Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless
otherwise noted)
TORONTO, Oct. 30,
2024 /PRNewswire/ - Agnico Eagle Mines Limited
(NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today
reported financial and operating results for the third quarter of
2024.
"We are excited to report record financial results for a fourth
consecutive quarter. Our focus on operational performance, cost
control and capital discipline has allowed us to deliver the
leverage to record gold prices to our shareholders. This quarter we
repaid $375 million of debt,
increased our cash position and continued to provide strong returns
to shareholders," said Ammar
Al-Joundi, Agnico Eagle's President and Chief Executive
Officer. "We remain focused on realizing the full potential of our
assets through continuous improvement and by advancing our pipeline
of projects and supplemental exploration program. Strong drill
results this quarter continue to demonstrate significant
exploration upside at several of our mines and key pipeline
projects, including the extension of the East Gouldie deposit at
Canadian Malartic and the expansion of high-grade mineralization at
Patch 7 at Hope Bay," added Mr. Al-Joundi.
Third quarter 2024 highlights:
- Solid quarterly gold production and cost performance –
Payable gold production1 was 863,445 ounces at
production costs per ounce of $908,
total cash costs per ounce2 of $921 and all-in sustaining costs ("AISC") per
ounce2 of $1,286
- Continued to deliver reliable operating and cost
performance – Gold production and costs in the third quarter of
2024 were in line with plan, driven by strong production in
Nunavut and at Macassa and
Fosterville. The Company's
continued focus on operational efficiencies and cost optimization
drove record quarterly throughput and mining rates at multiple
sites
- Well positioned to achieve 2024 gold production, cost and
capital expenditures guidance – The Company is tracking well to
meet its gold production guidance for the full year 2024. Total
cash costs per ounce, AISC per ounce and capital expenditures
guidance for 2024 remain unchanged
- Record quarterly adjusted net income3 – The
Company reported quarterly net income of $567.1 million or $1.13 per share and adjusted net income of
$572.6 million or $1.14 per share
- Record quarterly cash provided by operating activities and
free cash flow – The Company generated record cash provided by
operating activities of $1,084.5
million or $2.16 per share
($1,027.5 million or $2.05 per share before changes in non-cash
working capital balances4) and free cash
flow4 of $620.4 million or
$1.24 per share ($563.4 million or $1.12 per share before changes in non-cash
working capital balances4)
- Strengthening financial position with further reduction of
debt – The Company increased its cash position by $55.2 million to $977.2
million as at September 30,
2024. The Company continued to reduce net debt5
in the third quarter of 2024, repaying the $100.0 million 5.02% Series B Senior Notes at
maturity and repaying $275.0 million
of the $600.0 million unsecured term
loan facility drawn in 2023. Total debt outstanding was
$1,467.2 million as at September 30, 2024. Year-to-date, net debt has
been reduced by $1,014.4 million,
from $1,504.4 million at the
beginning of the year to $490.0
million as at September 30,
2024
- Continued focus on shareholder returns – In the third
quarter of 2024, the Company's Board of Directors declared a
quarterly dividend of $0.40 per
share. Additionally, the Company repurchased 362,343 common shares
at an average share price of $82.86
for an aggregate of $30.0 million
through its normal course issuer bid ("NCIB")
- Update on key value drivers and pipeline projects
- Detour Lake – In the third quarter of 2024, the Company
advanced the site preparation for the underground project,
including the completion of the pad that will host the surface
infrastructure for the underground project and the removal of the
overburden for the portal. Infill drilling into the high-grade
corridor in the West Pit zone continued to confirm higher grades
and a mineralized structure amenable to underground mining.
Highlights include 22.5 grams per tonne ("g/t") gold over 12.9
metres at 490 metres depth and 15.0 g/t gold over 18.9 metres at
573 metres depth. Drilling into the West Extension zone to the west
of current mineral resources saw highlights of 28.8 g/t gold over
3.6 metres at 570 metres depth and 11.7 g/t gold over 3.3 metres at
731 metres depth
- Odyssey mine at Canadian Malartic – In the third quarter
of 2024, ramp development and shaft sinking activities progressed
on schedule, reaching a depth of 873 metres and 839 metres,
respectively, and the excavation of the temporary shaft loading
station on level 64 was completed. Surface construction progressed
as planned, with a focus on the service hoist and the operations
complex. Recent exploration drilling continued to return good
results in the eastern extension of the East Gouldie deposit up to
760 metres east of current mineral resources, including 3.0 g/t
gold over 51.5 metres at 1,349 metres depth and 5.1 g/t gold over
8.2 metres at 1,455 metres depth. In the upper extension of East
Gouldie, conversion drilling near the Odyssey shaft has returned
intersections including 3.3 g/t gold over 20.8 metres at 814 metres
depth. Results from the ongoing exploration program continue to
show the potential to add significant mineral resources along
extensions of the main East Gouldie deposit
- Madrid at Hope Bay –
Exploration drilling during the third quarter of 2024 totalled
33,100 metres and continued to return wide, high-grade mineralized
intervals at the Patch 7 zone, including 18.3 g/t gold over 16.4
metres at 479 metres depth, 16.8 g/t gold over 27.3 metres at 436
metres depth and 11.9 g/t gold over 30.4 metres at 394 metres
depth, further confirming the greater thicknesses and higher gold
grades in this area compared to the rest of the Madrid deposit
__________________________
|
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 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 measures 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.
|
Third Quarter 2024 Results Conference Call and Webcast
Tomorrow
Agnico Eagle's senior management will host a conference call on
Thursday, October 31, 2024 at
11:00 AM (E.D.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 80122#. The conference call replay will expire on November 30, 2024.
The webcast, along with presentation slides, will be archived
for 180 days on the Company's website.
Third Quarter 2024 Production and Cost Results
Production and Cost
Results Summary
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023*
|
Gold production
(ounces)
|
|
863,445
|
|
850,429
|
|
2,637,935
|
|
2,536,446
|
Gold sales
(ounces)
|
|
855,899
|
|
843,097
|
|
2,609,192
|
|
2,489,503
|
Production costs per
ounce
|
|
$
908
|
|
$
893
|
|
$
887
|
|
$
850
|
Total cash costs per
ounce
|
|
$
921
|
|
$
898
|
|
$
897
|
|
$
857
|
AISC per
ounce
|
|
$
1,286
|
|
$
1,210
|
|
$
1,214
|
|
$
1,162
|
* Production and Cost
Results Summary reflects Agnico Eagle's 50% interest in Canadian
Malartic up to and including March 30, 2023 and 100%
thereafter.
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher production from
the Nunavut operations, Macassa
and Detour Lake, partially offset by lower production at Canadian
Malartic and La India
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period primarily due to higher
production from Canadian Malartic, Meadowbank and Macassa,
partially offset by lower production at Fosterville and La India
Production Costs per Ounce
- Third Quarter of 2024 – Production costs per ounce increased
when compared to the prior-year period primarily due to higher
royalties arising from higher gold prices, partially offset by
higher production and the benefit of the weaker Canadian dollar
during the period
- First Nine Months of 2024 – Production costs per ounce
increased when compared to the prior-year period primarily due to
higher royalties arising from higher gold prices and higher
production costs at Canadian Malartic related to underground mining
operations, partially offset by higher production and the benefit
of the weaker Canadian dollar during the period
Total Cash Costs per Ounce
- Third Quarter and First Nine Months of 2024 – Total cash costs
per ounce increased when compared to the prior-year periods
primarily due to the reasons described above for the increase in
production costs per ounce
AISC per Ounce
- Third Quarter and First Nine Months of 2024 – AISC per ounce
increased when compared to the prior-year periods due to the
factors causing higher total cash costs per ounce and anticipated
higher sustaining capital expenditures primarily at Canadian
Malartic and Detour Lake, partially offset by higher production
during the period
Third Quarter 2024 Financial Results
Financial Results
Summary
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
20236
|
|
2024
|
|
20236
|
Realized gold price
($/ounce)7
|
|
$ 2,492
|
|
$ 1,928
|
|
$ 2,297
|
|
$ 1,933
|
Net income ($
millions)8
|
|
$ 567.1
|
|
$ 174.8
|
|
$
1,386.3
|
|
$
2,315.4
|
Adjusted net income ($
millions)
|
|
$ 572.6
|
|
$ 216.1
|
|
$
1,485.3
|
|
$ 806.7
|
EBITDA ($
millions)9
|
|
$
1,258.6
|
|
$ 722.0
|
|
$
3,264.2
|
|
$
3,878.4
|
Adjusted EBITDA ($
millions)9
|
|
$
1,256.6
|
|
$ 768.4
|
|
$
3,362.0
|
|
$
2,394.0
|
Cash provided by
operating activities ($ millions)
|
|
$
1,084.5
|
|
$ 502.1
|
|
$
2,829.0
|
|
$
1,873.7
|
Cash provided by
operating activities before changes in non-cash working capital
balances ($ millions)
|
|
$
1,027.5
|
|
$ 668.7
|
|
$
2,790.8
|
|
$
1,970.5
|
Capital
expenditures10
|
|
$ 485.8
|
|
$ 406.4
|
|
$
1,265.1
|
|
$
1,164.2
|
Free cash flow ($
millions)
|
|
$ 620.4
|
|
$ 82.3
|
|
$
1,573.3
|
|
$ 645.3
|
Free cash flow before
changes in non-cash working capital balances ($
millions)
|
|
$ 563.4
|
|
$ 248.8
|
|
$
1,535.0
|
|
$ 742.1
|
|
|
|
|
|
|
|
|
|
Net income per share
(basic)
|
|
$ 1.13
|
|
$ 0.35
|
|
$ 2.78
|
|
$ 4.76
|
Adjusted net income per
share (basic)
|
|
$ 1.14
|
|
$ 0.44
|
|
$ 2.97
|
|
$ 1.66
|
Cash provided by
operating activities per share (basic)
|
|
$ 2.16
|
|
$ 1.01
|
|
$ 5.67
|
|
$ 3.85
|
Cash provided by
operating activities before changes in non-cash working capital
balances per share (basic)
|
|
$ 2.05
|
|
$ 1.35
|
|
$ 5.59
|
|
$ 4.05
|
Free cash flow per
share (basic)
|
|
$ 1.24
|
|
$ 0.17
|
|
$ 3.15
|
|
$ 1.33
|
Free cash flow before
changes in non-cash working capital balances per share
(basic)
|
|
$ 1.12
|
|
$ 0.50
|
|
$ 3.07
|
|
$ 1.53
|
Net Income
- Third Quarter of 2024
- Net income was $567.1 million
($1.13 per share). This result
includes the following items (net of tax): derivative gains on
financial instruments of $11.7
million ($0.02 per share),
non-recurring tax adjustments and foreign currency translation
gains on deferred tax liabilities of $5.5
million ($0.01 per share), net
asset disposal losses of $3.7 million
($0.01 per share) and foreign
exchange and other adjustments of $8.0
million (0.01 per share)
- Excluding the above items results in adjusted net income of
$572.6 million or $1.14 per share
- Included in net income and not adjusted above, is a non-cash
stock option expense of $2.1 million
(less than $0.01 per share)
- Net income of $567.1 million in
the third quarter of 2024 increased compared to net income of
$174.8 million in the prior-year
period primarily due to stronger mine operating
margins11 resulting from higher realized gold prices and
higher sales volumes, gains on derivative financial instruments in
the current period and lower amortization expenses (primarily at
Meadowbank, Canadian Malartic and Detour Lake), partially offset by
higher income and mining tax expenses and higher production
expenses
- First Nine Months of 2024 – Net income of $1,386.3 million decreased compared to the
prior-year period net income of $2,315.4
million primarily due to a remeasurement gain at Canadian
Malartic in the prior period and higher income and mining tax
expenses, partially offset by higher operating margins from higher
realized gold prices and higher sales volumes. The remeasurement
gain in the prior period is from the application of purchase
accounting relating to a business combination attained in stages,
which required the remeasurement of the Company's previously held
50% interest in Canadian Malartic
to fair value.
Adjusted EBITDA
- Third Quarter of 2024 – Adjusted EBITDA increased when compared
to the prior-year period primarily due to stronger mine operating
margins from higher realized gold prices and higher sales
volumes
- First Nine Months of 2024 – Adjusted EBITDA increased when
compared to the prior-year period primarily due to the reasons set
out above for the third quarter of 2024 and as a result of the
acquisition of the remaining 50% of Canadian Malartic
Cash Provided by Operating Activities
- Third Quarter and First Nine Months of 2024 – Cash provided by
operating activities and cash provided by operating activities
before changes in non-cash working capital balances increased when
compared to the prior-year periods primarily due to the reasons
described above related to the increases in adjusted EBITDA
Free Cash Flow Before Changes in Non-cash Working Capital
Balances
- Third Quarter and First Nine Months of 2024 – Free cash flow
before changes in non-cash working capital balances increased when
compared to the prior-year periods due to the reasons described
above related to cash provided by operating activities, partially
offset by higher additions to property, plant and mine
development
____________________
|
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
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.
|
11 Operating
margin is a non-GAAP measure that is not a standardized measure
under IFRS. For a description of the composition and usefulness of
this non-GAAP measure and a reconciliation to net income see "Note
Regarding Certain Measures of Performance" below.
|
Capital Expenditures
In the third quarter of 2024, capital expenditures were
$437.2 million and capitalized
exploration expenditures were $48.6
million, for a total of $485.8
million. Expected capital expenditures (including
capitalized exploration) remain in line with the updated guidance
for the full year 2024. Further details are set out in the "2024
Guidance" section below.
The following table sets out a summary of capital expenditures
(including sustaining capital expenditures and development capital
expenditures) and capitalized exploration in the third quarter of
2024 and the first nine months of 2024.
Summary of Capital
Expenditures
|
|
|
|
|
|
|
|
($
thousands)
|
|
|
|
|
|
|
|
|
Capital
Expenditures*
|
|
Capitalized
Exploration
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Sep 30,
2024
|
|
Sep 30,
2024
|
|
Sep 30,
2024
|
|
Sep 30,
2024
|
Sustaining Capital
Expenditures
|
|
|
|
|
|
|
|
LaRonde
|
$
19,302
|
|
$
63,125
|
|
$
473
|
|
1,349
|
Canadian
Malartic
|
36,789
|
|
91,887
|
|
—
|
|
—
|
Goldex
|
16,505
|
|
39,912
|
|
753
|
|
2,536
|
Detour Lake
|
77,638
|
|
189,247
|
|
—
|
|
—
|
Macassa
|
12,200
|
|
28,389
|
|
451
|
|
1,259
|
Meliadine
|
19,716
|
|
53,664
|
|
2,321
|
|
6,148
|
Meadowbank
|
30,216
|
|
71,718
|
|
—
|
|
—
|
Fosterville
|
9,509
|
|
22,298
|
|
—
|
|
—
|
Kittila
|
17,537
|
|
51,813
|
|
316
|
|
1,181
|
Pinos Altos
|
7,099
|
|
18,190
|
|
742
|
|
1,662
|
La India
|
—
|
|
22
|
|
—
|
|
—
|
Other
|
1,251
|
|
3,520
|
|
144
|
|
989
|
Total Sustaining
Capital Expenditures
|
$
247,762
|
|
$
633,785
|
|
$
5,200
|
|
$
15,124
|
|
|
|
|
|
|
|
|
Development Capital
Expenditures
|
|
|
|
|
|
|
LaRonde
|
$
16,442
|
|
$
61,168
|
|
$
—
|
|
—
|
Canadian
Malartic
|
41,824
|
|
121,028
|
|
1,510
|
|
3,702
|
Goldex
|
1,830
|
|
8,886
|
|
—
|
|
—
|
Detour Lake
|
52,199
|
|
121,273
|
|
9,051
|
|
26,150
|
Macassa
|
27,550
|
|
62,008
|
|
7,521
|
|
25,225
|
Meliadine
|
21,070
|
|
58,164
|
|
1,888
|
|
8,694
|
Meadowbank
|
7
|
|
(20)
|
|
—
|
|
—
|
Fosterville
|
8,402
|
|
27,016
|
|
2,531
|
|
9,497
|
Kittila
|
775
|
|
2,971
|
|
1,171
|
|
5,730
|
Pinos Altos
|
355
|
|
1,806
|
|
10
|
|
14
|
San Nicolás
project
|
3,422
|
|
15,077
|
|
—
|
|
—
|
Other
|
15,530
|
|
23,547
|
|
19,745
|
|
34,270
|
Total Development
Capital Expenditures
|
$
189,406
|
|
$
502,924
|
|
$
43,427
|
|
$
113,282
|
Total Capital
Expenditures
|
$
437,168
|
|
$
1,136,709
|
|
$
48,627
|
|
$
128,406
|
* Excludes capitalized
exploration
|
2024 Guidance
Based on the operational performance in the first nine months of
2024, the Company is tracking well to meet the mid-point of gold
production guidance for the full year 2024. In addition, total cash
costs per ounce, AISC per ounce and capital expenditures
guidance for 2024 remain unchanged. A summary of the Company's
guidance is set out below.
2024 Guidance
Summary
|
|
|
|
|
(In millions other
than per ounce measures or as otherwise stated)
|
|
|
|
2024
|
|
2024
|
|
Range
|
|
Mid-Point
|
Gold Production
(ounces)
|
3,350,000
|
3,550,000
|
|
3,450,000
|
Total cash costs per
ounce
|
$875
|
$925
|
|
$900
|
AISC per
ounce
|
$1,200
|
$1,250
|
|
$1,225
|
|
|
|
|
|
Exploration and
corporate development
|
—
|
—
|
|
$271
|
Depreciation and
amortization expense
|
—
|
—
|
|
$1,560
|
General &
administrative expense
|
$175
|
$195
|
|
$185
|
Other costs
|
$75
|
$90
|
|
$83
|
|
|
|
|
|
Tax rate (%)
|
33 %
|
38 %
|
|
35 %
|
Cash taxes
|
$400
|
$500
|
|
$450
|
|
|
|
|
|
Capital expenditures
(excluding capitalized exploration)
|
$1,600
|
$1,700
|
|
$1,650
|
Capitalized
exploration
|
—
|
—
|
|
$187
|
Record Free Cash Flow Generation Alongside Capital Discipline
Continue to Strengthen Financial Position and Commitment to
Shareholder Returns
Cash and cash equivalents increased by $55.2 million when compared to the prior quarter
primarily due to higher cash provided by operating activities as a
result of higher revenues from higher realized gold prices and
favourable changes in non-cash working capital balances, partially
offset by higher cash used in financing activities related to
$375.0 million repayment of debt, and
higher cash used in investing activities from higher capital
expenditures and higher purchases of equity securities and other
investments.
As at September 30, 2024, the
Company's total long-term debt was $1,467.2
million, a reduction of $374.5
million from the second quarter of 2024. On July 24, 2024, $100.0
million was repaid with cash on hand on the 2012 Series B
5.02% Senior Notes on maturity. In addition, a total of
$275.0 million was prepaid of the
$600.0 million outstanding on the
term loan facility during the quarter, further strengthening the
Company's investment grade balance sheet. The remaining
$325.0 million of indebtedness under
the term loan facility is due and payable on April 21, 2025.
No amounts were outstanding under the Company's unsecured
revolving bank credit facility as at September 30, 2024, and available liquidity
remained at approximately $2.0
billion, not including the uncommitted $1.0 billion accordion feature.
The following table sets out the calculation of net debt, which
decreased by $429.7 million when compared to the prior quarter
as a result of the debt repayments and an increase in cash and cash
equivalents.
Net Debt
Summary
|
|
|
($
millions)
|
|
|
|
|
|
|
As at
|
|
As at
|
|
|
Sep 30,
2024
|
|
Jun 30,
2024
|
Current portion of
long-term debt
|
|
$
415.0
|
|
$
740.0
|
Non-current portion of
long-term debt
|
|
1,052.2
|
|
1,101.7
|
Long-term
debt
|
|
$
1,467.2
|
|
$
1,841.7
|
Less: cash and cash
equivalents
|
|
(977.2)
|
|
(922.0)
|
Net debt
|
|
$
490.0
|
|
$
919.7
|
Hedges
Approximately 68% of the Company's remaining estimated Canadian
dollar exposure for 2024 is hedged at an average floor price
providing protection in respect of exchange rate movements above
1.34 C$/US$. Approximately 26% of the Company's remaining
estimated Euro exposure for 2024 is hedged at an average floor
price providing protection in respect of exchange rate movements
below 1.10 US$/EUR. Approximately 62%
of the Company's remaining Australian dollar exposure for 2024 is
hedged at an average floor price providing protection in respect of
exchange rate movements above 1.46
A$/US$. Approximately 19% of the Company's remaining
estimated Mexican peso exposure for 2024 is hedged at an average
floor price providing protection in respect of exchange rate
movements above 18.00 MXP/US$. The
Company's full year 2024 cost guidance is based on assumed exchange
rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45
A$/US$ and 16.50 MXP/US$.
With the 2024 sealift at the Company's Nunavut operations largely completed,
approximately 42% of the Company's remaining estimated diesel
exposure for 2024 is hedged at an average price of $0.76 per litre (excluding transportation and
taxes), which is expected to reduce the Company's exposure to
diesel price volatility in 2024. The Company's 2024 cost guidance
is based on an assumed diesel price of $0.80 per litre (excluding transportation and
taxes).
Based on these 2024 hedge positions, the Company expects to
continue to benefit from the positive foreign exchange impact on
all its operating currencies, as well as the positive impact from
diesel exposure when compared to 2024 cost guidance. The Company
will continue to monitor market conditions and anticipates
continuing to opportunistically add to its operating currency and
diesel hedges to strategically support its key input costs for the
balance of 2024 and 2025. Hedging positions are not factored into
2024 or future guidance.
Shareholder Returns
Dividend Record and Payment Dates for the Fourth Quarter of
2024
Agnico Eagle's Board of Directors has declared a quarterly cash
dividend of $0.40 per common share,
payable on December 16, 2024 to
shareholders of record as of November 29,
2024. Agnico Eagle has declared a cash dividend every year
since 1983.
Expected Dividend Record and Payment Dates for the 2024
Fiscal Year
Record
Date
|
Payment
Date
|
March 1,
2024
|
March 15,
2024
|
May 31, 2024
|
June 14,
2024
|
August 30,
2024
|
September 16,
2024
|
November 29,
2024*
|
December 16,
2024*
|
Dividend Reinvestment Plan
In the third quarter of 2024, the Company amended the terms of
its dividend reinvestment plan (the "DRIP") to provide the
flexibility to adjust the discount provided under the DRIP to
between no discount (0%) and 5%. For the dividend payable on
December 16, 2024 to shareholders of
record as of November 29, 2024, the
discount provided for under the DRIP will be 1%. If the discount is
altered or eliminated by the Company in the future, the Company
will include information regarding the change in discount from such
level in a news release prior to the effectiveness of the
change.
For a copy of the amended and restated DRIP, and for additional
information on the Company's DRIP, see: Dividend Reinvestment
Plan
International Dividend Currency Exchange
For information on the Company's international dividend currency
exchange program, please contact Computershare Trust Company of
Canada by phone at 1.800.564.6253
or online at www.investorcentre.com or
www.computershare.com/investor.
Normal Course Issuer Bid
The Company believes that its NCIB is a flexible and
complementary tool that, together with its quarterly dividend, is
part of the Company's overall capital allocation program and
generates value for shareholders. The Company can purchase up to
$500.0 million of its common shares
under the NCIB, subject to a maximum of 5% of its issued and
outstanding common shares. Purchases under the NCIB may continue
for up to one year from the commencement day on May 4, 2024. In the third quarter of 2024, the
Company repurchased 362,343 common shares for an aggregate of
$30.0 million through the NCIB. In
the first nine months of 2024, the Company repurchased
1,500,386 common shares for an aggregate of $99.9 million under the NCIB and the Company's
previous NCIB, at an average share price of $66.58.
Third Quarter 2024 Environment, Social and Governance
Highlights
- International Mine Rescue Competition – The Emergency
Response Team from Nunavut won the
overall International Mine Rescue Competition ("IMRC") hosted by
the National Mining Agency in Colombia, highlighting the strength of the
Company's commitment to mine safety and rescue excellence. The IMRC
is a highly regarded global event organized by the International
Mine Rescue Body to promote mine rescue operations at the
international level and to improve mine rescue knowledge and
practices through global cooperation
- Donation to the Université du Québec en
Abitibi-Témiscamingue (UQAT) – A ceremony was held to celebrate
the opening of a new outdoor space on the pavilion grounds at the
UQAT, Val-d'Or Campus to foster teaching, sharing and
reconciliation among Indigenous and non-Indigenous students. The
Company is a significant donor for the new space, which was
designed to promote intercultural connections and celebrate
Indigenous cultures
- Reforestation event with the Huajumar community in
Mexico – In the third quarter
of 2024, an event was held to plant more than 1,500 native pine
trees in an area previously affected by forest fires. Approximately
280 people participated including kindergarten, elementary and high
school students and the COEPI group (Comisión Estatal para Pueblos
Indígenas)
- Royal Canadian Mint launched new gold coin entirely sourced
from Detour Lake – The Royal Canadian Mint issued its newest
Gold Maple Leaf one ounce gold bullion coin sourced completely from
Detour Lake. The Company was selected as a result of its commitment
to high standards of responsibility and sustainability
Update on Key Value Drivers and Pipeline Projects
Highlights on key value drivers, including Odyssey, Detour Lake
underground, Hope Bay and San Nicolás are set out below. Details on
certain mine expansion projects (Detour Lake mill optimization and
Meliadine Phase 2 expansion) are set out in the applicable
operational sections of this news release.
Odyssey Project
In the third quarter of 2024, ramp development continued to
progress on schedule, and as at September
30, 2024, the main ramp reached a depth of 873 metres. At
this depth, it will split into two priority faces: one advancing
towards the mid-shaft loading station on level 111 and the other
face extending towards the bottom of the orebody. Additionally, the
Company continued to develop the main ventilation system, with the
fresh air ramp between Odyssey South and East Gouldie completed in
the quarter.
In the third quarter of 2024, shaft sinking continued to
progress on schedule and, as at September
30, 2024, the shaft reached a depth of 839 metres. During
the quarter, the excavation of the temporary loading pocket between
levels 60 and 66 was completed, along with the detailed engineering
and procurement. The construction team was mobilized and initiated
construction at the end of September
2024. The temporary loading station is expected to be
commissioned by mid-2025. The design of the mid-shaft loading
station between levels 102 and 111 is in progress. This station
will include a material handling system for ore and waste, along
with support infrastructure, including a maintenance shop.
Excavation of the mid-shaft loading station is expected to begin in
the second quarter of 2025.
Surface construction progressed on schedule and on budget in the
third quarter of 2024, with focus areas including the main hoist
building and the operational complex. At the main hoist building,
the installation of the electrical components and controls for the
service hoist were completed, followed by the testing of the hoist
without ropes. Rope installation is planned for the fourth quarter
of 2024 and the service hoist is expected to be commissioned in the
first half of 2025. In the quarter, the construction of the main
office and service building commenced, initiating the building
foundations. The construction of the main office building is
expected to be completed by the end of 2025.
Exploration drilling at the Odyssey mine and regional
exploration drilling around the mine totalled 68,800 metres during
the third quarter (145,900 metres during the first nine months of
2024) with up to 11 underground drill rigs and 13 surface drill
rigs in operation, primarily targeting the East Gouldie and Odyssey
deposits and regional exploration targets in the eastern portion of
the property.
Drilling into the lower eastern extension of the East Gouldie
mineralized envelope intersected high grade mineralization up to
760 metres east of the current mineral resources, with highlights
that included: hole MEX24-316 returning 3.0 g/t gold over 51.5
metres at 1,349 metres depth, including 7.5 g/t gold over 6.1
metres at 1,347 metres depth, and 3.4 g/t gold over 16.6 metres at
1,437 metres depth; hole MEX24-311W returning 5.1 g/t gold over 8.2
metres at 1,455 metres depth; and hole MEX24-311WA returning 4.5
g/t gold over 9.7 metres at 1,497 metres depth.
Drilling into this new portion of the deposit during the first
nine months of 2024 has consistently intersected significant gold
mineralization, demonstrating the potential to add mineral
resources at depth to the east of the main East Gouldie
orebody.
In the upper extension of the East Gouldie deposit near the
Odyssey shaft and above current mineral resources, underground
conversion drilling intersected multiple long intervals of
mineralization in an area that extends 500 metres laterally and 400
metres vertically, with highlights that included: hole UGEG-075-007
returning 3.3 g/t gold over 20.8 metres at 814 metres depth,
including 8.7 g/t gold over 5.0 metres at 810 metres depth; hole
UGEG-075-022 returning 6.2 g/t gold over 7.4 metres at 806 metres
depth; and hole UGEG-054-002 returning 4.0 g/t gold over 9.6 metres
at 755 metres depth and 4.5 g/t gold over 7.1 metres at 792 metres
depth.
Continued conversion drilling success in this area would confirm
the potential to add mineral reserves that could provide additional
production for the operation that would require modest additional
lateral development considering the area's proximity to the
existing ramp infrastructure.
At Odyssey North, underground conversion drilling highlights
included: hole UGOD-075-007 returning 2.5 g/t gold over 16.5 metres
at 906 metres depth; hole UGOD-075-008 returning 1.7 g/t gold over
23.3 metres at 906 metres depth; and hole UGOD-075-006 returning
1.6 g/t gold over 16.0 metres at 947 metres depth. These positive
results will assist in positioning future infrastructure in an area
with potential development related to the Odyssey internal
zones.
At Odyssey South, surface drill holes intersected the Odyssey
internal zones, with highlights that included: hole MEX24-318
returning 1.7 g/t over 7.8 metres at 457 metres depth and 7.9 g/t
gold over 5.9 metres (core length) at 520 metres depth; hole
MEX24-315 returning 4.5 g/t gold over 3.4 metres at 586 metres
depth; and hole MEX24-317 returning 6.2 g/t gold over 2.1 metres at
843 metres depth. The results further demonstrate the potential to
add new mineral reserves and mineral resources in the Odyssey
internal zones that could be brought into production using existing
mine infrastructure.
Selected recent drill intercepts from the East Gouldie deposit,
Odyssey internal zones and the Odyssey North zone at the Odyssey
mine are set out in the table and composite longitudinal section
below.
Drill hole
|
Deposit /
zone
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)*
|
MEX24-311W
|
East Gouldie
|
1,826.0
|
1,834.5
|
1,455
|
8.2
|
5.3
|
5.1
|
MEX24-311WA
|
East Gouldie
|
1,866.2
|
1,876.6
|
1,497
|
9.7
|
6.5
|
4.5
|
MEX24-316
|
East Gouldie
|
1,639.7
|
1,712.5
|
1,349
|
51.5
|
3.0
|
3.0
|
including
|
|
1,670.0
|
1,678.6
|
1,347
|
6.1
|
7.5
|
7.5
|
and
|
East Gouldie
|
1,795.7
|
1,812.8
|
1,437
|
16.6
|
3.4
|
3.4
|
UGEG-054-002
|
East Gouldie
|
633.6
|
643.4
|
755
|
9.6
|
4.0
|
4.0
|
and
|
East Gouldie
|
753.0
|
760.1
|
792
|
7.1
|
4.5
|
4.5
|
UGEG-075-007
|
East Gouldie
|
600.4
|
621.5
|
814
|
20.8
|
3.3
|
3.3
|
including
|
|
600.4
|
605.5
|
810
|
5.0
|
8.7
|
8.7
|
UGEG-075-022
|
East Gouldie
|
575.0
|
582.7
|
806
|
7.4
|
6.2
|
6.2
|
MEX24-315
|
Odyssey
internal
|
740.7
|
744.4
|
586
|
3.4
|
8.4
|
4.5
|
MEX24-317
|
Odyssey
unknown**
|
954.5
|
957.5
|
843
|
2.1
|
6.2
|
6.2
|
MEX24-318
|
Odyssey
internal
|
672.3
|
680.5
|
457
|
7.8
|
1.7
|
1.7
|
and
|
Odyssey
internal
|
771.1
|
777.0
|
520
|
5.9***
|
14.9
|
7.9
|
UGOD-075-006
|
Odyssey
North
|
500.0
|
517.4
|
947
|
16.0
|
1.6
|
1.6
|
UGOD-075-007
|
Odyssey
North
|
515.0
|
534.7
|
906
|
16.5
|
2.5
|
2.5
|
UGOD-075-008
|
Odyssey
North
|
476.5
|
502.3
|
906
|
23.3
|
1.7
|
1.7
|
* Results from East
Gouldie, Odyssey internal zones and Odyssey North use a capping
factor of 20 g/t gold.
|
** Undetermined zone
within the Odyssey deposit.
|
*** Core length. True
width undetermined.
|
[Odyssey Mine – Composite Longitudinal Section]
In regional exploration, work has accelerated in the eastern
portion of the Canadian Malartic property package with
widely-spaced diamond drilling totalling 15,100 metres during the
third quarter (41,700 metres during the first nine months of 2024)
on the Rand Malartic and Malartic Goldfields properties to
investigate favourable mineralized horizons.
Detour Lake
In the third quarter of 2024, the Company advanced the
preparation work for the excavation of the exploration ramp portal,
which is expected to commence in the first quarter of 2025. In the
quarter, the access road was completed, the pad that will host the
surface infrastructure for the underground project was built and
the overburden for the portal was removed. Permitting activities
for the advanced exploration phase progressed, with the permit to
take water for this initial phase expected to be received in the
fourth quarter of 2024.
Exploration drilling at Detour Lake during the third quarter of
2024 totalled 61,900 metres (191,900 metres during the first nine
months of 2024), including infill drilling into the high-grade
corridor at underground depths in the West Pit zone and infill
drilling into the West Extension zone at underground depths
immediately west of the West Pit mineral resources and next to the
planned exploration ramp for the underground project. These results
are expected to strengthen the mineralization model supporting the
underground mine project west of and under the open pit at Detour
Lake.
The drilling into the high-grade corridor in the West Pit zone
further defined the high-grade domains that could potentially be
mined earlier in the underground project within the larger lower
grade envelope and continued to validate the current geological
interpretation of the high-grade corridor, with recent highlights
that included: hole DLM24-882CW returning 15.0 g/t gold over 18.9
metres at 573 metres depth; hole DLM24-958C returning 5.8 g/t gold
over 7.0 metres at 231 metres depth, 2.6 g/t gold over 35.2 metres
at 399 metres depth and 22.5 g/t gold over 12.9 metres at 490
metres depth; hole DLM24-882C returning 3.3 g/t gold over 42.2
metres at 481 metres depth and 9.8 g/t gold over 19.7 metres at 575
metres depth; and hole DLM24-931A returning 6.0 g/t gold over 34.5
metres at 432 metres depth and 2.3 g/t gold over 11.7 metres at 463
metres depth.
Towards the west in the West Pit zone near the planned
exploration ramp, highlights included: hole DLM24-978 returning 2.5
g/t gold over 24.6 metres at 169 metres depth; and hole DLM24-829
returning 3.1 g/t gold over 20.3 metres at 277 metres depth.
Drilling into the West Extension zone to the west of current
mineral resources further confirmed the grades and continuity of
mineralization in the western plunge of the deposit, with
highlights that included: hole DLM24-895AW returning 28.8 g/t gold
over 3.6 metres at 570 metres depth; and hole DLM24-820 returning
11.7 g/t gold over 3.3 metres at 731 metres depth.
Selected recent drill intercepts from the West Pit Underground
and West Extension zones at Detour Lake are set out in the table
and composite longitudinal section below.
Drill hole
|
Zone
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)*
|
DLM24-820
|
West
Extension
|
791.9
|
796.0
|
731
|
3.3
|
11.7
|
DLM24-829
|
West Pit
Underground
|
313.2
|
336.8
|
277
|
20.3
|
3.1
|
DLM24-859
|
West Pit
Underground
|
591.0
|
703.0
|
534
|
101.3
|
0.9
|
DLM24-882C
|
West Pit
Underground
|
552.0
|
598.8
|
481
|
42.2
|
3.3
|
and
|
West Pit
Underground
|
688.6
|
710.1
|
575
|
19.7
|
9.8
|
DLM24-882CW
|
West Pit
Underground
|
690.0
|
710.4
|
573
|
18.9
|
15.0
|
DLM24-895AW
|
West
Extension
|
676.0
|
680.0
|
570
|
3.6
|
28.8
|
and
|
West
Extension
|
732.0
|
815.0
|
641
|
76.1
|
0.7
|
DLM24-921AW
|
West
Extension
|
956.0
|
959.0
|
886
|
2.3
|
13.1
|
and
|
West
Extension
|
1,018.6
|
1,022.0
|
942
|
2.6
|
31.4
|
DLM24-931A
|
West Pit
Underground
|
506.0
|
544.3
|
432
|
34.5
|
6.0
|
and
|
West Pit
Underground
|
560.0
|
573.0
|
463
|
11.7
|
2.3
|
DLM24-940
|
West Pit
Underground
|
673.0
|
746.0
|
552
|
68.2
|
1.0
|
and
|
West Pit
Underground
|
771.0
|
774.0
|
597
|
2.8
|
13.3
|
and
|
West Pit
Underground
|
880.7
|
885.5
|
674
|
4.5
|
12.9
|
DLM24-952
|
West Pit
Underground
|
544.0
|
701.0
|
499
|
143.7
|
0.8
|
and
|
West Pit
Underground
|
945.0
|
956.4
|
738
|
10.7
|
6.5
|
DLM24-956
|
West Pit
Underground
|
332.0
|
352.8
|
280
|
18.8
|
3.3
|
and
|
West Pit
Underground
|
388.0
|
446.0
|
336
|
53.3
|
1.1
|
and
|
West Pit
Underground
|
477.0
|
533.0
|
401
|
52.0
|
1.9
|
DLM24-958C
|
West Pit
Underground
|
268.0
|
276.0
|
231
|
7.0
|
5.8
|
and
|
West Pit
Underground
|
470.0
|
508.0
|
399
|
35.2
|
2.6
|
and
|
West Pit
Underground
|
611.2
|
624.9
|
490
|
12.9
|
22.5
|
DLM24-959A
|
West Pit
Underground
|
331.0
|
335.5
|
269
|
4.1
|
67.8
|
and
|
West Pit
Underground
|
407.4
|
412.0
|
327
|
4.2
|
18.8
|
DLM24-963
|
West Pit
Underground
|
680.7
|
721.0
|
572
|
36.8
|
1.8
|
including
|
|
683.0
|
690.0
|
561
|
6.4
|
6.6
|
DLM24-967
|
West Pit
Underground
|
650.3
|
666.0
|
513
|
14.7
|
22.3
|
and
|
West Pit
Underground
|
778.5
|
789.2
|
601
|
10.1
|
2.4
|
DLM24-978
|
West Pit
Underground
|
193.0
|
221.0
|
169
|
24.6
|
2.5
|
DLM24-990
|
West
Extension
|
346.0
|
355.1
|
300
|
7.7
|
2.9
|
DLM24-1000
|
West Pit
Underground
|
351.8
|
368.0
|
308
|
13.7
|
2.1
|
*Results from Detour
Lake are uncapped.
|
[Detour Lake – Composite Longitudinal Section]
Hope Bay – Infill and Step-Out Drilling Continue to Confirm
and Extend Madrid's High-Grade Patch 7 Zone at Depth and
Laterally
Exploration drilling at the Hope Bay project during the third
quarter totalled 33,100 metres (99,200 metres during the first nine
months of 2024) and focused on continued infill and expansion
drilling of the Patch 7 zone at the Madrid deposit.
Drilling into the main structure at Patch 7 continued to return
wide mineralized intervals with the widest thicknesses and highest
gold grades encountered to date at Madrid as well as strong continuity of
mineralization between drill holes.
Infill drilling into the main structure at Patch 7 was
highlighted by: hole HBM24-248 returning 18.3 g/t gold over 16.4
metres at 479 metres depth; hole HBM24-246 returning 16.8 g/t gold
over 27.3 metres at 436 metres depth and 80 metres from hole
HBM24-248; and hole HBM24-212 returning 11.9 g/t gold over 30.4
metres at 394 metres depth and 50 metres up-plunge from hole
HBM24-246.
Expansion drilling into the upper and lower extensions of the
main structure was highlighted by: hole HBM24-232 returning 8.9 g/t
gold over 18.4 metres at 289 metres depth, and hole HBM24-211
returning 5.4 g/t gold over 11.2 metres at 577 metres depth, with
these two intercepts located 330 metres apart along the moderately
north plunging direction of the structure.
Exploration drilling into adjacent, sub-parallel structures was
highlighted by: hole HBM24-241 returning 9.0 g/t gold over 10.9
metres at 362 metres depth, and hole HBM24-249 returning 15.0 g/t
gold over 3.7 metres at 332 metres depth and 8.4 g/t gold over 26.1
metres at 361 metres depth.
Selected recent drill intercepts from the Patch 7 zone at the
Madrid deposit are set out in the
table and composite longitudinal section below.
Drill hole
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint below
surface
(metres)
|
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
|
including
|
830.5
|
838.0
|
682
|
4.3
|
42.3
|
27.6
|
HBM24-183***
|
684.4
|
693.5
|
577
|
5.0
|
19.0
|
14.1
|
including
|
684.4
|
688.6
|
575
|
2.3
|
35.8
|
25.1
|
HBM24-211
|
704.0
|
717.0
|
577
|
11.2
|
5.4
|
5.4
|
HBM24-212
|
523.0
|
561.0
|
394
|
30.4
|
13.0
|
11.9
|
including
|
537.0
|
554.0
|
396
|
13.6
|
23.9
|
21.4
|
HBM24-213
|
474.0
|
494.2
|
415
|
11.0
|
9.1
|
7.6
|
including
|
487.5
|
494.2
|
421
|
3.7
|
20.3
|
15.6
|
HBM24-217
|
574.5
|
586.0
|
466
|
9.1
|
15.1
|
15.1
|
including
|
578.6
|
582.7
|
466
|
3.2
|
36.3
|
36.3
|
and
|
593.0
|
604.0
|
479
|
9.4
|
6.5
|
6.5
|
including
|
594.0
|
596.0
|
476
|
1.6
|
18.5
|
18.5
|
HBM24-219A
|
583.8
|
593.0
|
480
|
7.4
|
12.1
|
12.1
|
including
|
590.2
|
593.0
|
482
|
2.3
|
31.4
|
31.4
|
HBM24-232
|
377.0
|
401.0
|
289
|
18.4
|
8.9
|
8.9
|
including
|
390.0
|
397.0
|
293
|
5.4
|
19.4
|
19.4
|
HBM24-237
|
337.9
|
340.9
|
289
|
2.6
|
65.0
|
23.6
|
and
|
354.6
|
357.6
|
303
|
2.6
|
11.7
|
11.7
|
and
|
365.0
|
373.0
|
314
|
5.7
|
7.9
|
7.9
|
HBM24-241
|
498.0
|
510.0
|
362
|
10.9
|
11.0
|
9.0
|
including
|
499.0
|
500.0
|
359
|
0.9
|
73.6
|
50.0
|
HBM24-246
|
572.0
|
601.0
|
436
|
27.3
|
18.5
|
16.8
|
including
|
589.0
|
593.4
|
439
|
4.1
|
57.5
|
46.0
|
HBM24-247
|
641.2
|
662.0
|
505
|
18.0
|
5.5
|
5.5
|
HBM24-248
|
624.0
|
641.5
|
479
|
16.4
|
19.0
|
18.3
|
including
|
628.8
|
634.0
|
479
|
4.9
|
47.2
|
45.1
|
HBM24-249
|
457.3
|
461.2
|
332
|
3.7
|
15.0
|
15.0
|
and
|
490.0
|
517.0
|
361
|
26.1
|
8.4
|
8.4
|
* Results from the
Madrid deposit at Hope Bay use a capping factor of 75 g/t
gold.
|
** Previously released
on July 26, 2023.
|
*** Previously released
on July 31, 2024.
|
[Madrid Deposit at Hope Bay – Composite
Longitudinal Section]
The above results are expected to increase mineral resources and
upgrade the mineral resource classification at year-end 2024.
Expansion and infill drilling will continue at Madrid through the fourth quarter 2024 (15,000
metres) and into 2025 with several drill rigs being relocated to
the north to investigate the priority targets between the Patch 7
and Suluk zones as a follow-up on previously released hole
HBM23-105 that returned 10.0 g/t gold over 14.0 metres at 677
metres depth and hole HBM24-183 that returned 14.1 g/t gold over
5.0 metres at 577 metres depth.
The planned work will be supported by a newly constructed,
2.3-kilometre-long surface exploration track that connects the
nearby Madrid-Naartok infrastructure to the Patch 7 area. This
surface track provides year-round access the Patch 7 area, allowing
drilling to continue during the fourth quarter to accelerate
mineral resource expansion and infilling. This track could
also be used for potential future development of the Patch 7
area.
[Madrid Deposit at Hope
Bay – Plan Map]
San Nicolás Copper Project
The San Nicolás copper-zinc project is located in Zacatecas
State in central Mexico. The
Company acquired a 50% interest in the project in April 2023 from Teck Resources Limited and the
two companies have formed a long-term 50/50 joint venture
partnership to advance permitting and development of San Nicolas, which ranks as the largest
undeveloped VMS deposit in Mexico
and one of the largest undeveloped VMS deposits in the world.
In the third quarter of 2024, Minas de San Nicolás continued
engagement with government and stakeholders in support of the
permit review. The Minas de San Nicolás team submitted a
Supplementary Information Package in response to the regulator's
inquiries on their MIA-R permit application on July 5, 2024 and submitted additional information
for the change of land use permit application in September 2024. Progress continues on the
feasibility study work and execution strategy development, with
plans to begin detailed engineering in the first half of 2025.
Project approval is expected to follow, subject to receipt of
permits and the results of the feasibility study.
ABITIBI REGION, QUEBEC
LaRonde – Restart of LaRonde Zone 5 Mill Operation; Gold
Production Affected by Planned Mine and Mill Shutdowns
LaRonde – Operating
Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
687
|
|
627
|
|
2,047
|
|
1,995
|
Tonnes of ore milled
per day
|
|
7,467
|
|
6,815
|
|
7,471
|
|
7,308
|
Gold grade
(g/t)
|
|
3.20
|
|
3.43
|
|
3.55
|
|
3.66
|
Gold production
(ounces)
|
|
65,605
|
|
64,496
|
|
216,303
|
|
220,883
|
Production costs per
tonne (C$)
|
|
$
185
|
|
$
182
|
|
$
167
|
|
$
157
|
Minesite costs per
tonne (C$)12
|
|
$
158
|
|
$
147
|
|
$
158
|
|
$
151
|
Production costs per
ounce
|
|
$
1,420
|
|
$
1,321
|
|
$
1,163
|
|
$ 1,054
|
Total cash costs per
ounce
|
|
$
1,135
|
|
$
972
|
|
$
991
|
|
$
937
|
Gold Production
- Third Quarter of 2024 – Gold production at LaRonde increased
when compared to the prior-year period primarily due to higher
volumes of ore mined and milled at the LaRonde Zone 5 ("LZ5") mine,
partially offset by lower gold grades as expected under the planned
mining sequence
- First Nine Months of 2024 – Gold production at LaRonde
decreased when compared to the prior-year period due to lower gold
grades and lower recovery, partially offset by higher volume of ore
milled
Production Costs
- Third Quarter of 2024 – Production costs per tonne increased
when compared to the prior-year period due to the consumption of
stockpiles including re-handling costs and higher underground
maintenance and service costs, partially offset by the higher
volume of ore milled in the current period. Production costs per
ounce increased when compared to the prior-year period for the same
reasons as production costs per tonne and lower gold grades
- First Nine Months of 2024 – Production costs per tonne
increased when compared to the prior-year period primarily due to
higher mill maintenance, underground maintenance and service costs,
partially offset by the higher volume of ore milled in the current
period. Production costs per ounce increased when compared to the
prior-year period primarily due to lower gold grades and higher
production costs per tonne
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne increased when
compared to the prior-year period due to the same reasons outlined
above regarding the increase in production costs per tonne. Total
cash costs per ounce increased when compared to the prior-year
period for the same reasons outlined above for the increase in
production costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne increased
when compared to the prior-year period primarily due to the reasons
outlined above regarding the increase in production costs per
tonne. Total cash costs per ounce increased when compared to the
prior-year period primarily for the same reasons as the increase in
production costs per ounce
Highlights
- Planned shutdowns were completed in July for 17 days at the
LaRonde mine for maintenance on the ore handling system and 11 days
at the LaRonde mill. Both shutdowns were slightly longer than
planned, which resulted in gold production lower than forecast in
the quarter
- Rehabilitation in the West mine area following a seismic event
that occurred at the LaRonde mine on June
24, 2024 was completed in the third quarter of 2024. The
lower production from the West mine as a result of the ongoing
rehabilitation work was offset by higher production from the 11-3
Zone and LZ5, although at lower gold grades
- The Company continued its automation initiatives at the LZ5
mine and has exceeded its automation target by 18% year-to-date.
Approximately 1,740 tonnes per day ("tpd") were moved in the first
nine months of the year through automated scoops and trucks, which
contributed to the strong overall site performance at an average
3,450 tpd
- The LZ5 processing facility was restarted in August 2024, providing milling flexibility at
LaRonde, after being in care and maintenance since the third
quarter of 2023. With all planned shutdowns completed in the third
quarter of 2024 and the LZ5 mill restarted, LaRonde is well
positioned for the fourth quarter of 2024
- At the LaRonde mill, the focus remained on improving mill
recoveries by optimizing the blending of ore from the LaRonde mine,
11-3 Zone, LZ5, Goldex and Akasaba West
__________
|
12 Minesite
costs per tonne is a non-GAAP measure that is not standardized
under IFRS and is reported on a per tonne of ore milled
basis. For a description of the composition and usefulness of
this non-GAAP measure and a reconciliation to production costs see
"Note Regarding Certain Measures of Performance" below.
|
Canadian Malartic – Solid
Operating Performance; Underground Development At Odyssey Ahead of
Plan
Canadian Malartic –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023*
|
Tonnes of ore milled
(thousands of tonnes)
|
|
4,862
|
|
4,911
|
|
15,217
|
|
14,317
|
Tonnes of ore milled
per day
|
|
52,848
|
|
53,380
|
|
55,536
|
|
52,443
|
Gold grade
(g/t)
|
|
0.98
|
|
1.22
|
|
1.12
|
|
1.22
|
Gold production
(ounces)
|
|
141,392
|
|
177,243
|
|
509,169
|
|
435,683
|
Production costs per
tonne (C$)
|
|
$
36
|
|
$
34
|
|
$
36
|
|
$
36
|
Minesite costs per
tonne (C$)
|
|
$
41
|
|
$
39
|
|
$
41
|
|
$
39
|
Production costs per
ounce
|
|
$
912
|
|
$
708
|
|
$
785
|
|
$
750
|
Total cash costs per
ounce
|
|
$
1,025
|
|
$
805
|
|
$
906
|
|
$
789
|
* Gold production
reflects Agnico Eagle's 50% interest in Canadian Malartic up to and
including March 30, 2023 and 100% interest thereafter. Tonnage of
ore milled is reported on a 100% basis for both periods.
|
Gold Production
- Third Quarter of 2024 – Gold production decreased when compared
to the prior-year period due to lower grades as expected from the
mining sequence combined with lower recovery and throughput
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period due to the increase in the
Company's ownership percentage between periods from 50% to 100% as
a result of the closing of the Yamana Transaction and higher
throughput, partially offset by lower gold grades resulting from
increased ore sourced from the low-grade stockpile
Production Costs
- Third Quarter of 2024 – Production costs per tonne increased
when compared to the prior-year period primarily due to a lower
volume of ore milled and higher underground production costs with
the ramp-up of operations at the Odyssey mine and higher royalty
costs. Production costs per ounce increased when compared to the
prior-year period due to the same reasons for the increased
production costs per tonne and fewer ounces of gold produced in the
current period
- First Nine Months of 2024 – Production costs per tonne remained
the same as the prior-year period as the higher royalty costs and
higher underground production costs with the ramp-up of operations
at the Odyssey mine were offset by higher volume of ore milled.
Production costs per ounce increased when compared to the
prior-year period primarily due lower gold grades in the current
period
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne increased when
compared to the prior-year period due to the milling of low-grade
stockpiles including re-handling costs, higher royalty costs during
the quarter and the lower volume of ore milled. Total cash costs
per ounce increased when compared to the prior-year period
primarily due to the same factors that resulted in higher minesite
costs per tonne and lower gold grades in the current period
- First Nine Months of 2024 – Minesite costs per tonne increased
when compared to the prior-year period due to the consumption of
low-grade stockpiles including re-handling costs and higher royalty
costs, partially offset by higher volume of ore milled. Total cash
costs per ounce increased when compared to the prior-year period
primarily due to the same factors that resulted in higher minesite
costs per tonne and lower gold grades in the current period
Highlights
- Gold production in the third quarter of 2024 was in line with
the production estimates but lower than the second quarter of 2024
due to lower gold grade sequencing and lower throughput from a
planned extended mill shutdown in September, which included
advanced maintenance work on the tailings thickener drive
assembly
- At Odyssey South, total development during the quarter was
ahead of plan at approximately 3,430 metres. The
better-than-planned performance is largely due the increased use of
tele-operated and automated equipment, including scoops, trucks,
jumbos and cable bolters. Gold production was slightly under target
at approximately 16,000 ounces of gold as a result of a delay in
the mining sequence of higher-grade stopes
- At the Canadian Malartic pit, the construction of the central
berm was completed in July and in-pit tailings disposal began
- An update on the Odyssey mine development, construction and
exploration highlights is set out in the Update on Key Value
Drivers and Pipeline Projects section above
Goldex – Achieved Target Milling Rate at Akasaba West
Goldex – Operating
Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
739
|
|
756
|
|
2,264
|
|
2,215
|
Tonnes of ore milled
per day
|
|
8,033
|
|
8,217
|
|
8,263
|
|
8,114
|
Gold grade
(g/t)
|
|
1.51
|
|
1.69
|
|
1.59
|
|
1.72
|
Gold production
(ounces)
|
|
30,334
|
|
35,880
|
|
98,472
|
|
107,619
|
Production costs per
tonne (C$)
|
|
$
63
|
|
$
51
|
|
$
60
|
|
$
52
|
Minesite costs per
tonne (C$)
|
|
$
61
|
|
$
52
|
|
$
60
|
|
$
52
|
Production costs per
ounce
|
|
$
1,130
|
|
$
803
|
|
$ 1,021
|
|
$
788
|
Total cash costs per
ounce
|
|
$
1,031
|
|
$
822
|
|
$
945
|
|
$
802
|
Gold Production
- Third Quarter of 2024 – Gold production decreased when compared
to the prior-year period primarily due to lower gold grades from
increased ore sourced from Akasaba West and lower tonnes milled as
a result of planned mill shutdowns at Goldex and LaRonde
- First Nine Months of 2024 – Gold production decreased when
compared to the prior-year period primarily due to lower gold
grades from increased ore sourced from Akasaba West and lower
recovery, partially offset by a higher volume of ore processed
Production Costs
- Third Quarter and First Nine Months of 2024 – Production costs
per tonne increased when compared to the prior-year periods
primarily due to a lower stripping adjustment associated with
Akasaba West, the timing of inventory sales and higher milling
costs, partially offset by a build-up in stockpiles and lower
volume of ore milled. Production costs per ounce increased when
compared to the prior-year periods due to the same factors that
resulted in higher production costs per tonne and lower gold
grades
Minesite and Total Cash Costs
- Third Quarter and First Nine Months of 2024 – Minesite costs
per tonne increased when compared to the prior-year periods due to
the same reasons outlined above for the higher production costs per
tonne. Total cash costs per ounce increased when compared to the
prior-year periods due to the same reasons outlined above for the
higher production costs per ounce
Highlights
- At Akasaba West, through the ramp-up process, the target
milling rate was exceeded in September
2024, which is expected to provide increased production
flexibility to Goldex going forward
- Production from the Deep 2 zone continued to ramp-up with the
second stope mined during the quarter
ABITIBI REGION, ONTARIO
Detour Lake – Record Quarterly Tonnage Milled; Targeted Mill
Throughput Rate Achieved
Detour Lake –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
7,082
|
|
5,630
|
|
20,376
|
|
18,827
|
Tonnes of ore milled
per day
|
|
76,978
|
|
61,196
|
|
74,365
|
|
68,963
|
Gold grade
(g/t)
|
|
0.85
|
|
0.93
|
|
0.84
|
|
0.88
|
Gold production
(ounces)
|
|
173,891
|
|
152,762
|
|
492,889
|
|
483,971
|
Production costs per
tonne (C$)
|
|
$
24
|
|
$
25
|
|
$
25
|
|
$
24
|
Minesite costs per
tonne (C$)
|
|
$
26
|
|
$
25
|
|
$
26
|
|
$
26
|
Production costs per
ounce
|
|
$
731
|
|
$
696
|
|
$
770
|
|
$
688
|
Total cash costs per
ounce
|
|
$
779
|
|
$
755
|
|
$
812
|
|
$
752
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher throughput from a
higher mill run-time than planned and optimized mill equipment,
partially offset by lower gold grades from the mining sequence and
lower recovery
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period primarily due to higher
throughput from a higher mill run-time than planned and optimized
mill equipment, partially offset by lower gold grades and lower
recovery, mainly due to abnormal chipping of grinding media
affecting grinding efficiency
Production Costs
- Third Quarter of 2024 – Production costs per tonne decreased
when compared to the prior-year period mainly due to the higher
volume of ore milled in the current period, partially offset by
higher mining and milling costs as a result or higher throughput,
higher royalty costs and the timing of inventory sales. Production
costs per ounce increased when compared to the prior-year period
due to the higher mining and milling costs as a result of higher
throughput, higher royalty costs, the timing of inventory sales and
lower gold grades
- First Nine Months of 2024 – Production costs per tonne
increased when compared to the prior-year period primarily due to
higher milling costs as a result of lower grinding media efficiency
in the SAG mill and higher mining and royalty costs, partially
offset by higher volume of ore milled in the current period.
Production costs per ounce increased when compared to the
prior-year period due to the same factors resulting in higher
production costs per tonne and lower gold grades
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne increased when
compared to the prior-year period due to higher mining, milling and
royalty costs, partially offset by the higher volume of ore milled.
Total cash costs per ounce increased when compared to the
prior-year period due to the same reasons outlined above for the
higher production costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne remained
unchanged when compared to the prior-year period as the higher
mining, milling and royalty costs were offset by the higher volume
of ore milled. Total cash costs per ounce increased when compared
to the prior-year period primarily due to a stable minesite costs
per tonne combined with lower gold grades.
Highlights
- In the third quarter of 2024, the mill set a record quarterly
throughput rate of 76,978 tpd ahead of the targeted rate of
76,700 tpd. This performance was largely due to a stable mill
run-time at approximately 93.0%, the replacement of the defective
grinding media in the SAG mill and the installation of a new ball
mill discharge grizzly on line 2 during the planned mill shutdown
completed in August. Other initiatives that are expected to
continue improving mill throughput include the installation of a
new ball mill discharge grizzly on line 1, a SAG discharge box
upgrade (following the design at the Canadian Malartic mill) and
installation of variable speed drive to the secondary crushers
- Assembly and the commissioning of the new Komatsu rope shovel
were completed in the third quarter of 2024. The new rope shovel is
expected to add increased capacity required per the life of mine
plan, replacing a diesel shovel of lower capacity. The addition of
the new shovel, combined with higher truck availability and
utilization, resulted in the highest daily tonnes mined from the
open pit to-date in 2024
- Metallurgical recovery improved in the third quarter of 2024
when compared to the second quarter of 2024 as a result of the
successful replacement of the defective grinding media in the SAG
mill. Recovery was slightly lower than expected in the quarter due
to abnormal carbon breakage in the CIP circuit. To address this
issue the Company replaced trash screens in the CIP circuit during
the planned shutdown in August and cleaned the leach tanks
- The expansion of the mine maintenance shop to support increased
mining rates and a larger production fleet is ongoing. The new
mining service facility is expected to be completed in 2025
- An update on the underground project and exploration results is
set out in the Update on Key Value Drivers and Pipeline Projects
section above
Macassa – Strong Quarterly Gold Production; Transitioning
Focus to Mill Optimization
Macassa – Operating
Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
134
|
|
112
|
|
420
|
|
311
|
Tonnes of ore milled
per day
|
|
1,457
|
|
1,217
|
|
1,533
|
|
1,139
|
Gold grade
(g/t)
|
|
16.84
|
|
13.35
|
|
15.43
|
|
17.16
|
Gold production
(ounces)
|
|
70,727
|
|
46,792
|
|
203,048
|
|
167,951
|
Production costs per
tonne (C$)
|
|
$
489
|
|
$
435
|
|
$
476
|
|
$
488
|
Minesite costs per
tonne (C$)
|
|
$
539
|
|
$
476
|
|
$
502
|
|
$
516
|
Production costs per
ounce
|
|
$
680
|
|
$
766
|
|
$
723
|
|
$
669
|
Total cash costs per
ounce
|
|
$
750
|
|
$
841
|
|
$
763
|
|
$
719
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher gold grades as
expected from the mine sequence and higher throughput, resulting
from increased productivity from a larger workforce, new
ventilation infrastructure and improved equipment availability as
well as the addition of ore sourced from the Near Surface
deposit
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period primarily due to higher
throughput, resulting from increased productivity from new
ventilation infrastructure and improved equipment availability as
well as the addition of ore sourced from the Near Surface deposit,
partially offset by lower gold grades
Production Costs
- Third Quarter of 2024 – Production costs per tonne increased
when compared to the prior-year period due to higher mining costs
resulting from an increase in mining rate, partially offset by the
higher volume of ore milled in the current period. Production costs
per ounce decreased when compared to the prior-year period due to
increased gold production in the current period, partially offset
by higher mining costs resulting from an increase in mining
rate
- First Nine Months of 2024 – Production costs per tonne
decreased when compared to the prior-year period due to the higher
volume of ore milled in the current period, partially offset by
higher mining costs. Production costs per ounce increased when
compared to the prior-year period due to higher underground
development and mining costs, partially offset by more ounces of
gold produced in the current period
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne increased when
compared to the prior-year period due to the same reasons as for
the higher production costs per tonne. Total cash costs per ounce
decreased when compared to the prior-year period due to the same
reasons as for the lower production costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne decreased
when compared to the prior-year period due to the same reasons as
for the lower production costs per tonne. Total cash costs per
ounce increased when compared to the prior-year period due to the
same reasons as for the higher production costs per ounce
Highlights
- In the third quarter of 2024, quarterly gold production at
Macassa was the highest achieved since the merger between the
Company and Kirkland Lake Gold Ltd. in February 2022. This performance reflects the
productivity gains achieved at the mine and mill since the
completion of #4 Shaft and the new ventilation infrastructure in
2023. The operational constraint has now shifted from the mine to
the mill – with a continued focus on asset optimization, the
Company is working on improving the ore grind size and load in the
grinding circuit to further improve mill throughput
- The higher gold production than forecast was also driven by
higher gold grades in the quarter primarily due to better than
expected ore extraction in priority production headings
- Construction of the new paste plant was 70% complete as at
September 30, 2024 and is on schedule
for commissioning in the first half of 2025
- Exploration drilling at Macassa during the third quarter
totalled 45,500 metres (137,900 metres during the first nine months
of 2024) with highlights at depth in the Macassa mine of: 31.8 g/t
gold over 2.2 metres at 1,710 metres depth and 12.5 g/t gold over
2.0 metres at 1,713 metres depth in hole 57-1556 in the SMC West
zone; 18.0 g/t gold over 1.9 metres at 1,855 metres depth in hole
58-1142 in the central area of the Main Break; and 19.5 g/t gold
over 3.2 metres at 1,986 metres depth in hole 58-1290 in the
eastern extension of the Main Break. The results show the potential
for localized extensions of mineral resources. Step-out drilling
into the shallow eastern extension of the AK deposit returned
highlights of 7.7 g/t gold over 5.7 metres at 245 metres depth in
hole KLAK-321 and 11.8 g/t gold over 1.9 metres at 251 metres depth
in hole KLAK-339, confirming the potential for mineral resource
addition down-plunge of current mineral resources
NUNAVUT
Meliadine – Completion of Mill Expansion Drives Record
Quarterly Throughput
Meliadine –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
533
|
|
470
|
|
1,450
|
|
1,407
|
Tonnes of ore milled
per day
|
|
5,793
|
|
5,109
|
|
5,292
|
|
5,154
|
Gold grade
(g/t)
|
|
6.08
|
|
6.17
|
|
6.34
|
|
6.15
|
Gold production
(ounces)
|
|
99,838
|
|
89,707
|
|
284,238
|
|
267,856
|
Production costs per
tonne (C$)
|
|
$
192
|
|
$
254
|
|
$
238
|
|
$
237
|
Minesite costs per
tonne (C$)
|
|
$
226
|
|
$
248
|
|
$
241
|
|
$
249
|
Production costs per
ounce
|
|
$
752
|
|
$
994
|
|
$
895
|
|
$
930
|
Total cash costs per
ounce
|
|
$
889
|
|
$
971
|
|
$
908
|
|
$
975
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher throughput as a
result of the commissioning of the Phase 2 mill expansion,
partially offset by lower gold grades as expected under the mining
sequence
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period primarily due to higher gold
grades as expected under the mining sequence and higher
throughput
Production Costs
- Third Quarter of 2024 – Production costs per tonne decreased
when compared to the prior-year period primarily due to a higher
volume of ore milled in the current period and stockpile build-up
in the current period compared to consumption of stockpiles in the
prior-year period, partially offset by higher underground services
and royalty costs. Production costs per ounce decreased when
compared to the prior-year period due to the same reasons outlined
above for production costs per tonne and more gold ounces produced
in the current period
- First Nine Months of 2024 – Production costs per tonne
increased when compared to the prior-year period primarily due
higher underground services and royalty costs, partially offset by
the build-up of stockpiles in the current period and the higher
volume of ore milled in the current period. Production costs per
ounce decreased in the current period due to more ounces of gold
being produced in the current period, partially offset by the
timing of inventory sales and higher underground services and
royalty costs
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne decreased when
compared to the prior-year period for the same reasons outlined
above for production costs per tonne. Total cash costs per ounce
decreased when compared to the prior-year period for the same
reasons outlined above for the production costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne decreased
when compared to the prior-year period primarily due to the higher
volume of ore milled. Total cash costs per ounce decreased when
compared to the prior-year period for the same reasons outlined
above for the production costs per ounce
Highlights
- Gold production in the third quarter of 2024 was higher than
planned as a result of record quarterly throughput driven by the
completion of the Phase 2 mill expansion commissioning ahead of
schedule. Throughput at the mill is expected to continue to ramp up
to an average 6,000 tpd by year-end 2024
- Record health and safety performance was achieved at the site
since the start of its operations, with a combined injury frequency
of zero for six consecutive months
- During the first quarter of 2024, the Company submitted a
proposal to the Nunavut Water Board to amend the current Type A
Water license to include tailings, water and waste management
infrastructure at the Pump, F-zone, Wesmeg and Discovery deposits.
Public hearings were completed in September with the final
recommendation expected in the fourth quarter of 2024. The Company
expects permits to be received in the first quarter of 2025
Meliadine – Exploration Highlights
Exploration drilling at the Meliadine mine totalled 25,300
metres during the third quarter (79,600 metres during the first
nine months of 2024) with three underground drill rigs and up to
three surface drill rigs in operation. Building on the positive
results of the first quarter, the exploration drilling program for
2024 was increased from 77,700 metres to a planned 103,700 metres.
Work accelerated during the second and third quarters and primarily
comprised of deep exploration and conversion drilling at the
Tiriganiaq and Pump deposits, and infill drilling of inferred
mineral resources at the Wesmeg North deposit.
The exploration drift at Tiriganiaq was extended by 289 metres
to the west during the first nine months of 2024, providing
additional drilling platforms to explore the lateral and depth
extensions of the deposit.
Selected recent drill intercepts at the Tiriganiaq, Wesmeg
North, Wesmeg and Pump deposits at the Meliadine mine are set out
in the table and composite longitudinal section below.
Drill hole
|
Deposit
|
Lode /
zone
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)*
|
ML425-9204-D6
|
Tiriganiaq
|
1000
|
286.0
|
291.2
|
718
|
5.0
|
12.8
|
12.8
|
ML425-9323-D2
|
Tiriganiaq
|
1000
|
351.3
|
355.7
|
822
|
3.5
|
5.7
|
5.7
|
ML425-9323-D15
|
Tiriganiaq
|
1000
|
281.7
|
294.4
|
703
|
11.8
|
15.1
|
15.1
|
ML425-9323-D29B
|
Tiriganiaq
|
1000
|
285.4
|
291.5
|
698
|
5.9
|
11.4
|
11.4
|
ML425-9950-D26
|
Tiriganiaq
|
1000
|
466.3
|
472.5
|
852
|
5.2
|
30.5
|
30.5
|
M24-3936
|
Wesmeg North
|
922
|
160.0
|
164.2
|
162
|
3.8
|
24.0
|
20.4
|
M24-3938
|
Wesmeg North
|
940
|
197.8
|
202.6
|
174
|
4.7
|
17.3
|
8.3
|
M24-3947
|
Wesmeg North
|
946
|
136.2
|
147.0
|
155
|
9.1
|
7.4
|
7.4
|
M24-3948
|
Wesmeg North
|
922
|
186.4
|
191.6
|
196
|
4.5
|
45.0
|
23.7
|
M24-3992
|
Wesmeg North
|
911
|
163.0
|
166.0
|
108
|
2.9
|
24.3
|
20.2
|
ML375-9664-D20
|
Wesmeg North
|
966
|
12.9
|
19.6
|
356
|
5.0
|
15.6
|
9.3
|
and
|
Wesmeg North
|
945
|
132.2
|
140.7
|
465
|
6.8
|
8.7
|
8.7
|
ML400-8931-U10A
|
Wesmeg North
|
930
|
101.0
|
104.0
|
364
|
2.6
|
24.9
|
24.9
|
ML400-9970-D3
|
Wesmeg North
|
962
|
177.4
|
186.1
|
483
|
7.6
|
24.3
|
5.0
|
ML400-9970-D12
|
Wesmeg North
|
953
|
79.3
|
89.6
|
442
|
9.5
|
20.7
|
8.0
|
ML400-9970-D19
|
Wesmeg North
|
953
|
79.2
|
86.4
|
446
|
6.5
|
29.0
|
14.1
|
ML400-9970-D23
|
Wesmeg North
|
953
|
118.0
|
125.0
|
497
|
4.7
|
10.7
|
8.3
|
ML400-9970-D24
|
Wesmeg North
|
953
|
79.7
|
88.6
|
451
|
8.3
|
9.9
|
9.0
|
ML400-9970-D25
|
Wesmeg North
|
980
|
1.0
|
8.0
|
389
|
3.8
|
16.2
|
9.8
|
and
|
Wesmeg North
|
945
|
276.6
|
280.0
|
652
|
2.3
|
7.1
|
7.1
|
ML400-9970-D28
|
Wesmeg North
|
953
|
83.9
|
103.1
|
459
|
16.0
|
4.7
|
4.7
|
ML475-9228-D1
|
Wesmeg
|
510
|
315.0
|
318.8
|
737
|
2.8
|
8.0
|
8.0
|
ML475-9228-D13
|
Wesmeg
|
650
|
221.7
|
225.6
|
679
|
2.4
|
13.5
|
13.5
|
M24-3849
|
Pump
|
3230
|
392.6
|
396.0
|
343
|
3.1
|
6.9
|
6.9
|
and
|
Pump
|
3430
|
359.0
|
364.9
|
317
|
5.4
|
4.6
|
4.6
|
M24-3876
|
Pump
|
3430
|
366.5
|
371.5
|
318
|
4.6
|
8.6
|
8.6
|
M24-3879A
|
Pump
|
3525
|
422.5
|
427.8
|
369
|
5.1
|
7.7
|
7.7
|
and
|
Pump
|
3425
|
494.0
|
499.0
|
426
|
4.8
|
6.9
|
6.9
|
M24-3901A
|
Pump
|
3425
|
282.1
|
292.3
|
243
|
9.9
|
7.5
|
7.5
|
*Results from Meliadine
use a capping factor ranging from 20 g/t to 90 g/t gold depending
on the zone.
|
[Meliadine Mine – Plan Map and Composite Longitudinal
Section]
At Tiriganiaq, exploration drilling into the western and eastern
extensions of the lower central portion of the deposit produced
highlights that included hole ML425-9950-D26 returning 30.5 g/t
gold over 5.2 metres at 852 metres depth and 100 metres beyond
current mineral resources; and hole ML425-9204-D6 returning 12.8
g/t gold over 5.0 metres at 718 metres depth and 40 metres beyond
current mineral resources. Infill drilling at similar depths in the
lower central portion was highlighted by hole ML425-9323-D15
returning 15.1 g/t gold over 11.8 metres at 703 metres depth; and
hole ML425-9323-D29B returning 11.4 g/t gold over 5.9 metres at 698
metres depth.
These high-grade shoots in the 1000 lode system remain open
laterally and down-plunge, demonstrating the potential for further
expansion of mineral resources laterally and at depth.
During the fourth quarter of 2024, the Company plans to develop
another 120 metres of the remaining 433 metres of exploration drift
development at Tiriganiaq.
At Wesmeg North, infill drilling at depth into the high grade
shoot in the central corridor was highlighted by hole
ML400-9970-D19 returning 14.1 g/t gold over 6.5 metres at 446
metres depth; hole ML400-9970-D25 returning 9.8 g/t gold over 3.8
metres at 389 metres depth; hole ML400-9970-D12 returning 8.0 g/t
gold over 9.5 metres at 442 metres depth; and hole ML400-9970-D24
returning 9.0 g/t gold over 8.3 metres at 451 metres depth.
At shallower depths within same high-grade corridor, highlights
included: hole M24-3992 returning 20.2 g/t gold over 2.9 metres at
108 metres depth; hole M24-3936 returning 20.4 g/t gold over 3.8
metres at 162 metres depth; hole M24-3938 returning 8.3 g/t gold
over 4.7 metres at 174 metres depth; hole M24-3947 returning 7.4
g/t gold over 9.1 metres at 155 metres depth; and hole M24-3948
returning 23.7 g/t gold over 4.5 metres at 196 metres depth.
These infill drilling results at Wesmeg North are of higher
grade than historical drilling in these areas and are expected to
have a positive impact on the mineral resource estimate at year-end
2024.
Exploration ramp development is expected to begin at the Wesmeg
North and Wesmeg deposits towards the end of the fourth quarter of
2024. New drilling platforms are expected to be available in the
second quarter of 2025 to explore Wesmeg North and Wesmeg to the
east and at depth, where there is excellent potential for future
mineral resources addition.
At the Pump deposit, located approximately one kilometre to the
south of Wesmeg, highlights from 2024 include conversion hole
M24-3901A returning 7.5 g/t gold over 9.9 metres at 243 metres
depth, including 15.9 g/t gold over 2.7 metres at 240 metres depth;
and exploration hole M24-3879A returning 7.7 g/t gold over 5.1
metres at 369 metres depth and 6.9 g/t gold over 4.8 metres at 426
metres depth. The results confirm and extend the Pump deposit at
relatively shallow depths.
Meadowbank – Five Million Ounce Milestone Achieved; Strong
Quarterly Gold Production Driven by Record Throughput
Meadowbank –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
1,083
|
|
1,077
|
|
3,144
|
|
2,905
|
Tonnes of ore milled
per day
|
|
11,772
|
|
11,707
|
|
11,474
|
|
10,641
|
Gold grade
(g/t)
|
|
4.19
|
|
3.76
|
|
4.21
|
|
3.82
|
Gold production
(ounces)
|
|
133,502
|
|
116,555
|
|
387,695
|
|
322,440
|
Production costs per
tonne (C$)
|
|
$
145
|
|
$
167
|
|
$
152
|
|
$
176
|
Minesite costs per
tonne (C$)
|
|
$
153
|
|
$
178
|
|
$
155
|
|
$
177
|
Production costs per
ounce
|
|
$
867
|
|
$
1,149
|
|
$
910
|
|
$ 1,183
|
Total cash costs per
ounce
|
|
$
910
|
|
$
1,225
|
|
$
923
|
|
$ 1,173
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher gold grades as
expected under the mine sequence and higher recovery and
throughput
- First Nine Months of 2024 – Gold production increased when
compared to the prior-year period primarily due to higher gold
grades as expected under the mine sequence and higher throughput,
as the comparative period was affected by unplanned downtime at the
SAG mill and unplanned shutdowns due to caribou migration
patterns
Production Costs
- Third Quarter and First Nine Months of 2024 – Production costs
per tonne decreased when compared to the prior-year periods due to
a higher volume of ore milled. Production costs per ounce decreased
when compared to the prior-year periods due to more ounces of gold
being produced in the current period
Minesite and Total Cash Costs
- Third Quarter and First Nine Months of 2024 – Minesite costs
per tonne decreased when compared to the prior-year periods due to
the same reasons as for the lower production costs per tonne. Total
cash costs per ounce decreased when compared to the prior-year
periods due to the same reasons outlined above for the lower
production costs per ounce
Highlights
- In September 2024, Meadowbank
achieved the significant milestone of five million ounces of gold
poured since the mine began production
- Gold production was higher than forecast in the quarter due to
strong overall operational performance, including the mill setting
a record quarterly throughput at 11,772 tpd
- Production from both open pit and underground operations was
higher than forecast despite challenging weather conditions in
September, which affected haulage productivity. The steady mine
performance is a result of the productivity gains achieved through
the full mining cycle and increased adherence and compliance to
plan in 2024. Production also continues to benefit from positive
reconciliation on ore tonnage
AUSTRALIA
Fosterville – Record
Quarterly Ore Tonnes Mined and Strong Mill Performance
Fosterville –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
246
|
|
144
|
|
652
|
|
468
|
Tonnes of ore milled
per day
|
|
2,674
|
|
1,565
|
|
2,380
|
|
1,714
|
Gold grade
(g/t)
|
|
8.61
|
|
13.22
|
|
9.28
|
|
15.48
|
Gold production
(ounces)
|
|
65,532
|
|
59,790
|
|
188,064
|
|
228,161
|
Production costs per
tonne (A$)
|
|
$
271
|
|
$
291
|
|
$
267
|
|
$
322
|
Minesite costs per
tonne (A$)
|
|
$
261
|
|
$
304
|
|
$
264
|
|
$
316
|
Production costs per
ounce
|
|
$
677
|
|
$
461
|
|
$
611
|
|
$
438
|
Total cash costs per
ounce
|
|
$
651
|
|
$
495
|
|
$
602
|
|
$
437
|
Gold Production
- Third Quarter of 2024 – Gold production increased when compared
to the prior-year period primarily due to higher throughput driven
by strong operating performance, partially offset by the lower gold
grades as the ultra-high grade Swan zone is depleting in line with
schedules
- First Nine Months of 2024 – Gold production decreased when
compared to the prior-year period primarily due to the lower gold
grades as discussed above, partially offset by higher
throughput
Production Costs
- Third Quarter and First Nine Months of 2024 – Production costs
per tonne decreased when compared to the prior-year periods due to
a higher volume of ore mined and milled, partially offset by higher
mining costs associated with the extra volume, higher royalty costs
and the build-up of stockpiles. Production costs per ounce
increased when compared to the prior-year periods due to lower gold
grades in the period
Minesite and Total Cash Costs
- Third Quarter and First Nine Months of 2024 – Minesite costs
per tonne decreased when compared to the prior-year periods due to
a higher volume of ore mined and milled, partially offset by higher
mining costs associated with the extra volume and higher royalty
costs. Total cash costs per ounce increased when compared to the
prior-year periods due to lower gold grades as expected, partially
offset by lower minesite costs per tonne
Highlights
- In the third quarter of 2024, Fosterville set a quarterly record for ore
mined for the second consecutive quarter at approximately 246,000
tonnes, driven by higher than planned development in ore at Robbins
Hill and Phoenix. Fosterville also set a monthly record in ore
tonnes trucked at 90,000 tonnes in September. The Company continues
to focus on productivity gains and cost control at the mine and the
mill to maximize throughput and reduce unit costs as gold grades
continue to decline with the depletion of the Swan zone
- The Company is currently advancing an upgrade of the primary
ventilation system to sustain the mining rate in the Lower Phoenix
zones in future years. In the third quarter of 2024, the Company
completed the excavation of the ventilation raises and the project
is progressing as planned at approximately 75% completion. The
Company expects the project to be completed by early 2025
- Exploration drilling at Fosterville totalled 16,700 metres during the
third quarter of 2024 (57,100 metres during the first nine months
of 2024) with work focused on the extensions of mineral reserves
and mineral resources at the Lower Phoenix and Robbins Hill areas.
At Robbins Hill, drilling targeted the southern extension of the
Curie structure and intersected moderate-grade gold mineralization
approximately 600 metres south of current mineral resources and
close to existing ramp infrastructure, with highlights including
hole UDR062 returning 5.2 g/t gold over 7.7 metres at 705 metres
depth and hole UDR063 returning 3.0 g/t gold over 10.7 metres at
613 metres depth. In the Lower Phoenix area, drilling intersected
high-grade results in the Cardinal structure approximately 100
metres down-plunge of the current mineral reserves, with highlights
including: hole UDH4999A returning 72.8 g/t gold over 5.7 metres
with visible gold at 1,785 metres depth, including 1,383.2 g/t over
0.28 metres at 1,787 metres depth; and hole UDH4996 returning 6.8
g/t gold over 3.2 metres at 1,764 metres depth in potentially the
upper margin of the plunging Cardinal visible-gold trend
FINLAND
Kittila – Mill Recovery Improved Quarter-over-Quarter;
Continuous Improvement Program Yields Initial Positive
Results
Kittila – Operating
Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
544
|
|
527
|
|
1,550
|
|
1,440
|
Tonnes of ore milled
per day
|
|
5,913
|
|
5,728
|
|
5,657
|
|
5,275
|
Gold grade
(g/t)
|
|
3.94
|
|
4.20
|
|
4.10
|
|
4.45
|
Gold production
(ounces)
|
|
56,715
|
|
59,408
|
|
166,967
|
|
173,230
|
Production costs per
tonne (EUR)
|
|
€
100
|
|
€
101
|
|
€
105
|
|
€
100
|
Minesite costs per
tonne (EUR)
|
|
€
96
|
|
€
99
|
|
€
103
|
|
€
100
|
Production costs per
ounce
|
|
$
1,057
|
|
$
986
|
|
$ 1,057
|
|
$
896
|
Total cash costs per
ounce
|
|
$
1,010
|
|
$
930
|
|
$ 1,033
|
|
$
875
|
Gold Production
- Third Quarter and First Nine Months of 2024 – Gold production
decreased when compared to the prior-year periods primarily due to
lower gold grades, partially offset by higher throughput
Production Costs
- Third Quarter of 2024 – Production costs per tonne decreased
slightly when compared to the prior-year period primarily due to a
higher volume of ore milled in the current period, partially offset
by higher underground mining, development and maintenance costs,
higher royalty costs and the strengthening of the Euro relative to
the US dollar between periods. Production costs per ounce increased
when compared to the prior-year period due to the same reasons
outlined above and fewer ounces of gold being produced in the
current period
- First Nine Months of 2024 – Production costs per tonne
increased when compared to the prior-year period primarily due to
the consumption of stockpiles, timing of inventory sales, higher
underground mining and maintenance costs and higher royalty costs,
partially offset by a higher volume of ore milled in the current
period. Production costs per ounce increased when compared to the
prior-year period due to the same reasons outlined above for higher
production costs per tonne and fewer ounces of gold being produced
in the current period
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne decreased when
compared to the prior-year period mainly due to the higher volume
of ore milled in the current period. Total cash costs per ounce
increased when compared to the prior-year period due to the same
reasons as the higher production costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne increased
when compared to the prior year period primarily due to the same
reasons outlined above for production costs per tonne. Total cash
costs per ounce increased when compared to the prior year period
due to the same reasons as the higher production costs per
ounce
Highlights
- In the third quarter of 2024, Kittila set a record quarterly
performance in health and safety
- Gold production was lower than planned in the third quarter of
2024 due to lower grades due to adjustments to the mining sequence
and lower recovery from higher carbon and sulphur content in the
ore. Various recovery improvement actions were implemented during
the quarter, resulting in an improvement in recovery rates compared
to the prior quarter. In addition, the Company continues to
optimize the ore blend to improve metallurgical recovery
- Continuous improvement efforts, initiated in the second quarter
of 2024 and focused on mine productivity, yielded initial positive
results, including approximately 20% improvement in advance
development rate
- A 10-day planned shutdown for the autoclave and other mill
maintenance is planned in the fourth quarter of 2024. The
maintenance cycle for the autoclave is eight months, with the
previous shutdown completed in February
2024
MEXICO
Pinos Altos – Solid Open Pit
and Mill Performance Supports Gold Production
Pinos Altos –
Operating Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
446
|
|
450
|
|
1,326
|
|
1,215
|
Tonnes of ore milled
per day
|
|
4,848
|
|
4,891
|
|
4,839
|
|
4,451
|
Gold grade
(g/t)
|
|
1.58
|
|
1.84
|
|
1.72
|
|
1.92
|
Gold production
(ounces)
|
|
21,371
|
|
25,386
|
|
69,850
|
|
71,679
|
Production costs per
tonne
|
|
$
104
|
|
$
89
|
|
$
93
|
|
$
89
|
Minesite costs per
tonne
|
|
$
96
|
|
$
85
|
|
$
94
|
|
$
88
|
Production costs per
ounce
|
|
$
2,174
|
|
$
1,581
|
|
$ 1,761
|
|
$ 1,504
|
Total cash costs per
ounce
|
|
$
1,531
|
|
$
1,310
|
|
$ 1,426
|
|
$ 1,236
|
Gold Production
- Third Quarter and First Nine Months of 2024 – Gold production
decreased when compared to the prior-year periods primarily due to
lower gold grades as expected under the mining sequence
Production Costs
- Third Quarter of 2024 – Production costs per tonne increased
when compared to the prior-year period primarily due to the timing
of inventory sales and higher underground development and
maintenance costs. Production costs per ounce increased when
compared to the prior-year period for the same reasons outlined
above for production costs per tonne and fewer ounces of gold
produced in the current period
- First Nine Months of 2024 – Production costs per tonne
increased when compared to the prior-year period primarily due to
higher underground development and services costs, higher milling
costs and a lower deferred stripping ratio, partially offset by the
higher volume of ore milled in the current period. Production costs
per ounce increased when compared to the prior-year period due to
the same reasons outlined above for the higher production costs per
tonne and fewer ounces of gold produced in the period
Minesite and Total Cash Costs
- Third Quarter of 2024 – Minesite costs per tonne increased when
compared to the prior-year period due to the same reasons outlined
above for the higher production costs per tonne. Total cash costs
per ounce increased when compared to the prior-year period due to
the same reasons outlined above that resulted in higher production
costs per ounce
- First Nine Months of 2024 – Minesite costs per tonne increased
when compared to the prior-year period due to the same reasons as
the higher production costs per tonne. Total cash costs per ounce
increased when compared to the prior-year period due to the same
reasons as the higher production costs per ounce
La India – Residual
Leaching to Continue Through Year-End 2024; Site Transitioning to
Closure Phase Beginning in the Fourth Quarter of 2024
La India – Operating
Statistics
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands of tonnes)
|
|
—
|
|
970
|
|
—
|
|
2,510
|
Tonnes of ore milled
per day
|
|
—
|
|
10,543
|
|
—
|
|
9,194
|
Gold grade
(g/t)
|
|
—
|
|
1.10
|
|
—
|
|
0.86
|
Gold production
(ounces)
|
|
4,529
|
|
22,269
|
|
21,190
|
|
56,423
|
Production costs per
tonne
|
|
$
—
|
|
$
29
|
|
$
—
|
|
$
29
|
Minesite costs per
tonne
|
|
$
—
|
|
$
27
|
|
$
—
|
|
$
29
|
Production costs per
ounce
|
|
$
2,300
|
|
$
1,271
|
|
$ 1,861
|
|
$ 1,277
|
Total cash costs per
ounce
|
|
$
2,872
|
|
$
1,156
|
|
$ 1,963
|
|
$ 1,272
|
Gold Production
- Third Quarter and First Nine Months of 2024 – Gold production
decreased when compared to the prior-year periods due to ceasing of
mining operations at La India in the fourth quarter of 2023. Gold
production in the current periods came only from residual
leaching
Costs
- Third Quarter and First Nine Months of 2024 – Production costs
per ounce increased when compared to the prior-year periods driven
primarily by the cessation of mining activities, partially offset
by the strengthening of the Mexican Peso relative to the U.S.
dollar between periods
- Third Quarter and First Nine Months of 2024 – Total cash costs
per ounce increased when compared to the prior-year periods
primarily due to fewer ounces of gold produced in the period
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining
company and the third largest gold producer in the world, producing
precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality
exploration and development projects in these countries as well as
in the United States. Agnico Eagle
is a partner of choice within the mining industry, recognized
globally for its leading environmental, social and governance
practices. The Company was founded in 1957 and has consistently
created value for its shareholders, declaring a cash dividend every
year since 1983.
About this News Release
Unless otherwise stated, references to "LaRonde", "Canadian
Malartic", "Meadowbank" and "Goldex" are to the Company's
operations at the LaRonde complex, the Canadian Malartic complex,
the Meadowbank complex and the Goldex complex, respectively. The
LaRonde complex consists of the mill and processing operations at
the LaRonde mine and the LaRonde Zone 5 mine. The Canadian Malartic
complex consists of the mill and processing operations at the
Canadian Malartic mine and the Odyssey mine. The Meadowbank complex
consists of the mill and processing operations at the Meadowbank
mine and the Amaruq open pit and underground mines. The Goldex
complex consists of the mill and processing operations at the
Goldex mine and the Akasaba West open pit mine. References to other
operations are to the relevant mines, projects or properties, as
applicable.
When used in this news release, the terms "including" and "such
as" mean including and such as, without limitation.
The information contained on any website linked
to or referred to herein (including the Company's website) is not
part of this news release.
Note Regarding Certain Measures of Performance
This news release discloses certain financial performance
measures and ratios, including "total cash costs per ounce",
"minesite costs per tonne", "all-in sustaining costs per ounce" (or
"AISC per ounce"), "adjusted net income", "adjusted net income per
share", "cash provided by operating activities before changes in
non-cash working capital balances", "cash provided by operating
activities before changes in non-cash working capital balances per
share", "EBITDA" which means earnings before interest, taxes,
depreciation and amortization, "adjusted EBITDA", "free cash flow",
"free cash flow before changes in non-cash working capital
balances", "operating margin", "sustaining capital expenditures",
"development capital expenditures" and "net debt", as well as, for
certain of these measures their related per share ratios that are
not standardized measures under IFRS. These measures may not be
comparable to similar measures reported by other gold producers and
should be considered together with other data prepared in
accordance with IFRS. See below for a reconciliation of these
measures to the most directly comparable financial information
reported in the consolidated financial statements prepared in
accordance with IFRS.
Total cash costs per ounce and minesite costs per
tonne
Total cash costs per ounce is calculated on a per ounce of gold
produced basis and is reported on both a by-product basis
(deducting by-product metal revenues from production costs) and
co-product basis (without deducting by-product metal revenues).
Total cash costs per ounce on a by-product basis is calculated by
adjusting production costs as recorded in the condensed interim
consolidated statements of income for by-product revenues,
inventory production costs, the impact of purchase price allocation
in connection with mergers and acquisitions on inventory
accounting, realized gains and losses on hedges of production costs
and other adjustments, which include the costs associated with a 5%
in-kind royalty paid in respect of certain portions of Canadian
Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a
1.5% in-kind royalty paid in respect of Macassa, as well as
smelting, refining and marketing charges and then dividing by the
number of ounces of gold produced. Given the nature of the fair
value adjustment on inventory related to mergers and acquisitions
and the use of the total cash costs per ounce measures to reflect
the cash generating capabilities of the Company's operations, the
calculations of total cash costs per ounce for Canadian Malartic
has been adjusted for the purchase price allocation in the
comparative period data. Investors should note that total cash
costs per ounce are not reflective of all cash expenditures, as
they do not include income tax payments, interest costs or dividend
payments. Total cash costs per ounce on a co-product basis is
calculated in the same manner as the total cash costs per ounce on
a by-product basis, except that no adjustment is made for
by-product metal revenues. Accordingly, the calculation of total
cash costs per ounce on a co-product basis does not reflect a
reduction in production costs or smelting, refining and marketing
charges associated with the production and sale of by-product
metals.
Total cash costs per ounce is intended to provide investors
information about the cash-generating capabilities of the Company's
mining operations. Management also uses these measures to, and
believes they are useful to investors so investors can, understand
and monitor the performance of the Company's mining operations. The
Company believes that total cash costs per ounce is useful to help
investors understand the costs associated with producing gold and
the economics of gold mining. As market prices for gold are quoted
on a per ounce basis, using the total cash costs per ounce on a
by-product basis measure allows management and investors to assess
a mine's cash-generating capabilities at various gold prices.
Management is aware, and investors should note, that these per
ounce measures of performance can be affected by fluctuations in
exchange rates and, in the case of total cash costs per ounce on a
by-product basis, by-product metal prices. Management compensates
for these inherent limitations by using, and investors should also
consider using, these measures in conjunction with data prepared in
accordance with IFRS and minesite costs per tonne as these measures
are not necessarily indicative of operating costs or cash flow
measures prepared in accordance with IFRS. Management also performs
sensitivity analyses in order to quantify the effects of
fluctuating metal prices and exchange rates.
Agnico Eagle's primary business is gold production and the focus
of its current operations and future development is on maximizing
returns from gold production, with other metal production being
incidental to the gold production process. Accordingly, all metals
other than gold are considered by-products.
Unless otherwise indicated, total cash costs per ounce is
reported on a by-product basis. Total cash costs per ounce is
reported on a by-product basis because (i) the majority of the
Company's revenues are from gold, (ii) the Company mines ore, which
contains gold, silver, zinc, copper and other metals, (iii) it is
not possible to specifically assign all costs to revenues from the
gold, silver, zinc, copper and other metals the Company produces,
(iv) it is a method used by management and the Board of Directors
to monitor operations, and (v) many other gold producers disclose
similar measures on a by-product rather than a co-product
basis.
Minesite costs per tonne are calculated by adjusting production
costs as recorded in the condensed interim consolidated statements
of income for inventory production costs and other
adjustments, and then dividing by tonnage of ore processed. As the
total cash costs per ounce can be affected by fluctuations in
by‑product metal prices and foreign exchange rates, management
believes that minesite costs per tonne is useful to investors in
providing additional information regarding the performance of
mining operations, eliminating the impact of varying production
levels. Management also uses this measure to determine the economic
viability of mining blocks. As each mining block is evaluated based
on the net realizable value of each tonne mined, in order to be
economically viable the estimated revenue on a per tonne basis must
be in excess of the minesite costs per tonne. Management is aware,
and investors should note, that this per tonne measure of
performance can be affected by fluctuations in processing levels.
This inherent limitation may be partially mitigated by using this
measure in conjunction with production costs and other data
prepared in accordance with IFRS.
The following tables set out a reconciliation of total cash
costs per ounce and minesite costs per tonne to production costs,
exclusive of amortization, for the three and nine months ended
September 30, 2024 and September 30, 2023, as presented in the condensed
interim consolidated statements of income in accordance with
IFRS.
Total Production
Costs by Mine
|
|
|
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September 30,
|
(thousands of
United States dollars)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Quebec
|
|
|
|
|
|
|
|
LaRonde mine
|
$
74,244
|
|
$
66,477
|
|
$
193,482
|
|
$
170,153
|
LaRonde zone 5
mine
|
18,916
|
|
18,715
|
|
58,059
|
|
62,702
|
LaRonde
complex
|
93,160
|
|
85,192
|
|
251,541
|
|
232,855
|
Canadian
Malartic(i)
|
128,984
|
|
125,455
|
|
399,893
|
|
326,936
|
Goldex
|
34,265
|
|
28,805
|
|
100,531
|
|
84,800
|
Ontario
|
|
|
|
|
|
|
|
Detour Lake
|
127,159
|
|
106,396
|
|
379,366
|
|
333,214
|
Macassa
|
48,086
|
|
35,864
|
|
146,763
|
|
112,368
|
Nunavut
|
|
|
|
|
|
|
|
Meliadine
|
75,099
|
|
89,210
|
|
254,463
|
|
249,221
|
Meadowbank
|
115,705
|
|
133,919
|
|
352,881
|
|
381,411
|
Australia
|
|
|
|
|
|
|
|
Fosterville
|
44,346
|
|
27,539
|
|
114,824
|
|
99,969
|
Europe
|
|
|
|
|
|
|
|
Kittila
|
59,968
|
|
58,569
|
|
176,535
|
|
155,200
|
Mexico
|
|
|
|
|
|
|
|
Pinos Altos
|
46,464
|
|
40,147
|
|
122,980
|
|
107,778
|
La India
|
10,417
|
|
28,315
|
|
39,445
|
|
72,056
|
Production costs per
the condensed interim consolidated statements of income
|
$ 783,653
|
|
$ 759,411
|
|
$
2,339,222
|
|
$
2,155,808
|
Reconciliation of
Production Costs to Total Cash Costs per Ounce by Mine and
Reconciliation of Production Costs to Minesite Costs per Tonne by
Mine
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands of
United States dollars, except as noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde
mine
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
47,313
|
|
|
49,303
|
|
|
161,388
|
|
|
167,471
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
74,244
|
$ 1,569
|
|
$
66,477
|
$ 1,348
|
|
$
193,482
|
$ 1,199
|
|
$
170,153
|
$ 1,016
|
Inventory
adjustments(ii)
|
(14,425)
|
(305)
|
|
(16,200)
|
(328)
|
|
(12,892)
|
(80)
|
|
(2,666)
|
(16)
|
Realized gains and
losses on
hedges of production
costs
|
246
|
5
|
|
317
|
6
|
|
616
|
4
|
|
2,165
|
13
|
Other
adjustments(v)
|
1,015
|
22
|
|
4,178
|
85
|
|
9,235
|
57
|
|
14,081
|
84
|
Total cash
costs
(co-product
basis)
|
$
61,080
|
$ 1,291
|
|
$
54,772
|
$ 1,111
|
|
$
190,441
|
$ 1,180
|
|
$
183,733
|
$ 1,097
|
By-product metal
revenues
|
(10,097)
|
(213)
|
|
(11,627)
|
(236)
|
|
(39,703)
|
(246)
|
|
(41,316)
|
(247)
|
Total cash
costs
(by-product
basis)
|
$
50,983
|
$ 1,078
|
|
$
43,145
|
$
875
|
|
$
150,738
|
$
934
|
|
$
142,417
|
$
850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde
mine
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
355
|
|
|
365
|
|
|
1,149
|
|
|
1,101
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
74,244
|
$
209
|
|
$
66,477
|
$
182
|
|
$
193,482
|
$
168
|
|
$
170,153
|
$
155
|
Production costs
(C$)
|
C$
101,221
|
C$
285
|
|
C$
89,228
|
C$
244
|
|
C$
262,638
|
C$
229
|
|
C$
228,662
|
C$
208
|
Inventory adjustments
(C$)(iii)
|
(18,800)
|
(53)
|
|
(19,881)
|
(54)
|
|
(16,069)
|
(14)
|
|
(1,455)
|
(1)
|
Other adjustments
(C$)(v)
|
(4,419)
|
(12)
|
|
(2,752)
|
(8)
|
|
(8,019)
|
(7)
|
|
(9,195)
|
(9)
|
Minesite costs
(C$)
|
C$
78,002
|
C$
220
|
|
C$
66,595
|
C$
182
|
|
C$
238,550
|
C$
208
|
|
C$
218,012
|
C$
198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde zone 5
mine
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
18,292
|
|
|
15,193
|
|
|
54,915
|
|
|
53,412
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
18,916
|
$ 1,034
|
|
$
18,715
|
$ 1,232
|
|
$
58,059
|
$ 1,057
|
|
$
62,702
|
$ 1,174
|
Inventory
adjustments(ii)
|
3,752
|
205
|
|
134
|
9
|
|
3,820
|
70
|
|
(127)
|
(2)
|
Realized gains and
losses on
hedges of production costs
|
86
|
5
|
|
106
|
7
|
|
215
|
4
|
|
722
|
13
|
Other
adjustments(v)
|
1,030
|
56
|
|
753
|
49
|
|
2,396
|
43
|
|
1,864
|
35
|
Total cash
costs
(co-product
basis)
|
$
23,784
|
$ 1,300
|
|
$
19,708
|
$ 1,297
|
|
$
64,490
|
$ 1,174
|
|
$
65,161
|
$ 1,220
|
By-product metal
revenues
|
(274)
|
(15)
|
|
(152)
|
(10)
|
|
(772)
|
(14)
|
|
(698)
|
(13)
|
Total cash
costs
(by-product
basis)
|
$
23,510
|
$ 1,285
|
|
$
19,556
|
$ 1,287
|
|
$
63,718
|
$ 1,160
|
|
$
64,463
|
$ 1,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde zone 5
mine
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
332
|
|
|
262
|
|
|
898
|
|
|
894
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
18,916
|
$
57
|
|
$
18,715
|
$
71
|
|
$
58,059
|
$
65
|
|
$
62,702
|
$
70
|
Production costs
(C$)
|
C$
25,740
|
C$
78
|
|
C$
25,082
|
C$
96
|
|
C$
78,984
|
C$
88
|
|
C$
84,347
|
C$
94
|
Inventory adjustments
(C$)(iii)
|
5,072
|
15
|
|
234
|
—
|
|
5,192
|
6
|
|
(175)
|
—
|
Minesite costs
(C$)
|
C$
30,812
|
C$
93
|
|
C$
25,316
|
C$
96
|
|
C$
84,176
|
C$
94
|
|
C$
84,172
|
C$
94
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde
complex
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
65,605
|
|
|
64,496
|
|
|
216,303
|
|
|
220,883
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
93,160
|
$ 1,420
|
|
$
85,192
|
$ 1,321
|
|
$
251,541
|
$ 1,163
|
|
$
232,855
|
$ 1,054
|
Inventory
adjustments(ii)
|
(10,673)
|
(162)
|
|
(16,066)
|
(249)
|
|
(9,072)
|
(42)
|
|
(2,793)
|
(13)
|
Realized gains and
losses on
hedges of production costs
|
332
|
5
|
|
423
|
7
|
|
831
|
4
|
|
2,887
|
13
|
Other
adjustments(v)
|
2,045
|
31
|
|
4,931
|
76
|
|
11,631
|
54
|
|
15,945
|
73
|
Total cash
costs
(co-product
basis)
|
$
84,864
|
$ 1,294
|
|
$
74,480
|
$ 1,155
|
|
$
254,931
|
$ 1,179
|
|
$
248,894
|
$ 1,127
|
By-product metal
revenues
|
(10,371)
|
(159)
|
|
(11,779)
|
(183)
|
|
(40,475)
|
(188)
|
|
(42,014)
|
(190)
|
Total cash
costs
(by-product
basis)
|
$
74,493
|
$ 1,135
|
|
$
62,701
|
$
972
|
|
$
214,456
|
$
991
|
|
$
206,880
|
$
937
|
|
|
|
|
|
|
|
|
|
|
|
|
LaRonde
complex
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
|
|
|
|
|
Tonnes of ore milled
(thousands)
|
|
687
|
|
|
627
|
|
|
2,047
|
|
|
1,995
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
93,160
|
$
136
|
|
$
85,192
|
$
136
|
|
$
251,541
|
$
123
|
|
$
232,855
|
$
117
|
Production costs
(C$)
|
C$
126,961
|
C$
185
|
|
C$
114,310
|
C$
182
|
|
C$
341,622
|
C$
167
|
|
C$
313,009
|
C$
157
|
Inventory adjustments
(C$)(iii)
|
(13,728)
|
(20)
|
|
(19,647)
|
(31)
|
|
(10,877)
|
(5)
|
|
(1,630)
|
(1)
|
Other adjustments
(C$)(v)
|
(4,419)
|
(7)
|
|
(2,752)
|
(4)
|
|
(8,019)
|
(4)
|
|
(9,195)
|
(5)
|
Minesite costs
(C$)
|
C$
108,814
|
C$
158
|
|
C$
91,911
|
C$
147
|
|
C$
322,726
|
C$
158
|
|
C$
302,184
|
C$
151
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
Malartic
(per
ounce)(i)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
141,392
|
|
|
177,243
|
|
|
509,169
|
|
|
435,683
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
128,984
|
$
912
|
|
$
125,455
|
$
708
|
|
$
399,893
|
$
785
|
|
$
326,936
|
$
750
|
Inventory
adjustments(ii)
|
(2,590)
|
(18)
|
|
6,994
|
39
|
|
7,076
|
14
|
|
7,532
|
17
|
Realized gains and
losses on
hedges of production costs
|
997
|
7
|
|
—
|
—
|
|
2,037
|
4
|
|
—
|
—
|
Purchase price
allocation to
inventory(iv)
|
—
|
—
|
|
(3,626)
|
(20)
|
|
—
|
—
|
|
(26,447)
|
(61)
|
In-kind royalties and
other
adjustments(v)
|
19,269
|
136
|
|
15,414
|
87
|
|
58,292
|
115
|
|
40,631
|
94
|
Total cash
costs
(co-product
basis)
|
$
146,660
|
$ 1,037
|
|
$
144,237
|
$
814
|
|
$
467,298
|
$
918
|
|
$
348,652
|
$
800
|
By-product metal
revenues
|
(1,777)
|
(12)
|
|
(1,551)
|
(9)
|
|
(5,945)
|
(12)
|
|
(4,758)
|
(11)
|
Total cash
costs
(by-product
basis)
|
$
144,883
|
$ 1,025
|
|
$
142,686
|
$
805
|
|
$
461,353
|
$
906
|
|
$
343,894
|
$
789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian
Malartic
(per
tonne)(i)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
4,862
|
|
|
4,911
|
|
|
15,217
|
|
|
12,055
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
128,984
|
$
27
|
|
$
125,455
|
$
26
|
|
$
399,893
|
$
26
|
|
$
326,936
|
$
27
|
Production costs
(C$)
|
C$
175,462
|
C$
36
|
|
C$
168,339
|
C$
34
|
|
C$
543,010
|
C$
36
|
|
C$
440,001
|
C$
36
|
Inventory adjustments
(C$)(iii)
|
(3,655)
|
(1)
|
|
9,569
|
2
|
|
9,830
|
—
|
|
10,820
|
1
|
Purchase price
allocation to
inventory (C$)(iv)
|
—
|
—
|
|
(3,904)
|
(1)
|
|
—
|
—
|
|
(34,555)
|
(3)
|
In-kind royalties and
other
adjustments (C$)(v)
|
25,677
|
6
|
|
20,081
|
4
|
|
78,244
|
5
|
|
53,505
|
5
|
Minesite costs
(C$)
|
C$
197,484
|
C$
41
|
|
C$
194,085
|
C$
39
|
|
C$
631,084
|
C$
41
|
|
C$
469,771
|
C$
39
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldex
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
30,334
|
|
|
35,880
|
|
|
98,472
|
|
|
107,619
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
34,265
|
$ 1,130
|
|
$
28,805
|
$
803
|
|
$
100,531
|
$ 1,021
|
|
$
84,800
|
$
788
|
Inventory
adjustments(ii)
|
(1,161)
|
(39)
|
|
439
|
12
|
|
(482)
|
(5)
|
|
(16)
|
—
|
Realized gains and
losses on
hedges of production costs
|
148
|
5
|
|
207
|
6
|
|
369
|
4
|
|
1,419
|
13
|
Other
adjustments(v)
|
762
|
25
|
|
47
|
1
|
|
1,959
|
20
|
|
149
|
1
|
Total cash
costs
(co-product
basis)
|
$
34,014
|
$ 1,121
|
|
$
29,498
|
$
822
|
|
$
102,377
|
$ 1,040
|
|
$
86,352
|
$
802
|
By-product metal
revenues
|
(2,743)
|
(90)
|
|
(13)
|
—
|
|
(9,359)
|
(95)
|
|
(38)
|
—
|
Total cash
costs
(by-product
basis)
|
$
31,271
|
$ 1,031
|
|
$
29,485
|
$
822
|
|
$
93,018
|
$
945
|
|
$
86,314
|
$
802
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldex
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
739
|
|
|
756
|
|
|
2,264
|
|
|
2,215
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
34,265
|
$
46
|
|
$
28,805
|
$
38
|
|
$
100,531
|
$
44
|
|
$
84,800
|
$
38
|
Production costs
(C$)
|
C$ 46,696
|
C$
63
|
|
C$ 38,656
|
C$
51
|
|
C$ 136,615
|
C$
60
|
|
C$ 114,142
|
C$
52
|
Inventory adjustments
(C$)(iii)
|
(1,619)
|
(2)
|
|
625
|
1
|
|
(580)
|
—
|
|
(35)
|
—
|
Minesite costs
(C$)
|
C$ 45,077
|
C$
61
|
|
C$ 39,281
|
C$
52
|
|
C$ 136,035
|
C$
60
|
|
C$ 114,107
|
C$
52
|
|
|
|
|
|
|
|
|
|
|
|
|
Detour
Lake
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
173,891
|
|
|
152,762
|
|
|
492,889
|
|
|
483,971
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
127,159
|
$
731
|
|
$
106,396
|
$
696
|
|
$
379,366
|
$
770
|
|
$
333,214
|
$
688
|
Inventory
adjustments(ii)
|
(2,726)
|
(16)
|
|
3,705
|
24
|
|
(7,295)
|
(15)
|
|
3,537
|
7
|
Realized gains and
losses on
hedges of production costs
|
1,247
|
7
|
|
(1,530)
|
(10)
|
|
2,394
|
5
|
|
4,565
|
10
|
In-kind royalties and
other
adjustments(v)
|
10,726
|
62
|
|
7,063
|
47
|
|
27,593
|
56
|
|
24,048
|
50
|
Total cash
costs
(co-product
basis)
|
$
136,406
|
$
784
|
|
$
115,634
|
$
757
|
|
$
402,058
|
$
816
|
|
$
365,364
|
$
755
|
By-product metal
revenues
|
(757)
|
(5)
|
|
(288)
|
(2)
|
|
(2,003)
|
(4)
|
|
(1,475)
|
(3)
|
Total cash
costs
(by-product
basis)
|
$
135,649
|
$
779
|
|
$
115,346
|
$
755
|
|
$
400,055
|
$
812
|
|
$
363,889
|
$
752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detour
Lake
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
7,082
|
|
|
5,630
|
|
|
20,376
|
|
|
18,827
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
127,159
|
$
18
|
|
$
106,396
|
$
19
|
|
$
379,366
|
$
19
|
|
$
333,214
|
$
18
|
Production costs
(C$)
|
C$
172,973
|
C$
24
|
|
C$
142,461
|
C$
25
|
|
C$
515,371
|
C$
25
|
|
C$
448,014
|
C$
24
|
Inventory adjustments
(C$)(iii)
|
(3,935)
|
—
|
|
(8,125)
|
(1)
|
|
(9,622)
|
—
|
|
4,747
|
—
|
In-kind royalties and
other
adjustments (C$)(v)
|
11,914
|
2
|
|
8,339
|
1
|
|
30,538
|
1
|
|
28,485
|
2
|
Minesite costs
(C$)
|
C$
180,952
|
C$
26
|
|
C$
142,675
|
C$
25
|
|
C$
536,287
|
C$
26
|
|
C$
481,246
|
C$
26
|
|
|
|
|
|
|
|
|
|
|
|
|
Macassa
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
70,727
|
|
|
46,792
|
|
|
203,048
|
|
|
167,951
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
48,086
|
$
680
|
|
$
35,864
|
$
766
|
|
$
146,763
|
$
723
|
|
$
112,368
|
$
669
|
Inventory
adjustments(ii)
|
2,568
|
36
|
|
1,870
|
40
|
|
1,038
|
5
|
|
397
|
2
|
Realized gains and
losses on
hedges of production costs
|
304
|
4
|
|
334
|
7
|
|
759
|
4
|
|
2,283
|
14
|
In-kind royalties and
other
adjustments(v)
|
2,563
|
37
|
|
1,376
|
30
|
|
7,076
|
34
|
|
6,133
|
37
|
Total cash
costs
(co-product
basis)
|
$
53,521
|
$
757
|
|
$
39,444
|
$
843
|
|
$
155,636
|
$
766
|
|
$
121,181
|
$
722
|
By-product metal
revenues
|
(442)
|
(7)
|
|
(107)
|
(2)
|
|
(662)
|
(3)
|
|
(483)
|
(3)
|
Total cash
costs
(by-product
basis)
|
$
53,079
|
$
750
|
|
$
39,337
|
$
841
|
|
$
154,974
|
$
763
|
|
$
120,698
|
$
719
|
|
|
|
|
|
|
|
|
|
|
|
|
Macassa
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
134
|
|
|
112
|
|
|
420
|
|
|
311
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
48,086
|
$
359
|
|
$
35,864
|
$
320
|
|
$
146,763
|
$
349
|
|
$
112,368
|
$
361
|
Production costs
(C$)
|
C$ 65,489
|
C$ 489
|
|
C$ 48,508
|
C$ 435
|
|
C$ 199,917
|
C$ 476
|
|
C$ 151,744
|
C$ 488
|
Inventory adjustments
(C$)(iii)
|
3,408
|
25
|
|
2,834
|
25
|
|
1,468
|
4
|
|
758
|
2
|
In-kind royalties and
other
adjustments (C$)(v)
|
3,348
|
25
|
|
1,754
|
16
|
|
9,301
|
22
|
|
8,045
|
26
|
Minesite costs
(C$)
|
C$ 72,245
|
C$ 539
|
|
C$ 53,096
|
C$ 476
|
|
C$ 210,686
|
C$ 502
|
|
C$ 160,547
|
C$ 516
|
|
|
|
|
|
|
|
|
|
|
|
|
Meliadine
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
99,838
|
|
|
89,707
|
|
|
284,238
|
|
|
267,856
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
75,099
|
$
752
|
|
$
89,210
|
$
994
|
|
$
254,463
|
$
895
|
|
$
249,221
|
$
930
|
Inventory
adjustments(ii)
|
13,212
|
132
|
|
(2,334)
|
(26)
|
|
2,457
|
9
|
|
12,518
|
47
|
Realized gains and
losses on
hedges of production costs
|
505
|
5
|
|
299
|
3
|
|
1,612
|
6
|
|
(64)
|
—
|
Other
adjustments(v)
|
65
|
1
|
|
59
|
1
|
|
100
|
—
|
|
46
|
—
|
Total cash
costs
(co-product
basis)
|
$
88,881
|
$
890
|
|
$
87,234
|
$
972
|
|
$
258,632
|
$
910
|
|
$
261,721
|
$
977
|
By-product metal
revenues
|
(135)
|
(1)
|
|
(138)
|
(1)
|
|
(650)
|
(2)
|
|
(477)
|
(2)
|
Total cash
costs
(by-product
basis)
|
$
88,746
|
$
889
|
|
$
87,096
|
$
971
|
|
$
257,982
|
$
908
|
|
$
261,244
|
$
975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meliadine
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
533
|
|
|
470
|
|
|
1,450
|
|
|
1,407
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
75,099
|
$
141
|
|
$
89,210
|
$
190
|
|
$
254,463
|
$
176
|
|
$
249,221
|
$
177
|
Production costs
(C$)
|
C$ 102,391
|
C$ 192
|
|
C$ 119,181
|
C$ 254
|
|
C$ 345,186
|
C$ 238
|
|
C$ 333,896
|
C$ 237
|
Inventory adjustments
(C$)(iii)
|
17,937
|
34
|
|
(2,555)
|
(6)
|
|
3,724
|
3
|
|
17,051
|
12
|
Minesite costs
(C$)
|
C$ 120,328
|
C$ 226
|
|
C$ 116,626
|
C$ 248
|
|
C$ 348,910
|
C$ 241
|
|
C$ 350,947
|
C$ 249
|
|
|
|
|
|
|
|
|
|
|
|
|
Meadowbank
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
133,502
|
|
|
116,555
|
|
|
387,695
|
|
|
322,440
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
115,705
|
$
867
|
|
$
133,919
|
$ 1,149
|
|
$
352,881
|
$
910
|
|
$
381,411
|
$ 1,183
|
Inventory
adjustments(ii)
|
6,117
|
46
|
|
9,165
|
78
|
|
5,412
|
14
|
|
2,463
|
8
|
Realized gains and
losses on
hedges of production costs
|
681
|
5
|
|
115
|
1
|
|
2,502
|
6
|
|
(3,502)
|
(11)
|
Other
adjustments(v)
|
(1)
|
—
|
|
101
|
1
|
|
(46)
|
—
|
|
50
|
—
|
Total cash
costs
(co-product
basis)
|
$
122,502
|
$
918
|
|
$
143,300
|
$ 1,229
|
|
$
360,749
|
$
930
|
|
$
380,422
|
$ 1,180
|
By-product metal
revenues
|
(978)
|
(8)
|
|
(573)
|
(4)
|
|
(2,952)
|
(7)
|
|
(2,121)
|
(7)
|
Total cash
costs
(by-product
basis)
|
$
121,524
|
$
910
|
|
$
142,727
|
$ 1,225
|
|
$
357,797
|
$
923
|
|
$
378,301
|
$ 1,173
|
|
|
|
|
|
|
|
|
|
|
|
|
Meadowbank
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
1,083
|
|
|
1,077
|
|
|
3,144
|
|
|
2,905
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
115,705
|
$
107
|
|
$
133,919
|
$
124
|
|
$
352,881
|
$
112
|
|
$
381,411
|
$
131
|
Production costs
(C$)
|
C$ 157,247
|
C$ 145
|
|
C$ 179,597
|
C$ 167
|
|
C$ 478,366
|
C$ 152
|
|
C$ 509,982
|
C$ 176
|
Inventory adjustments
(C$)(iii)
|
8,236
|
8
|
|
12,457
|
11
|
|
7,470
|
3
|
|
3,599
|
1
|
Minesite costs
(C$)
|
C$ 165,483
|
C$ 153
|
|
C$ 192,054
|
C$ 178
|
|
C$ 485,836
|
C$ 155
|
|
C$ 513,581
|
C$ 177
|
|
|
|
|
|
|
|
|
|
|
|
|
Fosterville
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
65,532
|
|
|
59,790
|
|
|
188,064
|
|
|
228,161
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
44,346
|
$
677
|
|
$
27,539
|
$
461
|
|
$
114,824
|
$
611
|
|
$
99,969
|
$
438
|
Inventory
adjustments(ii)
|
(1,523)
|
(23)
|
|
1,093
|
18
|
|
(1,277)
|
(7)
|
|
(1,792)
|
(8)
|
Realized gains and
losses on
hedges of production costs
|
(80)
|
(1)
|
|
1,101
|
18
|
|
6
|
—
|
|
1,778
|
8
|
Other
adjustments(v)
|
23
|
—
|
|
7
|
—
|
|
52
|
—
|
|
46
|
—
|
Total cash
costs
(co-product
basis)
|
$
42,766
|
$
653
|
|
$
29,740
|
$
497
|
|
$
113,605
|
$
604
|
|
$
100,001
|
$
438
|
By-product metal
revenues
|
(135)
|
(2)
|
|
(119)
|
(2)
|
|
(462)
|
(2)
|
|
(397)
|
(1)
|
Total cash
costs
(by-product
basis)
|
$
42,631
|
$
651
|
|
$
29,621
|
$
495
|
|
$
113,143
|
$
602
|
|
$
99,604
|
$
437
|
|
|
|
|
|
|
|
|
|
|
|
|
Fosterville
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
246
|
|
|
144
|
|
|
652
|
|
|
468
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
44,346
|
$
180
|
|
$
27,539
|
$
191
|
|
$
114,824
|
$
176
|
|
$
99,969
|
$
214
|
Production costs
(A$)
|
A$ 66,587
|
A$ 271
|
|
A$ 42,194
|
A$ 291
|
|
A$
173,962
|
A$ 267
|
|
A$
150,656
|
A$ 322
|
Inventory adjustments
(A$)(ii)
|
(2,406)
|
(10)
|
|
1,818
|
13
|
|
(2,041)
|
(3)
|
|
(2,539)
|
(6)
|
Minesite costs
(A$)
|
A$ 64,181
|
A$ 261
|
|
A$ 44,012
|
A$ 304
|
|
A$
171,921
|
A$ 264
|
|
A$
148,117
|
A$ 316
|
|
|
|
|
|
|
|
|
|
|
|
|
Kittila
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
56,715
|
|
|
59,408
|
|
|
166,967
|
|
|
173,230
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
59,968
|
$ 1,057
|
|
$
58,569
|
$
986
|
|
$
176,535
|
$ 1,057
|
|
$
155,200
|
$
896
|
Inventory
adjustments(ii)
|
(2,410)
|
(42)
|
|
(2,439)
|
(41)
|
|
(3,554)
|
(21)
|
|
305
|
2
|
Realized gains and
losses on
hedges of production costs
|
(157)
|
(3)
|
|
(788)
|
(13)
|
|
(138)
|
(1)
|
|
(2,346)
|
(14)
|
Other
adjustments(v)
|
(41)
|
(1)
|
|
(20)
|
(1)
|
|
(161)
|
(1)
|
|
(1,293)
|
(7)
|
Total cash
costs
(co-product
basis)
|
$
57,360
|
$ 1,011
|
|
$
55,322
|
$
931
|
|
$
172,682
|
$ 1,034
|
|
$
151,866
|
$
877
|
By-product metal
revenues
|
(102)
|
(1)
|
|
(51)
|
(1)
|
|
(289)
|
(1)
|
|
(213)
|
(2)
|
Total cash
costs
(by-product
basis)
|
$
57,258
|
$ 1,010
|
|
$
55,271
|
$
930
|
|
$
172,393
|
$ 1,033
|
|
$
151,653
|
$
875
|
|
|
|
|
|
|
|
|
|
|
|
|
Kittila
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
544
|
|
|
527
|
|
|
1,550
|
|
|
1,440
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
59,968
|
$
110
|
|
$
58,569
|
$
111
|
|
$
176,535
|
$
114
|
|
$
155,200
|
$
108
|
Production costs
(€)
|
€
54,519
|
€
100
|
|
€
53,071
|
€
101
|
|
€
162,375
|
€
105
|
|
€
144,073
|
€
100
|
Inventory adjustments
(€)(iii)
|
(2,469)
|
(4)
|
|
(960)
|
(2)
|
|
(3,354)
|
(2)
|
|
(128)
|
—
|
Minesite costs
(€)
|
€
52,050
|
€
96
|
|
€
52,111
|
€
99
|
|
€
159,021
|
€
103
|
|
€
143,945
|
€
100
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinos
Altos
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
21,371
|
|
|
25,386
|
|
|
69,850
|
|
|
71,679
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
46,464
|
$ 2,174
|
|
$
40,147
|
$ 1,581
|
|
$
122,980
|
$ 1,761
|
|
$
107,778
|
$ 1,504
|
Inventory
adjustments(ii)
|
(3,548)
|
(166)
|
|
1,225
|
48
|
|
2,235
|
32
|
|
1,738
|
24
|
Realized gains and
losses on
hedges of production costs
|
—
|
—
|
|
(922)
|
(36)
|
|
—
|
—
|
|
(2,065)
|
(29)
|
Other
adjustments(v)
|
317
|
15
|
|
324
|
13
|
|
980
|
14
|
|
902
|
13
|
Total cash
costs
(co-product
basis)
|
$
43,233
|
$ 2,023
|
|
$
40,774
|
$ 1,606
|
|
$
126,195
|
$ 1,807
|
|
$
108,353
|
$ 1,512
|
By-product metal
revenues
|
(10,517)
|
(492)
|
|
(7,527)
|
(296)
|
|
(26,556)
|
(381)
|
|
(19,754)
|
(276)
|
Total cash
costs
(by-product
basis)
|
$
32,716
|
$ 1,531
|
|
$
33,247
|
$ 1,310
|
|
$
99,639
|
$ 1,426
|
|
$
88,599
|
$ 1,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinos
Altos
(per
tonne)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
446
|
|
|
450
|
|
|
1,326
|
|
|
1,215
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
46,464
|
$
104
|
|
$
40,147
|
$
89
|
|
$
122,980
|
$
93
|
|
$
107,778
|
$
89
|
Inventory
adjustments(iii)
|
(3,548)
|
(8)
|
|
(1,984)
|
(4)
|
|
2,235
|
1
|
|
(327)
|
(1)
|
Minesite
costs
|
$
42,916
|
$
96
|
|
$
38,163
|
$
85
|
|
$
125,215
|
$
94
|
|
$
107,451
|
$
88
|
|
|
|
|
|
|
|
|
|
|
|
|
La
India
(per
ounce)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Gold production
(ounces)
|
|
4,529
|
|
|
22,269
|
|
|
21,190
|
|
|
56,423
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
|
(thousands)
|
($ per
ounce)
|
Production
costs
|
$
10,417
|
$ 2,300
|
|
$
28,315
|
$ 1,271
|
|
$
39,445
|
$ 1,861
|
|
$
72,056
|
$ 1,277
|
Inventory
adjustments(ii)
|
2,633
|
582
|
|
(2,319)
|
(103)
|
|
2,780
|
131
|
|
447
|
8
|
Other
adjustments(v)
|
91
|
20
|
|
139
|
6
|
|
355
|
17
|
|
402
|
7
|
Total cash
costs
(co-product
basis)
|
$
13,141
|
$ 2,902
|
|
$
26,135
|
$ 1,174
|
|
$
42,580
|
$ 2,009
|
|
$
72,905
|
$ 1,292
|
By-product metal
revenues
|
(133)
|
(30)
|
|
(395)
|
(18)
|
|
(991)
|
(46)
|
|
(1,117)
|
(20)
|
Total cash
costs
(by-product
basis)
|
$
13,008
|
$ 2,872
|
|
$
25,740
|
$ 1,156
|
|
$
41,589
|
$ 1,963
|
|
$
71,788
|
$ 1,272
|
|
|
|
|
|
|
|
|
|
|
|
|
La
India
(per
tonne)(vi)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Tonnes of ore milled
(thousands)
|
|
—
|
|
|
970
|
|
|
—
|
|
|
2,510
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
|
(thousands)
|
($ per
tonne)
|
Production
costs
|
$
10,417
|
$
—
|
|
$
28,315
|
$
29
|
|
$
39,445
|
$
—
|
|
$
72,056
|
$
29
|
Inventory
adjustments(iii)
|
(10,417)
|
—
|
|
(2,319)
|
(2)
|
|
(39,445)
|
—
|
|
447
|
—
|
Minesite
costs
|
$
—
|
$
—
|
|
$
25,996
|
$
27
|
|
$
—
|
$
—
|
|
$
72,503
|
$
29
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
(i) The information set
out in this table reflects the Company's 50% interest in Canadian
Malartic up to and including March 30, 2023 and 100% interest
thereafter, following the closing of the Yamana
Transaction
|
(ii) Under the
Company's revenue recognition policy, revenue from contracts with
customers is recognized upon the transfer of control over metals
sold to the customer. As the total cash costs per ounce are
calculated on a production basis, an inventory adjustment is made
to reflect the portion of production not yet recognized as
revenue
|
(iii) This inventory
adjustment reflects production costs associated with the portion of
production still in inventory
|
(iv) On March 31, 2023,
the Company closed the Yamana Transaction and this adjustment
reflects the fair value allocated to inventory on Canadian Malartic
as part of the purchase price allocation
|
(v) Other adjustments
consists of costs associated with a 5% in-kind royalty paid in
respect of Canadian Malartic, a 2% in-kind royalty paid in respect
of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa
and smelting, refining, and marketing charges to production
costs
|
(vi) La India's cost
calculations per tonne for the three and nine months ended
September 30, 2024 excludes approximately $10.4 and $39.4 million
of production costs incurred during the period, respectively,
following the cessation of mining activities at La India during the
fourth quarter of 2023
|
All-in sustaining costs per ounce
All-in sustaining costs per ounce (also referred to as "AISC per
ounce") on a by-product basis is calculated as the aggregate of
total cash costs on a by-product basis, sustaining capital
expenditures (including capitalized exploration), general and
administrative expenses (including stock options), lease payments
related to sustaining assets and reclamation expenses, and then
dividing by the number of ounces of gold produced. These additional
costs reflect the additional expenditures that are required to be
made to maintain current production levels. The AISC per ounce on a
co-product basis is calculated in the same manner as the AISC per
ounce on a by-product basis, except that the total cash costs on a
co-product basis are used, meaning no adjustment is made for
by-product metal revenues. Investors should note that AISC per
ounce is not reflective of all cash expenditures as it does not
include income tax payments, interest costs or dividend payments,
nor does it include non-cash expenditures, such as depreciation and
amortization. Unless otherwise indicated, all-in sustaining costs
per ounce is reported on a by-product basis (see "Total cash costs
per ounce" for a discussion of regarding the Company's use of
by-product basis reporting).
Management believes that AISC per ounce is useful to investors
as it reflects total sustaining expenditures of producing and
selling an ounce of gold while maintaining current operations and,
as such, provides useful information about operating performance.
Management is aware, and investors should note, that these per
ounce measures of performance can be affected by fluctuations in
foreign exchange rates and, in the case of AISC per ounce on a
by-product basis, by-product metal prices. Management compensates
for these inherent limitations by using, and investors should also
consider using, these measures in conjunction with data prepared in
accordance with IFRS and minesite costs per tonne as this measure
is not necessarily indicative of operating costs or cash flow
measures prepared in accordance with IFRS.
The Company follows the guidance on calculation of AISC per
ounce released by the World Gold Council ("WGC") in 2018. The WGC
is a non-regulatory market development organization for the gold
industry that has worked closely with its member companies to
develop guidance in respect of relevant non-GAAP measures.
Notwithstanding the Company's adoption of the WGC's guidance, AISC
per ounce reported by the Company may not be comparable to data
reported by other gold mining companies.
The following tables set out a reconciliation of production
costs to all-in sustaining costs per ounce for the three and nine
months ended September 30, 2024 and
September 30, 2023, on both a
by-product basis (deducting by-product metals revenue from
production costs) and co-product basis (without deducting
by-product metal revenues).
(United States dollars per ounce, except
where noted)
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Production costs per
the consolidated statements of income
(thousands of
United States dollars)
|
$
783,653
|
|
$
759,411
|
|
$
2,339,222
|
|
$
2,155,808
|
Gold production
(ounces)
|
863,445
|
|
850,429
|
|
2,637,935
|
|
2,536,445
|
Production costs per
ounce
|
$
908
|
|
$
893
|
|
$
887
|
|
$
850
|
Adjustments:
|
|
|
|
|
|
|
|
Inventory
adjustments(i)
|
—
|
|
2
|
|
—
|
|
10
|
Purchase price
allocation to inventory(ii)
|
—
|
|
(4)
|
|
—
|
|
(10)
|
Realized gains and
losses on hedges of production costs
|
5
|
|
(1)
|
|
4
|
|
2
|
Other(iii)
|
40
|
|
34
|
|
40
|
|
33
|
Total cash costs per
ounce (co-product basis)
|
$
953
|
|
$
924
|
|
$
931
|
|
$
885
|
By-product metal
revenues
|
(32)
|
|
(26)
|
|
(34)
|
|
(28)
|
Total cash costs per
ounce (by-product basis)
|
$
921
|
|
$
898
|
|
$
897
|
|
$
857
|
Adjustments:
|
|
|
|
|
|
|
|
Sustaining capital
expenditures (including capitalized exploration)
|
292
|
|
248
|
|
244
|
|
234
|
General and
administrative expenses (including stock option expense)
|
56
|
|
45
|
|
55
|
|
53
|
Non-cash reclamation
provision and sustaining leases(iv)
|
17
|
|
19
|
|
18
|
|
18
|
All-in sustaining costs
per ounce (by-product basis)
|
$
1,286
|
|
$
1,210
|
|
$
1,214
|
|
$
1,162
|
By-product metal
revenues
|
32
|
|
26
|
|
34
|
|
28
|
All-in sustaining costs
per ounce (co-product basis)
|
$
1,318
|
|
$
1,236
|
|
$
1,248
|
|
$
1,190
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(i) Under the
Company's revenue recognition policy, revenue from contracts with
customers is recognized upon the transfer of control over metals
sold to the customer. As the total cash costs per ounce are
calculated on a production basis, an inventory adjustment is made
to reflect the portion of production not yet recognized as
revenue
|
(ii) On March 31,
2023, the Company closed the Yamana Transaction and this adjustment
reflects the fair value allocated to inventory at CanadianMalartic
as part of the purchase price allocation
|
(iii) Other
adjustments consist of in-kind royalties, smelting, refining and
marketing charges to production costs
|
(iv) Sustaining
leases are lease payments related to sustaining assets
|
Adjusted net income and adjusted net income per share
Adjusted net income and adjusted net income per share are
calculated by adjusting the net income as recorded in the condensed
interim consolidated statements of income for the effects of
certain items that the Company believes are not reflective of the
Company's underlying performance for the reporting period. Adjusted
net income is calculated by adjusting net income for items such as
foreign currency translation gains or losses, realized and
unrealized gains or losses on derivative financial instruments,
severance and transaction costs related to acquisitions,
revaluation gains, environmental remediation, gains or losses on
the disposal of assets, purchase price allocations to inventory,
impairment loss charges and reversals and retroactive payments and
income and mining taxes adjustments. Adjusted net income per share
is calculated by dividing adjusted net income by the weighted
average number of shares outstanding at the end of the period on a
basic and diluted basis.
The Company believes that these generally accepted industry
measures are useful to investors in that they allow for the
evaluation of the results of continuing operations and in making
comparisons between periods. Adjusted net income and adjusted net
income per share are intended to provide investors with information
about the Company's continuing income generating capabilities from
its core mining business, excluding the above adjustments, which
the Company believes are not reflective of operational performance.
Management uses this measure to, and believes it is useful to
investors so they can, understand and monitor for the operating
performance of the Company in conjunction with other data prepared
in accordance with IFRS.
The following tables set out a reconciliation of net income per
the condensed interim consolidated statements of income to adjusted
net income for the three and nine months ended September 30, 2024, and September 30, 2023.
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(thousands of
United States dollars)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
Restated(i)
|
|
|
|
Restated(i)
|
Net income for the
period - basic
|
$
567,118
|
|
$
174,803
|
|
$
1,386,326
|
|
$
2,315,364
|
Dilutive impact of
cash settling LTIP
|
—
|
|
(1,915)
|
|
—
|
|
(4,831)
|
Net income for the
period - diluted
|
$
567,118
|
|
$
172,888
|
|
$
1,386,326
|
|
$
2,310,533
|
Foreign currency
translation loss (gain)
|
3,436
|
|
(6,492)
|
|
(748)
|
|
(2,258)
|
Realized and
unrealized (gain) loss on derivative financial
instruments
|
(17,153)
|
|
34,010
|
|
48,390
|
|
1,038
|
Transaction costs
related to acquisitions
|
—
|
|
4,591
|
|
—
|
|
21,503
|
Revaluation gain on
Yamana Transaction
|
—
|
|
—
|
|
—
|
|
(1,543,414)
|
Environmental
remediation
|
6,294
|
|
1,890
|
|
11,201
|
|
(87)
|
Net loss on disposal
of property, plant and equipment
|
5,420
|
|
5,491
|
|
25,786
|
|
9,092
|
Purchase price
allocation to inventory
|
—
|
|
3,656
|
|
—
|
|
26,477
|
Other(ii)
|
—
|
|
3,262
|
|
13,215
|
|
3,262
|
Income and mining
taxes adjustments(iii)
|
7,462
|
|
(5,070)
|
|
1,146
|
|
(24,293)
|
Adjusted net income
for the period - basic
|
$
572,577
|
|
$
216,141
|
|
$
1,485,316
|
|
$
806,684
|
Adjusted net income
for the period - diluted
|
$
572,577
|
|
$
214,226
|
|
$
1,485,316
|
|
$
801,853
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(i) Certain previously
reported line items have been restated to reflect the final
purchase price allocation of theYamana Transaction
|
(ii) Other adjustments
relate to retroactive payments that management considers not
reflective of the Company's underlying performance in the current
period
|
(iii) Income and mining
taxes adjustments reflect items such as foreign currency
translation recorded to the income and mining taxes expense, the
impact of income and mining taxes on adjusted items, recognition of
previously unrecognized capital losses, the result of income and
mining taxes audits, impact of tax law changes and adjustments to
prior period tax filings
|
EBITDA and adjusted EBITDA
EBITDA is calculated by adjusting net income for finance costs,
amortization of property, plant and mine development and income and
mining tax expense line items as reported in the condensed interim
consolidated statements of income.
Adjusted EBITDA removes the effects of certain items that the
Company believes are not reflective of the Company's underlying
performance for the reporting period. Adjusted EBITDA is calculated
by adjusting the EBITDA calculation for items such as foreign
currency translation gains or losses, realized and unrealized gains
or losses on derivative financial instruments, severance and
transaction costs related to acquisitions, revaluation gains,
environmental remediation, gains or losses on the disposal of
assets, purchase price allocations to inventory, impairment loss
charges and reversals and retroactive payments.
The Company believes that these generally accepted industry
measures are useful in that they allow for the evaluation of the
cash generating capability of the Company to fund its working
capital, capital expenditure and debt repayments. EBITDA and
Adjusted EBITDA are intended to provide investors with information
about the Company's continuing cash generating capability from its
core mining business, excluding the above adjustments, which
management believes are not reflective of operational performance.
Management uses these measures to, and believes it is useful to
investors so they can, understand and monitor the cash generating
capability of the Company in conjunction with other data prepared
in accordance with IFRS.
The following tables set out a reconciliation of net income per
the condensed interim consolidated statements of income to EBITDA
and adjusted EBITDA for the three and nine months ended
September 30, 2024, and September 30, 2023.
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(thousands of
United States dollars)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
Restated(i)
|
|
|
|
Restated(i)
|
Net income for the
period
|
$
567,118
|
|
$
174,803
|
|
$
1,386,326
|
|
$
2,315,364
|
Finance
costs
|
28,527
|
|
35,704
|
|
99,265
|
|
94,989
|
Amortization of
property, plant and mine development
|
390,245
|
|
421,091
|
|
1,125,859
|
|
1,111,364
|
Income and mining tax
expense
|
272,672
|
|
90,412
|
|
652,718
|
|
356,638
|
EBITDA
|
1,258,562
|
|
722,010
|
|
3,264,168
|
|
3,878,355
|
Foreign currency
translation loss (gain)
|
3,436
|
|
(6,492)
|
|
(748)
|
|
(2,258)
|
Realized and
unrealized (gain) loss on derivative financial
instruments
|
(17,153)
|
|
34,010
|
|
48,390
|
|
1,038
|
Transaction costs
related to acquisitions
|
—
|
|
4,591
|
|
—
|
|
21,503
|
Revaluation gain on
Yamana Transaction
|
—
|
|
—
|
|
—
|
|
(1,543,414)
|
Environmental
remediation
|
6,294
|
|
1,890
|
|
11,201
|
|
(87)
|
Net loss on disposal
of property, plant and equipment
|
5,420
|
|
5,491
|
|
25,786
|
|
9,092
|
Purchase price
allocation to inventory
|
—
|
|
3,656
|
|
—
|
|
26,477
|
Other(ii)
|
—
|
|
3,262
|
|
13,215
|
|
3,262
|
Adjusted
EBITDA
|
$ 1,256,559
|
|
$
768,418
|
|
$
3,362,012
|
|
$
2,393,968
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(i) Certain previously
reported line items have been restated to reflect the final
purchase price allocation of the Yamana Transaction.
|
(ii) Other adjustments
relate to retroactive payments that management considers not
reflective of the Company's underlying performance in the current
period.
|
Cash provided by operating activities before changes in
non-cash working capital balances and cash provided by operating
activities before changes in non-cash working capital balances per
share
Cash provided by operating activities before changes in non-cash
working capital balances and cash provided by operating activities
before changes in non-cash working capital balances per share are
calculated by adjusting the cash provided by operating activities
as shown in the condensed interim consolidated statements of cash
flows for the effects of changes in non-cash working capital
balances such as income taxes, inventories, other current assets,
accounts payable and accrued liabilities and interest payable. The
per share amount is calculated by dividing cash provided by
operating activities before changes in non-cash working capital
balances by the weighted average number of shares outstanding at
the end of the period on a basic basis. The Company believes that
changes in working capital can be volatile due to numerous factors,
including the timing of payments. Management uses these measures
to, and believes they are useful to investors so they can, assess
the underlying operating cash flow performance and future operating
cash flow generating capabilities of the Company in conjunction
with other data prepared in accordance with IFRS. A reconciliation
of these measures to the nearest IFRS measure is provided
below.
Free cash flow and free cash flow before changes in non-cash
working capital balances
Free cash flow is calculated by deducting additions to property,
plant and mine development from the cash provided by operating
activities line item as recorded in the condensed interim
consolidated statements of cash flows.
Free cash flow before changes in non-cash components of working
capital is calculated by excluding items such as the effect of
changes in non-cash components of working capital from free cash
flow, which includes income taxes, inventory, other current assets,
accounts payable and accrued liabilities and interest payable.
The Company believes that these generally accepted industry
measures are useful in that they allow for the evaluation of the
Company's ability to repay creditors and return cash to
shareholders without relying on external sources of funding. Free
cash flow and free cash flow before changes in non-cash components
of working capital also provide investors with information about
the Company's financial position and its ability to generate cash
to fund operational and capital requirements as well as return cash
to shareholders. Management uses these measures in conjunction with
other data prepared in accordance with IFRS to, and believes it is
useful to investors so they can, understand and monitor the cash
generating ability of the Company.
The following tables set out a reconciliation of cash provided
by operating activities per the condensed interim consolidated
statements of cash flows to free cash flow and free cash flow
before changes in non-cash working capital balances and to cash
provided by operating activities before changes in non-cash working
capital balances for the three and nine months ended September 30, 2024, and September 30, 2023.
|
Three Months
Ended
September 30,
|
|
Nine Months Ended
S
eptember 30,
|
(thousands of
United States dollars)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
Restated(i)
|
|
|
|
Restated(i)
|
Cash provided by
operating activities
|
$
1,084,532
|
|
$
502,088
|
|
$
2,829,043
|
|
$
1,873,701
|
Additions to property,
plant and mine development
|
(464,101)
|
|
(419,832)
|
|
(1,255,786)
|
|
(1,228,387)
|
Free Cash
Flow
|
620,431
|
|
82,256
|
|
1,573,257
|
|
645,314
|
Changes in income
taxes
|
(95,930)
|
|
7,425
|
|
(142,732)
|
|
(81,980)
|
Changes in
inventory
|
156,871
|
|
118,251
|
|
165,727
|
|
144,998
|
Changes in other
current assets
|
(41,263)
|
|
3,527
|
|
16,237
|
|
86,947
|
Changes in accounts
payable and accrued liabilities
|
(80,704)
|
|
49,432
|
|
(74,622)
|
|
(51,427)
|
Changes in interest
payable
|
3,964
|
|
(12,067)
|
|
(2,867)
|
|
(1,760)
|
Free cash flow
before changes in non-cash working capital balances
|
$
563,369
|
|
$
248,824
|
|
$
1,535,000
|
|
$
742,092
|
Additions to property,
plant and mine development
|
464,101
|
|
419,832
|
|
1,255,786
|
|
1,228,387
|
Cash provided by
operating activities before changes in non-cash
working capital balances
|
$
1,027,470
|
|
$
668,656
|
|
$
2,790,786
|
|
$
1,970,479
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities per share - basic
|
$
2.16
|
|
$
1.01
|
|
$
5.67
|
|
$
3.85
|
Cash provided by
operating activities before changes in non-cash
working capital balances per share - basic
|
$
2.05
|
|
$
1.35
|
|
$
5.59
|
|
$
4.05
|
Free cash flow per
share - basic
|
$
1.24
|
|
$
0.17
|
|
$
3.15
|
|
$
1.33
|
|
|
|
|
|
|
|
|
Free cash flow
before changes in non-cash working capital
balances - basic
|
$
1.12
|
|
$
0.50
|
|
$
3.07
|
|
$
1.53
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
(i) Certain previously
reported line items have been restated to reflect the final
purchase price allocation of the Yamana Transaction.
|
Operating margin
Operating margin is calculated by deducting production costs
from revenue from mining operations. In order to reconcile
operating margin to net income as recorded in the condensed interim
consolidated financial statements, the Company adds the following
items to the operating margin: income and mining taxes expense;
other expenses (income); care and maintenance expenses; foreign
currency translation (gain) loss; environmental remediation costs;
gain (loss) on derivative financial instruments; finance costs;
general and administrative expenses; amortization of property,
plant and mine development; exploration and corporate development
expenses; and revaluation gain and impairment losses (reversals).
The Company believes that operating margin is a useful measure to
investors as it reflects the operating performance of its
individual mines associated with the ongoing production and sale of
gold and by-product metals without allocating Company-wide
overhead, including exploration and corporate development expenses,
amortization of property, plant and mine development, general and
administrative expenses, finance costs, gain and losses on
derivative financial instruments, environmental remediation costs,
foreign currency translation gains and losses, other expenses and
income and mining tax expenses. Management uses this measure
internally to plan and forecast future operating results.
Management believes this measure is useful to investors as it
provides them with additional information about the Company's
underlying operating results and should be evaluated in conjunction
with other data prepared in accordance with IFRS. For a
reconciliation of operating margin to revenue from mining
operations reported in the Company's financial statements, see
"Summary of Operations Key Performance Indicators" below.
Capital expenditures
Capital expenditures are calculated by deducting working capital
adjustments from additions to property, plant and mine development
per the condensed interim consolidated statements of cash
flows.
Capital expenditures are classified into sustaining capital
expenditures and development capital expenditures. Sustaining
capital expenditures are expenditures incurred during the
production phase to sustain and maintain existing assets so they
can achieve constant expected levels of production from which the
Company will derive economic benefits. Sustaining capital
expenditures include expenditure for assets to retain their
existing productive capacity as well as to enhance performance and
reliability of the operations. Development capital expenditures
represent the spending at new projects and/or expenditures at
existing operations that are undertaken with the intention to
increase production levels or mine life above the current plans.
Management uses these measures in the capital allocation process
and to assess the effectiveness of its investments. Management
believes these measures are useful so investors can assess the
purpose and effectiveness of the capital expenditures split between
sustaining and development in each reporting period. The
classification between sustaining and development capital
expenditures does not have a standardized definition in accordance
with IFRS and other companies may classify expenditures in a
different manner.
The following tables set out a reconciliation of sustaining
capital expenditures and development capital expenditures to the
additions to property, plant and mine development per the condensed
interim consolidated statements of cash flows for the three and
nine months ended September 30, 2024
and September 30, 2023.
(thousands of
United States dollars)
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2024
|
|
20231
|
|
2024
|
|
20231
|
Sustaining capital
expenditures(ii)
|
$
252,962
|
|
$
211,298
|
|
$
648,909
|
|
$
592,843
|
Development capital
expenditures(ii)
|
232,833
|
|
195,128
|
|
616,206
|
|
571,364
|
Total Capital
Expenditures
|
$
485,795
|
|
$
406,426
|
|
$
1,265,115
|
|
$
1,164,207
|
Working capital
adjustments
|
(21,694)
|
|
13,406
|
|
(9,329)
|
|
64,180
|
Additions to
property, plant and mine development per the
condensed interim consolidated statements of cash
flows
|
$
464,101
|
|
$
419,832
|
|
$
1,255,786
|
|
$
1,228,387
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(i) The information set
out in this table reflects the Company's 50% interest in Canadian
Malartic up to and including March 30, 2023 and 100% interest
thereafter.
|
(ii) Sustaining capital
expenditures and development capital expenditures include
capitalized exploration.
|
Net debt
Net debt is calculated by adjusting the total of the current
portion of long-term debt and non-current long-term debt as
recorded on the condensed interim consolidated balance sheets for
deferred financing costs and cash and cash equivalents. Management
believes the measure of net debt is useful to help investors to
determine the Company's overall debt position and to evaluate the
future debt capacity of the Company.
The following tables set out a reconciliation of long-term debt
per the condensed interim consolidated balance sheets to net debt
as at September 30, 2024, and
December 31, 2023.
|
As at
|
|
As at
|
(thousands of
United States dollars)
|
September 30,
2024
|
|
December 31,
2023
|
Current portion of
long-term debt per the condensed interim consolidated balance
sheets
|
$
415,000
|
|
$
100,000
|
Non-current portion of
long-term debt
|
1,052,233
|
|
1,743,086
|
Long-term
debt
|
$
1,467,233
|
|
$
1,843,086
|
Adjustment:
|
|
|
|
Cash and cash
equivalents
|
$
(977,215)
|
|
$
(338,648)
|
Net Debt
|
$
490,018
|
|
$
1,504,438
|
Forward-Looking Non-GAAP Measures
This news release also contains information as to estimated
future total cash costs per ounce and AISC per ounce. The estimates
are based upon the total cash costs per ounce and AISC per ounce
that the Company expects to incur to mine gold at its mines and
projects and, consistent with the reconciliation of these actual
costs referred to above, do not include production costs
attributable to accretion expense and other asset retirement costs,
which will vary over time as each project is developed and mined.
It is therefore not practicable to reconcile these forward-looking
non-GAAP financial measures to the most comparable IFRS
measure.
Forward-Looking Statements
The information in this news release has been prepared as at
October 30, 2024. Certain statements
contained in this news release constitute "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" under the provisions of Canadian provincial securities
laws and are referred to herein as "forward-looking statements".
All statements, other than statements of historical fact, that
address circumstances, events, activities or developments that
could, or may or will occur are forward-looking statements. When
used in this news release, the words "achieve", "aim",
"anticipate", "commit", "could", "estimate", "expect", "forecast",
"future", "guide", "plan", "potential", "schedule", "target",
"track", "will", and similar expressions are intended to identify
forward-looking statements. Such statements include the Company's
forward-looking guidance, including metal production, estimated ore
grades, recovery rates, project timelines, drilling targets or
results, life of mine estimates, total cash costs per ounce, AISC
per ounce, minesite costs per tonne, other expenses and cash flows;
the potential for additional gold production at the Company's
sites; the estimated timing and conclusions of the Company's
studies and evaluations; the methods by which ore will be extracted
or processed; the Company's expansion plans at Detour Lake, Upper
Beaver and Odyssey, including the timing, funding, completion and
commissioning thereof and the commencement of production therefrom;
the Company's plans at Hope Bay and San Nicolás; statements
concerning other expansion projects, recovery rates, mill
throughput, optimization efforts and projected exploration,
including costs and other estimates upon which such projections are
based; timing and amounts of capital expenditures, other
expenditures and other cash needs, and expectations as to the
funding thereof; estimates of future mineral reserves, mineral
resources, mineral production and sales; the projected development
of certain ore deposits, including estimates of exploration,
development and production and other capital costs and estimates of
the timing of such exploration, development and production or
decisions with respect to such exploration, development and
production; anticipated cost inflation and its effect on the
Company's costs and results; estimates of mineral reserves and
mineral resources and the effect of drill results and studies on
future mineral reserves and mineral resources; the Company's
ability to obtain the necessary permits and authorizations in
connection with its proposed or current exploration, development
and mining operations, including at Meliadine, Upper Beaver and San
Nicolás, and the anticipated timing thereof; future exploration;
the anticipated timing of events with respect to the Company's mine
sites; the Company's plans and strategies with respect to climate
change and greenhouse gas emissions reductions; the sufficiency of
the Company's cash resources; the Company's plans with respect to
hedging and the effectiveness of its hedging strategies; future
activity with respect to the Company's unsecured revolving bank
credit facility, the term loan facility and other indebtedness;
future dividend amounts, record dates, payment dates and discount
rates under the dividend reinvestment plan; plans with respect to
activity under the NCIB; and anticipated trends with respect to the
Company's operations, exploration and the funding thereof. Such
statements reflect the Company's views as at the date of this news
release and are subject to certain risks, uncertainties and
assumptions, and undue reliance should not be placed on such
statements. Forward-looking statements are necessarily based upon a
number of factors and assumptions that, while considered reasonable
by Agnico Eagle as of the date of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. The material factors and
assumptions used in the preparation of the forward-looking
statements contained herein, which may prove to be incorrect,
include, but are not limited to, the assumptions set forth herein
and in management's discussion and analysis ("MD&A") and the
Company's Annual Information Form ("AIF") for the year ended
December 31, 2023 filed with Canadian
securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31,
2023 ("Form 40-F") filed with the U.S. Securities and
Exchange Commission (the "SEC") as well as: that there are no
significant disruptions affecting operations; that production,
permitting, development, expansion and the ramp-up of operations at
each of Agnico Eagle's properties proceeds on a basis consistent
with current expectations and plans; that the relevant metal
prices, foreign exchange rates and prices for key mining and
construction inputs (including labour and electricity) will be
consistent with Agnico Eagle's expectations; that Agnico Eagle's
current estimates of mineral reserves, mineral resources, mineral
grades and metal recovery are accurate; that there are no material
delays in the timing for completion of ongoing growth projects;
that seismic activity at the Company's operations at LaRonde,
Goldex, Fosterville and other
properties is as expected by the Company and that the Company's
efforts to mitigate its effect on mining operations, including with
respect to community relations, are successful; that the Company's
current plans to address climate change and reduce greenhouse gas
emissions are successful; that the Company's current plans to
optimize production are successful; that there are no material
variations in the current tax and regulatory environment; that
governments, the Company or others do not take measures in response
to pandemics or other health emergencies or otherwise that,
individually or in the aggregate, materially affect the Company's
ability to operate its business or its productivity; and that
measures taken relating to, or other effects of, pandemics or other
health emergencies do not affect the Company's ability to obtain
necessary supplies and deliver them to its mine sites. Many
factors, known and unknown, could cause the actual results to be
materially different from those expressed or implied by such
forward-looking statements. Such risks include, but are not limited
to: the volatility of prices of gold and other metals; uncertainty
of mineral reserves, mineral resources, mineral grades and mineral
recovery estimates; uncertainty of future production, project
development, capital expenditures and other costs; foreign exchange
rate fluctuations; inflationary pressures; financing of additional
capital requirements; cost of exploration and development programs;
seismic activity at the Company's operations, including at LaRonde,
Goldex and Fosterville; mining
risks; community protests, including by Indigenous groups; risks
associated with foreign operations; risks associated with joint
ventures; governmental and environmental regulation; the volatility
of the Company's stock price; risks associated with the Company's
currency, fuel and by-product metal derivative strategies; the
current interest rate environment; the potential for major
economies to encounter a slowdown in economic activity or a
recession; the potential for increased conflict or hostilities in
various regions, including Europe
and the Middle East; and the
extent and manner of communicable diseases or outbreaks, and
measures taken by governments, the Company or others to attempt to
mitigate the spread thereof may directly or indirectly affect the
Company. For a more detailed discussion of such risks and other
factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the AIF and MD&A filed on SEDAR+
at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at
www.sec.gov, as well as the Company's other filings with the
Canadian securities regulators and the SEC. Other than as required
by law, the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Notes to Investors Regarding the Use of Mineral
Resources
The mineral reserve and mineral resource estimates contained in
this news release have been prepared in accordance with the
Canadian securities administrators' (the "CSA") National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101").
In 2019, the SEC's disclosure requirements and policies for
mining properties were amended to more closely align with current
industry and global regulatory practices and standards, including
NI 43-101. However, Canadian issuers that report in the United States using the
Multijurisdictional Disclosure System ("MJDS"), such as the
Company, may still use NI 43-101 rather than the SEC disclosure
requirements when using the SEC's MJDS registration statement and
annual report forms. Accordingly, mineral reserve and mineral
resource information contained in this news release may not be
comparable to similar information disclosed by U.S. companies.
Investors are cautioned that while the SEC recognizes "measured
mineral resources", "indicated mineral resources" and "inferred
mineral resources", investors should not assume that any part or
all of the mineral deposits in these categories will ever be
converted into a higher category of mineral resources or into
mineral reserves. These terms have a great amount of uncertainty as
to their economic and legal feasibility. Accordingly,
investors are cautioned not to assume that any "measured mineral
resources", "indicated mineral resources" or "inferred mineral
resources" that the Company reports in this news release are or
will be economically or legally mineable. Under Canadian
regulations, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, except in
limited circumstances.
Further, "inferred mineral resources" have a great amount of
uncertainty as to their existence and as to their economic and
legal feasibility. It cannot be assumed that any part or all of an
inferred mineral resource will ever be upgraded to a higher
category.
The mineral reserve and mineral resource data set out in this
news release are estimates, and no assurance can be given that the
anticipated tonnages and grades will be achieved or that the
indicated level of recovery will be realized. The Company does not
include equivalent gold ounces for by-product metals contained in
mineral reserves in its calculation of contained ounces. Mineral
reserves are not reported as a subset of mineral resources.
Scientific and Technical Information
The scientific and technical information contained in this news
release relating to Nunavut,
Quebec and Finland operations has been approved by
Dominique Girard, Eng., Executive Vice-President & Chief
Operating Officer – Nunavut,
Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by
Natasha Vaz, P.Eng., Executive
Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been
approved by Guy Gosselin, Eng. and P.Geo., Executive
Vice-President, Exploration; and relating to mineral reserves and
mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral
Resources Management, each of whom is a "Qualified Person" for the
purposes of NI 43-101.
Additional Information
Additional information about each of the Company's material
mineral projects as at December 31, 2023, including
information regarding data verification, key assumptions,
parameters and methods used to estimate mineral reserves and
mineral resources and the risks that could materially affect the
development of the mineral reserves and mineral resources required
by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI
43-101 can be found in the Company's AIF and MD&A filed on
SEDAR+ each of which forms a part of the Company's Form 40-F filed
with the SEC on EDGAR and in the following technical reports filed
on SEDAR+ in respect of the Company's material mineral properties:
Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report
(September 20, 2024); NI 43-101 Technical Report of the LaRonde
complex in Québec, Canada (March 24, 2023); NI 43-101 Technical
Report Canadian Malartic Mine, Québec, Canada (March 25, 2021);
Technical Report on the Mineral Resources and Mineral Reserves at
Meadowbank Gold complex including the Amaruq Satellite Mine
Development, Nunavut, Canada as at December 31, 2017 (February 14,
2018); the Updated Technical Report on the Meliadine Gold Project,
Nunavut, Canada (February 11, 2015).
APPENDIX A – EXPLORATION DETAILS
SMC, Main Break zones and AK deposit at Macassa
complex
Drill hole
|
Zone /
deposit
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true
width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)*
|
57-1556
|
SMC West
|
152.5
|
155.1
|
1,713
|
2.0
|
12.5
|
12.5
|
57-1556
|
SMC West
|
242.5
|
245.0
|
1,710
|
2.2
|
31.8
|
31.8
|
58-1142
|
Main Break
|
171.7
|
173.7
|
1,855
|
1.9
|
27.4
|
18.0
|
58-1290
|
Main Break
|
194.0
|
197.2
|
1,986
|
3.2
|
19.5
|
19.5
|
KLAK-321
|
AK
|
168.6
|
174.7
|
245
|
5.7
|
7.7
|
7.7
|
KLAK-339
|
AK
|
176.6
|
178.6
|
251
|
1.9
|
11.8
|
11.8
|
*Results from the
Macassa mine use a capping factor ranging from 68.6 g/t to 445.7
g/t gold depending on the zone. Results from AK use a capping
factor of 70 g/t gold.
|
Fosterville
Drill hole
|
Zone
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade (g/t)
(uncapped)*
|
UDH4996
|
Cardinal
|
348.8
|
353.0
|
1,764
|
3.2
|
6.8
|
UDH4999A
|
Cardinal
|
357.0
|
363.6
|
1,785
|
5.7
|
72.8
|
including
|
Cardinal
|
363.3
|
363.6
|
1,787
|
0.28
|
1,383.2
|
UDR062
|
Curie
|
575.7
|
585.1
|
705
|
7.7
|
5.2
|
UDR063
|
Curie
|
606.3
|
619.4
|
613
|
10.7
|
3.0
|
*Results from the
Fosterville mine are uncapped.
|
EXPLORATION DRILL COLLAR COORDINATES
Drill hole
|
UTM East*
|
UTM North*
|
Elevation (metres above
sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
|
Odyssey
mine
|
|
MEX24-311W
|
718682
|
5334768
|
307
|
147
|
-60
|
2,092
|
|
MEX24-311WA
|
718682
|
5334768
|
307
|
147
|
-60
|
2,048
|
|
MEX24-315
|
718652
|
5334762
|
307
|
161
|
-52
|
1,851
|
|
UGEG-054-002
|
717965
|
5334110
|
-229
|
176
|
-22
|
777
|
|
UGEG-075-007
|
717922
|
5334061
|
-250
|
195
|
-25
|
751
|
|
UGEG-075-022
|
717920
|
5334061
|
-250
|
185
|
-27
|
769
|
|
MEX24-315
|
718652
|
5334762
|
307
|
161
|
-52
|
1,851
|
|
MEX24-316
|
718604
|
5334758
|
308
|
170
|
-57
|
1,876
|
|
MEX24-317
|
718664
|
5334762
|
308
|
160
|
-63
|
2,076
|
|
MEX24-318
|
718652
|
5334763
|
307
|
166
|
-45
|
1,749
|
|
UGOD-075-006
|
717784
|
5334183
|
-321
|
9
|
-41
|
522
|
|
UGOD-075-007
|
717785
|
5334182
|
-320
|
31
|
-35
|
559
|
|
UGOD-075-008
|
717785
|
5334182
|
-321
|
15
|
-37
|
531
|
|
Detour
Lake
|
|
DLM24-820
|
586876
|
5542301
|
296
|
188
|
-69
|
975
|
|
DLM24-829
|
587208
|
5541641
|
292
|
178
|
-61
|
433
|
|
DLM24-859
|
588927
|
5541623
|
284
|
181
|
-61
|
801
|
|
DLM24-882C
|
587880
|
5541938
|
287
|
174
|
-62
|
720
|
|
DLM24-882CW
|
587880
|
5541938
|
287
|
174
|
-62
|
281
|
|
DLM24-895AW
|
587001
|
5541947
|
306
|
176
|
-64
|
570
|
|
DLM24-931A
|
587844
|
5541779
|
286
|
177
|
-60
|
786
|
|
DLM24-940
|
588685
|
5541727
|
287
|
181
|
-58
|
1,056
|
|
DLM24-952
|
588604
|
5541692
|
288
|
182
|
-60
|
975
|
|
DLM24-956
|
588288
|
5541584
|
289
|
177
|
-58
|
849
|
|
DLM24-958C
|
587922
|
5541872
|
286
|
175
|
-62
|
717
|
|
DLM24-959A
|
588167
|
5541657
|
288
|
176
|
-57
|
939
|
|
DLM24-963
|
589167
|
5541655
|
284
|
180
|
-59
|
795
|
|
DLM24-967
|
589210
|
5541518
|
283
|
180
|
-58
|
1,053
|
|
DLM24-978
|
587409
|
5541505
|
287
|
176
|
-56
|
297
|
|
DLM24-990
|
586724
|
5541749
|
291
|
179
|
-61
|
501
|
|
DLM24-1000
|
587366
|
5541638
|
288
|
177
|
-60
|
470
|
|
Meliadine
|
|
ML425-9204-D6
|
539204
|
6988938
|
-450
|
181
|
-52
|
331
|
|
ML425-9323-D2
|
539323
|
6988928
|
-437
|
143
|
-69
|
372
|
|
ML425-9323-D15
|
539322
|
6988928
|
-435
|
188
|
-54
|
316
|
|
ML425-9323-D29B
|
539324
|
6988928
|
-435
|
170
|
-52
|
318
|
|
ML425-9950-D26
|
539947
|
6989006
|
-422
|
227
|
-55
|
492
|
|
M24-3849
|
540383
|
6987235
|
62
|
204
|
-68
|
430
|
|
M24-3876
|
540053
|
6987340
|
62
|
202
|
-65
|
615
|
|
M24-3879A
|
540039
|
6987491
|
62
|
203
|
-69
|
555
|
|
M24-3901A
|
540070
|
6987218
|
62
|
203
|
-68
|
393
|
|
M24-3936
|
539306
|
6988356
|
20
|
210
|
-49
|
279
|
|
M24-3938
|
539317
|
6988354
|
20
|
195
|
-44
|
258
|
|
M24-3947
|
539656
|
6988314
|
35
|
175
|
-66
|
258
|
|
M24-3948
|
539696
|
6988370
|
35
|
179
|
-67
|
420
|
|
M24-3992
|
538822
|
6988345
|
69
|
179
|
-48
|
207
|
|
ML375-9664-D20
|
539665
|
6988397
|
-279
|
144
|
-68
|
261
|
|
ML400-8931-U10A
|
538931
|
6988454
|
-313
|
161
|
14
|
165
|
|
ML400-9970-D3
|
539970
|
6988460
|
-323
|
217
|
-35
|
201
|
|
ML400-9970-D19
|
539968
|
6988460
|
-322
|
206
|
-49
|
195
|
|
ML400-9970-D23
|
539973
|
6988461
|
-323
|
112
|
-69
|
279
|
|
ML400-9970-D24
|
539970
|
6988460
|
-322
|
165
|
-55
|
234
|
|
ML400-9970-D25
|
539973
|
6988462
|
-323
|
101
|
-76
|
280
|
|
ML400-9970-D12
|
539971
|
6988460
|
-322
|
148
|
-45
|
210
|
|
ML400-9970-D28
|
539971
|
6988460
|
-323
|
138
|
-54
|
205
|
|
ML475-9228-D1
|
539970
|
6988460
|
-322
|
165
|
-55
|
234
|
|
ML475-9228-D13
|
539972
|
6988460
|
-322
|
127
|
-61
|
246
|
|
Hope
Bay
|
|
HBM23-105
|
435438
|
7548956
|
26
|
240
|
-58
|
912
|
|
HBM24-183
|
435244
|
7549203
|
26
|
237
|
-57
|
857
|
|
HBM24-211
|
434791
|
7548246
|
35
|
68
|
-65
|
932
|
|
HBM24-212
|
434855
|
7548120
|
35
|
71
|
-50
|
773
|
|
HBM24-213
|
435025
|
7548254
|
62
|
88
|
-74
|
771
|
|
HBM24-217
|
434855
|
7548120
|
35
|
71
|
-60
|
918
|
|
HBM24-219A
|
434899
|
7548269
|
57
|
73
|
-68
|
804
|
|
HBM24-232
|
435042
|
7548162
|
69
|
77
|
-61
|
629
|
|
HBM24-237
|
435108
|
7548041
|
38
|
71
|
-66
|
650
|
|
HBM24-241
|
434863
|
7548096
|
35
|
74
|
-51
|
766
|
|
HBM24-246
|
434823
|
7548148
|
33
|
73
|
-55
|
804
|
|
HBM24-247
|
434799
|
7548141
|
32
|
70
|
-59
|
841
|
|
HBM24-248
|
434797
|
7548194
|
34
|
70
|
-54
|
847
|
|
Macassa
|
|
57-1556
|
568424
|
5331071
|
-1402
|
337
|
3
|
290
|
|
58-1142
|
570015
|
5332170
|
-1536
|
343
|
3
|
274
|
|
58-1290
|
570230
|
5332242
|
-1558
|
346
|
-29
|
284
|
|
KLAK-321
|
570289
|
5331414
|
32
|
165
|
23
|
213
|
|
KLAK-339
|
570289
|
5331414
|
32
|
138
|
20
|
198
|
|
Fosterville
|
|
UDH4996
|
1531
|
5073
|
3710
|
95
|
-66
|
384
|
|
UDH4999A
|
1531
|
5073
|
3710
|
82
|
-70
|
372
|
|
UDR062
|
2935
|
11014
|
4713
|
114
|
-39
|
654
|
|
UDR063
|
2935
|
11014
|
4713
|
112
|
-29
|
654
|
|
*Coordinate Systems:
NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour
Lake and Macassa; NAD 1983 UTM Zone 14N for Meliadine; NAD 1983 UTM
Zone 13N for Hope Bay; Mine grid including elevation for
Fosterville.
|
APPENDIX B – FINANCIAL INFORMATION
AGNICO EAGLE MINES
LIMITED
|
SUMMARY OF
OPERATIONS KEY PERFORMANCE INDICATORS
|
(thousands of
United States dollars, except where noted)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
(Restated)(i)
|
|
|
|
(Restated)(i)
|
Net income - key
line items:
|
|
|
|
|
|
|
|
Revenue from mine
operations:
|
|
|
|
|
|
|
|
Quebec
|
|
|
|
|
|
|
|
LaRonde
mine
|
159,294
|
|
126,899
|
|
435,799
|
|
362,984
|
LaRonde zone 5
mine
|
47,363
|
|
33,290
|
|
127,392
|
|
99,370
|
Canadian
Malartic(iii)
|
345,969
|
|
320,044
|
|
1,092,558
|
|
793,989
|
Goldex
|
81,384
|
|
68,467
|
|
237,304
|
|
209,802
|
Ontario
|
|
|
|
|
|
|
|
Detour Lake
|
437,920
|
|
288,156
|
|
1,140,293
|
|
911,819
|
Macassa
|
162,334
|
|
85,407
|
|
455,203
|
|
316,145
|
Nunavut
|
|
|
|
|
|
|
|
Meliadine
|
208,209
|
|
180,344
|
|
630,724
|
|
507,057
|
Meadowbank
|
315,047
|
|
210,843
|
|