Agnico Eagle profit soars as reserves hit record

Agnico Eagle Mines (TSX, NYSE: AEM) said annual profit more than doubled as Canada’s largest gold miner boosted its dividend and reported record 2025 reserves of the precious metal. The stock jumped.

Net income soared to $4.5 billion (C$6.1 billion), or $8.89 per share, from $1.9 billion in 2024, Agnico said late Thursday in a statement. Revenue rose 44% to $11.9 billion on stronger gold prices and the company increased its quarterly dividend to 45 cents per share from 40 cents.

Year-end gold mineral reserves rose 2.1% to a record 55.4 million oz., supported by exploration success and the initial declaration of reserves at the Marban deposit in Malartic following the March acquisition of O3 Mining. Measured and indicated resources increased 9.6% to 47.1 million oz. while inferred resources climbed 15.5% to 41.8 million ounces.

Agnico met its full-year production target, producing 3.45 million oz. of gold in 2025. That compares with 3.4 million oz. in 2024. Fourth-quarter output reached 841,000 oz., in line with consensus estimates.

All-in sustaining costs rose 8% to $1,339 per oz. for the full year, largely due to higher royalty payments tied to stronger gold prices.

“Operating and cost guidance are in line, reserves and resources have increased, shareholder returns are increasing and there is visible production growth beyond 2030,” Scotia Capital mining analyst Tanya Jakusconek said Friday in a note.

Rising output

Agnico shares jumped 5.2% to C$294.16 in afternoon trading Friday in Toronto. The stock has climbed 104% over the past year, giving the company a market capitalization of about C$147 billion ($108 billion).

In addition to gold, Agnico produced 2.5 million oz. of silver, 8,446 tonnes of zinc and 5,393 tonnes of copper in 2025.

“Agnico Eagle has never been better positioned, with the strongest balance sheet in our history,” CEO Ammar Al-Joundi said in the statement. Agnico’s project pipeline could lift annual gold production by 20% to 30% over the next decade to more than four million oz. by the early 2030s, he said.

Projects at Malartic, Detour Lake, Upper Beaver and Hope Bay could add 700,000 to 1 million oz. a year over the next decade, pushing output above 4 million oz. in the early 2030s, BMO analyst Matthew Murphy said in a note. Progress on a second shaft at Malartic and potential additional production from the Marban satellite pit later in the decade, could also help.

Agnico ran an average of 120 diamond drill rigs in 2025, completing 1.4 million metres of core drilling across its portfolio.

2026 plans

For 2026, the company expects exploration and project spending of $565 million to $635 million, with a midpoint of $600 million. That includes about $384 million for capitalized and expensed exploration and roughly $216 million for advanced exploration projects, studies and other corporate development work.

Key priorities include continued drilling at the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, advancing regional synergies in Abitibi and expanding exploration at Hope Bay.

Market sentiment has reflected the company’s strong performance over the past year. The miner topped MINING.COM’s Global Mining Power Rankings in the large-cap category for a third straight month in January. 

The rankings highlight companies viewed by investors, analysts and industry insiders as delivering operational consistency, financial momentum and strategic progress across market capitalizations. Sentiment carried added weight this month, supported by improving balance sheets, steady project delivery and firm gold, silver and copper prices.