Agnico Eagle’s Reserve Grows Supported by Exploration, Prices

Agnico Eagle Mines reported record gold reserves and resource growth in 2025, driven by strong exploration results, higher gold prices and the acquisition of O3 Mining, reinforcing its long-term production pipeline and global expansion strategy. The update underscores continued investment and exploration activity in Mexico, where declining reserves at Pinos Altos contrast with ongoing resource potential and new drilling plans. 

Agnico Eagle Mines reported record gold reserves and continued resource growth in its year-end 2025 update, supported by strong exploration performance and favorable gold prices. The company increased its global mineral reserves while advancing key projects and maintaining steady investment in exploration, with Mexico remaining part of its strategy.

At the end of 2025, proven and probable gold mineral reserves reached a record 55.4Moz, representing a 2.1% increase compared to the previous year. These reserves correspond to approximately 1.33 billion t of ore with an average grade of 1.30g/t of gold. The increase reflects a combination of reserve replacement from operating mines and the initial recognition of reserves at the Marban deposit following the company’s acquisition of O3 Mining, earlier in 2025.

Measured and indicated mineral resources also showed substantial growth, rising 9.6% year over year to 47.1Moz, while inferred resources climbed 15.5% to 41.8Moz. These gains were mainly supported by exploration success at key assets such as Detour Lake, Odyssey and Hope Bay, as well as ongoing resource conversion efforts.

The company’s exploration program remained highly active throughout the year, operating an average of 120 diamond drill rigs and completing roughly 1.4 million m of core drilling across its global portfolio. This work contributed to resource expansion, improved geological models and strengthened the company’s long-term production outlook.

Gold prices played a significant role in supporting reserve growth and project development. Strong market conditions improve the economic viability of deposits by allowing companies to classify more mineralization as recoverable. According to the company, a 10% increase in gold prices could raise contained gold in proven and probable reserves by roughly 9%, while lower prices would have the opposite effect. Higher prices also support investment in exploration, enable development of lower-grade deposits and strengthen the economics of future projects.

During 2025, Agnico Eagle’s mines produced ore containing 3.74Moz of gold. Reserve calculations were based primarily on a gold price assumption of US$1,600/oz, although higher price assumptions were applied at certain operations depending on regional conditions and project characteristics. These assumptions remain below the three-year historical average gold price, reflecting a conservative approach to resource estimation.

Looking ahead, the company plans to maintain strong exploration momentum in 2026, with projected spending between US$565 million and US$635 million, including approximately US$384 million dedicated to exploration activities and about US$216 million allocated to advanced projects, technical studies and corporate development initiatives. Key priorities include expanding underground development at Detour Lake, evaluating the full potential of the Canadian Malartic property and advancing the Hope Bay project.

“I would like to congratulate our exploration team for their performance in 2025 in terms of safety, productivity and cost control. The exploration program continued to yield exciting results at our mines and key pipeline projects, which drove an increase in our mineral reserves and in our measured, indicated and inferred mineral resources primarily from additions at Detour Lake, Odyssey and Hope Bay,” said Guy Gosselin, Agnico Eagle’s Executive Vice President of Exploration. “The success of our 2025 exploration program reinforces our view that we have built the strongest project pipeline in the Company’s history, with exceptional exploration upside, arguably the best in the gold mining sector.”

Mexico Operations

In 2025, exploration at Pinos Altos included 16,365m of drilling, primarily aimed at advancing the Pinos Altos Deep project below the existing underground mine and exploring extensions of known mineralization at Cubiro, Oberon de Weber, Cerro Colorado, and Sinter.

Proven and probable mineral reserves declined to 269,000oz of gold at an average grade of 1.80g/t, compared with 433,000oz the previous year. Despite this decrease, the operation still holds measured and indicated resources of approximately 916,000oz and inferred resources of 93,000oz , indicating continued potential for resource development.

Beyond reserves, Mexico also represents an important exploration focus. For 2026, the company plans to spend approximately US$5.3 million for 25,500m of exploration drilling. 

Mexico also hosts several early-stage exploration and development projects within the company’s portfolio. These include properties such as La India, Tarachi, Santa Gertrudis, Chipriona, and El Barqueño, which collectively contribute to the company’s broader resource base. For example, Santa Gertrudis contains more than 563,000oz of gold in measured and indicated resources and 1.43Moz in inferred resources, highlighting its long-term development potential.

Additionally, Agnico Eagle holds a 50% interest in the San Nicolás project, where its share of reserves totals approximately 672,000oz of gold equivalent. This project reflects the company’s strategy of participating in joint ventures to expand its presence while sharing development costs and risks.

Precious Metals Prices in 2026

As 2026 unfolds, investors continue to compare silver with gold, the traditional safe-haven asset. HSBC maintains a cautious outlook, expecting gold to average around US$4,450/oz in 2026, with upside early in the year followed by potential corrections if geopolitical tensions fade or US monetary policy changes. 

Silver, by contrast, is experiencing exceptional momentum. Citigroup forecasts that spot prices could rise to US$150/oz within the next three months, following a nearly 50% surge in January alone. The rally is being driven by strong Chinese demand, tight global supply, and increasing industrial consumption in solar energy, electric vehicles, and data centers. Analysts at Citi, including Max Layton, have described silver as “gold on overdrive,” noting that higher prices may be necessary to incentivize current holders to sell. Should the gold-to-silver ratio return to its 2011 low of 32:1, silver could potentially climb to US$170/oz.