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Barrick Mining vs. Agnico Eagle: Which Gold Miner Has More Glitter?
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Key Takeaways
Barrick advances major gold and copper projects like Goldrush, Lumwana and Reko Diq.
Agnico Eagle boosts growth with Odyssey, Detour Lake, Hope Bay and Upper Beaver.
B stock is up 109.9% in the past year, while AEM has gained 86.1% amid the gold price rally.
Barrick Mining Corporation (B - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) are two leading players in the gold mining space with global operations and diversified portfolios. While gold prices have fallen from their January 2026 highs, they remain favorable. Against this backdrop, comparing the two industry giants is particularly relevant for investors seeking exposure to the precious metals sector.
After surging roughly 65% in 2025, gold entered 2026 with strong momentum. Heightened geopolitical strains, a weaker U.S. dollar and concerns over the independence of the Federal Reserve pushed bullion to record highs, with prices climbing to nearly $5,600 per ounce in late January. The rally was followed by a brief pullback to below $4,900 per ounce due to aggressive profit-taking and a rebound in the U.S. dollar. However, bargain hunting after the sharp selloff lifted prices back above $5,000 per ounce.
Bullion strengthened earlier this month again, surging past $5,400 per ounce on March 2, as safe-haven demand spiked, following joint U.S.-Israel strikes on Iran. Gold prices have since retreated from those levels amid a stronger U.S. dollar and inflation concerns tied to surging oil prices. The Federal Reserve kept interest rates unchanged amid a spike in oil prices due to the ongoing war and projected only one rate cut this year. Fed’s hawkish tone further weighed on gold prices, dragging it below $4,900 per ounce.
Sustained central-bank purchases, safe-haven demand tied to prevailing geopolitical tensions due to the Middle East war and broader macroeconomic uncertainties are likely to support gold prices moving ahead.
Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.
The Case for Barrick
Barrick is well-placed to benefit from the progress in key growth projects, which should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are underway. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production.
The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program, which shows significant resource growth potential. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of 2028.
Moreover, the $2-billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to produce 240,000 tons of copper annually.
Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of fourth-quarter 2025, Barrick’s cash and cash equivalents were around $6.7 billion. It generated strong operating cash flows of roughly $2.7 billion in the fourth quarter, up 13% year over year, while free cash flow rose 9% year over year to around $1.6 billion. For full-year 2025, operating cash flow surged 71% to around $7.7 billion, and free cash flow shot up 194% to $3.9 billion.
Barrick returned $2.4 billion to its shareholders in 2025 through dividends and repurchases. It repurchased shares worth $1.5 billion during 2025, including $500 million in the fourth quarter. The company increased its dividend to 42 cents per share for the fourth quarter of 2025, marking a 140% increase over the third quarter. It also announced a new dividend policy that targets a total payout of 50% of attributable free cash flow on an annualized basis.
Barrick offers a dividend yield of 3.9% at the current stock price. Its payout ratio is 29% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 5.9%.
Barrick, however, is challenged by higher costs, which may weigh on its margins. Its total cash costs per ounce of gold and all-in-sustaining costs (AISC) — a critical cost metric for miners — increased around 15% and 9% year over year, respectively, in the fourth quarter, and rose from the previous quarter as well. AISC of $1,581 increased from the year-ago quarter due to higher total cash costs per ounce. AISC also rose 10% year over year to $1,637 in 2025. Lower year-over-year production, partly due to the suspension of operations at the Loulo-Gounkoto mine, contributed to the rise in its unit costs.
For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025. Lower grades mined, higher prices of key consumables and raised gold price assumptions are expected to contribute to increased costs in 2026. The increase also reflects a higher cost base at Loulo-Gounkoto as the company ramps up mining following the return of control in December 2025.
The Case for Agnico Eagle
Agnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.
The Hope Bay Project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the years to come. The processing plant expansion at Meliadine was completed and commissioned in the second half of 2024, with mill capacity expected to increase to roughly 6,250 tons per day. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. Production from East Gouldie is expected to commence from the ramp in the first quarter of 2026.
At Hope Bay, drilling results at Patch 7 also suggest the potential for mineral resource expansion. Moreover, drilling at the Marban deposit, added through the acquisition of O3 Mining, focuses on mineral reserve and mineral resource expansion. AEM also continued to work on a feasibility study at San Nicolas. At Detour Lake, AEM advanced the development of the exploration ramp during the fourth quarter.
The merger with Kirkland Lake Gold established Agnico Eagle as the industry's highest-quality senior gold producer. The integrated entity now has an extensive pipeline of development and exploration projects to drive sustainable growth. It also has the financial flexibility to fund a strong pipeline of growth projects.
AEM has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow was roughly $2.1 billion in the fourth quarter, up around 87% from the year-ago quarter. Operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies.
AEM recorded fourth-quarter free cash flow of roughly $1.3 billion, more than doubling the prior-year figure of $570 million. For the full year, free cash flow was a record $4.4 billion, up 105% year over year. The upside was backed by the strength in gold prices and robust operational results. The company remains focused on paying down debt using excess cash, with total long-term debt reducing by roughly $950 million in 2025, ending the year with $196 million.
The company ended 2025 with a significant net cash position of nearly $2.7 billion, driven by the increase in cash position and reduction in debt. AEM also returned around $1.4 billion to its shareholders in 2025 through dividends and share buybacks. It raised its quarterly dividend by 12.5% to 45 cents per share.
Agnico Eagle's long-term debt-to-capitalization is just around 1.16%, lower than Barrick’s 11.46%. AEM offers a dividend yield of 0.9% at the current stock price. It has a five-year annualized dividend growth rate of 2.6%. AEM has a payout ratio of 19%.
B & AEM: Price Performance, Valuation & Other Comparisons
Barrick stock has surged 109.9% in the past year, while AEM stock has rallied 86.1% compared with the Zacks Mining – Gold industry’s increase of 103.9%.
Image Source: Zacks Investment Research
Barrick is currently trading at a forward 12-month earnings multiple of 10.76, lower than its five-year median. This represents a roughly 10.3% discount when stacked up with the industry average of 12X.
Image Source: Zacks Investment Research
Agnico Eagle is trading at a premium to Barrick. The AEM stock is currently trading at a forward 12-month earnings multiple of 14.72, above the industry.
Image Source: Zacks Investment Research
AEM’s return on equity of 18.09% is higher than B’s 12.1%. This reflects Agnico Eagle’s efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How Does Zacks Consensus Estimate Compare for B & AEM?
The Zacks Consensus Estimate for B’s 2026 sales and EPS implies a year-over-year rise of 12.9% and 49.2%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for AEM’s 2026 sales and EPS implies year-over-year growth of 38% and 60.4%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
B or AEM: Which is the Better Pick Now?
Both Barrick and Agnico Eagle have a strong pipeline of development projects, solid financial health and strong earnings growth prospects, and are seeing favorable estimate revisions. Favorable gold prices are also expected to drive their margins and cash flows. AEM's higher growth projections and superior return on equity suggest that it may offer better investment prospects in the current market environment. AEM’s lower leverage also indicates lesser financial risks. Investors seeking exposure to the gold space might consider Agnico Eagle as the more favorable option at this time.
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Image: Bigstock
Barrick Mining vs. Agnico Eagle: Which Gold Miner Has More Glitter?
Key Takeaways
Barrick Mining Corporation (B - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) are two leading players in the gold mining space with global operations and diversified portfolios. While gold prices have fallen from their January 2026 highs, they remain favorable. Against this backdrop, comparing the two industry giants is particularly relevant for investors seeking exposure to the precious metals sector.
After surging roughly 65% in 2025, gold entered 2026 with strong momentum. Heightened geopolitical strains, a weaker U.S. dollar and concerns over the independence of the Federal Reserve pushed bullion to record highs, with prices climbing to nearly $5,600 per ounce in late January. The rally was followed by a brief pullback to below $4,900 per ounce due to aggressive profit-taking and a rebound in the U.S. dollar. However, bargain hunting after the sharp selloff lifted prices back above $5,000 per ounce.
Bullion strengthened earlier this month again, surging past $5,400 per ounce on March 2, as safe-haven demand spiked, following joint U.S.-Israel strikes on Iran. Gold prices have since retreated from those levels amid a stronger U.S. dollar and inflation concerns tied to surging oil prices. The Federal Reserve kept interest rates unchanged amid a spike in oil prices due to the ongoing war and projected only one rate cut this year. Fed’s hawkish tone further weighed on gold prices, dragging it below $4,900 per ounce.
Sustained central-bank purchases, safe-haven demand tied to prevailing geopolitical tensions due to the Middle East war and broader macroeconomic uncertainties are likely to support gold prices moving ahead.
Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.
The Case for Barrick
Barrick is well-placed to benefit from the progress in key growth projects, which should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are underway. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production.
The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program, which shows significant resource growth potential. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of 2028.
Moreover, the $2-billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to produce 240,000 tons of copper annually.
Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of fourth-quarter 2025, Barrick’s cash and cash equivalents were around $6.7 billion. It generated strong operating cash flows of roughly $2.7 billion in the fourth quarter, up 13% year over year, while free cash flow rose 9% year over year to around $1.6 billion. For full-year 2025, operating cash flow surged 71% to around $7.7 billion, and free cash flow shot up 194% to $3.9 billion.
Barrick returned $2.4 billion to its shareholders in 2025 through dividends and repurchases. It repurchased shares worth $1.5 billion during 2025, including $500 million in the fourth quarter. The company increased its dividend to 42 cents per share for the fourth quarter of 2025, marking a 140% increase over the third quarter. It also announced a new dividend policy that targets a total payout of 50% of attributable free cash flow on an annualized basis.
Barrick offers a dividend yield of 3.9% at the current stock price. Its payout ratio is 29% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 5.9%.
Barrick, however, is challenged by higher costs, which may weigh on its margins. Its total cash costs per ounce of gold and all-in-sustaining costs (AISC) — a critical cost metric for miners — increased around 15% and 9% year over year, respectively, in the fourth quarter, and rose from the previous quarter as well. AISC of $1,581 increased from the year-ago quarter due to higher total cash costs per ounce. AISC also rose 10% year over year to $1,637 in 2025. Lower year-over-year production, partly due to the suspension of operations at the Loulo-Gounkoto mine, contributed to the rise in its unit costs.
For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025. Lower grades mined, higher prices of key consumables and raised gold price assumptions are expected to contribute to increased costs in 2026. The increase also reflects a higher cost base at Loulo-Gounkoto as the company ramps up mining following the return of control in December 2025.
The Case for Agnico Eagle
Agnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.
The Hope Bay Project, with proven and probable mineral reserves of 3.4 million ounces, is expected to play a significant role in generating cash flow in the years to come. The processing plant expansion at Meliadine was completed and commissioned in the second half of 2024, with mill capacity expected to increase to roughly 6,250 tons per day. At Canadian Malartic, Agnico Eagle is advancing the transition to underground mining with the construction of the Odyssey mine and executing other opportunities to beef up annual production. Production from East Gouldie is expected to commence from the ramp in the first quarter of 2026.
At Hope Bay, drilling results at Patch 7 also suggest the potential for mineral resource expansion. Moreover, drilling at the Marban deposit, added through the acquisition of O3 Mining, focuses on mineral reserve and mineral resource expansion. AEM also continued to work on a feasibility study at San Nicolas. At Detour Lake, AEM advanced the development of the exploration ramp during the fourth quarter.
The merger with Kirkland Lake Gold established Agnico Eagle as the industry's highest-quality senior gold producer. The integrated entity now has an extensive pipeline of development and exploration projects to drive sustainable growth. It also has the financial flexibility to fund a strong pipeline of growth projects.
AEM has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow was roughly $2.1 billion in the fourth quarter, up around 87% from the year-ago quarter. Operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies.
AEM recorded fourth-quarter free cash flow of roughly $1.3 billion, more than doubling the prior-year figure of $570 million. For the full year, free cash flow was a record $4.4 billion, up 105% year over year. The upside was backed by the strength in gold prices and robust operational results. The company remains focused on paying down debt using excess cash, with total long-term debt reducing by roughly $950 million in 2025, ending the year with $196 million.
The company ended 2025 with a significant net cash position of nearly $2.7 billion, driven by the increase in cash position and reduction in debt. AEM also returned around $1.4 billion to its shareholders in 2025 through dividends and share buybacks. It raised its quarterly dividend by 12.5% to 45 cents per share.
Agnico Eagle's long-term debt-to-capitalization is just around 1.16%, lower than Barrick’s 11.46%. AEM offers a dividend yield of 0.9% at the current stock price. It has a five-year annualized dividend growth rate of 2.6%. AEM has a payout ratio of 19%.
B & AEM: Price Performance, Valuation & Other Comparisons
Barrick stock has surged 109.9% in the past year, while AEM stock has rallied 86.1% compared with the Zacks Mining – Gold industry’s increase of 103.9%.
Barrick is currently trading at a forward 12-month earnings multiple of 10.76, lower than its five-year median. This represents a roughly 10.3% discount when stacked up with the industry average of 12X.
Agnico Eagle is trading at a premium to Barrick. The AEM stock is currently trading at a forward 12-month earnings multiple of 14.72, above the industry.
AEM’s return on equity of 18.09% is higher than B’s 12.1%. This reflects Agnico Eagle’s efficient use of shareholder funds in generating profits.
How Does Zacks Consensus Estimate Compare for B & AEM?
The Zacks Consensus Estimate for B’s 2026 sales and EPS implies a year-over-year rise of 12.9% and 49.2%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.
The consensus estimate for AEM’s 2026 sales and EPS implies year-over-year growth of 38% and 60.4%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.
B or AEM: Which is the Better Pick Now?
Both Barrick and Agnico Eagle have a strong pipeline of development projects, solid financial health and strong earnings growth prospects, and are seeing favorable estimate revisions. Favorable gold prices are also expected to drive their margins and cash flows. AEM's higher growth projections and superior return on equity suggest that it may offer better investment prospects in the current market environment. AEM’s lower leverage also indicates lesser financial risks. Investors seeking exposure to the gold space might consider Agnico Eagle as the more favorable option at this time.
B currently carries a Zacks Rank #3 (Hold), while AEM sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.