(All amounts expressed in U.S. dollars unless otherwise noted)
Stock Symbol: AEM (NYSE and TSX)
TORONTO, Feb. 13, 2025 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the fourth quarter and full year 2024, as well as future operating guidance.
“I’m pleased to report another year of record operational and financial performance, achieving our production and cost guidance. We are very proud of our team’s work to control costs, which, coupled with a favourable gold price environment, has resulted in record operating margins. This success, along with capital discipline, has enabled us to reduce net debt by $1.3 billion since the beginning of the year and return close to $1.0 billion dollars to our shareholders,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “Looking ahead, we will remain laser focused on cost control and capital discipline. Our updated three-year production guidance forecasts stable production at peer leading costs. Our exploration program continues to yield positive results, replacing mineral reserves and increasing our mineral resource base. Given our solid track record of execution, we believe we are well positioned to continue to generate strong returns while we advance our pipeline projects and build the foundations for profitable future growth,” added Mr. Al-Joundi.
Fourth quarter and full year 2024 highlights:
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1
Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.
2
Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see “Note Regarding Certain Measures of Performance” below.
3
Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see “Note Regarding Certain Measures of Performance” below.
4
Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before changes in non-cash working capital balances and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see “Note Regarding Certain Measures of Performance” below.
5
Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see “Note Regarding Certain Measures of Performance” below.
Fourth Quarter and Full Year 2024 Results Conference Call and Webcast Tomorrow
Agnico Eagle’s senior management will host a conference call on Friday, February 14, 2025, at 11:00 AM (E.S.T.) to discuss the Company’s financial and operating results.
Via Webcast:
To listen to the live webcast of the conference call, you may register on the Company’s website at www.agnicoeagle.com, or directly via the link here.
Via Phone:
To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.
Replay Archive:
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 93737#. The conference call replay will expire on March 14, 2025.
The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.
Fourth Quarter and Full Year 2024 Production and Cost Results
Production and Cost Results Summary
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023*
Gold production (ounces)
847,401
903,208
3,485,336
3,439,654
Gold sales (ounces)
824,902
874,629
3,434,094
3,364,132
Production costs per ounce**
$ 881
$ 861
$ 885
$ 853
Total cash costs per ounce**
$ 923
$ 888
$ 903
$ 865
AISC per ounce**
$ 1,316
$ 1,227
$ 1,239
$ 1,179
* Production and Cost Results Summary reflects Agnico Eagle’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter.
** Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis.
Gold Production
Production Costs per Ounce
Total Cash Costs per Ounce
AISC per Ounce
Fourth Quarter and Full Year 2024 Financial Results
Financial Results Summary
($ millions, unless otherwise stated)
Three Months Ended
December 31,
Year Ended
December 31,
2024
20236
2024
2023
Realized gold price ($/ounce)7
$ 2,660
$ 1,982
$ 2,384
$ 1,946
Net income (loss)8
$ 509
$ (374)
$ 1,896
$ 1,941
Adjusted net income
$ 632
$ 289
$ 2,118
$ 1,096
EBITDA9
$ 1,198
$ 103
$ 4,462
$ 3,981
Adjusted EBITDA9
$ 1,332
$ 842
$ 4,694
$ 3,236
Cash provided by operating activities
$ 1,132
$ 728
$ 3,961
$ 2,602
Cash provided by operating activities before changes in non-cash working capital balances
$ 1,090
$ 777
$ 3,881
$ 2,748
Capital expenditures10
$ 576
$ 437
$ 1,841
$ 1,601
Free cash flow
$ 570
$ 302
$ 2,143
$ 947
Free cash flow before changes in non-cash working capital balances
$ 528
$ 352
$ 2,063
$ 1,094
Net income (loss) per share (basic)
$ 1.02
$ (0.75)
$ 3.79
$ 3.97
Adjusted net income per share (basic)
$ 1.26
$ 0.58
$ 4.24
$ 2.24
Cash provided by operating activities per share (basic)
$ 2.26
$ 1.47
$ 7.92
$ 5.32
Cash provided by operating activities before changes in non-cash working capital balances
per share (basic)
$ 2.17
$ 1.57
$ 7.76
$ 5.62
Free cash flow per share (basic)
$ 1.14
$ 0.61
$ 4.29
$ 1.94
Free cash flow before changes in non-cash working capital balances per share (basic)
$ 1.05
$ 0.71
$ 4.13
$ 2.24
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6
Certain previously reported line items have been restated to reflect the final purchase price allocation related to the acquisition of the Canadian assets of Yamana Gold Inc. (the “Yamana Transaction”) including the 50% of Canadian Malartic that the Company did not then own. Reflects Agnico Eagle’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter.
7
Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
8
For the first quarter of 2023, includes a $1.5 billion revaluation gain on the 50% interest the Company owned in Canadian Malartic prior to the Yamana Transaction on March 31, 2023.
9
“EBITDA” means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see “Note Regarding Certain Measures of Performance” below.
10
Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see “Note Regarding Certain Measures of Performance” below.
Net Income
Adjusted EBITDA
Cash Provided by Operating Activities
Free Cash Flow Before Changes in Non-cash Working Capital Balances
Capital Expenditures
The following table sets out a summary of capital expenditures (including sustaining capital expenditures and development capital expenditures) and capitalized exploration in the fourth quarter and the full year 2024.
Summary of Capital Expenditures*
($ thousands)
Capital Expenditures**
Capitalized Exploration
Three Months
Ended
Year Ended
Three Months
Ended
Year Ended
Dec 31, 2024
Dec 31, 2024
Dec 31, 2024
Dec 31, 2024
Sustaining Capital Expenditures
LaRonde
$ 27,134
$ 90,259
$ 578
$ 1,927
Canadian Malartic
35,649
127,536
—
—
Goldex
11,927
51,839
(789)
1,747
Detour Lake
78,341
267,588
—
—
Macassa
15,911
44,300
508
1,767
Meliadine
17,184
70,848
2,676
8,824
Meadowbank
20,226
91,944
—
—
Fosterville
