Top 10: Agnico, Barrick lead list of Canada miners 

Agnico Eagle Mines (TSX, NYSE: NEM) leads the list of Canadian miners by market value at $79.5 billion (C$112.8 billion). Agnico runs the country’s largest mines by output: Canadian Malartic and Detour Lake.  

The miner attributed this year’s first quarter net income of $1.69 billion – more than double last year’s first quarter earnings – to record operating margins due to higher realized gold prices, which reached an all-time high of $5,589.38 per oz. on Jan. 28.  

“We delivered a solid start to 2026, achieving record operating margins while production and costs tracked well to plan,” Agnico’s President and CEO Ammar Al-Joundi said in a release. “With gold production expected to be weighted to a stronger second half of the year, we are managing cost volatility through disciplined execution and asset optimization, supported by our regional operating model.” 

The major approved construction in May for the $2.4-billion Hope Bay underground mine in western Nunavut, with production expected to start in as little as four years. The mine could produce 400,000 to 435,000 oz. gold annually over an initial 11-year life.  

Expansion 

Also in May, Agnico earmarked $10.2 billion for expansions, project development and exploration in Ontario. About $1.4 billion is to support the Detour Lake underground project and the Upper Beaver gold-copper project.   

In Finland, Agnico is working to consolidate a district-scale gold camp in the Central Lapland Greenstone Belt, secured by the $2.1-billion acquisition of Rupert Resources, which closed in June. 

Barrick Mining (TSX: ABX; NYSE: B) is in second spot by market cap at $65.4 billion and first in 2025 net income at $4.99 billion. 

The miner, which continues its move towards copper-gold and away from a pure gold profile, produced 719,000 oz. gold and 49,000 oz. copper in the first quarter. That represents a 4% rise in gold output and an 11% gain in copper compared to the same period last year.  

Former CEO Mark Bristow abruptly resigned last September after leading the company for almost seven years.  

Mali  

Barrick’s bitter row with Mali over its Loulo-Gounkoto mine was mostly resolved last November when the company reportedly paid $430 million to settle a tax dispute. Barrick withdrew its arbitration case at the World Bank and the government returned operational control of the mine to the company.  

Its Reko Diq copper-gold project in Pakistan experienced setbacks due to security concerns in the restive Balochistan province as well as wider insecurity with the war in Iran. Barrick extended a review period for the project by one year until next July. The $9-billion capex Reko Diq ranks among the world’s largest undeveloped copper and gold resources. 

Barrick also announced plans to spin out its Nevada Gold Mines joint venture with Newmont (TSX: NGT; NYSE: NEM) and the Pueblo Viejo mine in the Dominican Republic into a new listed company by the end of 2026. The move is part of a strategic pivot away from “risky” jurisdictions.  

Cameco (TSX: CCO; NYSE: CCJ) is fifth on our list by market capitalization at $43.2 billion and ninth by 2025 net income at $415.9 million. 

The world’s second-largest uranium producer, behind Kazatomprom (LSE: KAP), booked first quarter net earnings this year of $92.4 million, 87% higher than in the same period last year. Increased income was boosted by higher uranium prices and sales volumes.  

Cameco reaffirmed 2026 guidance of 19.5 to 21.5 million lb. uranium oxide but then in July it temporarily halted operations at its McClean Lake mill in Saskatchewan, operated by France’s Orano. That mill processes ore from Cameco’s Cigar Lake mine.  

India  

In March, the Saskatoon, Sask.-headquartered company signed a deal worth about $1.9 billion to supply almost 22 million lb. of uranium over nine years to India for use in the country’s nuclear reactors. Deliveries are expected to start in 2027 and run through 2035. 

McClean Lake is one of the world’s largest uranium processing plants, with an annual production capacity of 24 million pounds. Cigar Lake, situated 70 km southwest of the mill, is the world’s highest-grade uranium mine. 

Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) takes seventh spot, with a market cap of $30.4 billion and $767 million in 2025 net income. 

As the miner expands its portfolio towards producing more critical metals, the Canadian government gave it a boost in July with a potential C$400-million investment for its Trail, B.C. smelter. The backing is to help Teck raise its capacity for producing germanium and antimony, and add the capability to produce gallium.  

The major made history in December after shareholders and Ottawa approved its $53-billion mega-merger with Anglo American (LSE: AAL). It’s one of the largest deals in the mining sector’s history. The merger is expected to close by the end of this year or in early 2027.