Barrick Mining vs. Agnico Eagle: Which Gold Miner Has More Glitter?

December 18, 2025 — 08:46 am EST Written by Anindya Barman for Zacks-> Barrick Mining Corporation B and Agnico Eagle Mines Limited AEM are two leading players in the gold mining space with global operations and diversified portfolios. With gold prices continuing the bullish momentum, driven by geopolitical tensions and hopes of more interest rate cuts, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.Gold prices have seen a record rally this year, primarily due to aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump, which have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies.

The Federal Reserve’s interest rate reductions and expectations of more rate cuts amid signs of U.S. economic weakness and concerns over the labor market also contributed to the upswing in bullion prices, driving prices north of $4,000 per ton for the first time.

The Federal Reserve cut interest rates by a quarter percentage point at the December meeting, marking the third rate cut of the year, but signaled a potential pause in future reductions. Bullion prices have soared roughly 65% this year, and are currently hovering above $4,300 per ton. Increased purchases by central banks, expectations of further monetary easing and sustained safe-haven demand amid geopolitical and trade tensions and macroeconomic uncertainties are expected to help the yellow metal sustain the uptick in gold prices into 2026.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.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. Also, 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 deliver 240,000 tons of copper production 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 third-quarter 2025, Barrick’s cash and cash equivalents were around $5 billion. It generated strong operating cash flows of roughly $2.4 billion in the quarter, up 105% year over year. Free cash flow surged to around $1.5 billion in the third quarter from $444 million in the prior-year quarter. Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick’s board, in February 2025, authorized a new program for the repurchase of up to $1 billion of its outstanding common shares. It repurchased shares worth $1 billion under this program during the first nine months of 2025, including $589 million in the third quarter. Barrick offers a dividend yield of 1.6% at the current stock price. Its payout ratio is 32% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 3.8%.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 in 2025.

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. During the third quarter of 2025, AEM continued exploration drilling to extend the East Gouldie deposit at Canadian Malartic to the east.

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, with completion expected in late 2025.

At Detour Lake, AEM started the development of the exploration ramp during the second quarter, and it advanced further in the third 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 $1.8 billion in the third quarter, up around 67% from the year-ago quarter.AEM recorded third-quarter free cash flow of roughly $1.2 billion, nearly doubling the prior-year figure of $620 million. The increase 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 $400 million sequentially to $196 million at the end of the third quarter. It ended the quarter with a significant net cash position of nearly $2.2 billion, driven by the increase in cash position and reduction in debt. AEM also returned around $350 million to its shareholders in the third quarter. Agnico Eagle's long-term debt-to-capitalization is just around 1.2%, lower than Barrick’s 12%. AEM offers a dividend yield of 1% at the current stock price. It has a five-year annualized dividend growth rate of 3.1%. AEM has a payout ratio of 23%.Barrick stock has surged 105.2% in the past six months, while AEM stock has rallied 36.6% compared with the Zacks Mining – Gold industry’s increase of 56.9%. Image Source: Zacks Investment ResearchBarrick is currently trading at a forward 12-month earnings multiple of 12.99, lower than its five-year median. This represents a roughly 2% discount when stacked up with the industry average of 13.25X. Image Source: Zacks Investment ResearchAgnico Eagle is trading at a premium to Barrick. The AEM stock is currently trading at a forward 12-month earnings multiple of 17.88, above the industry. Image Source: Zacks Investment ResearchAEM’s return on equity of 15.6% is higher than B’s 9.5%. This reflects Agnico Eagle’s efficient use of shareholder funds in generating profits. Image Source: Zacks Investment ResearchThe Zacks Consensus Estimate for B’s 2025 sales and EPS implies a year-over-year rise of 21.8% and 77.8%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days. Image Source: Zacks Investment ResearchThe consensus estimate for AEM’s 2025 sales and EPS implies year-over-year growth of 34.4% and 83.9%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days. Image Source: Zacks Investment ResearchBoth B and AEM currently have a Zacks Rank #1 (Strong Buy), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank stocks here.Both Barrick and Agnico Eagle are well-positioned to capitalize on the current strong gold price environment. Both have a strong pipeline of development projects, solid financial health and strong earnings growth prospects, and are seeing favorable estimate revisions. 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. Want to be tipped off early to our 10 top picks for the entirety of 2026? History suggests their performance could be sensational. From 2012 (when our Director of Research Sheraz Mian assumed responsibility for the portfolio) through November, 2025, the Zacks Top 10 Stocks gained +2,530.8%, more than QUADRUPLING the S&P 500’s +570.3%. Now Sheraz is combing through 4,400 companies to handpick the best 10 tickers to buy and hold in 2026. Don’t miss your chance to get in on these stocks when they’re released on January 5. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAgnico Eagle Mines Limited (AEM) : Free Stock Analysis ReportBarrick Mining Corporation (B) : Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.This data feed is not available at this time.