Agnico Eagle Mines (TSX, NYSE: AEM) has announced a new venture focused on the growing critical minerals sector, marking a strategic step beyond its core gold and copper portfolio. The Toronto-based miner announced the creation of Avenir Minerals Limited, a wholly owned subsidiary established to manage and advance nearly $80 million in early-stage critical mineral investments.

In addition to transferring those existing investments, Agnico will inject $50 million in cash into Avenir to fund operations and growth. The parent company will retain a right of first refusal on future investment opportunities and may choose to provide additional financing over time. According to Agnico, the new company will operate as an independent and self-sustaining entity, tasked with identifying and developing strategic projects, primarily within Canada, while seeking partnerships and government support for critical mineral initiatives.

The move follows Agnico’s $180 million investment in Perpetua Resources (NASDAQ, TSX: PPTA) earlier in the week. Perpetua is advancing the $1.3 billion Stibnite gold and antimony project in Idaho—one of the few U.S. sources of antimony, a critical mineral used in defense and energy storage technologies. The project is backed by the U.S. government as part of efforts to rebuild domestic supplies of essential materials.

Agnico’s establishment of Avenir comes at a time of record financial performance. The company reported third-quarter net income of $1.06 billion, or $2.10 per share, bolstered by higher gold prices and steady operational performance across its portfolio. Adjusted net income reached $1.09 billion, or $2.16 per share, both record highs for the miner. Operating cash flow totalled $1.82 billion, while free cash flow came in at $1.19 billion.

Ammar Al-Joundi, Agnico’s president and CEO, commented in a press release: “We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins. We are well on track to meet our full-year production and cost guidance, supported by disciplined cost management and a focus on productivity.”

The company reaffirmed its 2025 production target of between 3.3 million and 3.5 million ounces of gold. Unit costs, however, are expected to track toward the upper end of the company’s range due to higher royalties. Agnico projected capital spending for 2025 between $1.75 billion and $1.95 billion, excluding capitalised exploration of $290 million to $310 million.

Agnico ended the quarter with $2.36 billion in cash and long-term debt reduced to $196 million, resulting in a net cash position of $2.16 billion as of September 30. Its strong financial position prompted Moody’s Investors Service to upgrade the company’s long-term issuer rating to A3 from Baa1 in August.

Operationally, Agnico continued advancing key development projects across its portfolio. At Canadian Malartic, shaft sinking and development of the East Gouldie deposit remain on schedule for first production in the second half of 2026. Drilling also continues to extend mineralization at depth. At Detour Lake, the underground ramp advanced 259 metres during the quarter, and shaft construction for the Upper Beaver project is set to begin in the fourth quarter.

In Nunavut, drilling at the Hope Bay property returned several high-grade results, including 16.9 g/t gold over 4.6 metres and 12.7 g/t gold over 9.3 metres in the Madrid deposit’s Patch 7 zone. Meanwhile, at the San Nicolas copper-zinc project in Mexico, engineering for the feasibility study is expected to reach 30% completion by year-end.

The launch of Avenir Minerals signals Agnico Eagle’s broadening focus beyond gold, positioning the miner to participate in the accelerating shift toward critical minerals needed for electrification, renewable energy, and advanced manufacturing. While Avenir will operate independently, Agnico’s capital support and right of first refusal ensure it remains closely tied to the company’s long-term strategic direction.

Together, Agnico’s record financial results and its push into critical minerals is an expansion of scope for one of Canada’s leading resource companies, balancing its traditional gold dominance with an emerging role in the evolving global materials landscape.