Agnico Eagle Mines (TSX, NYSE: AEM) has announced the launch of Avenir Minerals Limited, a new subsidiary designed to manage and expand the company’s growing portfolio of critical mineral investments.
The Toronto-based gold producer said Avenir will oversee approximately $80 million in existing early-stage investments, with Agnico contributing an additional $50 million in cash to support future projects. The company will also maintain a right of first refusal on subsequent investment opportunities and retain the option to inject more capital as Avenir grows.
Operating as an independent, self-sustaining entity, Avenir Minerals will focus on identifying and developing critical mineral projects outside Agnico’s core gold and copper operations. The subsidiary will target strategic partnerships and government support, with a primary emphasis on opportunities within Canada.
Strategic Expansion Beyond Gold
The move comes shortly after Agnico’s $180 million investment in Perpetua Resources (NASDAQ, TSX: PPTA), a U.S.-based company developing the $1.3 billion Stibnite gold and antimony project in Idaho. The Stibnite project, supported by the U.S. government, is viewed as a key contributor to rebuilding North American supplies of critical minerals.
Agnico’s decision to consolidate its non-core investments under Avenir follows a record third quarter, driven by higher gold prices and strong operational consistency.
Record Quarter and Strong Financials
For the third quarter, Agnico reported:
- Net income: $1.06 billion, or $2.10 per share
- Adjusted net income: $1.09 billion, or $2.16 per share
- Operating cash flow: $1.82 billion
- Free cash flow: $1.19 billion
“We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins,” said Ammar Al-Joundi, President and CEO of Agnico Eagle.
The company reaffirmed its 2025 production guidance of 3.3–3.5 million ounces of gold, with costs expected to trend toward the upper range due to higher royalties. Capital spending for 2025 is projected between $1.75 billion and $1.95 billion, excluding $290–$310 million in capitalized exploration.
Balance Sheet Strength and Growth Pipeline
Agnico ended the quarter with $2.36 billion in cash and reduced long-term debt to $196 million, resulting in a net cash position of $2.16 billion as of September 30. Credit agency Moody’s upgraded the company’s rating to A3 from Baa1 in August.
Development and exploration continue across Agnico’s key projects — Canadian Malartic, Detour Lake, Upper Beaver, Hope Bay, and San Nicolas — all showing steady progress. Drilling at Hope Bay delivered strong results, including 16.9 g/t gold over 4.6 metres and 12.7 g/t gold over 9.3 metres.
Positioned for Long-Term Growth
With Avenir Minerals, Agnico Eagle is positioning itself to capitalize on the global demand for critical minerals essential to renewable energy, electric vehicles, and advanced manufacturing — while maintaining its reputation as one of the world’s most financially stable gold producers.
Agnico Eagle shares traded slightly higher in pre-market trading at $158, valuing the company at approximately $79 billion.
