Mining Stocks Volatility Amid Gold Market Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 18 2026
0mins
Source: Fool
- Mining Stock Performance: Mining stocks have generally declined since the U.S. and Israel attacked Iran on February 28, as rising oil prices above $100 per barrel have led to inflation concerns and potential interest rate hikes, negatively impacting mining stock performance despite gold being a safe haven.
- Agnico Eagle's Stable Growth: As Canada's largest mining company, Agnico Eagle reported an EPS of $8.89 in 2025, up 135%, with EBITDA of $8.8 billion, up 89%, benefiting from a low-risk operational profile that provides a significant safety premium during geopolitical conflicts.
- Wheaton Precious Metals' Strong Momentum: Wheaton achieved record revenue of $2.3 billion in 2025, with net earnings rising 178% to $1.5 billion and operating cash flow increasing 85.4% to $1.9 billion, showcasing its strong profitability in the gold and silver markets with an EPS of $3.24, up 178%.
- Long-Term Gold Market Outlook: Analysts predict gold prices could reach $6,000 per ounce by late 2026, supporting the long-term growth potential of both Agnico and Wheaton, particularly as Wheaton captures nearly 90% of the recent gold price surge as pure profit due to fixed purchase costs.
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Analyst Views on AEM
Wall Street analysts forecast AEM stock price to rise
13 Analyst Rating
7 Buy
5 Hold
1 Sell
Moderate Buy
Current: 220.100
Low
1.60
Averages
231.12
High
337.00
Current: 220.100
Low
1.60
Averages
231.12
High
337.00
About AEM
Agnico Eagle Mines Limited is a Canada-based and led senior gold mining company engaged in producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of exploration and development projects. Its operations include Canadian Malartic Complex, Detour Lake, Fosterville, Goldex, Kittila, La India, LaRonde Complex, Macassa, Meadowbank Complex, Meliadine and Pinos Altos. Its exploration sites include Barsele, Delta, Dubuisson, El Barqueno, Hammond Reef, Hope Bay, Jennings, Morelos Sur, North Madsen, Northern Territory, Pandora/Wood-Pandora, and others. The Canadian Malartic complex is located in the town of Malartic, 25 kilometers (km) west of Val-d’Or in northwestern Quebec. The Fosterville mine is a high-grade, low-cost underground gold mine, located 20 km from the city of Bendigo. It also owns a 100% interest in all its properties (128,680 hectares) in Quebec. Its projects also include Marban Alliance, Horizon, Alpha, Launay, Peacock, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Agnico Eagle Mines Announces Major Acquisitions to Consolidate Gold Assets
- Acquisition Overview: Agnico Eagle Mines (AEM) announced a C$2.9 billion (US$2.12 billion) acquisition of Rupert Resources (RUPRF), exchanging shares at a ratio of 0.0401, which is expected to drive consolidation in the Central Lapland Greenstone Belt in Finland.
- Cash Acquisition Details: Agnico will also acquire Aurion Resources (AIRRF) for C$481 million, offering C$2.60 per share, a 46% premium over the latest closing price, further strengthening its market position in the region.
- Asset Integration Benefits: The acquisitions will consolidate 2,492 square kilometers of mining area and integrate the Ikkari gold project with Agnico's existing Kittila mine, the largest primary gold mine in Europe, which is expected to enhance overall operational efficiency.
- Expected Synergies: Agnico anticipates that the transactions could generate up to C$500 million in operating and development synergies, primarily achieved through the removal of property boundaries and the sharing of infrastructure, procurement, and regional expertise, thereby solidifying its competitive advantage in the gold mining market.
See More
Agnico Eagle to Acquire Aurion Resources in C$481 Million Deal
- Acquisition Agreement: Agnico Eagle Mines has entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Aurion Resources at C$2.60 per share, totaling approximately C$481 million, indicating strong interest in Aurion's assets.
- Shareholding Details: Currently, Agnico Eagle owns about 11.1 million Aurion shares and 5.5 million warrants, which it plans to exercise before the Special Meeting, resulting in a total of approximately 16.6 million shares, representing 9.9% of Aurion's outstanding shares on a non-diluted basis.
- Market Reaction: In pre-market trading on the NYSE, Agnico Eagle's shares fell by 0.98% to $217.99, reflecting a cautious market sentiment regarding the acquisition, which may impact its short-term stock performance.
- Delisting Expectations: Upon completion of the transaction, Aurion shares are expected to be delisted from the TSXV, which will affect the liquidity and investment strategies of existing shareholders.
See More
Agnico Eagle Mines Completes Finland Asset Consolidation
- Strategic Consolidation Plan: Agnico Eagle Mines announced the acquisition of all shares of Rupert Resources and Aurion Resources, along with a 70% stake in Fingold Ventures from B2Gold, which is expected to significantly enhance its mining platform in Finland, creating a consolidated land position of approximately 2,492 km² and increasing resource development potential.
- Resource Reserve Advantage: Rupert's Ikkari gold project boasts 3.5 million ounces of probable mineral reserves, and combined with Agnico Eagle's Kittila mine, it is projected to drive annual production to 500,000 ounces, further solidifying its position in global gold production.
- Commitment to Shareholder Returns: The company plans to deliver strong returns to shareholders in 2026 through dividends and share repurchases, with an anticipated increase in the repurchase limit to $2 billion upon renewal of the NCIB, demonstrating a continued commitment to shareholder value.
- Synergy Realization: The integrated platform is expected to generate up to $500 million in operational and development synergies, while the elimination of property boundary constraints will provide a clear pathway for incremental project-level value creation, further extending mine life.
See More
Rupert Resources Enters Acquisition Agreement with Agnico Eagle
- Transaction Overview: Agnico Eagle has agreed to acquire all outstanding Rupert common shares at a rate of 0.0401 shares per Rupert share, valuing the transaction at approximately C$2.9 billion, which represents a 67% premium to Rupert's closing price, indicating strong market confidence in the deal.
- Shareholder Benefits: Rupert shareholders will receive Agnico Eagle shares, providing enhanced liquidity and diversified exposure to high-quality mining assets, while also having the potential to earn an additional C$3.00 through contingent value rights, further increasing their investment returns.
- Project Potential: Agnico Eagle's financial strength and operational expertise are expected to advance the Ikkari gold project, leveraging existing infrastructure and over 20 years of operational experience in Finland, which should accelerate the project's path to commercial production.
- Board Recommendations: The Rupert Board and Special Committee unanimously recommend the transaction, deeming it in the best interests of Rupert, with completion anticipated in the third quarter of 2026, after which Rupert shares will be delisted from the TSX.
See More
Agnico Eagle Mines Completes Finland Asset Consolidation
- Asset Consolidation Plan: Agnico Eagle Mines announced the acquisition of all shares of Rupert Resources and Aurion Resources, along with a 70% stake in the Fingold JV from B2Gold, creating a multi-asset platform of approximately 2,492 km², aiming for an annual gold production of about 500,000 ounces over the next decade.
- Project Development Potential: By integrating the Ikkari gold project, Agnico Eagle will leverage its operational experience and technical expertise in Finland, expecting to achieve up to $500 million in operational and development synergies, significantly enhancing project economics.
- Resource Expansion Opportunities: Rupert's Ikkari gold project boasts 3.5 million ounces of probable gold reserves, and with the resources from the Fingold JV, Agnico Eagle will be able to conduct in-depth exploration in underdeveloped areas to uncover additional gold resources.
- Commitment to Shareholder Returns: The company plans to reward shareholders in 2026 through increased dividends and share buybacks, with an anticipated increase in the buyback limit to $2 billion upon renewing the NCIB, further enhancing shareholder value.
See More
Equinox Gold Divests Brazilian Operations to Focus on Stable Markets
- Asset Restructuring: Equinox Gold divested its Brazilian operations to CMOC Group for over $1 billion, aiming to concentrate resources in politically stable Tier 1 jurisdictions, which is expected to boost its annual output in Canada by 80%, thereby enhancing its market competitiveness.
- Debt Reduction: The asset sale allowed Equinox to retire $990 million in debt, marking an improvement in its financial structure and laying the groundwork for future dividend payments, with plans to issue its first-ever dividend of $0.015 per share per quarter in March 2026.
- Cost Management: Equinox's all-in sustaining cost (AISC) is projected between $1,775 and $1,875 per ounce; despite a decrease following the sale of Brazilian assets, the company remains vulnerable to rising diesel prices due to its large-scale open-pit mining operations, which could impact profitability.
- Competitive Edge: In contrast, Agnico Eagle Mines maintains an AISC between $1,400 and $1,550 per ounce, benefiting from efficient underground operations and low-cost hydroelectric power, which better insulates it from fuel price fluctuations, demonstrating its relative advantage in the current market environment.
See More
Agnico Eagle Mines Announces Major Acquisitions to Consolidate Gold Assets
- Acquisition Overview: Agnico Eagle Mines (AEM) announced a C$2.9 billion (US$2.12 billion) acquisition of Rupert Resources (RUPRF), exchanging shares at a ratio of 0.0401, which is expected to drive consolidation in the Central Lapland Greenstone Belt in Finland.
- Cash Acquisition Details: Agnico will also acquire Aurion Resources (AIRRF) for C$481 million, offering C$2.60 per share, a 46% premium over the latest closing price, further strengthening its market position in the region.
- Asset Integration Benefits: The acquisitions will consolidate 2,492 square kilometers of mining area and integrate the Ikkari gold project with Agnico's existing Kittila mine, the largest primary gold mine in Europe, which is expected to enhance overall operational efficiency.
- Expected Synergies: Agnico anticipates that the transactions could generate up to C$500 million in operating and development synergies, primarily achieved through the removal of property boundaries and the sharing of infrastructure, procurement, and regional expertise, thereby solidifying its competitive advantage in the gold mining market.
See More
Agnico Eagle to Acquire Aurion Resources in C$481 Million Deal
- Acquisition Agreement: Agnico Eagle Mines has entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Aurion Resources at C$2.60 per share, totaling approximately C$481 million, indicating strong interest in Aurion's assets.
- Shareholding Details: Currently, Agnico Eagle owns about 11.1 million Aurion shares and 5.5 million warrants, which it plans to exercise before the Special Meeting, resulting in a total of approximately 16.6 million shares, representing 9.9% of Aurion's outstanding shares on a non-diluted basis.
- Market Reaction: In pre-market trading on the NYSE, Agnico Eagle's shares fell by 0.98% to $217.99, reflecting a cautious market sentiment regarding the acquisition, which may impact its short-term stock performance.
- Delisting Expectations: Upon completion of the transaction, Aurion shares are expected to be delisted from the TSXV, which will affect the liquidity and investment strategies of existing shareholders.
See More
Agnico Eagle Mines Completes Finland Asset Consolidation
- Strategic Consolidation Plan: Agnico Eagle Mines announced the acquisition of all shares of Rupert Resources and Aurion Resources, along with a 70% stake in Fingold Ventures from B2Gold, which is expected to significantly enhance its mining platform in Finland, creating a consolidated land position of approximately 2,492 km² and increasing resource development potential.
- Resource Reserve Advantage: Rupert's Ikkari gold project boasts 3.5 million ounces of probable mineral reserves, and combined with Agnico Eagle's Kittila mine, it is projected to drive annual production to 500,000 ounces, further solidifying its position in global gold production.
- Commitment to Shareholder Returns: The company plans to deliver strong returns to shareholders in 2026 through dividends and share repurchases, with an anticipated increase in the repurchase limit to $2 billion upon renewal of the NCIB, demonstrating a continued commitment to shareholder value.
- Synergy Realization: The integrated platform is expected to generate up to $500 million in operational and development synergies, while the elimination of property boundary constraints will provide a clear pathway for incremental project-level value creation, further extending mine life.
See More
Rupert Resources Enters Acquisition Agreement with Agnico Eagle
- Transaction Overview: Agnico Eagle has agreed to acquire all outstanding Rupert common shares at a rate of 0.0401 shares per Rupert share, valuing the transaction at approximately C$2.9 billion, which represents a 67% premium to Rupert's closing price, indicating strong market confidence in the deal.
- Shareholder Benefits: Rupert shareholders will receive Agnico Eagle shares, providing enhanced liquidity and diversified exposure to high-quality mining assets, while also having the potential to earn an additional C$3.00 through contingent value rights, further increasing their investment returns.
- Project Potential: Agnico Eagle's financial strength and operational expertise are expected to advance the Ikkari gold project, leveraging existing infrastructure and over 20 years of operational experience in Finland, which should accelerate the project's path to commercial production.
- Board Recommendations: The Rupert Board and Special Committee unanimously recommend the transaction, deeming it in the best interests of Rupert, with completion anticipated in the third quarter of 2026, after which Rupert shares will be delisted from the TSX.
See More
Agnico Eagle Mines Completes Finland Asset Consolidation
- Asset Consolidation Plan: Agnico Eagle Mines announced the acquisition of all shares of Rupert Resources and Aurion Resources, along with a 70% stake in the Fingold JV from B2Gold, creating a multi-asset platform of approximately 2,492 km², aiming for an annual gold production of about 500,000 ounces over the next decade.
- Project Development Potential: By integrating the Ikkari gold project, Agnico Eagle will leverage its operational experience and technical expertise in Finland, expecting to achieve up to $500 million in operational and development synergies, significantly enhancing project economics.
- Resource Expansion Opportunities: Rupert's Ikkari gold project boasts 3.5 million ounces of probable gold reserves, and with the resources from the Fingold JV, Agnico Eagle will be able to conduct in-depth exploration in underdeveloped areas to uncover additional gold resources.
- Commitment to Shareholder Returns: The company plans to reward shareholders in 2026 through increased dividends and share buybacks, with an anticipated increase in the buyback limit to $2 billion upon renewing the NCIB, further enhancing shareholder value.
See More
Equinox Gold Divests Brazilian Operations to Focus on Stable Markets
- Asset Restructuring: Equinox Gold divested its Brazilian operations to CMOC Group for over $1 billion, aiming to concentrate resources in politically stable Tier 1 jurisdictions, which is expected to boost its annual output in Canada by 80%, thereby enhancing its market competitiveness.
- Debt Reduction: The asset sale allowed Equinox to retire $990 million in debt, marking an improvement in its financial structure and laying the groundwork for future dividend payments, with plans to issue its first-ever dividend of $0.015 per share per quarter in March 2026.
- Cost Management: Equinox's all-in sustaining cost (AISC) is projected between $1,775 and $1,875 per ounce; despite a decrease following the sale of Brazilian assets, the company remains vulnerable to rising diesel prices due to its large-scale open-pit mining operations, which could impact profitability.
- Competitive Edge: In contrast, Agnico Eagle Mines maintains an AISC between $1,400 and $1,550 per ounce, benefiting from efficient underground operations and low-cost hydroelectric power, which better insulates it from fuel price fluctuations, demonstrating its relative advantage in the current market environment.
See More
