If you want exposure to precious metals right now, two names worth adding to your watchlist are Agnico Eagle Mines (TSX: AEM) and Endeavour Silver (TSX: EDR).
Both are well-positioned in a market where gold and silver prices have pulled back from record highs.
But they are very different businesses, and the right choice depends on what kind of investor you are. For most Canadians, Agnico Eagle is the one to own.
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Why the precious metals market is heating up
Gold and silver generally gain momentum due to macro tailwinds.
In recent months, inflationary pressures, global economic uncertainty, and ongoing geopolitical tension have pushed investors back into precious metals. Silver is benefiting from an extra tailwind: rising industrial demand, especially in green energy and technology applications.
Endeavour Silver CEO Dan Dickson summed it up during the company’s fourth-quarter 2025 earnings call in February 2026. “Gold trades well above $5,000 and silver is elevated above $90,” he said, adding that the company believes there is “substantial runway remaining in this cycle.”
Is this TSX gold stock a good buy?
Agnico Eagle is the second-largest gold producer in the world. It operates 10 mines across four countries, with 85% of production originating from Canada.
CEO Dominique Girard explained that before entering any region, Agnico asks two questions. Can it build multiple mines there over many years? And is the region politically and socially stable enough for the long term?
That filter has kept the company out of riskier jurisdictions and kept costs US$200 to $300 per ounce below its peers.
In 2025, Agnico generated US$8.8 billion in EBITDA (earnings before interest, taxes, depreciation, and amortization) and US$4.4 billion in free cash flow. The Canadian mining stock returned US$1.4 billion to shareholders via dividends and buybacks. And it ended 2025 with a net cash balance of US$2.7 billion.
The company is targeting 20% to 30% more output by the early 2030s compared to its current rate of roughly 3.4 to 3.5 million ounces per year.
Key projects driving that include a push toward one million ounces per year at both Detour Lake and Canadian Malartic, as well as the Hope Bay project in Nunavut, which management plans to announce as a formal construction project in May 2026.
Hope Bay is expected to produce 400,000 to 450,000 ounces per year in its first decade, with significant exploration upside along an 80-kilometre greenstone belt.
Agnico has grown production per share by a factor of three over the past two decades, which is quite exceptional. It has also delivered a compounded annual return of 13% over 20 years, delivering game-changing returns for shareholders.
A high-risk silver mining stock
In 2025, Endeavour Silver reported record sales of $468 million, an increase of 115% year over year.
It brought its Terronera mine in Mexico to commercial production in October 2025, a significant milestone. It also acquired the Kolpa mine in Peru, and it has Pitarrilla in its pipeline, one of the largest undeveloped silver deposits in the world, with a feasibility study targeted for the third quarter of 2026 and a potential construction decision in early 2027.
For aggressive growth investors who believe in silver’s long-term trajectory, Endeavour Silver deserves a closer look. But it carries meaningful execution risk.
The Foolish takeaway
Both stocks make sense in a bullish environment for precious metals. But if you can only pick one, Agnico Eagle is the cleaner, more durable bet.
It has the balance sheet, mine life, production growth, and track record to reward long-term holders without keeping you up at night.
