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Canoe Financial LP boosted its holdings in Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) by 130.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 986,414 shares of the mining company’s stock after acquiring an additional 558,492 shares during the quarter. Agnico Eagle Mines accounts for 2.2% of Canoe Financial LP’s portfolio, making the stock its 15th largest position. Canoe Financial LP owned about 0.19% of Agnico Eagle Mines worth $178,066,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its position in Agnico Eagle Mines by 600.0% during the 3rd quarter. Fortitude Family Office LLC now owns 140 shares of the mining company’s stock worth $26,000 after acquiring an additional 120 shares during the period. Markowski Investments bought a new position in shares of Agnico Eagle Mines in the second quarter worth $29,000. Sawyer & Company Inc bought a new position in shares of Agnico Eagle Mines in the third quarter worth $35,000. Dunhill Financial LLC acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at $31,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at $32,000. Institutional investors own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Agnico Eagle Mines from $210.00 to $225.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a research report on Friday, July 3rd. Scotiabank decreased their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Raymond James Financial lowered their target price on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating on the stock in a research note on Friday, September 4th. Finally, Barclays boosted their price target on shares of Agnico Eagle Mines from $188.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.23.

Read Our Latest Stock Report on AEM Agnico Eagle Mines Trading Up 0.6% Shares of Agnico Eagle Mines stock opened at $187.29 on Thursday. The business has a fifty day simple moving average of $195.46 and a 200-day simple moving average of $181.27. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24. The firm has a market cap of $94.95 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 2.75 and a beta of 0.64. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.94 earnings per share. On average, equities analysts forecast that Agnico Eagle Mines Limited will post 11.47 EPS for the current fiscal year.

(Free Report)

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.

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Key Takeaways Agnico Eagle is advancing key projects while boosting cash flow, buybacks and dividends.NEM expanded liquidity and free cash flow as it ramped up Ahafo North production.Both miners are exposed to higher production costs in 2026, weighing on margins. Agnico Eagle Mines Limited (AEM - Free Report) and Newmont Corporation (NEM - Free Report) are two prominent players in the gold mining space with global operations and diversified portfolios. Although gold prices have retreated sharply from their January 2026 peak, they continue to remain at supportive levels. Against this backdrop, comparing the two industry giants is particularly relevant for investors seeking exposure to the precious metals sector.

Gold has come under renewed pressure after reaching a more than three-month high near $4,650 per ounce in late August 2026. Bullion prices fell toward $4,300 an ounce following the U.S. Federal Reserve’s interest rate hike, its first in more than three years, and expectations of another increase before the year-end. A stronger U.S. dollar and an uptick in oil prices following the recent pullback have put pressure on gold lately. Gold prices remain roughly 15% higher year over year despite the recent retreat.

Let’s dive deep and closely compare the fundamentals of these two mining giants to determine which one is a better investment now.

The Case for Agnico EagleAgnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.

The merger with Kirkland Lake Gold established Agnico Eagle as the industry's highest-quality senior gold producer. The integrated entity now has an extensive pipeline of development and exploration projects to drive sustainable growth. It also has the financial flexibility to fund a strong pipeline of growth projects.

AEM has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies. Operating cash flow was roughly $2.1 billion in the second quarter, up around 16% from the year-ago quarter.

 AEM generated record second-quarter free cash flow of roughly $1.3 billion, driven by higher realized gold prices, cost control and strong operational results.  The company remains focused on paying down debt using excess cash, with total long-term debt reducing by roughly $950 million in 2025. AEM had a total long-term debt of $197 million at the end of the second quarter. It ended the quarter with a significant net cash position of roughly $3.3 billion, driven by an increase in cash.

AEM also returned $1 billion in the first half of 2026 through dividends and share buybacks, including a record $625 million in the second quarter. It repurchased shares worth $550 million in the first half and raised the quarterly dividend by 12.5% to 45 cents per share. The company plans to return 40% of its annual free cash flow to its shareholders. AEM offers a dividend yield of 0.9% at the current stock price. It has a five-year annualized dividend growth rate of 2.7% and a payout ratio of 16%.

Agnico Eagle, however, remains exposed to higher production costs. Its all-in-sustaining costs (AISC) — a critical cost metric for miners — were $1,459 per ounce in the second quarter, marking a roughly 14% year-over-year rise, impacted by higher total cash costs and an uptick in sustaining capital expenditures. Total cash costs per ounce for gold were $1,054, 14% higher than $925 a year ago. Total cash costs rose due to increased royalty costs, higher labor and energy costs and lower production.

AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges. Higher production costs warrant caution, as they will likely weigh on profitability.

Agnico Eagle saw less production in the first half of 2026 due to lower grades and throughput across certain mines. Production also fell in the second quarter, impacted by reduced production from Canadian Malartic. Barnat pit wall movement is a key near-term operational risk. A rock mass movement at the Barnat open pit at Canadian Malartic involved roughly one million tons of material. Mining was suspended at the pit, with remediation expected in the third quarter and mining resumption anticipated in the fourth quarter.

The event is projected to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026. For full-year 2026, the company expects gold production near the lower end of its 3.3 million to 3.5 million ounces guidance, reflecting the preliminary redesign of the Barnat open pit. The reduced production base is likely to keep per-ounce costs elevated, potentially limiting margin expansion.

The Case for NewmontNewmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits. NEM has recommenced work at the Cadia panel cave project following the seismic event in April. The Tanami expansion is progressing with an expected completion of all underground infrastructure by the end of the third quarter of 2026.

In October 2025, NEM achieved commercial production at Ahafo North, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years.

NEM has also received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals take the project closer to the final investment decision.

Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the second quarter of 2026, Newmont had robust liquidity of roughly $13 billion, including cash and cash equivalents of around $9 billion. Net cash provided by operating activities amounted to $2.9 billion, up roughly 23% from the year-ago quarter. Its free cash flow climbed 29% year over year to a record $2.2 billion, led by an increase in net cash from operating activities.

 Newmont distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $1.9 billion to its shareholders since April 23, 2026. Newmont has executed buybacks under the current $6 billion authorized share repurchase program, with $4.3 billion remaining under it. NEM offers a dividend yield of 0.8% at the current stock price. Its payout ratio is 11%.

Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It ended the second quarter with a strong net cash position of $3.4 billion and remains actively focused on managing its debt.

NEM saw lower gold production for the second quarter, partly linked to its strategic divestment of non-core assets. The company reported a roughly 13% year-over-year and 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

Lower production is expected to lead to higher unit costs in 2026. NEM expects AISC to be $1,680 per ounce on a by-product basis, indicating a notable increase from $1,358 per ounce in 2025. The anticipated increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. Newmont also sees a sequential rise in unit costs in the third quarter, mainly due to increased sustaining capital spending and higher oil prices.

AEM & NEM: Price Performance, Valuation & Other ComparisonsAEM stock has gained 22.3% over the past year, while NEM stock has rallied 47.7% compared with the Zacks Mining – Gold industry’s increase of 31%.

Image Source: Zacks Investment Research

AEM is currently trading at a forward 12-month earnings multiple of 17.24, lower than its five-year median. This represents a 27% premium when stacked up with the industry average of 13.57X.

Image Source: Zacks Investment Research

Newmont is trading at a discount to Agnico Eagle. The NEM stock is currently trading at a forward 12-month earnings multiple of 12.60, lower than its five-year median and below the industry. 

Image Source: Zacks Investment Research

NEM’s return on equity of 29.1% is higher than AEM’s 22%. This reflects Newmont’s efficient use of shareholder funds in generating profits.

Image Source: Zacks Investment Research

How Does Zacks Consensus Estimate Compare for AEM & NEM?The Zacks Consensus Estimate for AEM’s 2026 sales and EPS implies a year-over-year rise of 26.3% and 38.4%, respectively. The EPS estimates for 2026 have been trending lower over the last 60 days.

Image Source: Zacks Investment Research

The consensus estimate for NEM’s 2026 sales and EPS implies year-over-year growth of 14.5% and 31.9%, respectively. The EPS estimates for 2026 have been trending downward over the last 60 days.

Image Source: Zacks Investment Research

AEM or NEM: Which Is a Better Pick?Both AEM and NEM currently have a Zacks Rank #3 (Hold) each, so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both Agnico Eagle and Newmont are demonstrating strong financial performance and commitment to shareholder returns, leveraging higher realized gold prices. Both have a strong pipeline of development projects and solid financial health. NEM’s higher ROE indicates that it is more effectively utilizing shareholder funds. In addition, NEM’s cheap valuation offers an attractive entry point. Investors seeking exposure to the gold space might consider Newmont as the more favorable option at this time.

, /PRNewswire/ -- Luca Mining Corp. ("Luca" or the "Company") (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce that it has entered into a definitive asset purchase agreement (the "Agreement") dated September 17, 2026 with Agnico Eagle Mines Limited ("Agnico Eagle"), an arm's length party to Luca, to acquire 100% of the El Barqueño property (the "Project"). All dollar amounts in this news release are in US dollars unless otherwise specified.

The El Barqueño property covers over 32,000 hectares, is accessible by paved and secondary roads, and is located in the State of Jalisco, Mexico approximately 100km west of Guadalajara city and proximate to the municipality of Guachinango (see Figure 1 below). The Project is host to a historical (2025) mineral resource estimate of 399,265 ounces of gold equivalent at 1.47 g/t AuEq classified as indicated with an additional 650,046 ounces of gold equivalent at 1.43 g/t AuEq inferred (see Figure 2 below). This resource estimate is being treated by Luca as a historical estimate under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and a Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. The historical estimate should not be relied upon and is being shared strictly for informational purposes.

Dan Barnholden, Luca's CEO and Director, commented, "The acquisition of El Barqueño will be a highly strategic and accretive transaction for Luca. We are excited to add a high-quality, high-grade gold-silver-copper development project to our portfolio of mining assets in Mexico. This acquisition aligns with our growth strategy to use our specific in-country skills and experience to de-risk mining projects, adding value and realizing benefits for all stakeholders. Luca is uniquely positioned to create value at El Barqueño and we will use our expertise to advance permitting efforts at the Project, which we believe is amenable to both open-pit and underground mining methods."

"Furthermore, our exploration team is excited to evaluate the growth potential at El Barqueño with a large-scale, regional exploration focus. We look forward to building on Agnico Eagle's strong track record of community involvement, social governance and environmental stewardship at the Project, and we are pleased to add Agnico Eagle as a significant Luca shareholder."

Paul Gray, Luca's Vice President of Exploration, added, "El Barqueño is a property with excellent infrastructure, a first-class geologic and exploration database, and numerous high-priority targets that require follow up exploration. Upon receipt of exploration permits, Luca's exploration team is excited to build upon these substantial historic exploration efforts. We are confident that the El Barqueño property will yield many additional exploration discoveries over the coming years."

Transaction Summary and Timing

On closing, Luca will acquire 100% of the El Barqueño property (the "Transaction") from a Mexican subsidiary of Agnico Eagle. Consideration to be paid to Agnico Eagle in connection with the Transaction includes:

An initial payment of $10 million on closing of the Transaction to be satisfied through the issuance of common shares of Luca (the "Luca Shares"). Deferred consideration of up to $30 million through milestone-linked payments (the "Contingent Payments"). At the sole election of Luca, the Contingent Payments may be paid in cash or, subject to certain exceptions, through the issuance of Luca Shares at each milestone achievement date, or a combination of both. The Contingent Payments are payable as follows: $15 million payable three (3) months following the commencement of the first drilling program at the Project; and $15 million upon the achievement of commercial production at the Project. Additional consideration of up to $20 million in production milestone-linked payments, comprised of: $5 million for every 100,000 gold equivalent ounces produced at the Project up to a maximum of 400,000 gold equivalent ounces. A 2.0% net smelter return ("NSR") interest granted to Agnico Eagle on all metal production solely in respect of certain areas of the El Barqueño property which host currently defined mineral resources. Luca will have the right to repurchase one-half of the NSR (reducing the NSR to 1%) at any time for $12.5 million. Closing of the Transaction is expected to occur in the fourth quarter of 2026, and is subject to the receipt of all required regulatory approvals, including approval from the Mexican Federal Economic Competition Commission and the TSX Venture Exchange ("TSXV"), and other customary closing conditions for a transaction of this nature.

El Barqueño Project Background

Agnico Eagle acquired the El Barqueño property through acquisitions of Cayden Resources and Soltoro Ltd. in 2014 and 2015, respectively. Agnico Eagle subsequently conducted approximately 225,000 metres of exploration drilling, primarily between 2015-2018. The overall historic exploration effort at El Barqueño totals approximately 300,000 metres of drilling. Mineralized deposits have been defined at the following areas (see Figures 2 and 3 below): Azteca-Zapoteca-Cuauhtémoc, Angostura, Peña de Oro, and Socorro (Northern deposits) and El Rayo, Soledad, Bolas and Highway (Southern deposits). The Northern deposits at the El Barqueño property are subject to existing NSR royalties averaging 3.7%. The Southern deposits are not subject to any pre-existing NSR royalties.

Local geology at the El Barqueño property includes a shallow dipping sequence of Cretaceous to Paleocene volcanic rocks as well as monzodiorite and diorite intrusives. The main mineralization style at the El Barqueño deposits is vein-breccia mineralization demonstrating sub-planar brecciated structures containing abundant fragments of quartz veins. Multi-stage crustiform quartz vein structures, stockwork breccias and fault-vein mineralization are also observed. Sulphide assemblages include pyrite, chalcopyrite, galena, sphalerite and chalcocite.

The El Barqueño property is not currently permitted for exploration drilling due to the existence of the Jalisco Regional Ecological Territorial Planning Program ("POETR") which covers portions of the Project (the "Concessions"). A direct amparo proceeding has been instituted before the Fourth District Court for Administrative Matters in the State of Jalisco regarding the application of the POETR on the relevant Concessions, which were granted prior to the creation of the POETR (the "Amparo"). An Amparo proceeding is a well-established legal process in Mexico through which acts or omissions of government authorities may be challenged on constitutional grounds. Luca is working with Agnico Eagle regarding the ongoing Amparo and intends to continue pursuing a legal pathway to address the application of the POETR to the project. Luca looks forward to a successful resolution to the POETR and the re-confirmation of the exploration and development pathway for El Barqueño, which will allow the Project to deliver substantial economic and social benefits to the State of Jalisco and local host communities.

Historic Mineral Resource Estimate

The Project's north and south mineral resource estimates disclosed in Figure 2 below are historical in nature and are being treated by Luca as historical estimates NI 43-101. A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. Luca is not treating the historical estimate as current mineral resources, and the historical estimate should not be relied upon. It is being shared strictly for informational purposes. Luca believes that the historical estimate is relevant to an appraisal of the merits of the Project and forms a basis upon which to develop future exploration programs. While the historical estimate has not been independently verified by the Company, the public disclosure of the data in accordance with NI 43-101 indicates that the historical estimate was prepared to a reasonably high standard. Following the closing of the Transaction, Luca plans to prepare a current mineral resource estimate for El Barqueño, develop exploration targets and analyze the economics of various scales of production.

In order to verify the historical estimate to a current mineral resource estimate, the Company will need to retain a Qualified Person to verify historical drilling and assaying methods and validate historical results, revise for current metal prices, and add any drilling and assaying or other pertinent geological information generated since the last estimation. There can be no assurance that any of the historical estimates, in whole or in part, will ever become economically viable.

Advisors and Counsel

ATB Cormark Capital Markets is acting as financial advisor to Luca, and Cassels Brock & Blackwell LLP is acting as legal advisor to Luca.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead, generating strong cash flow. Both mines have considerable development and resource upside as well as significant exploration potential.

The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres. It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company as defined by NI 43-101.

On Behalf of the Board of Directors
(signed) "Dan Barnholden"

Dan Barnholden, Chief Executive Officer

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to: the closing of the Transaction and the anticipated timing thereof; the anticipated benefits of the Transaction, including anticipated synergies and the impact of the Transaction on the Company's operations, financial condition, and overall strategy; the Company's plans for and the potential success of future exploration and development activities, including expectations with respect to permitting, development and other work that may be required; the proposed timing of the Amparo proceeding and likelihood of success; future exploration activities and the anticipated results thereof, including the timing and results of future resource and/or reserve estimates; resource potential, including the potential quantity and/or grade of minerals, or the potential size of a mineralized zone; plans with respect to existing and new infrastructure; receipt of all necessary approvals with respect to the Transaction, including but not limited to the approval of the Mexican Federal Economic Competition Commission and the TSXV; satisfaction of the various conditions to closing of the Transaction and payment of the future contingent consideration; other statements relating to the financial and business prospects of the Company; information as to the Company's strategy, plans or future financial or operating performance; and other events or conditions that may occur in the future.

In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans"," expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to: the satisfaction of all conditions to closing the Transaction; the successful completion of the Transaction and the Company's ability to achieve the anticipated benefits therefrom; the accuracy of historical and forward-looking operational information and estimates; the Company's ability to successfully integrate the El Barqueño project into the Company's existing operations; the ability of the Company to successfully obtain all exploration permits; the ability of the Company to complete the necessary work required with respect to the El Barqueño and the anticipated benefits therefrom; the continuing accuracy of statements regarding El Barqueño, including the results of technical studies and the anticipated capital and operations costs, concession or claim renewal, permitting, mineral resource and/or reserve estimates, the cost of development, and other expected attributes of the properties, the timing of any environmental assessment processes, changes to configuration that may be requested as a result of stakeholder or government input to the environmental assessment processes, government regulations and permitting timelines; the future price of gold and other metals; currency exchange rates and interest rates; favourable operating conditions; political stability; timely receipt of governmental approvals, licenses, and permits (and renewals thereof); access to necessary financing; stability of labour markets and in market conditions in general; availability of equipment; the accuracy of mineral resource estimates, and of any metallurgical testing completed to date; the costs and expenditures to complete the Company's programs and goals; the speculative nature of mineral exploration and development and mining operations in general; there being no significant disruptions affecting the development and operation of the Company's properties; the availability of certain consumables and services and the prices for power and other key supplies being approximately consistent with assumptions; labour and materials costs being approximately consistent with assumptions; assumptions made in mineral resource estimates, including, but not limited to, geological interpretation, grades, metal price assumptions, metallurgical and mining recovery rates, geotechnical and hydrogeological assumptions, capital and operating cost estimates, and general marketing factors; requirements for additional capital; environmental risks; general business and economic conditions; delays in obtaining, or the inability to obtain, third-party contracts, equipment, supplies and governmental or other approvals; changes in law, including the enactment of mining law reforms; accidents; labour disputes; unavailability of appropriate land use permits; changes to land usage agreements and other risks of the mining industry generally; the inability to obtain financing required for the completion of exploration and development activities; changes in business and economic conditions; international conflicts; other factors beyond the Company's control; and those factors included herein and elsewhere in the Company's public disclosure.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate as actual developments or events could cause results to differ materially from those anticipated. These include, among others, the factors described or referred to elsewhere herein and include unanticipated and/or unusual events. Many of such factors are beyond the Company's ability to predict or control.

The Forward-Looking Information included in this news release is expressly qualified by the foregoing cautionary statements. Readers of this news release are cautioned not to put undue reliance on the Forward-Looking Information due to its inherent uncertainty. The Company disclaims any intent or obligation to update any Forward-Looking Information, whether as a result of new information, future events or results or otherwise, unless required under applicable laws. This Forward-Looking Information should not be relied upon as representing management's views as of any date subsequent to the date of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Luca Mining Corp.

Stock Symbol: AEM (NYSE and TSX)

, /PRNewswire/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that its wholly-owned subsidiary, Agnico Eagle (USA) Limited ("Agnico USA") has entered into a securities and asset purchase agreement dated September 8, 2026 (the "Purchase Agreement") with Vizsla Copper Corp. (TSX.V: VCU, OTCQB: VCUFF) ("Vizsla Copper") and its wholly-owned subsidiary, Vizsla Copper US Acquisitions LLC, pursuant to which Agnico USA has agreed to sell: (a) all of the issued and outstanding membership interests of Delta Project LLC, a Delaware limited liability company that holds the mining claims comprising the Delta base and precious metal project ("Delta"); and (b) the assets comprising the Helm Bay gold project ("Helm Bay") in return for certain aggregate consideration and contingent milestone payments as set out below (the "Transaction").

The Transaction is subject to certain closing conditions, including approval of the TSX Venture Exchange (the "TSXV"), and is expected to close in the fourth quarter of 2026.

Pursuant to the Purchase Agreement, Agnico Eagle will receive the following aggregate consideration:

22,523,283 common shares of Vizsla Copper (each, a "Common Share") representing approximately 19.99% of the issued and outstanding Common Shares as at the date of the Purchase Agreement, to be issued to Agnico Eagle at closing (the "Initial Consideration Shares"); 2,903,490 Common Shares (the "Deferred Consideration Shares" and, together with the Initial Consideration Shares, the "Consideration Shares"), to be issued to Agnico Eagle following receipt of disinterested shareholder approval, subject to certain conditions; 3,041,480 Common Share purchase warrants, each exercisable to acquire one Common Share at an exercise price of C$1.95 per Common Share for a period of two years from the date of issuance (each, a "Warrant"); and a 2.0% net smelter return royalty on Delta and a 3.0% net smelter return royalty on Helm Bay (together, the "NSRs"), to be granted to Agnico Eagle at closing pursuant to separate royalty agreements. Vizsla Copper will have the right to purchase 50% of each of the NSRs at any time for C$5,000,000. The Consideration Shares will be issued at a deemed price of C$1.26 per Common Share for an aggregate value of approximately C$32,037,734.

Vizsla Copper will also make the following contingent milestone payments to Agnico Eagle in respect of Delta (each of which may be satisfied, at Vizsla Copper's election, in cash or in Common Shares, subject to certain limitations set out in the Purchase Agreement):

C$5,000,000, upon Vizsla Copper publicly disclosing a mineral resource estimate for Delta indicating an aggregate mineral resource of at least 300,000 copper equivalent tonnes of metal; C$5,000,000, upon completion by Vizsla Copper of a feasibility study for Delta; and C$10,000,000, upon Delta achieving commercial production. Where a milestone payment is satisfied in Common Shares, the number of Common Shares issuable will be determined by reference to the 20-day volume-weighted average trading price of the Common Shares at the relevant time, subject to a floor price of C$1.26 per Common Share, being the maximum discount permitted under the policies of the TSXV. Any milestone payment that would result in Agnico Eagle having beneficial ownership of, or exercising control or direction over, 20% or more of the issued and outstanding Common Shares, or that cannot be satisfied in Common Shares because the required TSXV acceptance has not been obtained, will be satisfied in cash.

On closing of the Transaction, Agnico Eagle is expected to hold approximately 19.99% of the issued and outstanding Common Shares. Following closing, Vizsla Copper will seek disinterested shareholder approval to approve the issuance of the Deferred Consideration Shares, which would result in Agnico Eagle holding approximately 22.0% of the issued and outstanding Common Shares on a post-Transaction basis. In addition, the Warrants will provide that the holder thereof cannot exercise any Warrants to acquire Common Shares if such acquisition would result in the holder having beneficial ownership or control of 19.99% or more of the issued and outstanding Common Shares at the time of exercise. If the Deferred Consideration Shares have not been issued by January 31, 2027, Vizsla Copper will instead be required to issue to Agnico Eagle a non-interest-bearing promissory note.

The Transaction constitutes a "Reviewable Transaction" under TSXV Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets, as the Consideration Shares to be issued to Agnico Eagle will result in Agnico Eagle becoming an Insider of Vizsla Copper.

In addition, on closing of the Transaction, Agnico Eagle and Vizsla Copper will enter into an investor rights agreement pursuant to which Agnico Eagle will be granted certain rights, provided that it maintains certain ownership thresholds in the Common Shares, including: (i) the right to nominate one person (and in the case of an increase in the size of Vizsla Copper's board of directors to eight or more directors, two persons) to Vizsla Copper's board of directors; (ii) the right to participate in certain equity offerings and dilutive issuances in order to maintain or acquire up to the greater of Agnico Eagle's then-current ownership interest and an ownership interest of 19.9% (on a partially-diluted basis) in Vizsla Copper; and (iii) demand and piggy-back registration rights in respect of certain offerings.

Agnico Eagle is acquiring the Common Shares and Warrants as part of its strategy of acquiring strategic positions in prospective opportunities with high geological potential. Depending on market conditions, strategic priorities and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, Warrants or other securities of Vizsla Copper or dispose of some or all of the Common Shares, Warrants or other securities of Vizsla Copper that it owns at such time.

Post Closing Financing Commitment

Agnico Eagle has agreed to participate in the first equity financing completed by Vizsla Copper following the date of the Purchase Agreement (the "Post-Closing Financing"), in an amount not to exceed the lesser of (a) C$5,000,000, and (b) 10% of the aggregate gross proceeds of the Post-Closing Financing. Agnico Eagle's participation in the Post-Closing Financing is conditional on the Post-Closing Financing having a minimum aggregate offering size of C$30,000,000, and it being completed on or before December 31, 2026.

An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: [email protected]

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Vizsla Copper's head office is located at 1723 – 595 W. Burrard St., Vancouver, BC V7X 1J1.

Advisors

Stifel Canada is acting as financial advisor to Agnico Eagle. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Agnico Eagle.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. Agnico Eagle is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

For further information regarding Agnico Eagle, contact Investor Relations at [email protected] or call (416) 947-1212.

Forward-Looking Statements

The information in this news release has been prepared as at September 8, 2026. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.

Forward-looking statements in this news release include, without limitation, statements relating to Agnico Eagle's receipt of Common Shares, Warrants and NSRs pursuant to the Purchase Agreement, the expected closing and closing date of the Transaction, Agnico Eagle's expected royalty interest in Delta and Helm Bay, the contingent milestone payments payable in respect of Delta and the manner in which they may be satisfied, Agnico Eagle's participation in the Post-Closing Financing, Agnico Eagle's expected ownership interest in Vizsla Copper upon closing of the Transaction, the investor rights agreement to be entered into between Agnico Eagle and Vizsla Copper on closing of the Transaction and Agnico Eagle's acquisition or disposition of securities of Vizsla Copper in the future. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

SOURCE Agnico Eagle Mines Limited

Key Takeaways Agnico Eagle will acquire 53.42 million Radisson units for about C$57.2 million. The investment will fund advanced underground exploration and further evaluation of the O'Brien Project. Agnico Eagle is expected to hold 10.45% of Radisson and gain rights to support its strategic position. Agnico Eagle Mines Limited (AEM - Free Report)  recently announced that it has entered into a subscription agreement with Radisson Mining Resources Inc. to make an investment to support an advanced underground exploration program. 

Under the agreement, Agnico Eagle will acquire 53.42 million units of Radisson at C$1.07 per unit through a non-brokered private placement, providing Radisson with gross proceeds of approximately C$57.2 million. Each unit consists of one common share and one-half of a warrant. Each whole warrant will allow Agnico Eagle to purchase an additional Radisson share at C$1.39 for five years, subject to potential acceleration provisions. 

Following completion of the transaction, Agnico Eagle is expected to hold approximately 10.45% of Radisson's issued and outstanding common shares on a non-diluted basis. The investment is intended to provide Radisson with the capital required to advance exploration and further evaluate the mineral potential of the O’Brien Project, while giving Agnico Eagle exposure to a prospective gold asset in the Abitibi region. 

The investment also provides Agnico Eagle with certain investor rights, including participation rights in future financings and the ability to maintain or increase its ownership position, subject to agreed ownership thresholds. The agreement includes provisions concerning transactions involving Radisson’s mineral properties, further strengthening Agnico Eagle’s position as a strategic investor. 

The transaction is consistent with Agnico Eagle’s broader strategy of establishing positions in high-potential exploration and development assets, particularly in regions where it already has significant operating and technical expertise. 

Price Performance of AEMShares of AEM are up 56% over the past year compared with the industry’s 64.9% rise.

Image Source: Zacks Investment Research

AEM’s Zacks Rank & Key PicksAEM currently carries a Zacks Rank #5 (Strong Sell). 

Some better-ranked stocks in the Basic Materials space are Worthington Steel, Inc. (WS - Free Report) , Carpenter Technology Corporation (CRS - Free Report)  and Avient Corporation (AVNT - Free Report) . WS currently sports a Zacks Rank #1 (Strong Buy), while CRS and AVNT carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for WS’ current-year earnings stands at $3.4 per share, implying a 52.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 13.8%.

The Zacks Consensus Estimate for CRS’ fiscal current-year earnings is pegged at $13.08 per share, implying a 21.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 8.4%.

The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.2 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 3.4%. 

Key Takeaways Agnico Eagle's shares gained on rallying gold prices and forecast-topping second-quarter earnings.AEM's growth projects and strong cash flow support production expansion, debt cuts and shareholder returns.Higher costs, lower production and declining earnings estimates weigh on AEM. Agnico Eagle Mines Limited’s (AEM - Free Report) shares have rallied 24.6% in the past month, thanks to a rebound in gold prices and the company’s forecast-topping earnings performance in the second quarter driven by higher realized prices. AEM saw 35% and 57% year-over-year growth in its top line and adjusted earnings in the quarter, respectively, thanks to higher prices.

AEM has modestly underperformed the Zacks Mining – Gold industry’s 25.1% increase while topping the S&P 500’s rise of 2.8%. Its gold mining peers, Newmont Corporation (NEM - Free Report) , Barrick Mining Corporation (B - Free Report) and Kinross Gold Corporation (KGC - Free Report) have gained 21.3%, 21.5% and 17.7%, respectively, over the same period.

AEM’s One-month Price Performance Image Source: Zacks Investment Research

AEM stock broke above the 50-day simple moving average (SMA) on Aug. 5, 2026. The stock has been trading below the 200-day SMA since May 15, 2026. Following a death crossover on June 18, 2026, the 50-day SMA is lower than the 200-day SMA, indicating a bearish trend.

Agnico Eagle’s Shares Trade Above 50-Day SMA Image Source: Zacks Investment Research

Let’s take a look at AEM’s fundamentals to better analyze how to play the stock.

Key Projects to Drive AEM’s Production UpsideAgnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.

   The Hope Bay Project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the years to come. AEM made a positive investment decision for the project in May 2026, backed by a study with a projected annual gold production of 400,000 to 435,000 ounces over an initial 11-year mine life. The company carried out construction activities in the second quarter to support project redevelopment.

At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. Production from the East Gouldie deposit ramped up during the second quarter.

Drilling at the Marban deposit, added through the acquisition of O3 Mining, focuses on mineral reserve and mineral resource expansion. At San Nicolas, the land use change and the environmental impact assessment permits were received in July 2026, marking a milestone for the development of the project. At Detour Lake, AEM advanced the development of the exploration ramp during the second quarter. Development activities also advanced at Upper Beaver, which has the potential to produce 200,000-225,000 ounces of gold and 3,600 tons of copper annually.

AEM’s Solid Financial Health Supports Capital AllocationAEM has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies. Operating cash flow was roughly $2.1 billion in the second quarter, up around 16% from the year-ago quarter.

AEM generated record second-quarter free cash flow of roughly $1.3 billion, driven by higher realized gold prices, cost control and strong operational results. Higher realized prices are expected to continue to boost AEM’s profitability and drive cash flow generation.

Gold prices are regaining strength after a significant downward correction. Heightened geopolitical tensions, a weaker U.S. dollar and tariff-related worries drove bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions. While gold started April near $4,800 per ounce, prices tumbled to $4,500 per ounce around the end of May.

Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran. Prices remain, for the most part, under pressure in July, occasionally breaking above the $4,100 per ounce level.

Gold prices have been on an upward trajectory lately, surging above $4,300 per ounce, as a slump in oil prices, driven by efforts to reopen the Strait of Hormuz, eased inflation concerns, reducing expectations for a U.S. interest rate hike.

Meanwhile, the company remains focused on paying down debt using excess cash, with total long-term debt reducing by roughly $950 million in 2025. AEM had a total long-term debt of $197 million at the end of the second quarter. It ended the quarter with a significant net cash position of roughly $3.3 billion, driven by an increase in cash.

AEM also returned $1 billion in the first half of 2026 through dividends and share buybacks, including a record $625 million in the second quarter. It repurchased shares worth $550 million in the first half. It raised the quarterly dividend by 12.5% to 45 cents per share.  The company plans to return 40% of its annual free cash flow to its shareholders. AEM offers a dividend yield of 1% at the current stock price. It has a five-year annualized dividend growth rate of 2.7% and a payout ratio of 16%.

Higher Costs & Production Headwinds Weigh on AEM StockAgnico Eagle remains exposed to higher production costs. Its all-in-sustaining costs (AISC) — a critical cost metric for miners — were $1,459 per ounce in the second quarter, marking a roughly 14% year-over-year rise, impacted by higher total cash costs and an uptick in sustaining capital expenditures. Total cash costs per ounce for gold were $1,054, 14% higher than $925 a year ago. Total cash costs rose due to increased royalty costs, higher labor and energy costs and lower production.

AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges. Higher production costs warrant caution, as they will likely weigh on profitability.

Agnico Eagle also saw lower production in the first half of 2026 due to lower grades and throughput across certain mines. Production also fell in the second quarter, impacted by reduced production from Canadian Malartic. Barnat pit wall movement is a key near-term operational risk. A rock mass movement at the Barnat open pit at Canadian Malartic involved roughly one million tons of material. Mining was suspended at the pit, with remediation expected in the third quarter and mining resumption anticipated in the fourth quarter.

The event is projected to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026. For full-year 2026, the company expects gold production near the lower end of its guidance of 3.3 million to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit. The reduced production base is likely to keep per-ounce costs elevated, potentially limiting margin expansion.

AEM’s Earnings Estimates SouthboundThe Zacks Consensus Estimate for AEM’s 2026 earnings has been going down over the past 60 days. The consensus estimate for third-quarter 2026 earnings has also been revised lower over the same time frame.

Image Source: Zacks Investment Research

Agnico Eagle Stock Trades at a PremiumAgnico Eagle is currently trading at a forward 12-month earnings multiple of 15.47, a roughly 28.5% premium to the peer group average of 12.04X. AEM is also trading at a premium to Barrick Mining, Newmont and Kinross Gold. Agnico Eagle has a Value Score of D. Barrick Mining, Newmont and Kinross Gold have a Value Score of B, each.  

AEM’s P/E F12M Vs. Industry, B, NEM & KGC Image Source: Zacks Investment Research

How Should Investors Play AEM Stock?AEM is backed by a solid lineup of growth initiatives and a healthy balance sheet. Higher realized gold prices should support stronger margins and improved cash flow. However, elevated cost levels and lower expected production may weigh on the company’s performance. Its stretched valuation also might not offer an attractive entry point at this time. This, coupled with declining earnings estimates, casts a pall on the company's prospects. Therefore, it is prudent to avoid this Zacks Rank #5 (Strong Sell) stock.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Agnico Eagle Mines (AEM - Free Report) came out with quarterly earnings of $3.05 per share, beating the Zacks Consensus Estimate of $2.89 per share. This compares to earnings of $1.94 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.54%. A quarter ago, it was expected that this gold mining company would post earnings of $3.19 per share when it actually produced earnings of $3.4, delivering a surprise of +6.58%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Agnico, which belongs to the Zacks Mining - Gold industry, posted revenues of $3.8 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.56%. This compares to year-ago revenues of $2.82 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Agnico shares have lost about 15.2% since the beginning of the year versus the S&P 500's gain of 8.5%.

What's Next for Agnico?While Agnico has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Agnico was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.73 on $3.84 billion in revenues for the coming quarter and $11.76 on $15.84 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Gold is currently in the bottom 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Idaho Strategic Resources, Inc. (IDR - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +65%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Idaho Strategic Resources, Inc.'s revenues are expected to be $14.6 million, up 54% from the year-ago quarter.

Stock Symbol: AEM (NYSE and TSX)

, /PRNewswire/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has entered into a subscription agreement dated July 23, 2026 (the "Subscription Agreement") with Cadillac Mines Corporation ("Cadillac"), pursuant to which Agnico Eagle agreed to acquire 8,696,000 common shares of Cadillac ("Common Shares") at a price of C$6.90 per Common Share for total consideration of C$60,002,400.00(the "Private Placement"). The Private Placement is subject to certain closing conditions, including the closing of Cadillac's initial public offering of Common Shares (the "IPO") pursuant to Cadillac's final long form base PREP prospectus dated July 23, 2026. The Private Placement is expected to close on or about August 5, 2026.

Prior to entering into the Subscription Agreement, Agnico Eagle owned 22,821,028 Common Shares, representing approximately 9.70% of the issued and outstanding Common Shares on a non-diluted basis. On closing of the Private Placement, Agnico Eagle is expected to own 31,517,028 Common Shares, representing approximately 11.09% of the issued and outstanding Common Shares on a non-diluted basis after giving effect to the IPO (assuming the issuance of all Common Shares qualified thereunder) and all other security issuances completed by Cadillac concurrently with the Private Placement.

Pursuant to a subscription agreement dated July 25, 2023 between Agnico Eagle and Cadillac, Agnico Eagle is entitled to certain rights, including the right to participate in equity financings in order to maintain its pro rata ownership interest in Cadillac at the time of such financing.

On closing of the IPO, Agnico Eagle will enter into a lock-up agreement in favour of the underwriters of the IPO, pursuant to which it will agree that it will not, directly or indirectly, without the prior written consent of the underwriters: (a) offer, sell, pledge or otherwise dispose of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (collectively, the "Locked-Up Securities"); (b) make any short sale, engage in any hedging or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Locked-Up Securities; or (c) agree to or publicly announce any intention to do any of the foregoing, in each case, for a period of 180 days following the closing date of the IPO, subject to certain limited exceptions.

Agnico Eagle is acquiring the Common Shares as part of its strategy of acquiring strategic positions in prospective opportunities with high geological potential. Depending on market conditions, strategic priorities and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Cadillac or dispose of some or all of the Common Shares or other securities of Cadillac that it owns at such time.

An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:

Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: [email protected]

Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Cadillac's head office is located at 123 Front Street West, Suite 905, Toronto, Ontario M5J 2M2.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. Agnico Eagle is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Forward-Looking Statements

The information in this news release has been prepared as at July 24, 2026. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.

Forward-looking statements in this news release include, without limitation, statements relating to Agnico Eagle's acquisition of Common Shares pursuant to the Private Placement and expected ownership interest in Cadillac, the closing of the Private Placement and IPO and the agreements to be entered into in connection therewith, and Agnico Eagle's acquisition or disposition of securities of Cadillac in the future.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

SOURCE Agnico Eagle Mines Limited

Key Takeaways AEM halted Barnat pit mining after a July 1 rock mass movement, with no injuries or damage.Stockpiled low-grade ore will keep the Canadian Malartic plant running during the shutdown.AEM sees second-half Malartic output down 60,000-80,000 ounces, with 2026 near low-end guidance. Agnico Eagle Mines Limited (AEM - Free Report) has temporarily suspended mining operations at the Barnat open pit at its Canadian Malartic complex in Quebec due to a rock mass movement that occurred on July 1, 2026, along the north wall of the Barnat open pit. Although there were no injuries, equipment damage or environmental impacts, as a precautionary measure, the company has taken this step.

The affected area had previously been identified to have a geologically weaker structure and was under enhanced monitoring, with safety exclusion zones in place. Technical teams are now conducting a detailed geotechnical assessment to confirm the stability and determine the future path. During the temporary shutdown, the Canadian Malartic processing plant will continue operating using low-grade ore from existing stockpiles to help reduce the near-term impact on production.

The company noted that the second-quarter 2026 production remains unaffected and its expectations of approximately 845,000 ounces of gold production are slightly ahead of plan. However, the company estimates the disruption will reduce second-half production at Canadian Malartic by 60,000-80,000 ounces, taking the full-year output near the lower end of its previously issued guidance of 3.3 million to 3.5 million ounces. The annual expectation of production in 2027 and 2028 was also reduced up to roughly 150,000 ounces, while mitigation measures are being evaluated. The Barnat pit was scheduled to be mined out by early 2029.

The incident is not expected to affect the development or production outlook for the Odyssey mine. The company stays aligned with its long-term goal of achieving annual production of 1 million ounces from the Canadian Malartic complex in the early 2030s.

AEM’s shares have gained 26% over the past year compared with the industry’s 41.3% growth.

Image Source: Zacks Investment Research

AEM’s Zacks Rank & Key PicksAEM currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Albemarle Corporation (ALB - Free Report) , Ingevity Corporation (NGVT - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .

While ALB sports a Zacks Rank #1 (Strong Buy) at present, NGVT and ASM carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.98 per share, indicating a 1,743.04% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed one, with an average surprise of 74.5%. ALB’s shares have jumped 106.9% over the past year.

The Zacks Consensus Estimate for NGVT’s 2026 earnings is pegged at $5.05 per share, indicating a rise of 22.28% year over year. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.

The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 34 cents per share, indicating a 17.24% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 125%. ASM’sshares have gained 78.1% over the past year.

Key Takeaways Agnico Eagle's strong free cash flows support growth projects and financial flexibility.AEM is investing strong cash flows in major projects, including Odyssey, Detour Lake and Hope Bay.AEM's 2026 and 2027 EPS estimates have moved higher over the past 60 days. Agnico Eagle Mines Limited (AEM - Free Report) logged first-quarter free cash flow of roughly $732 million, climbing 23% year over year. The upside was backed by higher gold prices and robust operational results. Operating cash flow was roughly $1.3 billion in the first quarter, up around 29% from the year-ago quarter.

Notably, AEM’s free cash flow surged 105% year over year to a record $4.4 billion in 2025. Operating cash flow for full-year 2025 was also a record $6.8 billion, driven by operational efficiencies.

AEM’s strong liquidity position and substantial cash flows allow it to maintain a strong exploration budget and fund a robust pipeline of growth projects. The strong free cash flow supports investments in growth initiatives, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.

A robust free cash flow generation places AEM firmly in the upper tier of gold producers. This allows the company to pivot these funds into high-return growth initiatives, enhance its shareholder returns and further accelerate debt reduction.

Among Agnico Eagle’s peers, Newmont Corporation (NEM - Free Report) registered a record quarterly free cash flow in the first quarter, underpinned by its operational efficiency, the strength of its asset portfolio and higher gold and silver prices. NEM’s free cash flow surged 161% year over year to $3.1 billion in the first quarter, led by an increase in net cash from operating activities and lower capital investment. Newmont, on its first-quarter call, said that it expects to continue delivering strong free cash flows in 2026, aided by its world-class portfolio.

Barrick Mining Corporation (B - Free Report) generates strong cash flows, with a significant portion funneled back to its investors. In the first quarter, Barrick generated strong operating cash flows of roughly $2.6 billion, up 111% year over year. Barrick’s attributable free cash flow shot up 195% year over year to around $1.2 billion.

The Zacks Rundown for AEMAgnico Eagle’s shares have gained 30.4% in the past year against the Zacks Mining – Gold industry’s rise of 43.2%.

Image Source: Zacks Investment Research

From a valuation standpoint, AEM is currently trading at a forward 12-month earnings multiple of 11.56, a roughly 23.6% premium to the industry average of 9.35X. It carries a Value Score of C.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for AEM’s 2026 and 2027 earnings implies a year-over-year rise of 59.4% and 1.6%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research