Agnico Eagle Reports Third Quarter 2025 Results – Record Adjusted Net Income with Another Quarter of Strong Production; Financial Position Further Strengthened BY Repayment of Long-Term Debt and Cash Accumulation
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 THIRD QUARTER 2025 RESULTS – RECORD ADJUSTED NET INCOME
WITH ANOTHER QUARTER OF STRONG PRODUCTION; FINANCIAL POSITION FURTHER
STRENGTHENED BY REPAYMENT OF LONG-TERM DEBT AND CASH ACCUMULATION
Toronto (October 29, 2025) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or
the "Company") today reported financial and operating results for the third quarter of 2025.
"We delivered another quarter of strong and consistent operational performance, which translated into
record financial results as higher gold prices continue to drive expanded margins. With solid year-to-date
performance, we are well on track to meet our full year production and cost guidance, supported by
disciplined cost management and a focus on productivity," said Ammar Al-Joundi, Agnico Eagle's President
and Chief Executive Officer. "With the record free cash flow generation year-to-date and a strengthened
financial position, we continue to advance our five key pipeline projects and create value through the drill
bit. We remain disciplined in our approach to capital allocation and we continue to provide strong returns to
our shareholders through dividends and share buybacks."
Third quarter 2025 highlights:
• Strong quarterly gold production – Payable gold production 1 was 866,936 ounces at production
costs per ounce of $963, total cash costs per ounce 2 of $994 and all-in sustaining costs ("AISC")
per ounce2 of $1,373. The strong operational performance in the third quarter of 2025 was led by
Meadowbank and LaRonde. In the first nine months of 2025, gold production was approximately
77% of the mid-point of the Company's full-year guidance, with total cash costs per ounce at
approximately the mid-point of guidance
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.
Payable gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston
Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered at
Hope Bay.
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® Accounting Standards 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.
• Higher gold prices generate stronger margins, while impacting royalty costs – Royalty costs,
which are included in the calculation of total cash costs per ounce and AISC per ounce, are directly
linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476 per
ounce and in the first nine months of 2025 was $3,221, exceeding the Company's guidance
assumption of $2,500 by $976 and $721, respectively. The higher gold prices affected the
Company's total cash costs and AISC by approximately $61 per ounce in the third quarter of 2025
and approximately $34 per ounce in the first nine months of 2025, when compared to guidance
• Record quarterly adjusted net income and strong free cash flow generation – The Company
reported quarterly net income of $1,055 million or $2.10 per share and record adjusted net income3
of $1,085 million or $2.16 per share. The Company generated cash provided by operating activities
of $1,816 million or $3.62 per share ( $1,661 million or $3.31 per share of cash provided by
operating activities before changes in non-cash components of working capital 4) and free cash
flow4 of $1,190 million or $2.37 per share ( $1,035 million or $2.06 per share of free cash flow
before changes in non-cash components of working capital4)
• 2025 gold production and unit cost guidance reiterated – Full year expected payable gold
production in 2025 remains unchanged at 3.3 to 3.5 million ounces. If gold prices remain elevated
for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to
trend towards the top end of the guidance ranges of $915 to $965 and $1,250 to $1,300,
respectively, reflecting the strong commodity price environment and associated royalty costs
impact. Total capital expenditures (excluding capitalized exploration) for 2025 are expected to
remain between $1.75 billion to $1.95 billion and capitalized exploration is expected to remain
between $290 and $310 million. Further details are set out in the 2025 Guidance Summary section
below
• Financial position further strengthened through cash accumulation and debt repayment –
The Company increased its net cash 5 position to $2,159 million as at September 30, 2025 as a
result of the increase in its cash position by $797 million to $2,355 million and the reduction of long-
term debt by $400 million to $196 million. On September 29, 2025, the Company repaid its $50
million 4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350
million of the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. In addition, in
August 2025, Moody's upgraded the Company's long-term issuer rating to A3 from Baa1
• Increased quarterly share repurchases demonstrate continued focus on shareholder returns
– A quarterly dividend of $0.40 per share has been declared. In addition, the Company
repurchased 1,005,577 common shares during the quarter under its normal course issuer bid
("NCIB") at an average share price of $149.02 for aggregate consideration of $150 million
• Update on key value drivers and pipeline projects in the third quarter of 2025
◦ Canadian Malartic – Excavation of the first loading station between levels 102 and 114
was completed, and conventional shaft sinking resumed. Development of East Gouldie
production levels and support infrastructure progressed on schedule for planned
production in the second half of 2026. Exploration drilling in the upper eastern extension of
the East Gouldie deposit near the current shaft and ramp infrastructure was highlighted by
4.8 grams per tonne ("g/t") gold over 25.4 metres at 884 metres depth and 5.5 g/t gold over
15.4 metres at 907 metres depth, potentially providing a second mining area and
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 Accounting Standards. 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 components of working capital, free cash flow and free cash flow
before changes in non-cash components of working capital and their related per share measures are non-GAAP measures or ratios
that are not standardized financial measures under IFRS Accounting Standards. 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 cash (debt), that is, a negative "net debt" position, and net debt are non-GAAP measures that are not standardized financial
measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and
a reconciliation to long-term debt, see "Note Regarding Certain Measures of Performance" below.
potentially utilize excess mill capacity. Drilling also continued to extend the East Gouldie
deposit to the east and west in the lower portions of the deposit. Regional exploration
continued to prioritize the Marban project, including optimization of a potential open pit and
the possible eastern extension of the Marban deposit
◦ Detour Lake – E xcavation of the exploration ramp commenced with the first blast
completed on July 3, 2025. The exploration ramp advanced by 259 metres and reached a
depth of 43 metres as at September 30, 2025 . Exploration drilling into the high-grade
corridor in the West Pit zone further defined the high-grade domains that could potentially
be mined early in the underground project, with a highlight intercept of 2.7 g/t gold over
55.7 metres at 297 metres depth. Drilling into the West Extension zone at underground
depths further confirmed the grades and continuity of mineralization in the western plunge
of the deposit
◦ Upper Beaver – The shaft head frame and installation of the service hoist were completed
on schedule, with shaft sinking expected to commence in the fourth quarter of 2025. At the
ramp portal, excavation of the exploration ramp began and advanced by 268 metres,
reaching a depth of 22 metres as at September 30, 2025
◦ Hope Bay – Site infrastructure upgrades advanced, including the addition of two wings at
the Doris camp, the completion of the mill dismantling and the jetty expansion at Robert's
Bay in time for the 2025 sealift season. Exploration drilling totaled 34,971 metres in the
third quarter of 2025 (103,815 metres year-to-date), with a continued focus on mineral
resource expansion and conversion of the Patch 7 zone in the Madrid deposit. Highlights
including 16.9 g/t gold over 4.6 metres at 865 metres depth and 12.7 g/t gold over 9.3
metres at 834 metres depth in two of the deepest intercepts of the Patch 7 zone to date
continue to support the potential for mineral resource expansion at depth and along strike
◦ San Nicolas – Minas de San Nicolas continued to advance the feasibility study and
execution strategy, with engineering expected to be 30% complete by year-end. Drilling
activities progressed with a focus on condemnation drilling and geological evaluation in
proximity to the projected mine area
Third Quarter 2025 Results Conference Call and Webcast Tomorrow
The Company's senior management will host a conference call on Thursday, October 30, 2025 , 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 automated call back.
Replay Archive:
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 44229#. The conference call replay will
expire on November 30, 2025.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
3
Third Quarter 2025 Production and Costs
Production and Cost Results Summary
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025 2024 2025 2024
Gold production* (ounces) . . . . . . . . . . . . . . . . . . . . . . . . 866,936 863,445 2,606,759 2,637,935
Gold sales (ounces)** . . . . . . . . . . . . . . . . . . . . . . . . . . . . 868,563 855,899 2,558,363 2,609,192
Production costs per ounce*** . . . . . . . . . . . . . . . . . . . . . $ 963 $ 908 $ 918 $ 887
Total cash costs per ounce*** . . . . . . . . . . . . . . . . . . . . . $ 994 $ 921 $ 943 $ 897
AISC per ounce*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,373 $ 1,286 $ 1,281 $ 1,214
* Gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston
Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered
at Hope Bay. Gold production for the nine months ended September 30, 2025 excludes payable gold production at La India and
Creston Mascota of 3,614 and 253 ounces, respectively, and 2,442 ounces of gold recovered at Hope Bay.
** Canadian Malartic's payable metal sold excludes the 5% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd.
Detour Lake's payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa's
payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the nine months ended
September 30, 2025, 2,500 payable gold ounces sold are excluded at La India.
*** 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
• Third Quarter of 2025 – Gold production increased when compared to the prior-year period
primarily due to higher production from LaRonde (higher grade and throughput), Canadian Malartic
(higher grade and throughput) and Macassa (higher grade), partially offset by lower production at
Fosterville (lower grade and throughput) and Meliadine (lower grade)
• First Nine Months of 2025 – Gold production decreased when compared to the prior-year period
primarily due to lower production from Fosterville (lower grade and throughput), Canadian Malartic
(lower throughput) and La India (end of mine life), partially offset by higher production at Macassa
and LaRonde (higher grades)
Production Costs per Ounce
• Third Quarter of 2025 – Production costs per ounce increased when compared to the prior-year
period primarily due to higher royalty costs resulting from higher gold prices and lower build-up of
stockpiles, partially offset by higher gold production and the benefit of the weaker Canadian dollar
• First Nine Months of 2025 – Production costs per ounce increased when compared to the prior-
year period primarily due to higher royalt y costs resulting from higher gold prices and lower
production, partially offset by the benefit of the weaker Canadian dollar
Total Cash Costs per Ounce
• Third Quarter and First Nine Months of 2025 – 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 in the respective period
AISC per Ounce
• Third Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to
the reasons described above for the increase in total cash costs per ounce and higher general and
administrative expenses (higher stock-based compensation as a result of the appreciation of the
share price), partially offset by lower sustaining capital expenditures, primarily at Detour Lake
4
• First Nine Months of 2025 – AISC per ounce increased when compared to the prior-year period
due to the reasons described above for the increase in total cash costs per ounce, higher
sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and
administrative expenses (higher stock-based compensation as a result of the appreciation of the
share price)
Refer to the Company's Management Discussion and Analysis for the third quarter of 2025 (the "MD&A")
under the caption "Financial and Operating Results" for additional variance analysis on gold production,
production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year
periods.
Third Quarter 2025 Financial Results
Financial Results Summary
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025 2024 2025 2024
Realized gold price (per ounce)6 . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,476 $ 2,492 $ 3,221 $ 2,297
Net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,055 $ 567 $ 2,938 $ 1,386
Adjusted net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,085 $ 573 $ 2,831 $ 1,485
EBITDA (millions)7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,030 $ 1,259 $ 5,684 $ 3,264
Adjusted EBITDA (millions)7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,098 $ 1,257 $ 5,602 $ 3,362
Cash provided by operating activities (millions) . . . . . . . . . . . . $ 1,816 $ 1,085 $ 4,706 $ 2,829
Cash provided by operating activities before changes in non-
cash working capital balances (millions) . . . . . . . . . . . . . . . . . . $ 1,661 $ 1,027 $ 4,203 $ 2,791
Capital expenditures (millions)8 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 644 $ 486 $ 1,601 $ 1,265
Free cash flow (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,190 $ 620 $ 3,089 $ 1,573
Free cash flow before changes in non-cash working capital
balances (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,035 $ 563 $ 2,586 $ 1,535
Net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.10 $ 1.13 $ 5.85 $ 2.78
Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . $ 2.16 $ 1.14 $ 5.64 $ 2.97
Cash provided by operating activities per share (basic) . . . . . $ 3.62 $ 2.16 $ 9.37 $ 5.67
Cash provided by operating activities before changes in non-
cash working capital balances per share (basic) . . . . . . . . . . . $ 3.31 $ 2.05 $ 8.37 $ 5.59
Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.37 $ 1.24 $ 6.15 $ 3.15
Free cash flow before changes in non-cash working capital
balances per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.06 $ 1.12 $ 5.15 $ 3.07
Net Income
• Third Quarter of 2025
◦ Net income increased when compared to the prior-year period primarily due to record
operating margins resulting from higher realized gold prices, partially offset by higher
5
6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
7 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP
measures that are not standardized financial measures under IFRS Accounting Standards. 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.
8 Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under
IFRS Accounting Standards. 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.
income and mining taxes, higher amortization of property, plant and mine development and
losses on derivative financial instruments (compared to gains in the prior-year period)
◦ During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla
Mining Ltd. at a price of C$14.75 per common share for total consideration of C$560
million ($405 million). A realized mark-to-market gain on the disposition of shares of $271
million was recognized through Other Comprehensive Income, while a loss on the sale of
shares resulting from the discount to the market price of $34 million was recognized in net
income
◦ Net income of $1,055 million ($2.10 per share) includes the following items (net of tax):
discount to market price on the disposition of interest in Orla Mining Ltd. and related
transaction costs of $40 million ( $0.08 per share ), foreign currency translation gains on
deferred tax liabilities and other tax adjustments of $20 million ( $0.04 per share ), net
losses on derivative financial instruments of $7 million ($0.01 per share), foreign exchange
gains of $7 million ( $0.01 per share ), net asset disposal losses of $4 million ( $0.01 per
share) and debt extinguishment costs, reclamation and other adjustments totalling
$6 million ( $0.01 per share ). Excluding these items results in adjusted net income of
$1,085 million or $2.16 per share
• First Nine Months of 2025 – N et income increased when compared to the prior-year period
primarily due to record operating margins resulting from higher realized gold prices and gains on
derivative financial instruments (compared to losses in the prior-year period), partially offset by
higher income and mining taxes and higher amortization of property, plant and mine development
in the current period
Adjusted EBITDA
• Third Quarter of 2025 – Adjusted EBITDA increased when compared to the prior-year period
primarily due to higher revenues from mining operations (hi gher realized gold prices and higher
gold sales), partially offset by higher production costs (higher royalty costs) and higher general and
administrative expenses (higher stock-based compensation as a result of the appreciation of the
share price)
• First Nine Months of 2025 – Adjusted EBITDA increased when compared to the prior-year period
primarily due to higher revenues from mining operations (hi gher realized gold prices), partially
offset by lower gold sales, higher production costs (higher royalty costs) and higher general and
administrative expenses (higher stock-based compensation as a result of the appreciation of the
share price)
Cash Provided by Operating Activities
• Third Quarter and First Nine Months of 2025 – 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. Cash provided by operating activities benefited from favourable
changes in non-cash working capital balances, primarily due to an increase in the accrued taxes
payable as a result of higher operating margins
Free Cash Flow Before Changes in Non-cash Working Capital Balances
• Third Quarter and First Nine Months of 2025 – Free cash flow before changes in non-cash working
capital balances was a record and 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
Capital Expenditures
In the third quarter of 2025, capital expenditures were $557 million and capitalized exploration expenditures
were $87 million, for a total of $644 million. For the first nine months of 2025 , capital expenditures were
$1,371 million and capitalized exploration expenditures were $230 million, for a total of $1,601 million. Total
capital expenditures for 2025 (including capitalized exploration) are expected to remain in line with full year
guidance as set out in the 2025 Guidance Summary below.
The table below sets out a summary of capital expenditures, in each case broken down between sustaining
capital expenditures and development capital expenditures, and capitalized exploration by mine in the third
quarter of 2025 and the first nine months of 2025.
7
Sep 30, 2025 Sep 30, 2025 Sep 30, 2025 Sep 30, 2025
Sustaining Capital Expenditures
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,226 $ 55,131 $ 1,080 $ 3,079
Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . 34,600 87,637 305 1,618
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,461 37,721 351 1,523
Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,287 180,489 1,736 6,220
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,473 159,072 — —
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,391 32,121 288 1,035
Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,864 191,193 288 1,035
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,734 53,203 2,541 4,574
Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,104 97,632 — —
Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,838 150,835 2,541 4,574
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 44,615 — —
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 44,615 — —
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,303 45,302 793 2,402
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,303 45,302 793 2,402
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,216 23,560 676 1,528
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,216 23,560 676 1,528
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,111 6,301 339 576
Total Sustaining Capital Expenditures . . . . . . . . . . $ 240,619 $ 642,295 $ 6,373 $ 16,335
Development Capital Expenditures
LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,939 $ 54,021 $ — $ 11
Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . 78,866 197,827 6,983 19,789
Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,538 11,169 1,174 2,249
Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,343 263,017 8,157 22,049
Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,300 188,966 9,122 26,518
Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,338 65,213 8,752 27,795
Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,638 254,179 17,874 54,313
Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,910 55,361 3,563 12,717
Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,608 15,289 — —
Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,518 70,650 3,563 12,717
Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,321 23,094 2,680 8,080
Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,321 23,094 2,680 8,080
Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 346 1,767 4,776
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409 346 1,767 4,776
Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,001 3,917 9 32
San Nicolas (50%) . . . . . . . . . . . . . . . . . . . . . . . 2,566 6,613 — —
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,567 10,530 9 32
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,258 107,108 46,759 111,521
Total Development Capital Expenditures . . . . . . . $ 316,054 $ 728,924 $ 80,809 $ 213,488
Total Capital Expenditures . . . . . . . . . . . . . . . . . . $ 556,673 $ 1,371,219 $ 87,182 $ 229,823
Summary of Capital Expenditures*
(thousands)
Capital Expenditures** Capitalized Exploration
Three Months
Ended
Nine Months
Ended
Three Months
Ended
Nine Months
Ended
* Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. 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