Agnico Eagle posts record reserves, hikes payout

Canada’s largest gold miner, Agnico Eagle Mines (TSX, NYSE: AEM), reported record 2025 reserves of the precious metal and a 135% surge in annual profit, lifting its dividend as higher gold prices boosted revenue.

Year-end gold mineral reserves rose 2.1% to a record 55.4 million ounces, supported by exploration success and the initial declaration of reserves at the Marban deposit in Malartic following the March 2025 acquisition of O3 Mining. Reserves totalled 1.33 billion tonnes grading 1.30 g/t gold.

Measured and indicated resources increased 9.6% to 47.1 million ounces, or 1.2 billion tonnes at 1.22 g/t, while inferred resources climbed 15.5% to 41.8 million ounces, or 522 million tonnes at 2.49 g/t.

Net income for the year ended December 31, 2025, jumped to $4.46 billion, or $8.89 per share, from $1.9 billion in 2024, as revenue rose 44% to $11.91 billion on stronger gold prices.

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

Full-year all-in sustaining costs rose 8% to $1,339 per ounce, largely due to higher royalty payments tied to stronger gold prices.

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

The company increased its quarterly dividend to 45 cents per share from 40 cents, effective the March quarter of 2026.

“Agnico Eagle has never been better positioned, with the strongest balance sheet in our history,” president and CEO Ammar Al-Joundi said in the statement.

He added that the company’s project pipeline could lift annual gold production by 20% to 30% over the next decade to more than four million ounces by the early 2030s.

BMO analyst Matthew Murphy said projects at Malartic, Detour Lake, Upper Beaver and Hope Bay could add 0.7 million to one million ounces a year over the next decade, pushing output above four million ounces in the early 2030s. He also pointed to progress on a second shaft at Malartic and potential additional production from the Marban satellite pit later in the decade.

Agnico ran an average of 120 diamond drill rigs in 2025 and completed 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.

Shares of Agnico Eagle rose nearly 1.7% in pre-market trading Friday in New York to $205.21. The stock has climbed 104% over the past year, giving the company a market capitalization of about $103 billion.

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.