附錄99.1
| 標的代號: | AEm（紐交所和tsx） |
| 更多資訊請參閱： | 投資者關係 |
| (416) 947-1212 |
(所有金額以美元表示，除非另有說明)
伊格爾礦業公佈2024年第三季度業績報告 - 第四個連續季度創下歷史新高的自由現金流; 進一步償還債務後，資產負債表實力增強; 良好的位置 以達到黃金生產和成本指引; 在現有運營和儲備項目中持續取得勘探成就
多倫多（2024年10月30日）- 伊格爾礦業有限公司（紐交所:AEm, tsx:AEM） （“伊格爾礦業”或“公司”）今日公佈了2024年第三季度的財務和運營結果。
我們很高興地報告，連續第四個季度實現了歷史上最佳的財務業績。我們專注於營運表現、成本控制和資本紀律，使我們能夠將黃金歷史高價的槓桿效應傳遞給股東。這一季我們償還了37500萬美元的債務，增加了我們的現金儲備，並繼續為股東提供強勁回報。伊格爾礦業的總裁兼首席執行官Ammar Al-Joundi表示：“我們專注於通過持續改進和推進我們的項目和補充性勘探計劃，實現資產的全部潛力。本季度的優秀鑽探結果繼續顯示了我們幾個礦山和主要項目的重要勘探上行潛力，其中包括加拿大馬拉提克的East Gouldie存款的擴展和Hope Bay的Patch 7高品位礦化的擴展。”
第三個季度 2024年第一季 重點:
| · | 穩健的季度黃金生產和成本表現 扣除黃金生產1 生產成本每盎司為908美元，總現金成本每盎司為921美元2 及全面支持成本（"AISC"）每盎司為1286美元2 為1286美元 |
| · | 持續提供可靠的運營和成本表現。 – 2024年第三季度的黃金生產和成本符合計劃，受努納武特、麥卡薩和福斯特維爾的強勁生產推動。公司持續專注於運營效率和成本優化，實現了多個地點的最高季度通行量和採礦率紀錄。 |
| · | 良好定位，可實現2024年黃金生產、成本和資本支出指引 公司正穩步達到全年2024年黃金生產指引。 每盎司總現金成本、每盎司AISC成本和2024年資本支出指引保持不變 |
1 可支付礦產生產量指的是在一段時間內生產的礦產數量，其中包含了公司已經或將要出售的產品，無論這些產品在該期間是否已被運送或者在該期間結束時作為庫存保存。
2 每盎司的總現金成本和所有板塊維持成本或AISC每盎司都是非IFRS標準化財務指標，在本新聞發布中，除非另有規定，將 (i)以每盎司的黃金生產基準報告，以及 (ii)以副產品為基礎。有關這些非IFRS指標的組成和用途的說明，以及將每盎司的總現金成本與AISC每盎司與副產品和共產品基礎上的生產成本進行對照的說明，請參見下文的"有關某些績效指標的註"。
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| · | 記錄季度調整後的凈利潤3 - 公司報告季度淨利潤為$56710萬或每股$1.13，調整後的凈利潤為$57260萬或每股$1.14 |
| · | 記錄營運活動提供的季度現金和自由現金流 - 公司產生了創紀錄的營運活動提供的現金，金額為$108,450萬，每股$2.16 ($102,750萬，每股$2.05在非現金工作資本餘額變動之前 )，以及自由現金流4為$62,040萬或每股$1.24（$56,340萬或每股$1.12 在非現金工作資本餘額變動之前4 ）4) |
| · | 通過進一步減少債務來加強財務狀況 公司截至2024年9月30日的現金項目增加了5520萬美元，達到97720萬美元。公司在2024年第三季度繼續減少淨債務，到期還清1億美元5.02% B系列資產支持票券，並還清2023年提取的6億美元無抵押長期貸款設施的27500萬美元。截至2024年9月30日，債務總餘額為146720萬美元。截至2024年9月30日，年初以來，淨債務已減少101440萬美元，從年初的150440萬美元減至49000萬美元5 在2024年第三季度，通過在到期時還清10000萬美元5.02% B系列優先票據和還清2023年提取的60000萬美元無抵押長期貸款設施的27500萬美元後，公司繼續減少債務。截至2024年9月30日，債務總餘額為146720萬美元。年初以來，淨債務已從年初的150440萬美元減少到49000萬美元 |
| · | 持續專注於股東回報 －在2024年第三季度，公司董事會宣布每股0.40美元的季度股息。此外，公司通過其正常的回購股份計劃（"NCIB"），以每股平均82.86美元的股價回購362,343股普通股，總計價值3000萬美元。 |
| · | 關於關鍵價值驅動因素和專案進度的更新 |
| ◦ | 迂回道路 湖 – 在2024年第三季度，公司推進了地下項目的場地準備，包括完成將用於地下項目地表製造行業的墊層以及清除入口處的頂土。西坑區高品位走廊進行回填鑽探持續確認更高品位和適合地下採礦的礦化結構。亮點包括深度為490米時每噸22.5克（"g/t"）的黃金，深度為573米時每噸15.0克的黃金。向西延伸區開展鑽探至目前的礦產資源西端，亮點包括深度為570米時每噸28.8克的黃金，深度為731米時每噸11.7克的黃金 |
| ◦ | odyssey 在加拿大馬拉蒂克的礦場 – 2024年第三季，坡道施工和井下施工活動按計劃進行，達到873米和839米深，分別完成64級臨時井下裝料站的挖掘。地面施工按計劃進行，重點放在服務提升機和運營區域。 最近的探礦鑽探在東部的East Gouldie存款延伸區域繼續取得良好成果，東至現有礦產資源760米，包括 在East Gouldie的上部延伸部份，接近Odyssey礦井進行的轉換鑽探結果顯示，包括814米深處20.8米長的3.3克每噸黃金。 持續進行的探礦計劃結果繼續顯示潛在增加主East Gouldie存款延伸的重要礦產資源。 |
| ◦ | 馬德里和希望灣 — 探索 二零二四年第三季度的鑽井總計為 33,100 米， 繼續 在 Patch 7 區域返回寬廣、高級礦化間隔，包括 18.3 克/噸黃金在 479 米深處超過 16.4 米，436 米處的 27.3 米以上 16.8 克/噸黃金 深度和 11.9 克/噸黃金超過 30.4 米，深入 394 米，進一步確認了更大的 與馬德里的其他地區相比，該區域的厚度和更高的黃金等級 |
3 調整後的凈利潤和調整後的每股盈利 都是非根據IFRS標準化的金融指標或比率。有關這些非GAAP指標的構成和用途的描述，以及與凈利潤的對應條目，請參見下文的"有關績效的特定指標說明"。
4 自由現金流和非現金工作資本餘額變動前的營運活動提供的現金、以及非現金工作資本餘額變動前的自由現金流和相關每股比率是非GAAP措施或比率，在IFRS標準下不是標準化的財務指標。有關這些非GAAP措施的組成和用途說明，以及與營運活動提供的現金的調解，請參閱下文“關於某些績效指標的說明”。
5 凈債務是一種非通用會計原則（GAAP）計量，在國際財務報導準則（IFRS）下並非標準化的財務指標。有關這種非通用會計原則計量的組成和用處以及與長期債務的調和，請參閱下方的「有關績效某些指標的說明」。
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2024年第三季度業績電話會議 及網路直播將於明天舉行
伊格爾礦業的高級管理層將於2024年10月31日（星期四）上午11時舉行一次電話會議，以討論公司的財務和運營結果。
通過網絡廣播：
要收聽電話會議的現場網絡廣播，請在公司網站進行註冊 www.agnicoeagle.com，或直接通過以下鏈接這裏.
通過電話：
要通過電話加入會議電話，請撥打 416.945.7677 或免費電話 1.888.699.1199 進入電話會議，由 運營商-5g 進行接入。爲確保您的參與，請在會議開始前大約五分鐘撥打電話。
要通過電話加入會議 看漲，無需運營商-5g協助，您可以註冊您的電話號碼 這裏 在會議開始前的30分鐘 接收一個即時自動回撥。
回放存檔:
請撥打289.819.1450或免費電話1.888.660.6345， 訪問代碼80122#。會議看漲重播將於2024年11月30日到期。
網絡研討會，以及演示幻燈片，將在公司網站上存檔180天。
第三季度 2024 生產和成本結果
生產和費用結果摘要
| 三個月
結束於 9月30日， | 九個月
結束 9月30日， | |||||||||||||||
| 2024 | 2023 | 2024 | 2023* | |||||||||||||
| 黃金生產（盎司） | 863,445 | 850,429 | 2,637,935 | 2,536,446 | ||||||||||||
| 黃金銷售（盎司） | 855,899 | 843,097 | 2,609,192 | 2,489,503 | ||||||||||||
| 每盎司生產成本 | $ | 908 | $ | 893 | $ | 887 | $ | 850 | ||||||||
| 每盎司總現金成本 | $ | 921 | $ | 898 | $ | 897 | $ | 857 | ||||||||
| 每盎司AISC | $ | 1,286 | $ | 1,210 | $ | 1,214 | $ | 1,162 | ||||||||
* 生產和成本結果摘要反映了伊格爾礦業在加拿大馬拉爾蒂克的50% 權益，直到2023年3月30日，並在此之後爲100%。
黃金生產量
| · | 2024年第三季度 - 與去年同期相比，黃金生產增加，主要是由於努納伏特的運營、馬卡薩和德圖爾湖的產量提高，部分抵消了加拿大馬拉提克和拉印度的產量下降。 |
| · | 2024年第一次 九個月 – 黃金產量與去年同期相比有所增加， 主要是由於加拿大馬拉爾蒂克、梅多班克和麥卡薩的產量增加，部分 被福斯特維爾和印度的產量下降所抵消。 |
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每盎司生產成本
| · | 2024年第三季度-與上一年同期相比，每盎司生產成本增加，主要是由於 更高的黃金價格導致較高的版稅費用增加，部分抵消了更高的產量以及該期間加幣走軟的好處 |
| · | 首先 2024年前九個月 – 與去年同期相比，生產每盎司的成本增加，主要是由於 因黃金價格上漲而導致的更高的特許權使用費，以及與地下采礦作業相關的加拿大馬拉爾蒂克的更高生產成本，部分被生產增加以及期間加幣貶值的好處所抵消。 |
每盎司現金總成本
| · | 2024年第三季度和前九個月——每盎司總現金成本較去年同期增加，主要是因爲上述原因導致生產成本每盎司增加 每盎司生產成本 |
每盎司成本
| · | 2024年第三季度和前九個月-按盎司計算的AISC與前一年同期相比增加，原因是導致每盎司總現金成本更高和在加拿大馬拉蒂克和迪圖爾湖主要有望更高的維持資本支出，部分抵消了該期間的生產量增加 |
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第三季度 2024年 財務結果
財務 結果摘要
| 三個月
結束於 9月30日， | 九個月
截至 9月30日， | |||||||||||||||
| 2024 | 20236 | 2024 | 20236 | |||||||||||||
| 實現的 黃金價格（$/盎司）7 | $ | 2,492 | $ | 1,928 | $ | 2,297 | $ | 1,933 | ||||||||
| 淨利潤 （百萬美元）8 | $ | 567.1 | $ | 174.8 | $ | 1,386.3 | $ | 2,315.4 | ||||||||
| 調整後的淨利潤（百萬美元） | $ | 572.6 | $ | 216.1 | $ | 1,485.3 | $ | 806.7 | ||||||||
| 息稅折舊攤銷前利潤（百萬美元）9 | $ | 1,258.6 | $ | 722.0 | $ | 3,264.2 | $ | 3,878.4 | ||||||||
| 調整後的 EBITDA（百萬美元）9 | $ | 1,256.6 | $ | 768.4 | $ | 3,362.0 | $ | 2,394.0 | ||||||||
| 經營活動提供的現金（百萬美元） | $ | 1,084.5 | $ | 502.1 | $ | 2,829.0 | $ | 1,873.7 | ||||||||
| 經營活動提供的現金在非現金 營運資本餘額變化之前（百萬美元） | $ | 1,027.5 | $ | 668.7 | $ | 2,790.8 | $ | 1,970.5 | ||||||||
| 資本支出 10 | $ | 485.8 | $ | 406.4 | $ | 1,265.1 | $ | 1,164.2 | ||||||||
| 自由現金流（百萬美元） | $ | 620.4 | $ | 82.3 | $ | 1,573.3 | $ | 645.3 | ||||||||
| 在非現金營運資本餘額變化之前的自由現金流 （百萬美元） | $ | 563.4 | $ | 248.8 | $ | 1,535.0 | $ | 742.1 | ||||||||
| 每股淨利潤（基本） | $ | 1.13 | $ | 0.35 | $ | 2.78 | $ | 4.76 | ||||||||
| 每股調整後淨利潤（基本） | $ | 1.14 | $ | 0.44 | $ | 2.97 | $ | 1.66 | ||||||||
| 每股經營活動產生的現金 | $ | 2.16 | $ | 1.01 | $ | 5.67 | $ | 3.85 | ||||||||
| 每股經營活動產生的現金（不考慮非現金 流動資產的變動） | $ | 2.05 | $ | 1.35 | $ | 5.59 | $ | 4.05 | ||||||||
| 每股自由現金流 | $ | 1.24 | $ | 0.17 | $ | 3.15 | $ | 1.33 | ||||||||
| 每股自由現金流（不考慮非現金流動資產 的變動） | $ | 1.12 | $ | 0.50 | $ | 3.07 | $ | 1.53 | ||||||||
淨收入
| · | 2024年第三季度 |
| ◦ | 淨利潤爲56710萬美元（每股1.13美元）。此結果包括以下項目（稅後淨額）：金融工具衍生物收益1170萬美元（每股0.02美元），非經常性稅收調整和遞延稅債務外幣換算增益550萬美元（每股0.01美元），淨資產處置損失370萬美元（每股0.01美元）以及匯率期貨和其他調整800萬美元（每股0.01美元）。 |
| ◦ | 不包括上述項目的結果爲調整後淨利潤57260萬美元，每股1.14美元 |
6 某些先前報告的行項目已被重新說明，以反映與收購加拿大資產（「Yamana交易」）相關的最終購買價格分配，包括公司未擁有的加拿大馬拉提克（Canadian Malartic）的50%股權。反映了伊格爾礦業對加拿大馬拉提克的50%利益直至2023年3月30日，以及此後的100%。
7 實現的黃金價格是通過採礦作業的黃金收入除以銷售的盎司數來計算的。
8 2023年第一季度，公司在3月31日進行Yamana交易之前所擁有的加拿大Malartic項目的50%權益，實現了15億美元的重新評估收益。
9 「EBITDA」表示利息、稅項、折舊和攤銷前的收入。EBITDA和調整後的EBITDA是不符合IFRS標準的非通用會計指標或比率。有關這些非通用會計指標的構成和用途以及與淨利潤的調節，請參閱下文的「關於某些績效指標的說明」部分。
10 包括資本支出探索。資本支出是一項非符合IFRS的標準財務指標。有關這項非GAAP指標的構成和用途，以及在合併現金流量表中列出的固定資產、廠房和礦山開發增加情況的調解，請參閱下文的"有關特定績效指標的註釋"。
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| ◦ | 淨利潤中包括的，未在上述調整中進行調整的，是210萬美元的非現金股票期權支出（每股不到0.01美元） |
| ◦ | 2024年第三季度的淨利潤爲56710萬美金，比去年同期的174.8百萬美金有所增加，這主要得益於更強的礦山運營利潤率。11 這主要是由於更高的黃金現貨價格和銷售量、當前期間對衍生金融工具的收益以及較低的攤銷費用（主要在Meadowbank、Canadian Malartic和Detour Lake），部分被更高的收入和礦業稅費用以及更高的生產費用抵消。 |
| · | 2024年前9個月淨利潤爲138630萬美元，與去年同期的2315.4億美元相比有所下降，主要是由於加拿大Malartic地區在上一期間進行的重新計量收益，以及更高的收入和礦業稅支出，部分抵消了更高的實際黃金價格和更高的銷售量帶來的更高營運利潤。在上一期間的重新計量收益來自按階段實現的企業合併的購買會計應用，這要求對公司此前持有的加拿大Malartic地區50%的權益重新計量爲公允價值。2024年前9個月淨利潤爲138630萬美元，與去年同期的2315.4億美元相比有所下降，主要是由於加拿大Malartic地區在上一期間進行的重新計量收益，以及更高的收入和礦業稅支出，部分抵消了更高的實際黃金價格和更高的銷售量帶來的更高營運利潤。在上一期間的重新計量收益來自按階段實現的企業合併的購買會計應用，這要求對公司此前持有的加拿大Malartic地區50%的權益重新計量爲公允價值。 |
調整後的EBITDA
| · | 2024年第三季 – 調整後的EBITDA與去年同期相比有所增加，主要是由於開採利潤的提高，實現的黃金價格上漲以及銷售量的增加。 |
| · | 2024年前九個月 調整後的EBITDA與去年同期相比增加，主要是由於2024年第三季度上述原因以及收購加拿大Malartic剩餘50%的結果。 |
經營活動產生的現金流
| · | 2024年第三季度和前九個月 – 經營活動提供的現金及經營活動提供的現金在剔除非現金營運資本餘額變動後與去年同期相比有所增加，主要是由於上述與調整後EBITDA增加相關的原因。 |
自由現金流在非現金 運營資本餘額變動之前
| · | 2024年第三季度及前九個月 - 自由現金流在不考慮非現金運營資本變動的情況下相比於去年同期有所增加，原因如下：與運營活動提供的現金有關，部分被更高的物業、廠房和礦山開發投資所抵消。 |
11 營業利潤率是一項非根據IFRS標準化的非GAAP指標。有關該非GAAP指標的構成和用途描述，以及與淨利潤的調解，請參閱下文的"關於績效某些指標的說明"。
6
資本支出
在2024年第三季度，資本支出爲43720萬元，資本化勘探支出爲4860萬元，總計爲48580萬元。預計資本支出（包括資本化勘探）與2024年全年的更新指導保持一致。進一步的細節請參見下面的「2024指導」部分。
下表總結了2024年第三季度和2024年前九個月的資本支出（包括維持資本支出和開發資本支出）以及資本化勘探。
7
資本支出摘要
（$ 千）
| 資本 支出* | 資本化 探索 | |||||||||||||||
| 三個月 截至 | Nine Months 截至 | 三個月 截至 | Nine Months 截至 | |||||||||||||
| 2024年9月30日 2024 | 2024年9月30日 2024 | 2024年9月30日 2024 | 2024年9月30日 2024 | |||||||||||||
| 維持性資本支出 | ||||||||||||||||
| LaRonde | $ | 19,302 | $ | 63,125 | $ | 473 | 1,349 | |||||||||
| 加拿大馬拉爾蒂克 | 36,789 | 91,887 | — | — | ||||||||||||
| 戈爾德克斯 | 16,505 | 39,912 | 753 | 2,536 | ||||||||||||
| 迪圖爾湖 | 77,638 | 189,247 | — | — | ||||||||||||
| 馬卡薩 | 12,200 | 28,389 | 451 | 1,259 | ||||||||||||
| 梅利阿丁 | 19,716 | 53,664 | 2,321 | 6,148 | ||||||||||||
| 梅多班克 | 30,216 | 71,718 | — | — | ||||||||||||
| 福斯特維爾 | 9,509 | 22,298 | — | — | ||||||||||||
| 基蒂拉 | 17,537 | 51,813 | 316 | 1,181 | ||||||||||||
| 皮諾斯阿爾託斯 | 7,099 | 18,190 | 742 | 1,662 | ||||||||||||
| 印度 | — | 22 | — | — | ||||||||||||
| 其他 | 1,251 | 3,520 | 144 | 989 | ||||||||||||
| 總維持資本支出 | $ | 247,762 | $ | 633,785 | $ | 5,200 | $ | 15,124 | ||||||||
| 開發資本支出 | ||||||||||||||||
| 拉朗德 | $ | 16,442 | $ | 61,168 | $ | — | — | |||||||||
| 加拿大馬拉爾蒂克 | 41,824 | 121,028 | 1,510 | 3,702 | ||||||||||||
| Goldex | 1,830 | 8,886 | — | — | ||||||||||||
| 繞行湖 | 52,199 | 121,273 | 9,051 | 26,150 | ||||||||||||
| 馬卡薩 | 27,550 | 62,008 | 7,521 | 25,225 | ||||||||||||
| 梅利阿丁 | 21,070 | 58,164 | 1,888 | 8,694 | ||||||||||||
| 草地銀行 | 7 | (20 | ) | — | — | |||||||||||
| 福斯特維爾 | 8,402 | 27,016 | 2,531 | 9,497 | ||||||||||||
| 基蒂拉 | 775 | 2,971 | 1,171 | 5,730 | ||||||||||||
| 皮諾斯阿爾託斯 | 355 | 1,806 | 10 | 14 | ||||||||||||
| 聖尼古拉斯項目 | 3,422 | 15,077 | — | — | ||||||||||||
| 其他 | 15,530 | 23,547 | 19,745 | 34,270 | ||||||||||||
| 總開發資本支出 | $ | 189,406 | $ | 502,924 | $ | 43,427 | $ | 113,282 | ||||||||
| 總資本支出 | $ | 437,168 | $ | 1,136,709 | $ | 48,627 | $ | 128,406 | ||||||||
* Excludes capitalized exploration
8
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 | |||||||||||
| 範圍 | 中間點 | |||||||||||
| 黃金生產（盎司） | 3,350,000 | 3,550,000 | 3,450,000 | |||||||||
| 每盎司總現金成本 | $ | 875 | $ | 925 | $ | 900 | ||||||
| 每盎司AISC | $ | 1,200 | $ | 1,250 | $ | 1,225 | ||||||
| 勘探和企業發展 | — | — | $ | 271 | ||||||||
| 折舊和攤銷費用 | — | — | $ | 1,560 | ||||||||
| 一般和行政費用 | $ | 175 | $ | 195 | $ | 185 | ||||||
| 其他費用 | $ | 75 | $ | 90 | $ | 83 | ||||||
| 稅率 (%) | 33 | % | 38 | % | 35 | % | ||||||
| 現金稅款 | $ | 400 | $ | 500 | $ | 450 | ||||||
| 資本支出（不包括資本化勘探） | $ | 1,600 | $ | 1,700 | $ | 1,650 | ||||||
| 資本化勘探 | — | — | $ | 187 | ||||||||
記錄自由現金流的生成 資本紀律持續加強財務狀況和對股東回報的承諾
現金及現金等價物增加了55.2百萬美元，與上一季度相比，主要是由於營運活動提供的現金增加，這主要是由於黃金價格上漲和非現金工作資本餘額有利變化帶來的更高營收，部分抵消了與37500萬美元償還債務有關的融資活動現金支出增加，以及由於更高的資本支出以及更高的購買股權證券和其他投資而導致的投資活動現金支出增加。
截至2024年9月30日，公司 的長期債務總額爲146720萬美元，比2024年第二季度減少了37450萬美元。2024年7月24日，2012年系列b 5.02%高級票據到期時使用現金償還了1000萬美元。此外，在本季度共提前償還了27500萬美元的60000萬美元的定期貸款餘額，進一步加強了公司的投資級別資產負債表。定期貸款餘額中剩餘的32500萬美元將於2025年4月21日到期應付。
No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2024, and available liquidity remained at approximately $2.0 billion, not including the uncommitted $1.0 billion accordion feature.
The following table sets out the calculation of net debt, which decreased by $429.7 million when compared to the prior quarter as a result of the debt repayments and an increase in cash and cash equivalents.
9
Net Debt Summary
($ millions)
| 截至 | 截至 | |||||||
| 2024年9月30日 2024 | 2024年6月30日 | |||||||
| 長期負債的流動部分 | $ | 415.0 | $ | 740.0 | ||||
| 長期負債的非流動部分 | 1,052.2 | 1,101.7 | ||||||
| 長期債務 | $ | 1,467.2 | $ | 1,841.7 | ||||
| 減：現金及現金等價物 | (977.2 | ) | (922.0 | ) | ||||
| 淨債務 | $ | 490.0 | $ | 919.7 | ||||
套期保值交易
大約68%的公司剩餘的2024年加幣風險已在平均保底價格下對沖，提供對匯率變動超過1.34 C$/US$的保護。大約26%的公司剩餘的2024年歐元風險已在平均保底價格下對沖，提供對匯率變動低於1.10 US$/EUR的保護。大約62%的公司剩餘的2024年澳元風險已在平均保底價格下對沖，提供對匯率變動超過1.46 A$/US$的保護。大約19%的公司剩餘的2024年墨西哥披索風險已在平均保底價格下對沖，提供對匯率變動超過18.00 MXP/US$的保護。公司的2024年全年成本指導是基於假設的匯率1.34 C$/US$、1.10 US$/EUR、1.45 A$/US$和16.50 MXP/US$。
隨着2024年公司的努納武特 運營的補給任務基本完成，公司2024年剩餘預計柴油風險的約42%已在平均 價格爲每升0.76美元的情況下對沖（不包括運輸和稅費），預計這將減少公司在2024年面臨的柴油價格波動風險。 公司的2024年成本指導基於假設柴油價格爲每升0.80美元（不包括運輸和稅費）。
根據這些2024年的對沖頭寸，公司預計將繼續從所有運營貨幣的積極匯率期貨影響以及與2024年成本引導相比的柴油敞口的積極影響中受益。公司將繼續監測市場條件，並預計在2024年和2025年的餘額中繼續有計劃地增加其運營貨幣和柴油對沖以戰略性地支持其關鍵輸入成本。對沖頭寸沒有計入2024年或未來的預測。
在公司最近部分出售其版稅資產的2480萬美元后，清償所有銀行債務並建立了一項基於儲備的5556萬美元信貸設施後，i3能源很高興地宣佈，除了2024年的經營和財務指導外，還將有5090萬美元的資本計劃。這一計劃將從現有公司資源中得到充分資金支持，並旨在通過可預測的發展計劃平衡增長、財務紀律和可持續的長期股息，同時將公司定位爲在2025年第一季度開始西莫內特蒙特尼墊式開發鑽探的位置。該計劃受加拿大運營環境的自然限制限制，包括但不限於季節性天氣條件。因此，2024年計劃預計在第二季度末開始鑽井作業，並持續到年底。
2024年第四季度的股息記錄和支付日期
伊格爾礦業董事會宣佈，每股普通股的季度現金股利爲$0.40，將於2024年12月16日支付給截至2024年11月29日持股的股東。自1983年以來，伊格爾礦業每年都宣佈現金股利。
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
10
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 (0%) and 5%. For the dividend payable on December 16, 2024 to shareholders of record as of November 29, 2024, the discount provided for under the DRIP will be 1%. If the discount is altered or eliminated by the Company in the future, the Company will include information regarding the change in discount from such level in a news release prior to the effectiveness of the change.
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 Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.
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 $500.0 million of its common shares under the NCIB, subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2024. In the third quarter of 2024, the Company repurchased 362,343 common shares for an aggregate of $30.0 million through the NCIB. In the first nine months of 2024, the Company repurchased 1,500,386 common shares for an aggregate of $99.9 million under the NCIB and the Company's previous NCIB, at an average share price of $66.58.
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 in Colombia, 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 |
11
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.
12
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 (metres) | To (metres) | Depth of midpoint below surface (metres) | Estimated true width (metres) | Gold grade (g/t) (uncapped) | Gold grade (g/t) (capped)* | |||||||||||||
| 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.
13
[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.
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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 midpoint below surface (metres) | Estimated true width (metres) | Gold grade (g/t) (uncapped)* | |||||||||||
| 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.
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[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 Madrid deposit.
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 Madrid as well as strong continuity of mineralization between drill holes.
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 Madrid deposit are set out in the table and composite longitudinal section below.
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| Drill hole | From (metres) | To (metres) | Depth of midpoint below surface (metres) | Estimated true width (metres) | Gold grade (g/t) (uncapped) | 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 Madrid deposit at Hope Bay use a capping factor of 75 g/t gold.
** Previously released on July 26, 2023.
*** Previously released on July 31, 2024.
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
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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 Madrid through the fourth quarter 2024 (15,000 metres) and into 2025 with several drill rigs being relocated to the north to investigate the priority targets between the Patch 7 and Suluk zones as a follow-up on previously released hole HBM23-105 that returned 10.0 g/t gold over 14.0 metres at 677 metres depth and hole HBM24-183 that returned 14.1 g/t gold over 5.0 metres at 577 metres depth.
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.
[Madrid Deposit at Hope Bay – Plan Map]
San Nicolás Copper Project
The San Nicolás copper-zinc project is located in Zacatecas State in central Mexico. The Company acquired a 50% interest in the project in April 2023 from Teck Resources Limited and the two companies have formed a long-term 50/50 joint venture partnership to advance permitting and development of San Nicolas, which ranks as the largest undeveloped VMS deposit in Mexico and one of the largest undeveloped VMS deposits in the world.
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.
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ABITIBI REGION, QUEBEC
LaRonde – Restart of LaRonde Zone 5 Mill Operation; Gold Production Affected by Planned Mine and Mill Shutdowns
LaRonde – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
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.
19
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 |
Canadian Malartic – Solid Operating Performance; Underground Development At Odyssey Ahead of Plan
Canadian Malartic – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter. Tonnage of ore milled is reported on a 100% basis for both periods.
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% to 100% 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 |
20
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 September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
21
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, ONTARIO
Detour Lake – Record Quarterly Tonnage Milled; Targeted Mill Throughput Rate Achieved
Detour Lake – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
22
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 |
23
Macassa – Strong Quarterly Gold Production; Transitioning Focus to Mill Optimization
Macassa – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
24
| · | 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 |
NUNAVUT
Meliadine – Completion of Mill Expansion Drives Record Quarterly Throughput
Meliadine – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
25
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.
26
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 / zone | 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.
27
[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.
28
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 September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
29
| · | 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 |
AUSTRALIA
Fosterville – Record Quarterly Ore Tonnes Mined and Strong Mill Performance
Fosterville – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 and Phoenix. 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 |
30
| · | 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 |
FINLAND
Kittila – Mill Recovery Improved Quarter-over-Quarter; Continuous Improvement Program Yields Initial Positive Results
Kittila – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
31
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 |
MEXICO
Pinos Altos – Solid Open Pit and Mill Performance Supports Gold Production
Pinos Altos – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 |
32
| · | 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 India – Residual Leaching to Continue Through Year-End 2024; Site Transitioning to Closure Phase Beginning in the Fourth Quarter of 2024
La India – Operating Statistics
| Three Months
Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| 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 Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
33
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.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.
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 5% in-kind royalty paid in respect of certain portions of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company's operations, the calculations of total cash costs per ounce for Canadian Malartic has been adjusted for the purchase price allocation in the comparative period data. Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals.
34
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.
35
Total Production Costs by Mine
Three Months Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| (thousands of United States dollars) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Quebec | ||||||||||||||||
| 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 Malartic(i) | 128,984 | 125,455 | 399,893 | 326,936 | ||||||||||||
| Goldex | 34,265 | 28,805 | 100,531 | 84,800 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 127,159 | 106,396 | 379,366 | 333,214 | ||||||||||||
| Macassa | 48,086 | 35,864 | 146,763 | 112,368 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 75,099 | 89,210 | 254,463 | 249,221 | ||||||||||||
| Meadowbank | 115,705 | 133,919 | 352,881 | 381,411 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 44,346 | 27,539 | 114,824 | 99,969 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 59,968 | 58,569 | 176,535 | 155,200 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 46,464 | 40,147 | 122,980 | 107,778 | ||||||||||||
| La India | 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 | ||||||||
36
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 United States dollars, except as noted)
| LaRonde mine | Three
Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 | Three
Months Ended September 30, |
Nine
Months Ended September 30, |
||||||||||||||||||||||||||||||
| (per tonne) | 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 | Three
Months Ended September 30, | Nine Months
Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 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 | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||
| (per tonne) | 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 | ||||||||||||||||
37
| LaRonde complex | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 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 | Three
Months Ended September 30, | Nine Months
Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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 Malartic | Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||||||||||||||||||||
| (per ounce)(i) | 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 hedges of production costs | 997 | 7 | — | — | 2,037 | 4 | — | — | ||||||||||||||||||||||||
| Purchase price allocation to inventory(iv) | — | — | (3,626 | ) | (20 | ) | — | — | (26,447 | ) | (61 | ) | ||||||||||||||||||||
| In-kind royalties and other adjustments(v) | 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 Malartic | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne)(i) | 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$)(iii) | (3,655 | ) | (1 | ) | 9,569 | 2 | 9,830 | — | 10,820 | 1 | ||||||||||||||||||||||
| Purchase price allocation to inventory (C$)(iv) | — | — | (3,904 | ) | (1 | ) | — | — | (34,555 | ) | (3 | ) | ||||||||||||||||||||
| In-kind royalties and other adjustments (C$)(v) | 25,677 | 6 | 20,081 | 4 | 78,244 | 5 | 53,505 | 5 | ||||||||||||||||||||||||
| Minesite costs (C$) | C$ | 197,484 | C$ | 41 | C$ | 194,085 | C$ | 39 | C$ | 631,084 | C$ | 41 | C$ | 469,771 | C$ | 39 | ||||||||||||||||
38
| Goldex | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 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 | Three Months Ended
September 30, | Nine Months Ended
September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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$) | C$ | 46,696 | C$ | 63 | C$ | 38,656 | 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$ | 45,077 | C$ | 61 | C$ | 39,281 | C$ | 52 | C$ | 136,035 | C$ | 60 | C$ | 114,107 | C$ | 52 | ||||||||||||||||
| Detour Lake | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 1,247 | 7 | (1,530 | ) | (10 | ) | 2,394 | 5 | 4,565 | 10 | ||||||||||||||||||||||
| In-kind royalties and other adjustments(v) | 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 | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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$)(iii) | (3,935 | ) | — | (8,125 | ) | (1 | ) | (9,622 | ) | — | 4,747 | — | ||||||||||||||||||||
| In-kind royalties and other adjustments (C$)(v) | 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 | |||||||||||||||||||||||
39
| Macassa | Three Months Ended September 30, | Nine Months Ended
September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 304 | 4 | 334 | 7 | 759 | 4 | 2,283 | 14 | ||||||||||||||||||||||||
| In-kind royalties and other adjustments(v) | 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 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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$) | C$ | 65,489 | C$ | 489 | C$ | 48,508 | C$ | 435 | C$ | 199,917 | C$ | 476 | C$ | 151,744 | C$ | 488 | ||||||||||||||||
| Inventory adjustments (C$)(iii) | 3,408 | 25 | 2,834 | 25 | 1,468 | 4 | 758 | 2 | ||||||||||||||||||||||||
| In-kind royalties and other adjustments (C$)(v) | 3,348 | 25 | 1,754 | 16 | 9,301 | 22 | 8,045 | 26 | ||||||||||||||||||||||||
| Minesite costs (C$) | C$ | 72,245 | C$ | 539 | C$ | 53,096 | C$ | 476 | C$ | 210,686 | C$ | 502 | C$ | 160,547 | C$ | 516 | ||||||||||||||||
| Meliadine | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 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 | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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 | ||||||||||||||||
40
| Meadowbank | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | 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 | Three Months Ended
September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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 | ||||||||||||||||
| Fosterville | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | (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 | ||||||||||||||||
| Fosterville | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne) | 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$) | A$ | 66,587 | A$ | 271 | A$ | 42,194 | 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$ | 64,181 | A$ | 261 | A$ | 44,012 | A$ | 304 | A$ | 171,921 | A$ | 264 | A$ | 148,117 | A$ | 316 | ||||||||||||||||
41
| Kittila | Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | (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 | Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||||||||||||||||||||
| (per tonne) | 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 | ||||||||||||||||
| Pinos Altos | Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||||||||||||||||||||
| (per ounce) | 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 hedges of production costs | — | — | (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 | ||||||||||||||||
| Pinos Altos | Three Months
Ended September 30, |
Nine Months
Ended September 30, |
||||||||||||||||||||||||||||||
| (per tonne) | 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 | ||||||||||||||||
42
| La India | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per ounce) | 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 India | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
| (per tonne)(vi) | 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 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter, following the closing of the Yamana Transaction.
(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 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa and smelting, refining, and marketing charges to production costs.
(vi) La India's cost calculations per tonne for the three and nine months ended September 30, 2024 excludes approximately $10.4 and $39.4 million of production costs incurred during the period, respectively, following the cessation of mining activities at La India during the fourth quarter of 2023.
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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).
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Three Months Ended September 30, | Nine Months
Ended September 30, | |||||||||||||||
| (United States dollars per ounce, except where noted) | 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 Canadian Malartic 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.
45
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 September 30, | Nine Months
Ended September 30, | |||||||||||||||
| (thousands of United States dollars) | 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 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.
(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.
46
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 September 30, | Nine Months
Ended September 30, | |||||||||||||||
| (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 | $ | 1,256,559 | $ | 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.
47
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 September 30, | Nine Months
Ended September 30, | |||||||||||||||
| (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 working capital balances | $ | 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 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 - basic | $ | 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.
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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.
49
| (thousands of United States dollars) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 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 condensed interim consolidated statements of cash flows | $ | 464,101 | $ | 419,832 | $ | 1,255,786 | $ | 1,228,387 | ||||||||
Notes:
(i) The information set out in this table reflects the Company's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter.
(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 United States dollars) | 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.
50
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 U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and MD&A filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
51
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 the United States using the Multijurisdictional Disclosure System ("MJDS"), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.
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.
52
Scientific and Technical Information
The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a "Qualified Person" for the purposes of NI 43-101.
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, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).
53
APPENDIX A – EXPLORATION DETAILS
SMC, Main Break zones and AK deposit at Macassa complex
| Drill hole | Zone / deposit | From (metres) |
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.
Fosterville
| Drill hole | Zone | From (metres) |
To (metres) |
Depth
of midpoint below surface (metres) |
Estimated true width |
Gold grade (g/t) (uncapped)* |
| 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 Fosterville mine are uncapped.
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 |
54
| 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 |
55
| 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 |
| Fosterville | ||||||
| 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 Fosterville.
56
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: | ||||||||||||||||
| Quebec | ||||||||||||||||
| LaRonde mine | 159,294 | 126,899 | 435,799 | 362,984 | ||||||||||||
| LaRonde zone 5 mine | 47,363 | 33,290 | 127,392 | 99,370 | ||||||||||||
| Canadian Malartic(iii) | 345,969 | 320,044 | 1,092,558 | 793,989 | ||||||||||||
| Goldex | 81,384 | 68,467 | 237,304 | 209,802 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 437,920 | 288,156 | 1,140,293 | 911,819 | ||||||||||||
| Macassa | 162,334 | 85,407 | 455,203 | 316,145 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 208,209 | 180,344 | 630,724 | 507,057 | ||||||||||||
| Meadowbank | 315,047 | 210,843 | 873,047 | 616,512 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 167,368 | 116,916 | 433,429 | 454,291 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 148,652 | 113,729 | 395,875 | 332,616 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 68,336 | 54,390 | 184,526 | 156,227 | ||||||||||||
| La India | 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 | ||||||||
57
| 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): | ||||||||||||||||
| Quebec | ||||||||||||||||
| LaRonde mine | 47,313 | 49,303 | 161,388 | 167,471 | ||||||||||||
| LaRonde zone 5 mine | 18,292 | 15,193 | 54,915 | 53,412 | ||||||||||||
| Canadian Malartic(iii) | 141,392 | 177,243 | 509,169 | 435,683 | ||||||||||||
| Goldex | 30,334 | 35,880 | 98,472 | 107,619 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 173,891 | 152,762 | 492,889 | 483,971 | ||||||||||||
| Macassa | 70,727 | 46,792 | 203,048 | 167,951 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 99,838 | 89,707 | 284,238 | 267,856 | ||||||||||||
| Meadowbank | 133,502 | 116,555 | 387,695 | 322,440 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 65,532 | 59,790 | 188,064 | 228,161 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 56,715 | 59,408 | 166,967 | 173,230 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 21,371 | 25,386 | 69,850 | 71,679 | ||||||||||||
| Creston Mascota | 9 | 141 | 50 | 550 | ||||||||||||
| La India | 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 | ||||||||||||
58
| 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): | ||||||||||||||||
| Quebec | ||||||||||||||||
| LaRonde mine | 58,357 | 62,413 | 175,086 | 172,495 | ||||||||||||
| LaRonde zone 5 mine | 18,920 | 17,748 | 55,436 | 52,132 | ||||||||||||
| Canadian Malartic(iii) | 139,694 | 164,974 | 475,893 | 405,040 | ||||||||||||
| Goldex | 31,671 | 35,517 | 99,896 | 108,548 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 176,585 | 149,747 | 497,215 | 473,322 | ||||||||||||
| Macassa | 65,000 | 44,400 | 197,840 | 164,430 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 83,900 | 93,426 | 276,878 | 262,165 | ||||||||||||
| Meadowbank | 126,010 | 108,579 | 378,123 | 317,584 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 67,198 | 60,750 | 187,247 | 235,250 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 59,464 | 58,540 | 171,448 | 171,060 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 23,700 | 24,543 | 69,510 | 71,134 | ||||||||||||
| La India | 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 | ||||||||||||
59
| 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): | ||||||||||||||||
| Quebec | ||||||||||||||||
| LaRonde mine | $ | 1,291 | $ | 1,111 | $ | 1,180 | $ | 1,097 | ||||||||
| LaRonde zone 5 mine | 1,300 | 1,297 | 1,174 | 1,220 | ||||||||||||
| Canadian Malartic(iii) | 1,037 | 814 | 918 | 800 | ||||||||||||
| Goldex | 1,121 | 822 | 1,040 | 802 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 784 | 757 | 815 | 755 | ||||||||||||
| Macassa | 757 | 843 | 766 | 722 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 890 | 972 | 910 | 977 | ||||||||||||
| Meadowbank | 918 | 1,229 | 930 | 1,180 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 653 | 497 | 604 | 438 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 1,011 | 931 | 1,034 | 877 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 2,023 | 1,606 | 1,807 | 1,512 | ||||||||||||
| La India | 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): | ||||||||||||||||
| Quebec | ||||||||||||||||
| LaRonde mine | $ | 1,078 | $ | 875 | $ | 934 | $ | 850 | ||||||||
| LaRonde zone 5 mine | 1,285 | 1,287 | 1,160 | 1,207 | ||||||||||||
| Canadian Malartic(iii) | 1,025 | 805 | 906 | 789 | ||||||||||||
| Goldex | 1,031 | 822 | 945 | 802 | ||||||||||||
| Ontario | ||||||||||||||||
| Detour Lake | 779 | 755 | 812 | 752 | ||||||||||||
| Macassa | 750 | 841 | 763 | 719 | ||||||||||||
| Nunavut | ||||||||||||||||
| Meliadine | 889 | 971 | 908 | 975 | ||||||||||||
| Meadowbank | 910 | 1,225 | 923 | 1,173 | ||||||||||||
| Australia | ||||||||||||||||
| Fosterville | 651 | 495 | 602 | 437 | ||||||||||||
| Europe | ||||||||||||||||
| Kittila | 1,010 | 930 | 1,033 | 875 | ||||||||||||
| Mexico | ||||||||||||||||
| Pinos Altos | 1,531 | 1,310 | 1,426 | 1,236 | ||||||||||||
| La India | 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 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter.
(iv) Revaluation gain on the 50% interest the Company owned in Canadian Malartic prior to the Yamana Transaction.
(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) Canadian Malartic payable metal sold excludes the 5.0% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake payable metal sold excludes the 2.0% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation.
(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 with IFRS.
60
| AGNICO EAGLE MINES LIMITED | ||||||||
| CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS | ||||||||
| (thousands of United States dollars, except share amounts, IFRS basis) | ||||||||
| (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 | ||||
61
| 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 | $ | 6,062,053 | $ | 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 | $ | 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 | ||||||||
| 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 (in thousands): | ||||||||||||||||
| 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 the Yamana Transaction.
(ii) Exclusive of amortization, which is shown separately.
(iii) Revaluation gain on the 50% interest previously owned in Canadian Malartic prior to the Yamana Transaction.
(iv) Adjusted net income per share is not a recognized measure under IFRS and this data may not be comparable to data reported by other companies. See Note 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 nearest IFRS measure.
62
| 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 50% interest the Company previously owned in Canadian Malartic prior to the Yamana Transaction.
63