced with the excavation of the main raise ongoing, reaching level 58, where construction of the main exhaust fan rooms began.
Excavation and construction of the first loading station between levels 102 and 114 were completed in July 2025, ahead of schedule. Conventional shaft sinking activities resumed in August, achieving a record monthly average of 2.32 metres per day in September. As at September 30, 2025, the shaft reached a depth of 1,348 metres.
The Company has approved the extension of the shaft #1 by 70 metres to a depth of 1,870 metres, the relocation of the loading station at shaft bottom to level 181 from level 174 and the addition of a loading station at level 146. The engineering for this new layout commenced in the third quarter of 2025 and the excavation of the second loading station is now expected to begin in early 2026. This adjustment is expected to improve operational flexibility and efficiency in the early 2030s, reduce reliance on truck haulage, and further unlock the significant exploration potential at depth.
Construction of key surface infrastructure progressed on schedule and on budget. The shaft ventilation system at the main hoist building was completed and is now being commissioned. Fabrication of the production hoist is underway in Germany, with delivery expected in 2026. Construction progressed on phase two of the paste plant (design capacity of 20,000 tpd) and is expected to be completed in 2027.
In exploration drilling at the Odyssey mine and surrounding near-mine exploration properties during the third quarter of 2025, 13 underground rigs and 16 surface rigs drilled a total of 87,891 metres (239,829