Research primer / Gold & Precious Metals
Gold is not a gold miner.
Why the metal, an operating mine and an exploration company deserve three different research frameworks — and why Toronto, home to roughly…
The metal and the business
Gold & Precious Metals
Research on the distinction between gold exposure, producing assets and exploration-stage uncertainty.
A view on the gold price is not a view on a gold miner. A producer has costs, reserves to replace, sustaining capital and a share count; an explorer has geology and a financing calendar. This theme keeps the three apart.
Research in this theme
Research brief / Gold & Precious Metals
The miner digs the ounce. The streamer paid for it first.
Agnico Eagle mines its gold at an all-in sustaining cost of US$1,483 an ounce; Wheaton buys its ounces from other companies' mines for…
Relevant company profiles
Agnico Eagle is a gold producer headquartered in Toronto that operates ten mines: the LaRonde, Canadian Malartic and Goldex complexes in Quebec,…
- Payable gold production (fiscal 2025)
- 3,447,367 ozYear ended Dec 31, 2025
- Payable gold production (latest quarter)
- 855,816 ozQuarter ended Jun 30, 2026
- All-in sustaining cost (non-GAAP)
- US$1,459/ozQuarter ended Jun 30, 2026
All figures in U.S. dollars, the company's reporting currency. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release and quarterly report; annual figures are from the Q4 2025 release of February 12, 2026. AISC, total cash costs, adjusted net income and free cash flow are management's non-GAAP measures. Blank means not yet verified, never zero.
Toronto, Ontario
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Wheaton Precious Metals owns no mines. It owns contracts. The company describes its business as purchasing a percentage of the metals produced by a…
- Revenue (latest quarter)
- US$929MQuarter ended Jun 30, 2026
- Net earnings (latest quarter)
- US$543MQuarter ended Jun 30, 2026
- Operating cash flow (latest quarter)
- US$650MQuarter ended Jun 30, 2026
All figures in U.S. dollars, the company's reporting currency. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release of August 6, 2026; first-quarter figures from the May 7, 2026 release. GEOs, cash cost per GEO and cash operating margin are management's non-GAAP constructions. Silver production is reported by the company in thousands of ounces. Blank means not yet verified, never zero.
Vancouver, British Columbia
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The record
Desk notes in this theme
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Data / Gold & Precious Metals
Gold rose 13.3% in August to US$4,563, its third-strongest month in 25 years
The World Gold Council's August commentary puts the month's return among the three best since 2001, driven by ETF, futures and options buying, after a first half in which the price fell from a January record of US$5,405 to US$4,027 at the end of July.
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Results / Gold & Precious Metals
Wheaton's Q2 revenue sets a record as cash falls to US$100 million after Antamina
Second-quarter cash operating margin of US$3,875 per gold equivalent ounce came on a realized gold price of US$4,452; the US$4.3 billion BHP stream left the company with US$1,969.3 million of bank debt against US$100.2 million of cash.
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Results / Gold & Precious Metals
Agnico Eagle posts record Q2 free cash flow, guides 2026 to the low end
Second-quarter free cash flow of US$1,335 million on a realized gold price of US$4,483 an ounce came with total cash costs up to US$1,054 from US$925 a year earlier, and a July 1 rock mass movement at the Barnat pit is expected to cost 60,000 to 80,000 ounces in the second half.
Data & documents
Go to the primary source.
Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.
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Gold facts
Reference for gold uses, Canadian production and trade.