AEM.TO
🇨🇦TSXPrecious MetalsAgnico Eagle Mines Limited
5-year price history
- Record 2025 annual free cash flow of $4.4B on 3.45M oz produced at AISC of $1,339/oz gave Agnico a cash operating margin of ~$1,800/oz — the company captured ~95% of every incremental gold price dollar due to its low, stable cost structure.
- Mineral reserves grew 2% to 55.4M oz in 2025, indicated resources rose 10% to 47.1M oz, and inferred resources climbed 15% to 41.8M oz — the Detour Lake underground conversion alone added 3.47M oz of indicated resources at 2.04 g/t, underpinning a growth path to 4M+ oz by the early 2030s.
- Dividend raised 12.5% following 2025 results, total 2025 shareholder returns of $1.4B, and CA$14B committed to Ontario operations through 2030 — signalling durable capital return alongside organic reinvestment.
- 2026 AISC guidance midpoint of $1,475/oz is ~10% above 2025's $1,339/oz, with ~60% of the increase driven by higher royalty costs and a strengthening Canadian dollar — a structural cost headwind Agnico cannot easily control.
- 2026 production guidance of 3.3–3.5M oz is essentially flat versus 3.45M oz achieved in 2025, meaning near-term growth is constrained by mine sequencing and lower grades at certain operations.
- At ~$220/share and a $256 analyst consensus target implying only ~16% upside, the stock already trades at a significant premium to peers, leaving limited margin of safety if gold prices retreat or costs overshoot guidance.
Agnico Eagle is the gold miner Canadian investors should own if they want quality over quantity. No Africa, no Latin America dictator risk, no geopolitical coin-flip — just well-run mines in Canada, Finland, Mexico, and Australia. The premium is justified by the track record. For a TFSA, AEM is the highest-quality gold mining anchor. Combined with FNV (royalty) you get a balanced precious metals position with different risk profiles.
| Account | Fit | Why |
|---|---|---|
| TFSA | Ideal | Highest-quality gold producer, Canadian-listed eligible dividend, no withholding. The gold allocation for a TFSA. |
| RRSP | Ideal | Premium quality mining company in a tax-deferred vehicle — ideal for riding gold cycles without tax friction. |
| FHSA | Good | Quality and stability (for a gold miner) makes AEM more FHSA-appropriate than peers. Still volatile — size accordingly. |
| Non-reg | Good | Eligible dividend credit applies. Lower geopolitical risk means fewer surprise write-downs in a taxable account. |
Ideal = best tax outcome · Avoid = material drag or ineligible · Color and symbol, not color alone, indicate fit.
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