Agnico Eagle Reports First Quarter 2026 Results, Including Record Quarterly Operating Margins and Adjusted Net Income
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 FIRST QUARTER 2026 RESULTS, INCLUDING RECORD QUARTERLY
OPERATING MARGINS AND ADJUSTED NET INCOME
Toronto (April 30, 2026) – Agnico Eagle Mines Limited (NYSE and TSX: AEM) ("Agnico Eagle" or the
"Company") today reported financial and operating results for the first quarter of 2026.
"We delivered a solid start to 2026, achieving record operating margins while production and costs tracked
well to plan. With gold production expected to be weighted to a stronger second half of the year, we are
managing cost volatility through disciplined execution and asset optimization, supported by our regional
operating model. This positions us well to deliver on our full year guidance," said Ammar Al-Joundi, Agnico
Eagle's President and Chief Executive Officer. "We are excited by the strong progress across our industry
leading growth pipeline and are beginning to look beyond the 20–30% production growth already expected
over the next decade, with our recently announced proposed acquisitions in Finland marking a milestone in
our next phase of long-term growth. At the same time, we remain committed to returning value to
shareholders, through our dividend and the expansion of our share repurchase program."
First quarter 2026 highlights:
• Solid quarterly performance, in line with plan – Payable gold production 1 was 825,109 ounces,
representing approximately 24% of the mid-point of the full year production guidance, at production
costs per ounce of $1,158, total cash costs per ounce 2 of $1,093 and all-in sustaining costs
("AISC") per ounce2 of $1,483. The solid operating performance was led by Detour Lake, Canadian
Malartic and Fosterville
• Record quarterly operating margins and adjusted net income – Solid production, combined
with higher realized gold prices of $4,861 per ounce in the first quarter, resulted in record operating
margins and adjusted net income. The Company reported quarterly net income of $1,695 million or
$3.39 per share and record adjusted net income 3 of $1,706 million or $3.41 per share. The
Company generated cash provided by operating activities of $1,346 million or $2.69 per share and
free cash flow 3 of $732 million or $1.46 per share, which included the impact of a $1.3 billion
payment for the remaining cash tax liability related to the 2025 taxation year. Total cash taxes paid
in the first quarter were $1.8 billion, approximately 50% of the expected cash taxes for 2026
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.
2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures 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 reconciliations of each of these non-GAAP
measures to production costs on both a by-product and a co-product basis and a description of their composition and usefulness, see
"Note Regarding Certain Measures of Performance" below.
3 Adjusted net income, free cash flow and where applicable, their related per share measures 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 the most comparable measure prepared in accordance with IFRS Accounting Standards, see
"Note Regarding Certain Measures of Performance" below.
• Financial strength continues to grow through robust cash generation – The Company
increased its cash balance by $246 million to $3,112 million as at March 31, 2026, resulting in a net
cash4 position of $2,915 million with total debt outstanding of $197 million as at March 31, 2026.
Reflecting this strong financial profile, Fitch Ratings upgraded the Company's long-term issuer
d e f a u l t r a t i n g f r o m B B B + t o A - i n A p r i l 2 0 2 6
• Annual gold production and cost guidance reiterated – Full year expected payable gold
production in 2026 remains unchanged at 3.3 to 3.5 million ounces, with production now weighted
approximately 48% to the first half of the year and 52% to the second half. Full year total cash
costs per ounce and AISC per ounce in 2026 remain unchanged at $1,020 to $1,120 and $1,400 to
$1,550, respectively. While the Company is subject to cost uncertainty, including fuel price volatility
as a result of ongoing geopolitical events, the Company's regional operating strategy, focused on
local procurement and resilient supply chains, is expected to mitigate potential cost impacts.
Further details are set out in the 2026 Guidance Summary section below
• Continued commitment to shareholder returns and expe cted renewal and increase of NCIB
– The Company returned a total of $375 million to shareholders during the first quarter of 2026,
including the declaration of a quarterly dividend of $0.45 per share and the repurchase of 721,211
common shares under its normal course issuer bid ("NCIB"). Share repurchases were completed at
an average price of $207.68 per share for total consideration of $150 million. As previously
disclosed, the Company intends to seek approval from the TSX to renew the NCIB for another year
on substantially the same terms, with an increase to its internal limit on purchases of common
shares to $2 billion. Additional details will be provided at the time of the renewal
• 2025 Sustainability Report published – The Company released its 17 th annual Sustainability
Report on April 30, 2026, demonstrating its commitment to operating in a safe, sustainable and
environmentally responsible manner
• Update on key value drivers and pipeline projects in the first quarter of 2026
◦ Canadian Malartic – Production from the East Gouldie ramp commenced in March 2026.
The development and construction activities continued to progress on schedule, with the
main ramp and shaft #1 reaching a depth of 1,151 metres and 1,514 metres, respectively.
Construction of the first loading station is on schedule for first production through shaft #1
in the second quarter of 2027. Exploration drilling continued to yield positive results in
multiple areas of the Odyssey mine, including 6.7 grams per tonne ("g/t") gold over 36.0
metres at 1,089 metres depth in the upper eastern portion of the East Gouldie deposit and
9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth in the internal zones of
the Odyssey deposit
◦ Detour Lake – Development activities for the underground project continued, with the
exploration ramp reaching a depth of 147 metres and overburden removal commencing for
t h e c o n v e y o r - r a m p p o r t a l . H i g h - i n t e n s i t y d r i l l i n g f r o m s u r f a c e n e a r t h e e x p l o r a t i o n r a m p
was initiated, with a highlight intercept of 8.9 g/t gold over 14.1 metres at 187 metres
depth. Drilling into the West Extension zone had highlights of 10.7 g/t gold over 10.1
metres at 497 metres depth, approximately 1.5 kilometres west of the resource-pit outline,
and 10.0 g/t gold over 3.1 metres at 922 metres depth, approximately 2.5 kilometres west
of the resource-pit outline
◦ Upper Beaver – Development of the exploration ramp and shaft continued to advance
ahead of schedule, reaching depths of 108 metres and 382 metres, respectively. During
t h e q u a r t e r , t h e C o m p a n y i n i t i a t e d a h i g h - i n t e n s i t y d r i l l i n g p r o g r a m t a r g e t i n g a p o r t i o n o f
the Upper Beaver deposit between approximately 500 and 600 metres depth,
c h a r a c t e r i z e d b y i n t r u s i o n - s u i t e h o s t r o c k s , t o c o m p l e m e n t t h e b u l k s a m p l e p l a n n e d a t t h e
760 level
2
4 Net cash is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a description
of the composition and usefulness of this non-GAAP measure and a reconciliation to the most comparable measure prepared in
accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.
◦ Hope Bay – Project activities focused on site preparedness for a potential redevelopment,
including the addition of a new third wing to the camp, substantial completion of the internal
technical evaluation, including advancement of detailed engineering to approximately 55%,
and planning for the 2026 sealift season. A construction decision at Hope Bay is expected
in May 2026
◦ San Nicolás – Minas de San Nicolás, which has the potential for base metal production in
Mexico, continued to advance engineering and execution strategy, targeting completion of
50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on
condemnation drilling and geological evaluation in proximity to the projected mine area
• Proposed consolidation of Finland's Central Lapland Greenstone Belt ("CLGB") in three
separate transactions – On April 20, 2026, the Company announced a comprehensive
consolidation of properties in the CLGB of Northern Finland through the proposed acquisitions of
Rupert Resources Ltd. ("Rupert") and Aurion Resources Ltd. ("Aurion") and the acquisition of the
70% interest in Fingold Ventures Ltd. held by B2Gold Corp ("B2Gold"). The Company expects the
Rupert and Aurion transactions to be completed late in the second quarter of 2026. The transaction
with B2Gold was completed in April 2026
◦ Through these transactions, the Company expects to build another multi-asset, multi-
decade regional platform within its portfolio, create significant value at the Ikkari gold
project by leveraging over 20 years of regional experience and unlock multi-layered
exploration potential across the consolidated 2,492 km2 land package
◦ It establishes a pathway to transform its Finland platform into an approximately
5 0 0 , 0 0 0 - o u n c e - p e r - y e a r g o l d p r o d u c t i o n h u b w i t h i n t h e n e x t d e c a d e , a n d c o n t r i b u t e
b e y o n d t h e 2 0 - 3 0 % C o m p a n y - w i d e p r o d u c t i o n g r o w t h o v e r t h a t p e r i o d
◦ The Company will evaluate opportunities to reduce dilution associated with the Rupert
transaction, including potentially returning the proceeds of portfolio investment sales to
shareholders through share repurchases under the NCIB
First Quarter 2026 Results Conference Call and Webcast Tomorrow
The Company's senior management will host a conference call on Friday, May 1, 2026, at 8:30 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 437-900-0527 or toll-free 1-888-510-2154 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 72715#. The conference call replay will
expire on June 1, 2026.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
3
Annual Meeting
The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, May 1, 2026
at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.
The AGM will be held in person at Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto,
Ontario, M5H 2Y4 and online at: https://meetnow.global/M59UWL4.
For details explaining how to attend, communicate and vote virtually at the AGM see the Company's
Management Information Circular dated March 19, 2026, filed under the Company's profile on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their
shares or attending the AGM may contact Investor Relations by phone at 416-947-1212, by toll-free phone
at 1-888-822-6714 or by email at [email protected] or may contact the Company's
strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by calling
1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting
"INFO" to either number, or by e-mail at [email protected].
First Quarter 2026 Production and Costs
Production and Cost Results Summary
Three Months Ended
March 31,
2026 2025*
Gold production** (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825,109 873,794
Gold sales (ounces)*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 829,651 842,965
Production costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,158 $ 879
Total cash costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,093 $ 895
AISC per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,483 $ 1,175
* Total cash costs per ounce and AISC per ounce for the three months ended March 31, 2025 have been restated using the
Company's revised composition for periods commencing on or after January 1, 2026. Using the Company's composition of this
measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $903 for the consolidated
Company and AISC per ounce was $1,183 for the consolidated Company.
** Gold production for the three months ended March 31, 2026 excludes payable gold production at La India and Creston Mascota
of 418 and 76 ounces, respectively, which were produced from residual leaching. Gold production for the three months ended
March 31, 2025 excludes payable gold production at La India and Creston Mascota of 1,811 ounces and 25 ounces, respectively,
which were producing from residual leaching.
*** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%,
respectively, paid in respect of gold production at such mines. For the three months ended March 31, 2025, payable metals sold
excludes 2,500 payable gold ounces sold at La India.
Gold Production
Gold production decreased in the first quarter of 2026 when compared to the prior-year period primarily due
to lower production at Macassa and Meadowbank (lower grades), partially offset by higher production at
Detour Lake (higher grades and recoveries).
Production Costs per Ounce
Production costs per ounce increased in the first quarter of 2026 when compared to the prior-year period
primarily due to higher royalty costs resulting from higher gold prices, lower gold production and the impact
of a stronger Canadian dollar relative to the U.S. dollar between periods.
4
Total Cash Costs per Ounce
Total cash costs per ounce increased in the first quarter of 2026 when compared to the prior-year period
primarily due to the reasons described above for the increase in production costs per ounce.
AISC per Ounce
AISC per ounce increased in the first quarter of 2026 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 Macassa and Fosterville, higher non-cash reclamation related costs and higher
general and administrative expenses.
Refer to the Company's Management Discussion & Analysis for the first quarter of 2026 (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
period.
First Quarter 2026 Financial Results
Financial Results Summary
Three Months Ended
March 31,
2026 2025
Realized gold price (per ounce)5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,861 $ 2,891
Net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,695 $ 815
Adjusted net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,706 $ 770
EBITDA (millions)6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,996 $ 1,634
Adjusted EBITDA (millions)6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,011 $ 1,590
Cash provided by operating activities (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,346 $ 1,044
Cash provided by operating activities before changes in non-cash components of working
capital (millions)6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,231 $ 1,209
Capital expenditures* (millions)6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 574 $ 419
Free cash flow (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 732 $ 594
Free cash flow before changes in non-cash components of working capital (millions)6
. . . . $ 1,618 $ 759
Net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.39 $ 1.62
Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.41 $ 1.53
Cash provided by operating activities per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.69 $ 2.08
Cash provided by operating activities before changes in non-cash components of working
capital per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.46 $ 2.41
Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.46 $ 1.18
Free cash flow before changes in non-cash components of working capital per share
(basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.23 $ 1.51
* Includes capitalized exploration
5
5 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
6 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA, adjusted EBITDA, capital expenditures,
cash provided by operating activities before changes in non-cash components of working capital and free cash flow before changes in
non-cash components of working capital and, where applicable, their related per share measures, are non-GAAP measures that are
not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-
GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see
"Note Regarding Certain Measures of Performance" below.
Net Income
Net income increased in the first quarter of 2026 when compared to the prior-year period primarily due to
record operating margins resulting from higher realized gold prices, partially offset by lower gold sales and
higher income and mining taxes.
Net income in the first quarter of 2026 of $1,695 million ($3.39 per share) includes the following items (net
of tax): reclamation adjustments of $9 million ( $0.02 per share ), net gains on derivative financial
instruments of $7 million ( $0.01 per share ), net asset disposal losses of $7 million ( $0.01 per share ),
foreign currency translation losses on deferred tax liabilities of $5 million ( $0.01 per share ) and other
adjustments totaling $3 million ($0.01 per share ). Excluding these items results in adjusted net income of
$1,706 million or $3.41 per share for the first quarter of 2026.
Adjusted EBITDA
Adjusted EBITDA increased in the first quarter of 2026 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), partially offset by higher production costs (higher royalty costs), higher general and administrative
expenses and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.
Cash Provided by Operating Activities
Cash provided by operating activities and cash provided by operating activities before changes in non-cash
components of working capital both increased in the first quarter of 2026 when compared to the prior-year
period primarily due to higher operating margins, partially offset by lower gold sales and higher income and
mining taxes. Cash provided by operating activities was reduced by unfavourable changes in non-cash
working capital balances primarily due to approximately $1.3 billion in cash taxes paid in the quarter
relating to the 2025 taxation year. Total cash taxes paid in the first quarter of 2026 were $1.8 billion,
representing approximately 50% of the expected cash taxes for 2026.
Free Cash Flow
Free cash flow and free cash flow before changes in non-cash components of working capital both
increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons
described above related to cash provided by operating activities, partially offset by higher development
capital expenditures related to Odyssey, Hope Bay and Detour Lake underground pipeline projects.
6
Capital Expenditures
The table below sets out a summary of capital expenditures, in each case broken down between sustaining
capital expenditures and development capital expenditures by mine, and capitalized exploration in the first
quarter of 2026.
Sustaining Capital Expenditures**
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,661 $ 1,232
Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,761 987
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,105 200
Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,527 2,419
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,531 —
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,545 827
Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,076 827
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,310 1,425
Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,155 —
Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,465 1,425
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,540 496
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,540 496
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,167 982
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,167 982
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,756 211
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,756 211
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,061 (973)
Total Sustaining Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,592 $ 5,387
Development Capital Expenditures**
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,397 $ —
Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,092 7,519
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,080 1,997
Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,569 9,516
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,444 6,621
Detour Lake underground . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,266 12,274
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,510 8,819
Upper Beaver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,316 16,595
Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,536 44,309
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,374 4,181
Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,174 22
Hope Bay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,764 13,834
Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,312 18,037
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,314 3,477
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,314 3,477
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 946 2,600
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 946 2,600
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821 11
San Nicolás (50%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,326 1,391
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,147 1,402
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,466 —
Total Development Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 292,290 $ 79,341
Total Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 488,882 $ 84,728
Summary of Capital Expenditures
(thousands) Three Months Ended
Mar 31, 2026
Capital
Expenditures*
Capitalized
Exploration
* Excludes capitalized exploration
7
** Sustaining capital expenditures and development capital expenditure are non-GAAP measures that are not standardized
measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures
and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note
Regarding Certain Measures of Performance" below.
2026 Guidance Reiterated
In the first three months of 2026, the Company achieved approximately 24% of the mid-point of its full year
gold production guidance, while achieving total cash costs per ounce and AISC per ounce within the
guidance range. Based on these results, the Company is reiterating its guidance for the full year 2026. Full
year expected payable gold production in 2026 at 3.3 to 3.5 million ounces is now weighted approximately
48% to the first half of the year and 52% to the second half.
A summary of the Company's guidance is set out below.
2026 Guidance Summary
($ millions, unless otherwise stated)
2026 2026
Guidance Range Mid-Point
Gold production (thousands of ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,300 3,500 3,400
Total cash costs per ounce7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,020 $ 1,120 $ 1,070
AISC per ounce7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,400 $ 1,550 $ 1,475
Capital expenditures7 (excluding capitalized exploration) . . . . . . . . . . . . . . $ 2,175 $ 2,395 $ 2,285
Capitalized exploration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290 $ 330 $ 310
Capital expenditures (including capitalized exploration) . . . . . . . . . . . . . . . $ 2,465 $ 2,725 $ 2,595
Exploration and corporate development* . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 275 $ 305 $ 290
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,550 $ 1,750 $ 1,650
General and administrative expense** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 230 $ 260 $ 245
Other costs*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75 $ 95 $ 85
NTI Payment8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 185 $ 195 $ 190
Cash taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,400 $ 3,600 $ 3,500
Effective tax rate (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34% 36% 35%
* 2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate
development
** 2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million. 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.
*** 2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory
in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs
Cash Taxes
The Company's effective tax rate continues to be expected to be approximately 34% to 36% for the full
year of 2026. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, which included a $1.3
billion payment for the remaining cash tax liability for 2025. This represents approximately 50% of total
8
7 The Company's guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP
information. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have
been made by the Company to the composition of certain of these measures, see "Note Regarding Certain Measures of Performance"
below.
8 The "NTI Payment" is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the
Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table
are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.