Agnico Eagle Reports Fourth Quarter and Full Year 2024 Results – Record Annual GOLD Production and Free Cash Flow; Balance Sheet Strengthened BY Further Debt Reduction; Updated Three-Year Guidance
Stock Symbol: AEM (NYSE and TSX)
For further information: Investor Relations
(416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS – RECORD
ANNUAL GOLD PRODUCTION AND FREE CASH FLOW; BALANCE SHEET STRENGTHENED BY
FURTHER DEBT REDUCTION; UPDATED THREE-YEAR GUIDANCE
Toronto (February 13, 2025) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or
the "Company") today reported financial and operating results for the fourth quarter and full year 2024, as
well as future operating guidance.
"I'm pleased to report another year of record operational and financial performance, achieving our
production and cost guidance. We are very proud of our team's work to control costs, which, coupled with a
favourable gold price environment, has resulted in record operating margins. This success, along with
capital discipline, has enabled us to reduce net debt by $1.3 billion since the beginning of the year and
return close to $1.0 billion dollars to our shareholders," said Ammar Al-Joundi, Agnico Eagle's President
and Chief Executive Officer. "Looking ahead, we will remain laser focused on cost control and capital
discipline. Our updated three-year production guidance forecasts stable production at peer leading costs.
Our exploration program continues to yield positive results, replacing mineral reserves and increasing our
mineral resource base. Given our solid track record of execution, we believe we are well positioned to
continue to generate strong returns while we advance our pipeline projects and build the foundations for
profitable future growth," added Mr. Al-Joundi.
Fourth quarter and full year 2024 highlights:
• Solid quarterly gold production and cost performance – Payable gold production1 was 847,401
ounces at production costs per ounce of $881, total cash costs per ounce 2 of $923 and all-in
sustaining costs ("AISC") per ounce2 of $1,316
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 per ounce 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 ratios 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.
• Record quarterly adjusted net income and strong free cash flow generation – The Company
reported quarterly net income of $509 million or $1.02 per share and record a djusted net income 3
of $632 million or $1.26 per share. The Company generated record cash provided by operating
activities of $1,132 million or $2.26 per share ( $1,090 million or $2.17 per share of cash provided
by operating activities before changes in non-cash working capital balances 4) and free cash flow 4
of $570 million or $1.14 per share ( $528 million or $1.05 per share of free cash flow before
changes in non-cash working capital balances4)
• Record annual gold production and free cash flow driven by solid operational performance
– Payable gold production in 2024 was 3,485,336 ounces at production costs per ounce of $885,
total cash costs per ounce of $903 and AISC per ounce of $1,239. Production for 2024 was slightly
above the midpoint of the Company's 2024 guidance range of 3.35 million ounces to 3.55 million
ounces. Total cash costs per ounce were in-line with the midpoint of the Company's 2024 guidance
and AISC per ounce were within the range of the Company's 2024 guidance. Cash provided by
operating activities for the full year 2024 was $3,961 million and free cash flow was $2,143 million
($2,063 million before changes in non-cash components of working capital). The Company's
continued focus on operational efficiencies resulted in several annual throughput and mining rate
records during the year
• Increase in gold mineral reserves and inferred mineral resources – Year-end 2024 gold
mineral reserves increased by 0.9% to a record of 54.3 million ounces of gold (1,277 million tonnes
grading 1.32 grams per tonne ("g/t") gold). The year-over-year increase of mineral reserves is in
part due to technical evaluations completed for the Upper Beaver project and the declaration of
initial mineral reserves at the Wasamac project. At year-end 2024, measured and indicated mineral
resources decreased by 2.3% to 43.0 million ounces (1,167 million tonnes grading 1.14 g/t gold)
and inferred mineral resources increased by 9.5% to 36.2 million ounces (451 million tonnes
grading 2.49 g/t gold). For further details, see the Company's exploration news release dated
February 13, 2025
• Strengthened financial position with further debt repayment – The Company continued to
reduce debt in the fourth quarter of 2024, repaying the $325 million outstanding balance on the
$600 million unsecured term loan facility drawn in 2023 as part of the acquisition of Yamana Gold
Inc.'s Canadian assets. Total debt outstanding was $1,143 million as at December 31, 2024. Net
debt5 was reduced by $1,287 million in 2024, from $1,504 million at the beginning of the year to
$217 million as at December 31, 2024
• Continued focus on shareholder returns – In the fourth quarter of 2024, the Company's Board of
Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased
248,700 common shares at an average share price of $80.39 for an aggregate of $20 million
through its normal course issuer bid ("NCIB")
• New three-year guidance shows stable production outlook – Payable gold production is
forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2025 to 2027.
While the 2025 and 2026 gold production guidance is slightly lower than the prior three-year
guidance issued on February 15, 2024 ("Previous Guidance") (primarily as a result of the deferral
of processing low margin ore), the outlook for 2027 has improved as expected contributions in
2027 from East Gouldie at Canadian Malartic, LaRonde and Macassa are expected to offset lower
gold grade sequences at Detour Lake and a decline in production at Meadowbank
2
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.
• Peer leading total cash costs and AISC reflect stabilized rate of inflation – Total cash costs
per ounce and AISC per ounce in 2025 are forecast to be in the range of $915 to $965 and $1,250
to $1,300, respectively. When compared to the full year 2024 total cash costs per ounce of $903
and AISC per ounce of $1,239, the midpoints of these ranges represent an approximate 4% and
3% increase, respectively. The expected cost increases in 2025 are mostly related to lower grade
sequence at Fosterville, Canadian Malartic and Meadowbank, along with relatively modest forecast
cost increases in labour, spare parts and maintenance
• Increased investment in pipeline projects, with potential to support future production
growth – Capital expenditures in 2025 (excluding capitalized exploration) are expected to be
between $1.75 billion and $1.95 billion, compared to capital expenditures of $1.66 billion in 2024.
Capitalized exploration is forecast to be between $290 million and $310 million, compared to
capitalized exploration of $184 million in 2024. The expected increases in 2025 are mostly
attributable to additional capital expenditures to advance pipeline projects, including Odyssey, the
Detour Lake underground project, the Upper Beaver project and Hope Bay, which the Company
believes have the potential to drive profitable growth and generate strong returns in the medium-
term
• Enhancing key value drivers and pipeline projects, with a focus on Detour Lake, Canadian
Malartic and Hope Bay – Further details on exploration results in 2024 are included in the
Company's exploration news release dated February 13, 2025. The Company expects to provide
updates on these initiatives and additional opportunities that are being evaluated throughout 2025
◦ Detour Lake – In the fourth quarter of 2024, the mill successfully achieved the targeted
throughput of 77,000 tonnes per day ("tpd") (or an equivalent rate of 28 million tonnes per
annum ("Mtpa")), setting a quarterly record for tonnes milled. This success was driven by a
stable run-time of 93% and continuous optimization efforts. The Company will continue to
advance various optimization initiatives, with a target to increase mill throughput to 79,450
tpd (or an equivalent 29 Mtpa) by 2028. The Company completed site preparation for the
excavation of the underground exploration ramp, which is expected to commence in the
first half of 2025, following the receipt of the permit to take water. The Company's
exploration program continued to attempt to de-risk the underground project, with
conversion drilling resulting in an upgrade of the underground mineral resource at year-end
2024
◦ Odyssey – In the fourth quarter of 2024, ramp development, shaft sinking activities and
surface construction progressed on schedule. At December 31, 2024, the shaft had
reached a depth of 1,026 metres at level 102, the top of the mid-shaft loading station. The
Company continues to focus on additional upside potential at Odyssey. A successful
exploration program in 2024 resulted in the expansion of the East Gouldie mineral
resource, which will be used in the continued technical evaluation of a potential second
shaft at Odyssey. In the fourth quarter of 2024, the Company also commenced a take-over
bid to acquire all of the issued and outstanding common shares (the "O3 Shares") of O3
Mining Inc. ("O3 Mining"). As at February 3, 2025, the Company had taken up 115,842,990
O3 Shares for aggregate consideration of C$194 million, representing approximately
96.5% of the outstanding O3 Shares on an undiluted basis. The Company expects to
complete the acquisition of 100% of the common shares of O3 Mining in the first quarter of
2025, consolidating its land package at Canadian Malartic. O3 Mining owns the Marban
deposit, which has the potential to become a satellite open pit to feed the Canadian
Malartic mill in the medium-term as part of the Company's "fill-the-mill" strategy
◦ Patch 7 at Hope Ba y – Exploration drilling in 2024 focused mainly on resource expansion
and conversion on the Madrid deposit following the strong drilling intercepts obtained at the
Patch 7 zone. An initial indicated mineral resource estimate was declared as at December
31, 2024 for Patch 7 of 0.9 million ounces of gold (4.3 million tonnes grading 6.64 g/t gold).
The Company believes these results suggest the potential for a larger production scenario
3
and they are being integrated in the internal technical evaluation of the Hope Bay project,
which is expected to be completed in the first half of 2026
Fourth Quarter and Full Year 2024 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Friday, February 14, 2025, at 11 :00 AM
(E.S.T.) to discuss the Company's financial and operating results.
Via Webcast:
To listen to the live webcast of the conference call, you may register on the Company's website at
www.agnicoeagle.com, or directly via the link here.
Via Phone:
To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered
into the call by an operator. To ensure your participation, please call approximately five minutes prior to the
scheduled start of the call.
To join the conference call by phone without operator assistance, you may register your phone number
here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.
Replay Archive:
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 93737#. The conference call replay will
expire on March 14, 2025.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Fourth Quarter and Full Year 2024 Production and Cost Results
Production and Cost Results Summary
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023*
Gold production (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . 847,401 903,208 3,485,336 3,439,654
Gold sales (ounces) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824,902 874,629 3,434,094 3,364,132
Production costs per ounce** . . . . . . . . . . . . . . . . . . . . . $ 881 $ 861 $ 885 $ 853
Total cash costs per ounce** . . . . . . . . . . . . . . . . . . . . . . $ 923 $ 888 $ 903 $ 865
AISC per ounce** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,316 $ 1,227 $ 1,239 $ 1,179
* Production and Cost Results Summary reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including
March 30, 2023 and 100% thereafter.
** Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold
produced basis.
Gold Production
• Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period
primarily due to lower production from Canadian Malartic, La India, Detour Lake and Fosterville,
partially offset by higher production at Macassa and Meadowbank
• Full Year 2024 – Gold production increased when compared to the prior year primarily due to
higher production from Meadowbank, Canadian Malartic and Macassa, partially offset by lower
production at Fosterville and La India
4
Production Costs per Ounce
• Fourth 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 and lower production,
partially offset by the benefit of the weaker Canadian dollar during the period
• Full Year 2024 – Production costs per ounce increased when compared to the prior year 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 overall higher production and
the benefit of the weaker Canadian dollar during the period
Total Cash Costs per Ounce
• Fourth Quarter and Full Year 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 during the respective periods
AISC per Ounce
• Fourth Quarter of 2024 – AISC per ounce increased when compared to the prior-year period due to
the factors causing higher total cash costs per ounce during the period as well as higher sustaining
capital expenditures, primarily at Canadian Malartic and Detour Lake, partially offset by lower
general and administrative expenses during the period
• Full Year 2024 – AISC per ounce increased when compared to the prior year due to the factors
causing higher total cash costs per ounce during the year, as well as higher sustaining capital
expenditures, primarily at Canadian Malartic, Goldex and Kittila
5
Fourth Quarter and Full Year 2024 Financial Results
Financial Results Summary
($ millions, unless otherwise stated)
Three Months Ended
December 31,
Year Ended
December 31,
2024 20236 2024 2023
Realized gold price ($/ounce)7
. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,660 $ 1,982 $ 2,384 $ 1,946
Net income (loss)8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509 $ (374) $ 1,896 $ 1,941
Adjusted net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 632 $ 289 $ 2,118 $ 1,096
EBITDA9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,198 $ 103 $ 4,462 $ 3,981
Adjusted EBITDA9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,332 $ 842 $ 4,694 $ 3,236
Cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . $ 1,132 $ 728 $ 3,961 $ 2,602
Cash provided by operating activities before changes in non-
cash working capital balances . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,090 $ 777 $ 3,881 $ 2,748
Capital expenditures10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 576 $ 437 $ 1,841 $ 1,601
Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 570 $ 302 $ 2,143 $ 947
Free cash flow before changes in non-cash working capital
balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 528 $ 352 $ 2,063 $ 1,094
Net income (loss) per share (basic) . . . . . . . . . . . . . . . . . . . . . . $ 1.02 $ (0.75) $ 3.79 $ 3.97
Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . $ 1.26 $ 0.58 $ 4.24 $ 2.24
Cash provided by operating activities per share (basic) . . . . . $ 2.26 $ 1.47 $ 7.92 $ 5.32
Cash provided by operating activities before changes in non-
cash working capital balances per share (basic) . . . . . . . . . . . $ 2.17 $ 1.57 $ 7.76 $ 5.62
Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.14 $ 0.61 $ 4.29 $ 1.94
Free cash flow before changes in non-cash working capital
balances per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.05 $ 0.71 $ 4.13 $ 2.24
Net Income
• Fourth Quarter of 2024
◦ Net income was $509 million ($1.02 per share). This result includes the following items (net
of tax): derivative losses on financial instruments of $76 million ( $0.15 per share ), non-
recurring tax adjustments and foreign currency translation losses on deferred tax liabilities
of $21 million ($0.04 per share), net asset disposal losses of $12 million ($0.02 per share),
foreign exchange losses of $10 million (0.02 per share) and other adjustments of $4 million
(0.01 per share)
◦ Excluding the above items results in adjusted net income of $632 million or $1.26 per
share
6
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 50% of Canadian Malartic that the Company did not
then own. Reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter.
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 $1.5 billion revaluation gain on the 50% interest the Company owned in Canadian Malartic
prior to the Yamana Transaction on March 31, 2023.
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.
◦ Net income of $509 million in the fourth quarter of 2024 increased compared to net loss of
$374 million in the prior-year period primarily due to impairment losses recognized in the
prior-year period and stronger mine operating margins resulting from higher realized gold
prices in the current period, partially offset by losses on derivative financial instruments and
higher income and mining tax expenses in the current period
• Full Year 2024 – Net income of $1,896 million decreased compared to the prior year net income of
$1,941 million primarily due to the remeasurement gain at Canadian Malartic in the prior year and
higher income and mining tax expenses and losses on derivative financial instruments in the
current period, partially offset by higher operating margins from higher realized gold prices and
higher sales volumes in the current period. The remeasurement gain in the prior year is from the
application of purchase accounting relating to a business combination attained in stages, which
required the remeasurement of the Company's previously held 50% interest in Canadian Malartic
to fair value
Adjusted EBITDA
• Fourth Quarter of 2024 – Adjusted EBITDA increased when compared to the prior-year period
primarily due to stronger mine operating margins from hi gher realized gold prices and lower
general and administrative expenses
• Full Year 2024 – Adjusted EBITDA increased when compared to the prior year primarily due to
stronger mine operating margins from higher realized gold prices and higher gold sales
Cash Provided by Operating Activities
• Fourth Quarter and Full Year 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
• Fourth Quarter and Full Year 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
7
Capital Expenditures
The following table sets out a summary of capital expenditures (including sustaining capital expenditures
and development capital expenditures) and capitalized exploration in the fourth quarter and the full year
2024.
Dec 31, 2024 Dec 31, 2024 Dec 31, 2024 Dec 31, 2024
Sustaining Capital Expenditures
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,134 $ 90,259 $ 578 $ 1,927
Canadian Malartic . . . . . . . . . . . . . . . . . . 35,649 127,536 — —
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,927 51,839 (789) 1,747
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . 78,341 267,588 — —
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . 15,911 44,300 508 1,767
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . 17,184 70,848 2,676 8,824
Meadowbank . . . . . . . . . . . . . . . . . . . . . . 20,226 91,944 — —
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . 18,015 40,313 — —
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,234 69,047 873 2,054
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . 11,034 29,224 (4) 1,658
La India . . . . . . . . . . . . . . . . . . . . . . . . . . . — 22 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,611 7,131 (264) 725
Total Sustaining Capital Expenditures . . $ 256,266 $ 890,051 $ 3,578 $ 18,702
Development Capital Expenditures
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,246 $ 83,414 $ — $ —
Canadian Malartic . . . . . . . . . . . . . . . . . . 68,461 189,489 2,068 5,770
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,970 12,856 1,518 1,518
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . 83,912 205,185 3,833 29,983
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . 29,792 91,800 7,691 32,916
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . 14,156 72,320 1,786 10,480
Meadowbank . . . . . . . . . . . . . . . . . . . . . . 3,286 3,266 — —
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . 11,054 38,070 2,161 11,658
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,591 4,562 1,553 7,283
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . 1,572 3,378 7 21
San Nicolás (50%) . . . . . . . . . . . . . . . . . 3,770 18,847 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,632 44,179 30,942 65,212
Total Development Capital Expenditures $ 264,442 $ 767,366 $ 51,559 $ 164,841
Total Capital Expenditures . . . . . . . . . . $ 520,708 $ 1,657,417 $ 55,137 $ 183,543
Summary of Capital Expenditures*
($ thousands)
Capital Expenditures** Capitalized Exploration
Three Months
Ended Year Ended Three Months
Ended Year Ended
*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.
**Excludes capitalized exploration
8