Major Gold Miners Shine in Q1, Buoyed by Strong Gold Price Performance

Gold-mining companies

Newmont books US$1.9 billion in profit, completes strategic divestitures

Major miner Newmont (TSX:NGT,NYSE:NEM) reported its results for the first quarter on April 23, outlining net income of US$1.9 billion and adjusted net income of US$1.25 per diluted share.

The company's adjusted EBITDA totaled US$2.6 billion, while free cashflow hit a Q1 record of US$1.2 billion.

Newmont produced 1.5 million attributable gold ounces and 35,000 metric tons of copper. It declared a US$0.25 per share dividend and returned US$1 billion to shareholders in Q1 through buybacks and dividend payments.

CEO Tom Palmer pointed to the successful conclusion of a major strategic reshaping.

“We also successfully completed our non-core divestiture program, generating up to US$4.3 billion in total gross proceeds including over US$2.5 billion of after-tax cash proceeds in the first half of 2025,” he said. “With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance."

The sales included divestments of the Musselwhite, Éléonore, Cripple Creek & Victor, Porcupine and Akyem mines — part of a broader strategy to streamline Newmont’s portfolio and enhance focus on its most productive assets.

Barrick’s strategic buildout pays off amid higher prices

Barrick Mining (TSX:ABX,NYSE:B), reported strong year-on-year gains in revenue and earnings, thanks in part to strategic project advancements and improved copper output.

The company's Q1 results, released on May 7, show that its net earnings per share increased 59 percent to US$0.27, while adjusted net earnings per share jumped 84 percent to US$0.35. Barrick's operating cashflow rose to US$1.2 billion, supporting US$375 million in free cashflow and a 5 percent reduction in net debt.

Gold production came in at 758,000 ounces, at the top end of guidance, while copper output reached 44,000 metric tons. The average realized gold price for the quarter was US$2,898 per ounce, a 40 percent increase from Q1 2024.

President and CEO Mark Bristow emphasized the company’s focus on long-term growth.

“At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30 percent by the end of the decade," he said.

Progress also continued at Pueblo Viejo and the Fourmile project in Nevada, while Canadian exploration teams pushed forward with promising new targets.

Agnico Eagle hits record earnings, gets closer to net-zero debt

Agnico Eagle Mines (TSX:AEM,NYSE:AEM) also delivered a standout quarter, reporting on April 24 that it produced 873,794 ounces of payable gold at all-in sustaining cost (AISC) of US$1,183 per ounce.

Net income reached US$815 million, while adjusted net income hit a record of US$770 million. The company generated US$594 million in free cashflow and strengthened its cash position by US$212 million to US$1.14 billion.

President and CEO Ammar Al-Joundi highlighted the company’s financial momentum: “We remain focused on execution and cost control to continue delivering expanding operating margins in a rising gold price environment. This enables us to reinvest in the business through exploration and the advancement of our five key pipeline projects.”

Key developments in the first quarter included further ramp-up progress at the East Gouldie deposit, infrastructure advances at Detour Lake and shaft development at Upper Beaver.

Agnico also repurchased nearly half a million shares and declared a US$0.40 per share dividend.

AngloGold's headline earnings surge 671 percent

AngloGold Ashanti (NYSE:AU,JSE:ANG) posted the largest year-on-year percentage gains among its peers, with headline earnings soaring 671 percent to US$447 million and free cashflow surging 607 percent to US$403 million.

The company's gold production jumped 22 percent year-on-year in the first quarter, supported by strong output from Tropicana and Siguiri, as well as the newly acquired Sukari gold mine in Egypt.

AngloGold reported an average gold price received of US$2,874 per ounce, compared to US$2,063 in Q1 2024. The firm notes that this combination of higher realized prices and disciplined cost management — AISC rose only 1 percent — resulted in a dramatic uplift in profitability for the period.

“This is a very strong start to the year,” the company said in its quarterly statement. AngloGold reaffirmed its full-year guidance and will continue to focus on optimizing its expanded asset base.

Royalty and streaming companies

Franco-Nevada posts strong performance without Cobre Panama

Franco-Nevada (TSX:FNV,NYSE:FNV) delivered the strongest quarterly financial performance in its history in Q1 2025, despite receiving no contributions from the suspended Cobre Panama mine.

According to CEO Paul Brink, the company’s exceptional results were powered by the elevated gold price, strong energy-related production and added leverage through its net profit interest holdings.

Franco-Nevada reported US$368.4 million in total revenue, a 43 percent increase compared to the same quarter last year. The company sold 126,585 gold equivalent ounces (GEOs), a modest increase of 3 percent year-on-year, while net GEOs — adjusted to reflect interest ownership and other factors — grew 6 percent to 113,138.

The company's May 8 press release notes that its performance was bolstered by both its energy interests and newer contributions such as those from the Porcupine Complex royalty.

Franco-Nevada’s revenue mix continues to reflect the firm’s strategic diversification: 79 percent came from precious metals, 16 percent from oil and gas and 5 percent from iron ore and other assets.

Wheaton Precious Metals sets revenue and earnings records

Wheaton Precious Metals (TSX:WPM,NYSE:WPM) kicked off 2025 with a record performance, reporting US$470 million in revenue, US$254 million in net earnings and US$361 million in operating cashflow.

All three numbers are all-time quarterly highs for the company.

“Wheaton delivered a strong start to 2025, with our core assets exceeding production expectations and driving record quarterly revenue, adjusted net earnings, and operating cash flow,” said President and CEO Randy Smallwood.

“In times of economic uncertainty, gold is viewed as a reliable store of value, and these results demonstrate why we believe Wheaton offers one of the best low-risk opportunities for investors seeking exposure to precious metals.”

Attributable GEO production reached 151,000 ounces, a slight 4 percent decline year-on-year, though production exceeded internal expectations due to strong output at Salobo. The company highlighted progress at several key development projects — Platreef, Goose and Mineral Park — all expected to commence production in 2025.

Wheaton also celebrated the commercial startup of Artemis Gold’s (TSXV:ARTG,OTC Pink:ARGTF) Blackwater mine on May 2; it is expected to be a significant new contributor to its portfolio.

The company closed the quarter with US$1.1 billion in cash and no debt.

Gold outlook: Cautious optimism amid a bull market

The first quarter of 2025 was bolstered by historic highs in the gold price, driven by inflationary fears, geopolitical instability and growing skepticism toward traditional financial systems.

However, as the sector rides a wave of bullish sentiment, the possibility of volatility looms.

Some analysts are warning that the current rally may be forming the contours of a gold bubble, fueled by speculative fervor, central bank hoarding and investor FOMO. Historical precedent shows that rapid surges in the gold price can be followed by abrupt corrections. As such, the durability of this cycle will depend not only on macroeconomic forces, but also on the temptation to overextend in response to short-term market euphoria.