Ammar Al-Joundi, President and CEO of Agnico Eagle Mines (NYSE: AEM; TSX: AEM), says the company is in its strongest financial position after a record 2025. Speaking with Kitco Mining at the 35th BMO Global Metals, Mining & Critical Minerals Conference in Florida, Al-Joundi highlighted roughly $4.4 billion in free cash flow, about $950 million in debt repayment, and $1.4 billion returned to shareholders in 2025.

“Our job is to give them as much of that increase as possible,” he said, adding Agnico delivered “over 95%” of the gold price increase to its owners through cost discipline and operating performance.

Looking ahead, Al-Joundi outlined a plan to increase production 20 to 30% over the next decade, targeting more than 4 million ounces annually in the early 2030s, with growth anchored by Detour Lake, Canadian Malartic, Hope Bay, and Upper Beaver. He said the company expects to make a go-ahead decision on Hope Bay in May and plans to return about 40% of free cash flow to shareholders this year while maintaining full exposure to gold prices.

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01:05 - Record 2025 Results: Safety, Cost Control, and Margin Discipline
02:39 - 10-Year Growth Plan: Four Projects Targeting 4M+ oz
03:56 - Detour Lake Expansion: Underground Mining to Reach 1M oz
04:46 - Canadian Malartic: Higher-Grade Replacement for Open Pit
06:44 - Capital Allocation Strategy: IRRs, 15% Hurdle Rate and Discipline
08:28 - Free Cash Flow Returns: “It’s our owners’ cash” and 40% Target
10:28 - Dividends in a Cyclical Gold Business and Reserve Growth
14:42 - Cost Control, Gold Outlook, and No Hedging Policy
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Agnico Delivers $4.4B FCF, 40% Returns, 4M oz Plan | Ammar Al-Joundi

Kitco MINING

Agnico Delivers $4.4B FCF, 40% Returns, 4M oz Plan | Ammar Al-Joundi