olivLaw · US equity research
Agnico Eagle Mines Limited AEM
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
Agnico Eagle Mines Limited is a Canadian gold and base-metals miner listed on the NYSE that reports to the SEC on Form 40-F. The company has set an ambitious target of annual gold output at Detour Lake and Canadian Malartic, and its fill the mill strategy and expansion projects in Ontario, Quebec and Australia define its growth direction in the coming years.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Agnico Eagle Mines Limited (AEM) stock was 183.45 USD (+9.67% on the day), with market capitalisation 91.7 bn USD, P/E 20.7 on diluted EPS of 8.86 USD over the last 12 months, dividend yield 0.79%, beta 0.72, 52-week range 136.34–252.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.6
- neutral
- Bollinger (20, 2)
- 166.08 – 195.33
- in the upper half of the band · %B 0.59 · band width 16.2%
- SMA 50 / 200
- 189.99 / 188.90
- mixed trend
- MACD (12, 26, 9)
- -4.03 / -3.75
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.1% | −1.1% | +1.2 pp | — |
| 3 months | +10.9% | −0.5% | +11.3 pp | — |
| 6 months | −3.4% | +4.4% | −7.7 pp | — |
| Year to date | +8.2% | +12.3% | −4.1 pp | — |
| 1 year | +17.7% | +13.5% | +4.1 pp | −11.8% |
| 3 years | +270.9% | +76.4% | +194.5 pp | +142.0% |
| 5 years | +242.3% | +63.7% | +178.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 9-quarter history (min 13.9, median 31.0, max 60.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.5 bn | 3.1 bn | 3.9 bn | 5.7 bn | 6.6 bn | 8.3 bn | 11.9 bn |
| Revenue YoY | −2.3% | +13.9% | +25.8% | +23.3% | +48.4% | +15.4% | +25.0% | +43.7% |
| Net income | -326.7 m | 473.2 m | 511.6 m | 561.9 m | 670.2 m | 1.9 bn | 1.9 bn | 4.5 bn |
| Net income YoY | −235.7% | unavailable | +8.1% | +9.8% | +19.3% | +189.6% | −2.4% | +135.4% |
| Diluted EPS | -1.40 | 1.99 | 2.10 | 2.30 | 1.53 | 3.95 | 3.78 | 8.86 |
| Diluted EPS YoY | −234.6% | unavailable | +5.5% | +9.5% | −33.5% | +158.2% | −4.3% | +134.4% |
| net % | -14.9% | 19.0% | 16.3% | 14.5% | 11.7% | 29.3% | 22.9% | 37.5% |
| Free cash flow | -483.5 m | -972.0 k | 432.7 m | 448.3 m | 558.4 m | 947.4 m | 2.1 bn | 4.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 bn USD
- Financial debt
- 196.3 m USD
- Net debt
- -2.7 bn USD
- Equity
- 24.7 bn USD
- Total assets
- 34.5 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 2.02x
- ROE
- 19.6%
- ROA
- 13.8%
- FCF margin
- 36.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.9 bn | 5.7 bn | 6.6 bn | 8.3 bn | 11.9 bn | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 1.4 bn | 1.8 bn | 2.6 bn | 2.9 bn | 3.1 bn | 3.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 1.7 bn ≈ | 2.1 bn ≈ | 3.1 bn ≈ | 3.7 bn ≈ | 5.2 bn ≈ | 8.6 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Operating income | 1.6 bn | 1.9 bn | 2.8 bn | — | — | — | SEC (XBRL)· 27 Mar 2023verified |
| Interest expense | 95.1 m | 92.0 m | 82.9 m | 130.1 m | 126.7 m | 91.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Pre-tax income | 767.6 m | 932.7 m | 1.1 bn | 2.4 bn | 2.8 bn | 6.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 256.0 m | 370.8 m | 445.2 m | 417.8 m | 926.0 m | 2.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| Net income | 511.6 m | 561.9 m | 670.2 m | 1.9 bn | 1.9 bn | 4.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | 2.10 | 2.30 | 1.53 | 3.95 | 3.78 | 8.86 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 243.1 m | 244.7 m | 438.5 m | 489.9 m | 500.9 m | 503.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividend per share | 0.78 | 1.12 | 1.33 | 1.28 | 1.34 | 1.46 | SEC (XBRL)· 19 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 402.5 m | 185.8 m | 658.6 m | 338.6 m | 926.4 m | 2.9 bn | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 630.5 m | 878.9 m | 1.2 bn | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 2.2 bn | 2.2 bn | 2.8 bn | 5.0 bn | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 7.3 bn | 7.7 bn | 18.5 bn | 21.2 bn | 21.5 bn | 22.9 bn | SEC (XBRL)· 19 Mar 2026verified |
| Goodwill | 407.8 m | 407.8 m | 2.0 bn | 4.2 bn | 4.2 bn | 4.2 bn | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | 13.3 m | — | — | — | SEC (XBRL)· 27 Mar 2023verified |
| Total assets | 9.6 bn | 10.2 bn | 23.5 bn | 28.7 bn | 30.0 bn | 34.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 363.8 m | 414.7 m | 672.5 m | 750.4 m | 823.4 m | 1.0 bn | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | — | 225.0 m | 100.0 m | 100.0 m | 90.0 m | — | SEC (XBRL)· 27 Feb 2025verified |
| Long-term debt | 1.6 bn | 1.3 bn | 1.2 bn | 1.7 bn | 1.1 bn | 196.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 515.7 m | 761.8 m | 946.4 m | 1.0 bn | 1.5 bn | 2.5 bn | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 3.9 bn | 4.2 bn | 7.3 bn | 9.3 bn | 9.2 bn | 9.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 5.7 bn | 6.0 bn | 16.2 bn | 19.4 bn | 20.8 bn | 24.7 bn | SEC (XBRL)· 19 Mar 2026verified |
| Shares outstanding at year end | 243.3 m | 245.0 m | 456.5 m | 497.3 m | 501.7 m | 500.0 m | SEC (XBRL)· 19 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 1.3 bn | 2.1 bn | 2.6 bn | 4.0 bn | 6.8 bn | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 759.3 m | 897.0 m | 1.5 bn | 1.7 bn | 1.8 bn | 2.4 bn | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | 432.7 m ≈ | 448.3 m ≈ | 558.4 m ≈ | 947.4 m ≈ | 2.1 bn ≈ | 4.4 bn ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -808.8 m | -1.3 bn | -710.5 m | -2.8 bn | -2.0 bn | -2.6 bn | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | -302.8 m | -297.2 m | -914.9 m | -164.0 m | -1.4 bn | -2.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 190.3 m | 275.2 m | 608.3 m | 638.6 m | 671.7 m | 728.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Share repurchases | 39.6 m | 34.6 m | 110.0 m | 47.0 m | 169.4 m | 682.9 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 91.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation48
- Returns53
- Quality91
- Balance sheet100
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 121.35 – 285.55 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)152.44 – 229.77 (Mid 182.62)WACC 9.3% · starting FCFF 4.5 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 15.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E121.35 – 285.55 (Mid 141.66)17 companies used · median multiple 16.0x · quartiles 13.7x – 32.2xAG, AGI, ARIS, AU, B, CDE, EGO, EQX, FNV, GFI, IDR, KGC, MUX, NAMM, NEM, PAAS, VOXR
- Dividend discount (DDM)outside the aggregate19.13 – 25.73 (Mid 21.95)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 37.5% | 84 (vs peers) | 10% |
| FCF conversion · Quality | 98.6% | 98 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 27.5% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 79.6% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 20.7x | 39 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.8% | 60 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 16.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation48/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGNICO EAGLE MINES LIMITED (AEM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.9 bn USD in 2025; YoY growth 43.7%; net margin 37.5%; ROE 19.6%.
The estimated value range is 136.89–257.66 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 162.14 USD, the price of 183.45 USD leaves a potential of -11.6% (value / price − 1) and a margin of safety of -13.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 37.5%
- FCF conversion: 98.6%
- Revenue CAGR 3Y: 27.5%
- EPS CAGR 3Y: 79.6%
- Current ratio: 2.0x
- Payout ratio (FCF): 16.6%
What contradicts it
- Shareholder yield (distributions): 1.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +18% / +271% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for AEM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 120.72 Total return -33% · Per year -33% | 212.45 Total return 17% · Per year 17% | 318.67 Total return 75% · Per year 75% |
| 3 years | 143.19 Total return -20% · Per year -7% | 280.96 Total return 56% · Per year 16% | 458.88 Total return 154% · Per year 36% |
| 5 years | 169.85 Total return -3% · Per year -1% | 371.57 Total return 109% · Per year 16% | 660.79 Total return 268% · Per year 30% |
- Exit P/E± 70.24
- Net margin± 49.17
- Annual revenue growth± 36.67
- Annual dilution± 4.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (29 Sept 2026), 6-K (09 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026).
In brief
Agnico Eagle Mines Limited is a Canadian gold and base-metals miner listed on the NYSE that reports to the SEC on Form 40-F. The company has set an ambitious target of annual gold output at Detour Lake and Canadian Malartic, and its fill the mill strategy and expansion projects in Ontario, Quebec and Australia define its growth direction in the coming years 1.
SWOT
Strengths
- The company holds a portfolio of mines in Canada and Australia with clearly stated output objectives 1.
- Its financial reporting is audited by an international firm, and internal control over financial reporting is assessed as effective 1.
- The company has an audit committee with recognised financial experts and a published code of ethics 1.
Weaknesses
- Reserves and resources are estimated under Canadian standards, which makes comparison with US companies harder 1.
- Non-IFRS performance measures are not standardised, which limits their comparability with other producers 1.
- The company relies on a few major operations, and disruption at any of them could affect results 1.
Opportunities
Risks
- Metal price volatilityhigh
Revenue depends on gold, silver, zinc and copper prices, and declines could affect results 1.
- Operational and seismic riskhigh
Seismic activity at underground mines can affect production, as the company's own assumptions acknowledge 1.
- Environmental and climate riskmedium
Changes in climate and environmental law could impose extra compliance and remediation costs 1.
- Currency exposuremedium
Exchange rates between the Canadian dollar, euro, Australian dollar and Mexican peso against the US dollar can change costs and revenues 1.
- Permitting and community riskmedium
Obtaining permits and community protests, including by Indigenous groups, could delay projects 1.
Investment thesis
What would need to be true (bull case)
- If output targets at Detour Lake and Canadian Malartic are met, the company could see a meaningful rise in gold volumes 1.
- The fill the mill strategy could use existing plant capacity without large additional investment 1.
- A portfolio spread across Canada and Australia could reduce dependence on a single jurisdiction 1.
What would break the thesis
- If gold prices fall, margins could be squeezed and the output targets could become harder to justify economically 1.
- Seismic and operational risks could interrupt production and raise unexpected costs 1.
- Resource and reserve estimates are uncertain, and inferred resources cannot be assumed to be economically extractable 1.
What to watch
- Delivery of output targets at Detour Lake and Canadian Malartic2026
- Progress of the fill the mill strategy at Canadian Malartic2026
- Trend in total cash costs and all-in sustaining costs per ouncenext 10-K
- Timing of the Odyssey second shaft and other development projects2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (29 Sept 2026), 6-K (09 Sept 2026), 6-K (31 Aug 2026), 6-K (24 Aug 2026).
The business
Agnico Eagle is a Canadian mining company headquartered in Toronto that develops and operates gold mines and, as its documents indicate, by-product metals such as silver, zinc and copper 1. It presents its results in US dollars under IFRS and uses non-IFRS measures such as total cash costs per ounce and all-in sustaining costs per ounce 1. As a foreign private issuer it files annual reports on Form 40-F under the MJDS 1.
As an MJDS filer, Agnico Eagle uses Canadian NI 43-101 standards for mineral reserve and resource estimates, so these figures are not directly comparable with those of US companies 1. The document stresses that inferred mineral resources cannot be assumed to be economically mineable and that estimates may differ from actual results 1.
Governance includes an audit committee of three independent members, with Ernst & Young LLP as independent auditor in Toronto 1. The company maintains an executive compensation clawback policy under NYSE rules and Rule 10D-1 1.
Segments
Gold mines in Canada
Key assets include Detour Lake and Canadian Malartic, for which the company has set a target of one million ounces of gold per year at each 1. The document also references LaRonde, Goldex and Odyssey, along with the Wasamac and Marben Alliance projects 1.
Operations in Australia
Fosterville in Australia is among the company's operations alongside its Canadian assets and is exposed to the seismic risks cited in its outlook 1.
Development and exploration projects
The fill the mill strategy at Canadian Malartic and a possible second shaft at Odyssey are presented as potential sources of additional output, subject to their completion 1. The company also reports exploration programmes and estimates of development capital expenditure 1.
Market context
The reference market is precious and base metals, where revenue depends directly on gold, silver, zinc and copper prices and on exchange rates between the Canadian dollar, euro, Australian dollar, Mexican peso and US dollar 1. The company is listed on the NYSE and the TSX, exposing it to both US and Canadian investors 1.
The Bank of Canada rate reported for March 18, 2026 was C$1.3706 per US dollar, a useful reference for reading revenues and costs in different currencies 1. Changes in this rate can shift operating margins if expenses are incurred in a different currency from revenues 1.
Trends
- Gold demand and pricemixed
Gold prices remain the central driver of revenue, and the company's output target could support strong results if prices stay favourable 1.
- Production expansiontailwind
The fill the mill strategy and expansion projects could raise output if ramp-up and recovery rates are confirmed 1.
- Environmental and climate regulationheadwind
Changes in climate and environmental rules could raise compliance and remediation costs, as the company's filing warns 1.
- Operating costs and labourheadwind
Prices and availability of equipment, labour and construction supplies affect costs, and any disruption could weigh on margins 1.
Competitive position
The filing does not describe rivals in detail, but the company operates among gold and base-metal producers, where comparisons are made on cost per ounce and annual output 1. The company notes that its measures are not standardised and may differ from those reported by other gold producers 1.
The company's differentiation rests on its high-grade Canadian and Australian assets, its per-mine output target and cost discipline, which the filing presents as priorities 1.
- Other Canadian gold producers
The filing refers generally to other gold producers without naming them, so cost and output comparisons remain unspecified 1.
- Gold producers in Australia
Australian operations such as Fosterville are mentioned, but local competitors are not identified 1.
- Silver and base-metal producers
The company also produces by-product metals, so it competes with silver, zinc and copper producers that the document does not name 1.
- Other NYSE-listed mining companies
Agnico Eagle is NYSE-listed, but the filing does not identify other listed companies as direct rivals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Agnico Eagle (AEM) Flags Diesel Risk to Gold Output Costs Next YearBloomberg Markets · 29 Oct 2026 · EN
- Agnico Eagle Stock Rapidly Approaches Buy Point Amid Gold RallyYahoo Finance — News · 27 Aug 2026 · EN
- Agnico Eagle to Build $1.7 Billion Gold Mine in Canada’s ArcticBloomberg Markets · 19 May 2026 · EN
The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)27 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Agnico Eagle Mines Limited · 19 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.