Agnico Eagle Mines (AEM) Bank of America Global Metals, Mining and Steel Conference 2026 summary

Strategic overview and value creation

• Focus on regional mining with a strategy that has driven strong value creation over decades, targeting continued growth and value for shareholders.

• Operational footprint includes 10 mines across four countries, with a regional approach yielding cost advantages and strong supplier relationships.

• Production per share has tripled over 20 years, with EBITDA per share up 18x, and a 13% CAGR in share price, outperforming benchmarks.

Financial performance and capital allocation

• Q1 saw 830,000 oz gold produced, ahead of budget, with record realized gold price and record EBITDA and earnings per share.

• Net cash position reached CAD 2.9 billion after repaying CAD 1 billion in debt; 51% of CAD 730 million free cash flow returned to shareholders in Q1.

• Expectation for normalized cash taxes and free cash flow of CAD 1–1.5 billion per quarter, with increased share buybacks planned.

• Priority is investing in high-IRR organic growth projects, followed by returning capital to shareholders, targeting at least CAD 2.1 billion in returns this year.

• Dividend policy emphasizes sustainability, with marginal increases and flexibility through share buybacks; special dividends are possible depending on cash flow.

Growth projects and pipeline

• Five key value driver projects represent 1.5 million oz of potential annual production growth, mainly through expansions and new construction in familiar regions.

• Detour Lake aims to ramp up to 1 million oz/year by 2030, potentially exceeding that with further mill expansion.

• Canadian Malartic transitioning to higher-grade underground mining, targeting up to 1 million oz/year with additional shaft and satellite deposits.

• Upper Beaver and Hope Bay projects expected to add significant production, with Hope Bay construction decision imminent.

• Joint venture with Teck Resources on San Nicolas and other projects like Hammond Reef could further boost growth.