Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — Q3 2024 Earnings Presentation
29 slides from Agnico Eagle Mines's earnings presentation, Oct 31, 2024
Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results October 31, 2024 How to Build a High-Quality, How to Build a High Quality, Low-Risk Low Senior Risk Senior GoldGold Producer Producer
Slide 2: Notes to Investors
Notes to Investors Forward-Looking Statements The information in this presentation has been prepared as at October 30, 2024. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1
Slide 3: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights Operational Performance, Cost Control and Capital Discipline Delivering Leverage to Record Gold Prices Meliadine operations Macassa shaft #4 Barnat open pit at the Canadian Malartic complex Well positioned to achieve 2024 gold production and cost guidance ➤ Consistent a
Slide 4: Reliable Operating and Cost Performance
Reliable Operating and Cost Performance Strong Performance Continues to Demonstrate Strength of Business 1. Strong Financial Results and Returns to Shareholders • $700M returned directly to shareholders YTD 20242 • ~$1B in net debt reduction YTD 2024; as at Sep 30, 2024, total debt and net debt were
Slide 5: Commitment to Mine Safety and Rescue Excellence on a Global Stage
Commitment to Mine Safety and Rescue Excellence on a Global Stage Celebrating First Place Achievement in International Mine Rescue Competition Congratulations to our Nunavut Emergency Response Team for placing first in the International Mine Rescue competition in Colombia Q3 2024 Results 5
Slide 6: Financial Highlights
Financial Highlights Fourth Consecutive Quarter of Record Free Cash Flow Q3 2024 Q3 2023 Q3 2024 Q3 2023 Per Share Results YTD YTD $2.50 Realized Gold Price1 ($/oz) $ 2,492 $ 1,928 $ 2,297 $ 1,933 $2.00 Gold Sales (koz) 856 843 2,609 2,490 $1.50 $1.07 $1.14 $1.00 $0.76 (in millions) $0.57 $0.50 Reve
Slide 7: Balance Sheet Strength and Financial Flexibility
Balance Sheet Strength and Financial Flexibility Returned ~45% of Free Cash Flow1,2 to Shareholders Year-to-Date 20243 Free Cash Flow1 Strengthening Financial Position $620 $557 Strong liquidity – $977M cash and $2B undrawn credit facility $396 Current debt of $415M and long-term debt of $1,052M
Slide 8: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Continued Focus on Returns to Shareholders and Strengthening the Balance Sheet Dividend Distribution Strengthening Balance Sheet • Dividends paid since 1983 • Reduced net debt by ~$1.0B in 2024 • Close to $4B cumulative dividends paid to • $415M debt due in ne
Slide 9: Operational Highlights
Operational Highlights Continued Focus on Operational Performance Q3 2024 Q3 2024 YTD Gold Production Total Cash Operating Gold Production Total Cash Operating Production Costs Costs1 Margin1 Production Costs Costs1 Margin1 (koz) ($/oz) ($/oz) ($ millions) (koz) ($/oz) ($/oz) ($ millions) Total Queb
Slide 10: Realizing the Full Potential of Regional Platforms Through Optimization
Realizing the Full Potential of Regional Platforms Through Optimization Higher Productivity Leads to Record Achievement on Multiple Performance Metrics Continuous improvement framework: optimization team at every site with a regional lead and corporate support to leverage expertise Realized Cost Min
Slide 11: Odyssey Mine – Building a World-Class Asset in a Premier Mining Jurisdiction
Odyssey Mine – Building a World-Class Asset in a Premier Mining Jurisdiction Odyssey South Portal Total metres developed were ahead of plan at ~3,500m in Q3 Internal zones continue to provide upside Description Color Fresh air Shaft Return raise Complete air raise Ramp development Q1 2024 Q2 202
Slide 12: Odyssey Mine – Potential to Expand a World-Class Asset
Odyssey Mine – Potential to Expand a World-Class Asset East Gouldie deposit at the Odyssey mine: Highlight Intercepts: Recent exploration drilling continues to return good ➤ 3.0 g/t gold over 51.5m at 1,349m depth, 300m east of current mineral resources results in the eastern and western extensions
Slide 13: Detour Lake – Potential to Expand Underground Mineralization
Detour Lake – Potential to Expand Underground Mineralization Highlight Intercepts: Detour Lake Underground: ➤ 22.5 g/t gold over 12.9m at 490m depth Infill drilling into the high-grade corridor at underground depths in the West ➤ 15.0 g/t gold over 18.9m at 573m depth Pit zone and West Pit Extension
Slide 14: Hope Bay – Continued Exploration Success at Madrid
Hope Bay – Continued Exploration Success at Madrid Highlight Intercepts: Madrid deposit in the Patch 7 zone at Hope Bay Exploration drilling continued to return excellent results, further ➤ 18.3 g/t gold over 16.4m at 479m depth confirming the larger thicknesses and higher gold grades in this area ➤
Slide 15: Exploration Focused on Minesite Opportunities
Exploration Focused on Minesite Opportunities Meliadine Tiriganiaq – Drilling in the deeper extensions show potential mineral resource expansion • Highlight intercept 30.5 g/t gold over 5.2m at 852m depth Wesmeg North – Infill drilling in the central corridor showed higher grades and anticipate
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 ESG standards with multi- core operat
Slide 17: Appendix
Appendix
Slide 18: Upper Beaver – June 30, 2024 Gold Mineral Reserves and Mineral Resources
Upper Beaver – June 30, 2024 Gold Mineral Reserves and Mineral Resources1 Mineral Mineral Resources Reserves Proven & As at June 30, 2024 Indicated Inferred Probable Mining 000 000 oz 000 t 000 000 oz 000 t Mineralized Zone 000 oz Au g/t Cu % g/t Cu % Method2 Tonnes Au Cu Tonnes Au Cu Upper Beaver O
Slide 19: Detour Lake – March 31, 2024 Gold Mineral Reserves and Mineral Resources
Detour Lake – March 31, 2024 Gold Mineral Reserves and Mineral Resources1 Mineral Reserves as at March 31, 2024 Mineralized Zone Proven Probable Proven & Probable Mining 000 000 oz 000 000 oz 000 000 oz Recovery Gold g/t g/t g/t Method2 Tonnes Au Tonnes Au Tonnes Au %3 Detour Lake (above 0.5 g/t) O/
Slide 20: Detour Lake – Notes to Investors Regarding the Use of Mineral Resources
Detour Lake – Notes to Investors Regarding the Use of Mineral Resources Mineral reserves were estimated using a gold price of US$1,400/oz and a CAD/USD exchange rate of 1.30. The mineral reserves for Detour Lake are based on a high cut-off grade of 0.50 g/t gold and a low cut-off grade of 0.30 g/t g
Slide 21: 2023 Mineral Reserves and Mineral Resources
2023 Mineral Reserves and Mineral Resources* Mineral Reserves as at 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 (%) LaRonde mine1 U/G 100% 2,342
Slide 22: 2023 Mineral Reserves and Mineral Resources
2023 Mineral Reserves and Mineral Resources Mineral Reserves as at December 31, 2023 Operation / Project Proven Probable Proven & Probable 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 Metallurgical Recovery (%) LaRonde U/G 100% 2,342 14.3
Slide 23: 2023 Mineral Reserves and Mineral Resources
2023 Mineral Reserves and Mineral Resources Mineral Resources as at December 31, 2023 Operation / Project Measured Indicated Measured & Indicated Inferred Gold Mining Method AEM 000 g/t 000 Oz Au 000 g/t 000 000 g/t 000 000 g/t 000 Share Tonnes Tonnes Oz Au Tonnes Oz Au Tonnes Oz Au LaRonde U/G 100%
Slide 24: 2023 Mineral Reserves and Mineral Resources
2023 Mineral Reserves and Mineral Resources Mineral Resources as at 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 Oz Au 000 Tonnes g/t 000 Oz Au Pinos Altos O/P
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 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 27: 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 28: Notes to Investors Regarding Certain Measures of Performance (continued)
Notes to Investors Regarding Certain Measures of Performance (continued) Breakdown of Mine Site Operating Statistics Q3 2024 Q3 2024 YTD Gold Production Total Cash Operating Gold Production Total Cash Operating Production Costs Costs1 Margin1 Production Costs Costs1 Margin1 (koz) ($/oz) ($/oz) ($ mi
Slide 29: agnicoeagle.com
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