Q1 Earnings Roundup for Gold Miners: Soaring Gold Prices Boost Profits

Seabridge Gold Emerges as Top Idea with 47.3 Million Ounces of Gold

Driven by a historic surge in gold prices, the first quarter of 2025 proved to be a bumper season for gold mining companies. Leading miners such as Newmont, Barrick Gold, Agnico Eagle Mines, and AngloGold Ashanti—alongside royalty companies Franco-Nevada and Wheaton Precious Metals—all posted impressive financial and operational results.

This quarter, the average gold price reached $2,860 per ounce, a 38% year-on-year increase. The spike was fueled by inflation fears, geopolitical risks, and eroding confidence in the traditional financial system, all of which created a favorable macroeconomic climate for gold producers.

Suggested Opportunity

Dynacor Group Inc. (TSX: DNG)

Dynacor Group Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in production through its government licensed ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise.

Gold Stocks Quarterly Earnings Overview

Newmont (TSX: NGT, NYSE: NEM), the world’s largest gold producer, reported Q1 net profit of $1.9 billion, with adjusted earnings per share at $1.25. Free cash flow hit a quarterly record of $1.2 billion. Gold output was 1.5 million ounces, and the company announced a $0.25 per-share dividend; dividends and buybacks totaled $1 billion.CEO Tom Palmer highlighted the completion of the company’s non-core asset divestment plan, including the sale of five mines such as Musselwhite and Éléonore, generating $4.3 billion in total proceeds—over $2.5 billion of which was post-tax cash.

Barrick Gold (TSX: ABX, NYSE: GOLD) saw Q1 earnings per share jump 59% year-over-year to $0.27, with operating cash flow rising to $1.2 billion. Gold output was 758,000 ounces (at the top end of expectations), and copper output was 44,000 tons. CEO Mark Bristow said the Reko Diq and Lumwana copper projects are advancing well and are expected to boost Barrick’s gold-equivalent output by 30% by 2030.
Agnico Eagle Mines (TSX: AEM, NYSE: AEM) posted Q1 net profit of $815 million, free cash flow of $594 million, and boosted its cash reserves to $1.14 billion. The company produced 874,000 ounces of gold at an all-in sustaining cost of $1,183 per ounce and is progressing key projects like Detour Lake.
AngloGold Ashanti (NYSE: AU, JSE: ANG) benefited from the acquisition of Egypt’s Sukari mine and higher output at sites like Tropicana, with Q1 net profit soaring 671% year-on-year to $447 million. Gold production rose 22%. Strict cost control—which kept all-in costs up just 1%—was cited as a key factor behind profit growth.
Franco-Nevada (TSX: FNV, NYSE: FNV) grew Q1 revenue 43% year-on-year to $368.4 million, despite its Cobre Panama copper mine being offline. Precious metals accounted for 79% of revenue, with oil and gas assets contributing 16%. CEO Paul Brink attributed growth to surging gold prices and strong performance from energy assets.
Wheaton Precious Metals (TSX: WPM, NYSE: WPM) posted record Q1 revenue of $470 million, net profit of $254 million, and operating cash flow of $361 million. New projects such as Blackwater further expanded the company’s asset portfolio.

Industry Outlook: Bull Market, but Cautious Signals Remain

Although 2025 began with a strong gold market rally, analysts warn the current uptrend may harbor speculative bubble risks. History shows rapid price gains can be followed by sharp corrections. Sustained industry growth hinges on macroeconomic developments and how companies manage the short-term market frenzy.

Copper Financial Reports Gold Precious Metals