AGNICO EAGLE REPORTS THIRD QUARTER 2024 RESULTS - RECORD FREE CASH FLOW FOR THE FOURTH CONSECUTIVE QUARTER; BALANCE SHEET STRENGTHENED BY FURTHER DEBT REDUCTION; WELL POSITIONED TO ACHIEVE GOLD PRODUCTION AND COST GUIDANCE; ONGOING EXPLORATION SUCCESS AT EXISTING OPERATIONS AND PIPELINE PROJECTS
Agnico Eagle Mines (AEM) reported strong Q3 2024 financial results with record free cash flow for the fourth consecutive quarter. Key highlights include: payable gold production of 863,445 ounces at production costs of $908/oz; record quarterly adjusted net income of $572.6M ($1.14/share); and record cash from operations of $1.08B. The company strengthened its balance sheet by reducing debt by $375M and increasing cash position by $55.2M to $977.2M. Total debt outstanding was $1.47B as of September 30, 2024. The company remains on track to meet its 2024 production guidance, with strong performance driven by operations in Nunavut, Macassa, and Fosterville.
Agnico Eagle Mines (AEM) ha riportato forti risultati finanziari per il terzo trimestre del 2024, con un flusso di cassa libero record per il quarto trimestre consecutivo. I punti salienti includono: produzione di oro pagabile di 863.445 once a costi di produzione di $908/oncia; utile netto rettificato trimestrale record di $572,6 milioni ($1,14/azione); e flusso di cassa dalle operazioni di $1,08 miliardi. L'azienda ha rafforzato il suo bilancio riducendo il debito di $375 milioni e aumentando la liquidità di $55,2 milioni, portandola a $977,2 milioni. Il debito totale in essere era di $1,47 miliardi al 30 settembre 2024. L'azienda rimane sulla buona strada per soddisfare le previsioni di produzione del 2024, con prestazioni solide guidate dalle operazioni in Nunavut, Macassa e Fosterville.
Agnico Eagle Mines (AEM) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un flujo de caja libre récord por cuarto trimestre consecutivo. Los aspectos más destacados incluyen: producción de oro pagable de 863,445 onzas a costos de producción de $908/onza; ingreso neto ajustado trimestral récord de $572.6 millones ($1.14/acción); y flujo de efectivo operativo récord de $1.08 mil millones. La empresa fortaleció su balance al reducir la deuda en $375 millones y aumentar su posición de efectivo en $55.2 millones a $977.2 millones. La deuda total pendiente era de $1.47 mil millones a partir del 30 de septiembre de 2024. La empresa se mantiene en camino para cumplir su guía de producción de 2024, con un rendimiento sólido impulsado por las operaciones en Nunavut, Macassa y Fosterville.
Agnico Eagle Mines (AEM)는 2024년 3분기 강력한 재무 결과를 보고했으며, 4쿼터 연속 기록적인 자유 현금 흐름을 달성했습니다. 주요 하이라이트는: 생산 비용 $908/온스의 지불 가능한 금 생산 863,445온스; 분기별 조정 순이익 기록 $572.6M($1.14/주); 운영으로 인한 현금 기록 $1.08B입니다. 이 회사는 $375M의 부채를 줄이고 현금 위치를 $55.2M 늘려 $977.2M로 증가시키며 재무 상태를 강화했습니다. 전체 부채는 2024년 9월 30일 기준 $1.47B이었습니다. 회사는 Nunavut, Macassa 및 Fosterville에서의 운영에 힘입어 2024년 생산 가이드를 충족할 예정입니다.
Agnico Eagle Mines (AEM) a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec un flux de trésorerie libre record pour le quatrième trimestre consécutif. Les points clés incluent : une production d'or payable de 863 445 onces à des coûts de production de 908 $/once ; un revenu net ajusté record de 572,6 millions $ (1,14 $/action) ; et des liquidités d'exploitation record de 1,08 milliard $. L'entreprise a renforcé son bilan en réduisant sa dette de 375 millions $ et en augmentant sa position de liquidités de 55,2 millions $ pour atteindre 977,2 millions $. La dette totale restante s'élevait à 1,47 milliard $ au 30 septembre 2024. L'entreprise reste en bonne voie pour respecter ses prévisions de production pour 2024, avec de solides performances tirées de ses opérations au Nunavut, à Macassa et à Fosterville.
Agnico Eagle Mines (AEM) berichtete für das dritte Quartal 2024 über solide finanzielle Ergebnisse mit einem Rekord freien Cashflow für das vierte Quartal in Folge. Zu den wichtigsten Punkten gehören: zahlbare Goldproduktion von 863.445 Unzen zu Produktionskosten von 908 $/Unze; rekordverdächtiges bereinigtes Nettoergebnis von 572,6 Millionen $ (1,14 $/Aktie); und operativer Cashflow von 1,08 Milliarden $. Das Unternehmen stärkte seine Bilanz, indem es die Schulden um 375 Millionen $ reduzierte und die liquiden Mittel um 55,2 Millionen $ auf 977,2 Millionen $ erhöhte. Die gesamte ausstehende Verschuldung betrug zum 30. September 2024 1,47 Milliarden $. Das Unternehmen ist auf dem richtigen Weg, die Produktionsprognosen für 2024 zu erfüllen, wobei robuste Leistungen durch die Betriebe in Nunavut, Macassa und Fosterville unterstützt werden.
- Record quarterly adjusted net income of $572.6M ($1.14 per share)
- Record quarterly operating cash flow of $1.08B
- Debt reduction of $375M in Q3
- Gold production increased to 863,445 ounces vs 850,429 ounces year-over-year
- Realized gold price of $2,492/oz vs $1,928/oz year-over-year
- Higher production costs per ounce at $908 vs $893 year-over-year
- Increased total cash costs per ounce to $921 vs $898 year-over-year
- Higher AISC per ounce at $1,286 vs $1,210 year-over-year
Insights
Record quarterly results showcase exceptional financial performance with
Gold production of 863,445 ounces at total cash costs of
The exploration success at East Gouldie and Hope Bay's Patch 7 zone indicates significant resource expansion potential, supporting long-term production sustainability.
Operational metrics show impressive consistency across key mines. The record throughput achievement at multiple sites reflects successful optimization initiatives. All-in sustaining costs of
The underground development at Odyssey mine is progressing on schedule, with the shaft reaching 839 meters depth. High-grade drilling results at Detour Lake, including 22.5 g/t gold over 12.9 metres, validate the underground mining potential. The Hope Bay project's 16.8 g/t gold over 27.3 metres intersection demonstrates exceptional grade continuity.
Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in
"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
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 $921 $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 andFosterville . 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 $1.13 $572.6 million $1.14 - 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 $2.16 $1,027.5 million $2.05 $620.4 million $1.24 $563.4 million $1.12 - Strengthening financial position with further reduction of debt – The Company increased its cash position by
$55.2 million $977.2 million $100.0 million 5.02% Series B Senior Notes at maturity and repaying$275.0 million $600.0 million $1,467.2 million $1,014.4 million $1,504.4 million $490.0 million - Continued focus on shareholder returns – In the third quarter of 2024, the Company's Board of Directors declared a quarterly dividend of
$0.40 $82.86 $30.0 million - 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 theMadrid 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 | Nine Months Ended | |||||||
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 |
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 | Nine Months Ended | |||||||
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 $11.7 million $0.02 $5.5 million $0.01 $3.7 million $0.01 $8.0 million - Excluding the above items results in adjusted net income of
$572.6 million $1.14 - Included in net income and not adjusted above, is a non-cash stock option expense of
$2.1 million $0.01 - Net income of
$567.1 million $174.8 million
- Net income was
- First Nine Months of 2024 – Net income of
$1,386.3 million $2,315.4 million 50% interest in CanadianMalartic 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 |
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 |
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
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 | Nine Months | Three Months | Nine Months | ||||
Sep 30, 2024 | Sep 30, 2024 | Sep 30, 2024 | Sep 30, 2024 | ||||
Sustaining Capital Expenditures | |||||||
LaRonde | $ 19,302 | $ 63,125 | $ 473 | 1,349 | |||
Canadian | 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 | — | — | |||
9,509 | 22,298 | — | — | ||||
Kittila | 17,537 | 51,813 | 316 | 1,181 | |||
7,099 | 18,190 | 742 | 1,662 | ||||
La | — | 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 | 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) | — | — | |||
8,402 | 27,016 | 2,531 | 9,497 | ||||
Kittila | 775 | 2,971 | 1,171 | 5,730 | |||
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 | ||||
AISC per ounce | ||||
Exploration and corporate development | — | — | ||
Depreciation and amortization expense | — | — | ||
General & administrative expense | ||||
Other costs | ||||
Tax rate (%) | 33 % | 38 % | 35 % | |
Cash taxes | ||||
Capital expenditures (excluding capitalized exploration) | ||||
Capitalized exploration | — | — | ||
Record Free Cash Flow Generation Alongside Capital Discipline Continue to Strengthen Financial Position and Commitment to Shareholder Returns
Cash and cash equivalents increased by
As at September 30, 2024, the Company's total long-term debt was
No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2024, and available liquidity remained at approximately
The following table sets out the calculation of net debt, which decreased by
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
With the 2024 sealift at the Company's
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
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* |
*Declared |
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 (
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
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
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 inColombia , 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 | To (metres) | Depth of | Estimated | Gold grade | Gold grade |
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 | Estimated | Gold grade |
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
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
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
Drill hole | From (metres) | To (metres) | Depth of | Estimated true width | Gold grade (g/t) | 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 |
** 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
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.
[
San Nicolás Copper Project
The San Nicolás copper-zinc project is located in Zacatecas State in central
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,
LaRonde – Restart of LaRonde Zone 5 Mill Operation; Gold Production Affected by Planned Mine and Mill Shutdowns
LaRonde – Operating Statistics | Three Months Ended | Nine Months Ended | ||||||
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
Canadian | Three Months Ended | Nine Months Ended | ||||||
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 |
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% to100% 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 | Nine Months Ended | ||||||
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,
Detour Lake – Record Quarterly Tonnage Milled; Targeted Mill Throughput Rate Achieved
Detour Lake – Operating Statistics | Three Months Ended | Nine Months Ended | ||||||
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 | Nine Months Ended | ||||||
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
Meliadine – Completion of Mill Expansion Drives Record Quarterly Throughput
Meliadine – Operating Statistics | Three Months Ended | Nine Months Ended | ||||||
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 / | 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 | Nine Months Ended | ||||||
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
Three Months Ended | Nine Months Ended | |||||||
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 andPhoenix .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
Kittila – Mill Recovery Improved Quarter-over-Quarter; Continuous Improvement Program Yields Initial Positive Results
Kittila – Operating Statistics | Three Months Ended | Nine Months Ended | ||||||
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
Three Months Ended | Nine Months Ended | |||||||
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
La | Three Months Ended | Nine Months Ended | ||||||
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
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
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 | ||||||
(thousands of | 2024 | 2023 | 2024 | 2023 | |||
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 | 128,984 | 125,455 | 399,893 | 326,936 | |||
Goldex | 34,265 | 28,805 | 100,531 | 84,800 | |||
Detour Lake | 127,159 | 106,396 | 379,366 | 333,214 | |||
Macassa | 48,086 | 35,864 | 146,763 | 112,368 | |||
Meliadine | 75,099 | 89,210 | 254,463 | 249,221 | |||
Meadowbank | 115,705 | 133,919 | 352,881 | 381,411 | |||
44,346 | 27,539 | 114,824 | 99,969 | ||||
Kittila | 59,968 | 58,569 | 176,535 | 155,200 | |||
46,464 | 40,147 | 122,980 | 107,778 | ||||
La | 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 | |||||||||||
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 | 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 | 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 (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 | 997 | 7 | — | — | 2,037 | 4 | — | — | |||
Purchase price allocation to | — | — | (3,626) | (20) | — | — | (26,447) | (61) | |||
In-kind royalties and other | 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 (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$)(iii) | (3,655) | (1) | 9,569 | 2 | 9,830 | — | 10,820 | 1 | |||
Purchase price allocation to | — | — | (3,904) | (1) | — | — | (34,555) | (3) | |||
In-kind royalties and other | 25,677 | 6 | 20,081 | 4 | 78,244 | 5 | 53,505 | 5 | |||
Minesite costs (C$) | 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 | 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$) | C$ 63 | 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$ 61 | 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 | 1,247 | 7 | (1,530) | (10) | 2,394 | 5 | 4,565 | 10 | |||
In-kind royalties and other | 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$)(iii) | (3,935) | — | (8,125) | (1) | (9,622) | — | 4,747 | — | |||
In-kind royalties and other | 11,914 | 2 | 8,339 | 1 | 30,538 | 1 | 28,485 | 2 | |||
Minesite costs (C$) | 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 | 304 | 4 | 334 | 7 | 759 | 4 | 2,283 | 14 | |||
In-kind royalties and other | 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$) | C$ 489 | C$ 435 | C$ 199,917 | C$ 476 | C$ 151,744 | C$ 488 | |||||
Inventory adjustments (C$)(iii) | 3,408 | 25 | 2,834 | 25 | 1,468 | 4 | 758 | 2 | |||
In-kind royalties and other | 3,348 | 25 | 1,754 | 16 | 9,301 | 22 | 8,045 | 26 | |||
Minesite costs (C$) | C$ 539 | 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 | 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 | 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 | |||
(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 | (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 | |||
(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$) | A$ 271 | 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$ 261 | 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 | (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 | |||
(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 | — | — | (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 | |||
(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 (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 (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 | |||||||||||
(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 | |||||||||||
(vi) La India's cost calculations per tonne for the three and nine months ended September 30, 2024 excludes approximately | |||||||||||
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 | |||||
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 | Nine Months Ended | ||||||
(thousands of | 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 | Nine Months Ended | ||||||
(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 | $ 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 | Nine Months Ended S | ||||||
(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 | $ 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 | $ 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 | $ 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 | Three Months Ended | Nine Months Ended | |||||
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 | $ 464,101 | $ 419,832 | $ 1,255,786 | $ 1,228,387 | |||
Notes: | |||||||
(i) The information set out in this table reflects the Company's | |||||||
(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 | 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
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
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
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,
APPENDIX A – EXPLORATION DETAILS
SMC, Main Break zones and AK deposit at Macassa complex
Drill hole | Zone / deposit | From | To (metres) | Depth of below surface | Estimated true width (metres) | Gold grade (g/t) (uncapped) | Gold grade (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. |
Drill hole | Zone | From (metres) | To (metres) | Depth of | Estimated true width | Gold grade (g/t) |
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 |
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 | |
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 |
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: | |||||||
LaRonde mine | 159,294 | 126,899 | 435,799 | 362,984 | |||
LaRonde zone 5 mine | 47,363 | 33,290 | 127,392 | 99,370 | |||
Canadian | 345,969 | 320,044 | 1,092,558 | 793,989 | |||
Goldex | 81,384 | 68,467 | 237,304 | 209,802 | |||
Detour Lake | 437,920 | 288,156 | 1,140,293 | 911,819 | |||
Macassa | 162,334 | 85,407 | 455,203 | 316,145 | |||
Meliadine | 208,209 | 180,344 | 630,724 | 507,057 | |||
Meadowbank | 315,047 | 210,843 | 873,047 | 616,512 | |||
167,368 | 116,916 | 433,429 | 454,291 | ||||
Kittila | 148,652 | 113,729 | 395,875 | 332,616 | |||
68,336 | 54,390 | 184,526 | 156,227 | ||||
La | 13,733 | 43,926 | 55,903 | 109,457 | |||
Revenues from mining operations | $ 2,155,609 | $ 1,642,411 | $ 6,062,053 | $ 4,870,269 | |||
Production costs | 783,653 | 759,411 | 2,339,222 | 2,155,808 | |||
Total operating margin(ii) | 1,371,956 | 883,000 | 3,722,831 | 2,714,461 | |||
Amortization of property, plant and mine development | 390,245 | 421,091 | 1,125,859 | 1,111,364 | |||
Revaluation gain(iv) | — | — | — | (1,543,414) | |||
Exploration, corporate and other | 141,921 | 196,694 | 557,928 | 474,509 | |||
Income before income and mining taxes | 839,790 | 265,215 | 2,039,044 | 2,672,002 | |||
Income and mining taxes expense | 272,672 | 90,412 | 652,718 | 356,638 | |||
Net income for the period | $ 567,118 | $ 174,803 | $ 1,386,326 | $ 2,315,364 | |||
Net income per share — basic | $ 1.13 | $ 0.35 | $ 2.78 | $ 4.76 | |||
Net income per share — diluted | $ 1.13 | $ 0.35 | $ 2.77 | $ 4.74 | |||
Cash flows: | |||||||
Cash provided by operating activities | $ 1,084,532 | $ 502,088 | $ 2,829,043 | $ 1,873,701 | |||
Cash used in investing activities | $ (537,933) | $ (435,666) | $ (1,375,557) | $ (2,284,613) | |||
Cash (used in) provided by financing activities | $ (493,545) | $ (144,239) | $ (813,813) | $ 109,843 | |||
Realized prices: | |||||||
Gold (per ounce) | $ 2,492 | $ 1,928 | $ 2,297 | $ 1,933 | |||
Silver (per ounce) | $ 30.69 | $ 23.55 | $ 28.31 | $ 23.66 | |||
Zinc (per tonne) | $ 2,822 | $ 2,360 | $ 2,697 | $ 2,746 | |||
Copper (per tonne) | $ 8,254 | $ 8,223 | $ 9,304 | $ 8,740 | |||
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 | ||||
Payable production(v): | |||||||
Gold (ounces): | |||||||
LaRonde mine | 47,313 | 49,303 | 161,388 | 167,471 | |||
LaRonde zone 5 mine | 18,292 | 15,193 | 54,915 | 53,412 | |||
Canadian | 141,392 | 177,243 | 509,169 | 435,683 | |||
Goldex | 30,334 | 35,880 | 98,472 | 107,619 | |||
Detour Lake | 173,891 | 152,762 | 492,889 | 483,971 | |||
Macassa | 70,727 | 46,792 | 203,048 | 167,951 | |||
Meliadine | 99,838 | 89,707 | 284,238 | 267,856 | |||
Meadowbank | 133,502 | 116,555 | 387,695 | 322,440 | |||
65,532 | 59,790 | 188,064 | 228,161 | ||||
Kittila | 56,715 | 59,408 | 166,967 | 173,230 | |||
21,371 | 25,386 | 69,850 | 71,679 | ||||
CrestonMascota | 9 | 141 | 50 | 550 | |||
La | 4,529 | 22,269 | 21,190 | 56,423 | |||
Total gold (ounces): | 863,445 | 850,429 | 2,637,935 | 2,536,446 | |||
Silver (thousands of ounces) | 602 | 589 | 1,845 | 1,753 | |||
Zinc (tonnes) | 914 | 1,420 | 4,479 | 6,318 | |||
Copper (tonnes) | 797 | 659 | 2,673 | 1,935 | |||
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 | ||||
Payable metal sold(vi): | |||||||
Gold (ounces): | |||||||
LaRonde mine | 58,357 | 62,413 | 175,086 | 172,495 | |||
LaRonde zone 5 mine | 18,920 | 17,748 | 55,436 | 52,132 | |||
Canadian | 139,694 | 164,974 | 475,893 | 405,040 | |||
Goldex | 31,671 | 35,517 | 99,896 | 108,548 | |||
Detour Lake | 176,585 | 149,747 | 497,215 | 473,322 | |||
Macassa | 65,000 | 44,400 | 197,840 | 164,430 | |||
Meliadine | 83,900 | 93,426 | 276,878 | 262,165 | |||
Meadowbank | 126,010 | 108,579 | 378,123 | 317,584 | |||
67,198 | 60,750 | 187,247 | 235,250 | ||||
Kittila | 59,464 | 58,540 | 171,448 | 171,060 | |||
23,700 | 24,543 | 69,510 | 71,134 | ||||
La | 5,400 | 22,460 | 24,620 | 56,343 | |||
Total gold (ounces): | 855,899 | 843,097 | 2,609,192 | 2,489,503 | |||
Silver (thousands of ounces) | 573 | 571 | 1,814 | 1,720 | |||
Zinc (tonnes) | 1,748 | 2,108 | 4,802 | 6,982 | |||
Copper (tonnes) | 806 | 657 | 2,681 | 1,938 | |||
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 | ||||
Total cash costs per ounce — co-product basis(vii): | |||||||
LaRonde mine | $ 1,291 | $ 1,111 | $ 1,180 | $ 1,097 | |||
LaRonde zone 5 mine | 1,300 | 1,297 | 1,174 | 1,220 | |||
Canadian | 1,037 | 814 | 918 | 800 | |||
Goldex | 1,121 | 822 | 1,040 | 802 | |||
Detour Lake | 784 | 757 | 815 | 755 | |||
Macassa | 757 | 843 | 766 | 722 | |||
Meliadine | 890 | 972 | 910 | 977 | |||
Meadowbank | 918 | 1,229 | 930 | 1,180 | |||
653 | 497 | 604 | 438 | ||||
Kittila | 1,011 | 931 | 1,034 | 877 | |||
2,023 | 1,606 | 1,807 | 1,512 | ||||
La | 2,901 | 1,174 | 2,009 | 1,292 | |||
Total cash costs per ounce (co-product basis) | $ 953 | $ 924 | $ 930 | $ 885 | |||
Total cash costs per ounce — by-product basis(vii): | |||||||
LaRonde mine | $ 1,078 | $ 875 | $ 934 | $ 850 | |||
LaRonde zone 5 mine | 1,285 | 1,287 | 1,160 | 1,207 | |||
Canadian | 1,025 | 805 | 906 | 789 | |||
Goldex | 1,031 | 822 | 945 | 802 | |||
Detour Lake | 779 | 755 | 812 | 752 | |||
Macassa | 750 | 841 | 763 | 719 | |||
Meliadine | 889 | 971 | 908 | 975 | |||
Meadowbank | 910 | 1,225 | 923 | 1,173 | |||
651 | 495 | 602 | 437 | ||||
Kittila | 1,010 | 930 | 1,033 | 875 | |||
1,531 | 1,310 | 1,426 | 1,236 | ||||
La | 2,872 | 1,156 | 1,963 | 1,272 | |||
Total cash costs per ounce (by-product basis) | $ 921 | $ 898 | $ 897 | $ 857 | |||
Notes: | ||||||||
(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of Canadian Malartic | ||||||||
(ii) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance– Operating Margin for more information on the Company's calculation and use of operating margin | ||||||||
(iii) The information set out in this table reflects the Company's | ||||||||
(iv) Revaluation gain on the | ||||||||
(v) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period | ||||||||
(vi) CanadianMalartic payable metal sold excludes the | ||||||||
(vii) The total cash costs per ounce is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance – Total Cash Costs per Ounce and Minesite Costs per Tonne for a discussion on the composition and usefulness of these measures and a reconciliation to the most directly comparable financial information prepared in accordance withIFRS |
AGNICO EAGLE MINES LIMITED | |||
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS | |||
(thousands of | |||
(Unaudited) | |||
As at | As at | ||
September 30, 2024 | December 31, 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 977,215 | $ 338,648 | |
Inventories | 1,533,064 | 1,418,941 | |
Income taxes recoverable | 19,707 | 27,602 | |
Fair value of derivative financial instruments | 15,742 | 50,786 | |
Other current assets | 361,975 | 355,175 | |
Total current assets | 2,907,703 | 2,191,152 | |
Non-current assets: | |||
Goodwill | 4,157,672 | 4,157,672 | |
Property, plant and mine development | 21,389,861 | 21,221,905 | |
Investments | 512,571 | 345,257 | |
Deferred income and mining tax asset | 18,573 | 53,796 | |
Other assets | 830,109 | 715,167 | |
Total assets | $ 29,816,489 | $ 28,684,949 | |
LIABILITIES | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 882,039 | $ 750,380 | |
Share based liabilities | 20,936 | 24,316 | |
Interest payable | 18,505 | 14,226 | |
Income taxes payable | 220,707 | 81,222 | |
Current portion of long-term debt | 415,000 | 100,000 | |
Reclamation provision | 49,721 | 24,266 | |
Lease obligations | 46,347 | 46,394 | |
Fair value of derivative financial instruments | 10,542 | 7,222 | |
Total current liabilities | 1,663,797 | 1,048,026 | |
Non-current liabilities: | |||
Long-term debt | 1,052,233 | 1,743,086 | |
Reclamation provision | 1,116,295 | 1,049,238 | |
Lease obligations | 101,833 | 115,154 | |
Share based liabilities | 10,686 | 11,153 | |
Deferred income and mining tax liabilities | 5,095,753 | 4,973,271 | |
Other liabilities | 270,921 | 322,106 | |
Total liabilities | 9,311,518 | 9,262,034 | |
EQUITY | |||
Common shares: | |||
Outstanding - 501,907,461 common shares issued, less 390,389 shares held in trust | 18,663,351 | 18,334,869 | |
Stock options | 174,657 | 201,755 | |
Contributed surplus | — | 22,074 | |
Retained earnings | 1,727,379 | 963,172 | |
Other reserves | (60,416) | (98,955) | |
Total equity | 20,504,971 | 19,422,915 | |
Total liabilities and equity | $ 29,816,489 | $ 28,684,949 | |
AGNICO EAGLE MINES LIMITED | |||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME | |||||||
(thousands of United States dollars, except per share amounts, IFRS basis) | |||||||
(Unaudited) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Restated(i) | Restated(i) | ||||||
REVENUES | |||||||
Revenues from mining operations | $ 2,155,609 | $ 1,642,411 | $ 4,870,269 | ||||
COSTS, INCOME AND EXPENSES | |||||||
Production(ii) | 783,653 | 759,411 | 2,339,222 | 2,155,808 | |||
Exploration and corporate development | 60,335 | 61,594 | 166,788 | 169,784 | |||
Amortization of property, plant and mine development | 390,245 | 421,091 | 1,125,859 | 1,111,364 | |||
General and administrative | 48,500 | 38,930 | 145,436 | 134,450 | |||
Finance costs | 28,527 | 35,704 | 99,265 | 94,989 | |||
(Gain) loss on derivative financial instruments | (17,153) | 34,010 | 48,390 | 1,038 | |||
Foreign currency translation loss (gain) | 3,436 | (6,492) | (748) | (2,258) | |||
Care and maintenance | 13,810 | 12,361 | 35,078 | 33,017 | |||
Revaluation gain(iii) | — | — | — | (1,543,414) | |||
Other expenses | 4,466 | 20,587 | 63,719 | 43,489 | |||
Income before income and mining taxes | 839,790 | 265,215 | 2,039,044 | 2,672,002 | |||
Income and mining taxes expense | 272,672 | 90,412 | 652,718 | 356,638 | |||
Net income for the period | $ 567,118 | $ 174,803 | $ 2,315,364 | ||||
Net income per share - basic | $ 1.13 | $ 0.35 | $ 2.78 | $ 4.76 | |||
Net income per share - diluted | $ 1.13 | $ 0.35 | $ 2.77 | $ 4.74 | |||
Adjusted net income per share - basic(iv) | $ 1.14 | $ 0.44 | $ 2.97 | $ 1.66 | |||
Adjusted net income per share - diluted(iv) | $ 1.14 | $ 0.43 | $ 2.97 | $ 1.65 | |||
Weighted average number of common shares outstanding | |||||||
Basic | 500,974 | 495,286 | 499,343 | 486,131 | |||
Diluted | 502,106 | 496,404 | 500,196 | 487,442 | |||
Notes: | ||||||||
(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of theYamana Transaction | ||||||||
(ii) Exclusive of amortization, which is shown separately | ||||||||
(iii) Revaluation gain on the | ||||||||
(iv) Adjusted net income per share is not a recognized measure underIFRS and this data may not be comparable to data reported by other companies. SeeNote Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearestIFRS measure |
AGNICO EAGLE MINES LIMITED | |||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(thousands of United States dollars, IFRS basis) | |||||||
(Unaudited) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Restated(i) | Restated(i) | ||||||
OPERATING ACTIVITIES | |||||||
Net income for the period | $ 567,118 | $ 174,803 | $ 1,386,326 | $ 2,315,364 | |||
Add (deduct) adjusting items: | |||||||
Amortization of property, plant and mine development | 390,245 | 421,091 | 1,125,859 | 1,111,364 | |||
Revaluation gain(ii) | — | — | — | (1,543,414) | |||
Deferred income and mining taxes | 58,641 | 25,123 | 152,788 | 66,794 | |||
Unrealized (gain) loss on currency and commodity derivatives | (24,169) | 31,088 | 38,363 | (34,888) | |||
Unrealized (gain) loss on warrants | (53) | 6,802 | (3,903) | 9,098 | |||
Stock-based compensation | 21,242 | 11,939 | 58,957 | 38,466 | |||
Foreign currency translation loss (gain) | 3,436 | (6,492) | (748) | (2,258) | |||
Other | 11,010 | 4,302 | 33,144 | 9,953 | |||
Changes in non-cash working capital balances: | |||||||
Income taxes | 95,930 | (7,425) | 142,732 | 81,980 | |||
Inventories | (156,871) | (118,251) | (165,727) | (144,998) | |||
Other current assets | 41,263 | (3,527) | (16,237) | (86,947) | |||
Accounts payable and accrued liabilities | 80,704 | (49,432) | 74,622 | 51,427 | |||
Interest payable | (3,964) | 12,067 | 2,867 | 1,760 | |||
Cash provided by operating activities | 1,084,532 | 502,088 | 2,829,043 | 1,873,701 | |||
INVESTING ACTIVITIES | |||||||
Additions to property, plant and mine development | (464,101) | (419,832) | (1,255,786) | (1,228,387) | |||
Yamana transaction, net of cash and cash equivalents | — | — | — | (1,000,617) | |||
Contributions for acquisition of mineral assets | (4,197) | (10,950) | (11,296) | (10,950) | |||
Purchases of equity securities and other investments | (73,341) | (7,962) | (114,644) | (52,126) | |||
Other investing activities | 3,706 | 3,078 | 6,169 | 7,467 | |||
Cash used in investing activities | (537,933) | (435,666) | (1,375,557) | (2,284,613) | |||
FINANCING ACTIVITIES | |||||||
Proceeds from Credit Facility | — | 100,000 | 600,000 | 1,100,000 | |||
Repayment of Credit Facility | — | (100,000) | (600,000) | (1,000,000) | |||
Proceeds from Term Loan Facility, net of financing costs | — | — | — | 598,958 | |||
Repayment of Term Loan Facility | (275,000) | — | (275,000) | — | |||
Repayment of Senior Notes | (100,000) | — | (100,000) | (100,000) | |||
Long-term debt financing costs | — | — | (3,544) | — | |||
Repayment of lease obligations | (12,461) | (13,465) | (38,142) | (35,633) | |||
Disbursements to associates | — | 21,899 | — | — | |||
Dividends paid | (176,314) | (161,259) | (497,829) | (482,680) | |||
Repurchase of common shares | (30,080) | — | (106,121) | (16,350) | |||
Proceeds on exercise of stock options | 90,923 | 471 | 178,735 | 23,523 | |||
Common shares issued | 9,387 | 8,115 | 28,088 | 22,025 | |||
Cash (used in) provided by financing activities | (493,545) | (144,239) | (813,813) | 109,843 | |||
Effect of exchange rate changes on cash and cash equivalents | 2,172 | 782 | (1,106) | (2,065) | |||
Net increase (decrease) in cash and cash equivalents during the period | 55,226 | (77,035) | 638,567 | (303,134) | |||
Cash and cash equivalents, beginning of period | 921,989 | 432,526 | 338,648 | 658,625 | |||
Cash and cash equivalents, end of period | $ 977,215 | $ 355,491 | $ 977,215 | $ 355,491 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Interest paid | $ 26,870 | $ 16,621 | $ 76,773 | $ 73,109 | |||
Income and mining taxes paid | $ 119,178 | $ 67,904 | $ 377,555 | $ 207,669 | |||
Notes: | |
(i) | Certain previously reported line items have been restated to reflect the final purchase price allocation of the Yamana Transaction. |
(ii) | Revaluation gain on the |
View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-reports-third-quarter-2024-results--record-free-cash-flow-for-the-fourth-consecutive-quarter-balance-sheet-strengthened-by-further-debt-reduction-well-positioned-to-achieve-gold-production-and-cost-guidance-ongoin-302291949.html
SOURCE Agnico Eagle Mines Limited
FAQ
What was Agnico Eagle's (AEM) gold production in Q3 2024?
What was AEM's adjusted net income for Q3 2024?
How much debt did Agnico Eagle (AEM) reduce in Q3 2024?
What was AEM's realized gold price in Q3 2024?
