Three of these five gold producers report results on a single evening, and each one carries a specific mine problem or project milestone that the numbers will test.

Educational content only, not investment advice. Mining stocks are high risk.

By Ben McGregor

Whatever the gold price forecast, five large Canadian gold miners face dated company tests between October 28 and November 9, 2026, when most report third-quarter results. They are Agnico Eagle Mines (TSX: AEM, NYSE: AEM), Barrick Mining (TSX: ABX, NYSE: B) and Kinross Gold (TSX: K, NYSE: KGC). The other two are IAMGOLD (TSX: IMG, NYSE: IAG) and Alamos Gold (TSX: AGI, NYSE: AGI). Each has a specific issue, such as a pit redesign or a guidance cut, that the results will update.

Gold closed at $3,995.81 an ounce on October 23, 2026, about 26 percent below its January 29 record close of $5,405, according to GoldPrice.com. This article leaves the broader macro picture to our article on the rates, oil and dollar forces behind gold, and focuses on the companies.

Which numbers will tell readers the most in these results?

Four measures come up in every section below. Guidance is the company's own forecast for the year, so results that drift toward the bottom of the range often move a stock. All-in sustaining cost, or AISC, adds the direct cost of each ounce to the spending that keeps a mine at its current output, such as replacement trucks. Total cash cost is a narrower measure that leaves out that sustaining spending.

Free cash flow is the cash left after operating costs and capital spending, and it funds dividends and buybacks. Return of capital is the share of that cash a company pays to shareholders through dividends or share purchases. Some companies also report gold-equivalent ounces, which convert silver or copper output into the gold ounces with the same value.

The gap between the gold price and AISC is the margin per ounce. With gold near $4,000 and most of these companies reporting AISC below $1,900, margins remain wide. The main questions for November are production volumes and how fast costs are rising.

Agnico Eagle Mines: how much will the Canadian Malartic redesign cost?

Agnico Eagle is a senior producer, meaning a large and established miner, with most of its output in Quebec, Ontario and Nunavut. It also operates mines in Australia, Finland and Mexico.

In its July 29, 2026 release, Agnico reported second-quarter payable production of 855,816 ounces. Total cash costs were $1,054 an ounce and AISC was $1,459 an ounce. Full-year AISC guidance stayed at $1,400 to $1,550 an ounce.

The main issue is the Barnat open pit at Canadian Malartic in Quebec. Rock in a pit wall moved on July 2, 2026, and the company is redesigning the pit. Agnico expects the event to cut Malartic output by 60,000 to 80,000 ounces in the second half of 2026. It also expects losses of up to 150,000 ounces in each of 2027 and 2028. As a result, 2026 production is expected near the low end of the 3.3 million to 3.5 million ounce range.

The growth story sits in Nunavut. On May 19, 2026, Agnico approved construction of the Hope Bay project. The company expects Hope Bay to produce 400,000 to 435,000 ounces a year, with first gold possible as early as 2030.

Why the news matters: third-quarter results after the close on October 28 will show the first full quarter after the wall movement. They will also show whether cost guidance still holds.

One real risk: the final Barnat redesign could remove more ounces than the current estimate, which would lower production in 2027 and 2028.

Barrick Mining: will settled disputes show up in the numbers?

Barrick Mining produces gold and copper from mines in Nevada, the Dominican Republic, Mali, Tanzania and other countries. Second-quarter production was 796,000 ounces, above its quarterly guidance of 730,000 to 770,000 ounces, according to its August 10, 2026 release. Full-year guidance remained 2.90 million to 3.25 million ounces.

Several long-running disputes ended in the past three months. On August 10, Barrick and Newmont settled all disputes over their Nevada Gold Mines joint venture, with Newmont paying Barrick $1.95 billion. Newmont also agreed to Barrick's proposed stock market listing of its North American gold assets. In Mali, Barrick reached a deal with unions at Loulo-Gounkoto that averted a strike, Bloomberg reported on September 28. Tanzania renewed the North Mara mine licences for 15 years on October 5.

The cash picture deserves attention. Barrick reported only $141 million of attributable free cash flow in the second quarter, on $1.12 billion of attributable operating cash flow. Its dividend policy targets paying out 50 percent of attributable free cash flow each year.

Why the news matters: results before the market opens on November 9 will show whether higher output turns into more free cash flow. They may also give an update on the planned North American listing.

One real risk: Barrick has had repeated disputes with host governments in West Africa, and a new dispute could again interrupt production.

Kinross Gold: does the lower guidance hold?

Kinross Gold operates mines in the Americas and West Africa. Its two largest mines are Paracatu in Brazil and Tasiast in Mauritania.

On September 23, 2026, Kinross lowered its 2026 and 2027 attributable production guidance to about 1.84 million to 1.86 million gold-equivalent ounces a year. That was 2 to 3 percent below the low end of the earlier range. The cut came from extreme weather and operating problems at the smaller La Coipa and Round Mountain mines. Paracatu and Tasiast are expected to produce a combined 1.1 million ounces again this year.

Kinross now expects 2026 AISC of about $1,850 to $1,900 per gold-equivalent ounce sold. It estimated third-quarter production at about 425,000 ounces. At the same time, it raised its 2026 return-of-capital target from 40 percent to 50 percent of free cash flow.

Why the news matters: results after the close on October 28 will show whether the third quarter matched the 425,000 ounce estimate. They will also show how much cash was paid out under the higher target.

One real risk: more weather or ground problems at La Coipa or Round Mountain could push output below the new range.

IAMGOLD: what will the Côté mine plan update show?

IAMGOLD is a mid-tier producer whose main growth asset is the Côté Gold mine in northern Ontario. It owns 70 percent of Côté with Sumitomo Metal Mining, and it also runs Westwood in Quebec and Essakane in Burkina Faso.

In an October 21, 2026 update, IAMGOLD said Côté produced 64,400 ounces for its share in the third quarter, or 92,000 ounces for the whole mine. Year-to-date production for its share was 184,000 ounces. The company expects full-year Côté output at the lower end of its 270,000 to 310,000 ounce range. Total company guidance is 720,000 to 820,000 attributable ounces.

The plant set a record in September at 37,100 tonnes per day. That beat its nameplate capacity, the rate the plant was designed to handle, of 36,000 tonnes per day. IAMGOLD plans to release an updated mine plan and Mineral Reserve estimate in the fourth quarter. A Mineral Reserve is the part of a deposit that a study shows can be mined at a profit. The company expects the update to show a significantly larger reserve and a path to about 40,000 tonnes per day.

Why the news matters: the mine plan could change how long Côté runs and how much it produces each year. Full third-quarter results arrive after the market closes on November 5, with a call on November 6.

One real risk: the reserve update could disappoint, or the ramp-up could keep lagging guidance.

Alamos Gold: how fast can Young-Davidson recover?

Alamos Gold runs the Island Gold District and the Young-Davidson mine in Ontario, plus the Mulatos District in Mexico. The Island Gold District includes the Island Gold and Magino mines.

On July 29, 2026, Alamos lowered 2026 production guidance to 510,000 to 560,000 ounces, down from 570,000 to 650,000. The main cause was a June 2026 seismic event at Young-Davidson, which damaged underground access to higher-grade areas. A slower recovery of gold from the leach pad at La Yaqui Grande also played a part. A leach pad is a stack of crushed ore that is sprayed with a solution to dissolve the gold over time.

Alamos raised full-year AISC guidance to $1,775 to $1,875 an ounce, citing lower output, repair work and higher costs in Canada. Over the longer term, Alamos says expansions at Island Gold and new projects, including Lynn Lake in Manitoba, could double output. Its target is about one million ounces a year by 2030.

Why the news matters: results after the close on October 28 will show how far Young-Davidson has recovered. They will also show whether the lower guidance range still holds.

One real risk: repair work at Young-Davidson could take longer than planned, which would keep costs high into 2027.

How sensitive are these miners to the gold price forecast?

A simple calculation shows why the gold price forecast matters so much to producers. At the October 23 close of $3,995.81, Agnico's second-quarter AISC of $1,459 leaves a margin of about $2,537 an ounce. If gold fell 10 percent, to about $3,596, that margin would shrink to about $2,137, a drop of roughly 16 percent.

The effect is larger for higher-cost producers. Kinross's AISC guidance midpoint of $1,875 leaves a margin of about $2,121 at Friday's close. The same 10 percent fall in gold would cut that margin by about 19 percent. This is why gold stocks often move more than the metal itself, in both directions.

These figures are rough, because companies sell gold at slightly different prices and costs change each quarter. They still show why readers watch cost guidance as closely as production.

How do the five gold miners compare on their key tests?

Each company faces a different test this fall. Agnico must show how much the Malartic redesign costs, while Barrick must turn higher output into more free cash flow. Kinross needs to hit a lower target, IAMGOLD needs a strong mine plan, and Alamos needs Young-Davidson to recover.

The common thread is cost. Four of the five reported AISC guidance between about $1,400 and $1,900 an ounce, so any rise in labour, energy or repair costs reduces margins directly. With Brent crude at $116.72 a barrel on October 23, energy costs are a live issue for every mine on this list.

Two recent CMR articles add context. Our October 23 report on gold falling below $4,000 covers the price move itself. Our review of what the Weiss Ratings and UBS gold notes actually say covers analyst views. Silver producers face similar tests, covered in our article on five Canadian silver miners heading into November.

What to watch: dated calendar

• October 28, 2026: Federal Reserve rate decision. After the market closes, Agnico Eagle, Kinross and Alamos release third-quarter results.
• October 29, 2026: Conference calls for Kinross (8:00 AM Eastern), Alamos (10:00 AM Eastern) and Agnico Eagle (11:00 AM Eastern). US PCE inflation data is released the same morning.
• November 5, 2026: IAMGOLD third-quarter results after the market closes, with a call on November 6.
• November 9, 2026: Barrick third-quarter results before the market opens, with a webcast at 11:00 AM Eastern.
• Fourth quarter of 2026: IAMGOLD's updated Côté mine plan and Mineral Reserve estimate.

Frequently asked questions

When do these five gold miners report third-quarter 2026 results?

Agnico Eagle, Kinross and Alamos report after the market closes on October 28, 2026. IAMGOLD reports after the close on November 5, and Barrick reports before the market opens on November 9.

What does AISC mean?

All-in sustaining cost, or AISC, is the full cost to produce one ounce of gold and keep a mine running at its current rate. It adds routine equipment and development spending to the direct cost of mining and processing.

Which of the five companies changed guidance in 2026?

Kinross lowered its production guidance on September 23, 2026, and Alamos lowered its guidance on July 29, 2026. Agnico Eagle and IAMGOLD both said output would land near the low end of their ranges.

Sources

1. GoldPrice.com, "Gold Price Today," market close for Friday, October 23, 2026. https://www.goldprice.com/gold-price-today
2. Agnico Eagle, "Agnico Eagle Reports Second Quarter 2026 Results," July 29, 2026. https://www.prnewswire.com/news-releases/agnico-eagle-reports-second-quarter-2026-results--record-quarterly-free-cash-flow-reflects-solid-operational-performance-record-quarterly-shareholder-returns-302837897.html
3. Agnico Eagle, "Agnico Eagle Approves Hope Bay Investment Decision," May 19, 2026. https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-APPROVES-HOPE-BAY-INVESTMENT-DECISION-STRONG-ECONOMIC-RETURNS-WITH-EXPECTED-ANNUAL-GOLD-PRODUCTION-OF-OVER-400000-OUNCES/default.aspx
4. Agnico Eagle, "Agnico Eagle Provides Notice of Release of Third Quarter 2026 Results and Conference Call," September 28, 2026. https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-PROVIDES-NOTICE-OF-RELEASE-OF-THIRD-QUARTER-2026-RESULTS-AND-CONFERENCE-CALL/default.aspx
5. Barrick Mining, "Barrick Reports Second Quarter 2026 Results," August 10, 2026. https://www.barrick.com/English/news/news-details/2026/q2-2026-results/default.aspx
6. Barrick Mining, "Barrick and Newmont Reach Agreement Regarding Nevada Gold Mines Joint Venture," August 10, 2026. https://www.barrick.com/English/news/news-details/2026/barrick-and-newmont-reach-agreement-regarding-nevada-gold-mines-joint-venture/default.aspx
7. Financial Post (Bloomberg), "Barrick Mining reaches deal with Mali unions, averting strikes," September 28, 2026. https://financialpost.com/commodities/mining/barrick-mining-reaches-deal-mali-unions-averting-strikes
8. Barrick Mining, "Tanzania Renews Barrick North Mara Mining Licenses for 15 Years," October 5, 2026. https://www.barrick.com/English/news/news-details/2026/tanzania-renews-barrick-north-mara-mining-licenses-for-15-years/default.aspx
9. Barrick Mining, "Barrick to Report Third Quarter 2026 Results on November 9," October 9, 2026. https://www.barrick.com/English/news/news-details/2026/barrick-to-report-third-quarter-2026-results-on-november-9/default.aspx
10. Kinross Gold, "Kinross provides operational and return of capital update," September 23, 2026. https://www.kinross.com/English/news-and-investors/news-releases/press-release-details/2026/Kinross-provides-operational-and-return-of-capital-update/default.aspx
11. Kinross Gold, "Kinross to announce Q3 results on October 28, 2026," October 6, 2026. https://www.kinross.com/English/news-and-investors/news-releases/press-release-details/2026/Kinross-to-announce-Q3-results-on-October-28-2026/default.aspx
12. IAMGOLD, "IAMGOLD Provides Update on Côté Gold Mine Operations Ahead of Mine Tour," October 21, 2026. https://www.iamgold.com/English/investors/news-releases/news-releases-details/2026/IAMGOLD-Provides-Update-on-Ct-Gold-Mine-Operations-Ahead-of-Mine-Tour/default.aspx
13. IAMGOLD, "IAMGOLD Reports Preliminary 2025 Operating Results and 2026 Guidance," January 19, 2026. https://www.iamgold.com/English/investors/news-releases/news-releases-details/2026/IAMGOLD-Reports-Preliminary-2025-Operating-Results--2026-Guidance/default.aspx
14. Alamos Gold, "Alamos Gold Reports Second Quarter 2026 Results," July 29, 2026. https://www.alamosgold.com/news-and-events/news/news-details/2026/Alamos-Gold-Reports-Second-Quarter-2026-Results/default.aspx
15. Alamos Gold, "Alamos Gold Provides Notice of Third Quarter 2026 Results and Conference Call," September 30, 2026. https://www.alamosgold.com/news-and-events/news/news-details/2026/Alamos-Gold-Provides-Notice-of-Third-Quarter-2026-Results-and-Conference-Call/default.aspx
16. CNBC, "10-year Treasury yield drops back to 5% this week," October 23, 2026 (Brent settlement). https://www.cnbc.com/2026/10/23/bonds-yields-us-treasurys.html