Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — FY2024 Earnings Presentation
27 slides from Agnico Eagle Mines's earnings presentation, Feb 14, 2025
Slide 1: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results February 14, 2025
Slide 2: Notes to Investors: Forward-Looking Statements
Notes to Investors Forward-Looking Statements The information in this news release has been prepared as at February 13, 2025. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of
Slide 3: FY2024 Highlights – Record Performance Demonstrates Strength of Business
FY2024 Highlights – Record Performance Demonstrates Strength of Business 1) Delivered Record Results in 2024 Operational – Record gold production with good cost control; record operational and safety performance across several operations Financial – Record margins, adjusted net income, cash flow
Slide 4: FY2025 and Beyond – Strongest Position in Our History
FY2025 and Beyond – Strongest Position in Our History Updated Three Year Guidance 1) Stable Production Outlook at Peer Leading Costs 2025 Guidance1 Range Midpoint Steady production from 2025-2027 Production Guidance (Moz) 3.3 – 3.5 3.4 Total cash-costs and AISC up 4% and 3%, respectively, vs. 20
Slide 5: Record 2024 Financial Results
Record 2024 Financial Results Strong Cash Flow Generation Driven by Margin Expansion Q4 2024 Q4 2023 FY 2024 FY 2023 Per Share Results Realized Gold Price1 ($/oz) $ 2,660 $ 1,982 $ 2,384 $ 1,946 $2.50 $2.00 Gold Production (koz) 847 903 3,485 3,440 $1.50 $1.26 $1.07 $1.14 Production Costs ($/oz) $ 8
Slide 6: Balance Sheet Strength and Financial Flexibility
Balance Sheet Strength and Financial Flexibility Record Annual Free Cash Flow Drives Reduction in Net Debt Free Cash Flow1 Strengthening Financial Position $620 $557 $570 Strong liquidity – $926M cash and $2B undrawn credit facility $396 $90M current debt, $1.05B long-term debt as at Dec 31, 202
Slide 7: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Returned ~43% of Free Cash Flow to Shareholders FY20241,3 Dividends paid since 1983 FY2024 Operating Cash Flow Dividend Allocation* Distribution Quarterly dividend currently $0.40 per share Strengthen Targeting to build net cash position Balance Sheet Di
Slide 8: Operational Highlights – Quebec, Nunavut, Finland
Operational Highlights – Quebec, Nunavut, Finland Strong Operational Execution Resulting in Several Annual Performance Records 2024 Results Outlook Meadowbank, Meliadine and Kittila achieved record Meadowbank – Exploring options to extend mine life safety performance in 2024 beyond 2028 with a f
Slide 9: Canadian Malartic – Vision to One Million Ounce Annual Producer
Canadian Malartic – Vision to One Million Ounce Annual Producer Odyssey – Transition to Underground Mine Expected to be Canada’s largest underground gold mine (~550koz/yr) Development of Odyssey progressing on schedule • Ramp towards the mid-shaft reached a depth of 945m at year-end • Shaft reac
Slide 10: Operational Highlights – Ontario, Australia, Mexico
Operational Highlights – Ontario, Australia, Mexico Continued Productivity Improvements Drive Record Performance at Several Sites 2024 Results Outlook Macassa and La India achieved record safety Macassa – Focusing on mill optimization performance in 2024 Fosterville – Focusing on exploration a
Slide 11: Ontario Platform – Potential to Grow Production by 50% Beginning in 2030
Ontario Platform – Potential to Grow Production by 50% Beginning in 2030 Detour Lake World-class asset – Largest producing mine in Canada; open pit mine with underground mine life until 2054 Outlined pathway to 1Moz annual production beginning in 2030; mill optimization to 29mtpa ongoing Devel
Slide 12: Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources
Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources Mineral Reserves and Mineral 2024 Results Resources1 Record annual safety performance while reducing costs 33 36 Mineral reserves up ~1% from good replacement at several sites and 26 conversion of Upper Beaver and Wasa
Slide 13: Odyssey – Potential to Expand a World-Class Asset
Odyssey – Potential to Expand a World-Class Asset Canadian Malartic (Moz) Inferred M&I* 10 P&P** Mined Since Acquisition 3 1 7 2 9 7 At Acquisition Dec. 31, 2024 2014 (100%) * Measured and indicated ** Proven and probable Highlight Intercepts: East Gouldie deposit – Extension of East Gouldie inferre
Slide 14: Detour Lake – Continue to Expand Underground Mineralization
Detour Lake – Continue to Expand Underground Mineralization Detour Lake (Moz) Inferred 7 M&I* P&P** Mined Since 16 Acquisition 1 4 19 15 4 At Acquisition Dec. 31, 2024 2020 * Measured and indicated ** Proven and probable High-grade corridor – Drilling the West Pit zone and West Extension Highlight I
Slide 15: Hope Bay – Continued Exploration Success at Madrid
Hope Bay – Continued Exploration Success at Madrid Hope Bay (Moz) Inferred M&I* P&P** Mined Since Acquisition 2 2 2 1 3 3 At Acquisition Dec. 31, 2024 2021 * Measured and indicated ** Proven and probable Significant increase in mineral resources at Patch 7 – Initial indicated mineral resource of 0.9
Slide 16: 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 High-quality project pipeline in Emphasis on per share value Multi-mine, multi-decade High sustainability standards core operati
Slide 17: Appendix
Appendix
Slide 18: 2024 Gold Mineral Reserves and Mineral Resources
2024 Gold Mineral Reserves and Mineral Resources Replacement of Gold Mineral Reserves and Expansion of Inferred Mineral Resources in 2024 As at December 31, 2024 As at December 31, 2023 Category Tonnes Grade Contained Gold Tonnes Grade Contained Gold (000s) (g/t Au) (000s oz) (000s) (g/t Au) (000s o
Slide 19: 2024 Mineral Reserves and Mineral Resources
2024 Mineral Reserves and Mineral Resources* Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Metallurgical Metallurgical Metallurgical Gold Mining Method AEM Share 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/
Slide 20: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Silver Mining Method* AEM Share 000 Tonnes g/t 000 Oz Ag Metallurgical 000 Tonnes g/t 000 Oz Ag Metallurgical 000 Tonnes g/t 000 Oz Ag Metallurgical
Slide 21: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Resources as at December 31, 2024 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 Oz Au 000 Tonnes g/t 000 Oz Au LaRo
Slide 22: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Resources as at December 31, 2024 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 Oz Au 000 Tonnes g/t 000 Oz Au Pino
Slide 23: 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 24: Notes to Investors Regarding the Use of Mineral Resources (continued)
Notes to Investors Regarding the Use of Mineral 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 25: Notes to Investors Regarding Certain Measures of Performance
Notes to Investors 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", "EBITDA" which means earnings before interest, taxes, deprec
Slide 26: Notes to Investors Regarding Certain Measures of Performance (continued)
Notes to Investors Regarding Certain Measures of Performance (continued) Breakdown of Mine Site Operating Statistics Q4 2024 FY 2024 Gold Production Total Cash Operating Gold Production Total Cash Operating Mine Site Production Costs Costs1 Margin1 Production Costs Costs1 Margin1 (koz) ($/oz) ($/oz)
Slide 27: agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-947-1212 info@agnicoeagle.com agnicoeagle.com