10 Best Canadian Gold Stocks to Buy Now

1. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 50

Agnico Eagle Mines Limited (NYSE:AEM) is a renowned gold producer with operations spanning Canada, Australia, Finland, and Mexico. The company hit record production with solid financial performance in 2024, backed by high gold prices, operational improvements, and careful cost control.

Agnico Eagle Mines Limited (NYSE:AEM) produced 3.49 million ounces of gold in 2024, slightly crossing its midpoint target. For the fourth quarter, output reached 847,401 ounces, with cash costs of $923 per ounce. The company generated $2.14 billion in free cash flow for the year, reducing net debt by $1.29 billion and ending 2024 with just $217 million in net debt. These gains came mainly from record throughput at Detour Lake, steady performance at LaRonde, and cost savings across major sites.

A major highlight for Agnico Eagle Mines Limited (NYSE:AEM) was Detour Lake’s performance, where mill throughput hit a record 77,000 tons daily in Q4. This boost improved efficiency and strengthened the company’s long-term outlook. Meanwhile, the Odyssey Underground project at Canadian Malartic advanced, with shaft depth reaching 1,026 meters by year-end. Ongoing exploration at Odyssey, especially in the East Gouldie zone, should extend the mine’s lifespan and maintain production levels.

Agnico Eagle Mines Limited (NYSE:AEM) also acquired 96.5% of O3 Mining shares, expanding its position around Canadian Malartic. This purchase supports its “fill-the-mill” approach, aimed at maximizing throughput and creating regional efficiencies. The move could boost future production and expand Agnico’s resource base.

For the future, Agnico Eagle Mines Limited (NYSE:AEM) projects annual gold production of 3.3–3.5 million ounces through 2027. Cash costs for 2025 are expected to be between $915 and $965 per ounce, reflecting modest inflation. With ongoing investment in high-grade projects and cost optimization, Agnico is one of the best Canadian stocks on our list.

Overall, Agnico Eagle Mines Limited (NYSE:AEM) ranks first on our list of the Best Canadian Gold Stocks to Buy Now. While we acknowledge the potential of AEM, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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