As economic uncertainty has grown, investors have increasingly turned to gold as an alternative to traditional investments in stocks, bonds, and other asset classes. Gold soared in 2025, and already in the opening days of 2026, the yellow metal has continued to gain momentum. That's been good news for Agnico Eagle Mines (AEM +2.81%), one of the premier gold-mining companies in the world.
The first two parts of this Voyager Portfolio series on Agnico Eagle gave a broad overview of the Canadian miner's business and highlighted the sources of the gold stock's financial success. In this final installment, you'll get a peek at Agnico Eagle's most promising opportunities to boost production from existing mines and to develop new projects.
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Agnico Eagle has growth plans in place
Agnico Eagle has a detailed blueprint for future growth. Through optimization of existing assets and new exploration, the miner has short-term, intermediate-term, and long-term goals. Most of its near-term goals are geared toward increasing production on existing mines, although transitions from above-ground operations to underground work will also play a role. In the mid-term, the focus largely shifts to undeveloped assets. Long-term, Agnico Eagle hopes that the areas surrounding its existing mines will also turn out to be full of valuable resources, making future growth simpler.
The mineral reserves at potential new projects are extensive. Upper Beaver has 2.8 million ounces of gold, and Agnico Eagle believes that its Hope Bay property in Nunavut could generate 400,000 ounces per year. In addition, the San Nicolas project in Mexico, which is a 50/50 joint venture with mining stock peer Teck Resources (TECK +0.18%), is a volcanogenic massive sulfide (VMS) deposit that could pay off not just in gold but in base metals like copper, zinc, or lead.
Agnico Eagle's 2 most important assets
What's evident, though, is that two key complexes stand out from the rest. The Canadian Malartic region is progressing toward potential annual production of 1 million ounces of gold. The first phase of expansion is currently under way, with the transition to underground mining at the Odyssey first shaft could produce 550,000 ounces by itself. A potential second shaft is under evaluation, with an update expected next year. If successful, it could add another 220,000 ounces to production. With satellite deposits at Marban and Wasamac contributing another 230,000 ounces per year, Agnico Eagle's million-ounce aspirations seem like a reasonable long-term possibility.
NYSE: AEM
Key Data Points
Meanwhile, Detour Lake is already Canada's largest gold mine , but Agnico Eagle believes that there's still further room for growth at the property. The miner has already dug out substantial reserves from its primary pit, but areas to the north and west are showing considerable promise for rich deposits. Deeper paystreaks could require higher costs to extract gold, but if early tests prove correct, the yield from these interesting zones could easily pay those costs and still boost overall profit.
Why the Voyager Portfolio is investing in Agnico Eagle
The vision for the Voyager Portfolio is to have diversified exposure across a wide range of industries. Although a direct investment in precious metals might not appeal to many investors, the potential for growth from a mining company can justify an investment even among those who might ordinarily shy away from gold.
I like the plans that Agnico Eagle has. Sure, they include typical strategies like reducing risk of underground operations and testing nearby sites for further reserves. But playing to its strengths in the Canadian Arctic makes a ton of sense. And for investors who are nervous about the potential for overseas assets to get expropriated, Agnico Eagle's choice of venue for its operation is a huge competitive advantage.
Accordingly, I'm making Agnico Eagle the fourth stock in the Voyager Portfolio and will add shares once disclosure and trading restrictions allow. The stock might not fully repeat its amazing performance from 2025, but I still expect market-beating returns.
