A Leading Force in Global Gold Mining
Agnico Eagle Mines (TSE:AEM) stands as Canada’s largest mining company and consistently ranks among the top three gold producers worldwide. With operations in Canada, Mexico, Australia, and Finland, Agnico has built a strong global presence backed by an extensive, high-quality exploration pipeline. Founded in 1957, the company has grown to boast a market capitalization of $77 billion.
Strong 2024 Performance and Low Production Costs
In 2024, Agnico reported total gold production of 3,485,336 ounces, with a total cash cost of $903 per ounce. This figure is particularly compelling when compared to the gold market, where prices never fell below $1,800 per ounce and ended the year at $2,500. Notably, 85% of Agnico’s gold output came from Canadian operations, underscoring the company’s strategic focus on stable and high-quality jurisdictions.
2025 Outlook: Consistent Production and Solid Reserves
Looking ahead to 2025, Agnico forecasts gold production in the range of 3.3 million to 3.5 million ounces, with expected total cash costs between $915 and $965 per ounce. The company is well-supported by robust mineral reserves, totaling 54.3 million proven and probable ounces, and an additional 43 million ounces classified as measured and indicated resources. An important part of Agnico’s long-term strategy is maintaining reserves at approximately 10 times its annual production, ensuring longevity and sustainability in operations.
Exceptional Financials and Shareholder Returns
In Q2 2025, Agnico reported $2.82 billion in mining revenues, marking a 36% year-over-year increase and beating expectations by $120 million. The company’s non-GAAP earnings per share reached $1.94, up from $1.07 in the same period last year and 14 cents higher than analyst estimates. Additionally, Agnico recorded a record free cash flow of $1.3 billion during the quarter.
The company’s stellar performance has been reflected in its stock price—AEM shares are up 98% year-to-date, significantly outperforming broader markets.
Analyst Praise and Strategic Strengths
Bank of America analyst Lawson Winder recently reiterated Agnico Eagle as his top North American precious metals pick for 2025. Winder highlighted Agnico’s consistent track record of meeting or exceeding guidance, its portfolio of high-potential growth projects, and the exploration upside across its properties. He also emphasized the company’s asset locations in top-tier mining jurisdictions like Canada, Australia, and Finland as a major competitive advantage.
Conclusion: A Premier Gold Mining Investment
Agnico Eagle continues to demonstrate why it’s considered a leader in the precious metals space. With a disciplined focus on low-risk, high-return operations, strong financial performance, and world-class assets, the company remains a top pick for investors seeking exposure to the gold sector.
Stock Recommendation
Considering the above facts, we give a “Buy” rating at the closing price of CAD 209.56 per share as on September 16, 2025.
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