- Agnico Eagle (TSX:AEM) reported record adjusted net income of $976 million and free cash flow of $1.3 billion, citing strong gold prices and operational efficiency
- The company produced 866,029 ounces of gold at total cash costs of $933/oz and AISC of $1,289/oz, achieving 51 per cent of its full-year production target by mid-year
- It transitioned to a net cash position of $963 million, repaid $550 million in debt, declared a $0.40 dividend, and repurchased $100 million in shares
- Agnico Eagle stock (TSX:AEM) opened trading at C$174.48
Agnico Eagle Mines (TSX:AEM) reported details of its Q2 2025 performance, reporting record adjusted net income and free cash flow, while maintaining solid gold production and cost efficiency across its global operations.
This content has been prepared as part of a partnership with Agnico Eagle Mines Ltd. and is intended for informational purposes only.
Gold production surges
The company produced 866,029 ounces of payable gold in Q2 2025, driven by robust performances at Canadian Malartic, LaRonde, Macassa, and Fosterville. Production costs per ounce stood at $911, with total cash costs at $933 and all-in sustaining costs (AISC) at $1,289 per ounce. At the halfway mark of the year, Agnico Eagle has already achieved approximately 51 per cent of its full-year production guidance, while keeping cash costs below the mid-point of its forecast range.
Record financial performance
Agnico Eagle posted a quarterly net income of $1.069 billion, or $2.13 per share, and a record adjusted net income of $976 million, or $1.94 per share. Operating cash flow reached $1.845 billion ($3.67 per share), with record free cash flow of $1.305 billion ($2.60 per share), underscoring the company’s strong financial health and operational efficiency.
Guidance reaffirmed for 2025
The company reaffirmed its 2025 guidance, projecting full-year gold production between 3.3 and 3.5 million ounces. Total cash costs are expected to remain between $915 and $965 per ounce, with AISC forecasted between $1,250 and $1,300 per ounce. Capital expenditures are estimated at $1.75 to $1.95 billion, excluding exploration, which is expected to total $290 to $310 million.
Strengthened balance sheet and shareholder returns
Agnico Eagle transitioned to a net cash position of $963 million as of June 30, 2025, following a $419 million increase in cash and a $550 million reduction in long-term debt. The company repaid and redeemed a total of $550 million in senior notes during the quarter. Additionally, it declared a quarterly dividend of $0.40 per share and repurchased 836,488 shares for $100 million under its expanded $1 billion normal course issuer bid.
Advancing key projects across the portfolio
- Canadian Malartic: Achieved a record 4,850 metres of development, with ramp access reaching the mid-shaft loading station and continued progress on the East Gouldie zone.
- Detour Lake: Initiated exploration ramp development and reported promising drill results in the West Pit and West Extension zones.
- Upper Beaver: Advanced shaft infrastructure and prepared for ramp excavation in Q3.
- Hope Bay: Continued infrastructure upgrades and drilled 39,390 metres, with high-grade intercepts supporting resource expansion.
- San Nicolas: Progressed feasibility study and received permits for expanded drilling.
Management insights
“Our portfolio of high-quality assets continued to deliver exceptional results this quarter, generating record free cash flow, more than doubling the prior quarter. This performance reflects the strength of the gold price environment, our disciplined cost management and the consistency of our operational execution,” Ammar Al-Joundi, Agnico Eagle’s president and CEO said in a news release. “While delivering record free cash flow, we remained disciplined in our capital allocation – reinvesting in our business, strengthening our balance sheet and returning capital to shareholders. We ended the quarter with a significant net cash position and returned approximately $300 million to shareholders through dividends and share repurchases this quarter. We remain focused on executing on our 2025 guidance and advancing our key growth projects to drive long-term value creation.”
About Agnico Eagle Mines
Agnico Eagle is the third-largest gold producer in the world. The company owns producing operations in Canada, Australia, Finland and Mexico, in addition to a high-potential pipeline of exploration and development projects. It has declared a cash dividend every year since 1983.
Agnico Eagle stock (TSX:AEM) opened trading 1.44 per cent higher at C$174.48, having grown 54.17 per cent since the year began and 66.49 per cent since this time last year.
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