Agnico Eagle record reserves and dividend: production growth lens for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Agnico Eagle Mines posted record year-end 2025 gold reserves of 55.4 million oz (1.33 billion tonnes at 1.30 g/t) and a 135% jump in net income to $4.46 billion, lifting its quarterly dividend to $0.45 per share. Measured and indicated resources rose to 47.1 million oz and inferred resources to 41.8 million oz, supported by the Marban deposit at Malartic and 1.4 million metres of core drilling from an average 120 diamond rigs. CEO Ammar Al‑Joundi targets a 20–30% production increase to over 4 million oz/year by the early 2030s, driven by Detour Lake underground, Canadian Malartic, Upper Beaver and Hope Bay.
Technical Brief
- All-in sustaining costs increased 8% year-on-year to US$1,339/oz, mainly from price-linked royalties.
- 2025 by-product output included 2.5 Moz silver, 8,446 t zinc and 5,393 t copper across the portfolio.
- Fourth-quarter 2025 gold production reached 841,000 oz, matching analyst consensus for operational delivery.
- Exploration and project spend for 2026 is budgeted at US$565–635 million, midpoint US$600 million.
- Of this, about US$384 million is allocated to capitalised/expensed exploration drilling and related work.
- Roughly US$216 million in 2026 is earmarked for advanced exploration projects, studies and corporate development.
Our Take
With 55.4 million ounces of gold reserves at an average 1.3 g/t, Agnico Eagle now sits at the upper end of reserve scale among the gold names in our Mining database, which typically show single-digit-million-ounce inventories for standalone projects in Abitibi and Nunavut.
The plan to lift gold output towards 4 million ounces by the early 2030s, supported by 0.7–1.0 million ounces per year of incremental production from projects like Detour Lake underground and Upper Beaver, implies a build-out path more akin to a diversified major than a traditional single-region producer in our recent gold coverage.
Exploration and project spending guided at around $600 million for 2026, including $384 million on exploration alone, is materially higher than most peer budgets in our recent gold project stories and signals that assets such as Hope Bay and the Canadian Malartic property are being treated as long-life, multi-decade district plays rather than mature mines nearing harvest mode.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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