RANKED: Top 10 gold mining companies of 2025

[Ben Graham]

Gold grabbed the spotlight in 2025 after a run that saw prices hit a record more than 50 times. By end of the year, bullion was up by more than 40%, its best annual performance since 1979.

Besides gold investors, miners also came away as big winners of that rally. The world’s largest exchange traded-fund with exposure to the gold mining sector, the VanEck Gold Miners ETF (GDX), went up by over 155%, far outperforming the metal itself.

Individually, companies like top producer Newmont (NYSE, ASX: NEM) and Canada’s Agnico Eagle Mines (NYSE, TSX: AEM) all saw their profits skyrocket and valuations reach new highs in tandem with gold prices. In Canada, where most gold mining companies are listed, the gold miners absolutely dominated the top performers on the TSX.

But gold prices form only one part of the equation for these companies; many would still require operational success to deliver positive results in the long run and meet a growing demand for the metal.

To recap the memorable year for gold miners, we compiled how each of the top 10 gold mining companies fared in terms of output compared with the previous year.

#1 Newmont

Newmont (NYSE, ASX: NEM) maintains its ranking atop the global producer pyramid after what was a “record year” of cash generation for the company. During 2025, the Denver, Colorado-based miner achieved multiple operational milestones, including the commercial start of Ahafo North project in Ghana, and entered a new phase after shedding several non-core assets.

While Newmont met its annual production guidance, its output declined 14% year-on-year, and the company is forecasting a further decline in 2026.

#2 Agnico Eagle Mines

Agnico Eagle Mines (NYSE, TSX: AEM) snatched second place as the Canadian gold miner maintained strong performance across its portfolio, with production surpassing the midpoint of its 2025 guidance range. During the year, the company made several key investments, including the acquisition of O3 Mining to bolster its Canadian Malartic complex and taking equity stakes in Perpetua Resources (Nasdaq, TSX: PPTA) and several Canadian juniors.

Over the next three years, Agnico expects production to remain stable, backed by last year’s substantial growth in resources and record-high reserve totals.

#3 Barrick Mining

Barrick Mining (TSX: ABX; NYSE: B) saw a drastic decline in output due largely to setbacks in Mali, with which it had a two-year dispute. The miner started 2025 on a bad note after being forced to suspend its Loulo-Gounkoto mine complex — one of biggest producers in the world — in January, and then losing its operational control to Mali’s military government. By the end of the year, the two sides managed to settle the matter, and Barrick officially resumed the operation in December.

However, another conflict may be brewing, this time with Newmont, over issues related to their joint venture operations in Nevada.

#4 Zijin Mining Group

China’s Zijin Mining leaped into fourth place after reporting a 35% surge in year-on-year gold production, which it attributed to favourable market environments and operational efficiency. During 2025, it added two major mines to its portfolio, including the Akyem mine in Ghana acquired from Newmont. The company also bought Raygorodok gold mine in Kazakhstan as it looks to expand heavily into Central Asia.

#5 Navoi Mining and Metallurgy Company

Uzbekistan’s Navoi Mining maintained steady output growth in 2025 to cement its status as a major gold producer. The state-owned industrial giant currently has several operations across the Kyzylkum Desert region, with its primary asset being the Muruntau deposit, one of the world’s largest. The company estimates that its mining assets currently hold about 150 million oz. of gold in resources.

#6 AngloGold Ashanti

AngloGold Ashanti (NYSE: AU) became a 3-million-oz. producer after accounting for the first full-year contribution from the Sukari mine in Egypt, of which it owns 50% through its 2024 takeover of Centamin. During 2025, the company also make a strong push into the North America with its acquisition of Augusta Gold, which has assets in Nevada.

#7 Polyus

Russian gold miner Polyus projects its output to reach between 2.5 and 2.6 million oz. in 2025, a decline over the previous year due to a planned reduction at its Olimpiada mine. Like all major gold miners in Russia, the company, once a top five ranked producer, has been hit with Western sanctions, impacting some of its operations.

#8 Gold Fields

South Africa’s Gold Fields (JSE: GFI) saw an 18% jump in production last year following strong operational improvements across the portfolio. A major contributor was the Salares Norte mine in Chile, which reached commercial production in the third quarter. During the year, the company also expanded its presence in Australia with its A$3.7 billion takeover of Gold Road Resources (ASX: GOR). In the year-end results call, Gold Fields CEO Mike Fraser said the company is open to more deals.

#9 Kinross Gold

Kinross Gold (TSX: K, NYSE: KGC) once again delivered over 2 million oz. in gold-equivalent production despite a decrease in production across several sites. Two of its mines, Paracatu in Brazil and Fort Knox in Alaska, raised their output due to higher grades. This year, the Canadian miner is forecasting similar production and is expected to invest heavily into three US development projects.

#10 Northern Star Resources

For the 2025 fiscal year, Northern Star Resources (ASX: NST) achieved its production guidance, led by its KCGM operations, which hosts one of Australia’s largest open pit gold mines. During the year, the company completed its A$5 billion acquisition of developer De Grey Mining, a move it said could take its annual production to as high as 3 million oz. per year. However, its fiscal 2026 guidance was recently lowered due to what the company calls “isolated events” occurring late in 2025.

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Honorable Mentions: Harmony Gold Mining Company (NYSE: HMY, JSE: HAR), which is forecasting between 1.4-1.5 million oz. of production; Freeport-McMoRan (NYSE: FCX), with 1 million oz. of gold produced from its Grasberg mine in Indonesia.