Wedoany.com Report on Mar 10th, Several international gold mining companies recently released their Q4 and full-year 2025 financial reports. While performance was generally strong, rising costs have led to weaker guidance for 2026. Several companies are simultaneously advancing major transactions and project developments.
Barrick Gold plans an IPO for its North American assets, but its joint venture partner, Newmont Corp., has raised objections. Newmont has issued a notice of default to Barrick, alleging mismanagement of the Nevada Gold Mines joint venture has led to a decline in asset value. Newmont emphasized its right of first refusal for the JV, which could impede the IPO plan. This joint venture, located in Nevada, USA, is one of the world's largest gold production complexes. Barrick holds a 61.5% stake, and Newmont holds 38.5%.
Wheaton Precious Metals signed an agreement with BHP to acquire BHP's entire silver stream interest in Peru's Antamina copper mine for a $4.3 billion upfront payment. Under the agreement, Wheaton will receive silver based on its share of Antamina's silver production and pay BHP an additional amount equal to 20% of the spot silver price at the time of delivery. This is the largest streaming deal on record globally.
Agnico Eagle Mines reported record performance. The Toronto, Canada-based company produced 3.447 million ounces of gold in 2025 with an all-in sustaining cost (AISC) of $1,339 per ounce. CEO Ammar Al-Joundi called 2025 an "exceptional year," with the company benefiting from a 95% increase in gold prices. Its 2026 production guidance is 3.3-3.5 million ounces, with AISC expected to rise to $1,400-$1,550 per ounce.
Pan American Silver increased production but saw rising costs. Consultations continue for its Escobal project in Guatemala, which has been suspended since June 2020 due to legal challenges.
Franco-Nevada paid $250 million to purchase royalties on several projects owned by i-80 Gold Corp in Nevada. This transaction is part of i-80 Gold's $500 million financing package to support the development of its five gold projects in Nevada and the refurbishment of the Lone Tree processing plant.
Royal Gold's Q4 performance slightly missed expectations, but debt repayment progress was positive. The Denver, USA-based company achieved record annual revenue of $1.03 billion and operating cash flow of $705 million in fiscal 2025.
Osisko Gold Royalties provided weak 2026 guidance, expecting production of 80,000-90,000 gold equivalent ounces. However, the company anticipates a 50% production growth by 2030.
Triple Flag Precious Metals lowered its 2026 production guidance to 95,000-105,000 gold equivalent ounces but expects a 40% increase to 140,000-150,000 ounces by 2030.
Fortuna Mining reported strong Q4 cash flow, with costs expected to decline in the second half of 2025.
Metalla Royalty & Streaming's performance met expectations, with its copper royalty potential considered undervalued.
Lara Exploration resumed drilling at its Planalto project in Brazil, planning to expand resources.
