Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — Q1 2024 Earnings Presentation
27 slides from Agnico Eagle Mines's earnings presentation, Apr 26, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results April 26, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements The information in this presentation has been prepared as at April 25, 2024. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-look
Slide 3: Notes to Investors
Notes to Investors Note Regarding Certain Measures of Performance This presentation discloses certain financial performance measures and ratios, including "total cash costs per ounce", "all-in sustaining costs per ounce", "adjusted net income", "adjusted net income per share", "cash provided by oper
Slide 4: Notes to Investors (continued)
Notes to Investors (continued) Note Regarding Certain Measures of Performance Adjusted net income and adjusted net income per share Adjusted net income is calculated by adjusting the net income as recorded in the consolidated statements of income for the effects of certain items that the Company bel
Slide 5: Notes to Investors (continued)
Notes to Investors (continued) Note Regarding Certain Measures of Performance 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 consolidated financial statements,
Slide 6: First Quarter 2024 Highlights
First Quarter 2024 Highlights Strong Operational and Cost Performance Continues to Demonstrate Strength of Business Barnat open pit at the Canadian Malartic complex Amaruq open pit mine Macassa environmental work Kittila wildlife ➤ Record quarterly operating margin and free cash flow Well positioned
Slide 7: Sustainability – Global Approach, Regional Focus
Sustainability – Global Approach, Regional Focus 2023 Sustainability Report Highlights: • Record safety performance – 34% improvement year-over-year • Addressing climate change and working towards net-zero by 2050 – Decarbonization approach defined focusing on energy efficiency, technology transitio
Slide 8: Financial Highlights
Financial Highlights Strong Operating and Cost Performance Drives Record Cash Flows Q1 2024 Gold production (koz) 879 Production Costs ($/oz) $892 Total Cash Costs1 ($/oz) $901 All-in Sustaining Costs1 ($/oz) $1,190 Operating Margin1 ($ millions) $1,046 Odyssey underground mine at the Canadian Malar
Slide 9: Financial Highlights
Financial Highlights Strong Operating and Cost Performance Drives Record Cash Flows Q1 2024 Q1 2023 Per Share Results $2.00 1 Realized Gold Price ($/oz) $ 2,062 $ 1,892 $1.50 Gold Sales (koz) 879 788 $1.00 0.76 0.65 0.57 (in millions) 0.44 $0.50 Revenues $ 1,830 $ 1,510 $— Net Income $ 347 $ 1,817 Q
Slide 10: Balance Sheet Strength and Financial Flexibility
Balance Sheet Strength and Financial Flexibility Strong Cash Flow Generation Enhances Investment Grade Balance Sheet As at March 31, 2024 Strong Available Liquidity - $2.5B* $525 ➤ Strong liquidity with $525M in cash and cash equivalents and $2B (excluding $1B accordion) in undrawn credit lines avai
Slide 11: Operating Highlights – Quebec
Operating Highlights – Quebec Surfacing New Potential in Prolific Camp ➤ LaRonde Complex – Automation initiatives at LZ5 continue to yield higher productivity; gold production affected by lower grades ➤ Canadian Malartic Complex – Record quarterly gold production ▪ Advancing the Odyssey project • Re
Slide 12: Operating Highlights – Nunavut
Operating Highlights – Nunavut Capitalizing on Our Nunavut Expertise to Sustain ~800koz Annual Platform ➤ Meliadine ▪ Record monthly throughput and ore haulage performance in January 2024 ▪ Phase 2 mill expansion work ongoing and expected to be completed mid-2024; processing rate expected to reach 6
Slide 13: Operating Highlights – Ontario
Operating Highlights – Ontario Optimization Through Continuous Improvement ➤ Detour ▪ Record quarterly tonnes mined; continued mill improvements ▪ Solid operating performance despite challenges with the grinding media in the SAG mill affecting throughput and mill recovery ▪ Mill expected to reach th
Slide 14: Operating Highlights – Europe, Australia & Mexico
Operating Highlights – Europe, Australia & Mexico Recognizing Potential to Improve and Sustain Operations ➤ Kittila ▪ Gold production on target with planned mill shutdown in Q1 2024; positive exploration results continue to demonstrate expansion potential of Main Zone and Sisar Zone ➤ Fosterville Ki
Slide 15: Odyssey Mine – Building a World-Class Asset
Odyssey Mine – Building a World-Class Asset Odyssey mine at the Canadian Malartic complex: Highlight Intercepts: Recent exploration drilling continues to return good results ➤ 4.5 g/t gold over 30.0m at 1,162m depth and 300m east of current mineral resources towards the east of the East Gouldie mine
Slide 16: Detour Lake – Advancing Underground Study and Ongoing Drilling at Depth
Detour Lake – Advancing Underground Study and Ongoing Drilling at Depth Highlight Intercepts: Detour Lake: Exploration during Q1 2024 focused on infill drilling in the shallow portion of the West Pit Extension, at shallow underground depths next to the ➤ 6.0 g/t gold over 22.4m at 236m depth propose
Slide 17: Hope Bay – Continued Exploration Success at Madrid
Hope Bay – Continued Exploration Success at Madrid Hope Bay: Exploration drilling during Q1 2024 totalled 30,600m and returned Highlight Intercepts: strong results in the Patch 7 area of the Madrid deposit in a cluster of high-grade ➤ 20.8 g/t gold over 17.7m at 401m depth intersections approximatel
Slide 18: High Quality Business Positioned to Generate Strong Returns
High Quality Business Positioned to Generate Strong Returns Low-Risk Mining Highest Quality Senior Uniquely Positioned Strong Financial Returns Jurisdictions Gold Producer Robust land package in core Emphasis on per share metrics Multi-mine, multi-decade High ESG standards with multi- mining jurisdi
Slide 19: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources
Slide 20: 2023 Gold Mineral Reserves and Mineral Resources
2023 Gold Mineral Reserves and Mineral Resources Gold Mineral Reserves Increased 10.5% to Record Levels AGNICO EAGLE As of December 31, 2022 As of December 31, 2023 Tonnes Grade Contained Gold Tonnes Grade Contained Gold Category (000s) (g/t Au) (000s oz) (000s) (g/t Au) (000s oz) Mineral Reserves P
Slide 21: 2023 Gold Mineral Reserves and Mineral Resources
2023 Gold Mineral Reserves and Mineral Resources MINERAL RESERVES AS OF DECEMBER 31, 2023 OPERATION / PROJECT PROVEN PROBABLE PROVEN & PROBABLE Metallurgical GOLD Mining Method* AEM Share 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au Recovery (%) 1 LaRonde mine U/G 100%
Slide 22: 2023 Gold Mineral Reserves and Mineral Resources
2023 Gold Mineral Reserves and Mineral Resources MINERAL RESERVES AS OF DECEMBER 31, 2023 OPERATION / PROJECT PROVEN PROBABLE PROVEN & PROBABLE Metallurgical SILVER Mining Method AEM Share 000 Tonnes g/t 000 Oz Ag 000 Tonnes g/t 000 Oz Ag 000 Tonnes g/t 000 Oz Ag Recovery (%) LaRonde U/G 100% 2,342
Slide 23: 2023 Gold Mineral Reserves and Mineral Resources
2023 Gold Mineral Reserves and Mineral Resources MINERAL RESOURCES AS OF DECEMBER 31, 2023 OPERATION / PROJECT AEM 000 MEASURED 000 INDICATED 000 000 MEASURED & INDICATED 000 000 INFERRED 000 GOLD Mining Method Share Tonnes g/t 000 Oz Au Tonnes g/t Oz Au Tonnes g/t Oz Au Tonnes g/t Oz Au LaRonde U/G
Slide 24: 2023 Gold Mineral Reserves and Mineral Resources
2023 Gold Mineral Reserves and Mineral Resources MINERAL RESOURCES AS OF DECEMBER 31, 2023 OPERATION / PROJECT MEASURED INDICATED MEASURED & INDICATED INFERRED GOLD Mining Method AEM Share 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 000 Tonnes g/t 000 Oz Au Oz Au Pinos Altos
Slide 25: Notes to Investors Regarding the Use of Mineral Resources
Notes to Investors Regarding the Use of Mineral Resources The mineral reserve and mineral resource estimates contained in this presentation have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Proje
Slide 26: Notes to Investors Regarding the Use of Material Resources (continued)
Notes to Investors Regarding the Use of Material Resources (continued) NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources"
Slide 27: agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-947-1212 info@agnicoeagle.com agnicoeagle.com