Agnico Eagle Mines Limited Reports Fourth Quarter and Full Year 2024 Results
(All amounts expressed in U.S. dollars unless otherwise noted)
Stock Symbol: AEM (NYSE and TSX)
TORONTO, Feb. 13, 2025 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the fourth quarter and full year 2024, as well as future operating guidance.
"I'm pleased to report another year of record operational and financial performance, achieving our production and cost guidance. We are very proud of our team's work to control costs, which, coupled with a favourable gold price environment, has resulted in record operating margins. This success, along with capital discipline, has enabled us to reduce net debt by $1.3 billion since the beginning of the year and return close to $1.0 billion dollars to our shareholders," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer.
"Looking ahead, we will remain laser focused on cost control and capital discipline. Our updated three-year production guidance forecasts stable production at peer leading costs. Our exploration program continues to yield positive results, replacing mineral reserves and increasing our mineral resource base. Given our solid track record of execution, we believe we are well positioned to continue to generate strong returns while we advance our pipeline projects and build the foundations for profitable future growth," added Mr. Al-Joundi.
Fourth Quarter and Full Year 2024 Highlights:
- 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.
- Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS.
- Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS.
- 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.
- Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS.
Fourth Quarter and Full Year 2024 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Friday, February 14, 2025, at 11:00 AM (E.S.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 93737#. The conference call replay will expire on March 14, 2025.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Fourth Quarter and Full Year 2024 Production and Cost Results
Production and Cost Results Summary
Three Months Ended December 31,
Year Ended December 31,
| 2024 |
2023 |
2024 |
2023* |
| Gold production (ounces) |
847,401 |
903,208 |
3,485,336 |
3,439,654 |
| Gold sales (ounces) |
824,902 |
874,629 |
3,434,094 |
3,364,132 |
| Production costs per ounce** |
$881 |
$861 |
$885 |
$853 |
* Production and Cost Results Summary reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter.
** Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis.
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, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at ir@agnicoeagle.com or call (416) 947-1212.
