Agnico Eagle Mines Limited (AEM)

Business

From the FY2025 Form 40-F, accession 0001104659-26-032153 (Annual Information Form and annual MD&A).

Agnico Eagle mines gold and sells it at spot. It describes itself as Canada's largest mining company and the world's second-largest gold producer. It runs mines in Canada, Australia, Finland and Mexico, and nearly all of its revenue and cash flow comes from selling gold as doré bars and concentrate. Gold and silver made up 99.5% of 2025 mining revenue of $11.91 billion: gold $11.74 billion, silver $105.3 million, copper $52.0 million and zinc $8.7 million. The company has a long-standing policy of not selling future gold production forward, so its earnings move directly with the gold price. It has declared a cash dividend every year since 1983.

In 2025 it produced 3,447,367 payable ounces of gold. Production costs were $965 per ounce, total cash costs $979 per ounce and all-in sustaining costs (AISC) $1,339 per ounce. The last two are non-GAAP measures reported on a by-product basis. Proven and probable gold reserves were 55.4 million ounces at December 31, 2025, up 2.1% from 54.3 million a year earlier. The company sets its reserves at a $1,600 per ounce gold price and its resources at $2,000.

Operating mines (all 100% owned). The company reports each mine as a segment and groups the mines into regions:

• Quebec (Abitibi): LaRonde (the LaRonde mine plus LZ5), with about 2.8 million ounces of reserves and production expected through 2034 (LaRonde) and 2036 (LZ5). Canadian Malartic (the Barnat open pit plus the underground Odyssey mine), with about 9.1 million ounces of reserves, 5.7 million of them at East Gouldie, to be reached through Odyssey's planned 1,800-metre shaft; expected life to 2042. Goldex (with the Akasaba West satellite pit), with about 0.9 million ounces, to 2032.
• Ontario: Detour Lake, the largest reserve base at about 18.6 million ounces and a planned mine life to 2052, with an underground expansion being studied toward a potential approval decision in 2027. Macassa (Kirkland Lake), with about 2.2 million ounces, to 2032.
• Nunavut: Meliadine, with about 3.6 million ounces, to 2036. Meadowbank, where the Meadowbank mill processes ore from the Amaruq open pit and underground mines; about 1.5 million ounces, to 2030. Hope Bay is a development project with about 3.4 million ounces of reserves; see "Current quarter" for the 2026 investment decision.
• Finland: Kittila in Lapland, with about 3.3 million ounces, to 2037.
• Australia: Fosterville in Victoria, with about 1.7 million ounces, to 2037.
• Mexico: Pinos Altos, with about 0.3 million ounces, to 2028. The company is also earning a 50% interest in the San Nicolás copper-zinc project in Zacatecas, a joint venture with Teck, under a commitment to contribute $580.0 million toward the project's costs.

The company treats five operations as its material properties. Their shares of 2025 gold production were Detour Lake 20.1%, Canadian Malartic 18.6%, Meadowbank 14.3%, Meliadine 10.9% and LaRonde 10.0%. All five are in Canada. The company expected Canadian operations to supply 86.9% of its forecast 2026 production. Most of their costs are incurred in Canadian dollars, while all revenue is in US dollars, so the Canadian dollar exchange rate is a main earnings driver.

Strategy and portfolio shape. The company's strategy rests on "performance, pipeline, people": run the existing mines to generate free cash flow, and keep building a project pipeline in regions where it already operates. Today's portfolio is largely the product of three deals: the 2022 merger with Kirkland Lake Gold, which brought Detour Lake, Macassa and Fosterville; the March 2023 purchase of Yamana's Canadian assets, which took Canadian Malartic to 100%; and the 2025 acquisition of O3 Mining, whose Marban deposit lies next to Canadian Malartic. In October 2025 the company announced it would move its investments in non-gold, non-copper projects into a new wholly owned company, Avenir Minerals Limited.

Risk factors

From the FY2025 Annual Information Form, Form 40-F accession 0001104659-26-032153.

The risks below are the ones that drive the company's economics most directly, condensed from the company's longer list.

• Gold price. Revenue and earnings rise and fall with gold, and the company does not hedge production. The filing illustrates how fast the price can move: the London P.M. Fix fell almost $700 an ounce, from $5,405 to $4,714.75, between January 29 and February 2, 2026. If prices fall below the company's AISC or its reserve price assumptions, mines could become uneconomic, reserves could be cut, impairments could follow, and dividends or buybacks could be reduced.
• Concentration in a few Canadian mines. Five Canadian properties produced about three-quarters of 2025 output, so a problem at any one of them matters at the group level. Canada's concentration also exposes the company to US–Canada trade disputes. Retaliatory Canadian tariffs could raise the cost of imported inputs.
• Operational and geotechnical hazards. The company names pit-wall failures, rock falls, seismicity and equipment failures as production risks. LaRonde is described as the deepest mining operation in the Western Hemisphere, at more than three kilometres, and continues to have seismic events, which led to a slower "pillarless" mining method and lower production guidance. Seismic events have also occurred at Goldex, Macassa, Kittila and Fosterville. In November 2024 a 3.4 Mw event at Fosterville damaged underground infrastructure.
• Remote Nunavut logistics. Meadowbank depends on a shipping season of about 10 weeks through Baker Lake, Meliadine on about 14 weeks through Rankin Inlet, and Hope Bay on an August–September ice-free window. Missing a sealift, or a caribou migration that blocks haul roads (41 days in the second quarter of 2025), can cut production or raise costs. The sites run as fly-in/fly-out camps.
• Currency exposure. All revenue is in US dollars, but most Canadian operating costs are in Canadian dollars, and costs at Kittila, Fosterville and Pinos Altos are largely in euros, Australian dollars and Mexican pesos. The company uses currency options and forwards, with no assurance they will work.
• Cost inflation and inputs. Labour, contractor, energy, diesel and consumables costs, together with royalties that rise with the gold price, push up total cash costs and AISC. Tariffs and supply-chain disruptions add to the pressure.
• Reserve replacement and project execution. Holding production steady depends on replacing reserves and delivering projects such as Odyssey/East Gouldie, Detour Lake underground, the Amaruq underground and Hope Bay. These carry risks of construction delays, permitting problems, cost overruns and ramp-up difficulties. The plan to use spare mill capacity at Canadian Malartic and LaRonde for ore from other properties carries its own processing and transport risks.
• Regulation, permitting and Indigenous rights. The mines operate under extensive permitting regimes. Long-life mines such as Detour Lake (2052) and Canadian Malartic (2042) are exposed to future rule changes. A proposed Mexican constitutional reform would ban open-pit mining, which would hit San Nicolás and Pinos Altos. Mexican surface rights depend on agreements with Ejido communities: a dispute over hauling work blocked road access to Pinos Altos and halted operations for four days in July 2025.
• Climate and greenhouse-gas regulation. Canadian federal carbon pricing applies in Nunavut, where the company generates power from diesel. The filing says the federal carbon price rises by a fixed amount per tonne each year through 2030. The company also faces physical climate risks, including water shortages or excess, wildfires and the vulnerability of northern sites.
• Acquisitions and joint ventures. Acquired assets may come with unreliable technical data or hidden liabilities and may be hard to integrate. At San Nicolás the company shares control with a partner.
• Impairment. Higher cost or lower price assumptions can force write-downs. Past examples include $787 million at Macassa and Pinos Altos in 2023. In 2025 the company recorded a $229.0 million impairment reversal at Macassa.
• Refinery and counterparty dependence. Doré is refined by third-party refineries, and losing one without an alternative could delay sales.

Management's discussion, fiscal 2025

From the FY2025 annual MD&A, Form 40-F accession 0001104659-26-032153 (Exhibit 99.3).

The gold price drove 2025 results. The average realized price rose 44.9% to $3,454 an ounce from $2,384, while payable production slipped 0.9% to 3,447,367 ounces. Lower output at Fosterville and Canadian Malartic, in line with their expected grade profiles, and the planned closure of La India at the end of 2024 were partly offset by gains at LaRonde, Macassa and Detour Lake.

• Revenue rose 43.7% to $11.91 billion from $8.29 billion, because higher prices more than offset a 1.0% drop in gold sales volume.
• Production costs rose to $3.34 billion from $3.09 billion, mainly because royalties increased with the gold price and contractor and labour costs at underground operations went up. A weaker Canadian dollar partly offset the increase.
• Net income was $4.46 billion ($8.89 per share), against $1.90 billion ($3.79) in 2024. Adjusted net income, a non-GAAP measure, was $4.17 billion ($8.31 per share). EBITDA was $8.44 billion and adjusted EBITDA $8.09 billion. The year included the $229.0 million Macassa impairment reversal ($156.0 million after tax) and a $224.0 million gain on derivatives, against a $155.8 million loss in 2024.
• Taxes: the effective tax rate was 33.4%, above the 26.0% statutory rate because of mining taxes.
• Cash flow: operating cash flow rose to $6.82 billion from $3.96 billion, and free cash flow was $4.40 billion. Additions to property, plant and mine development rose to $2.42 billion, mostly for Canadian Malartic and Hope Bay.
• Balance sheet and capital returns: the company repaid $950.0 million of senior notes during the year: $90.0 million at maturity and $860.0 million early. It moved from net debt of $216.5 million to net cash of $2.67 billion, with cash of $2.87 billion at year-end. It bought back 4,114,150 shares for $599.7 million and paid $728.1 million in dividends ($1.60 per share declared). It sold its Orla Mining stake for $404.8 million. Moody's upgraded the company to A3 in August 2025.

2026 outlook (as given in the annual report): 3.3 to 3.5 million ounces of gold at total cash costs of $1,020–$1,120 per ounce and AISC of $1,400–$1,550 per ounce, with capital expenditure, including capitalized exploration, of about $2.6 billion. At the time, the company said its revenue would be largely unaffected by tariffs because its gold is refined in Canada, Australia or Europe. It also said about 60% of its cost structure (labour, contractors, energy and royalties) was not expected to be directly affected.

Current quarter, three and nine months ended September 30, 2026

From the Third Quarter Report 2026, Form 6-K accession 0001104659-26-119671 (Exhibit 99.1, MD&A and condensed interim financial statements).

The third quarter was shaped by a pit-wall event at Canadian Malartic. Production fell, but much higher gold prices still lifted earnings. Gold production was 814,012 ounces, against 866,936 in the third quarter of 2025. The realized gold price was $4,264 an ounce, against $3,476.

Barnat pit rock mass movement. On July 1, 2026, the rock mass moved along the north wall of the Barnat open pit at Canadian Malartic. There were no injuries, no equipment damage and no environmental impact. Mining in the pit was suspended, and the mill ran on low-grade stockpiles in the meantime. Remediation was completed in the quarter, and mining resumed on September 27, 2026. The company expects the event to reduce Canadian Malartic production by 60,000–80,000 ounces in the second half of 2026 and by up to 150,000 ounces in each of 2027 and 2028. It now expects Canadian Malartic's 2026 total cash costs to be about $1,260 an ounce, against prior guidance of $1,187. In the quarter, Canadian Malartic's production fell 29.1% to 111,202 ounces.

Results for the quarter, compared with the third quarter of 2025:

• Revenue from mining operations was $3.58 billion, against $3.06 billion. The increase came from a 22.7% higher realized gold price and higher sales at Meliadine, LaRonde and Kittila, partly offset by lower sales from Canadian Malartic and Meadowbank.
• Production costs were $972.4 million, against $839.3 million, mainly because of higher royalties tied to gold prices and higher diesel prices.
• Net income was $1.35 billion ($2.67 per share), against $1.05 billion ($2.10). Adjusted net income was $1.32 billion ($2.62 per share), against $1.09 billion ($2.16).
• Total cash costs were $1,133 an ounce, against $952, with the increase driven mostly by Macassa, Canadian Malartic and Meadowbank. AISC was $1,648 an ounce, against $1,331.
• Operating cash flow fell to $1.76 billion from $1.82 billion because of unfavourable working-capital movements. Free cash flow fell to $852.2 million from $1.19 billion. Before working-capital changes, free cash flow rose to $1.06 billion from $1.03 billion.
• The effective tax rate was 31.4%, against 33.0%, because a larger share of taxable income was earned in jurisdictions with lower tax rates.

By mine, Meadowbank production fell 15.2% to 115,501 ounces on lower grades and throughput, and LaRonde fell 5.2% to 77,250 ounces. Detour Lake rose 3.7% to 183,118 ounces on higher grades from the mining sequence. Fosterville rose 14.7% to 40,090 ounces. Macassa's production costs nearly doubled, up 93.8% to $94.3 million, on higher volumes mined and milled, royalties and stockpile consumption.

Nine months. Revenue was $11.49 billion, against $8.34 billion, as the realized price rose 40.9% to $4,537 an ounce. Net income was $4.65 billion ($9.25 per share), against $2.94 billion. Production was 2,494,937 ounces, against 2,606,759. Total cash costs were $1,092 an ounce and AISC $1,529 an ounce. Second-quarter results included a $153.7 million gain on selling the company's 55.0% interest in Gunnarn Mining AB, owner of the Barsele project in Sweden. The consideration was cash, shares that left the company with a 31.4% stake in Goldsky Resources Corp., and a 2% net smelter return royalty on Barsele.

Central Lapland acquisitions (completed in the second quarter). The company assembled a land package of about 2,492 km² in Finland's Central Lapland Greenstone Belt, near Kittila, including the Ikkari gold project, through three transactions, each accounted for as an asset acquisition:

• FinGold: on April 22, 2026, it bought B2Gold's 70% of the FinGold joint venture for $325.0 million in cash.
• Aurion Resources: on June 15, 2026, it bought the shares of Aurion it did not already own for $308.5 million in cash. Including the fair value of its previously held stake, total consideration was $339.3 million. This also gave it the other 30% of FinGold.
• Rupert Resources: on June 16, 2026, it bought the shares of Rupert it did not already own by issuing 8,224,116 shares, valued at $1.43 billion. Total consideration was $1.69 billion, including the previously held stake and $17.7 million in cash. Rupert holders also received contingent value rights worth up to about $2.15 per Rupert share (C$3.00, converted at the June 16, 2026 exchange rate), payable if specified milestones are met. Any such payments will be added to the carrying value of the acquired properties when they become payable.

Hope Bay go-ahead. In May 2026 the company approved development of Hope Bay in Nunavut. A preliminary economic assessment envisions an underground mine feeding a 6,000-tonne-per-day mill, producing 400,000–435,000 ounces a year over an initial 11-year life, with initial development capital of about $2.4 billion (Form 6-K accession 0001104659-26-063785). In its second-quarter report the company raised its 2026 capital expenditure guidance, excluding capitalized exploration, to $2.6–$2.8 billion from $2.2–$2.4 billion to reflect the Hope Bay approval (Form 6-K accession 0001104659-26-088794). Construction work continued through the quarter, and the company started its first drilling program at the Boston deposit since acquiring the project in 2021, with about 6,500 metres planned by the end of 2026.

Guidance and costs. The company expects 2026 payable production at the low end of its 3.3–3.5 million ounce range, reflecting the revised Barnat mine plan. It expects total cash costs and AISC near the upper end of their $1,020–$1,120 and $1,400–$1,550 ranges. Capital expenditure guidance, excluding capitalized exploration, was unchanged this quarter at $2.6–$2.8 billion, the range set in the second quarter after the Hope Bay increase, and capitalized exploration guidance was unchanged at $290–$330 million. Depreciation and amortization should be toward the top of the $1.55–$1.75 billion range, because the revised Barnat plan raises Canadian Malartic's units-of-production amortization rate. Diesel is about 11% of operating costs. The fourth-quarter Nunavut sealift purchases are expected to add about $21 million to production costs, and each 10% change in diesel prices moves total cash costs by about $3 an ounce through direct diesel use and about $1 an ounce through transportation. Consumables, about 30% of operating costs, are seeing inflation of about 6%. Canada imposed retaliatory tariffs on certain US imports in September 2026, after trade talks collapsed in August. The company estimates these will add about $5 an ounce to operating costs, and that amount is included in guidance. It still expects revenue to be unaffected.

Balance sheet and capital returns. At September 30, 2026, cash was $3.61 billion and net cash was $3.42 billion, up from $2.67 billion at year-end. Working capital was $3.93 billion, and total assets had grown to $39.13 billion, mainly because of the Finnish acquisitions. In April 2026 Fitch upgraded the company to A- from BBB+. The buyback program was renewed in May 2026 with authority for up to $2.0 billion of shares, up from $1.0 billion, running to May 5, 2027. In the third quarter the company bought back 1,297,940 shares for $250.0 million at an average of $192.60. Over nine months it bought 4,255,098 shares for $799.7 million. Third-quarter dividends paid totalled $204.9 million. The credit facility was undrawn throughout the nine months.

Subsequent events

From Note 19 of the condensed interim financial statements and the MD&A in the Third Quarter Report 2026, Form 6-K accession 0001104659-26-119671.

• Dividend: on October 28, 2026, the board declared a quarterly dividend of $0.45 per share, about $227.5 million in total, payable December 15, 2026 to shareholders of record on December 1, 2026.
• Credit facility: in October 2026, the company amended and restated its $2.0 billion unsecured revolving credit facility. The facility is now $3.0 billion, with an uncommitted accordion feature of $1.5 billion and a maturity date of October 28, 2031. The company describes the new pricing and terms as improved.

No acquisitions, divestitures or new borrowings are disclosed as subsequent events in the third-quarter financial statements.

Filings that contain financial statements

• Third quarter 2026 (three and nine months ended September 30, 2026): Form 6-K, accession 0001104659-26-119671, filed October 28, 2026. Exhibit 99.1 (Third Quarter Report) holds the MD&A and the condensed interim consolidated balance sheets, statements of income, comprehensive income, equity and cash flows, with notes.
• Second quarter 2026 (three and six months ended June 30, 2026): Form 6-K, accession 0001104659-26-088216, filed July 29, 2026. Exhibit 99.1 (Second Quarter Report) holds the MD&A and condensed interim consolidated financial statements. A second 6-K, accession 0001104659-26-088794, filed July 30, 2026, furnishes the second quarter results news release with summary financial tables.
• First quarter 2026 (three months ended March 31, 2026): Form 6-K, accession 0001104659-26-053113, filed April 30, 2026, holds the First Quarter Report (MD&A and condensed interim consolidated financial statements). A second 6-K, accession 0001104659-26-054134, filed May 1, 2026, furnishes the first quarter results news release with summary financial tables.
• Fiscal year 2025 (February 13, 2026): Form 6-K, accession 0001104659-26-014451, furnished the fourth quarter and full-year 2025 results with financial statements. These are superseded by the audited statements in the 40-F below.
• Fiscal year 2025 (annual): Form 40-F, accession 0001104659-26-032153, filed March 19, 2026. The 40-F body is a cover wrapper; the audited consolidated financial statements are Exhibit 99.2, the annual MD&A is Exhibit 99.3 and the Annual Information Form is Exhibit 99.1.

This page covers the company's 6-K filings from April 30, 2026 onward. Earlier 2026 announcements, including the Goldsky agreement and the April 20 Central Lapland announcement, appear as later filings describe them.

The other 6-Ks in this period carry press releases or agreements without financial statements.

Third quarter 2026 results (October 28, 2026; accession 0001104659-26-119671)

• Third quarter gold production was 814,012 ounces, down from 866,936 ounces a year earlier, mainly because of lower output at Canadian Malartic after the July 1 pit wall movement (below) and at Meadowbank, partly offset by Detour Lake and Fosterville. Nine-month production was 2,494,937 ounces versus 2,606,759.
• Average realized gold price was $4,264 per ounce (up 22.7% from $3,476). Revenues from mining operations were $3,583.6 million versus $3,059.5 million. Net income was $1,352.9 million ($2.67 per share) versus $1,055.0 million ($2.10); adjusted net income was $1,324.3 million ($2.62 per share) versus $1,085.2 million ($2.16).
• Cash provided by operating activities was $1,755.0 million versus $1,815.9 million; free cash flow was $852.2 million versus $1,189.5 million, lower on unfavourable working capital movements. Total cash costs were $1,133 per ounce (by-product) versus $952.
• Nine-month net income was $4,648.8 million ($9.25 per share) on revenues of $11,486.0 million.
• Net cash was $3,416.0 million at September 30, 2026, versus $2,669.8 million at December 31, 2025. The company was in compliance with all covenants.
• Guidance update: 2026 payable gold production is expected at the low end of the 3.3 to 3.5 million ounce range. Total cash costs and all-in sustaining costs per ounce are expected near the upper end of their $1,020 to $1,120 and $1,400 to $1,550 ranges. Capital expenditures (excluding capitalized exploration) remain $2.6 billion to $2.8 billion; capitalized exploration remains $290 million to $330 million. Depreciation and amortization is now expected toward the upper end of the $1.55 billion to $1.75 billion range because of a higher amortization rate at Canadian Malartic. Management cites input cost pressure from diesel and consumables.
• Capital returns in the quarter: The company repurchased 1,297,940 shares for $250.0 million (average $192.60) under its normal course issuer bid and paid dividends of $204.9 million. On July 29, 2026 it declared a quarterly dividend of $0.45 per share, paid September 15, 2026.
• Credit facility: In October 2026 the company amended and restated its unsecured revolving credit facility, increasing it from $2.0 billion to $3.0 billion (with an uncommitted accordion of $1.5 billion) and extending maturity to October 28, 2031. It was undrawn at September 30, 2026.

Operations: Barnat pit wall movement at Canadian Malartic

• July 2, 2026 (6-K 0001104659-26-080204): A rock mass movement on July 1 on the north wall of the Barnat open pit (Quebec) caused no injuries, equipment damage or environmental impact. Mining in the pit was suspended; the mill was fed from low-grade stockpiles. The company expected the event to reduce 2026 second-half production at Canadian Malartic by about 60,000 to 80,000 ounces, to put full-year 2026 production near the low end of the 3.3 to 3.5 million ounce range, and to reduce 2027 and 2028 production by up to about 150,000 ounces per year. It said the Odyssey mine outlook and the path to 1 million ounces a year from the Canadian Malartic complex in the early 2030s are unaffected.
• October 28, 2026 (6-K 0001104659-26-119671): Remediation was completed in the third quarter and mining resumed on September 27, 2026. Canadian Malartic 2026 total cash costs are now expected at about $1,260 per ounce, versus prior guidance of $1,187.

M&A and portfolio

• Finland (Central Lapland Greenstone Belt) - closed. Announced April 20, 2026; all three transactions were completed in the second quarter. On April 22, 2026 the company acquired B2Gold's 70% interest in the FinGold joint venture for $325.0 million cash. On June 15, 2026 it acquired the Aurion Resources shares it did not already own for $308.5 million in cash; total consideration was $339.3 million including the $30.7 million fair value of the previously held stake. On June 16, 2026 it acquired the Rupert Resources shares it did not already own, each exchanged for 0.0401 of an Agnico Eagle share plus a contingent value right of up to C$3.00 per share (about $2.15 at the June 16, 2026 closing rate). It issued 8,224,116 Agnico Eagle shares valued at $1,434.4 million; total consideration was $1,687.4 million, including the $235.4 million previously held stake and $17.7 million in cash. Together these consolidate a land package of about 2,492 square kilometres including the Ikkari gold project near the Kittila mine. Sources: 6-K 0001104659-26-088794 (July 30), 6-K 0001104659-26-119671 (Note 5).
• Contingent value rights. Each right runs ten years and pays up to C$3.00 (about $2.15 at the June 16, 2026 closing rate) in cash in three C$1.00 steps (about $0.72 each): 5 million ounces of reserves on the acquired properties; commercial production plus 7.5 million ounces of reserves and production; and commercial production plus 10 million ounces. 207,654,166 rights were outstanding at July 29, 2026. The CVR agreement dated June 16, 2026, which states its dollar amounts in Canadian dollars, was furnished in 6-K 0001104659-26-094882 (August 12, 2026).
• Gunnarn Mining AB (Barsele project, Sweden) sale to Goldsky Resources - closed. The company sold its 55.0% interest in Gunnarn Mining AB, which held the Barsele project, to Goldsky Resources Corp. for cash, Goldsky common shares and a 2% net smelter return royalty on Barsele. The agreement was announced January 28, 2026 (described in the FY2025 Annual Information Form, 40-F 0001104659-26-032153). The Third Quarter Report says the sale was completed in the second quarter of 2026, leaving the company with a 31.4% equity-accounted interest in Goldsky (carrying value $183.8 million at September 30, 2026), and that it produced a $153.7 million gain in the nine months. Source: 6-K 0001104659-26-119671 (Ex. 99.1, MD&A and investments note).
• Delta and Helm Bay sale to Vizsla Copper - signed, not closed. On September 8, 2026 a subsidiary signed an agreement to sell the Delta project and Helm Bay project to Vizsla Copper Corp. for 22,523,283 Vizsla Copper shares (about 19.99% of its shares) at closing, 2,903,490 further shares subject to disinterested shareholder approval, 3,041,480 warrants, and net smelter royalties of 2.0% (Delta) and 3.0% (Helm Bay). The shares are deemed worth about $23.25 million in aggregate. Closing needs TSX Venture Exchange approval and is expected in the fourth quarter of 2026. Source: 6-K 0001104659-26-106256.
• Strategic minority investments (private placements):
  • Wallbridge Mining (May 20, 2026): agreed to buy 243,927,966 shares for about $16.32 million, taking its holding from about 9.44% to about 19.62% (non-diluted) on closing, expected about May 22. 6-K 0001104659-26-064245.
  • Cadillac Mines (July 24, 2026): agreed to buy 8,696,000 shares for about $42.62 million, conditional on Cadillac's IPO, expected to close about August 5; holding would rise from about 9.70% to about 11.09%. 6-K 0001104659-26-087022.
  • Radisson Mining Resources (August 24, 2026): agreed to buy 53,420,000 units (a share plus a half warrant) for about $41.3 million, for about 10.45% non-diluted, expected to close about September 2. 6-K 0001104659-26-100243.
  • Canada Nickel (August 28, 2026): subsidiary Avenir Minerals bought 666,667 units for about $719,684, leaving it with about 8.68% non-diluted. 6-K 0001104659-26-103804. The filings state expected closing dates for the first three; later closing confirmation is not in the filings covered here.

Growth projects

• Hope Bay investment decision (May 19, 2026; 6-K 0001104659-26-063785). The board approved construction of Hope Bay (Nunavut) based on a preliminary economic assessment: an underground mine and 6,000 tonnes per day mill, 400,000 to 435,000 ounces a year of gold over an initial 11-year life, initial development capital of about $2.4 billion, total cash costs of about $958 per ounce and after-tax IRR of about 26% (at $4,500 gold and C$/US$ 1.36). This raised 2026 capital expenditure guidance to $2.6 billion to $2.8 billion from $2.2 billion to $2.4 billion (second quarter release, 6-K 0001104659-26-088794).

Second quarter and first quarter 2026 results

• Q2 2026 (July 29, 2026; 6-Ks 0001104659-26-088216 and 0001104659-26-088794): Payable gold production 855,816 ounces; realized gold price $4,483; net income $1,600 million ($3.19 per share); adjusted net income $1,541 million ($3.07); operating cash flow $2,144 million; record free cash flow of $1,335 million. The company returned a record $625 million to shareholders, including $400 million of share repurchases (2,235,947 shares at an average $178.86) and a $0.45 quarterly dividend. Full-year cost guidance was reiterated.
• NCIB renewal: In May 2026 the company renewed its normal course issuer bid for up to 5% of its shares, with an internal limit of $2.0 billion, running May 6, 2026 to May 5, 2027 (6-K 0001104659-26-119671). The prior bid bought 25,174,240 shares.
• Q1 2026 (April 30, 2026; 6-Ks 0001104659-26-053113 and 0001104659-26-054134): Payable gold production 825,109 ounces; realized price $4,861; net income $1,695 million ($3.39 per share); record adjusted net income $1,706 million ($3.41); free cash flow $732 million after a $1.3 billion payment of the remaining 2025 cash tax liability.
• Credit rating: In April 2026 Fitch upgraded the company's rating from BBB+ to A- with a stable outlook (6-K 0001104659-26-119671).

Administrative notices

• 6-K 0001104659-26-078688 (June 29, 2026) and 6-K 0001104659-26-111750 (September 28, 2026) gave notice of the second and third quarter results release dates (July 29 and October 28, 2026).

Not reflected

No dividend change beyond the steady $0.45 quarterly rate, no debt issuance or redemption, and no management change appeared in the filings covered here for the period. The October 28, 2026 6-K furnishes the quarterly report only, without a separate results news release.

About this file

AEM annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

AEM quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

AEM year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

AEM trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (40-F, accession 0001104659-26-032153) plus nine months ended September 30, 2026 less nine months ended September 30, 2025 (6-K, accession 0001104659-26-119671)

Adjustments

Notes

• Annual figures (FY2025 and FY2024) come from the audited consolidated financial statements filed as Exhibit 99.2 to the FY2025 Form 40-F (accession 0001104659-26-032153); annual free cash flow is as printed in that filing's MD&A (Exhibit 99.3). Quarterly and nine-month figures come from the unaudited condensed interim consolidated financial statements in the Third Quarter Report furnished as Exhibit 99.1 to the Form 6-K filed October 28, 2026 (accession 0001104659-26-119671). Both sets of statements are prepared under IFRS Accounting Standards in US dollars and printed in thousands; this record states them in actual dollars.
• This record carries the periods those statements present: fiscal years 2025 and 2024 (balance sheets at December 31, 2025 and 2024), the three months ended September 30, 2026 and 2025, the nine months ended September 30, 2026 and 2025, and the balance sheet at September 30, 2026. The interim report prints no balance sheet at September 30, 2025, so the Q3 FY2025 entry has none. The three-month and nine-month 2025 figures are the comparative columns of the Q3 2026 report.
• The interim income statement presents gross profit as revenues from mining operations less production costs (exclusive of amortization) and amortization of property, plant and mine development. The annual income statement does not print a gross profit line, so gross profit for FY2025 and FY2024, and cost_of_sales in every period, are computed on that same basis (production costs plus amortization). The FY2025 gross profit computed this way, $6.92 billion, equals the sum of the four 2025 quarters in the summarized quarterly data table of the Q3 2026 report.
• Free cash flow follows the company's own definition: cash provided by operating activities less additions to property, plant and mine development. The three-month and nine-month figures equal the company's free cash flow reconciliation in the Q3 2026 report.
• The trailing twelve months ended September 30, 2026 are computed as FY2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025. For revenue, production costs, amortization, gross profit, income before income and mining taxes, income and mining taxes, net income and operating cash flow the result equals the sum of the four quarters from Q4 2025 to Q3 2026 in the summarized quarterly data table of the Q3 2026 report. No trailing per-share figure is given because the filings print none.
• Diluted earnings per share for the nine months ended September 30, 2026 ($9.24) is calculated by the company on a diluted numerator of $4,655.65 million, which adds a $6.87 million dilutive impact of cash-settling the Long Term Incentive Plan to net income of $4,648.79 million; diluted_net_income records that numerator. In the other periods the diluted numerator equals net income.
• total_debt is long-term debt plus its current portion as presented on the balance sheet and excludes lease obligations, which the company presents separately (at September 30, 2026: $43.40 million current and $87.58 million non-current). The September 30, 2026 and December 31, 2025 balance sheets show no current portion of long-term debt; at December 31, 2024 it was $90.00 million.
• FY2025 net income includes a $229.0 million impairment reversal, recorded as a negative expense in the income statement and stored here with the filing's sign.
• Signs follow the filing: capital expenditures, dividends paid, share repurchases and investing and financing cash flows are outflows and carry negative values; income and mining taxes paid is shown as a positive amount, as in the supplemental cash flow information.
• common_shares_outstanding is the closing share count in the statement of equity, which excludes shares held in trust for the company's share unit plans (at September 30, 2026: 505,999,563 shares issued less 453,082 held in trust).
• In the Q3 2026 report the December 31, 2025 comparative balance sheet presents income taxes recoverable within other current assets and the deferred income and mining tax asset within other assets; total assets and every line carried in this record is unchanged from the FY2025 Form 40-F.
• No adjustment for share splits or depositary receipts applies: the company has had no share split in the period covered and its common shares are listed directly on the New York and Toronto stock exchanges. All per-share figures are per common share.

Uncertainties

• FY2024 gross profit and cost of sales are computed from the income statement lines rather than printed by the company, and unlike FY2025 they cannot be tied to a full set of 2024 quarters, because the Q3 2026 report's summarized quarterly table begins with the fourth quarter of 2024.

Company details

Fiscal period

Source filings