Agnico Eagles Mines establishes critical minerals subsidiary
The formation of Avenir Minerals was revealed with the company's Q3 results
Rowan Dunne
High-ranking senior gold producer Agnico Eagle Mines Ltd TSEAEM NYSEAEM FRAAE9 is diversifying its interests by creating a critical minerals mining unit.
Announced alongside Agnico’s Q3 results, Avenir Minerals will be established with an investment of US$50 million in cash. It will be comprised of the company’s portfolio of non-gold and non-copper assets, which is currently estimated to be valued at US$80 million, and any new critical mineral projects.
“Avenir is expected to become an independent and self-sustaining entity with a mandate to pursue strategic partnerships and government support to help fund and advance future opportunities,” Agnico stated.
In the realm of critical minerals, Agnico Eagle’s primary assets include a 10.4 per cent equity stake in the early-stage nickel-cobalt and platinum group elements prospector Canada Nickel Company Inc CVECNC OTCMKTSCNIKF FRA4E0 and the LaRonde Complex in Quebec. Aside from gold, LaRonde produces zinc: an element recognized as a critical mineral by the Canadian government.
Canada Nickel holds one of the world’s largest undeveloped nickel deposits in Ontario.
Also, Agnico Eagle invested US$180 million into antimony and gold miner Perpetua Resources Corp TSEPPTA NASDAQPPTA this week. Antimony is a critical mineral in high demand at the moment and Perpetua is shaping up to become a critical supplier.
Furthermore, Agnico holds an 8 per cent stake in Fuerte Metals Corp CVEFMT — a company with a zinc project in Mexico. Agnico has not provided a detailed list of the assets comprising the US$80-million-dollar sum specified but these interests are publicly known.
“By formalizing its critical minerals strategy through the establishment of Avenir, the company aims to realize value from early-stage assets and opportunities,” Agnico added. “This initiative reflects the company’s disciplined approach to capital allocation while preserving optionality in the long-term potential of critical minerals.”
The major operator reported record adjusted net income totalling US$1.09 billion in Q3, largely driven by the high price of gold.
Agnico Eagle is Canada’s largest gold mining company with an expansive portfolio of production assets in Quebec, Ontario, and Nunavut. These mines are complemented by a portfolio of Canadian exploration-stage projects and international operations in Australia, Finland and Mexico.
Agnico is the world’s third largest gold producer by output behind Newmont Corporation TSENGT NYSENEM FRANMM and Barrick Mining Corp TSEABX NYSEB ETRABR0. The company sold almost 3.5 million ounces last year.
Interesting tidbit from @agnicoeagle earnings release re: their early-stage critical minerals investments in Canada. Looking forward to seeing which Canadian critical minerals developers they've invested in to date and how Avenir (and Agnico) develops this business... Show more
📰 News Release: Agnico Eagle Reports Third Quarter 2025 Results: ▪️ Another consistent and strong quarterly operational performance ▪️ Record quarterly adjusted net income and strong free cash flow generation ▪️ Financial position further strengthened through cash
Read more: NevGold Expands Gold-Antimony Potential at Limousine Butte in Nevada
Follow Rowan Dunne on LinkedIn
rowan@mugglehead.com
