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Agnico Eagle Mines reports record cash haul in Q2, boosts exploration

Kitco Media
By Michael McCrae
Published
Updated
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Average realized gold price was $2,062 in Q1. In Q2, it was $2,342.

Cash provided by operation was up 33% from the say period a year ago.

Compared to the same period a year ago, net income was up 46% to $472.0 million or $0.95 per share.

Maintain guidance at 3.35 to 3.55 million ounces in 2024

Agnico Eagle Mines reports record cash haul in Q2, boosts exploration teaser image

Kitco News - Agnico Eagle Mines (NYSE:AEM) reported today record net income and record free cash flow in Q2 on higher gold prices.

Average realized gold price was $2,062 in Q1. In Q2, it was $2,342.

Compared to the same period a year ago, net income was up 46% to $472.0 million or $0.95 per share. Compared to the prior period, net income in the second quarter was up 36%.

"We continue to deliver strong and reliable operational results which, combined with higher gold prices, drove record operating margin and free cash flow for the third consecutive quarter," said Ammar Al-Joundi, Agnico Eagle's president and CEO. "We generated over half of a billion dollars of free cash flow in the second quarter."

Cash provided by operation was up 33% from the say period a year ago.

Payable gold production was 895,838 ounces at production costs per ounce of $862, total cash costs per ounce of $870 and all-in sustaining costs per ounce of $1,169. The company said that gold production was led by strong production at Canadian Malartic, LaRonde and Fosterville. Gold production was up about 20,000 ounces from Q1.

Full year expected payable gold production remains unchanged at approximately 3.35 to 3.55 million ounces in 2024.

Agnico announced that it was boosting its exploration budget by $50 million to 271 million due to "...positive exploration results in the first half of 2024 at Canadian Malartic, Detour Lake and Hope Bay."

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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