The first quarter of 2025 proved exceptionally strong for the gold-mining sector, as major producers posted record financial and operational results driven by a sharp rise in gold prices.
Gold averaged US$2,860 per ounce during Q1, marking a 38% increase compared to the same period last year. This surge enabled the industry to leverage favorable macroeconomic conditions while positioning for sustained growth.
Below is an overview of the performance from some of the world’s leading gold miners.
Newmont Posts US$1.9 Billion Profit, Completes Strategic Divestitures
Newmont (TSX:NGT, NYSE:NEM) reported net income of US$1.9 billion for Q1 2025, alongside adjusted net income of US$1.25 per diluted share. The company recorded adjusted EBITDA of US$2.6 billion and set a Q1 record with free cash flow of US$1.2 billion.
Production reached 1.5 million attributable ounces of gold and 35,000 metric tons of copper. Newmont declared a US$0.25 per share dividend and returned US$1 billion to shareholders through dividends and buybacks.
CEO Tom Palmer highlighted the successful completion of a significant portfolio reshaping, noting, “We finalized our non-core divestiture program, generating US$4.3 billion in gross proceeds, including over US$2.5 billion in after-tax cash in the first half of 2025.”
The divestments included mines such as Musselwhite, Éléonore, Cripple Creek & Victor, Porcupine, and Akyem, aligning with Newmont’s strategy to streamline assets and focus on high-value operations.
Barrick Mining’s Strategic Expansion Drives Strong Gains
Barrick Mining (TSX:ABX, NYSE:ABX) reported a 59% increase in net earnings per share to US$0.27, with adjusted net earnings per share rising 84% to US$0.35 in Q1. Operating cash flow climbed to US$1.2 billion, generating US$375 million in free cash flow and reducing net debt by 5%.
Gold production stood at 758,000 ounces, at the high end of guidance, complemented by 44,000 metric tons of copper output. The average realized gold price for the quarter was US$2,898 per ounce—a 40% increase year-over-year.
President and CEO Mark Bristow emphasized the company’s long-term growth strategy, citing progress at key projects: “At Reko Diq and Lumwana, we have mobilized owner teams, secured long-lead items, and appointed engineering partners. These projects will significantly expand our copper and gold output, supporting our goal to grow gold-equivalent production by 30% by decade’s end.”
Ongoing advancements were also made at Pueblo Viejo and Fourmile in Nevada, while Canadian exploration efforts yielded promising targets.
Agnico Eagle Sets Record Earnings, Advances Toward Net-Zero Debt
Agnico Eagle Mines (TSX:AEM, NYSE:AEM) delivered a stellar quarter, producing 873,794 ounces of payable gold at an all-in sustaining cost of US$1,183 per ounce. The company reported net income of US$815 million and a record adjusted net income of US$770 million.
Free cash flow reached US$594 million, boosting the company’s cash reserves by US$212 million to US$1.14 billion. CEO Ammar Al-Joundi underscored strong financial momentum: “Our focus on execution and cost control continues to expand operating margins amid rising gold prices. This enables reinvestment through exploration and advancement of our five key projects.”
Notable developments included progress at the East Gouldie deposit, infrastructure upgrades at Detour Lake, and shaft development at Upper Beaver. Agnico also repurchased nearly 500,000 shares and declared a US$0.40 per share dividend.
AngloGold Ashanti Reports 671% Surge in Headline Earnings
AngloGold Ashanti (NYSE:AU, JSE:ANG) posted the largest percentage gains among its peers, with headline earnings soaring 671% to US$447 million and free cash flow jumping 607% to US$403 million.
Gold production increased 22% year-over-year, driven by strong output from Tropicana, Siguiri, and the newly acquired Sukari mine in Egypt. The company realized an average gold price of US$2,874 per ounce, up from US$2,063 in Q1 2024.
The firm noted that higher prices combined with disciplined cost management—where all-in sustaining costs rose only 1%—drove a significant profitability boost. AngloGold reaffirmed full-year guidance, focusing on optimizing its expanded asset portfolio.
Franco-Nevada Posts Record Revenue Despite Cobre Panama Suspension
Franco-Nevada (TSX:FNV, NYSE:FNV) delivered its strongest quarterly financial performance ever in Q1 2025, despite no contributions from the suspended Cobre Panama mine.
CEO Paul Brink attributed the results to the high gold price, robust energy-related production, and enhanced leverage from net profit interests. The company reported total revenue of US$368.4 million, a 43% increase year-over-year.
Gold equivalent ounces (GEOs) sold reached 126,585, up 3%, while net GEOs—adjusted for interest—rose 6% to 113,138. Revenue breakdown included 79% from precious metals, 16% from oil and gas, and 5% from iron ore and other assets.
Wheaton Precious Metals Achieves All-Time Quarterly Highs
Wheaton Precious Metals (TSX:WPM, NYSE:WPM) started 2025 with record revenue of US$470 million, net earnings of US$254 million, and operating cash flow of US$361 million—each a quarterly high.
President and CEO Randy Smallwood praised the performance: “Our core assets exceeded production expectations, driving record revenue and cash flow. Gold remains a reliable store of value in uncertain times, reaffirming Wheaton as a low-risk investment for precious metals exposure.”
Attributable GEO production totaled 151,000 ounces, a slight 4% decrease year-on-year, but above internal forecasts thanks to strong output at Salobo. Development projects at Platreef, Goose, and Mineral Park are on track to begin production this year. Wheaton also celebrated the commercial startup of Artemis Gold’s Blackwater mine on May 2.
The company closed the quarter with US$1.1 billion in cash and zero debt.
Gold Market Outlook: Optimism Tempered by Caution
The robust first quarter, supported by historic highs in gold prices amid inflation concerns, geopolitical tensions, and skepticism toward traditional financial systems, has fueled bullish sentiment in the sector.
However, analysts warn that the rapid price surge may be inflating a speculative bubble. Central bank buying and investor fear of missing out (FOMO) could set the stage for volatility and potential sharp corrections.
Going forward, the sector’s resilience will hinge on underlying macroeconomic trends and prudent market behavior to avoid overheating in this bullish cycle.
