Great Pacific Gold Corp press release

AGNICO EAGLE REPORTS SECOND QUARTER 2026 RESULTS - RECORD QUARTERLY FREE CASH FLOW REFLECTS SOLID OPERATIONAL PERFORMANCE; RECORD QUARTERLY SHAREHOLDER RETURNS

2026-07-29

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Canada NewsWire

Stock Symbol: AEM (NYSE and TSX)

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, July 29, 2026/CNW/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2026.

"Our high-quality portfolio delivered another strong quarter, with better-than-planned production and disciplined cost control driving strong margins and record quarterly free cash flow," said Ammar Al-Joundi, President and Chief Executive Officer. "The strength of our business and our balanced capital allocation approach enabled us to reinvest in future growth, enhance our portfolio through the completion of the regional consolidation in Finland, further strengthen our balance sheet and return a record $625 million to our shareholders through dividends and share repurchases during the quarter. Continued progress across our growth projects, supported by positive exploration results, reinforces our confidence in our long-term outlook, while our strong financial position supports our commitment to creating long-term value and delivering strong returns to our shareholders."

Second quarter 2026 highlights:

Solid operating quarter driven by strong execution and cost control– Payable gold production1was 855,816 ounces at production costs per ounce of $1,114, total cash costs per ounce2of $1,054 and all-in sustaining costs ("AISC") per ounce2of $1,459. The strong operating performance was led by Detour Lake, Kittila and Fosterville Record quarterly free cash flow drives strong quarterly financial results – Solid production and disciplined cost control, combined with realized gold prices3of $4,483 per ounce in the second quarter, resulted in record free cash flow. The Company reported quarterly net income of $1,600 million or $3.19 per share and adjusted net income4of $1,541 million or $3.07 per share. The Company generated cash provided by operating activities of $2,144 million or $4.27 per share and free cash flow4of $1,335 million or $2.66 per share Financial strength and flexibility further enhanced– The Company increased its cash balance by $352 million to $3,464 million as at June 30, 2026, resulting in a net cash5position of $3,267 million with total debt outstanding of $197 million as at June 30, 2026. Reflecting its strong financial profile, Fitch Ratings upgraded the Company's long-term issuer default rating from BBB+ to A‑ in April 2026 Annual gold production remains at lower end of guidance range; total cash costs and AISC annual guidance reiterated – Expected payable gold production for the full year 2026 remains near the lower end of the guided range of 3.3 to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit at Canadian Malartic that contemplates reduced production following the rock mass movement reported on July 2, 2026. Full year total cash costs per ounce and AISC per ounce guidance for 2026 remains unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively. Total capital expenditures for 2026 (excluding capitalized exploration) are now expected to be between $2.6 billion and $2.8 billion, compared with previous guidance of $2.2 billion to $2.4 billion, reflecting the approval of construction activities at Hope Bay announced on May 19, 2026. Capitalized exploration guidance for 2026 remains unchanged at $290 million to $330 million. Further details are set out in the 2026 Guidance Summary section below Record quarterly shareholder returns– The Company returned a total of $625 million to shareholders during the second quarter of 2026, including the declaration of a quarterly dividend of $0.45 per share and the repurchase of 2,235,947 common shares under the Company's normal course issuer bid ("NCIB"). Share repurchases were completed at an average price of $178.86 per share for an aggregate cost of $400 million. In May 2026, the Company renewed the NCIB for another year on substantially the same terms, however it increased its internal limit on purchases of common shares to $2 billion Reconciliation Action Plan Progress Report published– In June 2026, the Company published its first progress report on the Reconciliation Action Plan that was released in 2024, covering progress in 2024 and 2025 and reinforcing the Company's commitment to transparency, accountability and meaningful reconciliation with Indigenous Peoples across its operations Update on key value drivers and pipeline projects in the second quarter of 2026 Canadian Malartic– The first phase of shaft sinking at Odyssey underground was completed in July 2026, reaching a depth of 1,586 metres. Activities will transition to the headframe change over and completion of the first loading station, which remains on schedule, to support first production through Shaft #1 in the second quarter of 2027. Ramp development advanced to a depth of 1,190 metres during the quarter and is expected to reach planned shaft bottom at 1,870 metres in 2030, enabling a second phase of sinking Shaft #1 from 2029 to 2031. Exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, including 5.1 grams per tonne ("g/t") gold over 14.3 metres at 916 metres depth in the upper eastern portion of the East Gouldie deposit and 13.7 g/t gold over 14.6 metres (core length) at 1,078 metres depth in the newly defined Artemis zone in the internal zones of the Odyssey deposit Detour Lake– Development activities for the underground project continued, with the exploration ramp reaching a depth of 180 metres and the overburden removal for the conveyor‑ramp portal advancing. High-intensity drilling from surface near the exploration ramp in the West Pit zone continued in the second quarter with a highlight intercept of 2.5 g/t gold over 62.3 metres at 275 metres depth, including 15.2 g/t gold over 5.9 metres at 264 metres depth. Drilling into the West Extension zone had highlights of 13.5 g/t gold over 2.5 metres at 564 metres depth, approximately 1.0 kilometre west of the resource-pit outline, and 20.8 g/t gold over 4.8 metres at 836 metres depth, approximately 2.3 kilometres west of the resource-pit outline Upper Beaver – Development of the exploration ramp and shaft continued to advance, reaching depths of 165 metres and 478 metres, respectively. During the quarter, the Company continued a high‑intensity drilling program targeting a portion of the Upper Beaver deposit between approximately 500 and 600 metres depth Hope Bay – On May 19, 2026, the Company announced a positive investment decision for the Hope Bay project, supported by a study envisioning annual gold production of 400,000 to 435,000 ounces over an initial 11-year mine life and demonstrating strong economics6. Construction activities to support project redevelopment continued through the quarter, including the upgrade of surface infrastructure and development of exploration ramps at Naartok East and at Patch 7. Planning and procurement activities also progressed as scheduled in preparation for the upcoming sealift season. Conversion and exploration drilling at Patch 7 at the Madrid deposit during the second quarter had highlights of 18.5 g/t gold over 11.3 metres at 328 metres depth, 13.7 g/t gold over 15.4 metres at 609 metres depth and 15.2 g/t gold over 15.6 metres at 710 metres depth. At the Boston deposit, the Company started its first exploration drilling program since acquiring Hope Bay in 2021, with approximately 6,500 metres expected to be drilled by year-end San Nicolás– Minas de San Nicolás received the land use change (ETJ) and the environmental impact assessment (MIA-R) permits in July 2026, marking a milestone for the responsible development of the San Nicolás Project, and will now advance the additional permits, authorization and licenses required

| _ | | 1Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. | | 2Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis and a description of their composition and usefulness, see _Note Regarding Certain Measures of Performance_below. | | 3Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. | | 4Adjusted net income, free cash flow and, where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see _Note Regarding Certain Measures of Performance_below. | | 5Net cash is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see _Note Regarding Certain Measures of Performance_below. | | 6The forecast parameters were based on an internal evaluation which is preliminary in nature and includes inferred mineral resource. For a description see _Notes to Investors Regarding Certain Project Evaluations_below. |

Second Quarter 2026 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Thursday, July 30, 2026, at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 437-900-0527 or toll-free 1-888-510-2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289-819-1450 or toll-free 1-888-660-6345, access code 02161#. The conference call replay will be available until August 30, 2026.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Second Quarter 2026 Production and Costs

| Production and Cost Results Summary | | | | | | | | | | | | Three Months Ended

June 30, | | Six Months Ended

June 30, | | | | | | | | 2026 | | 2025* | | 2026 | | 2025* | | Gold production (ounces) | | 855,816 | | 866,029 | | 1,680,925 | | 1,739,823 | | Gold sales (ounces)* | | 835,505 | | 846,835 | | 1,665,156 | | 1,689,800 | | Production costs per ounce | | $ 1,114 | | $ 911 | | $ 1,136 | | $ 895 | | Total cash costs per ounce | | $ 1,054 | | $ 925 | | $ 1,073 | | $ 910 | | AISC per ounce | | $ 1,459 | | $ 1,281 | | $ 1,471 | | $ 1,227 |

| * | Total cash costs per ounce and AISC per ounce for the three and six months ended June 30, 2025 have been restated using the Company's revised composition for periods commencing on or after January 1, 2026, see _Note Regarding Certain Measures of Performance_below for further details. Using the Company's composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $933 and $918 for the consolidated Company and AISC per ounce was $1,289 and $1,235 for the consolidated Company for the three and six months ended June 30, 2025, respectively. | | | Gold production for the three months ended June 30, 2026 excludes payable gold production at La India and Creston Mascota of 440 and 58 ounces, respectively, which were produced from residual leaching. Gold production for the three months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 858 ounces and 39 ounces, respectively, which were producing from residual leaching. Gold production for the six months ended June 30, 2026 excludes payable gold production at La India and Creston Mascota of 858 and 134 ounces, respectively, which were produced from residual leaching. Gold production for the six months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 2,669 ounces and 64 ounces, respectively, which were producing from residual leaching. | | * | Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the six months ended June 30, 2025, payable metals sold excludes 2,500 payable gold ounces sold from La India. |

Gold Production

Second Quarter of 2026 – Gold production decreased when compared to the prior-year period primarily due to lower production from Canadian Malartic (lower throughput and grade), partially offset by higher production from Detour Lake and Kittila (higher throughputs and grades)

First Six Months of 2026 – Gold production decreased when compared to the prior-year period primarily due to lower production from Macassa (lower grade partially offset by higher throughput), Canadian Malartic (lower throughput) and Meadowbank (lower grade partially offset by higher throughput), partially offset by higher production from Detour Lake (higher throughput and grade)

Production Costs per Ounce

Second Quarter of 2026 – Production costs per ounce increased when compared to the prior-year period primarily due to higher labour costs, higher royalty costs resulting from higher gold prices, higher energy costs related to diesel and lower production

First Six Months of 2026 – Production costs per ounce increased when compared to the prior-year period primarily due to higher labour costs, higher royalty costs resulting from higher gold prices, higher energy costs related to diesel, lower production and the impact of a stronger Canadian dollar relative to the U.S. dollar

Total Cash Costs per Ounce

Second Quarter and First Six Months of 2026 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in each respective period

AISC per Ounce

Second Quarter of 2026 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, an increase in non-cash reclamation-related costs and higher sustaining capital expenditures (primarily at Detour Lake and Fosterville)

First Six Months of 2026 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, an increase in non-cash reclamation-related costs, higher sustaining capital expenditures (primarily at Detour Lake and Fosterville) and higher general and administrative expenses

Refer to the Company's Management Discussion and Analysis for the second quarter of 2026 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Second Quarter 2026 Financial Results

| Financial Results Summary | | | | | | | | | | | | Three Months Ended

June 30, | | Six Months Ended

June 30, | | | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | Realized gold price (per ounce) | | $ 4,483 | | $ 3,288 | | $ 4,672 | | $ 3,090 | | Net income (millions) | | $ 1,600 | | $ 1,069 | | $ 3,296 | | $ 1,883 | | Adjusted net income (millions) | | $ 1,541 | | $ 976 | | $ 3,246 | | $ 1,746 | | EBITDA (millions)7 | | $ 2,762 | | $ 2,021 | | $ 5,758 | | $ 3,655 | | Adjusted EBITDA (millions)7 | | $ 2,738 | | $ 1,914 | | $ 5,748 | | $ 3,504 | | Cash provided by operating activities (millions) | | $ 2,144 | | $ 1,845 | | $ 3,490 | | $ 2,890 | | Cash provided by operating activities before changes in non-cash working capital balances (millions)7 | | $ 2,112 | | $ 1,332 | | $ 4,344 | | $ 2,541 | | Capital expenditures* (millions)7 | | $ 801 | | $ 538 | | $ 1,375 | | $ 957 | | Free cash flow (millions) | | $ 1,335 | | $ 1,305 | | $ 2,067 | | $ 1,899 | | Free cash flow before changes in non-cash working capital balances (millions)7 | | $ 1,303 | | $ 792 | | $ 2,921 | | $ 1,551 | | | | | | | | | | | | Net income per share (basic) | | $ 3.19 | | $ 2.13 | | $ 6.58 | | $ 3.75 | | Adjusted net income per share (basic) | | $ 3.07 | | $ 1.94 | | $ 6.48 | | $ 3.47 | | Cash provided by operating activities per share (basic) | | $ 4.27 | | $ 3.67 | | $ 6.97 | | $ 5.75 | | Cash provided by operating activities before changes in non-cash working capital balances per share (basic) | | $ 4.21 | | $ 2.65 | | $ 8.67 | | $ 5.06 | | Free cash flow per share (basic) | | $ 2.66 | | $ 2.60 | | $ 4.13 | | $ 3.78 | | Free cash flow before changes in non-cash working capital balances per share (basic) | | $ 2.60 | | $ 1.58 | | $ 5.83 | | $ 3.09 |

| * Includes capitalized exploration |

Net Income

Second Quarter of 2026 Net income increased when compared to the prior-year period primarily due to strong operating margins from higher realized gold prices and a gain on sale of investments, partially offset by losses on derivative financial instruments (compared to gains in the prior-year period) and higher income and mining taxes Net income of $1,600 million ($3.19 per share) includes the following items (net of tax): Gain on sale of investments of $155 million ($0.31 per share), net losses on derivative financial instruments of $56 million ($0.11 per share), foreign exchange losses of $20 million ($0.04 per share), multi-year donations recognized in the quarter of $13 million ($0.03 per share) and other adjustments including reclamation and net asset disposals of $7 million ($0.01 per share). Excluding these items results in adjusted net income of $1,541 million or $3.07 per share

First Six Months of 2026 – Net income increased when compared to the prior-year period primarily due to the reasons described above for the second quarter of 2026

| _ | | 7"EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA, adjusted EBITDA, capital expenditures, cash provided by operating activities before changes in non-cash components of working capital and free cash flow before changes in non-cash components of working capital and, where applicable, their related per share measures, are non-GAAP measures that are not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non- GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see _Note Regarding Certain Measures of Performance_below. |

Adjusted EBITDA

Second Quarter and First Six Months of 2026 – Adjusted EBITDA increased when compared to the prior-year periods primarily due to higher revenues from mining operations (higher realized gold prices, partially offset by lower gold sales), partially offset by higher production costs (higher labour costs, royalty costs and energy costs related to diesel)

Cash Provided by Operating Activities

Second Quarter of 2026 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital increased when compared to the prior-year period primarily due to the reasons described above related to the increase in adjusted EBITDA