Agnico Eagle Mines Restricted (NYSE:AEM) (TSX:AEM) (“Agnico Eagle” or the “Firm”) in the present day reported monetary and working outcomes for the primary quarter of 2024.
“Constructing on a really sturdy near 2023, we’re reporting our second consecutive quarter of report working margins and report free money circulate, on the again of stable operational and price efficiency. With this sturdy begin to the yr, we’re properly positioned to realize our manufacturing and price steerage for 2024,” mentioned Ammar Al-Joundi , Agnico Eagle’s President and Chief Govt Officer. “Through the quarter, we continued to advance our key worth drivers and mission pipeline, and our exploration program yielded important outcomes at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our steadiness sheet within the quarter and our focus stays on capital self-discipline and price management, whereas investing in our initiatives pipeline and offering returns to shareholders,” added Mr. Al-Joundi.
First quarter 2024 highlights:
- Robust quarterly gold manufacturing – Payable gold manufacturing 1 within the first quarter of 2024 was 878,652 ounces at manufacturing prices per ounce of $892 , whole money prices per ounce 2 of $901 and all-in sustaining prices (“AISC”) per ounce 3 of $1,190 . Gold manufacturing within the first quarter of 2024 was led by report quarterly manufacturing at Canadian Malartic and powerful manufacturing from Macassa and the Firm’s Nunavut operations
- Document quarterly money offered by working actions and free money circulate – The Firm reported quarterly web earnings of $347.2 million or $0.70 per share and adjusted web earnings 4 of $377.5 million or $0.76 per share for the primary quarter of 2024. Money offered by working actions was $1.57 per share ( $1.56 per share earlier than adjustments in non-cash working capital balances 5 ) and free money circulate 5 was $0.79 per share ( $0.78 per share earlier than adjustments in non-cash working capital balances 5 )
- Strengthening funding grade steadiness sheet – Within the first quarter of 2024, the Firm elevated its money place by $186 million and diminished web debt. As well as, in March 2024 , Moody’s upgraded the Firm’s long-term issuer score to Baa1 from Baa2
- 2024 gold manufacturing, value and capital expenditure steerage reiterated – Anticipated payable gold manufacturing stays unchanged at roughly 3.35 to three.55 million ounces in 2024, with whole money prices per ounce and AISC per ounce in 2024 unchanged at $875 to $925 and $1,200 to $1,250 , respectively. Complete capital expenditures (excluding capitalized exploration) for 2024 are nonetheless estimated to be between $1.6 billion to $1.7 billion
- Replace on key worth drivers and pipeline initiatives
- Development of Odyssey mine on the Canadian Malartic advanced progressing properly – Within the first quarter of 2024, ramp growth continued to exceed goal, reaching the primary manufacturing stage of East Gouldie in February 2024 and a depth of 765 metres as at March 31, 2024 . Shaft sinking improved through the quarter, with a mean sinking charge of two.4 metres per day (together with pre-sinking). The short-term loading pocket, beforehand deliberate at stage 102, will now be constructed at Degree 64, which is predicted to offer hoisting capability by mid-2025, six months sooner than beforehand deliberate and can present added growth and manufacturing flexibility. Floor development is progressing as deliberate, with a deal with the principle hoist constructing, part two of the paste plant and the operational advanced
- Optimistic exploration outcomes at Odyssey mine – Exploration drilling continues to return constructive outcomes to the east of the East Gouldie mineral sources, together with 4.5 g/t gold over 30.0 metres at 1,162 metres depth and 1,060 metres east of present mineral reserves; and three.1 g/t gold over 32.8 metres at 1,556 metres depth and 420 metres east of the decrease portion of the East Gouldie mineral reserves
- Detour Lake – The mill delivered a stable efficiency with a throughput charge of 71,451 tonnes per day (“tpd”), which was the best for a primary quarter interval, demonstrating continued mill enchancment year-over-year. The Firm continues to guage underground mining eventualities at Detour Lake and expects to offer an replace on the mission, mill optimization efforts and ongoing exploration leads to the second quarter of 2024. Exploration through the first quarter included infill drilling within the shallow portion of the West Pit Extension, with spotlight intercepts of three.9 g/t gold over 25.4 metres at 369 metres depth and 5.4 g/t gold over 16.6 metres at 307 metres depth, each at underground depths close to the proposed exploration ramp
- Hope Bay – Exploration drilling through the first quarter totalled 30,600 metres and returned sturdy leads to the Patch 7 space of the Madrid deposit, together with 20.8 g/t gold over 17.7 metres at 461 metres depth and 14.1 g/t gold over 16.4 metres at 480 metres depth in a cluster of high-grade intersections roughly 200 metres north of Patch 7 mineral sources
- 2023 Sustainability Report revealed – The Firm continues to reveal its dedication to ESG efficiency. In 2023, the Firm recorded its finest security efficiency in its 66-year historical past and maintained or improved efficiency throughout different key ESG indicators, together with environment friendly administration of water sources and elevated native employment. As well as, efforts continued in 2023 to take care of a local weather resilient enterprise and meet our interim discount goal of 30% of absolute Scope 1 and a couple of emissions by 2030
- Continued deal with shareholder returns – Within the first quarter of 2024, a quarterly dividend of $0.40 per share has been declared and the Firm repurchased 375,000 frequent shares for $19.9 million via its regular course issuer bid (“NCIB”)
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1 | Payable manufacturing of a mineral means the amount of a mineral produced throughout a interval contained in merchandise which have been or will probably be offered by the Firm whether or not such merchandise are shipped through the interval or held as stock on the finish of the interval. |
2 | Complete money prices per ounce is a non-GAAP ratio that isn’t a standardized monetary measure underneath IFRS and on this information launch, except in any other case specified, is reported on (i) a per ounce of gold manufacturing foundation, and (ii) a by-product foundation. For an outline of the composition and usefulness of this non-GAAP measure and a reconciliation of whole money prices to manufacturing prices on each a by-product and a co-product foundation, see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
3 | AISC per ounce is a non-GAAP ratio that isn’t a standardized monetary measure underneath the IFRS and on this information launch, except in any other case specified, is reported on (i) a per ounce of gold manufacturing foundation, and (ii) a by-product foundation. For an outline of the composition and usefulness of this non-GAAP measure and a reconciliation to manufacturing prices and for all-in sustaining prices on each a by-product and co-product foundation, see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
4 | Adjusted web earnings and adjusted web earnings per share are non-GAAP measures or ratios that aren’t standardized monetary measures underneath IFRS. For an outline of the composition and usefulness of those non-GAAP measures and a reconciliation to web earnings see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
5 | Money offered by working actions earlier than adjustments in non-cash working capital balances, free money circulate and free money circulate earlier than adjustments in non-cash working capital balances are non-GAAP measures or ratios that aren’t standardized monetary measures underneath IFRS. For an outline of the composition and usefulness of those non-GAAP measures and a reconciliation to money offered by working actions see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
First Quarter 2024 Outcomes Convention Name and Webcast Tomorrow
Agnico Eagle’s senior administration will host a convention name on Friday, April 26, 2024 at 8:30 AM (E.D.T.) to debate the Firm’s monetary and working outcomes.
Through Webcast:
A reside audio webcast of the convention name will probably be out there on the Firm’s web site www.agnicoeagle.com .
Through URL Entry:
To hitch the convention name with out operator help, you might register and enter your telephone quantity at https://emportal.ink/3Rvps0 4 to obtain an prompt automated name again. You can even dial direct to be entered to the decision by an Operator (see “Through Phone” particulars beneath).
Through Phone:
For these preferring to hear by phone, please dial 416.764.8659 or toll-free 1.888.664.6392. To make sure your participation, please name roughly 5 minutes previous to the scheduled begin of the decision.
Replay Archive:
Please dial 416.764.8677 or toll-free 1.888.390.0541, entry code 505445#. The convention name replay will expire on Might 26, 2024 .
The webcast, together with presentation slides, will probably be archived for 180 days on the Firm’s web site.
Annual Assembly
The Firm will host its Annual and Particular Assembly of Shareholders (the “AGM”) on Friday, April 26, 2024 at 11:00 AM (E.D.T). Through the AGM, administration will present an outline of the Firm’s actions.
The AGM will probably be held in particular person on the Arcadian Court docket, 401 Bay Road, Simpson Tower, eighth Flooring, Toronto, Ontario , M5H 2Y4 and on-line at: https://meetnow.global/MFJPVMP .
For particulars explaining the best way to attend, talk and vote just about on the AGM please see the Firm’s Administration Data Round dated March 22, 2024 , filed underneath the Firm’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . Shareholders who’ve questions on voting their shares or attending the AGM could contact Investor Relations by telephone at 416.947.1212, by toll-free telephone at 1.888.822.6714 or by e mail at i nvestor.relations@agnicoeagle.com or could contact the Firm’s strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1.877.452.7184 (toll free in North America ), at 1.416.304.0211 (for gather calls outdoors of North America ) or by e-mail at assistance@laurelhill.com .
First Quarter 2024 Manufacturing and Prices
Manufacturing and Price Outcomes Abstract* | ||||
Three Months Ended | ||||
2024 | 2023 | |||
Gold manufacturing (ounces) | 878,652 | 812,813 | ||
Gold gross sales (ounces) | 879,063 | 787,558 | ||
Manufacturing prices per ounce | $ 892 | $ 804 | ||
Complete money prices per ounce | $ 901 | $ 832 | ||
AISC per ounce | $ 1,190 | $ 1,125 |
* Displays Agnico Eagle’s 50% curiosity within the Canadian Malartic advanced as much as and together with March 30, 2023 and 100% curiosity thereafter. |
Gold Manufacturing
Gold manufacturing elevated within the first quarter of 2024 when in comparison with the prior-year interval primarily attributable to extra manufacturing from the acquisition of the remaining 50% of the Canadian Malartic advanced following the closing of the acquisition of the Canadian belongings of Yamana Gold Inc. (the “Yamana Transaction”) and better manufacturing from the Meadowbank advanced, partially offset by decrease manufacturing on the Fosterville mine.
Manufacturing Prices per Ounce
Manufacturing prices per ounce elevated within the first quarter of 2024 when in comparison with the prior-year interval primarily attributable to larger manufacturing prices at most mine websites ensuing from inflation, mixed with the affect of the timing of stock gross sales and decrease manufacturing on the LaRonde advanced, a decrease build-up of ore stockpiles, decrease gold manufacturing on the Detour Lake mine and the timing of stock gross sales on the Meliadine mine, partially offset by larger gold manufacturing and decrease manufacturing prices on the Meadowbank advanced.
Complete Money Prices per Ounce
Complete money prices per ounce elevated within the first quarter of 2024 when in comparison with the prior-year interval primarily attributable to larger working prices at most mine websites ensuing from inflation, larger royalties arising from larger gold costs and gold manufacturing, and the affect of decrease gold grades on the LaRonde advanced, the Detour Lake mine and the Fosterville mine attributable to mining sequence, partially offset by larger gold manufacturing and decrease manufacturing prices on the Meadowbank advanced.
AISC per Ounce
AISC per ounce elevated within the first quarter of 2024 when in comparison with the prior-year interval attributable to larger whole money prices per ounce and better sustaining capital expenditures through the interval related to the acquisition of the remaining 50% of the Canadian Malartic advanced, partially offset by larger manufacturing.
AISC per ounce within the first quarter of 2024 was decrease than anticipated primarily on account of the deferral of sure sustaining capital expenditures on the Detour Lake mine to later in 2024. AISC per ounce is predicted to be larger within the the rest 2024 because the Firm nonetheless expects company-wide AISC per ounce for the total yr 2024 to be within the vary of $1,200 to $1,250 per ounce.
First Quarter 2024 Monetary Outcomes
Monetary Outcomes Abstract | ||||
Three Months Ended | ||||
2024 | 2023 | |||
Realized gold value ($/ounce) 6 | $ 2,062 | $ 1,892 | ||
Web earnings ($ thousands and thousands) 7 | $ 347.2 | $ 1,816.9 | ||
Adjusted web earnings ($ thousands and thousands) | $ 377.5 | $ 271.3 | ||
EBITDA ($ thousands and thousands) 8 | $ 882.5 | $ 2,272.9 | ||
Adjusted EBITDA ($ thousands and thousands) 8 | $ 929.3 | $ 740.4 | ||
Money offered by working actions ($ thousands and thousands) | $ 783.2 | $ 649.6 | ||
Money offered by working actions earlier than adjustments in non-cash working capital | $ 777.1 | $ 608.8 | ||
Capital expenditures 9 | $ 372.0 | $ 341.7 | ||
Free money circulate ($ thousands and thousands) | $ 395.6 | $ 264.7 | ||
Free money circulate earlier than adjustments in non-cash working capital balances ($ thousands and thousands) | $ 389.5 | $ 223.9 | ||
Web earnings per share (fundamental) | $ 0.70 | $ 3.87 | ||
Adjusted web earnings per share (fundamental) | $ 0.76 | $ 0.58 | ||
Money offered by working actions per share (fundamental) | $ 1.57 | $ 1.39 | ||
Money offered by working actions earlier than adjustments in non-cash working capital | $ 1.56 | $ 1.30 | ||
Free money circulate per share (fundamental) | $ 0.79 | $ 0.56 | ||
Free money circulate earlier than adjustments in non-cash working capital balances per share (fundamental) | $ 0.78 | $ 0.48 |
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6 | Realized gold value is calculated as gold revenues from mining operations divided by the variety of ounces offered. |
7 | For the primary quarter of 2023, features a $1.5 billion revaluation acquire on the 50% curiosity the Firm owned within the Canadian Malartic advanced previous to the Yamana Transaction on March 31, 2023. |
8 | “EBITDA” means earnings earlier than curiosity, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that aren’t standardized monetary measures underneath IFRS. For an outline of the composition and usefulness of those non-GAAP measures and a reconciliation to web earnings see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
9 | Contains capitalized exploration |
Web Revenue
Within the first quarter of 2024, web earnings was $347.2 million ( $0.70 per share). This outcome contains the next objects (web of tax): spinoff losses on monetary devices of $29 .2 million ( $0.05 per share), web asset disposal losses of $2 .6 million ( $0.01 per share), overseas alternate positive factors of $4 .5 million ( $0.01 per share), and overseas foreign money translation losses on deferred tax liabilities and numerous different changes totaling $3 .0 million ( $0.01 per share).
Excluding the above objects leads to adjusted web earnings of $377.5 million or $0.76 per share for the primary quarter of 2024. Included within the first quarter of 2024 web earnings, and never adjusted above, is a non-cash inventory choice expense of $4.2 million ( $0.01 per share).
Web earnings of $347.2 million within the first quarter of 2024 decreased when in comparison with web earnings of $1,816.9 million within the prior-year interval primarily because of the recognition of a $1,543.4 million remeasurement acquire on the 50% of the Canadian Malartic advanced that the Firm owned previous to the Yamana Transaction within the prior-year interval, partially offset by larger revenues from larger gold gross sales and better realized gold costs within the present interval.
Adjusted EBITDA
Adjusted EBITDA elevated within the first quarter of 2024 when in comparison with the prior-year interval primarily attributable to report working margins 10 from larger gold gross sales and better realized gold costs, partially offset by larger manufacturing prices.
Money Offered by Working Actions
Money offered by working actions and money offered by working actions earlier than adjustments in non-cash working capital balances each elevated within the first quarter of 2024 when in comparison with the prior-year interval primarily attributable to larger revenues from larger gold gross sales and better realized gold costs, partially offset by larger manufacturing prices.
Free Money Stream Earlier than Modifications in Non-Money Working Capital Balances
Free money circulate earlier than adjustments in non-cash working capital balances was a report within the first quarter of 2024 and elevated when in comparison with the prior-year interval primarily because of the causes described above in respect of money offered by working actions, partially offset by larger capital expenditures.
Capital Expenditures
The capital expenditures within the first quarter of 2024 have been decrease than forecast primarily because of the deferral of sure sustaining capital expenditures at Detour Lake mine to later in 2024. Complete anticipated capital expenditures (together with capitalized exploration) stay according to steerage for the total yr 2024.
The next desk units out a abstract of capital expenditures (together with sustaining capital expenditures 11 and growth capital expenditures 11 ) and capitalized exploration within the first quarter of 2024.
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10 | Working margin is a non-GAAP measure that isn’t a standardized measure underneath IFRS. For an outline of the composition and usefulness of this non-GAAP measure and a reconciliation to web earnings see “Abstract of Operations Key Efficiency Indicators” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
11 | Sustaining capital expenditures and growth capital expenditures are non-GAAP measures that aren’t standardized monetary measures underneath IFRS. For a dialogue of the composition and usefulness of those non-GAAP measures and a reconciliation to additions to property, plant and mine growth per the consolidated statements of money flows, see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
Abstract of Capital Expenditures | |||
($ hundreds) | |||
Capital Expenditures* | Capitalized Exploration | ||
Three Months Ended | Three Months Ended | ||
Mar 31, 2024 | Mar 31, 2024 | ||
Sustaining Capital Expenditures | |||
LaRonde advanced | $ 22,924 | $ 319 | |
Canadian Malartic advanced | 27,045 | — | |
Goldex advanced | 12,053 | 738 | |
Detour Lake mine | 49,638 | — | |
Macassa mine | 10,131 | 400 | |
Meliadine mine | 17,865 | 1,337 | |
Meadowbank advanced | 19,942 | — | |
Fosterville mine | 5,483 | — | |
Kittila mine | 16,064 | 450 | |
Pinos Altos mine | 4,989 | 303 | |
La India mine | 22 | — | |
Different | 329 | 575 | |
Complete Sustaining Capital Expenditures | $ 186,485 | $ 4,122 | |
Improvement Capital Expenditures | |||
LaRonde advanced | $ 24,089 | $ — | |
Canadian Malartic advanced | 36,005 | 1,318 | |
Goldex advanced | 4,131 | — | |
Detour Lake mine | 37,759 | 7,552 | |
Macassa mine | 12,146 | 8,318 | |
Meliadine mine | 18,245 | 4,086 | |
Meadowbank advanced | (27) | — | |
Fosterville mine | 9,428 | 3,624 | |
Kittila mine | 908 | 2,131 | |
Pinos Altos mine | 646 | 4 | |
San Nicolás mission | 5,371 | — | |
Different | 5,677 | — | |
Complete Improvement Capital Expenditures | $ 154,378 | $ 27,033 | |
Complete Capital Expenditures | $ 340,863 | $ 31,155 |
* Excludes capitalized exploration |
2024 Steerage Reiterated
The Firm is properly positioned to realize its 2024 gold manufacturing steerage of roughly 3.35 to three.55 million ounces, its 2024 whole money prices per ounce steerage of $875 to $925 and its 2024 AISC per ounce steerage of $1,200 to $1,250 .
Complete anticipated capital expenditures (excluding capitalized exploration) for 2024 are nonetheless estimated to be between $1.6 billion to $1.7 billion .
Robust Money Stream Technology Enhances Funding Grade Steadiness Sheet Alongside Continued Dedication to Shareholder Returns
As at March 31, 2024 , the Firm’s long-term debt was $1,841.0 million , per the prior quarter. No quantities have been excellent underneath the Firm’s unsecured revolving financial institution credit score facility as at March 31, 2024.
Money and money equivalents elevated by $186.0 million when in comparison with the prior quarter primarily attributable to larger money offered by working actions on account of larger revenues from larger gold gross sales and better realized gold costs, and decrease capital expenditures.
The next desk units out the calculation of web debt 12 , which decreased by $188.1 million when in comparison with the prior quarter primarily on account of larger money and money equivalents.
Web Debt Abstract | ||||
($ thousands and thousands) | ||||
As at | As at | |||
Mar 31, 2024 | Dec 31, 2023 | |||
Present portion of long-term debt | $ 100.0 | $ 100.0 | ||
Non-current portion of long-term debt | 1,741.0 | 1,743.1 | ||
Lengthy-term debt | $ 1,841.0 | $ 1,843.1 | ||
Much less: money and money equivalents | (524.6) | (338.6) | ||
Web debt | $ 1,316.4 | $ 1,504.5 |
With a view to preserve monetary flexibility, and per previous apply, the Firm intends to file a brand new base shelf prospectus within the second quarter of 2024. The Firm has no current intention to supply securities pursuant to the brand new base shelf prospectus. The discover set out on this paragraph doesn’t represent a proposal of any securities on the market or a proposal to promote or the solicitation of a proposal to purchase any securities.
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12 | Web debt is a non-GAAP measure that isn’t a standardized monetary measure underneath IFRS. For an outline of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see “Reconciliation of non-GAAP Monetary Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
Credit score Facility and Credit score Score
As at March 31, 2024 , out there liquidity underneath the Firm’s new unsecured revolving financial institution credit score facility (as additional described beneath) was roughly $2.0 billion , not together with the uncommitted $1.0 billion accordion characteristic.
On February 12, 2024 , the Firm changed its $1.2 billion unsecured revolving financial institution credit score facility with a brand new $2.0 billion unsecured revolving financial institution credit score facility, together with an elevated uncommitted accordion characteristic of $1.0 billion , and having a maturity date of February 12, 2029 . Along with the elevated dimension and prolonged time period of the brand new unsecured revolving financial institution credit score facility, the brand new credit score facility contains enhancements to its phrases and circumstances extra according to the Firm’s credit score profile and improves its monetary flexibility and strengthens its monetary place. On the similar time, the Firm’s $600.0 million time period mortgage was amended to align the phrases and circumstances with the brand new unsecured revolving credit score facility.
On March 28, 2024 , Moody’s Scores upgraded the Firm’s funding grade credit standing to Baa1 with a Steady Outlook recognizing the Firm’s monetary energy and stability. As well as, Fitch has offered an funding grade credit standing of BBB+ (Steady Outlook). These rankings underscore the Firm’s sturdy enterprise and credit score profile, with low leverage and conservative monetary insurance policies, and acknowledge the advantages of the Firm’s dimension and scale and operations in beneficial mining jurisdictions. The Firm stays dedicated to sustaining a powerful monetary place and an funding grade steadiness sheet.
Hedges
Roughly 72% of the Firm’s remaining estimated Canadian greenback publicity for 2024 is hedged at a mean ground value offering safety above 1.34 C$ /US$. Roughly 25% of the Firm’s remaining estimated Euro publicity for 2024 is hedged at a mean ground value offering safety beneath 1.10 US$ /EUR. Roughly 69% of the Firm’s remaining Australian greenback publicity for 2024 is hedged at a mean ground value offering safety above 1.46 A$ /US$. The Firm doesn’t at present hedge its publicity to the Mexican peso. The Firm’s full yr 2024 value steerage is predicated on assumed alternate charges of 1.34 C$ /US$, 1.10 US$ /EUR, 1.45 A$ /US$ and 16.50 MXP /US$.
Together with the diesel bought for the Firm’s Nunavut operations that was delivered within the 2023 sealift, roughly 46% of the Firm’s remaining estimated diesel publicity for 2024 is hedged at a mean benchmark value of $0.72 per litre (excluding transportation and taxes), which is predicted to scale back the Firm’s publicity to diesel value volatility in 2024. The Firm’s full yr 2024 value steerage is predicated on an assumed diesel benchmark value of $0.80 per litre (excluding transportation and taxes).
The Firm will proceed to watch market circumstances and anticipates persevering with to opportunistically add to its working foreign money and diesel hedges to strategically assist its key enter prices. Hedging positions will not be factored into 2024 or future steerage.
Shareholder Returns
Dividend Document and Fee Dates for the Second Quarter of 2024
Agnico Eagle’s Board of Administrators has declared a quarterly money dividend of $0.40 per frequent share, payable on June 14, 2024 to shareholders of report as of Might 31, 2024 . Agnico Eagle has declared a money dividend yearly since 1983.
Anticipated Dividend Document and Fee Dates for the 2024 Fiscal Yr
Document Date | Fee Date |
March 1, 2024* | March 15, 2024* |
Might 31, 2024** | June 14, 2024** |
August 30, 2024 | September 16, 2024 |
November 29, 2024 | December 16, 2024 |
*Paid
**Declared
Regular Course Issuer Bid
Along with the quarterly dividend, the Firm believes that its NCIB gives a versatile and complementary instrument as a part of the Firm’s total capital allocation program and that it generates worth for shareholders. Within the first quarter of 2024, the Firm repurchased 375,000 frequent shares for an mixture of $19.9 million underneath the NCIB. The NCIB permits the Firm to buy as much as $500.0 million of its frequent shares topic to a most of 5% of its issued and excellent frequent shares. Purchases underneath the NCIB could proceed for as much as one yr from the graduation day on Might 4, 2023 .
The Firm intends to hunt approval from the TSX to resume the NCIB for one more yr on considerably the identical phrases. Extra particulars will probably be offered on the time of the renewal.
Dividend Reinvestment Plan
See the next hyperlink for data on the Firm’s dividend reinvestment plan: Dividend Reinvestment Plan
Worldwide Dividend Forex Change
For data on the Firm’s worldwide dividend foreign money alternate program, please contact Computershare Belief Firm of Canada by telephone at 1.800.564.6253 or on-line at www.investorcentre.com or www.computershare.com/investor .
2023 Sustainability Report Illustrates Continued Dedication to Robust ESG Efficiency and Transparency
On April 25, 2024 , the Firm launched its 2023 Sustainability Report (the “Report”) which gives an replace on the Firm’s technique, practices and threat administration method in the important thing areas of well being and security, ESG and the sustainability efficiency of mining operations.
This marks the 15 th yr that the Firm has produced an in depth account of its ESG efficiency. The Report has been ready in accordance with the World Reporting Initiative (GRI) Requirements, is aligned with the Process Drive on Local weather Associated Monetary Disclosures (TCFD) and contains extra mining business particular indicators from the Sustainability Accounting Requirements Board (SASB) Metals and Mining disclosures and metrics.
The theme of the Report, “World Method, Regional Focus”, displays the Firm’s dedication that, because the Firm expands and evolves as a company, it stays deeply rooted in and dedicated to the areas by which it operates.
The Firm goals to be a companion of selection inside the mining business by:
- Having sturdy ESG efficiency – In 2023, the Firm achieved the perfect security efficiency in its over 66-year historical past and maintained or improved efficiency throughout many different key ESG indicators, together with zero important environmental incidents, the environment friendly administration of water (decreasing freshwater utilization per ounce of gold produced) and elevated native employment and procurement
- Addressing local weather change and dealing in the direction of net-zero by 2050 – In 2023, the Firm’s decarbonization efforts targeted on vitality effectivity, know-how transition and elevated renewable vitality. In accordance with finest practices, the Firm’s greenhouse fuel emissions (GHG) have been calculated to account for the acquisition of Canadian Malartic. The Firm continues to be a low depth gold producer and its GHG depth per ounce of gold for all its operations are beneath the business common
- Being an ideal place to work – The Firm is dedicated to offering a protected, numerous, inclusive and collaborative office for its folks. In 2023, 66% of our workforce have been native residents
- Investing in communities – Being a trusted and valued member of the communities related to the Firm’s operations stays a basic precept and precedence for Agnico Eagle. In 2023, the Firm’s donations and sponsorships to native organizations within the areas it operates have been roughly $16 million and the Firm spent roughly $1.9 billion on locally-sourced items and companies, roughly $1 billion of which went to Indigenous companies
- Mining responsibly – The Firm is dedicated to being a accountable miner and contributing to the sustainable growth of the areas by which we function. The Firm is a long-time supporter of acknowledged worldwide sustainability frameworks, together with In the direction of Sustainable Mining (TSM), Accountable Gold Mining Ideas (RGMP), the Voluntary Ideas on Safety and Human Rights (VPSHRs), the Battle-Free Gold Normal and the Process Drive on Local weather-related Monetary Disclosures
The Firm’s 2023 Sustainability Report may be accessed right here .
Replace on Key Worth Drivers and Pipeline Initiatives
Highlights on key worth drivers (Odyssey mission, Detour Lake mine and optimization of belongings and infrastructure within the Abitibi area of Quebec ) and the Hope Bay and San Nicolás initiatives are set out beneath. Particulars on sure mine enlargement initiatives (Meliadine Section 2 enlargement and Amaruq underground) are set out within the relevant operational sections of this information launch.
Odyssey Mission
Within the first quarter of 2024, underground growth continued to exceed targets. On the principal ramp, the Firm achieved a lateral growth charge of 167 metres monthly, exceeding the goal charge of 140 metres monthly. The ramp reached the primary manufacturing stage of East Gouldie (stage 75) in February 2024 , forward of schedule, and, as at March 31, 2023 , the ramp was at a depth of 765 metres.
When it comes to whole underground growth, a report 1,259 metres was achieved on the Odyssey mission in March 2024 . Gear remotely tele-operated from the floor (scoops, jumbos and cable bolters) continued to drive total growth productiveness positive factors. Autonomous vans, examined within the first quarter of 2024, are anticipated to additional assist the event and manufacturing efficiency. The Firm continued to develop the principle air flow system on the Odyssey mission, with the completion of the longer term exhaust elevate between ranges 36 and 54.
Shaft sinking actions have been extra productive through the quarter. Within the first quarter of 2024, the common standard sinking charge was 1.8 metres per day, a 64% enchancment when in comparison with the fourth quarter of 2023, and the general sinking charge was 2.4 metres per day when factoring the pre-sinking of the shaft between ranges 26 and 36. The second pre-sink leg of the shaft was prolonged by 20 metres and can now be between ranges 54 and 66. The pre-sinking of this leg is predicted to be accomplished within the second quarter of 2024. As at March 31, 2024 , the shaft had reached a depth of roughly 452 metres. The Firm nonetheless expects to finish excavation of the shaft in 2027.
The short-term loading station, beforehand deliberate at stage 102, will now be constructed at stage 64. The service hoist that will probably be related to the short-term loading pocket will assist the transportation of individuals, supplies and waste to and from Degree 64. The change in design is predicted to offer a number of benefits: (i) the loading station will probably be developed and constructed from the ramp reasonably than from the shaft, which is predicted to simplify and speed up the development and decrease the prices; (ii) the short-term loading station and repair hoist are actually anticipated to be operational by mid-2025, six months sooner than beforehand deliberate; and (iii) the hoisting capability is predicted to extend from 2,000 tpd to three,500 tpd on account of the shorter hoisting cycle, which is predicted to scale back the haul truck requirement in years 2025 to 2027. Degree 64 can be the place the ramps to the East Gouldie, Odyssey North and Odyssey South deposits are deliberate to attach.
Floor development progressed as deliberate and on price range within the first quarter of 2024. Key areas of focus included the principle hoist constructing, part 2 of the paste plant to increase capability to twenty,000 tpd and the operational advanced. On the principal hoist constructing, the set up of the inside structure, the HVAC and principal electrical methods is ongoing. The mechanical and electrical parts for the service hoists have been delivered and the hoist concrete basis was accomplished within the first quarter of 2024. The conceptual engineering for the paste plant enlargement is predicted to be accomplished within the second quarter of 2024. The bids for the development of the operational advanced have been acquired and the chosen turnkey contractor is predicted to mobilize on website within the third quarter of 2024. The development of the operational advanced is predicted to be accomplished by the top of 2025.
Exploration drilling on the Odyssey mine totalled 29,395 metres through the first quarter of 2024 with 11 drill rigs in operation.
On the East Gouldie deposit, gold mineralization continued to be intersected outdoors of the present mineral useful resource envelope with spotlight gap MEX23-309 returning 4.5 g/t gold over 30.0 metres at 1,162 metres depth, together with 8.0 g/t gold over 6.5 metres at 1,156 metres depth, in an intersection situated 1,060 metres east of present mineral reserves. In an intersection situated 420 metres east of the decrease portion of the East Gouldie mineral reserves, gap MEX23-310Z returned 3.1 g/t gold over 32.8 metres at 1,556 metres depth, together with 6.5 g/t gold over 4.8 metres at 1,558 metres depth. Within the western extension of the East Gouldie mineralized envelope, gap MEX23-304W intersected 3.3 g/t gold over 14.6 metres at 1,246 metres depth and roughly 240 metres west of the East Gouldie inferred mineral sources.
These holes reveal the potential so as to add inferred mineral sources laterally to the east and to the west at East Gouldie with additional drilling into these extensions of mineralization.
Chosen latest drill intercepts from the Odyssey mine are set out within the desk and composite longitudinal part beneath.
Drill gap | From (metres) | To (metres) | Depth of | Estimated true width (metres) | Gold grade (g/t) | Gold grade (g/t) (capped)* |
MEX23-304W | 1,559.5 | 1,575.1 | 1,246 | 14.6 | 3.3 | 3.3 |
MEX23-309 | 1,618.0 | 1,651.1 | 1,162 | 30.0 | 4.5 | 4.5 |
together with | 1,622.1 | 1,629.2 | 1,156 | 6.5 | 8.0 | 8.0 |
MEX23-310Z | 1,837.0 | 1,871.9 | 1,556 | 32.8 | 3.1 | 3.1 |
together with | 1,854.5 | 1,860.3 | 1,558 | 4.8 | 6.5 | 6.5 |
*Outcomes from East Gouldie use a capping issue of 20 g/t gold |
[Odyssey mine – Composite Longitudinal Section]
Detour Lake Mine
Within the first quarter of 2024, the mill continued to point out improved efficiency when in comparison with the prior yr interval. The throughput charge was roughly 71,451 tpd, the best for a primary quarter interval when mill operations may be affected by the colder temperatures. Through the quarter, the method optimization initiatives remained targeted on optimizing grinding effectivity and on bettering the load steadiness between the SAG mills and the ball mills.
New instrumentation was put in within the SAG mill (often called “mill slicer”), which is predicted to enhance the management of the load steadiness between the SAG mills and the ball mills. These devices are already in use on the Goldex and Canadian Malartic mills. Trials with new display screen panel and grate configuration for the SAG discharge have been carried out through the quarter and extra trials are deliberate within the second and third quarters of 2024. New liners for the secondary crushers have been additionally examined through the quarter and yielded beneficial outcomes when it comes to lifespan which ought to assist cut back downtime on the secondary crushers. Additional testing of those liners is deliberate within the second and third quarters of 2024. Different initiatives which are anticipated to enhance mill throughput in 2024 embrace the set up of a ball mill discharge grizzly in one of many strains and the scalping screens.
The Firm nonetheless expects the mill to achieve a throughput charge of roughly 76,700 tpd (equal to an annualized charge of roughly 28 million tonnes every year) by the top of 2024.
Within the first quarter of 2024, the Firm continued to advance an inside analysis of underground mining eventualities and expects to offer an replace on the mission within the second quarter of 2024. With the replace, the Firm will current the proposed subsequent steps to de-risk and optimize the mission.
Exploration drilling at Detour Lake through the first quarter totalled 58,000 metres within the West Pit and West Pit Extension with a deal with infill drilling within the shallow portion of the West Pit Extension at underground depths instantly west of the West Pit mineral sources and close to the potential exploration ramp for the Underground Mission.
Current highlights from infill drilling embrace: gap DLM23-818 returning 3.9 g/t gold over 25.4 metres at 369 metres depth, roughly 200 metres west of the West Pit mineral useful resource; gap DLM23-775 returning 5.4 g/t gold over 16.6 metres at 307 metres depth, roughly 350 metres west of the West Pit mineral useful resource; and gap DLM23-805 returning 3.4 g/t gold over 29.4 metres at 562 metres depth, roughly 750 metres west of the West Pit mineral useful resource.
Chosen latest drill intercepts from the Detour Lake mine are set out within the desk, plan map and composite longitudinal part beneath.
Drill gap | From (metres) | To (metres) | Depth of | Estimated true width (metres) | Gold grade (g/t) |
DLM23-775 | 343.0 | 361.0 | 307 | 16.6 | 5.4 |
DLM24-805 | 645.0 | 678.0 | 562 | 29.4 | 3.4 |
together with | 660.8 | 664.1 | 563 | 2.9 | 15.1 |
DLM24-818 | 405.9 | 436.2 | 369 | 25.4 | 3.9 |
together with | 432.0 | 436.2 | 380 | 3.5 | 15.3 |
*Outcomes from Detour Lake are uncapped. |
[Detour Lake – Plan Map and Composite Longitudinal Section]
Optimization of Different Belongings and Infrastructure within the Abitibi Area
At Macassa, the event of the Amalgamated Kirkland (“AK”) deposit is on observe for preliminary manufacturing within the fourth quarter of 2024. At Higher Beaver, the Firm is concluding a trade-off evaluation on processing choices and expects to offer an replace of the mission and subsequent steps at mid-year 2024. At Wasamac, the Firm continues to advance its stakeholder engagement initiatives, whereas assessing the optimum mining charge and processing choices.
Hope Bay – Step-Out Drilling Continues to Prolong Madrid’s Excessive-Grade Patch 7 Zone at Depth and Laterally
Exploration drilling at Hope Bay through the first quarter of 2024 totalled 30,600 metres and returned sturdy leads to the Hole space between the Patch 7 and Suluk zones of the Madrid deposit.
Drilling focused an space in Patch 7 between beforehand reported gap HBM23-143, which intersected 16.3 g/t gold over 28.6 metres at 445 metres depth (see the information launch dated February 15, 2024 , with the depth worth revised on this new launch), and gap HBM23-105, which intersected 10.0 g/t gold over 14.0 metres at 677 metres depth (see the information launch dated July 26, 2023 ).
Current highlights from this space embrace gap HBM24-171, which intersected 20.8 g/t gold over 17.7 metres at 461 metres depth, together with 29.1 g/t gold over 9.5 metres at 466 metres depth, 90 metres north and down-dip from gap HBM23-143; and gap HBM-174, which intersected 14.1 g/t gold over 16.4 metres at 480 metres depth, together with 27.2 g/t gold over 6.7 metres at 476 metres depth, 66 metres north and down-dip from gap HBM23-143.
At better depth, gap HBM24-160 intersected 11.5 g/t gold over 18.8 metres at 573 metres depth, 165 metres north and down-dip from gap HBM23-143, demonstrating the continuity of doubtless financial mineralization between holes HBM24-160 and HBM23-143 over not less than 165 metres.
With this rising new mineralized space thus far exhibiting grades and thicknesses better than common for the Madrid deposit, the Firm’s goal is to accentuate drilling on this space for the remainder of the yr as this space might have a constructive affect on mining eventualities for potential mission redevelopment.
Chosen latest drill intercepts from the Madrid deposit are set out within the desk and composite longitudinal part beneath.
Drill gap | From (metres) | To (metres) | Depth of | Estimated true width (metres) | Gold grade (g/t) (uncapped) | Gold grade (g/t) (capped)* |
HBM23-105** | 815.0 | 839.5 | 677 | 14.0 | 14.5 | 10.0 |
together with | 830.5 | 838.0 | 682 | 4.3 | 42.3 | 27.6 |
HBM23-143** | 560.4 | 594.0 | 445 | 28.6 | 17.6 | 16.3 |
together with | 560.4 | 587.2 | 443 | 22.8 | 20.8 | 19.1 |
HBM24-160 | 672.4 | 712.5 | 573 | 18.8 | 11.7 | 11.5 |
HBM24-171 | 547.0 | 580.0 | 461 | 17.7 | 25.0 | 20.8 |
together with | 560.0 | 577.8 | 466 | 9.5 | 37.0 | 29.1 |
HBM24-174 | 589.5 | 613.4 | 480 | 16.4 | 18.7 | 14.1 |
together with | 591.1 | 600.8 | 476 | 6.7 | 38.7 | 27.2 |
*Outcomes from Madrid deposit at Hope Bay use a capping issue of fifty g/t gold. |
**Beforehand launched, with the depth values for gap HBM23-143 revised on this information launch. |
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
San Nicolás Copper Mission
In January 2024 , Minas de San Nicolás submitted their MIA-R allow utility (Environmental Influence Evaluation) and continued engagement with authorities and stakeholders in assist of allow overview. As well as, the Minas de San Nicolás workforce continued to advance feasibility examine work, with plans to provoke detailed engineering within the first half of 2025. Mission approval could be anticipated to comply with, topic to receipt of permits and the outcomes of the feasibility examine.
ABITIBI REGION, QUEBEC
LaRonde Advanced – Automation Initiatives at LZ5 Proceed to Yield Increased Productiveness; Gold Manufacturing Affected by Decrease Grades
LaRonde Advanced – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 680 | 707 | ||
Tonnes of ore milled per day | 7,473 | 7,867 | ||
Gold grade (g/t) | 3.41 | 3.72 | ||
Gold manufacturing (ounces) | 68,364 | 79,607 | ||
Manufacturing prices per tonne (C$) | $ 187 | $ 118 | ||
Minesite prices per tonne (C$) 13 | $ 158 | $ 157 | ||
Manufacturing prices per ounce | $ 1,383 | $ 778 | ||
Complete money prices per ounce of gold produced | $ 1,065 | $ 958 |
__________ | |
13 | Minesite prices per tonne is a non-GAAP measure that isn’t standardized underneath IFRS and is reported on a per tonne of ore milled foundation. For an outline of the composition and usefulness of this non-GAAP measure and a reconciliation to manufacturing prices see “Reconciliation of Non-GAAP Efficiency Measures” and “Notice Relating to Sure Measures of Efficiency”, respectively, beneath. |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing decreased when in comparison with the prior-year interval primarily attributable to decrease volumes of ore milled and decrease gold grades as anticipated underneath the mining sequence
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne elevated when in comparison with the prior-year interval primarily attributable to stockpile consumption, larger underground upkeep prices and the decrease volumes of ore milled within the present interval. Manufacturing prices per ounce elevated when in comparison with the prior-year interval primarily because of the similar causes as for the upper manufacturing prices per tonne, the timing of stock gross sales and decrease gold grades
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval primarily attributable to decrease volumes of ore milled within the present interval. Complete money prices per ounce elevated when in comparison with the prior-year interval primarily attributable to decrease gold grades
Highlights
- The Firm continued its automation initiatives at LaRonde Zone 5 (“LZ5”), bettering total productiveness and growing the manufacturing charge to three,500 tpd within the quarter, in comparison with roughly 3,300 tpd in 2023. Beginning within the first quarter of 2024, the Friday evening shift was transformed from handbook to automated operation. All growth and manufacturing actions on Friday, Saturday and Sunday evening shifts are actually executed remotely from floor, which resulted in roughly 19% of the tonnage mined in automated mode within the first quarter of 2024
- Manufacturing from the 11-3 Zone on the LaRonde mine ramped up as deliberate, contributing over 105,000 tonnes within the first quarter of 2024. The 11-3 Zone is predicted to proceed so as to add extra flexibility to the LaRonde mine manufacturing plan
- The LZ5 processing facility was positioned on care and upkeep through the third quarter of 2023 and is on observe to restart within the third quarter of 2024. Through the downtime, the Firm is overhauling the power’s leach tanks. Ore from LZ5 will proceed to be processed on the LaRonde mill till the restart of the LZ5 processing facility, which is predicted early within the second half of 2024
- On the LaRonde processing facility, the main focus remained on bettering mill recoveries by optimizing the mixing of ore from the LaRonde mine, 11-3 Zone, LZ5, Goldex and Akasaba West
- The LaRonde advanced acquired certification underneath the Worldwide Cyanide Administration Code through the first quarter of 2024
Canadian Malartic Advanced – Document Quarterly Gold Manufacturing Pushed by Increased Tonnage Milled and Increased Gold Grades from Odyssey; Odyssey Ramp Improvement Reached the Prime of the East Gouldie Deposit
Canadian Malartic Advanced – Working Statistics* | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 5,173 | 4,524 | ||
Tonnes of ore milled per day | 56,846 | 50,267 | ||
Gold grade (g/t) | 1.21 | 1.19 | ||
Gold manufacturing* (ounces) | 186,906 | 80,685 | ||
Manufacturing prices per tonne (C$) | $ 33 | $ 34 | ||
Minesite prices per tonne (C$) | $ 42 | $ 39 | ||
Manufacturing prices per ounce | $ 677 | $ 710 | ||
Complete money prices per ounce | $ 850 | $ 794 |
* Gold manufacturing displays Agnico Eagle’s 50% curiosity within the Canadian Malartic advanced as much as and together with March 30, 2023 and 100% curiosity thereafter. Tonnage of ore milled is reported on a 100% foundation for each durations. |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily because of the enhance within the Firm’s possession share between durations from 50% to 100% on account of the Yamana Transaction, which closed on March 31, 2023 , in addition to larger throughput and gold grades
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne decreased when in comparison with the prior-year interval primarily attributable to larger quantity of ore milled. Manufacturing prices per ounce decreased when in comparison with the prior-year interval attributable to decrease manufacturing prices per tonne and better gold grades
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval primarily because of the consumption of stockpiles through the quarter, partially offset by larger quantity of ore milled. Complete money prices per ounce elevated when in comparison with the prior-year interval primarily attributable to larger minesite prices per tonne, partially offset by larger gold grades
Highlights
- On the Barnat pit, good gear availability and productiveness, along with mining areas with softer ultramafic ore, drove stable operational efficiency regardless of difficult climate circumstances
- At Odyssey South, the mining charge and manufacturing have been barely beneath plan at roughly 3,300 tpd and 17,700 ounces of gold, respectively. The waste generated from the pre-sinking of the shaft between ranges 54 to 66 and the elevate bore from ranges 36 to 54 impacted the ore and waste haulage by ramp. The underground operations are anticipated to realize extra flexibility within the second quarter of 2024, with the beginning of a second mining entrance and the addition of 4 65 tonnes haulage vans
- Stope reconciliation at Odyssey South stays constructive, primarily from the contribution of the inner zones, which resulted in roughly 16% extra gold ounces produced than anticipated
- Mill throughput continued to be above plan attributable to softer rock circumstances. Excessive mill throughput, excessive gold grades ensuing from the contribution from Odyssey and better mill recoveries than deliberate resulted in report quarterly manufacturing on the Canadian Malartic advanced
- On the Canadian Malartic pit, the Firm continued the development of the central berm (roughly 74% full) in preparation for in-pit tailings disposal, which is scheduled to start out in mid-2024
- Within the first quarter of 2024 on the Odyssey mine, ramp growth continued to exceed targets, with the ramp reaching the primary manufacturing stage of East Gouldie (stage 75) in February 2024 . An replace on the Odyssey mission growth, development and exploration highlights is about out within the Replace on Key Worth Drivers and Pipeline Initiatives part above
Goldex Advanced – Akasaba West Mission Achieves Business Manufacturing; Preliminary Manufacturing from Deep 2 Zone on Monitor for Second Quarter
Business manufacturing was achieved on the Akasaba West mission on February 1, 2024 . The ore from Akasaba is hauled and processed on the Goldex mill. The Goldex mine and the Akasaba mine now type the Goldex advanced.
Goldex Advanced – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 760 | 698 | ||
Tonnes of ore milled per day | 8,352 | 7,756 | ||
Gold grade (g/t) | 1.64 | 1.73 | ||
Gold manufacturing (ounces) | 34,388 | 34,023 | ||
Manufacturing prices per tonne (C$) | $ 59 | $ 54 | ||
Minesite prices per tonne (C$) | $ 60 | $ 52 | ||
Manufacturing prices per ounce | $ 965 | $ 818 | ||
Complete money prices per ounce | $ 948 | $ 810 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily attributable to larger throughput on account of the extra manufacturing from Akasaba West, partially offset by decrease gold grades
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne elevated when in comparison with the prior-year interval primarily attributable to larger underground manufacturing prices, larger open pit mining prices related to the Akasaba West deposit and better milling prices, partially offset by larger quantity of ore milled. Manufacturing prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for manufacturing prices per tonne in addition to decrease gold grades
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval attributable to larger minesite prices per tonne and decrease gold grades
Highlights
- Akasaba West is predicted to offer extra manufacturing flexibility to the Goldex advanced, contributing roughly 1,750 tpd grading 0.84 g/t of gold and 0.48% of copper to the Goldex processing facility, whereas the underground mine is now anticipated to contribute roughly 7,000 tpd
- Within the first quarter of 2024, manufacturing from South Zone Sector 3 contributed roughly 1,000 tpd as deliberate, offering larger gold grades and extra flexibility for the mining operations
- The event of the Deep 2 Zone continued to advance as deliberate and preliminary manufacturing is predicted within the second quarter of 2024
ABITIBI REGION, ONTARIO
Detour Lake – Document Quarterly Tonnes Mined; Continued Mill Enchancment Yr-Over-Yr ; Gold Manufacturing Affected by Decrease Grades and Decrease Mill Restoration
Detour Lake Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 6,502 | 6,397 | ||
Tonnes of ore milled per day | 71,451 | 71,078 | ||
Gold grade (g/t) | 0.82 | 0.86 | ||
Gold manufacturing (ounces) | 150,751 | 161,857 | ||
Manufacturing prices per tonne (C$) | $ 27 | $ 24 | ||
Minesite prices per tonne (C$) | $ 27 | $ 26 | ||
Manufacturing prices per ounce | $ 875 | $ 704 | ||
Complete money prices per ounce | $ 871 | $ 771 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing decreased when in comparison with the prior-year interval primarily attributable to decrease gold grades as anticipated underneath the mining sequence and decrease mill restoration attributable to irregular chipping of grinding media affecting grinding effectivity
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne elevated when in comparison with the prior-year interval attributable to larger milling and mining prices and a decrease stockpile build-up within the present interval, partially offset by a better quantity of ore processed. Manufacturing prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for manufacturing prices per tonne in addition to decrease gold grades
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval attributable to decrease gold grades and better minesite prices per tonne
Highlights
- Within the first quarter of 2024, the open pit set a report of quarterly tonnes mined, regardless of unseasonably heat and variable winter circumstances affecting working circumstances within the pit. Enhancements in truck utilization drove larger truck productiveness
- Within the first quarter of 2024, the mill throughput charge was roughly 71,451 tpd, which was the best for a primary quarter interval, demonstrating continued mill enchancment year-over-year. This stable efficiency was achieved regardless of challenges with irregular chipping of grinding media within the SAG mill which affected throughput and grinding effectivity and resulted in decrease mill restoration. The Firm is working with its suppliers to resolve the problem and additional optimize the grinding effectivity within the SAG mill. The introduction of recent grinding media in mid-March 2024 yielded beneficial outcomes and additional testing is scheduled within the second quarter of 2024
- The enlargement of the mine upkeep retailers to assist elevated mining charges and a bigger manufacturing fleet is ongoing. All lengthy lead objects have been ordered and development commenced within the first quarter of 2024. The brand new mining service facility is predicted to be accomplished in 2025
- An improve of the 230kV principal substation is deliberate to enhance the ability high quality on the mine and enhance the positioning readiness for potential initiatives such because the Detour Lake underground and mill enlargement. Roughly 95% of the engineering was accomplished as at March 31, 2024 . The upgrades associated to energy high quality are anticipated to be accomplished in 2024 and people associated to bettering website readiness for future initiatives are anticipated in 2025
- An replace on the mill enlargement work, the development of the underground analysis and exploration outcomes is about out within the Replace on Key Worth Drivers and Pipeline Initiatives part above
Macassa – Document Quarterly Mill Throughput; Robust Operational Efficiency Pushed by Increased Productiveness from Continued Workforce Ramp-Up and Improved Gear Availability
Macassa Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 134 | 87 | ||
Tonnes of ore milled per day | 1,473 | 967 | ||
Gold grade (g/t) | 16.27 | 23.32 | ||
Gold manufacturing (ounces) | 68,259 | 64,115 | ||
Manufacturing prices per tonne (C$) | $ 483 | $ 589 | ||
Minesite prices per tonne (C$) | $ 493 | $ 585 | ||
Manufacturing prices per ounce | $ 698 | $ 592 | ||
Complete money prices per ounce | $ 711 | $ 604 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily attributable to larger throughput on account of elevated productiveness from a bigger workforce and improved gear availability and the addition of ore sourced from the Close to Floor deposit, partially offset by decrease gold grades
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne decreased when in comparison with the prior-year interval because of the larger quantity of ore milled within the present interval, partially offset by larger underground growth and mining prices. Manufacturing prices per ounce elevated when in comparison with the prior-year interval attributable to decrease gold grades, partially offset by decrease manufacturing prices per tonne
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne decreased when in comparison with the prior-year interval because of the similar causes outlined above for the decrease manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per ounce
Highlights
- Through the first quarter of 2024, Macassa continued to reveal sustained productiveness positive factors with the best quarterly gold manufacturing achieved since its acquisition by the Firm, pushed by report quarterly quantity skipped and report quarterly mill throughput
- Within the first quarter of 2024, realized gold grades have been larger than plan primarily attributable to accelerated growth of a better grade lower and fill space, which was initially deliberate to be mined within the second half of 2024
- The commissioning of the air flow system improve was accomplished within the first quarter of 2024 with each floor followers reaching required working capability
- On the Portal (ramp entry to the Close to Floor and AK deposits), manufacturing from lengthy gap stopes within the Close to Floor deposit continued within the first quarter of 2024, whereas the event of the AK deposit is on-track for preliminary manufacturing within the fourth quarter of 2024
- Exploration drilling at Macassa through the first quarter totalled 42,900 metres with highlights that included gap 58-1018 returning 33.6 g/t gold over 3.3 metres at 2,150 metres depth in an japanese extension of the Major Break Zone; and infill gap KLAK-273 returning 11.8 g/t gold over 5.0 metres at 342 metres depth within the shallow japanese extension of the AK deposit
NUNAVUT
Meliadine Mine – Document Month-to-month Throughput and Ore Haulage Efficiency in January 2024
Meliadine Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 496 | 476 | ||
Tonnes of ore milled per day | 5,451 | 5,300 | ||
Gold grade (g/t) | 6.24 | 6.12 | ||
Gold manufacturing (ounces) | 95,725 | 90,467 | ||
Manufacturing prices per tonne (C$) | $ 254 | $ 228 | ||
Minesite prices per tonne (C$) | $ 245 | $ 239 | ||
Manufacturing prices per ounce | $ 976 | $ 897 | ||
Complete money prices per ounce | $ 942 | $ 937 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily attributable to larger throughput as results of sturdy operational efficiency on the mine and mill and gold grades as anticipated underneath the mining sequence
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne elevated when in comparison with the prior-year interval primarily attributable to larger open pit volumes mined, partially offset by the upper quantity of ore milled within the present interval. Manufacturing prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for manufacturing prices per tonne in addition to timing of stock gross sales, partially offset by larger gold grades
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval because of the similar causes outlined above for manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for manufacturing prices per ounce
Highlights
- Each the open pit and the underground mine carried out above plan within the first quarter of 2024, with the underground mine exhibiting important enchancment and reaching report volumes hauled in January 2024 following underground optimization initiatives. The processing plant additionally continued to reveal total sturdy efficiency, with report month-to-month quantity processed in January 2024 of 191,000 tonnes
- The mill enlargement mission stays on-track for completion in mid-2024. The important thing focus areas within the first quarter of 2024 have been the commissioning of the filter press and gear set up, the set up of the leach tanks and agitators on the carbon in leach course of and the mechanical, piping and electrical work on the secondary grinding circuit. With the commissioning of the Section 2 mill enlargement, the processing charge ramp-up is predicted to extend throughput to six,000 tpd by year-end 2024
- Development was accomplished on the Western air flow consumption and the system is predicted to enter into manufacturing within the second quarter of 2024
- Through the quarter, the Firm submitted a proposal to the Nunavut Water Board to amend the present Kind A Water license to incorporate tailings, water and waste administration infrastructure on the Pump, F-Zone, Wesmeg and Discovery deposits. In January 2024 , the Firm acquired affirmation from the Nunavut Planning Fee that no overview was required from the Nunavut Influence Overview Board (NIRB) and that the brand new water license modification course of could possibly be initiated. The Firm expects permits to be acquired within the fourth quarter of 2024
- Exploration drilling at Meliadine through the first quarter totalled 24,500 metres, highlighted by important high-grade intersections within the Wesmeg and Wesmeg North deep extension to the east, demonstrated by gap M23- 3732B returning 10.2 g/t gold over 5.8 metres in Wesmeg’s Lode 625 at 349 metres depth and gap ML300-10340-D11 returning 11.1 g/t gold over 3.6 metres in Wesmeg North’s Lode 972 at 401 metres depth and 6.1 g/t gold over 7.4 metres in Wesmeg’s Lode 625 at 467 metres depth
Meadowbank Advanced – Document Quarterly Mill Throughput
Meadowbank Advanced – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 1,071 | 983 | ||
Tonnes of ore milled per day | 11,769 | 10,922 | ||
Gold grade (g/t) | 4.09 | 3.91 | ||
Gold manufacturing (ounces) | 127,774 | 111,110 | ||
Manufacturing prices per tonne (C$) | $ 143 | $ 176 | ||
Minesite prices per tonne (C$) | $ 151 | $ 174 | ||
Manufacturing prices per ounce | $ 893 | $ 1,170 | ||
Complete money prices per ounce | $ 937 | $ 1,134 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily attributable to larger gold grades as anticipated underneath the mine plan and better throughput as operations within the prior-year interval have been affected by unplanned downtime on the SAG mill
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne decreased when in comparison with the prior-year interval attributable to a better quantity of ore milled and a build-up in stockpiles, partially offset by the decrease deferred stripping adjustment within the present interval. Manufacturing prices per ounce decreased when in comparison with the prior-year interval attributable to larger gold grades and decrease manufacturing prices per tonne
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne decreased when in comparison with the prior-year interval because of the similar causes outlined above for the decrease manufacturing prices per tonne. Complete money prices per ounce decreased when in comparison with the prior-year interval because of the similar causes outlined above for the decrease manufacturing prices per ounce
Highlights
- The open pit operation continued to ship stable haulage efficiency through the first quarter of 2024, with diminished climate delays additionally contributing to the constructive manufacturing outcomes. Gold manufacturing continued to profit from constructive reconciliation on ore tonnage
- The underground operation achieved its strongest quarter, setting quarterly efficiency data for the cemented rock fill, manufacturing drilling and growth within the first quarter of 2024. This was achieved via continued productiveness positive factors that demonstrated sustained enchancment via the total mining cycle and elevated adherence and compliance to plan
- Stripping for the IVR pit push-back, which was permitted within the fourth quarter of 2023, commenced within the first quarter of 2024
AUSTRALIA
Fosterville – Quarterly Gold Manufacturing in Line with Plan; Work on Air flow Improve Continues to Advance
Fosterville Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 172 | 148 | ||
Tonnes of ore milled per day | 1,890 | 1,644 | ||
Gold grade (g/t) | 10.51 | 18.55 | ||
Gold manufacturing (ounces) | 56,569 | 86,558 | ||
Manufacturing prices per tonne (A$) | $ 301 | $ 367 | ||
Minesite prices per tonne (A$) | $ 275 | $ 343 | ||
Manufacturing prices per ounce | $ 595 | $ 423 | ||
Complete money prices per ounce | $ 537 | $ 396 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing decreased when in comparison with the prior-year interval primarily because of the decrease gold grades as anticipated underneath the mining sequence and on account of decrease than anticipated gold grades in a excessive grade Swan stope mined, partially offset by larger throughput
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne decreased when in comparison with the prior-year interval attributable to decrease mining and royalty prices and better quantity of ore milled. Manufacturing prices per ounce elevated when in comparison with the prior-year interval attributable to decrease gold grades, partially offset by the decrease mining and royalty prices and the weaker Australian greenback relative to the U.S. greenback
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne decreased when in comparison with the prior-year interval because of the similar causes outlined above for the decrease manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per ounce
Highlights
- With the completion of the important thing underground growth related to the air flow improve within the fourth quarter of 2023, the mine ramped up its manufacturing actions and exceeded quantity targets within the first quarter of 2024
- The upper ore quantity mined drove the sturdy working efficiency of the processing facility, with throughput exceeding plan. The Firm continues to deal with productiveness positive factors and price management on the mine and the mill to maximise throughput and cut back unit prices
- The Firm is at present advancing an improve of the first air flow system to maintain the mining charge within the Decrease Phoenix zones in future years. Within the first quarter of 2024, the Firm continued the excavation of the air flow raises and the mission is progressing as deliberate at roughly 25% completion. The Firm expects the mission to be accomplished by early 2025
FINLAND
Kittila – Annual Autoclave Upkeep Accomplished as Deliberate; Gold Manufacturing on Goal; Optimistic Exploration Outcomes Proceed to Reveal Growth Potential of Major Zone and Sisar Zone
Kittila Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 482 | 496 | ||
Tonnes of ore milled per day | 5,297 | 5,511 | ||
Gold grade (g/t) | 4.31 | 4.73 | ||
Gold manufacturing (ounces) | 54,581 | 63,692 | ||
Manufacturing prices per tonne (EUR) | € 113 | € 98 | ||
Minesite prices per tonne (EUR) | € 112 | € 98 | ||
Manufacturing prices per ounce | $ 1,082 | $ 837 | ||
Complete money prices per ounce | $ 1,070 | $ 806 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing decreased when in comparison with the prior-year interval primarily attributable to decrease gold grades as anticipated underneath the mining sequence, decrease throughput on account of the deliberate annual upkeep of the autoclave and decrease gold recoveries on account of larger sulphur and natural carbon content material
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne elevated when in comparison with the prior-year interval because of the decrease quantity of ore milled, larger mill upkeep prices, larger contractor prices for waste haulage and elevated mining royalty prices, partially offset by decrease underground mining growth prices. Manufacturing prices per ounce elevated when in comparison with the prior-year interval attributable to decrease gold grades and better manufacturing prices per tonne
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per tonne. Complete money prices per ounce elevated when in comparison with the prior-year interval because of the similar causes outlined above for the upper manufacturing prices per ounce
Highlights
- A ten-day deliberate shutdown for the autoclave and different mill upkeep was accomplished within the first quarter of 2024. Mill throughput was heading in the right direction, nonetheless, restoration was decrease than plan attributable to excessive carbon and sulfur content material within the ore, affecting gold manufacturing. Trial assessments have been accomplished to scale back the natural carbon which yielded constructive outcomes, and the mill confirmed improved restoration in the direction of the top of the primary quarter of 2024
- Exploration at Kittila through the first quarter continued to reveal the enlargement potential of each the Major Zone and Sisar Zone to the north and close to the underside of the shaft. Within the Roura space at depth, gap ROD23-701C returned 10.5 g/t gold over 3.1 metres within the Sisar Zone at 1,834 metres depth, roughly 200 metres beneath present mineral sources, exhibiting the potential of this space which is open at depth and to the north
MEXICO
Pinos Altos – Strong Efficiency at Reyna de Plata Pit Drives Quarterly Manufacturing
Pinos Altos Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | 426 | 364 | ||
Tonnes of ore milled per day | 4,681 | 4,044 | ||
Gold grade (g/t) | 1.89 | 2.16 | ||
Gold manufacturing (ounces) | 24,725 | 24,134 | ||
Manufacturing prices per tonne | $ 78 | $ 90 | ||
Minesite prices per tonne | $ 94 | $ 90 | ||
Manufacturing prices per ounce | $ 1,351 | $ 1,364 | ||
Complete money prices per ounce | $ 1,348 | $ 1,116 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing elevated when in comparison with the prior-year interval primarily attributable to larger throughput from improved underground productiveness, partially offset by the decrease gold grades as anticipated underneath the mining sequence
Manufacturing Prices
- First Quarter of 2024 – Manufacturing prices per tonne decreased when in comparison with the prior-year interval because of the larger quantity of ore milled within the present interval, partially offset by the upper underground growth prices associated to elevated floor assist necessities. Manufacturing prices per ounce decreased when in comparison with the prior-year interval attributable to decrease manufacturing prices per tonne, partially offset by decrease gold grades and the stronger Mexican Peso relative to the U.S. greenback
Minesite and Complete Money Prices
- First Quarter of 2024 – Minesite prices per tonne elevated when in comparison with the prior-year interval attributable to stock changes and better underground growth prices, partially offset by the upper quantity of ore milled. Complete money prices per ounce elevated when in comparison with the prior-year interval attributable to larger minesite prices per tonne, decrease gold grades and decrease by-product income within the present interval.
La India – Residual Leaching to Proceed Via Yr-Finish 2024
La India Mine – Working Statistics | Three Months Ended | |||
2024 | 2023 | |||
Tonnes of ore milled (hundreds of tonnes) | — | 660 | ||
Tonnes of ore milled per day | — | 7,333 | ||
Gold grade (g/t) | — | 0.68 | ||
Gold manufacturing (ounces) | 10,582 | 16,321 | ||
Manufacturing prices per tonne | $ — | $ 30 | ||
Minesite prices per tonne | $ — | $ 33 | ||
Manufacturing prices per ounce | $ 1,510 | $ 1,231 | ||
Complete money prices per ounce | $ 1,453 | $ 1,308 |
Gold Manufacturing
- First Quarter of 2024 – Gold manufacturing decreased when in comparison with the prior-year interval attributable to ceasing of mining operations at La India within the fourth quarter of 2023. Gold manufacturing within the first quarter of 2024 got here solely from residual leaching
Prices
- First Quarter of 2024 – Manufacturing prices per ounce elevated when in comparison with the prior-year interval pushed primarily by the strengthening of the Mexican Peso relative to the U.S. greenback and fewer ounces of gold produced within the present interval
- First Quarter of 2024 – Complete money prices per ounce decreased for a similar causes outlined above for manufacturing prices per ounce
About Agnico Eagle
Agnico Eagle is a Canadian based mostly and led senior gold mining firm and the third largest gold producer on the planet, producing valuable metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and growth initiatives in these nations in addition to in america . Agnico Eagle is a companion of selection inside the mining business, acknowledged globally for its main environmental, social and governance practices. The Firm was based in 1957 and has persistently created worth for its shareholders, declaring a money dividend yearly since 1983.
Additional Data
For additional data concerning Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or name (416) 947-1212.
Notice Relating to Sure Measures of Efficiency
This information launch discloses sure monetary efficiency measures and ratios, together with “whole money prices per ounce”, “all-in sustaining prices per ounce”, “adjusted web earnings”, “adjusted web earnings per share”, “money offered by working actions earlier than adjustments in non-cash working capital balances”, “money offered by working actions earlier than adjustments in non-cash working capital balances per share”, “earnings earlier than curiosity, taxes, depreciation and amortization” (additionally known as EBITDA), “adjusted EBITDA”, “free money circulate”, “free money circulate earlier than adjustments in non-cash working capital balances”, “working margin”, “sustaining capital expenditures”, “growth capital expenditures”, “web debt” and “minesite prices per tonne” that aren’t standardized measures underneath IFRS. These measures will not be akin to comparable measures reported by different gold mining firms. For a reconciliation of those measures to probably the most straight comparable monetary data reported within the consolidated monetary statements ready in accordance with IFRS, see “Reconciliation of Non-GAAP Monetary Efficiency Measures” beneath.
Complete money prices per ounce
Complete money prices per ounce is reported on each a by-product foundation (deducting by-product steel revenues from manufacturing prices) and calculated on a per ounce of gold produced foundation and co-product foundation (with out deducting by-product steel revenues). Complete money prices per ounce on a by-product foundation is calculated by adjusting manufacturing prices as recorded within the consolidated statements of (loss) earnings for by-product revenues, stock manufacturing prices, the affect of buy value allocation in reference to mergers and acquisitions on stock accounting, realized positive factors and losses on hedges of manufacturing prices, operational care and upkeep prices attributable to COVID-19 and different changes, which embrace the prices related to a 5% in-kind royalty paid in respect of sure parts of the Canadian Malartic advanced, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, in addition to smelting, refining and advertising and marketing expenses after which dividing by the variety of ounces of gold produced. Buyers ought to be aware that whole money prices per ounce will not be reflective of all money expenditures, as they don’t embrace earnings tax funds, curiosity prices or dividend funds.
Complete money prices per ounce on a co-product foundation is calculated in the identical method as the overall money prices per ounce on a by-product foundation, besides that no adjustment is made for by-product steel revenues. Accordingly, the calculation of whole money prices per ounce on a co-product foundation doesn’t mirror a discount in manufacturing prices or smelting, refining and advertising and marketing expenses related to the manufacturing and sale of by-product metals.
Complete money prices per ounce is meant to offer traders details about the cash-generating capabilities of the Firm’s mining operations. Administration additionally makes use of these measures to, and believes they’re useful to traders so traders can, perceive and monitor the efficiency of the Firm’s mining operations. The Firm believes that whole money prices per ounce is helpful to assist traders perceive the prices related to producing gold and the economics of gold mining. As market costs for gold are quoted on a per ounce foundation, utilizing the overall money prices per ounce on a by-product foundation measure permits administration and traders to evaluate a mine’s cash-generating capabilities at numerous gold costs. Administration is conscious, and traders ought to be aware, that these per ounce measures of efficiency may be affected by fluctuations in alternate charges and, within the case of whole money prices per ounce on a by-product foundation, by-product steel costs. Administration compensates for these inherent limitations through the use of, and traders must also think about using, these measures together with information ready in accordance with IFRS and minesite prices per tonne as it isn’t essentially indicative of working prices or money circulate measures ready in accordance with IFRS. Administration additionally performs sensitivity analyses with the intention to quantify the results of fluctuating steel costs and alternate charges.
Agnico Eagle’s major enterprise is gold manufacturing and the main focus of its present operations and future growth is on maximizing returns from gold manufacturing, with different steel manufacturing being incidental to the gold manufacturing course of. Accordingly, all metals apart from gold are thought-about by-products.
Until in any other case indicated, whole money prices per ounce is reported on a by-product foundation. Complete money prices per ounce is reported on a by-product foundation as a result of (i) the vast majority of the Firm’s revenues are from gold, (ii) the Firm mines ore, which accommodates gold, silver, zinc, copper and different metals, (iii) it isn’t doable to particularly assign all prices to revenues from the gold, silver, zinc, copper and different metals the Firm produces, (iv) it’s a technique utilized by administration and the Board of Administrators to watch operations, and (v) many different gold producers disclose comparable measures on a by-product reasonably than a co-product foundation.
All-in sustaining prices per ounce
All-in sustaining prices per ounce (additionally known as “AISC per ounce”) on a by-product foundation is calculated as the combination of whole money prices on a by-product foundation, sustaining capital expenditures (together with capitalized exploration), normal and administrative bills (together with inventory choices), lease funds associated to sustaining belongings and reclamation bills, after which dividing by the variety of ounces of gold produced. These extra prices mirror the extra expenditures which are required to be made to take care of present manufacturing ranges. The AISC per ounce on a co-product foundation is calculated in the identical method because the AISC per ounce on a by-product foundation, besides that the overall money prices on a co-product foundation are used, that means no adjustment is made for by-product steel revenues. Buyers ought to be aware that AISC per ounce is just not reflective of all money expenditures because it doesn’t embrace earnings tax funds, curiosity prices or dividend funds, nor does it embrace non-cash expenditures, similar to depreciation and amortization. Until in any other case indicated, all-in sustaining prices per ounce is reported on a byproduct foundation (see “Complete money prices per ounce” for a dialogue of concerning the Firm’s use of by-product foundation reporting).
Administration believes that AISC per ounce is useful to traders because it displays whole sustaining expenditures of manufacturing and promoting an oz. of gold whereas sustaining present operations and, as such, gives useful details about working efficiency. Administration is conscious, and traders ought to be aware, that these per ounce measures of efficiency may be affected by fluctuations in overseas alternate charges and, within the case of AISC per ounce on a by-product foundation, by-product steel costs. Administration compensates for these inherent limitations through the use of, and traders must also think about using, these measures together with information ready in accordance with IFRS and minesite prices per tonne as this measure is just not essentially indicative of working prices or money circulate measures ready in accordance with IFRS.
The Firm follows the steerage on calculation of AISC per ounce launched by the World Gold Council (“WGC”) in 2018. The WGC is a non-regulatory market growth group for the gold business that has labored carefully with its member firms to develop steerage in respect of related non-GAAP measures. However the Firm’s adoption of the WGC’s steerage, AISC per ounce reported by the Firm will not be akin to information reported by different gold mining firms.
Adjusted web earnings and adjusted web earnings per share
Adjusted web earnings is calculated by adjusting the online earnings as recorded within the consolidated statements of earnings for the results of sure objects that the Firm believes will not be reflective of the Firm’s underlying efficiency for the reporting interval. Adjusted web earnings is calculated by adjusting web earnings for objects similar to overseas foreign money translation positive factors or losses, realized and unrealized positive factors or losses on spinoff monetary devices, revaluation acquire, impairment loss expenses and reversals, environmental remediation, severance and transaction prices associated to acquisitions, integration prices, buy value allocations to stock, self-insurance losses, positive factors and losses on the disposal of belongings and earnings and mining taxes changes. Adjusted web earnings per share is calculated by dividing adjusted web earnings by the weighted common variety of shares excellent on the finish of the interval on a fundamental and diluted foundation.
The Firm believes that adjusted web earnings and adjusted web earnings per share are helpful to traders in that they permit for the analysis of the outcomes of constant operations and in making comparisons between durations. These typically accepted business measures are meant to offer traders with details about the Firm’s persevering with earnings producing capabilities from its core mining enterprise, excluding the above changes, which the Firm believes will not be reflective of operational efficiency. Administration makes use of this measure to, and believes it’s useful to traders to allow them to, perceive and monitor for the working efficiency of the Firm together with different information ready in accordance with IFRS. Adjusted web earnings and adjusted web earnings per share will not be standardized measures underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different firms.
Money offered by working actions earlier than adjustments in non-cash working capital balances and money offered by working actions earlier than adjustments in non-cash working capital balances per share
Money offered by working actions earlier than adjustments in non-cash working capital balances and money offered by working actions earlier than adjustments in non-cash working capital balances per share are calculated by adjusting the money offered by working actions as proven within the consolidated statements of money flows for the results of adjustments in non-cash working capital balances similar to commerce receivables, earnings taxes, inventories, different present belongings, accounts payable and accrued liabilities and curiosity payable. The per share quantity is calculated by dividing money offered by working actions earlier than adjustments in non-cash working capital balances by the weighted common variety of shares excellent on a fundamental foundation. The Firm believes that adjustments in working capital may be unstable attributable to quite a few elements, together with the timing of funds. Administration makes use of these measures to, and consider they’re helpful to traders to allow them to, assess the underlying working money circulate efficiency and future working money circulate producing capabilities of the Firm together with different information ready in accordance with IFRS.
EBITDA and adjusted EBITDA
EBITDA, or earnings earlier than curiosity, taxes, depreciation and amortization, is calculated by adjusting the online earnings as recorded within the consolidated statements of earnings for finance prices, amortization of property, plant and mine growth and earnings and mining tax expense line objects as reported within the consolidated statements of earnings. Adjusted EBITDA removes the results of sure objects that the Firm believes will not be reflective of the Firm’s underlying efficiency for the reporting interval. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for objects similar to overseas foreign money translation positive factors or losses, realized and unrealized positive factors or losses on spinoff monetary devices, revaluation positive factors and losses, impairment loss expenses and reversals, environmental remediation, severance and transaction prices associated to acquisitions, integration prices, buy value allocations to stock, self-insurance losses and positive factors and losses on the disposal of belongings.
The Firm believes EBITDA and adjusted EBITDA are helpful to traders in that they permit for the analysis of the Firm’s liquidity with the intention to fund its working capital, capital expenditure and debt repayments. These typically accepted business measures are meant to offer traders with details about the Firm’s persevering with money producing functionality from its core mining enterprise, excluding the above changes, which administration believes will not be reflective of operational efficiency. Administration makes use of these measures to, and believes it’s useful to traders to allow them to, perceive and monitor the money producing functionality of the Firm together with different information ready in accordance with IFRS. EBITDA and adjusted EBITDA will not be standardized measures underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different firms.
Free money circulate and free money circulate earlier than adjustments in non-cash working capital balances
Free money circulate is calculated by deducting additions to property, plant and mine growth from the money offered by working actions line merchandise as recorded within the consolidated statements of money flows. Free money circulate earlier than adjustments in non-cash working capital balances is calculated by excluding the impact of adjustments in non-cash working capital balances from free money circulate similar to commerce receivables, earnings taxes, stock, different present belongings, accounts payable and accrued liabilities and curiosity payable.
The Firm believes that free money circulate and free money circulate earlier than adjustments in non-cash working capital balances are helpful in that they permit for the analysis of the Firm’s capability to repay collectors and return money to shareholders with out counting on exterior sources of funding. These typically accepted business measures additionally present traders with details about the Firm’s monetary place and its capability to generate money to fund operational and capital necessities in addition to return money to shareholders. Administration makes use of these measures together with different information ready in accordance with IFRS, and believes it’s useful to traders to allow them to, perceive and monitor the money producing functionality of the Firm. Free money circulate and free money circulate earlier than adjustments in non-cash working capital balances will not be standardized measures underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different firms.
Working margin
Working margin is calculated by deducting manufacturing prices from income from mining operations. With a view to reconcile working margin to web earnings as recorded within the consolidated monetary statements, the Firm provides the next objects to the working margin: earnings and mining taxes expense; different bills (earnings); care and upkeep bills; overseas foreign money translation (acquire) loss; environmental remediation prices; acquire (loss) on spinoff monetary devices; finance prices; normal and administrative bills; amortization of property, plant and mine growth; exploration and company growth bills; and revaluation acquire and impairment losses (reversals). The Firm believes that working margin is a helpful measure to traders because it displays the working efficiency of its particular person mines related to the continued manufacturing and sale of gold and by-product metals with out allocating Firm-wide overhead, together with exploration and company growth bills, amortization of property, plant and mine growth, normal and administrative bills, finance prices, acquire and losses on spinoff monetary devices, environmental remediation prices, overseas foreign money translation positive factors and losses, different bills and earnings and mining tax bills. Administration makes use of this measure internally to plan and forecast future working outcomes. Administration believes this measure is useful to traders because it gives them with extra details about the Firm’s underlying working outcomes and ought to be evaluated together with different information ready in accordance with IFRS. Working margin is just not a standardized measure underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different firms.
Sustaining capital expenditures and growth capital expenditures
Capital expenditures are categorized into sustaining capital expenditures and growth capital expenditures. Sustaining capital expenditures are expenditures incurred through the manufacturing part to maintain and preserve current belongings to allow them to obtain fixed anticipated ranges of manufacturing from which the Firm will derive financial advantages. Sustaining capital expenditures embrace expenditure for belongings to retain their current productive capability in addition to to reinforce efficiency and reliability of the operations. Improvement capital expenditures signify the spending at new initiatives and/or expenditures at current operations which are undertaken with the intention to extend manufacturing ranges or mine life above the present plans. Administration makes use of these measures within the capital allocation course of and to evaluate the effectiveness of its investments. Administration believes these measures are helpful so traders can assess the aim and effectiveness of the capital expenditures break up between sustaining and growth in every reporting interval. The classification between sustaining and growth capital expenditures doesn’t have a standardized definition in accordance with IFRS and different firms could classify expenditures in a special method.
Web debt
Web debt is calculated by adjusting the overall of the present portion of long-term debt and non-current long-term debt as recorded on the consolidated steadiness sheet for deferred financing prices and money and money equivalents. Administration believes the measure of web debt is helpful to assist traders to find out the Firm’s total debt place and to guage future debt capability of the Firm. Web debt is just not a standardized measure underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different firms.
Minesite prices per tonne
Minesite prices per tonne are calculated by adjusting manufacturing prices as recorded within the consolidated statements of earnings for stock manufacturing prices , operational care and upkeep prices attributable to COVID-19 and objects similar to in-kind royalties, smelting, refining and advertising and marketing expenses, after which dividing by tonnage of ore processed. As the overall money prices per ounce may be affected by fluctuations in by‑product steel costs and overseas alternate charges, administration believes that minesite prices per tonne is helpful to traders in offering extra data concerning the efficiency of mining operations, eliminating the affect of various manufacturing ranges. Administration additionally makes use of this measure to find out the financial viability of mining blocks. As every mining block is evaluated based mostly on the web realizable worth of every tonne mined, with the intention to be economically viable the estimated income on a per tonne foundation have to be in extra of the minesite prices per tonne. Administration is conscious, and traders ought to be aware, that this per tonne measure of efficiency may be affected by fluctuations in processing ranges. This inherent limitation could also be partially mitigated through the use of this measure together with manufacturing prices and different information ready in accordance with IFRS. Minesite prices per tonne is just not a standardized measure underneath IFRS and, as reported by the Firm, will not be akin to equally labelled measures reported by different gold mining firms.
Ahead-Trying Non-GAAP Measures
This information launch additionally accommodates data as to estimated future whole money prices per ounce and AISC per ounce. The estimates are based mostly upon the overall money prices per ounce and AISC per ounce that the Firm expects to incur to mine gold at its mines and initiatives and, per the reconciliation of those precise prices referred to above, don’t embrace manufacturing prices attributable to accretion expense and different asset retirement prices, which can range over time as every mission is developed and mined. It’s due to this fact not practicable to reconcile these forward-looking non-GAAP monetary measures to probably the most comparable IFRS measure.
Ahead-Trying Statements
The data on this information launch has been ready as at April 25, 2024 . Sure statements contained on this information launch represent “forward-looking statements” inside the that means of america Personal Securities Litigation Reform Act of 1995 and “forward-looking data” underneath the provisions of Canadian provincial securities legal guidelines and are referred to herein as “forward-looking statements”. All statements, apart from statements of historic reality, that handle circumstances, occasions, actions or developments that might, or could or will happen are forward-looking statements. When used on this information launch, the phrases “obtain”, “intention”, “anticipate”, “might”, “estimate”, “anticipate”, “forecast”, “future”, “plan”, “doable”, “potential”, “schedule”, “goal”, “monitoring”, “will”, and comparable expressions are meant to determine forward-looking statements. Such statements embrace, with out limitation: the Firm’s forward-looking steerage, together with steel manufacturing, estimated ore grades, restoration charges, mission timelines, drilling targets or outcomes, lifetime of mine estimates, whole money prices per ounce, AISC per ounce, minesite prices per tonne, different bills and money flows; the potential for added gold manufacturing on the Firm’s websites; the estimated timing and conclusions of the Firm’s research and evaluations; the strategies by which ore will probably be extracted or processed; the Firm’s enlargement plans at Detour Lake, Kittila, Meliadine Section 2, the Amaruq underground mission and the Odyssey mission, together with the timing, funding, completion and commissioning thereof and the graduation of manufacturing therefrom; the Firm’s plans on the Hope Bay mission; statements regarding different enlargement initiatives, restoration charges, mill throughput, optimization efforts and projected exploration, together with prices and different estimates upon which such projections are based mostly; timing and quantities of capital expenditures, different expenditures and different money wants, and expectations as to the funding thereof; estimates of future mineral reserves, mineral sources, mineral manufacturing and gross sales; the projected growth of sure ore deposits, together with estimates of exploration, growth and manufacturing and different capital prices and estimates of the timing of such exploration, growth and manufacturing or selections with respect to such exploration, growth and manufacturing; anticipated value inflation and its impact on the Firm’s prices and outcomes; estimates of mineral reserves and mineral sources and the impact of drill outcomes on future mineral reserves and mineral sources; the Firm’s capability to acquire the mandatory permits and authorizations in reference to its proposed or present exploration, growth and mining operations, together with at Meliadine, and the anticipated timing thereof; future exploration; the anticipated timing of occasions with respect to the Firm’s mine websites; the sufficiency of the Firm’s money sources; the Firm’s plans with respect to hedging and the effectiveness of its hedging methods; future exercise with respect to the Firm’s unsecured revolving financial institution credit score facility, the time period mortgage facility and different indebtedness; future dividend quantities, report dates and cost dates; plans with respect to the submitting of a base shelf prospectus; plans with respect to renewing the NCIB; and anticipated developments with respect to the Firm’s operations, exploration and the funding thereof. Such statements mirror the Firm’s views as on the date of this information launch and are topic to sure dangers, uncertainties and assumptions, and undue reliance shouldn’t be positioned on such statements. Ahead-looking statements are essentially based mostly upon numerous elements and assumptions that, whereas thought-about cheap by Agnico Eagle as of the date of such statements, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies. The fabric elements and assumptions used within the preparation of the forward-looking statements contained herein, which can show to be incorrect, embrace, however will not be restricted to, the assumptions set forth herein and in administration’s dialogue and evaluation (“MD&A”) and the Firm’s Annual Data Type (“AIF”) for the yr ended December 31, 2023 filed with Canadian securities regulators and which are included in its Annual Report on Type 40-F for the yr ended December 31, 2023 (“Type 40-F”) filed with the U.S. Securities and Change Fee (the “SEC”) in addition to: that there aren’t any important disruptions affecting operations; that manufacturing, allowing, growth, enlargement and the ramp-up of operations at every of Agnico Eagle’s properties proceeds on a foundation per present expectations and plans; that the related steel costs, overseas alternate charges and costs for key mining and development inputs (together with labour and electrical energy) will probably be per Agnico Eagle’s expectations; that Agnico Eagle’s present estimates of mineral reserves, mineral sources, mineral grades and steel restoration are correct; that there aren’t any materials delays within the timing for completion of ongoing development initiatives; that seismic exercise on the Firm’s operations at LaRonde, Goldex and different properties is as anticipated by the Firm and that the Firm’s efforts to mitigate its impact on mining operations are profitable; that the Firm’s present plans to optimize manufacturing are profitable; that there aren’t any materials variations within the present tax and regulatory surroundings; that governments, the Firm or others don’t take measures in response to pandemics or different well being emergencies or in any other case that, individually or within the mixture, materially have an effect on the Firm’s capability to function its enterprise or its productiveness; and that measures taken referring to, or different results of, pandemics or different well being emergencies don’t have an effect on the Firm’s capability to acquire vital provides and ship them to its mine websites. Many elements, recognized and unknown, might trigger the precise outcomes to be materially totally different from these expressed or implied by such forward-looking statements. Such dangers embrace, however will not be restricted to: the volatility of costs of gold and different metals; uncertainty of mineral reserves, mineral sources, mineral grades and mineral restoration estimates; uncertainty of future manufacturing, mission growth, capital expenditures and different prices; overseas alternate charge fluctuations; inflationary pressures; financing of extra capital necessities; value of exploration and growth applications; seismic exercise on the Firm’s operations, together with the LaRonde advanced and Goldex advanced; mining dangers; group protests, together with by Indigenous teams; dangers related to overseas operations; governmental and environmental regulation; the volatility of the Firm’s inventory value; dangers related to the Firm’s foreign money, gas and by-product steel spinoff methods; the present rate of interest surroundings; the potential for main economies to come across a slowdown in financial exercise or a recession; the potential for elevated battle or hostilities in numerous areas, together with Europe and the Center East ; and the extent and method to communicable illnesses or outbreaks, and measures taken by governments, the Firm or others to try to mitigate the unfold thereof could straight or not directly have an effect on the Firm. For a extra detailed dialogue of such dangers and different elements which will have an effect on the Firm’s capability to realize the expectations set forth within the forward-looking statements contained on this information launch, see the AIF and MD&A filed on SEDAR+ at www.sedarplus.ca and included within the Type 40-F filed on EDGAR at www.sec.gov , in addition to the Firm’s different filings with the Canadian securities regulators and the SEC. Aside from as required by legislation, the Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements.
Notes to Buyers Relating to the Use of Mineral Sources
The mineral reserve and mineral useful resource estimates contained on this information launch have been ready in accordance with the Canadian securities directors’ (the “CSA”) Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).
In 2019, the SEC’s disclosure necessities and insurance policies for mining properties have been amended to extra carefully align with present business and world regulatory practices and requirements, together with NI 43-101. Nevertheless, Canadian issuers that report in america utilizing the Multijurisdictional Disclosure System (“MJDS”), such because the Firm, should use NI 43-101 reasonably than the SEC disclosure necessities when utilizing the SEC’s MJDS registration assertion and annual report types. Accordingly, mineral reserve and mineral useful resource data contained on this information launch will not be akin to comparable data disclosed by U.S. firms.
Buyers are cautioned that whereas the SEC acknowledges “measured mineral sources”, “indicated mineral sources” and “inferred mineral sources”, traders mustn’t assume that any half or the entire mineral deposits in these classes will ever be transformed into a better class of mineral sources or into mineral reserves. These phrases have a large amount of uncertainty as to their financial and authorized feasibility. Accordingly, traders are cautioned to not assume that any “measured mineral sources”, “indicated mineral sources”, or “inferred mineral sources” that the Firm stories on this information launch are or will probably be economically or legally mineable. Underneath Canadian rules, estimates of inferred mineral sources could not type the idea of feasibility or pre-feasibility research, besides in restricted circumstances.
Additional, “inferred mineral sources” have a large amount of uncertainty as to their existence and as to their financial and authorized feasibility. It can’t be assumed that any half or all of an inferred mineral useful resource will ever be upgraded to a better class.
The mineral reserve and mineral useful resource information set out on this information launch are estimates, and no assurance may be provided that the anticipated tonnages and grades will probably be achieved or that the indicated stage of restoration will probably be realized. The Firm doesn’t embrace equal gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves will not be reported as a subset of mineral sources.
Scientific and Technical Data
The scientific and technical data contained on this information launch referring to Nunavut , Quebec and Finland operations has been permitted by Dominique Girard, Eng., Govt Vice-President & Chief Working Officer – Nunavut , Quebec & Europe ; referring to Ontario , Australia and Mexico operations has been permitted by Natasha Vaz , Govt Vice-President & Chief Working Officer – Ontario , Australia & Mexico ; referring to exploration has been permitted by Man Gosselin, Eng. and P.Geo., Govt Vice-President, Exploration; and referring to mineral reserves and mineral sources has been permitted by Dyane Duquette , P.Geo., Vice-President, Mineral Sources Administration, every of whom is a “Certified Individual” for the needs of NI 43-101.
Extra Data
Extra details about every of the Firm’s materials mineral initiatives as at December 31, 2023, together with data concerning information verification, key assumptions, parameters and strategies used to estimate mineral reserves and mineral sources and the dangers that might materially have an effect on the event of the mineral reserves and mineral sources required by sections 3.2 and three.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 may be discovered within the Firm’s AIF and MD&A filed on SEDAR+ every of which types part of the Firm’s Type 40-F filed with the SEC on EDGAR and within the following technical stories filed on SEDAR+ in respect of the Firm’s materials mineral properties: NI 43-101 Technical Report of the LaRonde advanced in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Sources and Mineral Reserves at Meadowbank Gold advanced together with the Amaruq Satellite tv for pc Mine Improvement, Nunavut, Canada as at December 31, 2017 (February 14, 2018); the Up to date Technical Report on the Meliadine Gold Mission, Nunavut, Canada (February 11, 2015); and the Detour Lake Operation, Ontario, Canada NI 43-101 Technical Report as at July 26, 2021 (October 15, 2021).
APPENDIX A – EXPLORATION DETAILS
Current Chosen Exploration Drill Outcomes
Major Break zone and AK deposit at Macassa
Drill gap | Zone / deposit | From | To (metres) | Depth of beneath floor | Estimated true width (metres) | Gold grade (g/t) (uncapped) | Gold grade (capped)* |
58-1018 | Major Break | 295.7 | 300.8 | 2,150 | 3.3 | 33.6 | 33.6 |
KLAK-273 | AK | 159.1 | 164.4 | 342 | 5.0 | 11.8 | 11.8 |
*Outcomes from the Macassa mine use a capping issue starting from 68.6 g/t to 445.7 g/t gold relying on the zone. Outcomes from AK use a capping issue of 70 g/t gold. |
Wesmeg and Wesmeg North deposits at Meliadine
Drill gap | Deposit | Lode / zone | From (metres) | To (metres) | Depth of midpoint beneath floor (metres) | Estimated true width (metres) | Gold grade (g/t) (uncapped) | Gold grade (g/t) (capped)* |
M23-3732B | Wesmeg | 625 | 397.3 | 403.8 | 349 | 5.8 | 13.5 | 10.2 |
ML300-10340-D11 | Wesmeg N | 972 | 211.9 | 215.5 | 401 | 3.6 | 11.1 | 11.1 |
and | Wesmeg | 625 | 336.0 | 343.5 | 467 | 7.4 | 6.1 | 6.1 |
*Outcomes from Meliadine use a capping issue starting from 20 g/t to 90 g/t gold relying on the zone. |
Sisar zone at Kittila
Drill gap | Zone / Space | From (metres) | To (metres) | Depth of | Estimated true width (metres) | Gold grade (g/t) |
ROD23-701C | Sisar Deep | 964.0 | 969.3 | 1,834 | 3.1 | 10.5 |
* Outcomes from the Kittila mine are uncapped. |
EXPLORATION DRILL COLLAR COORDINATES
Drill gap | UTM East* | UTM North* | Elevation | Azimuth | Dip (levels) | Size (metres) |
Odyssey mine | ||||||
MEX23-304W | 716873 | 5334696 | 316 | 176 | -72 | 1,652 |
MEX23-309 | 718682 | 5334767 | 307 | 160 | -48 | 1,767 |
MEX23-310Z | 718663 | 5334764 | 311 | 174 | -61 | 2,007 |
Detour Lake | ||||||
DLM23-775 | 586966 | 5541687 | 294 | 177 | -64 | 923 |
DLM24-805 | 586721 | 5541960 | 300 | 179 | -66 | 861 |
DLM24-818 | 587246 | 5541689 | 291 | 176 | -64 | 600 |
Drill gap | UTM East* | UTM North* | Elevation | Azimuth | Dip (levels) | Size |
Macassa | ||||||
58-1018 | 568423 | 5331071 | -1,402 | 315 | 4 | 305 |
KLAK-273 | 570236 | 5331387 | 41 | 174 | -14 | 210 |
Meliadine | ||||||
M23-3732B | 540280 | 6988306 | 68 | 177 | -70 | 453 |
ML300-10340-D11 | 540340 | 6988412 | -215 | 161 | -38 | 420 |
Hope Bay | ||||||
HBM23-105 | 435438 | 7548956 | 26 | 240 | -58 | 912 |
HBM23-143 | 434835 | 7548158 | 33 | 79 | -55 | 855 |
HBM24-160 | 435552 | 7548440 | 26 | 244 | -58 | 943 |
HBM24-171 | 435494 | 7548411 | 27 | 241 | -56 | 795 |
HBM24-174 | 435538 | 7548358 | 27 | 248 | -57 | 817 |
Kittila | ||||||
ROD23701C | 2558678 | 7537862 | -791 | 91 | -65 | 1,173 |
*Coordinate Techniques: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake, Macassa and AK; NAD 1983 UTM Zone 14N for Meliadine; NAD 1983 UTM Zone 13N for Hope Bay; and Finnish Coordinate System KKJ Zone 2 for Kittila. |
APPENDIX B – FINANCIAL INFORMATION
AGNICO EAGLE MINES LIMITED | |||
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS | |||
(hundreds of United States {dollars}, besides the place famous) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Web earnings – key line objects: | |||
Income from mine operations: | |||
Quebec | |||
LaRonde mine | 143,617 | 102,220 | |
LaRonde Zone 5 mine | 42,615 | 29,522 | |
Canadian Malartic advanced (ii) | 328,117 | 138,074 | |
Goldex advanced | 72,384 | 68,063 | |
Ontario | |||
Detour Lake mine | 342,957 | 306,595 | |
Macassa mine | 139,393 | 117,859 | |
Nunavut | |||
Meliadine mine | 202,239 | 169,534 | |
Meadowbank advanced | 249,385 | 209,813 | |
Australia | |||
Fosterville mine | 121,035 | 169,301 | |
Europe | |||
Kittila mine | 114,063 | 116,019 | |
Mexico | |||
Pinos Altos mine | 48,400 | 51,448 | |
La India mine | 25,618 | 31,213 | |
Revenues from mining operations | $ 1,829,823 | $ 1,509,661 | |
Manufacturing prices | 783,585 | 653,144 | |
Complete working margin (i) | 1,046,238 | 856,517 | |
Amortization of property, plant and mine growth | 357,225 | 303,959 | |
Revaluation acquire (iii) | — | (1,543,414) | |
Exploration, company and different | 199,965 | 150,473 | |
Revenue earlier than earnings and mining taxes | 489,048 | 1,945,499 | |
Revenue and mining taxes expense | 141,856 | 128,608 | |
Web earnings for the interval | $ 347,192 | $ 1,816,891 | |
Web earnings per share — fundamental | $ 0.70 | $ 3.87 | |
Web earnings per share — diluted | $ 0.70 | $ 3.86 | |
Money flows: | |||
Money offered by working actions | $ 783,175 | $ 649,613 | |
Money utilized in investing actions | $ (413,048) | $ (1,398,745) | |
Money (utilized in) offered by financing actions | $ (183,034) | $ 836,433 | |
Realized costs: | |||
Gold (per ounce) | $ 2,062 | $ 1,892 | |
Silver (per ounce) | $ 23.80 | $ 22.95 | |
Zinc (per tonne) | $ 2,453 | $ 3,169 | |
Copper (per tonne) | $ 8,731 | $ 10,113 |
AGNICO EAGLE MINES LIMITED | |||
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS | |||
(hundreds of United States {dollars}, besides the place famous) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Payable manufacturing (iv) : | |||
Gold (ounces): | |||
Quebec | |||
LaRonde mine | 51,815 | 59,533 | |
LaRonde Zone 5 mine | 16,549 | 20,074 | |
Canadian Malartic advanced (ii) | 186,906 | 80,685 | |
Goldex advanced | 34,388 | 34,023 | |
Ontario | |||
Detour Lake mine | 150,751 | 161,857 | |
Macassa mine | 68,259 | 64,115 | |
Nunavut | |||
Meliadine mine | 95,725 | 90,467 | |
Meadowbank advanced | 127,774 | 111,110 | |
Australia | |||
Fosterville mine | 56,569 | 86,558 | |
Europe | |||
Kittila mine | 54,581 | 63,692 | |
Mexico | |||
Pinos Altos mine | 24,725 | 24,134 | |
Creston Mascota mine | 28 | 244 | |
La India mine | 10,582 | 16,321 | |
Complete gold (ounces): | 878,652 | 812,813 | |
Silver (hundreds of ounces) | 615 | 545 | |
Zinc (tonnes) | 1,682 | 2,287 | |
Copper (tonnes) | 804 | 530 | |
AGNICO EAGLE MINES LIMITED | |||
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS | |||
(hundreds of United States {dollars}, besides the place famous) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Payable steel offered (v) : | |||
Gold (ounces): | |||
Quebec | |||
LaRonde mine | 65,164 | 48,162 | |
LaRonde Zone 5 mine | 20,251 | 15,461 | |
Canadian Malartic advanced (ii) | 159,548 | 71,809 | |
Goldex advanced | 34,442 | 35,917 | |
Ontario | |||
Detour Lake mine | 167,008 | 163,294 | |
Macassa mine | 67,500 | 62,928 | |
Nunavut | |||
Meliadine mine | 98,540 | 89,586 | |
Meadowbank advanced | 121,110 | 110,025 | |
Australia | |||
Fosterville mine | 58,000 | 89,000 | |
Europe | |||
Kittila mine | 55,000 | 60,720 | |
Mexico | |||
Pinos Altos mine | 20,300 | 24,236 | |
La India mine | 12,200 | 16,420 | |
Complete gold (ounces): | 879,063 | 787,558 | |
Silver (hundreds of ounces) | 604 | 552 | |
Zinc (tonnes) | 1,507 | 2,131 | |
Copper (tonnes) | 762 | 568 | |
AGNICO EAGLE MINES LIMITED | |||
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS | |||
(hundreds of United States {dollars}, besides the place famous) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Complete money prices per ounce — co-product foundation (vi) : | |||
Quebec | |||
LaRonde mine | $ 1,271 | $ 1,136 | |
LaRonde Zone 5 mine | 1,192 | 1,168 | |
Canadian Malartic advanced (ii) | 860 | 808 | |
Goldex advanced | 989 | 810 | |
Ontario | |||
Detour Lake mine | 875 | 775 | |
Macassa mine | 714 | 607 | |
Nunavut | |||
Meliadine mine | 944 | 940 | |
Meadowbank advanced | 944 | 1,141 | |
Australia | |||
Fosterville mine | 540 | 398 | |
Europe | |||
Kittila mine | 1,071 | 807 | |
Mexico | |||
Pinos Altos mine | 1,633 | 1,347 | |
La India mine | 1,501 | 1,328 | |
Money prices per ounce | $ 930 | $ 861 | |
Complete money prices per ounce — by-product foundation (vi) : | |||
Quebec | |||
LaRonde mine | $ 1,028 | $ 892 | |
LaRonde Zone 5 mine | 1,180 | 1,154 | |
Canadian Malartic advanced (ii) | 850 | 794 | |
Goldex advanced | 948 | 810 | |
Ontario | |||
Detour Lake mine | 871 | 771 | |
Macassa mine | 711 | 604 | |
Nunavut | |||
Meliadine mine | 942 | 937 | |
Meadowbank advanced | 937 | 1,134 | |
Australia | |||
Fosterville mine | 537 | 396 | |
Europe | |||
Kittila mine | 1,070 | 806 | |
Mexico | |||
Pinos Altos mine | 1,348 | 1,116 | |
La India mine | 1,453 | 1,308 | |
Money prices per ounce | $ 901 | $ 832 |
Notes: | |||
(i) Working margin is just not a acknowledged measure underneath IFRS and this information will not be akin to information reported by different gold producers. See Reconciliation of non-GAAP Monetary Efficiency Measures – Working Margin and Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s calculation and use of working margin. | |||
(ii) The data set out on this desk displays the Firm’s 50% curiosity within the Canadian Malartic advanced as much as and together with March 30, 2023 and 100% curiosity thereafter. | |||
(iii) Revaluation acquire on the 50% curiosity the Firm owned in Canadian Malartic advanced previous to the Yamana Transaction. | |||
(iv) Payable manufacturing (a non-GAAP non-financial efficiency measure) is the amount of mineral produced throughout a interval contained in merchandise which are or will probably be offered by the Firm, whether or not such merchandise are offered through the interval or held as inventories on the finish of the interval. | |||
(v) The Canadian Malartic advanced’s payable steel offered excludes the 5.0% web smelter return royalty held by Osisko Gold Royalties Ltd. The Detour Lake mine’s payable steel offered excludes the two% web smelter royalty held by Franco-Nevada Company. The Macassa mine’s payable steel offered excludes the 1.5% web smelter royalty held by Franco-Nevada Company. | |||
(vi) The entire money prices per ounce is just not a acknowledged measure underneath IFRS and this information will not be akin to information reported by different gold producers. See Reconciliation of Non-GAAP Monetary Efficiency Measures — Complete Money Prices per Ounce and Minesite Prices per Tonne for extra data on the Firm’s calculation and use of whole money value per ounce. |
AGNICO EAGLE MINES LIMITED | |||
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS | |||
(hundreds of United States {dollars}, besides share quantities, IFRS foundation) | |||
(Unaudited) | |||
As at | As at | ||
March 31, 2024 | December 31, 2023 | ||
ASSETS | |||
Present belongings: | |||
Money and money equivalents | $ 524,625 | $ 338,648 | |
Inventories | 1,349,736 | 1,418,941 | |
Revenue taxes recoverable | 28,774 | 27,602 | |
Truthful worth of spinoff monetary devices | 10,166 | 50,786 | |
Different present belongings | 331,855 | 355,175 | |
Complete present belongings | 2,245,156 | 2,191,152 | |
Non-current belongings: | |||
Goodwill | 4,157,672 | 4,157,672 | |
Property, plant and mine growth | 21,194,013 | 21,221,905 | |
Investments | 389,170 | 345,257 | |
Deferred earnings and mining tax asset | 51,602 | 53,796 | |
Different belongings | 764,828 | 715,167 | |
Complete belongings | $ 28,802,441 | $ 28,684,949 | |
LIABILITIES | |||
Present liabilities: | |||
Accounts payable and accrued liabilities | $ 696,912 | $ 750,380 | |
Share based mostly liabilities | 14,445 | 24,316 | |
Curiosity payable | 19,342 | 14,226 | |
Revenue taxes payable | 89,495 | 81,222 | |
Present portion of long-term debt | 100,000 | 100,000 | |
Reclamation provision | 34,553 | 24,266 | |
Lease obligations | 41,694 | 46,394 | |
Truthful worth of spinoff monetary devices | 19,087 | 7,222 | |
Complete present liabilities | 1,015,528 | 1,048,026 | |
Non-current liabilities: | |||
Lengthy-term debt | 1,741,017 | 1,743,086 | |
Reclamation provision | 1,006,090 | 1,049,238 | |
Lease obligations | 109,038 | 115,154 | |
Share based mostly liabilities | 4,387 | 11,153 | |
Deferred earnings and mining tax liabilities | 4,985,576 | 4,973,271 | |
Different liabilities | 298,435 | 322,106 | |
Complete liabilities | 9,160,071 | 9,262,034 | |
EQUITY | |||
Widespread shares: | |||
Excellent – 498,854,263 frequent shares issued, much less 661,248 shares held in belief | 18,398,184 | 18,334,869 | |
Inventory choices | 204,621 | 201,755 | |
Contributed surplus | 16,059 | 22,074 | |
Retained earnings | 1,110,047 | 963,172 | |
Different reserves | (86,541) | (98,955) | |
Complete fairness | 19,642,370 | 19,422,915 | |
Complete liabilities and fairness | $ 28,802,441 | $ 28,684,949 | |
AGNICO EAGLE MINES LIMITED | |||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME | |||
(hundreds of United States {dollars}, besides per share quantities, IFRS foundation) | |||
(Unaudited) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
REVENUES | |||
Revenues from mining operations | $ 1,829,823 | $ 1,509,661 | |
COSTS, INCOME AND EXPENSES | |||
Manufacturing (i) | 783,585 | 653,144 | |
Exploration and company growth | 51,206 | 53,768 | |
Amortization of property, plant and mine growth | 357,225 | 303,959 | |
Normal and administrative | 48,117 | 48,208 | |
Finance prices | 36,265 | 23,448 | |
Loss (acquire) on spinoff monetary devices | 45,935 | (6,539) | |
Overseas foreign money translation (acquire) loss | (4,547) | 220 | |
Care and upkeep | 11,042 | 11,245 | |
Revaluation acquire (ii) | — | (1,543,414) | |
Different bills | 11,947 | 20,123 | |
Revenue earlier than earnings and mining taxes | 489,048 | 1,945,499 | |
Revenue and mining taxes expense | 141,856 | 128,608 | |
Web earnings for the interval | $ 347,192 | $ 1,816,891 | |
Web earnings per share – fundamental | $ 0.70 | $ 3.87 | |
Web earnings per share – diluted | $ 0.70 | $ 3.86 | |
Adjusted web earnings per share – fundamental (iii) | $ 0.76 | $ 0.58 | |
Adjusted web earnings per share – diluted (iii) | $ 0.76 | $ 0.57 | |
Weighted common variety of frequent shares excellent (in hundreds): | |||
Primary | 497,619 | 468,968 | |
Diluted | 498,807 | 470,455 |
Notes: | |||
(i) Unique of amortization, which is proven individually. | |||
(ii) Revaluation acquire on the 50% curiosity beforehand owned within the Canadian Malartic advanced previous to the Yamana Transaction. | |||
(iii) Adjusted web earnings per share is just not a acknowledged measure underneath IFRS and this information will not be akin to information reported by different firms. See Notice Relating to Sure Measures of Efficiency and Reconciliation of Non-GAAP Monetary Efficiency Measures on this Information Launch for a dialogue of the composition and usefulness of this measure and a reconciliation to the closest IFRS measure. |
AGNICO EAGLE MINES LIMITED | |||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(hundreds of United States {dollars}, IFRS foundation) | |||
(Unaudited) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
OPERATING ACTIVITIES | |||
Web earnings for the interval | $ 347,192 | $ 1,816,891 | |
Add (deduct) adjusting objects: | |||
Amortization of property, plant and mine growth | 357,225 | 303,959 | |
Revaluation acquire (i) | — | (1,543,414) | |
Deferred earnings and mining taxes | 12,924 | 36,103 | |
Unrealized loss (acquire) on foreign money and commodity derivatives | 52,484 | (15,888) | |
Unrealized acquire on warrants | (6,877) | (4,663) | |
Inventory-based compensation | 18,857 | 13,147 | |
Overseas foreign money translation (acquire) loss | (4,547) | 220 | |
Different | (190) | 2,444 | |
Modifications in non-cash working capital balances: | |||
Commerce receivables | 1,208 | 8,395 | |
Revenue taxes | 376 | 23,977 | |
Inventories | 28,172 | 2,068 | |
Different present belongings | 25,410 | 10,995 | |
Accounts payable and accrued liabilities | (53,990) | (7,269) | |
Curiosity payable | 4,931 | 2,648 | |
Money offered by working actions | 783,175 | 649,613 | |
INVESTING ACTIVITIES | |||
Additions to property, plant and mine growth | (387,587) | (384,934) | |
Yamana transaction, web of money and money equivalents | — | (1,000,617) | |
Contributions for acquisition of mineral belongings | (3,924) | — | |
Purchases of fairness securities and different investments | (24,007) | (14,737) | |
Different investing actions | 2,470 | 1,543 | |
Money utilized in investing actions | (413,048) | (1,398,745) | |
FINANCING ACTIVITIES | |||
Proceeds from Credit score Facility | 600,000 | 1,000,000 | |
Compensation of Credit score Facility | (600,000) | — | |
Lengthy-term debt financing prices | (3,544) | — | |
Compensation of lease obligations | (13,015) | (9,748) | |
Dividends paid | (157,260) | (156,163) | |
Repurchase of frequent shares | (26,041) | (14,564) | |
Proceeds on train of inventory choices | 7,378 | 10,302 | |
Widespread shares issued | 9,448 | 6,606 | |
Money (utilized in) offered by financing actions | (183,034) | 836,433 | |
Impact of alternate charge adjustments on money and money equivalents | (1,116) | (1,281) | |
Web enhance in money and money equivalents through the interval | 185,977 | 86,020 | |
Money and money equivalents, starting of interval | 338,648 | 658,625 | |
Money and money equivalents, finish of interval | $ 524,625 | $ 744,645 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Curiosity paid | $ 25,252 | $ 13,051 | |
Revenue and mining taxes paid | $ 130,777 | $ 64,937 |
Notice: |
(i) Revaluation acquire on the 50% curiosity the Firm beforehand owned within the Canadian Malartic advanced previous to the Yamana Transaction. |
AGNICO EAGLE MINES LIMITED | ||||||
RECONCILIATION OF NON-GAAP FINANCIAL PERFORMANCE MEASURES | ||||||
(hundreds of United States {dollars}, besides the place famous) | ||||||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measures whole money prices per ounce and minesite prices per tonne. | ||||||
The next tables set out a reconciliation of whole money prices per ounce (on each a by-product foundation and co-product foundation) and minesite prices per tonne to manufacturing prices, unique of amortization, as offered within the consolidated statements of (loss) earnings in accordance with IFRS. | ||||||
Complete Manufacturing Prices by Mine | ||||||
Three Months Ended March 31, | ||||||
(hundreds of United States {dollars}) | 2024 | 2023 | ||||
Quebec | ||||||
LaRonde mine | $ 75,556 | $ 39,707 | ||||
LaRonde Zone 5 mine | 19,022 | 22,224 | ||||
LaRonde advanced | 94,578 | 61,931 | ||||
Canadian Malartic advanced (i) | 126,576 | 57,291 | ||||
Goldex advanced | 33,182 | 27,835 | ||||
Ontario | ||||||
Detour Lake mine | 131,905 | 114,022 | ||||
Macassa mine | 47,648 | 37,959 | ||||
Nunavut | ||||||
Meliadine mine | 93,451 | 81,194 | ||||
Meadowbank advanced | 114,162 | 130,004 | ||||
Australia | ||||||
Fosterville mine | 33,654 | 36,599 | ||||
Europe | ||||||
Kittila mine | 59,038 | 53,295 | ||||
Mexico | ||||||
Pinos Altos mine | 33,407 | 32,922 | ||||
La India mine | 15,984 | 20,092 | ||||
Manufacturing prices per the consolidated statements of earnings | $ 783,585 | $ 653,144 | ||||
Reconciliation of Manufacturing Prices to Complete Money Prices per Ounce by Mine and Reconciliation of Manufacturing Prices to Minesite Prices per Tonne by Mine | ||||||
( hundreds of United States {dollars}, besides as famous) | ||||||
LaRonde mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 51,815 | 59,533 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 75,556 | $ 1,458 | $ 39,707 | $ 667 | ||
Stock changes (ii) | (14,711) | (284) | 22,505 | 378 | ||
Realized positive factors and losses on hedges of manufacturing prices | 19 | — | 1,078 | 18 | ||
Different changes (iv) | 4,993 | 97 | 4,348 | 73 | ||
Complete money prices (co-product foundation) | $ 65,857 | $ 1,271 | $ 67,638 | $ 1,136 | ||
By-product steel revenues | (12,590) | (243) | (14,532) | (244) | ||
Complete money prices (by-product foundation) | $ 53,267 | $ 1,028 | $ 53,106 | $ 892 | ||
LaRonde mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 413 | 389 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 75,556 | $ 183 | $ 39,707 | $ 102 | ||
Manufacturing prices (C$) | C$ 102,025 | C$ 247 | C$ 53,573 | C$ 138 | ||
Stock changes (C$) (iii) | (20,314) | (49) | 29,723 | 76 | ||
Different changes (C$) (iv) | (336) | (1) | (3,141) | (8) | ||
Minesite prices (C$) | C$ 81,375 | C$ 197 | C$ 80,155 | C$ 206 | ||
LaRonde Zone 5 mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 16,549 | 20,074 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 19,022 | $ 1,149 | $ 22,224 | $ 1,107 | ||
Stock changes (ii) | 320 | 20 | 523 | 26 | ||
Realized positive factors and losses on hedges of manufacturing prices | 6 | — | 359 | 18 | ||
Different changes (iv) | 370 | 23 | 336 | 17 | ||
Complete money prices (co-product foundation) | $ 19,718 | $ 1,192 | $ 23,442 | $ 1,168 | ||
By-product steel revenues | (187) | (12) | (275) | (14) | ||
Complete money prices (by-product foundation) | $ 19,531 | $ 1,180 | $ 23,167 | $ 1,154 | ||
LaRonde Zone 5 mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 267 | 318 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 19,022 | $ 71 | $ 22,224 | $ 70 | ||
Manufacturing prices (C$) | C$ 25,514 | C$ 95 | C$ 29,988 | C$ 94 | ||
Stock changes (C$) (iii) | 432 | 2 | 738 | 3 | ||
Minesite prices (C$) | C$ 25,946 | C$ 97 | C$ 30,726 | C$ 97 | ||
LaRonde advanced (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 68,364 | 79,607 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 94,578 | $ 1,383 | $ 61,931 | $ 778 | ||
Stock changes (ii) | (14,391) | (210) | 23,028 | 289 | ||
Realized positive factors and losses on hedges of manufacturing prices | 25 | — | 1,437 | 18 | ||
Different changes (iv) | 5,363 | 79 | 4,684 | 59 | ||
Complete money prices (co-product foundation) | $ 85,575 | $ 1,252 | $ 91,080 | $ 1,144 | ||
By-product steel revenues | (12,777) | (187) | (14,807) | (186) | ||
Complete money prices (by-product foundation) | $ 72,798 | $ 1,065 | $ 76,273 | $ 958 | ||
LaRonde advanced (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 680 | 707 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 94,578 | $ 139 | $ 61,931 | $ 88 | ||
Manufacturing prices (C$) | C$ 127,539 | C$ 187 | C$ 83,561 | C$ 118 | ||
Stock changes (C$) (iii) | (19,882) | (29) | 30,461 | 43 | ||
Different changes (C$) (iv) | (336) | — | (3,141) | (4) | ||
Minesite prices (C$) | C$ 107,321 | C$ 158 | C$ 110,881 | C$ 157 | ||
Canadian Malartic advanced (per ounce) (i) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 186,906 | 80,685 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 126,576 | $ 677 | $ 57,291 | $ 710 | ||
Stock changes (ii) | 14,707 | 79 | 495 | 6 | ||
Realized positive factors and losses on hedges of manufacturing prices | 52 | — | — | — | ||
In-kind royalties and different changes (iv) | 19,490 | 104 | 7,382 | 92 | ||
Complete money prices (co-product foundation) | $ 160,825 | $ 860 | $ 65,168 | $ 808 | ||
By-product steel revenues | (1,952) | (10) | (1,138) | (14) | ||
Complete money prices (by-product foundation) | $ 158,873 | $ 850 | $ 64,030 | $ 794 | ||
Canadian Malartic advanced (per tonne) (i) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 5,173 | 2,262 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 126,576 | $ 24 | $ 57,291 | $ 25 | ||
Manufacturing prices (C$) | C$ 170,853 | C$ 33 | C$ 76,665 | C$ 34 | ||
Stock changes (C$) (iii) | 20,002 | 4 | 740 | — | ||
In-kind royalties and different changes (C$) (iv) | 25,637 | 5 | 9,825 | 5 | ||
Minesite prices (C$) | C$ 216,492 | C$ 42 | C$ 87,230 | C$ 39 | ||
Goldex advanced (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 34,388 | 34,023 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 33,182 | $ 965 | $ 27,835 | $ 818 | ||
Stock changes (ii) | 457 | 13 | (1,037) | (30) | ||
Realized positive factors and losses on hedges of manufacturing prices | 11 | — | 707 | 20 | ||
Different changes (iv) | 370 | 11 | 62 | 2 | ||
Complete money prices (co-product foundation) | $ 34,020 | $ 989 | $ 27,567 | $ 810 | ||
By-product steel revenues | (1,417) | (41) | (14) | — | ||
Complete money prices (by-product foundation) | $ 32,603 | $ 948 | $ 27,553 | $ 810 | ||
Goldex advanced (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 760 | 698 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 33,182 | $ 44 | $ 27,835 | $ 40 | ||
Manufacturing prices (C$) | C$ 44,745 | C$ 59 | C$ 37,627 | C$ 54 | ||
Stock changes (C$) (iii) | 649 | 1 | (1,390) | (2) | ||
Minesite prices (C$) | C$ 45,394 | C$ 60 | C$ 36,237 | C$ 52 | ||
Detour Lake mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 150,751 | 161,857 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 131,905 | $ 875 | $ 114,022 | $ 704 | ||
Stock changes (ii) | (8,186) | (54) | 306 | 2 | ||
Realized positive factors and losses on hedges of manufacturing prices | 58 | — | 3,554 | 22 | ||
In-kind royalties and different changes (iv) | 8,144 | 54 | 7,575 | 47 | ||
Complete money prices (co-product foundation) | $ 131,921 | $ 875 | $ 125,457 | $ 775 | ||
By-product steel revenues | (580) | (4) | (682) | (4) | ||
Complete money prices (by-product foundation) | $ 131,341 | $ 871 | $ 124,775 | $ 771 | ||
Detour Lake mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 6,502 | 6,397 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 131,905 | $ 20 | $ 114,022 | $ 18 | ||
Manufacturing prices (C$) | C$ 178,209 | C$ 27 | C$ 153,908 | C$ 24 | ||
Stock changes (C$) (iii) | (10,940) | (2) | 515 | — | ||
In-kind royalties and different changes (C$) (iv) | 8,876 | 2 | 8,765 | 2 | ||
Minesite prices (C$) | C$ 176,145 | C$ 27 | C$ 163,188 | C$ 26 | ||
Macassa mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 68,259 | 64,115 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 47,648 | $ 698 | $ 37,959 | $ 592 | ||
Stock changes (ii) | (1,089) | (16) | (1,295) | (20) | ||
Realized positive factors and losses on hedges of manufacturing prices | 23 | — | 1,137 | 18 | ||
In-kind royalties and different changes (iv) | 2,157 | 32 | 1,144 | 17 | ||
Complete money prices (co-product foundation) | $ 48,739 | $ 714 | $ 38,945 | $ 607 | ||
By-product steel revenues | (220) | (3) | (208) | (3) | ||
Complete money prices (by-product foundation) | $ 48,519 | $ 711 | $ 38,737 | $ 604 | ||
Macassa mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 134 | 87 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 47,648 | $ 356 | $ 37,959 | $ 436 | ||
Manufacturing prices (C$) | C$ 64,672 | C$ 483 | C$ 51,242 | C$ 589 | ||
Stock changes (C$) (iii) | (1,416) | (11) | (1,717) | (21) | ||
In-kind royalties and different changes (C$) (iv) | 2,815 | 21 | 1,516 | 17 | ||
Minesite prices (C$) | C$ 66,071 | C$ 493 | C$ 51,041 | C$ 585 | ||
Meliadine mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 95,725 | 90,467 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 93,451 | $ 976 | $ 81,194 | $ 897 | ||
Stock changes (ii) | (3,300) | (34) | 3,624 | 40 | ||
Realized positive factors and losses on hedges of manufacturing prices | 280 | 3 | 88 | 1 | ||
Different changes (iv) | (58) | (1) | 105 | 2 | ||
Complete money prices (co-product foundation) | $ 90,373 | $ 944 | $ 85,011 | $ 940 | ||
By-product steel revenues | (235) | (2) | (200) | (3) | ||
Complete money prices (by-product foundation) | $ 90,138 | $ 942 | $ 84,811 | $ 937 | ||
Meliadine mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 496 | 476 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 93,451 | $ 188 | $ 81,194 | $ 170 | ||
Manufacturing prices (C$) | C$ 125,926 | C$ 254 | C$ 108,881 | C$ 228 | ||
Stock changes (C$) (iii) | (4,395) | (9) | 5,050 | 11 | ||
Minesite prices (C$) | C$ 121,531 | C$ 245 | C$ 113,931 | C$ 239 | ||
Meadowbank advanced (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 127,774 | 111,110 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 114,162 | $ 893 | $ 130,004 | $ 1,170 | ||
Stock changes (ii) | 5,905 | 47 | (1,654) | (15) | ||
Realized positive factors and losses on hedges of manufacturing prices | 546 | 4 | (1,499) | (13) | ||
Different changes (iv) | (59) | — | (55) | 1 | ||
Complete money prices (co-product foundation) | $ 120,554 | $ 944 | $ 126,796 | $ 1,141 | ||
By-product steel revenues | (866) | (7) | (825) | (7) | ||
Complete money prices (by-product foundation) | $ 119,688 | $ 937 | $ 125,971 | $ 1,134 | ||
Meadowbank advanced (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 1,071 | 983 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 114,162 | $ 107 | $ 130,004 | $ 132 | ||
Manufacturing prices (C$) | C$ 153,594 | C$ 143 | C$ 172,978 | C$ 176 | ||
Stock changes (C$) (iii) | 8,002 | 8 | (2,226) | (2) | ||
Minesite prices (C$) | C$ 161,596 | C$ 151 | C$ 170,752 | C$ 174 | ||
Fosterville mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 56,569 | 86,558 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 33,654 | $ 595 | $ 36,599 | $ 423 | ||
Stock changes (ii) | (3,136) | (55) | (2,364) | (27) | ||
Realized positive factors and losses on hedges of manufacturing prices | 18 | — | 188 | 2 | ||
Different changes (iv) | 17 | — | 46 | — | ||
Complete money prices (co-product foundation) | $ 30,553 | $ 540 | $ 34,469 | $ 398 | ||
By-product steel revenues | (160) | (3) | (157) | (2) | ||
Complete money prices (by-product foundation) | $ 30,393 | $ 537 | $ 34,312 | $ 396 | ||
Fosterville mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 172 | 148 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 33,654 | $ 196 | $ 36,599 | $ 248 | ||
Manufacturing prices (A$) | A$ 51,849 | A$ 301 | A$ 54,182 | A$ 367 | ||
Stock changes (A$) (ii) | (4,630) | (26) | (3,601) | (24) | ||
Minesite prices (A$) | A$ 47,219 | A$ 275 | A$ 50,581 | A$ 343 | ||
Kittila mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 54,581 | 63,692 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 59,038 | $ 1,082 | $ 53,295 | $ 837 | ||
Stock changes (ii) | (495) | (9) | (40) | (1) | ||
Realized positive factors and losses on hedges of manufacturing prices | (11) | — | (633) | (10) | ||
Different changes (iv) | (68) | (2) | (1,223) | (19) | ||
Complete money prices (co-product foundation) | $ 58,464 | $ 1,071 | $ 51,399 | $ 807 | ||
By-product steel revenues | (89) | (1) | (69) | (1) | ||
Complete money prices (by-product foundation) | $ 58,375 | $ 1,070 | $ 51,330 | $ 806 | ||
Kittila mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore milled (hundreds of tonnes) | 482 | 496 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 59,038 | $ 122 | $ 53,295 | $ 107 | ||
Manufacturing prices (€) | € 54,479 | € 113 | € 48,751 | € 98 | ||
Stock changes (€) (iii) | (370) | (1) | (114) | — | ||
Minesite prices (€) | € 54,109 | € 112 | € 48,637 | € 98 | ||
Pinos Altos mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 24,725 | 24,134 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 33,407 | $ 1,351 | $ 32,922 | $ 1,364 | ||
Stock changes (ii) | 6,655 | 269 | (248) | (10) | ||
Realized positive factors and losses on hedges of manufacturing prices | — | — | (453) | (19) | ||
Different changes (iv) | 318 | 13 | 292 | 12 | ||
Complete money prices (co-product foundation) | $ 40,380 | $ 1,633 | $ 32,513 | $ 1,347 | ||
By-product steel revenues | (7,050) | (285) | (5,574) | (231) | ||
Complete money prices (by-product foundation) | $ 33,330 | $ 1,348 | $ 26,939 | $ 1,116 | ||
Pinos Altos mine (per tonne) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore processed (hundreds of tonnes) | 426 | 364 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 33,407 | $ 78 | $ 32,922 | $ 90 | ||
Stock changes (iii) | 6,655 | 16 | (248) | — | ||
Minesite prices | $ 40,062 | $ 94 | $ 32,674 | $ 90 | ||
La India mine (per ounce) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Gold manufacturing (ounces) | 10,582 | 16,321 | ||||
(hundreds) | ($ per ounce) | (hundreds) | ($ per ounce) | |||
Manufacturing prices | $ 15,984 | $ 1,510 | $ 20,092 | $ 1,231 | ||
Stock changes (ii) | (234) | (22) | 1,448 | 89 | ||
Different changes (iv) | 133 | 13 | 129 | 8 | ||
Complete money prices (co-product foundation) | $ 15,883 | $ 1,501 | $ 21,669 | $ 1,328 | ||
By-product steel revenues | (502) | (48) | (315) | (20) | ||
Complete money prices (by-product foundation) | $ 15,381 | $ 1,453 | $ 21,354 | $ 1,308 | ||
La India mine (per tonne) (v) | Three Months Ended March 31, | |||||
2024 | 2023 | |||||
Tonnes of ore processed (hundreds of tonnes) | — | 660 | ||||
(hundreds) | ($ per tonne) | (hundreds) | ($ per tonne) | |||
Manufacturing prices | $ 15,984 | $ — | $ 20,092 | $ 30 | ||
Stock changes (iii) | (15,984) | — | 1,448 | 3 | ||
Minesite prices | $ — | $ — | $ 21,540 | $ 33 | ||
Notes: | ||||||
(i) The data set out on this desk displays the Firm’s 50% curiosity within the Canadian Malartic advanced as much as and together with March 30, 2023 and 100% curiosity thereafter. | ||||||
(ii) Underneath the Firm’s income recognition coverage, income from contracts with clients is acknowledged upon the switch of management over metals offered to the shopper. As the overall money prices per ounce are calculated on a manufacturing foundation, a listing adjustment is made to mirror the portion of manufacturing not but acknowledged as income. | ||||||
(iii) This stock adjustment displays manufacturing prices related to the portion of manufacturing nonetheless in stock. | ||||||
(iv) Different changes consists of prices related to a 5% in-kind royalty paid in respect of the Canadian Malartic advanced, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine and smelting, refining, and advertising and marketing expenses to manufacturing prices. | ||||||
(v) The La India mine’s value calculations per tonne for the three months ended March 31, 2024 exclude roughly $16.0 million of manufacturing prices incurred through the three months ended March 31, 2024 following the cessation of mining actions on the La India open pit through the fourth quarter of 2023. |
Reconciliation of Manufacturing Prices to Complete Money Prices per Ounce (iv) and All-in Sustaining Prices per Ounce (iv) | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measure all-in sustaining prices per ounce. | |||
The next tables set out a reconciliation of manufacturing prices to the Firm’s use of the non-GAAP measure all-in sustaining prices per ounce for the three months ended March 31, 2024 and March 31, 2023 on each a by-product foundation (deducting by-product steel revenues from manufacturing prices) and co-product foundation (with out deducting by-product steel revenues). | |||
Three Months Ended March 31, | |||
(United States {dollars} per ounce, besides the place famous) | 2024 | 2023 | |
Manufacturing prices per the consolidated statements of earnings (hundreds of United States {dollars}) | $ 783,585 | $ 653,144 | |
Gold manufacturing (ounces) | 878,652 | 812,813 | |
Manufacturing prices per ounce | $ 892 | $ 804 | |
Changes: | |||
Stock changes (i) | (4) | 30 | |
Realized positive factors and losses on hedges of manufacturing prices | 1 | 6 | |
Different (ii) | 41 | 21 | |
Complete money prices per ounce (co-product foundation) (iii) | $ 930 | $ 861 | |
By-product steel revenues | (29) | (29) | |
Complete money prices per ounce (by-product foundation) (iii) | $ 901 | $ 832 | |
Changes: | |||
Sustaining capital expenditures (together with capitalized exploration) | 216 | 215 | |
Normal and administrative bills (together with inventory choice expense) | 55 | 59 | |
Non-cash reclamation provision and sustaining leases (iv) | 18 | 19 | |
All-in sustaining prices per ounce (by-product foundation) | $ 1,190 | $ 1,125 | |
By-product steel revenues | 29 | 29 | |
All-in sustaining prices per ounce (co-product foundation) | $ 1,219 | $ 1,154 |
Notes: | |||
(i) Underneath the Firm’s income recognition coverage, income from contracts with clients is acknowledged upon the switch of management over metals offered to the shopper. As the overall money prices per ounce are calculated on a manufacturing foundation, a listing adjustment is made to mirror the portion of manufacturing not but acknowledged as income. | |||
(ii) Different changes include in-kind royalties, smelting, refining and advertising and marketing expenses to manufacturing prices. | |||
(iii) The entire money prices per ounce is just not a acknowledged measure underneath IFRS and this information will not be akin to information reported by different gold producers Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of whole money value per ounce. | |||
(iv) Sustaining leases are lease funds associated to sustaining belongings. |
Reconciliation of Sustaining Capital Expenditures (i) and Improvement Capital Expenditures (i) to the Consolidated Statements of Money Flows | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measures sustaining capital expenditures and growth capital expenditures. | |||
The next tables set out a reconciliation of sustaining capital expenditures and growth capital expenditures to the additions to property, plant and mine growth per the condensed interim consolidated statements of money flows for the three months ended March 31, 2024 and March 31, 2023. | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Sustaining capital expenditures (i)(ii) | $ 190,607 | $ 174,632 | |
Improvement capital expenditures (i)(ii) | 181,411 | 167,103 | |
Complete Capital Expenditures | $ 372,018 | $ 341,735 | |
Working capital changes | 15,569 | 43,199 | |
Additions to property, plant and mine growth per the consolidated statements of money flows | $ 387,587 | $ 384,934 | |
Notes: | |||
(i) Sustaining capital expenditures and growth capital expenditures will not be acknowledged measures underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of the measures sustaining capital expenditures and growth capital expenditures. | |||
(ii) Sustaining capital expenditures and growth capital expenditures embrace capitalized exploration. |
Reconciliation of Lengthy-Time period Debt to Web Debt (i) | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measure web debt. | |||
The next tables set out a reconciliation of long-term debt per the condensed interim consolidated steadiness sheets to web debt as at March 31, 2024 and December 31, 2023. | |||
As at | As at | ||
March 31, 2024 | December 31, 2023 | ||
Present portion of long-term debt per the condensed interim consolidated steadiness sheets | $ 100,000 | $ 100,000 | |
Non-current portion of long-term debt | 1,741,017 | 1,743,086 | |
Lengthy-term debt | $ 1,841,017 | $ 1,843,086 | |
Adjustment: | |||
Money and money equivalents | $ (524,625) | $ (338,648) | |
Web Debt (i) | $ 1,316,392 | $ 1,504,438 |
Notice: | |||
(i) Web debt is just not a acknowledged measure underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of web debt. |
Reconciliation of Adjusted Web Revenue (i) to Web Revenue | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measure adjusted web earnings. | |||
The next tables set out a reconciliation of web earnings per the condensed interim consolidated statements of earnings to adjusted web earnings for the three months ended March 31, 2024 and March 31, 2023. | |||
(hundreds of United States {dollars}) | Three Months Ended March 31, | ||
2024 | 2023 | ||
Web earnings for the interval – fundamental | $ 347,192 | $ 1,816,891 | |
Dilutive affect of money settling LTIP | 364 | (1,776) | |
Web earnings for the interval – diluted | $ 347,556 | $ 1,815,115 | |
Overseas foreign money translation (acquire) loss | (4,547) | 220 | |
Loss (acquire) on spinoff monetary devices | 45,935 | (6,539) | |
Environmental remediation | 1,799 | (557) | |
Transaction prices associated to acquisitions | — | 15,238 | |
Revaluation acquire on Yamana Transaction | — | (1,543,414) | |
Web loss on disposal of property, plant and gear | 3,547 | 2,542 | |
Revenue and mining taxes changes (ii) | (16,455) | (13,102) | |
Adjusted web earnings (i) for the interval – fundamental | $ 377,471 | $ 271,279 | |
Adjusted web earnings (i) for the interval – diluted | $ 377,835 | $ 269,503 |
Notes: | |||
(i) Adjusted web earnings is just not a acknowledged measure underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of adjusted web earnings. | |||
(ii) Revenue and mining taxes changes mirror objects similar to overseas foreign money translation recorded to the earnings and mining taxes expense, the affect of earnings and mining taxes on adjusted objects, recognition of beforehand unrecognized capital losses, the results of earnings and mining taxes audits, affect of tax legislation adjustments and changes to prior interval tax filings. |
EBITDA (i) and Adjusted EBITDA (i) | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measures EBITDA and adjusted EBITDA. | |||
The next tables set out a reconciliation of web earnings per the condensed interim consolidated statements of earnings to EBITDA and adjusted EBITDA for the three months ended March 31, 2024 and March 31, 2023. | |||
Three Months Ended March 31, | |||
(hundreds of United States {dollars}) | 2024 | 2023 | |
Web earnings for the interval | $ 347,192 | $ 1,816,891 | |
Finance prices | 36,265 | 23,448 | |
Amortization of property, plant and mine growth | 357,225 | 303,959 | |
Revenue and mining tax expense | 141,856 | 128,608 | |
EBITDA (i) | 882,538 | 2,272,906 | |
Overseas foreign money translation (acquire) loss | (4,547) | 220 | |
Loss (acquire) on spinoff monetary devices | 45,935 | (6,539) | |
Environmental remediation | 1,799 | (557) | |
Transaction prices associated to acquisitions | — | 15,238 | |
Revaluation acquire on Yamana Transaction | — | (1,543,414) | |
Web loss on disposal of property, plant and gear | 3,547 | 2,542 | |
Adjusted EBITDA (i) | $ 929,272 | $ 740,396 |
Notice: | |||
(i) EBITDA and adjusted EBITDA will not be acknowledged measures underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of EBITDA and adjusted EBITDA. | |||
Free Money Stream (i) and Free Money Stream Earlier than Modifications in Non-Money Working Capital Balances (i) | |||
Seek advice from Notice Relating to Sure Measures of Efficiency on this information launch for particulars on the composition, usefulness and different data concerning the Firm’s use of the non-GAAP measures free money circulate, free money circulate earlier than adjustments in non-cash parts of working capital and money offered by working actions earlier than working capital changes. | |||
The next tables set out a reconciliation of money offered by working actions per the condensed interim consolidated statements of money flows to free money circulate and free money circulate earlier than adjustments in non-cash working capital balances and to money offered by working actions earlier than adjustments in non-cash working capital balances for the three months ended March 31, 2024 and March 31, 2023. | |||
Three Months Ended March 31, | |||
(hundreds of United States {dollars}) | 2024 | 2023 | |
Money offered by working actions | $ 783,175 | $ 649,613 | |
Additions to property, plant and mine growth | (387,587) | (384,934) | |
Free Money Stream (i) | 395,588 | 264,679 | |
Modifications in commerce receivables | $ (1,208) | $ (8,395) | |
Modifications in earnings taxes | (376) | (23,977) | |
Modifications in stock | (28,172) | (2,068) | |
Modifications in different present belongings | (25,410) | (10,995) | |
Modifications in accounts payable and accrued liabilities | 53,990 | 7,269 | |
Modifications in curiosity payable | (4,931) | (2,648) | |
Free money circulate earlier than adjustments in non-cash working capital balances (i) | $ 389,481 | $ 223,865 | |
Additions to property, plant and mine growth | 387,587 | 384,934 | |
Money offered by working actions earlier than adjustments in non-cash working capital balances (ii) | $ 777,068 | $ 608,799 | |
Money offered by working actions per share – fundamental | $ 1.57 | $ 1.39 | |
Money offered by working actions earlier than adjustments in non-cash working capital balances per share – fundamental (ii) | $ 1.56 | $ 1.30 | |
Free money circulate per share – fundamental (i) | $ 0.79 | $ 0.56 | |
Free money circulate earlier than adjustments in non-cash working capital balances – fundamental (i) | $ 0.78 | $ 0.48 |
Notes: | |||
(i) Free money circulate and free money circulate earlier than adjustments in non-cash working capital balances will not be acknowledged measures underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of free money circulate and free money circulate earlier than adjustments in non-cash working capital balances | |||
(ii) Money offered by working actions earlier than adjustments in non-cash working capital balances is just not a acknowledged measure underneath IFRS and this information will not be akin to different gold producers. See Notice Relating to Sure Measures of Efficiency for extra data on the Firm’s use of money offered by working actions earlier than adjustments in non-cash working capital balances |
View unique content material: https://www.prnewswire.com/news-releases/agnico-eagle-reports-first-quarter-2024-results–strong-quarterly-gold-production-and-cost-performance-drive-record-quarterly-free-cash-flow-2023-sustainability-report-released-302127907.html
SOURCE Agnico Eagle Mines Restricted
View unique content material: http://www.newswire.ca/en/releases/archive/April2024/25/c1394.html
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