Agnico Eagle Mines Ltd T.AEM

Alternate Symbol(s): AEM

Metals & Mining Gold

Agnico Eagle Mines Limited is a Canada-based gold mining company engaged in producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of exploration and development projects in these countries as well as in the United States. Its operations include Canadian Malartic Complex, Detour Lake, Fosterville, Goldex, Kittila, La India, LaRonde Complex, Macassa, Meadowbank Complex, Meliadine and Pinos Altos. Its exploration site includes Anza, Barsele, Delta, Douay/Joutel, Kirkland Lake Regional, Kuotko, Hope Bay/ Oro, Monument Bay and others. The Canadian Malartic Complex is located over 25 kilometers (km) west of Val-d’Or in northwestern Quebec, Canada. The Detour Lake operation is located in northeastern Ontario, over 300 km northeast of Timmins and 185 km by road northeast of Cochrane, within the northernmost Abitibi Greenstone Belt. The Fosterville mine is a high-grade, low-cost underground gold mine, located 20 km from the city of Bendigo.

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Agnico Eagle Mines Ltd

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Post by retiredcfon Apr 26, 2024 9:01am

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Post# 36008957

RBC

April 25, 2024

Agnico Eagle Mines Limited
1Q23 results; first impressions slightly positive

Sentiment: Positive

Our view: Slightly positive. Operating results were ahead of expectations (production +2% vs. cons, AISC -3% cons), supported by upside at Malartic (open pit grade and throughput upside), and partially offset by Detour (low grade sequencing, lower recoveries). AISC also benefited from lighter capital spending, which AEM guided to increase over the balance of the year. Higher production and sales primarily supported better FCF of $396m (RBCe and cons $300m), while earnings of $0.76 (RBCe $0.67, cons $0.61) were supported by lower depreciation. AEM reiterated annual guidance, project updates were largely in line, and Odyssey exploration continued to demonstrate meaningful potential resource upside. AEM reiterated targets for a Detour Lake update in 2Q evaluating underground mining and mill optimization, and revised its Abitibi regional update to include an Upper Beaver processing trade-off analysis at mid-year (vs. previously a Wasamac and Upper Beaver update in 1H).

Conference call: Friday, April 26, 8:30 am ET, Dial in: +1-(888) 664-6392

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