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AEM New 52 week high
Agnico Eagle Mines Ltd Barchart Opinion
Overall Average:
100% Buy
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AEM.TO - Agnico Eagle Mines Ltd Stock Barchart Opinion - Barchart.com
https://www.barchart.com/stocks/quotes/AEM.TO/opinion#google_vignette
AEM new 52 week high
AEM new 52+week high
AEM new 52 week high
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AEM new 52 hi
Next day settlement begins 5/28
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS - RECORD QUARTERLY AND ANNUAL GOLD PRODUCTION AND
FREE CASH FLOW; RECORD MINERAL RESERVES INCREASED 10.5%; UPDATED THREE-YEAR GUIDANCE
February 15, 2024
(All amounts expressed in U.S. dollars unless otherwise noted)
Stock Symbol: AEM (NYSE and TSX)
https://ih.advfn.com/stock-market/TSX/AEM/stock-news/93293879/agnico-eagle-reports-fourth-quarter-and-full-year
TORONTO, Feb. 15, 2024 /CNW/ - 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 of 2023, as well as future operating guidance.
"We had a very strong close to 2023, with our fourth quarter results driving a record year in terms of safety, operating and financial performance. We achieved the top end of our gold production guidance range and the mid-point of our cost guidance ranges despite inflationary pressures throughout the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are extremely pleased with the results that our teams have accomplished with their hard work this year and we have much to look forward to. We are reporting record mineral reserves and a stable production profile at industry leading costs, anchored by the two largest gold operations in Canada, the Detour Lake mine and the Canadian Malartic complex. We continue to advance studies on optimizing our Abitibi platform and we expect to provide additional updates in the first half of 2024. Our track record of executing and delivering results demonstrates the strength of our business and we are well positioned to create long-term value and generate strong returns," added Mr. Al-Joundi.
Fourth quarter and full year 2023 highlights:
Record quarterly gold production – Payable gold production1 in the fourth quarter of 2023 was 903,208 ounces at production costs per ounce of $861, total cash costs per ounce2 of $888 and all-in sustaining costs ("AISC") per ounce3 of $1,227. Gold production in the fourth quarter of 2023 was led by strong production at the Detour Lake mine, the LaRonde complex and the Macassa mine, offsetting lower production at the Fosterville mine
Record quarterly cash provided by operating activities and free cash flow – The Company reported a quarterly net loss of $381.0 million or $0.77 per share and adjusted net income4 of $282.3 million or $0.57 per share for the fourth quarter of 2023. Included in the quarterly net loss are impairment charges totaling $667 million (net of tax) or $1.35 per share relating to the Macassa and Pinos Altos mines. Cash provided by operating activities was $1.47 per share ($1.57 per share before working capital adjustments5) and free cash flow5 was $0.61 per share ($0.71 per share before working capital adjustments5)
Record annual safety performance, annual gold production and free cash flow driven by solid operational performance – Payable gold production in 2023 was 3,439,654 ounces at production costs per ounce of $853, total cash costs per ounce of $865 and AISC per ounce of $1,179. Production for 2023 was at the very top end of the Company's 2023 guidance range of 3.24 million ounces to 3.44 million ounces. Total cash costs per ounce were at the midpoint of the Company's 2023 guidance and AISC per ounce were in the range of the Company's 2023 guidance. Free cash flow for the full year 2023 was $947.4 million ($1,093.8 million before changes in non-cash components of working capital)
Record gold mineral reserves driven by declaration of initial mineral reserves at East Gouldie – Year-end 2023 gold mineral reserves increased by 10.5% to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining 50% interest in the Canadian Malartic complex and net mineral reserve additions at Macassa. At year-end 2023, measured and indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake. For further details, see the Company's exploration news release dated February 15, 2024
Stable three-year production outlook – Payable gold production is forecast to be approximately 3.35 to 3.55 million ounces in 2024 and approximately 3.40 to 3.60 million ounces in 2025 (unchanged from prior three-year guidance issued on February 16, 2023 ("Previous Guidance")). Payable gold production is forecast to remain stable in 2026 at an expected range of approximately 3.40 to 3.60 million ounces
Unit costs reflect easing rate of inflation – Total cash costs per ounce and AISC per ounce in 2024 are forecast to be $875 to $925 and $1,200 to $1,250, respectively. The midpoints of these ranges each represent an approximate 4% increase when compared to the full year 2023 total cash costs per ounce of $865 and AISC per ounce of $1,179. The expected cost increases in 2024 are mostly related to labour, spare parts and maintenance
Capital expenditures forecast to be approximately $1.65 billion in 2024 – Capital expenditures in 2024 (excluding capitalized exploration) are expected to increase relative to Previous Guidance of $1.40 to 1.60 billion. The expected increase in 2024 is mostly attributable to 100% ownership of Canadian Malartic for the full year, inflation and additional capital expenditures at Detour Lake
Strategic optimization initiatives improve Canadian production base, with further clarity on the medium term potential to be provided through 2024 – Key developments in 2023 included the declaration of commercial production at Canadian Malartic's Odyssey South deposit, a 12% increase in mill throughput at Detour Lake year-over-year and development of the Near Surface ("NSUR") and Amalgamated Kirkland ("AK") deposits at Macassa. The Company expects to provide updates on additional opportunities that are being evaluated in the Abitibi region in the first half of 2024
Odyssey mine at the Canadian Malartic complex – The planned mining rate of 3,500 tonnes per day ("tpd") at Odyssey South was reached earlier than anticipated and sustained through the fourth quarter of 2023. Ramp development has also exceeded target, reaching a depth of 715 metres as at December 31, 2023. The Company is evaluating the potential to accelerate initial production from East Gouldie to 2026 from 2027. Surface construction is progressing as planned, with approximately 65% completed at year-end, and shaft sinking activities continued to ramp up through the quarter. Infill and expansion drilling in 2023 resulted in the declaration of an initial mineral reserve in the central portion of the East Gouldie deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) and the extension of the East Gouldie mineral resource laterally by 870 metres
Detour Lake – The mill delivered a strong performance in the fourth quarter of 2023, operating at a throughput rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2 million tonnes per annum ("Mtpa"). With sustained improvements year-over-year, the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized rate of approximately 28 Mtpa) late in the second half of 2024, previously expected in 2025. At year-end 2023, the Company reported an initial underground inferred mineral resource below and to the west of the existing pit, totaling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) and continues to evaluate the potential for underground mining. Exploration in 2024 is expected to continue to test the west plunge extension of the main deposit. An exploration ramp is also being considered to facilitate drilling that would increase confidence in the continuity of the inferred mineral resource and, potentially, to collect a bulk sample. The Company expects to provide an update on mill optimization efforts, the Detour underground project and ongoing exploration results in the first half of 2024
Abitibi region of Quebec and Ontario – Macassa's NSUR and AK deposits have now been incorporated in the Company's production guidance. At Upper Beaver, the Company is conducting a trade-off analysis comparing transporting and processing ore at the LaRonde mill to a standalone central mill for Upper Beaver and satellite deposits. An exploration ramp and shaft are being considered at Upper Beaver in order to upgrade and further explore the deeper portions of the deposit. At Wasamac, the Company is assessing hauling alternatives and the optimal mining rate for transporting and processing ore at the Canadian Malartic mill. The Company expects to complete internal technical evaluations for Upper Beaver and Wasamac in the first half of 2024
Amaruq mine at the Meadowbank complex – The Company extended Amaruq's mine life to 2028 (previous mine life was to 2026), adding approximately 500,000 ounces of gold to the expected mining profile, as a result of continuous improvement and cost optimization efforts, positive infill drilling and positive reconciliation to the geological model
Hope Bay – At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based on recent exploration success, the Company is evaluating a larger potential production scenario for Hope Bay. The Company expects to report results from this internal technical evaluation in 2025
A quarterly dividend of $0.40 per share has been declared
___________________________
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 is a non-GAAP ratio that is not a standardized financial measure under IFRS and in this news release, unless otherwise specified, is reported on (i) a per ounce of gold produced basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation of total cash costs to production costs on both a by-product and a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and in this news release, unless otherwise specified, is reported on (i) a per ounce of gold produced basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs and for all-in sustaining costs on both a by-product and co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
4 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 "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
5 Cash provided by operating activities before working capital adjustments, free cash flow and free cash flow before changes in non-cash components of working capital 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 "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
Fourth Quarter and Full Year 2023 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Friday, February 16, 2024 at 11:00 AM (E.S.T.) to discuss the Company's fourth quarter and full year 2023 financial and operating results.
Via Webcast:
A live audio webcast of the conference call will be available on the Company's website www.agnicoeagle.com.
Via URL Entry:
To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3vf5XBm to receive an instant automated call back.
You can also dial direct to be entered to the call by an Operator (see "Via Telephone" details below).
Via Telephone:
For those preferring to listen by telephone, please dial 416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay Archive:
Please dial 416-764-8677 or toll-free 1-888-390-0541, access code 178426#. The conference call replay will expire on March 16, 2024.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Fourth Quarter 2023 Production and Cost Results
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This is a reminder that Agnico Eagle will be holding their Q3 2023 Results Conference Call and Webcast this Thursday, October 26, 2023 at 11:00 AM (EST).
For full details, and to register, please visit the Agnico Eagle website: Q3 2023 Results Conference Call and Webcast
Click here for a complete listing of Agnico Eagle events.
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To unsubscribe from this list please visit the email alert section of the Agnico Eagle website.
Renewed Hope! Huge Gold & Silver News from China & Russia - Simon Hunt (Watch Till the End)
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Northern gold miner celebrates $320M mining shaft that will boost production, cut costs
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Analyst Recommendation
From one of the best analysts in the metals sector. GLTA
BUY
Agnico-Eagle Mines(AEM-T)
14/07/2023
Very strong gold company.
Excellent track record of capital allocation.
Strong cash flow and balance sheet.
Not a speculative stock - quality long term investment.
Would recommend buying.
Precious Metals
Rick Rule
$69.560
Owned
AGNICO EAGLE PROVIDES UPDATE ON CANADIAN MALARTIC COMPLEX -INTERNAL STUDY DEMONSTRATES IMPROVED VALUE, EXTENDS MINE LIFE AND SUPPORTS POTENTIAL FUTURE PRODUCTION GROWTH IN THE ABITIBI GREENSTONE BELT; POSITIVE EXPLORATION RESULTS EXPECTED TO RESULT IN INCREASED MINERAL RESERVES AND MINERAL RESOURCES; ADDITIONAL PROPERTY SCALE TARGETS BEING EVALUATED
June 20, 2023 - 6:30 AM
https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/default.aspx
Panic-Proof Portfolio
TOP PICK
Agnico-Eagle Mines(AEM-T)
18/05/2023
Stockchase Research Editor: Michael O'Reilly
This Canadian based producer of over 3 million ounces of gold, is the third largest producer
in the world.
It trades at 12x earnings and 1.6x book.
Cash reserves are growing as debt is retired and shares are bought back.
Its dividend is backed by a payout ratio under 35% of cash flow.
We recommend a stop-loss at $52, looking to achieve $92 -- upside potential of 26%.
Yield 2.1%
(Analysts’ price target is $91.85)
Precious Metals
$72.150
2 # Views - Click to view;
For Junior Gold Producing Low Cost Mines:
ARIS Mining Corp. Woodyer, Neil CEO RE: more insider buying with great knowledge 
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total a million dollar buy. that is what a good leader does.
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Aris Mining - 2 Producing Gold Mines in Colombia
Ammar Al-Joundi, president and CEO, Agnico Eagle, joins BNN Bloomberg to discuss the
company's latest quarterly results. He also talks about the recent acquisition of Yamana's
assets.
Having Canadian control of Canadian assets has always been important: Agnico Eagle
CEO
https://www.bnnbloomberg.ca/video/having-canadian-control-of-canadian-assets-has-always-been-important-agnico-eagle-ceo~2676722
Agnico is the 3rd largest gold producer and will produce over 3 million ozs of gold in 2023.
Agnico owns Canada’s 2 largest gold mines, Malartic and Detour, and 80% of Agnico’s
production comes from Canada.
Agnico is the 3rd largest gold producer and will produce over 3 million ozs of gold in 2023.
Agnico owns Canada’s 2 largest gold mines, Malartic and Detour, and 80% of Agnico’s
production comes from Canada.
TSX:AEM - Post Discussion
AGNICO EAGLE MINES LIMITED > Moody's
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Post by retiredcf on Apr 10, 2023 12:21pm
Moody's
09:07 AM EDT, 04/10/2023 (MT Newswires) --
Moody's on Friday revised the rating outlook
for Agnico Eagle Mines (AEM.TO and NYSE: AEM) to positive from stable.
The rating agency also affirmed the company's long-term issuer rating at Baa2.
"The outlook change to positive reflects the strengthening of Agnico's business profile following its acquisitions of Kirkland Lake Gold, and Yamana's interests in Canadian Malartic and Wasamac while maintaining low leverage and conservative financial policies", Jamie Koutsoukis, Moody's vice president and senior analyst, said.
The company's shares, which rose 8.1% in Canada on Thursday, slipped 0.8% in premarket
trading on Monday.
Agnico Eagle Mines and Teck Resources Ltd. (TSX: TECK.A, TECK.B and NYSE: TECK)
reported the completion of a joint venture transaction between the companies to advance
the San Nicolas copper-zinc development project.
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Kirkland Lake Gold’s corporate goal is to create a self sustaining and long lived intermediate Gold Mining Company based in the historic Kirkland Lake Gold Camp. The Company plans to do this by increasing production capacity to 2,200 tons of ore per day in several stages, and by decreasing production costs by realizing the economies of scale associated with that higher production capacity. At the same time, the company is committed to maintaining a significant exploration program aimed at developing and maintaining a property wide reserve and resource base sufficient to sustain a mine life of more than ten years for as long as practicable.
Kirkland Lake Gold Inc. is an operating and exploration gold company located in Kirkland Lake, ON in the Southern Abitibi gold belt. In 2001, the Company acquired 13,000 acres of five contiguous formerly producing gold mines, which had historically produced 21 million ounces of gold grading 15.1 grams per ton (0.44 ounces per ton) primarily from the Main/’04 Break system. The current focus is on expanding gold production from the Main/'04 Break, and a new discovery area, the South Mine Complex (SMC).
Resources as of Jan, 1 2013
Mr. Ogilvie received his B.Sc. (Hons.) in Mining and Petroleum Engineering from Strathclyde University in Glasgow, Scotland. He is a Professional Engineer and holds his Mine Managers Certificate (South Africa) with more than 24 years management, operating and technical experience in the mining industry. George began his career working for Anglo America in 1989. In 1997, he held the position of Mine Superintendent at Hudson Bay Mining, playing a key operations role at the Ruttan Mine in Northern Manitoba. In 2004 he joined Dynatec Corporation as their Area Manager for the Sudbury Basin, and later worked at the McCreedy West Mine as Mine Manger. Mr. Ogilvie also holds the position of Chief Executive Officer at Rambler Metals and Mining PLC. During his seven years at Rambler Metals and Mining, George and his team were responsible for transitioning the company from a grass roots explorer to profitable junior producer. 
John S. Thomson, a Chartered Accountant from Scotland who has also studied at INSEAD, has worked internationally in a variety of senior roles for companies including PepsiCo. Most recently, Mr. Thomson has built up a successful consulting business providing advice to institutional shareholders and management teams in the media, minerals and technology sectors. He is a non-Executive Director of Parragon Publishing Ltd., a successful international publisher with operations in Europe, India, the UK and USA.
Stewart Carmichael graduated from McMaster University in 1982 with a Bachelor of Science degree in geology. He possesses 27 years of exploration experience, primarily in gold in the Abitibi Greenstone Belt, with extensive related work in the Kirkland Lake area.
He joined Kirkland Lake Gold Inc. in April, 2002 as Chief Exploration Geologist. In 2006 he was the co-winner of the 2006 Ontario Prospectors Award in recognition of the discovery of the South Mine Complex at the Macassa Mine in Kirkland Lake.
He is a past Fellow of the Geological Association of Canada and a current member of the Association of Professional Geoscientists of Ontario. Mr. Carmichael is a “qualified person” for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, with regard to exploration.
Ray Belecque started working at the Macassa mine in 1970. He started as a miner and subsequently went into milling as an operator and was promoted to General Mill Foreman with Lac Minerals. Again promoted to Mill Superintendent and then to Operations Superintendent with Kinross. Subsequently Ray transferred from Kinross to Foxpoint Resources and to the present Kirkland Lake Gold in January, 2001 as General Manager.
Latest news:
Operational Update And Fiscal 2014 Third Quarter Operating Results Kirkland Lake Gold Provides Update Regarding Shareholder Rights Plan Kirkland Lake Gold Approves Shareholder Rights Plan Kirkland Lake Gold Announces Strategic Review Process And Directorship Change
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