Top Canadian Gold Producers Ranked by Output

Which Canadian gold mining companies produce the most gold?

Agnico Eagle and Barrick are the two largest gold producers headquartered in Canada, each with more than 3 million ounces of gold in 2025: Agnico Eagle reported 3,447,367 ounces of payable gold and Barrick reported 3.26 million ounces. Kinross comes third at about 2.0 million gold-equivalent ounces. The table below lists eleven Canada-based producers, ranked by their 2025 full-year output as each company reported it.

One ounce here means a troy ounce, about 31.1 grams. Output is not the same as sustainability or profit, so the later sections show how to check both. The page covers companies that produce gold now; it is not a share-price list and it gives no buy or sell view.

The bases differ, so treat the ranks as close for companies within about 10 per cent of each other. The sources are the company releases linked in the profiles below.

How we chose and ranked these companies

“Canada-based” here means a head office in Canada, shown by the city on the company’s own release. We started from companies with such a head office that reported full-year 2025 gold production above roughly 450,000 ounces, and kept only those with a figure in a company release or filing. Smaller producers fall below the cut. An example is Centerra Gold, which reported 275,316 ounces.

• Metric: reported gold ounces for calendar 2025. Kinross reports gold equivalent (gold plus copper and silver converted to gold), and IAMGOLD reports its attributable share, which is the part of a mine it owns.
• Not scored: share price, dividends, reserves or political risk, because they change often and need their own analysis.
• Canada-based, not Canada-only: several of these firms mine mostly abroad. The last column of the table shows where their Canadian mines are.

Barrick tells investors that it is preparing an initial public offering of its North American gold assets, according to its February 2026 results release. In April 2026 Barrick said it was targeting completion of that offering by the end of 2026, with a primary listing in New York.

The eleven producers, one by one

Agnico Eagle: the largest by output

Agnico Eagle guided to roughly 3.3 to 3.5 million ounces a year from 2026 to 2028 in the same release. Its mix of mines in Ontario, Quebec and Nunavut makes it the most Canada-weighted of the large producers. Watch point: the company expects higher unit costs in 2026 because of royalties tied to the gold price.

Chart

2025 gold output of Canada-based producers

Thousand ounces, as each company reports it (bases differ, see table)

Barrick: large, but now mostly outside Canada

Barrick’s 2025 gold output was 17 per cent below 2024, in line with its guidance, and its 2026 guidance is 2.90 to 3.25 million ounces. The release shows the sale of Hemlo in Ontario, so Barrick no longer reports a Canadian gold mine. It also lists proven and probable gold reserves of 85 million ounces at the end of 2025.

Kinross: steady output and a stated three-year outlook

Kinross produced 2,012,106 gold-equivalent ounces in 2025, against 2,128,052 in 2024. Its release keeps a three-year outlook of about 2.0 million ounces a year.

B2Gold: a Vancouver producer with one Canadian mine

B2Gold reported 979,604 ounces for 2025 and all-in sustaining costs of $1,584 per ounce sold, excluding pre-commercial Goose output. Its Goose mine in the Back River district reached commercial production on 2 October 2025.

Equinox Gold: Valentine reaches commercial production

Equinox’s January 2026 release reports a record 922,827 ounces, with Valentine in Newfoundland reaching commercial production on 18 November 2025. Greenstone in Ontario poured 72,091 ounces in the fourth quarter.

IAMGOLD: Côté Gold in its first full year

IAMGOLD’s preliminary 2025 results show 765,900 attributable ounces, with Côté Gold giving 279,900. Its annual information form shows Côté at 399,800 ounces on a 100 per cent basis, up from 199,000 in 2024.

Alamos Gold: below its revised guidance

Alamos produced 545,400 ounces, including 250,400 from the Island Gold District and 153,400 from Young-Davidson. The company said output was below guidance partly because of weather-related downtime in late December.

Pan American Silver and OceanaGold

Pan American Silver, better known for silver, reported 742,200 attributable ounces of gold in 2025 alongside 22.84 million ounces of silver, so it meets the gold cut. OceanaGold reported 497,600 ounces from the Haile mine in the United States, New Zealand and the Philippines; it is listed here because its release is datelined Vancouver.

Lundin Gold and Eldorado Gold

Lundin Gold produced 498,315 ounces at Fruta del Norte in Ecuador. Eldorado Gold reported 488,268 ounces, with Lamaque in Quebec among its core mines. For comparison, see our notes on the Vancouver and Toronto mining company split.

How to read a gold miner’s production release in 5 steps

The eleven releases above look similar, but small wording differences change the meaning of a number. Work through them in this order.

1. Find the basis. Payable ounces are the ounces in products that will be sold. Attributable ounces are the share the company owns. Gold equivalent adds by-product metals. The table above shows all three in use.
2. Compare with guidance. Alamos reported 545,400 ounces against a revised guidance range of 560,000 to 580,000, and said so in its release. A miss is not a verdict, but the stated reason (weather, grade, mill downtime) tells you whether it is a one-off.
3. Read the cost line. Look for AISC and the royalty comment. Agnico Eagle and Barrick both said higher royalties, driven by the higher gold price, pushed up unit costs.
4. Check where the ounces come from. One mine can supply a large share of output. Equinox’s fourth quarter of 2025 came from Greenstone, Valentine, Nicaragua, Brazil and Mesquite, so no single site dominated.
5. Read the outlook table. A three-year guidance table, as Agnico Eagle and Kinross publish, shows whether output is expected to be flat or to rise.

Risks to check in Canadian gold producers

These are facts to verify in filings, not predictions.

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Two producers moved in opposite directions

Thousand ounces; Cote is IAMGOLD’s attributable share, Kinross is gold equivalent

• Ramp-up risk: new mines take time to reach design rates. Equinox reported Greenstone improving (72,091 ounces poured in the fourth quarter, 29 per cent more than in the third), and IAMGOLD’s Côté Gold more than doubled its output between 2024 and 2025 on a 100 per cent basis.
• Cost pressure: Agnico Eagle’s own 2026 guidance sees AISC about 12 per cent higher than in 2025, partly from royalties and a stronger Canadian dollar. Most Canadian miners report in US dollars but pay many costs in Canadian dollars.
• Grade changes: Agnico Eagle’s 2026 guidance cites lower-grade sequences at Macassa, Meadowbank, Fosterville and Canadian Malartic, and it expects lower output from Detour Lake in 2028 because of lower grades. Lower grade means fewer ounces per tonne processed.
• Asset sales and structure: Barrick’s sale of Hemlo and its IPO preparations show that the company behind a mine can change.
• Single-asset exposure: Lundin Gold relies on one mine, Fruta del Norte, for its output.

For a wider view of Canadian exploration finance, see the NRCan exploration spending data that we summarised.

Where Canada’s gold comes from, by province

Canada mined nearly 200 tonnes of gold in 2024, ranking fourth in the world, and Ontario and Quebec together gave 68 per cent of it, according to Natural Resources Canada. Ontario produced 79.9 tonnes, Quebec 55.5 tonnes, British Columbia 17.6 tonnes and Yukon 6.0 tonnes. That explains why many of the companies above are building or expanding in these two provinces.

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Canadian gold production by region, 2024

Tonnes of gold

Output has grown from 161 tonnes in 2015 to 200 tonnes in 2024. The US Geological Survey also estimates Canadian mine output at 200 tonnes for both 2024 and 2025, with reserves of 3,200 tonnes (USGS, 2026). For the geology behind these numbers, see our guide to gold deposits in Canada and the exploration spending data.

▶ Shows where Ontario’s gold belts sit and why the province produces about 40 per cent of Canada’s gold. · 2:53

How to judge sustainability at a gold miner

Investors often ask how to find gold miners that balance profit with environmental and community performance. There is no single score, but Canada has a common yardstick. The Mining Association of Canada runs Towards Sustainable Mining (TSM), and taking part is mandatory for its members’ Canadian operations. Companies measure themselves against protocols on topics such as tailings management and biodiversity and report the results every year. A facility earns a TSM Leadership Award only if it reaches Level A or Yes on every indicator, with externally verified results.

Use this checklist when you read a company’s sustainability report:

• TSM or an equal standard: does the company publish site-level results rather than one headline score?
• Tailings: is there a named tailings facility, an independent review and a closure plan?
• Emissions: are there absolute targets, a base year and results? Scope 3 means emissions from a company’s suppliers and customers.
• Water and land: does the company report water taken from rivers, treated water released, and land disturbed versus restored?
• Communities: are agreements with Indigenous communities public, and does the company report what they cover?

Context matters. The World Gold Council’s climate analysis finds that gold’s downstream uses in bullion, jewellery and electronics have little material effect on its carbon footprint, so the choices a mine makes matter most.

▶ A plain-language claymation on the seven environmental impacts of mining. · 2:31

How to check a miner’s profit margin with all-in sustaining cost

All-in sustaining cost (AISC) is the cost of producing one ounce, including mining, processing, administration and the capital needed to keep the mine running. Subtract it from the gold price to get a margin per ounce. Each company defines AISC slightly differently, so compare trends more than single numbers. Reported 2025 figures include:

• B2Gold: $1,584 per ounce, excluding pre-commercial Goose output.
• Barrick: $1,637 per ounce for gold, with the release noting a rise from higher royalties.
• Eldorado: $1,664 per ounce sold.
• Kinross: $1,571 per gold-equivalent ounce (attributable).
• Agnico Eagle: $1,339 per ounce for the full year ($1,517 in the fourth quarter), with 2026 guidance of $1,400 to $1,550 on a revised cost basis.

Agnico Eagle reported an average realized gold price of $4,163 per ounce in the fourth quarter of 2025, which is why margins widened in that period. These are one-year, company-reported figures in US dollars and are not a forecast. Use the calculator below with your own numbers.

Margin per ounce calculator for a gold producer

Enter a producer’s annual ounces, a gold price and its AISC to see the margin before tax, interest and growth spending.

What satellites can add before a mine exists

Every mine in the table began as an exploration target. Satellite data cannot see gold, but it maps the iron stains, clay minerals and fault lines that often surround a deposit, so it can narrow where to drill and reduce ground disturbance in early work. Farmonaut’s satellite mineral detection service turns a licence boundary into ranked exploration targets, and you can request a quote. Results are exploration targets, not a resource estimate.

For a field example of how a survey is planned, read our piece on satellite signals in the Golden Triangle.

▶ Explains how satellites map the rock clues around gold rather than the gold itself. · 4:25

If this topic matters to you, read Nickel Companies Canada: 8 Producers and Projects Ranked next.

Related reading on this site: Silver as a Byproduct of Copper Mining: Top Producers.

Frequently asked questions

Which Canadian gold mining company produces the most gold?

Agnico Eagle, with 3,447,367 ounces of payable gold in 2025, just ahead of Barrick at 3.26 million ounces.

Are there gold mining companies in Canada that do well on both sustainability and production?

Members of the Mining Association of Canada must take part in TSM for their Canadian operations, but no single test ranks producers on both sustainability and production. Read each company’s annual sustainability report and compare tailings, emissions, water and community data side by side.

How can I find gold miners that balance profit and environmental performance?

Pair a profit measure such as AISC per ounce with sustainability disclosures. Start with the checklist above, then check regulator filings and independent verification.

Which Canadian provinces produce the most gold?

Ontario led with 79.9 tonnes in 2024 and Quebec followed with 55.5 tonnes, according to Natural Resources Canada.

Where does Canada rank among gold-producing countries?

Fourth in 2024, with about 200 tonnes or 6.1 per cent of world output, behind China, Russia and Australia.

Does a Canadian head office mean the gold is mined in Canada?

No. Barrick, Kinross and Lundin Gold have no operating Canadian gold mine. Barrick sold Hemlo in November 2025, Kinross’s Great Bear project in Ontario is still in development, and Lundin Gold’s mine is in Ecuador. B2Gold’s only Canadian mine is Goose in the Back River district. Equinox, by contrast, has two Canadian cornerstone mines. Check each company’s list of mines.

What does AISC mean?

All-in sustaining cost: the cost per ounce including mining, processing, administration and the spending needed to sustain a mine.

What does gold equivalent mean?

A way of counting by-product metals such as copper or silver as if they were gold at set prices, so different companies’ mixes can be added up.

How do I check a company’s mines and ownership?

Read its annual information form on SEDAR+ and the production release. Both name the mines, ownership shares and ounces.

Is this page investment advice?

No. It lists reported production and cost figures with dates and sources, and gives no price targets.