Revenues from mining operations of $3,583.6 million beat the API Ninjas estimate of $3,509.3 million by 2.1%; adjusted diluted EPS of $2.61 beat the $2.44 estimate by 7.0%.
Cost guidance moved against the company: full-year production stays at the low end of 3.3 to 3.5 million ounces, total cash costs near the upper end of $1,020 to $1,120 and AISC near the upper end of $1,400 to $1,550, with capital spending unchanged.
Price did the work: a realized $4,264 an ounce against $3,476 lifted revenue while production fell to 814,012 ounces from 866,936 and total cash costs rose to $1,133 from $952.
Canadian Malartic produced 111,202 ounces against 156,875 after the July 1 Barnat rock mass movement, at $1,508 an ounce against $959; mining resumed September 27, 2026.
The one thing that matters: the whole beat is the gold price, and third-quarter AISC of $1,648 an ounce already sits above the $1,550 top of the full-year range.
Key metrics
Metric
Reported
Prior year
Change
Gold production (ounces)
814,012
866,936
—
Average realized gold price (per ounce)
$ 4,264
$ 3,476
22.7% increase in realized gold prices
Total cash costs per ounce (by-product basis)
$1,133
$952
—
All-in sustaining costs per ounce (by-product basis)
$ 1,648
$ 1,331
—
Adjusted EBITDA
$2,465,777
$2,098,154
—
Free cash flow before changes in non-cash components of working capital
$1,057,124
$1,034,914
—
Guidance changes
Item
New guidance
Prior guidance
Full year 2026 payable gold production
remains at the low end of the range of 3.3 to 3.5 million ounces
—
Full year 2026 total cash costs per ounce
near the upper end of the guidance range of $1,020 to $1,120
—
Full year 2026 AISC per ounce
near the upper end of the guidance range of $1,400 to $1,550
—
Canadian Malartic full year 2026 total cash costs per ounce
approximately $1,260
$1,187
Quality of earnings
The beat is cash-backed once tax timing is set aside. Free cash flow fell to $852.2 million from $1,189.5 million, but before working-capital changes it rose to $1,057.1 million from $1,034.9 million, with $513.7 million of taxes paid in the quarter against $261.4 million.
Costs, not volumes, absorbed the price gain. Production costs rose to $972.4 million from $839.3 million on lower output, and AISC of $1,648 an ounce carries $360 of sustaining capital against $282 a year ago.
Gotchas & watch items
Cost pressure is wider than the Barnat pit: consumables at about 30% of operating costs face roughly 6% inflation, Canadian retaliatory tariffs add about $5 an ounce, and the Nunavut sealift adds about $21 million to fourth-quarter production costs.
Barnat is a 2027 and 2028 problem, not only a 2026 one: up to 150,000 ounces in each of those years after 60,000 to 80,000 ounces in the second half of 2026, with depreciation now guided toward the upper end of $1.55 billion to $1.75 billion.
Strength the headline buries: Detour Lake produced 183,118 ounces against 176,539 at $872 an ounce, and net cash reached $3,416.0 million from $2,669.8 million while $250.0 million of shares were repurchased at an average $192.60.