Research · Oct 2, 2026
[AEM] Agnico Eagle: Q3 2026 earnings preview after the Barnat pit-wall movement
Agnico Eagle made a record $1.34 billion of Q2 2026 free cash flow on 855,816 ounces; Q3 tests whether the Barnat pit-wall loss keeps output near the 3.3M-ounce low end.
Research · Sep 3, 2026
[AEM] Agnico Eagle Thesis 2026: Gold Price Tailwind Amplifies Production Growth
Agnico Eagle FY25 (Dec 31, 2025) at $11.91B revenue (+44%). Gold production 3.45M oz; cash costs $979/oz; AISC $1,339/oz. Operating income $6.33B (+101%); Net income $4.46B (+135%); Diluted EPS $8.86 (+135%). FCF $4.26B (+100%). Capex $2.56B; Dividends $728M; Buybacks $683M. Total debt $321M (-$1B); Net cash +$2.2B. Reserves record 55.4M oz (+2%); resources 47.1M oz (+10%); inferred 41.8M oz (+15.5%). 20-30% production growth pipeline next decade: Detour underground (300-350K oz/yr), Malartic fill-the-mill (400-500K oz/yr), Upper Beaver (>200K oz/yr), Hope Bay (400-425K oz/yr). 2026 cost guide +$100/oz (>50% royalties+CAD; ex-FX +4-5%). 3 covered analysts: 3 Hold; consensus $249.67, range $210-$304. Feb-Apr 2026: 3 PT cuts (CIBC, UBS, JPM).
Research · Jun 12, 2026
NEM Stock: Gold 6-Month Low and Newmont Mining Reset
Newmont operating leverage 2-3x gold spot. 8-12% spot decline produces 22-28% equity drop. Q1 net cash $3.3B supports cycle.
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