Agnico Eagle Mines Limited

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Agnico Eagle Mines Limited

AEM · US

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Agnico Eagle Mines (AEM, dual-listed on NYSE/TSX and reporting in USD) is the world's second-largest gold miner and widely regarded as one of the highest-quality operators, with about 3.45 million ounces of 2025 gold production, senior-producer-low AISC of about $1,339/oz, roughly 97% of output from tier-A mining jurisdictions such as Canada, Australia, and Finland, and gold as its overwhelmingly dominant business. Its balance sheet is net cash at about $2.9 billion, total debt is only about $200 million, Fitch upgraded it to A- in April 2026, and 2025 free cash flow reached a record of about $4.4 billion, but the stock is now in the part of the cycle where spot gold has corrected from its late-January 2026 intraday record of about $5,589/oz and AEM has fallen about 35% from its March 2, 2026 high of $251.57. Report rating Watch: downside risk is conditional on a further gold-price decline, with an ideal buy price at or below $135; this stands against sell-side Buy consensus and an average target of $254, but the real wager on both sides is the gold price, which no one can forecast reliably.