Agnico Eagle Mines (NYSE:AEM) Q4 2025 Earnings call February 13, 2026 11:00 AM ET Speaker12Good morning, ladies and gentlemen. My name is Vanessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q4 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star ...

NYSE & TSX: AEM The information in this presentation has been prepared as at February 12, 2026. Certain statements contained in this presentation 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 and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstance ...

Core Insights - Major U.S. stock market indices experienced a decline on February 12, 2026, due to concerns regarding AI disruption affecting various sectors, including real estate, transportation, and software [1] - A shift towards steady dividend-growth stocks is recommended for equity investors as they provide resilience and cash flow durability during a period of reevaluation of traditional growth narratives [2] Dividend Growth Stocks - Stocks with a strong history of year-over-year dividend growth are considered healthier for capital appreciation compared to simple dividend-paying stocks or those with high yields [3] - Five selected dividend growth stocks include Agnico Eagle Mines (AEM), Advanced Drainage Systems (WMS), Amphenol (APH), Tapestry (TPR), and TIM S.A. (TIMB), which are viewed as solid portfolio choices [3] Advantages of Dividend Growth - Companies with a strong history of dividend growth are typically mature and less vulnerable to market volatility, providing a hedge against economic and political uncertainties [4] - These stocks exhibit strong fundamentals, including sustainable business models, profitability, rising cash flows, solid liquidity, strong balance sheets, and attractive valuations [5] Performance Metrics - Dividend-growth stocks have historically outperformed the broader market and other dividend-paying stocks, making them a favorable investment strategy [6] - Criteria for selection include positive historical dividend, sales, and earnings growth, as well as projected earnings growth rates [7] Stock Highlights - Agnico Eagle Mines (AEM) projects a 28% revenue growth for 2026 and has a long-term EPS growth rate of 33.8%, with a dividend yield of 0.74% [9][11] - Advanced Drainage Systems (WMS) anticipates a 4% revenue growth for fiscal 2026, with a long-term earnings growth rate of 13.90% and a dividend yield of 0.42% [12] - Amphenol (APH) expects a 34.9% revenue growth for 2026, with a long-term earnings growth rate of 21.90% and a dividend yield of 0.69% [13] - Tapestry (TPR) forecasts a 9.6% revenue growth for fiscal 2026, with a long-term earnings growth rate of 12.9% and a dividend yield of 1.03% [14] - TIM S.A. (TIMB) projects a 10.3% revenue growth for 2026, with a long-term earnings growth rate of 18.7% and a dividend yield of 5.20% [15]

Core Insights - Agnico Eagle Mines Limited (AEM) reported adjusted earnings of $2.69 per share for Q4 2025, a significant increase from $1.26 in the same quarter last year, exceeding the Zacks Consensus Estimate of $2.56 [1] - The company generated revenues of $3,564 million, reflecting a year-over-year increase of approximately 60.3%, surpassing the Zacks Consensus Estimate of $3,240.7 million [1] Operational Highlights - Payable gold production was 840,608 ounces in the reported quarter, slightly down from 847,401 ounces in the prior-year quarter, but above the estimate of 839,674 ounces [2] - Total cash costs per ounce for gold increased to $1,089 from $923 a year ago, exceeding the estimate of $945 [2] - Realized gold prices reached $4,163 per ounce, up from $2,660 a year ago, surpassing the estimate of $3,593 [2] - All-in-sustaining costs (AISC) were $1,517 per ounce, higher than $1,316 per ounce a year ago and above the estimate of $1,315 [3] Financial Position - AEM ended the quarter with cash and cash equivalents of $2,866 million, a sequential increase of 21.7% [4] - Long-term debt stood at approximately $196.3 million [4] - Total cash from operating activities was $2,112 million in Q4, up from $1,132 million a year ago [4] Outlook - For 2026, AEM expects gold production to be between 3.3 million and 3.5 million ounces [5] - Total cash costs per ounce are projected to be between $1,020 and $1,120, while AISC is forecasted to range from $1,400 to $1,550 per ounce [5] - Exploration and corporate development expenses are expected to be between $275 million and $305 million, with a midpoint of $290 million [6] - Depreciation and amortization expenses are forecasted to be $1.55-$1.75 billion, averaging $1.65 billion [6] - General and administrative expenses are anticipated to be in the range of $230 million to $260 million, with other costs projected between $75 million and $95 million [6] - The effective tax rate for 2026 is expected to be between 34% and 36%, with cash taxes estimated in the range of $3.4 billion to $3.6 billion [7] - Capital expenditures (excluding capitalized exploration) are planned at roughly $2.2-$2.4 billion, with capitalized exploration spending forecasted to be between $290-330 million [7] Price Performance - Agnico Eagle's shares have gained 117% in the past year, compared to a 144.4% rise in the industry [8]

Core Insights - Agnico Eagle Mines reported a revenue of $3.56 billion for the quarter ended December 2025, marking a 60.3% increase year-over-year and exceeding the Zacks Consensus Estimate by 9.98% [1] - The earnings per share (EPS) for the quarter was $2.69, up from $1.26 in the same quarter last year, representing a surprise of 4.91% over the consensus estimate of $2.56 [1] Financial Performance Metrics - The all-in sustaining costs per ounce for gold production were reported at $1,517.00, higher than the three-analyst average estimate of $1,329.18 [4] - Total payable gold production was 840,608 ounces, slightly above the average estimate of 836,891.40 ounces [4] - Total cash costs were reported at $1.09 million, compared to the average estimate of $963.73 thousand [4] Revenue Breakdown by Operations - Revenue from the Quebec Canadian Malartic complex was $615.16 million, exceeding the estimated $523.91 million, reflecting a year-over-year increase of 53.9% [4] - Revenue from the Quebec Goldex mine reached $141.53 million, surpassing the estimated $128.95 million, with a year-over-year increase of 68.4% [4] - Revenue from the Nunavut Meliadine mine was $448.62 million, exceeding the average estimate of $360.2 million, representing a 72.9% increase year-over-year [4] - Revenue from the Nunavut Meadowbank complex was $483.58 million, compared to the estimated $454.93 million, showing a year-over-year change of 58.5% [4] - Revenue from the Mexico Pinos Altos mine was $101.32 million, exceeding the estimated $86.89 million, with a year-over-year change of 64.8% [4] - Revenue from the Ontario Detour Lake mine was $718.43 million, slightly below the estimated $732.61 million, but still reflecting a year-over-year increase of 62.3% [4] - Revenue from the Ontario Macassa mine was $243.65 million, compared to the estimated $277.5 million, showing a year-over-year change of 13.1% [4] - Revenue from the Australia Fosterville mine was $131.67 million, exceeding the estimated $116.5 million, with a year-over-year change of 17.9% [4] Stock Performance - Agnico's shares have returned +10.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Agnico Eagle Mines (AEM) reported quarterly earnings of $2.69 per share, exceeding the Zacks Consensus Estimate of $2.56 per share, and showing a significant increase from $1.26 per share a year ago, resulting in an earnings surprise of +4.91% [1] - The company achieved revenues of $3.56 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 9.98%, and up from $2.22 billion year-over-year [2] - Agnico has consistently outperformed consensus EPS estimates over the last four quarters, indicating strong operational performance [2] Earnings Outlook - The sustainability of Agnico's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - Current consensus EPS estimate for the upcoming quarter is $3.31 on revenues of $3.8 billion, and for the current fiscal year, it is $13.00 on revenues of $15.23 billion [7] Industry Context - The Mining - Gold industry, to which Agnico belongs, is currently ranked in the top 13% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] Competitor Insights - Newmont Corporation (NEM), another player in the gold and copper mining sector, is expected to report quarterly earnings of $1.81 per share, reflecting a year-over-year increase of +29.3% [9] - Newmont's revenues are projected to be $5.76 billion, representing a 2% increase from the previous year [10]

District Metals Conference Summary Company Overview - **Company Name**: District Metals - **Stock Symbols**: OTCQX: DMXCF, TSXV: DMX - **Industry**: Mineral exploration and development, focusing on uranium and base metals in Sweden Key Points and Arguments Industry Context - The Swedish government lifted the uranium ban effective January 1, 2026, allowing exploration and mining to proceed [2][12] - A proposed inquiry into alum shale mining is seen as politically motivated due to the upcoming elections in Sweden [3][32] - The Geological Survey of Sweden is reviewing the Viken Deposit as a deposit of national interest, which could override municipal vetoes [4] Company Strategy and Projects - District Metals has five uranium projects and two base metal polymetallic projects in Sweden [4] - The flagship Viken Project is noted as the largest undeveloped uranium deposit globally, with significant resources of vanadium, potash, molybdenum, nickel, copper, and zinc [5][6] - The company is also exploring alum shale properties, aiming to discover additional deposits similar to Viken [6][19] Financial Position - The company has approximately CAD 8.5 million in treasury, fully funding its plans for the year [10][11] - The share structure includes significant institutional and high-net-worth investors, indicating strong support [10] Exploration and Development Plans - A preliminary economic assessment (PEA) for the Viken Deposit is expected in Q2 2026, followed by an Economic Impact Study in Q3 [27][28] - Drilling is anticipated to commence in Q2, with results expected in Q3 and Q4 [28] Market Position and Valuation - The current enterprise value per inferred resource is at $0.04, significantly lower than peers, indicating a potential investment opportunity [22] - The company emphasizes the value of its diverse resource base, including potash, which is critical for the EU's agricultural needs [33] Additional Important Information - The alum shale is not considered more environmentally risky than other mineral deposits, based on previous inquiries [31][34] - The company plans to assay for rare earth elements in future drilling, which could enhance the value of the Viken Deposit [35][36] - The permitting process in Sweden is described as straightforward, with strong governmental support for mining activities [11] Conclusion District Metals is positioned to capitalize on the lifting of the uranium ban in Sweden, with a strong portfolio of projects and a solid financial foundation. The political landscape and regulatory environment are favorable, although potential risks related to municipal vetoes and market fluctuations remain. The company's focus on diverse resources, including potash and rare earth elements, adds to its attractiveness as an investment opportunity.

Agnico Eagle Mines (AEM) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since ...

Core Viewpoint - Agnico Eagle Mines Limited (AEM) has experienced a 26.1% increase in share price over the past three months, driven by record gold prices and strong earnings performance [1][6]. Group 1: Stock Performance - AEM's share price increase of 26.1% is below the Zacks Mining – Gold industry's rise of 29.9% but exceeds the S&P 500's increase of 2.3% [2]. - AEM has been trading above the 200-day simple moving average (SMA) since March 4, 2024, indicating a long-term uptrend [3]. Group 2: Project Advancements - AEM is advancing key projects such as Odyssey, Hope Bay, and Detour Lake to enhance future production and cash flows [6][9]. - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, expected to significantly contribute to cash flow [10]. - AEM is transitioning to underground mining at Canadian Malartic and exploring opportunities to increase annual production [10]. Group 3: Financial Health - AEM reported operating cash flow of approximately $1.8 billion in the third quarter, a 67% increase year-over-year [13]. - The company achieved third-quarter free cash flow of around $1.2 billion, nearly doubling the previous year's figure of $620 million [14]. - AEM ended the third quarter with a net cash position of nearly $2.2 billion and returned about $350 million to shareholders [15]. Group 4: Gold Price Dynamics - Gold prices surged approximately 65% in 2025, influenced by trade tensions and central bank purchases, which are expected to enhance AEM's profitability [16][18]. - Recent geopolitical tensions and macroeconomic uncertainties have driven gold prices to record levels, with prices reaching nearly $5,600 per ounce [17]. Group 5: Cost Structure - AEM's total cash costs per ounce for gold were $994 in the third quarter, an 8% increase from the previous year [20]. - The company forecasts total cash costs per ounce between $915 and $965 for 2025, indicating a potential year-over-year increase [21]. Group 6: Earnings Estimates - The Zacks Consensus Estimate for AEM's 2025 earnings is $8.13, reflecting a year-over-year growth of 92.2% [22]. - Earnings are projected to grow approximately 50.5% in 2026 [22]. Group 7: Valuation - AEM is currently trading at a forward 12-month earnings multiple of 17.45, a 22.5% premium to the peer group average of 14.24X [23].

Group 1 - DraftKings Inc. is currently facing challenges due to a lack of consolidation in the sports betting industry, particularly in key states like California, Florida, and Texas, which are crucial for its growth [1][3] - The stock is perceived as undervalued at its current price, but without regulatory changes in these states, the company may struggle to attract new customers and grow its account base [1][3] - The company is categorized as being "in the wilderness" until significant changes occur in the regulatory landscape, indicating uncertainty in its future performance [3] Group 2 - DraftKings operates in the digital sports entertainment and gaming sector, offering online sports betting, daily fantasy sports, and various iGaming products [3] - There is a belief that consolidation within the industry could potentially improve DraftKings' market position and stock performance [1][3]