Agnico Eagle Mines stock forecast
The weighted forecast points to C$227.75 in October 2029. It hinges on gold margins, Barnat’s recovery, project execution and valuation multiples.
Where could Agnico Eagle Mines' shares be?
The weighted forecast points to C$229.28 in October 2027, down 14%, and C$227.75 in October 2029, down 13%, hinging on gold margins, Barnat’s recovery, project execution and valuation multiples.
The forecast assigns 30% probability to the bear case, 50% to the base case and 20% to the bull case. The base case ends at C$211.28 in October 2029; the bear and bull cases span C$96.32–C$466.06.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 118.60 (-55 %) | 87.77 (-66 %) | 96.32 (-62 %) |
| Base | 50 % | 246.10 (-8 %) | 217.70 (-17 %) | 211.28 (-19 %) |
| Bull | 20 % | 353.22 (+32 %) | 404.06 (+52 %) | 466.06 (+76 %) |
| Weighted | 100 % | 229.28 (-14 %) | 215.99 (-18 %) | 227.75 (-13 %) |
What has to go right for Agnico Eagle Mines, and what could go wrong?
The base case takes EBITDA from $9,600 million in 2027 to $8,762 million in 2028. It reaches $8,520 million in 2029. Gold eases from Q2 levels, while production stays near management’s 3.3–3.5 million ounce guidance. Barnat limits output before remediation helps. The bear path bottoms at $4,670 million in 2028 because gold falls and Barnat losses persist. The bull path reaches $13,410 million in 2029 because firm gold and execution lift margins. Each path uses a $450 million annual corporate-cost calibration.
The view would move toward the bear case if gold normalizes during 2027–2029, Barnat fails to replace lost ore during 2027–2028, or Hope Bay spending rises before production.
How much cash does Agnico Eagle Mines really make?
Agnico’s free cash flow subtracts capital spending from operating cash. A stricter view also deducts lease payments and stock-based pay, because both represent economic claims on cash or value. This is an analytical measure, not a separate bank account.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 6,817,113 | 3,960,892 | 2,601,562 | 2,096,636 | 1,345,308 |
| − Capital spending | 2,418,200 | 1,817,949 | 1,654,129 | 1,538,237 | 896,998 |
| − Lease payments | 36,043 | 47,319 | 47,589 | 33,701 | 25,020 |
| − Stock pay | 97,545 | 77,404 | 71,553 | 48,570 | 57,799 |
| = Real free cash flow | 4,265,325 | 2,018,220 | 828,291 | 476,128 | 365,491 |
| Free cash flow — the company's own count | 4,398,913 | 2,142,943 | 947,433 | 558,399 | 448,310 |
What does an investor pay for Agnico Eagle Mines today?
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 269.83 |
| Market value (calculated) | 136,632,431.25312 |
| Enterprise value (calculated) | 131,952,940.69512 |
| P/E, last 12 months (calculated) | 16.2x |
| Free cash flow yield (calculated) | 4.6% |
| Dividend yield (calculated) | 1.0% |