Agnico Eagle output falls 6.1% in Q3 as realised gold rises 22.7%
The miner expects 2026 payable output at the low end of its 3.3 million to 3.5 million ounce range. Canadian Malartic made 111,202 ounces in the third quarter, 29.1% below a year earlier, as lower-grade stockpiles supplemented mill feed.
By Carat Capital
What changed
Less gold, higher price. Agnico Eagle produced 814,012 ounces of gold in the third quarter, 6.1% fewer than a year earlier. Its average realised price rose 22.7%.
What it means
- If you price gold jewellery: The tape's $3,995.60 is 6.3% under Agnico's third-quarter average of $4,264.
- If you follow mine supply: Agnico guides to the bottom of its 2026 range, with costs near the top.
- What this is not: A shortage. It is one miner's quarter, and group output fell 6.1%.
Key figures
| Gold productionQ3, from 866,936 | 814,012 oz |
|---|---|
| Realised goldQ3, from $3,476 | $4,264/oz |
| Canadian Malartic29.1% below Q3 2025 | 111,202 oz |
| 2026 guidancepayable, now the low end | 3.3–3.5 Moz |
Source: Agnico Eagle Q3 2026 MD&A, Form 6-K Exhibit 99.1, dated 28 October 2026. Spot gold: Carat Capital tape, Kitco bid, 05:00 EDT 30 October 2026.
Revenue rose on price.
Revenue up 17.1%. Revenue from mining rose to $3.58 billion from $3.06 billion. Agnico credits mainly the higher realised price, plus more sales from Meliadine, LaRonde and Kittila.
Profit up 28.2%. Net income rose to $1.35 billion from $1.05 billion. Production costs also rose, which Agnico ties to higher royalties and diesel.
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Gold production, oz | 814,012 | 866,936 | −6.1% |
| Realised gold, $/oz | 4,264 | 3,476 | +22.7% |
| Revenue from mining, $m | 3,583.6 | 3,059.5 | +17.1% |
| Net income, $m | 1,352.9 | 1,055.0 | +28.2% |
| Canadian Malartic, oz | 111,202 | 156,875 | −29.1% |
Source tables give dollars in thousands; shown here in millions. The company prints 22.7% and 29.1%; −6.1%, +17.1% and +28.2% are Carat Capital's division.
Malartic supplemented feed with stockpiles.
A pit wall moved. A rock mass moved on the north wall of the Barnat pit on 1 July. Mining there stopped and resumed on 27 September.
Lower grades, less throughput. Canadian Malartic produced 111,202 ounces in Q3, 29.1% below a year earlier. Agnico cites lower grades, as low-grade stockpiles fed the mill, and lower throughput.
Guidance at the low end.
Costs near the top. Agnico expects payable 2026 output at the low end of 3.3 million to 3.5 million ounces. Total cash costs should sit near the top of $1,020 to $1,120 an ounce.
Malartic costs rise. Agnico now expects Malartic's 2026 total cash cost at about $1,260 an ounce, against prior guidance of $1,187. It gave the Barnat output cuts on 2 July.
What to watch
- Q4 2026 results, early 2027The first full quarter of Barnat ore since 27 September. The test: Malartic above its Q3 111,202 ounces.
- Full-year 2026Full-year payable output against the expected 3.3 million ounce low end. The test: whether the low end holds.
The story so far
Go deeper
What would change this call
A fourth-quarter Malartic figure below 111,202 ounces, with Barnat mining again, would point at the mine plan, not the three-month pause.
What realised price means
Realised price is the average a miner received for each ounce it sold in the period. It reflects when the ounces were sold, so it differs from spot on any single day.
Method
Agnico Eagle Mines, MD&A for the three and nine months ended 30 September 2026, Form 6-K Exhibit 99.1, accession 0001104659-26-119671, dated 'October 28, 2026'. Captured by the Bureau at 04:31 EDT 30 October 2026 with the identifying header (door.py 200, 3,350,995 bytes, newsroom/bureau/raw/2026-10-30/agnico-ex99.htm); the Editor re-fetched it at 06:09 EDT with the identifying header (200, 3,350,995 bytes, identical by cmp; the browser identity got 403, 4,819 bytes) and grepped the raw bytes: '814,012' 4 hits, '866,936' 4, '4,264' 2, '3,476' 2, '3,583,609' 5, '3,059,529' 5, '1,352,874' 11, '1,054,958' 11, '22.7%' 1, '111,202' 4, '156,875' 4, '29.1%' 1, '1,260' 2, '1,187' 1, 'low end of the range of 3.3' 1. The statements are headed 'thousands of United States dollars'; 3,583,609 thousand / 4,264 = about 840,000 ounces sold, consistent with output. Arithmetic: 814,012 / 866,936 = 0.9390 -> 6.1% below; 3,583,609 / 3,059,529 = 1.1713 -> +17.1%; 1,352,874 / 1,054,958 = 1.2824 -> +28.2%; tape 3,995.6 / 4,264 = 0.9371 -> 6.3% under. Spot gold is the tape's 05:00 EDT 30 October mark (Kitco bid). Causes as the company gives them: group output fell 'primarily due to decreased production at Canadian Malartic following the rock mass movement on July 1, 2026 and at Meadowbank'; Malartic fell 'primarily due to lower grades, as the Company supplemented the mill feed with lower-grade stockpiles, and lower throughput'. The Barnat reductions of 60,000 to 80,000 ounces in H2 2026 and up to 150,000 ounces in each of 2027 and 2028 were 'reported on July 2, 2026' and are not new. English-language press carried the results on 28 and 29 October. Source verbs: Agnico says 'decreased', 'increased', 'remains at the low end', 'expected to be near the upper end'; this page says fell, rose, expects. ARCHIVE: 'Agnico' 0 rows and 'Malartic' 0 rows in website/content/articles.json (archive-hits.py, the Bureau, 30 Oct; python over titles and deks, the Editor, 30 Oct). Ours: nothing on Agnico | new: Q3 2026: NEW.