UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2024
Commission File Number 001-13422
AGNICO
EAGLE MINES LIMITED
(Translation of registrant’s
name into English)
145
King Street East, Suite 400, Toronto, Ontario M5C 2Y7
(Address of principal executive
office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)( 1): ¨
Note:
Regulation S-T Rule 101 (b)( 1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):¨
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the
laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home
country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long
as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x
If “Yes” is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________.
EXHIBITS
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
AGNICO EAGLE MINES LIMITED |
|
(Registrant) |
Date: 02/20/2024 |
By: |
/s/ Chris Vollmershausen |
|
|
Chris Vollmershausen |
|
|
Executive Vice-President, Legal, General |
|
|
Counsel & Corporate Secretary |
Exhibit
99.1
Stock Symbol: | AEM
(NYSE and TSX) |
| |
For further information: | Investor Relations |
| (416) 947-1212 |
(All amounts expressed in U.S. dollars unless
otherwise noted)
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL
YEAR 2023 RESULTS – RECORD
QUARTERLY AND ANNUAL GOLD PRODUCTION AND FREE
CASH FLOW; RECORD MINERAL
RESERVES INCREASED 10.5%; UPDATED THREE-YEAR
GUIDANCE
Toronto (February 15,
2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported
financial and operating results for the fourth quarter and full year of 2023, as well as future operating guidance.
"We had a very strong close to 2023, with
our fourth quarter results driving a record year in terms of safety, operating and financial performance. We achieved the top end of
our gold production guidance range and the mid-point of our cost guidance ranges despite inflationary pressures throughout the year,"
said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are extremely pleased with the results that our
teams have accomplished with their hard work this year and we have much to look forward to. We are reporting record mineral reserves
and a stable production profile at industry leading costs, anchored by the two largest gold operations in Canada, the Detour Lake mine
and the Canadian Malartic complex. We continue to advance studies on optimizing our Abitibi platform and we expect to provide additional
updates in the first half of 2024. Our track record of executing and delivering results demonstrates the strength of our business and
we are well positioned to create long-term value and generate strong returns," added Mr. Al-Joundi.
Fourth quarter and full year 2023 highlights:
| · | Record
quarterly gold production – Payable gold production1 in the fourth
quarter of 2023 was 903,208 ounces at production costs per ounce of $861, total cash costs
per ounce2 of $888 and all-in sustaining costs ("AISC") per ounce3
of $1,227. Gold production in the fourth quarter of 2023 was led by strong production
at the Detour Lake mine, the LaRonde complex and the Macassa mine, offsetting lower production
at the Fosterville mine |
1 Payable production of a mineral
means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether
such products are shipped during the period or held as inventory at the end of the period.
2 Total cash costs per ounce is a
non-GAAP ratio that is not a standardized financial measure under IFRS and in this news release, unless otherwise specified, is reported
on (i) a per ounce of gold produced basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP
measure and a reconciliation of total cash costs to production costs on both a by- product and a co-product basis, see "Reconciliation
of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
3 AISC per ounce is a non-GAAP ratio
that is not a standardized financial measure under the IFRS and in this news release, unless otherwise specified, is reported on (i)
a per ounce of gold produced basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP
measure and a reconciliation to production costs and for all-in sustaining costs on both a by-product and co-product basis, see "Reconciliation
of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
| · | Record
quarterly cash provided by operating activities and free cash flow – The Company reported a quarterly net loss of $381.0 million
or $0.77 per share and adjusted net income4 of $282.3 million or $0.57 per share for the fourth quarter of 2023. Included
in the quarterly net loss are impairment charges totaling $667 million (net of tax) or $1.35 per share relating to the Macassa and
Pinos Altos mines. Cash provided by operating activities was $1.47 per share ($1.57 per share before working capital adjustments5)
and free cash flow5 was $0.61 per share ($0.71 per share before working capital adjustments5) |
| · | Record
annual safety performance, annual gold production and free cash flow driven by solid operational
performance – Payable gold production in 2023 was 3,439,654 ounces at production
costs per ounce of $853, total cash costs per ounce of $865 and AISC per ounce of $1,179.
Production for 2023 was at the very top end of the Company's 2023 guidance range of 3.24
million ounces to 3.44 million ounces. Total cash costs per ounce were at the midpoint of
the Company's 2023 guidance and AISC per ounce were in the range of the Company's 2023 guidance.
Free cash flow for the full year 2023 was $947.4 million ($1,093.8 million before changes
in non-cash components of working capital) |
| · | Record
gold mineral reserves driven by declaration of initial mineral reserves at East Gouldie –
Year-end 2023 gold mineral reserves increased by 10.5% to 53.8 million ounces of gold (1,287
million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase
in mineral reserves is largely due to the declaration of initial mineral reserves at East
Gouldie, the acquisition of the remaining 50% interest in the Canadian Malartic complex and
net mineral reserve additions at Macassa. At year-end 2023, measured and indicated mineral
resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred
mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including
initial underground inferred mineral resources at Detour Lake. For further details, see the
Company's exploration news release dated February 15, 2024 |
| · | Stable
three-year production outlook – Payable gold production is forecast to be approximately
3.35 to 3.55 million ounces in 2024 and approximately 3.40 to 3.60 million ounces in 2025
(unchanged from prior three-year guidance issued on February 16, 2023 ("Previous
Guidance")). Payable gold production is forecast to remain stable in 2026 at an expected
range of approximately 3.40 to 3.60 million ounces |
| · | Unit
costs reflect easing rate of inflation – Total cash costs per ounce and AISC per
ounce in 2024 are forecast to be $875 to $925 and $1,200 to $1,250, respectively. The midpoints
of these ranges each represent an approximate 4% increase when compared to the full year
2023 total cash costs per ounce of $865 and AISC per ounce of $1,179. The expected cost increases
in 2024 are mostly related to labour, spare parts and maintenance |
| · | Capital
expenditures forecast to be approximately $1.65 billion in 2024 – Capital expenditures
in 2024 (excluding capitalized exploration) are expected to increase relative to Previous
Guidance of $1.40 to 1.60 billion. The expected increase in 2024 is mostly attributable to
100% ownership of Canadian Malartic for the full year, inflation and additional capital expenditures
at Detour Lake |
| · | Strategic
optimization initiatives improve Canadian production base, with further clarity on the medium
term potential to be provided through 2024 – Key developments in 2023 included
the declaration of commercial production at Canadian Malartic's Odyssey South deposit, a
12% increase in mill throughput at Detour Lake year-over-year and development of the Near
Surface ("NSUR") and Amalgamated Kirkland ("AK") deposits at Macassa.
The Company expects to provide updates on additional opportunities that are being evaluated
in the Abitibi region in the first half of 2024 |
4 Adjusted net income and adjusted net income per share
are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness
of these non-GAAP measures and a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note
Regarding Certain Measures of Performance", respectively, below.
5 Cash provided by operating activities before working
capital adjustments, free cash flow and free cash flow before changes in non-cash components of working capital are non-GAAP measures
or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP
measures and a reconciliation to cash provided by operating activities see "Reconciliation of Non-GAAP Financial Performance Measures"
and "Note Regarding Certain Measures of Performance", respectively, below.
| · | Odyssey
mine at the Canadian Malartic complex – The planned mining rate of 3,500 tonnes
per day ("tpd") at Odyssey South was reached earlier than anticipated and sustained
through the fourth quarter of 2023. Ramp development has also exceeded target, reaching a
depth of 715 metres as at December 31, 2023. The Company is evaluating the potential
to accelerate initial production from East Gouldie to 2026 from 2027. Surface construction
is progressing as planned, with approximately 65% completed at year-end, and shaft sinking
activities continued to ramp up through the quarter. Infill and expansion drilling in 2023
resulted in the declaration of an initial mineral reserve in the central portion of the East
Gouldie deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold)
and the extension of the East Gouldie mineral resource laterally by 870 metres |
| · | Detour
Lake – The mill delivered a strong performance in the fourth quarter of 2023, operating
at a throughput rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2
million tonnes per annum ("Mtpa"). With sustained improvements year-over-year,
the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent
to an annualized rate of approximately 28 Mtpa) late in the second half of 2024, previously
expected in 2025. At year-end 2023, the Company reported an initial underground inferred
mineral resource below and to the west of the existing pit, totaling 1.56 million ounces
of gold (21.8 million tonnes grading 2.23 g/t gold) and continues to evaluate the potential
for underground mining. Exploration in 2024 is expected to continue to test the west plunge
extension of the main deposit. An exploration ramp is also being considered to facilitate
drilling that would increase confidence in the continuity of the inferred mineral resource
and, potentially, to collect a bulk sample. The Company expects to provide an update on mill
optimization efforts, the Detour underground project and ongoing exploration results in the
first half of 2024 |
| · | Abitibi
region of Quebec and Ontario – Macassa's NSUR and AK deposits have now been incorporated
in the Company's production guidance. At Upper Beaver, the Company is conducting a trade-off
analysis comparing transporting and processing ore at the LaRonde mill to a standalone central
mill for Upper Beaver and satellite deposits. An exploration ramp and shaft are being considered
at Upper Beaver in order to upgrade and further explore the deeper portions of the deposit.
At Wasamac, the Company is assessing hauling alternatives and the optimal mining rate for
transporting and processing ore at the Canadian Malartic mill. The Company expects to complete
internal technical evaluations for Upper Beaver and Wasamac in the first half of 2024 |
| · | Amaruq
mine at the Meadowbank complex – The Company extended Amaruq's mine life
to 2028 (previous mine life was to 2026), adding approximately 500,000 ounces of gold to
the expected mining profile, as a result of continuous improvement and cost optimization
efforts, positive infill drilling and positive reconciliation to the geological model |
| · | Hope
Bay – At the Madrid deposit, the target area in the gap between the Suluk and Patch
7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6
metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results
confirm the potential to expand gold mineralization in the Madrid deposit at depth and along
strike to the south. Based on recent exploration success, the Company is evaluating a larger
potential production scenario for Hope Bay. The Company expects to report results from this
internal technical evaluation in 2025 |
| · | A quarterly
dividend of $0.40 per share has been declared |
Fourth Quarter and
Full Year 2023 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a
conference call on Friday, February 16, 2024 at 11:00 AM (E.S.T.) to discuss the Company's fourth quarter and full year 2023
financial and operating results.
Via Webcast:
A live audio webcast
of the conference call will be available on the Company's website www.agnicoeagle.com.
Via URL Entry:
To join the conference
call without operator assistance, you may register and enter your phone number at https://emportal.ink/3vf5XBm to receive
an instant automated call back.
You can also dial direct to be entered to the
call by an Operator (see "Via Telephone" details below).
Via Telephone:
For those preferring to listen by telephone,
please dial 416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the
scheduled start of the call.
Replay Archive:
Please dial 416-764-8677 or toll-free 1-888-390-0541,
access code 178426#. The conference call replay will expire on March 16, 2024.
The webcast, along with presentation slides,
will be archived for 180 days on the Company's website.
Fourth Quarter 2023
Production and Cost Results
Production and Cost Results Summary*
| |
Three Months
Ended | | |
Year Ended | |
| |
Dec 31,
2023 | | |
Dec 31,
2022 | | |
Dec 31,
2023 | | |
Dec 31,
2022 | |
Gold production (ounces) | |
| 903,208 | | |
| 799,438 | | |
| 3,439,654 | | |
| 3,135,007 | |
Gold sales (ounces) | |
| 874,629 | | |
| 788,902 | | |
| 3,364,132 | | |
| 3,148,593 | |
Production costs per ounce | |
$ | 861 | | |
$ | 834 | | |
$ | 853 | | |
$ | 843 | |
Total cash costs per ounce | |
$ | 888 | | |
$ | 863 | | |
$ | 865 | | |
$ | 793 | |
AISC per ounce | |
$ | 1,227 | | |
$ | 1,231 | | |
$ | 1,179 | | |
$ | 1,109 | |
* Production and Cost Results Summary reflect: (i) Agnico Eagle's
50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% thereafter; and (ii) Agnico Eagle's
acquisition of the Detour Lake, Macassa and Fosterville mines on February 8, 2022.
Gold Production
| · | Fourth
Quarter of 2023 – Gold production increased when compared to the prior year primarily
due to additional production from the acquisition of the remaining 50% of the Canadian Malartic
complex following the closing of the transaction with Yamana Gold Inc. (the "Yamana
Transaction") and higher production from the Macassa and Kittila mines, partially offset
by lower production at the Fosterville mine |
| · | Full
Year 2023 – Gold production increased when compared to the prior year as a result of
the additional production from the acquisition of the remaining 50% of the Canadian Malartic
complex, a full year of contribution in 2023 from the Detour Lake, Macassa and Fosterville
mines (as compared to 326 days during the year-ended 2022 following the closing of the merger
(the "Merger") with Kirkland Lake Gold Ltd. on February 8, 2022) and increased
production from the Meadowbank complex, partially offset by lower production at the Fosterville
mine and LaRonde complex |
Production Costs per Ounce
| · | Fourth
Quarter of 2023 and Full Year 2023 – Production costs per ounce increased when compared
to the prior-year period primarily due to higher production costs at most mine sites resulting
from inflation, particularly at the Meliadine mine, where there was also higher consumption
of ore stockpiles combined with lower gold production, and at the Canadian Malartic complex,
where there were higher open pit mining costs combined with lower gold production |
Total Cash Costs per Ounce
| · | Fourth
Quarter of 2023 and Full Year 2023 – Total cash costs per ounce increased when compared
to the prior-year period primarily due to higher operating costs at most mine sites resulting
from inflation and higher royalties arising from higher gold prices and the acquisition of
the remaining 50% of the Canadian Malartic complex, partially offset by higher production |
AISC per Ounce
| · | Fourth
Quarter of 2023 – AISC per ounce decreased when compared to the prior-year period due
to higher production during the period and lower sustaining capital expenditures during the
period, partially offset by higher total cash costs per ounce |
| · | Full
Year 2023 – AISC per ounce increased when compared to the prior year due to the same
reasons affecting the higher total cash costs per ounce in the period and higher sustaining
capital expenditures, partially offset by higher production during the period |
Fourth Quarter 2023
Financial Results
Financial Results Summary
| |
Three Months Ended | | |
Year Ended | |
| |
Dec 31,
2023 | | |
Dec 31,
2022** | | |
Dec 31,
2023 | | |
Dec 31,
2022 | |
Realized
gold price ($/ounce)6 | |
$ | 1,982 | | |
$ | 1,728 | | |
$ | 1,946 | | |
$ | 1,797 | |
Net (loss) income ($ millions) | |
$ | (381.0 | ) | |
$ | 194.1 | | |
$ | 1,941.3 | | |
$ | 670.2 | |
Adjusted net income ($ millions) | |
$ | 282.3 | | |
$ | 174.5 | | |
$ | 1,095.9 | | |
$ | 1,003.6 | |
EBITDA
($ millions)7 | |
$ | 102.6 | | |
$ | 568.6 | | |
$ | 3,980.9 | | |
$ | 2,293.0 | |
Adjusted
EBITDA ($ millions)7 | |
$ | 842.5 | | |
$ | 580.6 | | |
$ | 3,236.5 | | |
$ | 2,706.1 | |
Cash provided by operating activities ($ millions) | |
$ | 727.9 | | |
$ | 380.5 | | |
$ | 2,601.6 | | |
$ | 2,096.6 | |
Cash provided by operating activities before working capital
adjustments ($ millions) | |
$ | 777.5 | | |
$ | 485.5 | | |
$ | 2,748.0 | | |
$ | 2,115.9 | |
Capital expenditures* | |
$ | 436.7 | | |
$ | 457.2 | | |
$ | 1,600.9 | | |
$ | 1,536.9 | |
Free cash flow ($ millions) | |
$ | 302.1 | | |
$ | (20.3 | ) | |
$ | 947.4 | | |
$ | 558.4 | |
Free cash flow before changes in non-cash components of working
capital ($ millions) | |
$ | 351.7 | | |
$ | 84.7 | | |
$ | 1,093.8 | | |
$ | 577.6 | |
Net (loss) income per share (basic) | |
$ | (0.77 | ) | |
$ | 0.43 | | |
$ | 3.97 | | |
$ | 1.53 | |
Adjusted net income per share (basic) | |
$ | 0.57 | | |
$ | 0.38 | | |
$ | 2.24 | | |
$ | 2.29 | |
Cash provided by operating activities per share (basic) | |
$ | 1.47 | | |
$ | 0.84 | | |
$ | 5.32 | | |
$ | 4.79 | |
Cash provided by operating activities before working capital
adjustments per share (basic) | |
$ | 1.57 | | |
$ | 1.07 | | |
$ | 5.62 | | |
$ | 4.83 | |
Free cash flow per share (basic) | |
$ | 0.61 | | |
$ | (0.04 | ) | |
$ | 1.94 | | |
$ | 1.28 | |
Free cash flow before working capital adjustments per share
(basic) | |
$ | 0.71 | | |
$ | 0.19 | | |
$ | 2.24 | | |
$ | 1.32 | |
*Includes capitalized exploration
** Certain previously reported line items have been restated to reflect
the final purchase price allocation of the Merger.
Net Income
| ◦ | Net loss was $381.0 million ($0.77
per share). This result includes the following items (net of tax): impairment losses of $667.4 million
($1.35 per share), derivative gains on financial instruments of $50.7 million ($0.10
per share), non-recurring tax adjustment and change in tax rate and foreign currency translation
losses on deferred tax liabilities of $26.4 million ($0.05 per share), net asset disposals
losses of $16.2 million ($0.03 per share) and foreign exchange and other losses of $4.0 million
($0.01 per share) |
| ◦ | Excluding the above items results
in adjusted net income of $282.3 million or $0.57 per share for the fourth quarter of 2023 |
| ◦ | Included in the fourth quarter of
2023 net loss, and not adjusted above, is a non-cash stock option expense of $2.4 million
($0.01 per share) |
6 Realized gold price is calculated as gold revenues from
mining operations divided by the volume of gold ounces sold.
7 "EBITDA" means earnings before interest, taxes, depreciation,
and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS.
For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Reconciliation
of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.
| ◦ | Net loss of $381.0 million in the
fourth quarter of 2023 compared to net income of $194.1 million in the prior-year period
primarily due to impairment losses and higher amortization related to the acquisition of
the remaining 50% of the Canadian Malartic complex, partially offset by stronger mine operating
margins8 from higher realized gold prices and higher sales volumes resulting
from the acquisition of the remaining 50% of the Canadian Malartic complex, and lower exploration
and corporate development costs |
| · | Full
Year 2023 – Net income increased compared to the prior year primarily due to a remeasurement
gain at the Canadian Malartic complex resulting from the application of purchase accounting
relating to a business combination attained in stages, which requires the remeasurement of
the Company's previously held 50% interest in the Canadian Malartic complex to fair value,
higher realized gold prices and higher sales volumes, partially offset by impairment losses
and higher amortization |
Impairments
In the fourth quarter of 2023, an impairment
loss (net of tax) of $667 million was incurred in connection with the impairment review performed in accordance with the requirements
of International Financial Reporting Standards ("IFRS"), of which $594 million related to the Macassa mine and $73 million
related to the Pinos Altos mine. Since acquiring the Macassa mine as a result of the Merger, the Company has taken steps to improve the
operational performance of the mine. The Macassa mine realized better operating performance and productivity in 2023 as compared to the
pre-Merger period, driven in part, by the completion of the #4 Shaft project that increased the ore hoisting capacity to approximately
4,000 tpd and improvements to the ventilation in the deeper portion of the mine. Despite these improvements, an impairment loss (net
of tax) of $594 million was realized in the quarter, with $421 million of the loss relating to goodwill and $173 million relating to
non-current assets of the Macassa mine.
Goodwill relating to the Macassa mine was recognized
at the date of the Merger as part of the purchase price allocation. Goodwill is not an amortizable asset under IFRS and as such, once
recognized is susceptible to future impairment. Continued work on the mineral resource model has resulted in more ore tonnes but at lower
grades which, coupled with inflationary pressures on costs and capital expenditures, resulted in a fair value that was lower than Macassa's
carrying value as at December 31, 2023. The Macassa mine has produced over 6 million ounces of gold since 1933, and the Company
continues to see geological potential at Macassa as demonstrated by the mineral reserves replacement of 171% of its mining depletion
in 2023 and encouraging drill results on the property. In addition, the mineralized structures along strike and at depth of the South
Mine complex and Main Break are prospective for ongoing expansion of the mineral resource base at the site. Overall, the Company believes
that the Macassa mine has the potential to maintain production in excess of 300,000 ounces of gold per year based on expected exploration
results.
The Pinos Altos mine has been in operation since
2009 and is approaching the end of its mine life. An impairment loss (net of tax) of $73 million was realized in the quarter due to inflationary
pressures on costs and the additional ground support required at the underground mine, and the strengthening of the Mexican peso relative
to the U.S. dollar. Exploration is ongoing with the goal of discovering and expanding other satellite zones near the Pinos Altos mine.
Adjusted EBITDA
| · | Fourth
Quarter of 2023 – Adjusted EBITDA increased when compared to the prior-year period
primarily due to stronger mine operating margins from higher realized gold prices and higher
sales volumes resulting from the acquisition of the remaining 50% of the Canadian Malartic
complex and lower exploration and corporate development costs |
8 Operating margin is a non-GAAP measure that is not a
standardized measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to
net income see "Summary of Operations Key Performance Indicators" and "Note Regarding Certain Measures of Performance", respectively,
below.
| · | Full
Year 2023 – Adjusted EBITDA increased when compared to the prior year primarily due
to the reasons set out above, and as a result of a full year of contribution in 2023 from
the Detour Lake, Macassa and Fosterville mines (as compared to 326 days during the year-ended
2022 following the closing of the Merger) |
Cash Provided by Operating Activities
| · | Fourth
Quarter of 2023 – Cash provided by operating activities and cash provided by operating
activities before working capital adjustments increased when compared to the prior-year period
primarily due to higher revenues from higher sales volumes from the acquisition of the remaining
50% of the Canadian Malartic complex and higher realized gold prices, partially offset by
higher production costs |
| · | Full
Year 2023 – Cash provided by operating activities and cash provided by operating activities
before working capital adjustments increased when compared to the prior year primarily due
to higher revenues from the acquisition of the remaining 50% of the Canadian Malartic complex,
higher sales volumes from a full year of contribution in 2023 from the Detour Lake, Macassa
and Fosterville mines (as compared to 326 days during the year-ended December 31, 2022
following the closing of the Merger) and from higher realized gold prices |
Free Cash Flow Before Changes in Non-Cash
Components of Working Capital
| · | Fourth
Quarter of 2023 and Full Year 2023 – Free cash flow before changes in non-cash components
of working capital was a record and increased when compared to the prior-year period due
to the reasons described above relating to cash provided by operating activities, partially
offset by higher additions to property, plant and mine development |
Capital Expenditures
The following table sets out a summary of capital
expenditures (including sustaining capital expenditures9 and development capital expenditures9) and capitalized
exploration in the fourth quarter of 2023 and the full year 2023.
Summary of Capital Expenditures | |
| | |
| | |
| | |
| |
(In thousands of U.S. dollars) | |
| | |
| | |
| | |
| |
| |
Capital
Expenditures* | | |
Capitalized
Exploration | |
| |
Three Months Ended | | |
Year Ended | | |
Three Months Ended | | |
Year Ended | |
| |
Dec 31,
2023 | | |
Dec 31,
2023 | | |
Dec 31,
2023 | | |
Dec 31,
2023 | |
Sustaining Capital Expenditures | |
| | | |
| | | |
| | | |
| | |
LaRonde complex | |
| 24,829 | | |
| 81,043 | | |
| 429 | | |
| 2,038 | |
Canadian Malartic complex** | |
| 18,809 | | |
| 91,028 | | |
| — | | |
| — | |
Goldex mine | |
| 11,530 | | |
| 25,908 | | |
| 737 | | |
| 1,295 | |
Detour Lake mine | |
| 67,123 | | |
| 249,765 | | |
| — | | |
| — | |
Macassa mine | |
| 15,334 | | |
| 43,333 | | |
| 554 | | |
| 1,696 | |
Meliadine mine | |
| 19,034 | | |
| 67,947 | | |
| 2,210 | | |
| 7,328 | |
Meadowbank complex | |
| 21,297 | | |
| 121,653 | | |
| — | | |
| — | |
Hope Bay project | |
| — | | |
| 147 | | |
| — | | |
| — | |
Fosterville mine | |
| 8,978 | | |
| 33,751 | | |
| 344 | | |
| 895 | |
Kittila mine | |
| 15,789 | | |
| 47,355 | | |
| 725 | | |
| 2,184 | |
Pinos Altos mine | |
| 6,612 | | |
| 28,449 | | |
| 429 | | |
| 1,692 | |
La India mine | |
| — | | |
| 100 | | |
| (6 | ) | |
| — | |
Total Sustaining Capital Expenditures | |
| 209,335 | | |
$ | 790,479 | | |
$ | 5,422 | | |
$ | 17,128 | |
Development Capital Expenditures | |
| | | |
| | | |
| | | |
| | |
LaRonde complex | |
| 17,637 | | |
| 68,930 | | |
| — | | |
| — | |
Canadian Malartic complex** | |
| 47,607 | | |
| 160,513 | | |
| 2,902 | | |
| 9,447 | |
Goldex mine | |
| 2,808 | | |
| 22,032 | | |
| 42 | | |
| 2,459 | |
Akasaba West project | |
| 7,880 | | |
| 34,945 | | |
| — | | |
| — | |
Detour Lake mine | |
| 59,100 | | |
| 140,388 | | |
| 7,571 | | |
| 32,515 | |
Macassa mine | |
| 21,322 | | |
| 75,125 | | |
| 4,798 | | |
| 26,105 | |
Meliadine mine | |
| 22,571 | | |
| 106,953 | | |
| 3,419 | | |
| 11,927 | |
Meadowbank complex | |
| (277 | ) | |
| 80 | | |
| — | | |
| — | |
Hope Bay project | |
| 128 | | |
| 4,426 | | |
| — | | |
| — | |
Fosterville mine | |
| 11,873 | | |
| 33,575 | | |
| 4,718 | | |
| 19,218 | |
Kittila mine | |
| 3,026 | | |
| 26,410 | | |
| 2,151 | | |
| 5,053 | |
Pinos Altos mine | |
| 213 | | |
| 4,196 | | |
| (848 | ) | |
| 1,101 | |
Other | |
| 2,423 | | |
| 7,023 | | |
| 840 | | |
| 840 | |
Total Development Capital Expenditures | |
$ | 196,311 | | |
$ | 684,596 | | |
$ | 25,593 | | |
$ | 108,665 | |
Total Capital Expenditures | |
$ | 405,646 | | |
$ | 1,475,075 | | |
$ | 31,015 | | |
$ | 125,793 | |
* Excludes capitalized exploration
**The information set out in this table reflects the Company's 50%
interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter.
9 Sustaining capital expenditures and development capital
expenditures are non-GAAP measures that are not standardized financial measures under IFRS. For a discussion of the composition and usefulness
of these non-GAAP measures and a reconciliation to additions to property, plant and mine development per the consolidated statements
of cash flows, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance",
respectively, below.
Investment Grade Balance Sheet Remains Strong
As at December 31, 2023, the Company's long-term
debt was $1,843.1 million, a decrease of $99.5 million when compared to the prior quarter, reflecting a repayment of the Company's unsecured
revolving bank credit facility. As at December 31, 2023, no amounts were outstanding under the Credit Facility.
Cash and cash equivalents decreased slightly
when compared to the prior quarter primarily due to higher cash used in financing activities related to the repayment of the Company's
unsecured revolving bank credit facility.
The following table sets out the calculation of net debt10,
which decreased by $82.6 million when compared to the prior quarter.
Net Debt Summary | |
| |
(in millions of U.S. dollars) | |
| | |
| |
| |
As at | | |
As at | |
| |
Dec 31,
2023 | | |
Sep 30,
2023 | |
Current portion of long-term debt | |
$ | 100.0 | | |
$ | 100.0 | |
Non-current portion of long-term debt | |
| 1,743.1 | | |
| 1,842.6 | |
Long-term debt | |
$ | 1,843.1 | | |
$ | 1,942.6 | |
Less: cash and cash equivalents | |
| (338.6 | ) | |
| (355.5 | ) |
Net debt | |
$ | 1,504.5 | | |
$ | 1,587.1 | |
In addition to the quarterly dividend, the Company
believes that its normal course issuer bid ("NCIB") provides a flexible tool as part the Company's overall capital allocation
program and objectives and generates value for shareholders. In the fourth quarter of 2023, no purchases were made under the NCIB. In
the full year 2023, the Company repurchased 100,000 common shares for an aggregate of $4.8 million under the NCIB. The NCIB permits the
Company to purchase up to $500.0 million of its common shares 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, 2023.
Credit Facility
As at December 31, 2023, available liquidity
under the Company's unsecured revolving bank credit facility was approximately $1.2 billion, not including the uncommitted $600.0 million
accordion feature.
On February 12, 2024, the Company replaced
its $1.2 billion unsecured revolving bank credit facility with a new $2.0 billion unsecured revolving bank credit facility, including
an increased uncommitted accordion feature of $1 billion, and having a maturity date of February 12, 2029. In addition to the increased
size and extended term of the new unsecured revolving bank credit facility, the new credit facility includes enhancements to its terms
and conditions that reinforces the Company's credit profile and improves its financial flexibility while strengthening its financial
position. At the same time, the Company’s $600.0 million term loan was amended to reflect the same enhancements to the terms and
conditions as are in the new unsecured revolving credit facility. The investment grade credit ratings issued by Moody's of Baa2 with
a Positive Outlook and Fitch Ratings at BBB+ with a Stable Outlook reflect the Company's strong business and credit profile, while maintaining
low leverage and conservative financial policies and recognizing the benefits of the Company's size and scale and operations in favourable
mining jurisdictions. The Company remains committed to maintaining strong financial health and an investment grade balance sheet.
10 Net debt is a non-GAAP measure that is not a standardized
financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term
debt, see "Reconciliation of non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively,
below.
Hedges
The Company continues to benefit from a stronger
U.S. dollar against the currencies in the jurisdictions in which it operates, the Canadian dollar, Euro, Australian dollar and Mexican
peso. Approximately 67% of the Company's estimated Canadian dollar exposure for 2024 is hedged at an average floor price above 1.34 C$/US$.
Approximately 24% of the Company's estimated Euro exposure for 2024 is hedged at an average floor price of approximately 1.09 US$/EUR.
Approximately 63% of the Company's estimated Australian dollar exposure for 2024 is hedged at an average floor price of approximately
1.47 A$/US$. The Company's full year 2024 cost guidance is based on assumed exchange rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45 A$/US$
and 16.50 MXP/US$.
Including the diesel purchased for the Company's
Nunavut operations that was delivered in the 2023 sealift, approximately 50% of the Company's diesel exposure for 2024 is hedged at an
average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to
diesel price volatility in 2024. The Company's full year 2024 cost guidance is based on an assumed diesel benchmark price of $0.80 per
litre (excluding transportation and taxes).
The Company will continue to monitor market conditions
and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input
costs. Current hedging positions are not factored into 2024 and future guidance.
Dividend Record and Payment Dates for the First Quarter of 2024
Agnico Eagle's Board of Directors has declared
a quarterly cash dividend of $0.40 per common share, payable on March 15, 2024 to shareholders of record as of March 1, 2024.
Agnico Eagle has declared a cash dividend every year since 1983.
Expected Dividend Record and Payment Dates
for the 2024 Fiscal Year
Record
Date |
Payment
Date |
March 1,
2024* |
March 15,
2024* |
May 31,
2024 |
June 14,
2024 |
August 30,
2024 |
September 16,
2024 |
November 29,
2024 |
December 16,
2024 |
*Declared
Dividend Reinvestment Plan
See the following
link for information on the Company's dividend reinvestment plan: 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.
Environment, Social and Governance Highlights
Record quarterly and annual safety performance
| · | The
Company is committed to maintaining consistently high health and safety standards. In 2020,
the Company launched the "Towards Zero Accidents initiative" to reduce workplace
injuries and reach its goal of zero accidents. This program has helped the Company to improve
its safety performance year over year and to register in 2023 its best quarterly and annual
safety performance in its 66-year history, with a Global Injury Frequency11
(employees and contractors) at 1.8 and 2.15, respectively. This represents a 35% improvement
to the Company's 2022 safety performance |
Community Relations, Governance and People
| · | Reconciliation
Action Plan with Indigenous Peoples – The Company expects to publish its first Reconciliation
Action Plan and begin implementation in the second half of 2024. This plan aims at responding
to, among other things, the United Nations Declaration on the Rights of Indigenous People,
builds upon the Company's various Indigenous programs and initiatives, and weaves these activities
into a comprehensive strategy. Significant progress was made in 2023 on developing the Reconciliation
Action Plan, with more than 200 employees, stakeholders and rights holders being consulted
during the year. In addition, employees at the Company's Canadian operations completed over
3,200 hours of cultural awareness training and engaged in over 135 activities aimed at raising
awareness of Indigenous Peoples' history and culture |
| · | Employee
Engagement – The Company continued to see year-over-year increases in employee satisfaction
and solicited their input via the Great Place to Work Survey. The Company believes employee
satisfaction and engagement are key drivers of its high employee retention rate across the
regions where it operates |
| · | Forbes'
Canada's Best Employers – Recognized this year on Forbes' list, which is an annual
ranking based on employees and other professionals recommending the Company as a desirable
employer |
| · | Dr. Leanne
Baker program – 2023 marked the second year of the Dr. Leanne Baker Scholarship
and Development Program to support women working for Agnico Eagle and facilitate their advancement
into leadership positions. The first cohort of six women completed the program and the second
cohort of eight women completed their first year of the two year program |
| ◦ | In the fourth quarter of 2023, the
Company committed approximately C$5 million to a multiyear program supporting health and
welfare in Nunavut through initiatives like food security and "on the land" traditional
activities |
| ◦ | In the fourth quarter of 2023, the
Company made a 10-year, C$3 million commitment to the Canadian Cancer Society to improve
the lives of people affected by cancer living in rural and remote communities in Northern
Ontario. The commitment will create the 'Canadian Cancer Society Agnico Eagle Cancer Access
and Navigation Hub', which provides improved access for Northern Ontario Indigenous populations
to receive culturally appropriate and relevant cancer resources and support |
Towards Sustainable Mining
| · | The
Company's operating sites successfully completed their Towards Sustainable Mining internal
audits. Implementation of the Towards Sustainable Mining program is progressing well at Detour
Lake, Macassa and Fosterville |
11 Global Injury Frequency is based on per million hours
worked
Meliadine Extension Permit
| · | The
Company previously submitted an amendment to the existing project certificate for the Meliadine
mine which included the extension of the Type A Water license (which expires in 2031), the
addition of tailings, water and waste management infrastructure at the Pump, F-Zone, Wesmeg
and Discovery deposits, a wind farm project and the potential extension of the mine life
at Meliadine by 11 years beyond the current mine life (the "Extension Project") |
| · | In
November 2023, the Nunavut Impact Review Board ("NIRB") provided a recommendation
against the proposed amendment to the Meliadine mine's permit for the Extension Project.
The Company was disappointed by the NIRB's recommendation and has withdrawn the amendment
to the Meliadine mine's permit for the Extension Project. As most of the current life of
mine components were already approved under the existing project certificate (approved in
2015) and in order to avoid further delays, in January 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 |
| · | The
Company has engaged in positive dialogue with the NIRB since the recommendation against the
Extension Project. The Company will consider resubmitting a new proposal for the extension
of the mine life at Meliadine in the future |
Gold Mineral Reserves Increase 10.5% to Record
53.8 Moz at Year-End 2023
At December 31, 2023, the Company's proven
and probable mineral reserve estimate totalled 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold). This represents
a 10.5% (5.1 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 48.7
million ounces of gold (1,186 million tonnes grading 1.28 g/t gold) at year-end 2022 (see the Company's news release dated February 16,
2023 for details regarding the Company's December 31, 2022 proven and probable mineral reserve estimate).
The year-over-year increase in mineral reserves
at December 31, 2023 is largely due to a substantial new mineral reserve addition of 5.2 million ounces of gold at the East Gouldie
deposit at the Odyssey mine. The acquisition of the remaining 50% interest in the Canadian Malartic complex as part of the Yamana Transaction
also contributed to adding 1.5 million ounces of gold in mineral reserves.
Mineral reserves were calculated using a gold
price of $1,400 per ounce for all operating assets except the Detour Lake open pit for which a gold price of $1,300 per ounce was used,
and using variable assumptions for the pipeline projects. (see "Assumptions used for the December 31, 2023 mineral reserve
and mineral resource estimates reported by the Company" below for more details).
Gold Mineral Resources
At December 31, 2023, the Company's measured
and indicated mineral resource estimate totalled 44.0 million ounces of gold (1,189 million tonnes grading 1.15 g/t gold). This represents
a 0.6% (0.3 million ounce) decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-end
2022 (see the Company's news release dated February 16, 2023 for details regarding the Company's December 31, 2022 measured
and indicated mineral resource estimate).
The year-over-year decrease in measured and indicated
mineral resources is primarily due to the upgrade of mineral resources at East Gouldie to mineral reserves, largely offset by the successful
conversion of inferred mineral resources into measured and indicated mineral resources and the acquisition of the remaining 50% interest
in the Canadian Malartic complex and the Wasamac project as a result of the Yamana Transaction.
At December 31, 2023, the Company's inferred
mineral resource estimate totalled 33.1 million ounces of gold (411 million tonnes grading 2.50 g/t gold). This represents a 26% (6.8
million ounce) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the Company's
news release dated February 16, 2023 for details regarding the Company's December 31, 2022 inferred mineral resource estimate).
The year-over-year increase in inferred mineral
resources is primarily due to the acquisition of the remaining 50% interest in the Canadian Malartic complex and the Wasamac project
as part of the Yamana Transaction as well as an initial underground inferred mineral resource at Detour Lake.
For detailed mineral reserves and mineral resources
data, including the economic parameters used to estimate the mineral reserves and mineral resources, see "Detailed Mineral Reserve
and Mineral Resource Data (as at December 31, 2023)" and "Assumptions used for the December 31, 2023 mineral reserve
and mineral resource estimates reported by the Company" below, as well as the Company's exploration news release dated February 15,
2024.
Update on Key Value Drivers and Pipeline Projects
Highlights on key value drivers (Odyssey project,
Detour Lake mine and optimization of assets and infrastructure in the Abitibi region of Quebec), the Hope Bay project and the San Nicolás
project are set out below. Details on certain mine expansion projects (Macassa new ventilation system, Meliadine Phase 2 expansion and
Amaruq underground) are set out in the applicable operational sections of this news release.
Odyssey Project
Successful infill drilling in 2023 at the Odyssey
mine continued to improve the confidence in the mine plan and resulted in the declaration of initial mineral reserves of 5.2 million
ounces of gold (47 million tonnes grading 3.42 g/t gold) in the central portion of the East Gouldie deposit as at December 31, 2023.
The aggressive exploration program in 2023 also continued to demonstrate geological upside potential, with expansion drilling resulting
in the extension of the East Gouldie inferred mineral resource laterally to the west by approximately 870 metres. Recent drilling results
demonstrate that the corridor remains open to the east with high potential to categorize a large area as inferred mineral resources by
year-end 2024. Highlight intercepts include 6.2 g/t gold over 6.7 metres at 1,300 metres depth to the west and 6.7 g/t gold over 13.5
metres at 1,470 metres depth to the east of the deposit. In 2024, the Company will continue to test the east and west extensions of the
East Gouldie deposit, with the objective of potentially adding a new mining front. For further details on the exploration results at
Odyssey, see the Company's exploration news release dated February 15, 2024.
At Odyssey South, the planned mining rate of
3,500 tpd was reached in October 2023 and sustained through the fourth quarter of 2023. Gold production from underground was approximately
20,000 ounces in the fourth quarter of 2023, which is the expected quarterly production rate for 2024 to 2026. Stope reconciliation at
Odyssey South remains positive, largely from the contribution of the internal zones. At year-end 2023, an additional 150,000 ounces of
gold included in the mineral reserve estimate are attributed to the Odyssey South deposit and internal zones as the understanding of
these two mineralized areas improves with ongoing drilling and mine development. The Company continues to advance the delineation drilling
to help improve the predictability and modeling of these zones.
Underground development was ahead of plan in
the fourth quarter of 2023. A record 1,236 metres of development was achieved in October 2023, which is above with the target rate
for 2024 of 1,200 metres per month. Scoops, jumbos and cable bolters are now consistently being operated remotely, which drives improvements
in development cycle time and overall development productivity. In the first quarter of 2024, the Company expects to test remotely operated
trucks and a battery operated scoop.
Advancing the main ramp remains the key development
focus. The Company achieved a lateral development rate of 165 metres per month in 2023, exceeding the target rate of 140 metres per month.
As at December 31, 2023, the ramp was at a depth of 715 metres and the Company now expects to reach the first level of the top of
the East Gouldie deposit at a depth of 750 metres in the first quarter of 2024. As a result, the Company is evaluating the potential
to accelerate initial production from East Gouldie to 2026.
Shaft sinking activities continued to ramp-up
through the fourth quarter of 2023. Equipment reliability issues were resolved, with the sinking rate improving to 1.5 metres per day
in December 2023 and expected to be approximately at the target of 2.0 metres per day in the first quarter of 2024. As at December 31,
2023, the shaft had reached a depth of approximately 233 metres. To help advance the shaft sinking, the Company has completed pre-sinking
of the shaft from Levels 26 to 36 and is now advancing pre-sinking between Levels 54 to 64. The Company still expects to complete excavation
of the shaft in 2027.
Surface construction progressed as planned and
on budget in the fourth quarter of 2023 and approximately 65% of the project surface construction was completed as at December 31,
2023. The service hoist is expected to be operational to a temporary loading station at Level 102 (1,050 metres below surface) by 2025.
The paste backfill plant operated above design capacity of 4,000 tpd in the fourth quarter of 2023 and the conceptual engineering for
the second phase of the paste plant has been initiated. In the second phase, which is expected to be completed in 2027, the paste backfill
plant will be expanded to a capacity of approximately 20,000 tpd.
In regional exploration during the fourth quarter
of 2023, drilling targeted the adjacent Camflo property to the north and potential mineralization analogous to the Odyssey South and
Odyssey North deposits on the Rand Malartic property to the east. The Company believes that a long-term exploration strategy of surface
and underground drilling on the recently consolidated lands at the Canadian Malartic complex has the potential to lead to significant
discoveries.
Detour Lake Mine
In the fourth quarter of 2023, the mill delivered
its second best quarterly mill throughput, operating at a rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2
Mtpa), despite a lower than anticipated runtime of 90% related to an unplanned power outage and plugged cyclone feed pump lines. Several
initiatives aimed at enhancing runtime and mill throughput are underway. These efforts include a comprehensive review of maintenance
practices related to the higher throughput and the optimization of the crusher, SAG mill and ball mill circuits. With sustained improvements
year-over-year, the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized
rate of approximately 28 Mtpa) in the second half of 2024, compared to 2025 previously. The Company also sees the potential to reach
a mill throughput rate of 79,450 tpd (equivalent to an annualized rate of approximately 29 Mtpa) in 2026 through the implementation of
advanced process control (expert systems) and further runtime improvements. An internal analysis to better define these opportunities
is expected to be completed in 2024.
In 2023, the exploration program at Detour Lake
successfully defined continuity of mineralization below and west of the mineral reserves pit. This resulted in the addition of 1.56 million
ounces of gold (21.8 million tonnes grading 2.23 g/t gold) in inferred mineral resources outside the mineral resource pit. Work is ongoing
to determine the optimal transition point from open pit to underground mining. This transition point will help determine the mineral
resources currently included in the resource pit that could instead be mined from underground. The resulting larger mineable underground
mineral resource is expected to form the basis for an underground project at Detour Lake.
The preliminary underground mine concept under
evaluation adopts many of the design criteria and parameters of the Company's existing operating mines in the region. The Company is
currently evaluating a number of bulk mining scenarios. Mine development and production is envisioned to be done via ramp. Haulage of
ore and waste by conveyor is a potential approach given the orebody plunging to the West. The mine could also utilize a combination of
conventional and automated production equipment, similar to the equipment currently employed at the Company's Odyssey mine.
In 2024, exploration will continue to test and
extend the west plunge of the main deposit. The Company is considering building an exploration ramp to increase confidence in the mineralization's
continuity in the inferred resource envelope and to potentially collect a bulk sample. The Company expects to provide an update on mill
optimization efforts, the Detour underground project and ongoing exploration results in the first half of 2024.
Optimization of Other Assets and Infrastructure
in the Abitibi Region
At Macassa, mining of the NSUR and AK deposits
through existing infrastructure was one of the first strategic optimization opportunities identified at the time of the Merger. At year-end
2023, the NSUR and AK deposits contributed approximately 23,000 ounces of gold in mineral reserves (0.12 million tonnes grading 5.93
g/t gold) and approximately 160,000 ounces of gold in mineral reserves (0.74 million tonnes grading 6.69 g/t gold) to the Macassa complex,
respectively. Both deposits have now been incorporated into Macassa's production guidance for 2024 to 2026.
The NSUR and AK deposits are accessible from
an existing surface ramp at Macassa (the "Portal"). A traditional truck and scoop tram approach has been selected for underground
mucking and hauling, similar to the approach at LaRonde Zone 5 ("LZ5"). The deposits will be mined using long-hole open stoping
and the stopes will be backfilled using cemented rockfill. At Macassa, the mill is expected to reach its nominal capacity of 1,650 tpd
in mid-2024. The LZ5 processing facility at the LaRonde complex, approximately 130 kilometres away, can accommodate the processing of
ore from the NSUR and AK deposits starting in the second half of 2024, thus avoiding capital expenditures that would otherwise be required
for a mill expansion at Macassa. Production from the NSUR deposit is planned to be processed at the Macassa mill in the first half of
2024 and at the LZ5 processing facility in the second half of 2024. Production from the AK deposit, which is expected to begin in the
second half of 2024 with the extraction of a 25,000 tonne bulk sample, is also planned to be processed at the LZ5 processing facility.
Ore will be hauled by truck from the NSUR and AK deposits to the LZ5 processing facility. Production from these two deposits is forecast
to be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold from 2025 to 2028. The Company believes
that the AK area remains prospective for future mineral resource growth.
At Upper Beaver, the Company continued to advance
internal studies in the fourth quarter of 2023 to assess potential production opportunities, including comparison of transporting and
processing ore at the LaRonde mill to a standalone central mill for Upper Beaver and satellite deposits. The Upper Beaver gold-copper
deposit is expected to be mined by conventional underground methods, such as long hole open stoping with stopes to be backfilled with
paste and waste rock. The Company is evaluating scenarios with a mining rate of approximately 5,000 tpd and production between 200,000
ounces and 230,000 ounces of gold per year and approximately 9 million to 10 million pounds of copper per year. Under these scenarios,
initial production could potentially commence as early as 2030. The Company is also considering the construction of an exploration ramp
and shaft in order to be used to upgrade mineral resources and further explore the deeper portions of the deposit. The exploration ramp
and shaft would be considered permanent infrastructure and sized accordingly to accommodate the potential production phase in the event
the project is approved for development.
At Wasamac, the Company continues to assess various
scenarios to define the optimal mining rate and milling strategy for the project. While these evaluations continue, the Company has decided
to not include the historical mineral reserve estimate at Wasamac in the Company's mineral reserve estimate. Rather, the Company has
classified the Wasamac project entirely as mineral resources. The measured and indicated mineral resource estimate at year-end 2023 for
the Wasamac project totalled 2.2 million ounces of gold (27.8 million tonnes grading 2.43 g/t) and inferred mineral resources were 0.8
million ounces of gold (9.2 million tonnes grading 2.66 g/t). Exploration activities in 2024 will focus on testing the eastern extension
of the Wasamac deposit in the Wasa shear zone and exploring for Wasamac-style mineralization at Francoeur.
Hope Bay – Step-Out Drilling Continues
to Extend Madrid's High-Grade Patch 7 Zone at Depth and Laterally
At Hope Bay, exploration drilling in 2023 totalled
more than 125,000 metres with work focused on the Madrid area and Doris gold deposits and resulted in an increase in inferred mineral
resources to 2.11 million ounces (12.1 million tonnes grading 5.41 g/t) as at December 31, 2023 from 1.95 million ounces (11.0 million
tonnes grading 5.49 g/t) as at December 31, 2022. Exploration drilling added approximately 336,000 ounces of inferred mineral resources
mostly from Madrid's Patch 7 zone, which partially offset a reduction of 177,000 ounces of inferred mineral resources by project-wide
conversion to indicated mineral resources and improvement of mining parameters.
At Madrid, the target area in the gap between
the Suluk and Patch 7 zones delivered strong drill results with recent highlights of 16.3 g/t gold over 28.6 metres at 385 metres depth
and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit
at depth and along strike to the south, which will be a key focus of the 2024 drilling program.
Recent exploration results are expected to support
a larger production scenario at Hope Bay. The Company continues to advance the internal evaluation and anticipates reporting results
from this internal evaluation in 2025.
San Nicolás Copper Project
In the fourth quarter of 2023, Minas de San Nicolás,
which is jointly owned by the Company and Teck Resources Limited, continued to advance the San Nicolás project in Zacatecas State,
Mexico, including with respect to stakeholder engagement on the permitting process. The partners also continued to advance the feasibility
study, with the intention to initiate detailed engineering and further optimization work later in 2024, and plan to be complete in 2025.
Project approval would be expected to follow, subject to receipt of permits and the results of the feasibility study. In January 2024,
Minas de San Nicolás submitted its application for an Environmental Impact Assessment permit, which is an important milestone
in advancing the development of the San Nicolás project.
2024
to 2026 Guidance Estimates Stable Gold Production; Unit Costs for 2024 Remain Industry Leading
The Company is announcing its detailed production
and cost guidance for 2024 and mine by mine production forecasts for 2024 through 2026. The 2024 gold production guidance range remains
unchanged from the Previous Guidance, while 2024 total cash costs per ounce and AISC per ounce guidance increased approximately 4% compared
to the full year 2023 results, below the rate of inflation. The 2024 production and cost guidance is summarized below and a detailed
description of the three-year guidance plan is set below.
2024 Guidance Summary | |
| | |
| | |
| |
(In millions other than per ounce measures or as otherwise stated) | |
| |
| |
2024 | | |
2024 | |
| |
Range | | |
Mid-Point | |
Gold Production (ounces) | |
| 3,350,000 | | |
| 3,550,000 | | |
| 3,450,000 | |
Total cash costs per ounce12 | |
$ | 875 | | |
$ | 925 | | |
$ | 900 | |
AISC per ounce12 | |
$ | 1,200 | | |
$ | 1,250 | | |
$ | 1,225 | |
| |
| | | |
| | | |
| | |
Exploration and corporate development | |
$ | 220 | | |
$ | 240 | | |
$ | 230 | |
Depreciation and amortization expense | |
$ | 1,560 | | |
$ | 1,610 | | |
$ | 1,585 | |
General & administrative expense | |
$ | 175 | | |
$ | 195 | | |
$ | 185 | |
Other costs | |
$ | 75 | | |
$ | 90 | | |
$ | 83 | |
| |
| | | |
| | | |
| | |
Tax rate (%) | |
| 33 | % | |
| 38 | % | |
| 35 | % |
Cash taxes | |
$ | 400 | | |
$ | 500 | | |
$ | 450 | |
| |
| | | |
| | | |
| | |
Capital expenditures (excluding capitalized exploration) | |
$ | 1,600 | | |
$ | 1,700 | | |
$ | 1,650 | |
Capitalized exploration | |
$ | 105 | | |
$ | 115 | | |
$ | 110 | |
Updated Three-Year Guidance Plan
Mine by mine production and cost guidance for
2024 and mine by mine gold production forecasts for 2025 and 2026 are set out in the table below. Opportunities to further optimize and
improve gold production and unit cost forecasts from 2024 through 2026 continue to be evaluated.
Estimated Payable Gold Production (ounces) |
|
| |
2023 | | |
2024 | | |
2025 | | |
2026 | |
| |
Actual | | |
Forecast Range | | |
Forecast Range | | |
Forecast Range | |
LaRonde complex | |
| 306,648 | | |
| 285,000 | | |
| 305,000 | | |
| 300,000 | | |
| 320,000 | | |
| 330,000 | | |
| 350,000 | |
Canadian Malartic complex* | |
| 603,955 | | |
| 615,000 | | |
| 645,000 | | |
| 600,000 | | |
| 630,000 | | |
| 545,000 | | |
| 575,000 | |
Goldex | |
| 140,983 | | |
| 125,000 | | |
| 135,000 | | |
| 125,000 | | |
| 135,000 | | |
| 125,000 | | |
| 135,000 | |
Detour Lake | |
| 677,446 | | |
| 675,000 | | |
| 705,000 | | |
| 710,000 | | |
| 740,000 | | |
| 745,000 | | |
| 775,000 | |
Macassa | |
| 228,535 | | |
| 265,000 | | |
| 285,000 | | |
| 320,000 | | |
| 340,000 | | |
| 330,000 | | |
| 350,000 | |
Abitibi Gold Belt | |
| 1,957,567 | | |
| 1,965,000 | | |
| 2,075,000 | | |
| 2,055,000 | | |
| 2,165,000 | | |
| 2,075,000 | | |
| 2,185,000 | |
Meliadine | |
| 364,141 | | |
| 360,000 | | |
| 380,000 | | |
| 375,000 | | |
| 395,000 | | |
| 400,000 | | |
| 420,000 | |
Meadowbank complex | |
| 431,666 | | |
| 480,000 | | |
| 500,000 | | |
| 485,000 | | |
| 505,000 | | |
| 440,000 | | |
| 460,000 | |
Nunavut | |
| 795,807 | | |
| 840,000 | | |
| 880,000 | | |
| 860,000 | | |
| 900,000 | | |
| 840,000 | | |
| 880,000 | |
Fosterville | |
| 277,694 | | |
| 200,000 | | |
| 220,000 | | |
| 140,000 | | |
| 160,000 | | |
| 140,000 | | |
| 160,000 | |
Kittila | |
| 234,402 | | |
| 220,000 | | |
| 240,000 | | |
| 220,000 | | |
| 240,000 | | |
| 230,000 | | |
| 250,000 | |
Pinos Altos | |
| 98,280 | | |
| 100,000 | | |
| 105,000 | | |
| 125,000 | | |
| 135,000 | | |
| 115,000 | | |
| 125,000 | |
La India | |
| 75,904 | | |
| 25,000 | | |
| 30,000 | | |
| — | | |
| — | | |
| — | | |
| — | |
Total Gold Production | |
| 3,439,654 | | |
| 3,350,000 | | |
| 3,550,000 | | |
| 3,400,000 | | |
| 3,600,000 | | |
| 3,400,000 | | |
| 3,600,000 | |
*2023 actual production reflects the Company's
50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter.
12 The Company's guidance for total cash costs per ounce
and AISC per ounce is forward-looking non-GAAP information. For a description of the composition and usefulness of this non-GAAP measure,
see "Note Regarding Certain Measures of Performance" below.
Gold production for 2024 is forecast to be approximately
3.35 to 3.55 million ounces, unchanged from the Previous Guidance. Additional production from operating improvements at the LaRonde and
Meadowbank complexes and the Kittila mine (operating at 2 Mtpa) are expected to be offset by revisions to the mine plans at Canadian
Malartic, due to the deferral of the restart of pre-crushing low grade ore, and at Fosterville, due to lower gold grades in the remaining
area of the Swan zone.
Gold production is forecast to remain stable
through 2026 based on mid-point estimates when compared to 2023 gold production of 3.44 million ounces. Gold production is forecast to
be approximately 3.40 to 3.60 million ounces of gold in in 2025 and 2026.
| |
Production Costs
per Ounce | | |
Total Cash Costs per Ounce on a By-
Product Basis of Gold Produced | |
| |
2023 | | |
2023 | | |
2024* | |
($ per ounce) | |
Actual | | |
Actual | | |
Forecast | |
LaRonde complex | |
$ | 977 | | |
$ | 911 | | |
$ | 931 | |
Canadian Malartic complex | |
| 771 | | |
| 824 | | |
| 926 | |
Goldex | |
| 795 | | |
| 820 | | |
| 871 | |
Detour Lake | |
| 669 | | |
| 735 | | |
| 734 | |
Macassa | |
| 678 | | |
| 731 | | |
| 856 | |
Abitibi Gold Belt | |
| 759 | | |
| 795 | | |
| 848 | |
Meliadine | |
| 944 | | |
| 980 | | |
| 960 | |
Meadowbank complex | |
| 1,214 | | |
| 1,176 | | |
| 1,029 | |
Nunavut | |
| 1,090 | | |
| 1,086 | | |
| 999 | |
Fosterville | |
| 473 | | |
| 488 | | |
| 698 | |
Kittila | |
| 878 | | |
| 871 | | |
| 954 | |
Pinos Altos | |
| 1,495 | | |
| 1,229 | | |
| 1,268 | |
La India | |
| 1,271 | | |
| 1,241 | | |
| 1,365 | |
Weighted Average Total | |
$ | 853 | | |
$ | 865 | | |
$ | 900 | |
*Forecast total cash costs per ounce are based
on the mid-point of 2024 production guidance as set out in the table above.
Total cash costs per ounce in 2024 are expected
to be between $875 and $925. The higher costs, when compared to the full year 2023 total cash costs per ounce of $865, are largely a
result of higher labour, spare parts and maintenance costs. The Company expects stable unit costs through 2026, excluding inflation.
AISC per ounce in 2024 are expected to be between
$1,200 and $1,250. The higher costs, when compared to the full year 2023 AISC per ounce of $1,179, are largely a result of higher total
cash costs per ounce and higher sustaining capital expenditures. AISC per ounce are expected to remain stable through 2026, excluding
inflation.
The Company remains focused on reducing costs
through productivity improvements and innovation initiatives at all of its operations and the realization of operational synergies not
currently factored into the cost guidance.
Currency and commodity price assumptions used
for 2024 cost estimates and sensitivities are set out in the table below:
Currency and commodity price assumptions used for 2024 cost
estimates and sensitivities |
|
Commodity and currency price assumptions |
|
C$/US$ | |
| 1.34 | |
US$/EUR | |
| 1.10 | |
MXP/US$ | |
| 16.50 | |
A$/US$ | |
| 1.45 | |
Diesel ($/ltr) | |
$ | 0.80 | |
Silver ($/oz) | |
$ | 23.00 | |
Copper ($/lb) | |
$ | 3.80 | |
Zinc ($/lb) | |
$ | 1.10 | |
Approximate impact on total cash costs per ounce basis* |
|
10% change in C$/US$ | |
$ | 50 | |
10% change in US$/EUR | |
$ | 5 | |
10% change in MXP/US$ | |
$ | 1 | |
10% change in A$/US$ | |
$ | 3 | |
10% change in diesel price | |
$ | 8 | |
10% change in silver price | |
$ | 2 | |
10% change in copper price | |
$ | 1 | |
10% change in zinc price | |
$ | <1 | |
*Excludes the impact of current hedging positions
Exploration and Corporate Development
Exploration and corporate development expenses
in 2024 are expected to be between $220 million and $240 million, based on a mid-point forecast of $151.1 million for expensed exploration
and $77.7 million in project studies and other expenses.
Depreciation Guidance
Depreciation and amortization expense in 2024
is expected to be between $1.56 and $1.61 billion.
General & Administrative Cost Guidance
General and administrative expenses in 2024 are
expected to be between $135 and $145 million, excluding share-based compensation. Share based compensation expense in 2024 is expected
to be between $40 and $50 million.
Other Cost Guidance
Additional other expenses in 2024 are expected
to be approximately $75 to $90 million. This includes $60 to $65 million related to site maintenance costs primarily at Hope Bay and
Northern Territory in Australia, $5 to $10 million related to the ore sorting project at Detour Lake and $10 to $15 million related to
sustainable development activities.
Tax Guidance
For 2024, the Company expects its effective tax
rates to be:
The Company's overall
effective tax rate is expected to be approximately 33% to 38% for the full year 2024.
The Company estimates potential consolidated
cash taxes of approximately $400 million to $500 million in 2024 at prevailing gold prices. The expected cash taxes for 2024 have increased
from prior years as the Company has utilized the majority of its Canadian corporate tax pools that are deductible at a rate of 100% as
of year-end 2023.
Capital Expenditures Guidance
In 2024, estimated capital expenditures are expected
to be between $1.6 billion and $1.7 billion and capitalized exploration expenditures are expected to be between $105 million and $115
million.
The estimated mid-point for capital expenditures
(excluding capitalized exploration) for 2024 is approximately $1.65 billion, which includes approximately $916.0 million of sustaining
capital expenditures at the Company's operating mines and approximately $737.0 million of development capital expenditures.
The Company's capital expenditure forecast for
2024 is higher than the full year 2023 capital expenditures of $1.48 billion (which included $790.5 million of sustaining capital expenditures
and $684.6 million of development capital expenditures) and capitalized exploration of $125.8 million. The increase in capital expenditures
when compared to 2023 is largely due to the increase in ownership of Canadian Malartic to 100% as of the second quarter of 2023 and increased
capital expenditures at Detour Lake, primarily due to additional maintenance and mobile equipment purchases and mine infrastructure costs
and inflation. While the 2024 capital expenditures includes the advancement of studies and preliminary work for regional pipeline projects,
additional spending at these projects will depend on the approval and timing of these projects.
Estimated 2024 Capital Expenditures
(In thousands of US dollars)
| |
Capital Expenditures | | |
Capitalized Exploration | | |
| |
| |
Sustaining Capital | | |
Development Capital | | |
Sustaining | | |
Non- Sustaining | | |
Total | |
LaRonde complex | |
$ | 86,100 | | |
$ | 68,200 | | |
$ | 2,300 | | |
$ | — | | |
$ | 156,600 | |
Canadian Malartic complex | |
| 135,900 | | |
| 167,500 | | |
| — | | |
| 7,100 | | |
| 310,500 | |
Goldex mine | |
| 52,800 | | |
| 7,700 | | |
| 2,900 | | |
| — | | |
| 63,400 | |
Detour Lake mine | |
| 274,800 | | |
| 201,100 | | |
| — | | |
| 20,300 | | |
| 496,200 | |
Macassa mine | |
| 59,400 | | |
| 97,800 | | |
| 2,100 | | |
| 32,900 | | |
| 192,200 | |
Abitibi Gold Belt | |
| 609,000 | | |
| 542,300 | | |
| 7,300 | | |
| 60,300 | | |
| 1,218,900 | |
Meliadine mine | |
| 70,200 | | |
| 82,400 | | |
| 5,500 | | |
| 13,200 | | |
| 171,300 | |
Meadowbank complex | |
| 94,000 | | |
| — | | |
| — | | |
| — | | |
| 94,000 | |
Nunavut | |
| 164,200 | | |
| 82,400 | | |
| 5,500 | | |
| 13,200 | | |
| 265,300 | |
Fosterville mine | |
| 35,800 | | |
| 41,100 | | |
| — | | |
| 11,000 | | |
| 87,900 | |
Kittila mine | |
| 87,200 | | |
| 2,900 | | |
| 1,900 | | |
| 5,400 | | |
| 97,400 | |
Pinos Altos mine | |
| 19,800 | | |
| 15,400 | | |
| 1,800 | | |
| 500 | | |
| 37,500 | |
San Nicolas project | |
| — | | |
| 17,000 | | |
| — | | |
| — | | |
| 17,000 | |
Other | |
| — | | |
| 35,900 | | |
| — | | |
| 1,700 | | |
| 37,600 | |
Total Capital Expenditures | |
$ | 916,000 | | |
$ | 737,000 | | |
$ | 16,500 | | |
$ | 92,100 | | |
$ | 1,761,600 | |
The Company is working towards maintaining capital
expenditures at similar levels (excluding inflation) through 2026.
Updated Three Year Operational Guidance Plan
Since the Previous Guidance, there have been several
operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial
2026 guidance are set out below.
ABITIBI REGION, QUEBEC
LaRonde Complex Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
|
|
|
|
Previous Guidance (mid-point) (oz) | |
| 275,000 | | |
| 280,000 | | |
| 310,000 | | |
| n.a. | |
|
|
|
|
Current Guidance (mid-point) (oz) | |
| 306,648 (actual) | | |
| 295,000 | | |
| 310,000 | | |
| 340,000 | |
|
|
|
|
LaRonde Complex Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | | |
Silver (g/t) | | |
Silver Mill Recovery (%) | |
| |
| 2,686 | | |
| 3.62 | | |
| 94.4 | % | |
| 10.01 | | |
| 72.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Production and Minesite Costs per Tonne13 | | |
Zinc (%) | | |
Zinc Mill Recovery (%) | | |
Copper (%) | | |
Copper Mill Recovery (%) | |
| |
C$ | 154.20 | | |
| 0.46 | % | |
| 71.0 | % | |
| 0.12 | % | |
| 83.1 | % |
At the LaRonde complex, the production forecast
is higher in 2024 when compared to Previous Guidance primarily due to higher productivity achieved than initially anticipated during the
transition to pillarless mining at the LaRonde mine. Gold production is expected to increase to 310,000 ounces in 2025 and reach an annual
run-rate of approximately 340,000 ounces per year in 2026, primarily due to higher gold grades at the LaRonde mine, an increase in the
mining rate at the LZ5 mine to 3,800 tpd and the addition of satellite zones. The Company is also evaluating the potential to bring new
sources of ore into production, including the LZ5 deep, Ellison and Fringe zones.
The LZ5 processing facility is expected to be
in care and maintenance until the second half of 2024 as the Company completes an upgrade to the CIL tanks. The Company expects to restart
the LZ5 processing facility in the second half of 2024 to process ore from the LZ5 mine and the AK deposit at Macassa. The Company continues
to assess options to leverage the excess mill capacity at LZ5 as set out in the Update on Key Value Drivers and Pipeline Projects section
above.
The LaRonde mine has planned a shutdown of 14
days in the third quarter of 2024 in order to rebuild the loading station at level 206 of the Penna shaft.
Canadian Malartic Complex Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 585,000 | | |
| 660,000 | | |
| 610,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 603,955 (actual) | | |
| 630,000 | | |
| 615,000 | | |
| 560,000 | |
| |
| | | |
| | | |
| | | |
| | |
Canadian Malartic Complex Forecast 2024 | |
Ore Milled ('000 tonnes)
| | |
Gold (g/t) | | |
Gold Mill Recovery (%)
| | |
Production and Minesite Costs per Tonne | |
| |
| 18,952 | | |
| 1.13 | | |
| 91.5 | % | |
C$ | 41.80 | |
13 Minesite costs per tonne is a non-GAAP
measure that is not standardized under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation
to production costs see "Reconciliation of Non-GAAP Performance Measures" and "Note Regarding Certain Measures of Performance", respectively,
below.
At the Canadian Malartic complex, the production
forecast is lower in 2024 when compared to Previous Guidance primarily due to the Company's decision to defer the reintroduction of pre-crushing
low grade ore to increase mill throughput to 2025 from 2024. The Company continues to optimize the ore processing plan to enhance the
financial metrics and cash flow during the transition to the underground Odyssey project. The mill throughput is now forecast to remain
at approximately 52,000 tpd in 2024.
In 2024, production is expected to be sourced
from the Barnat pit and the Odyssey mine, complemented by ore from the low grade stockpiles. The Odyssey mine is expected to contribute
approximately 80,000 ounces of payable gold to the Canadian Malartic complex in 2024, 2025 and 2026.
Goldex Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 135,000 | | |
| 130,000 | | |
| 125,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 140,983 (actual) | | |
| 130,000 | | |
| 130,000 | | |
| 130,000 | |
Goldex Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | |
|
|
|
|
| |
| 3,016 | | |
| 1.58 | | |
| 84.9 | % |
|
|
|
|
| |
| | | |
| | | |
| | |
|
|
|
|
| |
Production and Minesite Costs per
Tonne | | |
Copper (%) | | |
Copper Mill Recovery (%) | |
|
|
|
|
| |
C$ | 57.70 | | |
| 0.09 | % | |
| 87.5 | % |
|
|
|
|
At Goldex, the production forecast is in line
with Previous Guidance. The development at the Akasaba West project is on schedule and on budget to achieve commercial production in early
2024. Akasaba West is expected to provide additional production flexibility to Goldex and is forecast to contribute approximately 12,000
ounces of gold and approximately 2,300 tonnes of copper per year to Goldex starting in 2024.
ABITIBI REGION, ONTARIO
Detour Lake Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 690,000 | | |
| 700,000 | | |
| 740,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 677,446 (actual) | | |
| 690,000 | | |
| 725,000 | | |
| 760,000 | |
Detour Lake Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | | |
Production
and Minesite
Costs per
Tonne | |
| |
| 27,474 | | |
| 0.85 | | |
| 91.9 | % | |
C$ |
24.70 | |
At Detour Lake, the slightly lower production
forecast when compared to Previous Guidance is primarily due to lower grades from a slight adjustment to the mining sequence. The production
profile reflects expected steady progress on the mill optimization projects, with the mill throughput rate expected to reach and sustain
77,000 tpd (equivalent to an annualized rate of approximately 28 Mtpa) in the second half of 2024, and a higher grade profile in 2025
and 2026.
Macassa Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 215,000 | | |
| 265,000 | | |
| 305,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 228,535 (actual) | | |
| 275,000 | | |
| 330,000 | | |
| 340,000 | |
Macassa Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | | |
Production
and Minesite
Costs per
Tonne | |
| |
| 606 | | |
| 14.50 | | |
| 97.4 | % | |
C$ |
521.10 | |
At Macassa, the production forecast is higher
in 2024 and 2025 when compared to Previous Guidance primarily due to the addition of production from the AK deposit to the mining profile.
With sustained productivity gains at Macassa over the recent quarters, the deep mine (including the South Mine complex and Main Break)
is now expected to largely fill the mill at its nominal capacity of 1,650 tpd starting in the second half of 2024. Production from the
NSUR and AK deposits is planned to be trucked and processed at the LZ5 processing facility. Production from the NSUR and AK deposits is
forecast to be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold in 2025 and 2026. The lower
forecast gold grade is largely a result of the inclusion of lower grade AK ore, additional lower grade NSUR ore and continued adjustments
to the resource model from additional definition drilling.
The Company continues to see geological potential
at Macassa as demonstrated by the mineral reserves replacement of 171% of its mining depletion in 2023 and encouraging drill results.
In addition, the mineralized structures along strike and at depth of the South Mine complex and Main Break are prospective for ongoing
expansion of the mineral resource base at the site. Overall, the Company believes that the Macassa mine has the potential to maintain
production in excess of 300,000 ounces of gold per year based on expected exploration results.
NUNAVUT
Meliadine Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 365,000 | | |
| 370,000 | | |
| 380,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 364,141 (actual) | | |
| 370,000 | | |
| 385,000 | | |
| 410,000 | |
Meliadine Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | |
| Production and Minesite Costs per Tonne |
|
| |
| 1,892 | | |
| 6.30 | | |
| 96.5 | % |
|
C$ |
251.50 |
|
At Meliadine, the production forecast in 2024 is in line
with Previous Guidance. The Meliadine Phase 2 expansion is progressing as planned and mill throughput is expected to increase to 6,000
tpd late in 2024 and to 6,250 tpd in 2026, driving the higher gold production forecast in 2025 and 2026.
Meadowbank Complex Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 420,000 | | |
| 480,000 | | |
| 495,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 431,666 (actual) | | |
| 490,000 | | |
| 495,000 | | |
| 450,000 | |
Meadowbank Complex Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | |
| Production and Minesite Costs per Tonne |
|
| |
| 4,026 | | |
| 4.13 | | |
| 91.7 | % |
|
C$ |
167.80 |
|
At the Meadowbank complex, the production forecast
is higher in 2024 when compared to Previous Guidance primarily due to improved grades from positive grade reconciliation. The Company
has approved an extension to the Amaruq life of mine to 2028 (compared to 2026 previously), which includes additional stopes from underground,
a push-back from the IVR open pit and additional ounces from positive grade reconciliation. Overall approximately 500,000 ounces of gold
have been added to the production profile, including approximately 100,000 ounces of gold in 2026. Amaruq underground is forecast to contribute
approximately 100,000 ounces of gold in 2024, 2025 and 2026.
In 2023, Meadowbank experienced its longest lasting
caribou migration since operations began. The Company continues to adjust for the caribou migration in its production plan as this migration
can affect the ability to move materials on the road between Amaruq and Meadowbank and between Meadowbank and Baker Lake. Wildlife management
is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and minimize
production disruptions.
AUSTRALIA
Fosterville Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 305,000 | | |
| 240,000 | | |
| 210,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 277,694 (actual) | | |
| 210,000 | | |
| 150,000 | | |
| 150,000 | |
Fosterville
Forecast 2024 | |
Ore
Milled ('000
tonnes) | | |
Gold
(g/t) | | |
Gold
Mill Recovery
(%) | | |
Production
and Minesite
Costs per
Tonne | |
| |
| 744 | | |
| 9.15 | | |
| 95.9 | % | |
A$ | 285.60 | |
At Fosterville, the production forecast is lower
in 2024 and 2025 when compared to Previous Guidance. The declining production profile reflects negative grade reconciliation in the remaining
area of the high grade Swan zone and the substantial depletion of the zone by late 2024. With the completion of the primary ventilation
upgrade planned for late 2024 and the commencement of operations in Robbins Hill, the mining rate is forecast to increase by approximately
10% in 2025 and 2026, partially offsetting the lower average gold grade of approximately 6.50 g/t. Work is ongoing to evaluate the potential
to optimize mining and milling through improved productivity to ensure Fosterville remains a sustainable 175,000 ounces to 200,000 ounces
producer annually. Preliminary results of this evaluation are expected in the second half of 2024.
In 2023, the Fosterville mine successfully replaced
102% of mining depletion through continued exploration success in the Robbins Hill and Lower Phoenix areas and improved mining parameters.
The Company believes that these areas remain prospective for high-grade, sulphide-hosted gold mineralization as well as ultra-high grade,
quartz-hosted gold zones similar to the Swan zone.
FINLAND
Kittila Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 200,000 | | |
| 210,000 | | |
| 210,000 | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 234,402 (actual) | | |
| 230,000 | | |
| 230,000 | | |
| 240,000 | |
Kittila Forecast 2024 | |
Ore Milled ('000 tonnes) | | |
Gold (g/t) | | |
Gold Mill Recovery (%) | | |
Production
and Minesite
Costs per
Tonne | |
| |
| 2,000 | | |
| 4.15 | | |
| 86.3 | % | |
€ | 95.90 | |
At Kittila, the production forecast is higher
in 2024 and 2025 when compared to Previous Guidance primarily due to the reinstatement of the 2.0 Mtpa operating permit on October 27,
2023. Previous Guidance assumed a throughput rate of 1.6 Mtpa in 2024 and 2025.
The mine is expecting a planned shutdown in the
first quarter of 2024 for 11 days for regular maintenance on the autoclave.
MEXICO
Pinos Altos Forecast | |
2023 |
| |
2024 | |
|
2025 | |
|
2026 | |
Previous Guidance (mid-point) (oz) | |
| 85,000 |
| |
| 97,500 | |
|
| 115,000 | |
|
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 97,642 (actual) |
| |
| 102,500 | |
|
| 130,000 | |
|
| 120,000 | |
Pinos Altos Forecast 2024 | |
Total Ore ('000 tonnes) | | |
Gold (g/t) | | |
Gold Recovery (%) | |
|
|
|
|
| |
| 1,810 | | |
| 1.86 | | |
| 94.7 | % |
|
|
|
|
| |
| | | |
| | | |
| | |
|
|
|
|
| |
Production and Minesite Costs per Tonne | | |
Silver (g/t) | | |
Silver Mill
Recovery (%)
| |
|
|
|
|
| |
$ | 88.17 | | |
| 47.25 | | |
| 46.9 | % |
|
|
|
|
At Pinos Altos, the production forecast is in
line in 2024 and higher in 2025 than the Previous Guidance. The increased production in 2025 reflects increased contribution from the
Cubiro satellite deposit, which is expected to start producing in the second half of 2024.
La India Forecast | |
2023 | | |
2024 | | |
2025 | | |
2026 | |
Previous Guidance (mid-point) (oz) | |
| 65,000 | | |
| 17,500 | | |
| n.a. | | |
| n.a. | |
Current Guidance (mid-point) (oz) | |
| 75,904 (actual) | | |
| 27,500 | | |
| nil | | |
| nil | |
At La India, the production forecast in 2024 is
higher than the Previous Guidance primarily due to higher gold inventory ounces in the heap leach. With the depletion of the open pits
in the fourth quarter of 2023, gold production in 2024 is expected to come from the residual leaching of the heap leach pads.
2024 Exploration Program and Budget –
Continued Focus on Exploration Programs at Detour Lake and Canadian Malartic which are Expected to be Significant Future Contributors
to Mineral Reserve Growth; Large Exploration Programs at LaRonde complex, Macassa, Meliadine, Amaruq, Fosterville, Kittila and Hope Bay
The Company has budgeted $336.7 million for exploration
expenditures and project expenses in 2024, comprised of $151.1 million for expensed exploration, $107.9 million for capitalized exploration
and $77.7 million for project studies, technical services and other corporate expenses.
The Company's exploration focus remains on extending
mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for
2024 include drilling the western and deep extension of the Detour Lake deposit to assist in the optimization of the open pit operations
and to further advance a potential underground mining scenario, growing the underground mineral reserve and mineral resource at the Odyssey
mine and continuing large exploration programs at other operating assets and Hope Bay.
The Company's exploration and corporate development
budget and plans for individual mines and projects for 2024 are presented in the Company's exploration news release dated February 15,
2024.
ABITIBI REGION, QUEBEC
LaRonde Complex – Transition to Pillarless Mining Yields Higher
Productivity than Anticipated
| |
Three Months Ended | | |
Year Ended | |
LaRonde Complex – Operating Statistics | |
Dec 31, 2023 | | |
Dec 31, 2022 | | |
Dec 31, 2023 | | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 663 | | |
| 658 | | |
| 2,658 | | |
| 2,816 | |
Tonnes of ore milled per day | |
| 7,207 | | |
| 7,152 | | |
| 7,282 | | |
| 7,715 | |
Gold grade (g/t) | |
| 4.33 | | |
| 4.00 | | |
| 3.83 | | |
| 4.17 | |
Gold production (ounces) | |
| 85,765 | | |
| 80,169 | | |
| 306,648 | | |
| 356,337 | |
Production costs per tonne (C$) | |
$ | 137 | | |
$ | 143 | | |
$ | 152 | | |
$ | 132 | |
Minesite costs per tonne (C$) | |
$ | 157 | | |
$ | 144 | | |
$ | 153 | | |
$ | 129 | |
Production costs per ounce of gold produced | |
$ | 779 | | |
$ | 871 | | |
$ | 977 | | |
$ | 801 | |
Total cash costs per ounce of gold produced | |
$ | 845 | | |
$ | 832 | | |
$ | 911 | | |
$ | 703 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to higher grades |
| · | Full Year 2023 – Gold production decreased when compared to the prior-year period due to lower grades
and lower volumes processed related to changes in the mining sequence at the LaRonde mine |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period
primarily due to the timing of inventory sales and higher volume of ore milled, partially offset by higher underground maintenance costs.
Production costs per ounce decreased when compared to the prior-year period primarily due to higher gold grades and the weaker Canadian
dollar relative to the U.S. dollar |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period primarily
due to higher underground mining costs attributable to higher labour and materials costs and higher milling costs resulting from the transition
to dry tailings disposition at the LaRonde mine and a lower volume of ore milled. Production costs per ounce increased when compared to
the prior-year period primarily as a result of higher production costs per tonne and fewer ounces of gold produced, partially offset by
the weaker Canadian dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – 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 in the quarter. Total cash costs per ounce increased
when compared to the prior-year period primarily for the same reasons as the increase in minesite costs per tonne |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily
due to the reasons outlined above for production costs per tonne. Total cash costs per ounce increased when compared to the prior-year
period primarily due to the reasons outlined above for production costs per ounce |
Highlights
| · | Production from the 11-3 Zone at LaRonde continued in the fourth quarter of 2023 at a mining rate of approximately
950 tpd, exceeding the planned mining rate for the quarter. The 11-3 Zone is expected to continue to add additional flexibility to the
LaRonde mine production plan |
| · | Maintenance of the underground ore handling system continued in the fourth quarter of 2023. The LaRonde
mine had partial, planned shutdowns (equivalent in aggregate to approximately a 10-day shutdown) during the fourth quarter of 2023 to
update the main underground ore network |
| · | During the fourth quarter of 2023, ore from LZ5 was processed at the LaRonde mill to take advantage of
its excess capacity. The LZ5 processing facility was placed on care and maintenance during the third quarter of 2023 and is expected to
restart in the second half of 2024. During the downtime, the Company will overhaul the facility's leach tanks |
Canadian Malartic Complex – Record Quarterly
Safety Performance and Solid Quarterly Gold Production; Odyssey Underground Production Reaches Target Rate of 3,500 tpd
| |
Three Months Ended | | |
Year Ended | |
Canadian Malartic Complex – Operating Statistics* | |
Dec 31, 2023 | | |
Dec 31, 2022 | | |
Dec 31, 2023 | | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 5,278 | | |
| 4,950 | | |
| 19,595 | | |
| 19,540 | |
Tonnes of ore milled per day | |
| 57,370 | | |
| 53,804 | | |
| 53,685 | | |
| 53,534 | |
Gold grade (g/t) | |
| 1.08 | | |
| 1.18 | | |
| 1.17 | | |
| 1.15 | |
Gold production* (ounces) | |
| 168,272 | | |
| 86,439 | | |
| 603,955 | | |
| 329,396 | |
Production costs per tonne (C$) | |
$ | 36 | | |
$ | 34 | | |
$ | 36 | | |
$ | 31 | |
Minesite costs per tonne (C$) | |
$ | 40 | | |
$ | 37 | | |
$ | 39 | | |
$ | 35 | |
Production costs per ounce of gold produced | |
$ | 825 | | |
$ | 739 | | |
$ | 771 | | |
$ | 716 | |
Total cash costs per ounce of gold produced | |
$ | 913 | | |
$ | 789 | | |
$ | 824 | | |
$ | 787 | |
* Gold production reflects Agnico Eagle's 50% interest in the Canadian
Malartic complex up to and including March 30, 2023 and 100% thereafter.
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period due to
the increase in the Company's ownership percentage of the Canadian Malartic complex between periods from 50% to 100% as a result of the
closing of the Yamana Transaction on March 30, 2023, higher throughput resulting from softer rock conditions at the Barnat pit and
the contribution from Odyssey South, partially offset by lower grades |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to the increase in the Company's ownership percentage of the Canadian Malartic complex between periods from 50% to 100% as a result of
the Yamana Transaction |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period
primarily due to higher mining and milling costs in the period, partially offset by a higher volume of ore milled. Production costs per
ounce increased when compared to the prior-year period due to lower gold grades in the current period and higher mining and milling costs |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period primarily
due to the recognition of fair value adjustments to inventory resulting from the Yamana Transaction. Production costs per ounce increased
when compared to the prior-year period due to fewer ounces of gold being produced in the current period and the recognition of fair value
adjustments to inventory resulting from the Yamana Transaction |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period
due to higher production costs, partially offset by the higher volume of ore tonnes milled during the quarter. Total cash costs per ounce
increased when compared to the prior-year period primarily due to lower gold grades and higher minesite costs per tonne, partially offset
by the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily
due to higher open pit mining costs. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher
minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar |
Highlights
| · | At the Barnat pit, good equipment availability and productivity and softer ultramafic ore drove solid
operational performance. At Odyssey South, production via ramp reached and sustained the design rate of 3,500 tpd in the quarter. Gold
production from underground was approximately 20,000 ounces in the fourth quarter of 2023 |
| · | Mill throughput continued to be above plan from increased contribution from Odyssey South and softer rock
conditions |
| · | At the Canadian Malartic pit, the Company continued the construction of the central berm (approximately
60% complete) in preparation for in-pit tailings disposal, which is expected to start in mid-2024 |
| · | An update on Odyssey project development, construction and exploration highlights is set out in the Update
on Key Value Drivers and Pipeline Projects section above |
Goldex – Record Annual Safety Performance; First Ore Processed
from Akasaba West Project
| |
Three Months Ended | |
Year Ended | |
Goldex Mine – Operating Statistics | |
Dec 31, 2023 | | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 672 | | |
| 748 | |
| 2,887 | |
| 2,940 | |
Tonnes of ore milled per day | |
| 7,304 | | |
| 8,130 | |
| 7,910 | |
| 8,055 | |
Gold grade (g/t) | |
| 1.79 | | |
| 1.70 | |
| 1.74 | |
| 1.68 | |
Gold production (ounces) | |
| 33,364 | | |
| 36,291 | |
| 140,983 | |
| 141,502 | |
Production costs per tonne (C$) | |
$ | 55 | | |
$ | 45 | |
$ | 52 | |
$ | 46 | |
Minesite costs per tonne (C$) | |
$ | 58 | | |
$ | 46 | |
$ | 53 | |
$ | 47 | |
Production costs per ounce of gold produced | |
$ | 816 | | |
$ | 683 | |
$ | 795 | |
$ | 734 | |
Total cash costs per ounce of gold produced | |
$ | 877 | | |
$ | 765 | |
$ | 820 | |
$ | 765 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily
due to a lower volume of ore processed, partially offset by higher gold grades |
| · | Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due
to a lower volume of ore processed, partially offset by higher gold grades |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period
due to higher open pit production costs and lower volume of ore milled in the current period. Production costs per ounce increased when
compared to the prior-year period due to higher open pit production costs and fewer ounces of gold being produced, partially offset by
the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due
to higher open pit mining costs, higher underground maintenance costs and lower volume processed in the current period. Production costs
per ounce increased when compared to the prior-year period due to higher production costs and fewer ounces of gold being produced, partially
offset by the weaker Canadian dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – 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 higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily
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 primarily due to higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the
U.S. dollar |
Highlights
| · | Goldex achieved record safety performance in 2023 with zero lost time accidents and restricted work during
the fourth quarter and for the full year |
| · | While the mine had lower throughput during the fourth quarter of 2023, Goldex had solid operational performance
throughout the year with record annual tonnes hoisted (2.9 million tonnes) |
| · | South Zone Sector 3 completed six stopes in 2023, ahead of schedule, and produced approximately 11,000
ounces of gold. South Zone Sector 3 is expected to provide additional flexibility for the mining operations |
| · | The Akasaba West project remains on schedule and budget with work on upgrading the mill completed in the
fourth quarter of 2023. First ore from the project was processed in November 2023 and achievement of commercial production is on
schedule to occur in the first quarter of 2024 |
ABITIBI REGION, ONTARIO
Detour Lake – Higher Grades Drive Strong
Quarterly Production; Advancing Mill Optimization Initiatives to Achieve 76,700 tpd Rate in 2024
| |
Three Months Ended | |
Year Ended | |
Detour Lake Mine – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022* | |
Tonnes of ore milled (thousands of tonnes) | |
| 6,608 | |
| 6,488 | |
| 25,435 | |
| 22,782 | |
Tonnes of ore milled per day | |
| 71,826 | |
| 70,522 | |
| 69,685 | |
| 69,670 | |
Gold grade (g/t) | |
| 1.02 | |
| 0.94 | |
| 0.91 | |
| 0.97 | |
Gold production (ounces) | |
| 193,475 | |
| 179,737 | |
| 677,446 | |
| 651,182 | |
Production costs per tonne (C$) | |
$ | 25 | |
$ | 25 | |
$ | 24 | |
$ | 28 | |
Minesite costs per tonne (C$) | |
$ | 27 | |
$ | 25 | |
$ | 26 | |
$ | 25 | |
Production costs per ounce of gold produced | |
$ | 622 | |
$ | 660 | |
$ | 669 | |
$ | 752 | |
Total cash costs per ounce of gold produced | |
$ | 691 | |
$ | 674 | |
$ | 735 | |
$ | 657 | |
*For the Full Year Ended December 31, 2022, the operating statistics
are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to a higher volume of ore processed resulting from the ongoing mill optimization initiatives and higher gold grades as per the mining
sequence |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to the timing of the closing of the Merger, partially offset by the impact of the transformer failure that occurred during the third quarter
of 2023 and lower gold grades |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne remained unchanged when compared to the prior-year
period despite the higher throughput volumes. Production costs per ounce decreased when compared to the prior-year period due to higher
gold grades and the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due
to a higher volume of ore milled in the current period and the fair value adjustments to inventory made in the 2022 period, partially
offset by the impact of the transformer failure during the third quarter of 2023. Production costs per ounce decreased when compared to
the prior-year period due to lower production costs per tonne and the weaker Canadian dollar relative to the U.S. dollar, partially offset
by lower gold grades |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period
primarily due to timing of inventory, partially offset by the higher volume of ore processed. Total cash costs per ounce increased when
compared to the prior year period due to the timing of inventory, partially offset by the weaker Canadian dollar relative to the U.S.
dollar |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior year period primarily
due to higher maintenance costs for mobile equipment and spare parts during the period. Total cash cost per ounce increased when compared
to the prior year period primarily due to higher mining, maintenance and milling costs caused by higher fuel and electricity prices and
lower gold grades, partially offset by the weaker Canadian dollar relative to the U.S. dollar |
Highlights
| · | In the fourth quarter of 2023, Detour Lake delivered a strong operating performance, producing 193,475
ounces of gold as a result of higher gold grades as per the mining sequence and its strong mill performance with throughput of 71,826
tpd (an annualized rate of approximately 26.2 Mtpa) |
| · | Mill runtime, at approximately 90% in the fourth quarter of 2023, was affected by a power outage, plugged
cyclone feed pump line and an imbalance between the SAG mill and ball mill circuits. The Company continues its efforts to monitor and
resolve higher-than-expected wear, tear and failure of equipment and systems related to the higher throughput rate, with the objective
to better optimize and stabilize the throughput |
| · | The expansion of the mine maintenance shops to support increased mining rates and a larger production
fleet is ongoing, with engineering close to completion. The new mining service facility is expected to be completed in 2025 |
| · | An upgrade of the 230kV main substation is planned to improve the power quality at the mine. In addition,
the upgrade will improve the site readiness for future power expansion for potential projects such as the trolley assist mine haulage
system. Approximately 70% of the engineering was completed and all lead items had been ordered as at December 31, 2023. The upgrades
related to power quality are expected to be completed in 2024 and those related to improve site readiness for future expansions in 2025 |
| · | In the fourth quarter of 2023, the construction of the second cell stage four of the tailings management
area was completed on schedule and on budget |
Macassa – Record Quarterly and Annual
Development Metres, Ore Tonnes Skipped and Mill Throughput; Continued Productivity Gains Result in Lowest Minesite Costs per Tonne Since
the Merger
| |
Three Months Ended | |
Year Ended | |
Macassa Mine – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022* | |
Tonnes of ore milled (thousands of tonnes) | |
| 131 | |
| 70 | |
| 442 | |
| 280 | |
Tonnes of ore milled per day | |
| 1,424 | |
| 761 | |
| 1,211 | |
| 856 | |
Gold grade (g/t) | |
| 14.82 | |
| 19.58 | |
| 16.47 | |
| 20.47 | |
Gold production (ounces) | |
| 60,584 | |
| 43,308 | |
| 228,535 | |
| 180,833 | |
Production costs per tonne (C$) | |
$ | 445 | |
$ | 594 | |
$ | 475 | |
$ | 602 | |
Minesite costs per tonne (C$) | |
$ | 473 | |
$ | 632 | |
$ | 503 | |
$ | 577 | |
Production costs per ounce of gold produced | |
$ | 704 | |
$ | 714 | |
$ | 678 | |
$ | 718 | |
Total cash costs per ounce of gold produced | |
$ | 763 | |
$ | 758 | |
$ | 731 | |
$ | 683 | |
*For the Full Year Ended December 31, 2022,
the operating statistics are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to the higher volume of ore processed, partially offset by lower gold grades |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to the timing of the closing of the Merger and higher volume of ore processed, partially offset by lower gold grades |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period
due to the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period
due to more ounces of gold produced in the current period, and the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due
to the higher volume of ore milled in the current period and the fair value adjustments to inventory made in 2022. Production costs per
ounce decreased when compared to the prior-year period due to more ounces of gold being produced in the current period and the weaker
Canadian dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period
due to the higher volume of ore milled, partially offset by higher mining costs resulting from higher input prices. Total cash costs per
ounce increased when compared to the prior-year period primarily due to higher mining costs, partially offset by the weaker Canadian dollar
relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily
due to the higher volume of ore milled, mainly due to the timing of the closing of the Merger. Total cash costs per ounce increased when
compared to the prior year period due to higher mining costs, partially offset by more ounces of gold produced in the period and the weaker
Canadian dollar relative to the U.S. dollar |
Highlights
| · | During the fourth quarter of 2023, Macassa continued to demonstrate sustained productivity gains and improved
compliance to plan, which resulted in record quarterly and annual development metres, tonnes skipped and mill throughput. The robust operational
performance drove the lowest minesite costs per tonne since the Merger |
| · | In the fourth quarter and full year of 2023, realized gold grades were lower than forecast largely due
to the addition to the mine plan of lower grade opportunity ounces as a result of the increased mining rate and available mill capacity |
| · | At the Portal (ramp access to the NSUR) production from long hole stopes continued in the fourth quarter
of 2023. Gold production from NSUR was approximately 4,800 ounces in the fourth quarter of 2023 |
| · | The construction of the enclosure of the surface fans continued according to schedule in the fourth quarter
of 2023 and both fans were operating at 60%. The overall ventilation system upgrade is currently on track for completion in the first
quarter of 2024, when both fans are anticipated to reach full capacity |
NUNAVUT
Meliadine Mine – Record Annual Safety
Performance and Mill Throughput
| |
Three Months Ended | |
For the Year Ended | |
Meliadine Mine – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 511 | |
| 475 | |
| 1,918 | |
| 1,757 | |
Tonnes of ore milled per day | |
| 5,554 | |
| 5,163 | |
| 5,255 | |
| 4,814 | |
Gold grade (g/t) | |
| 6.03 | |
| 7.00 | |
| 6.11 | |
| 6.83 | |
Gold production (ounces) | |
| 96,285 | |
| 103,397 | |
| 364,141 | |
| 372,874 | |
Production costs per tonne (C$) | |
$ | 251 | |
$ | 226 | |
$ | 241 | |
$ | 232 | |
Minesite costs per tonne (C$) | |
$ | 249 | |
$ | 233 | |
$ | 249 | |
$ | 234 | |
Production costs per ounce of gold produced | |
$ | 981 | |
$ | 786 | |
$ | 944 | |
$ | 853 | |
Total cash costs per ounce of gold produced | |
$ | 992 | |
$ | 855 | |
$ | 980 | |
$ | 863 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily
due to lower gold grades, partially offset by higher volume of ore processed |
| · | Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due
to lower gold grades, partially offset by the higher volume of ore processed |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period
due to the consumption of stockpiles and higher logistics 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 due to the same reasons outlined above for production costs
per tonne and fewer ounces of gold being produced in the current period, partially offset by the weaker Canadian dollar relative to the
U.S. dollar |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due
to the consumption of stockpiles, higher underground and open pit mining costs and higher logistics 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
reasons outlined above for production costs per tonne and fewer ounces of gold produced in the current period, partially offset by the
weaker Canadian dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period
due to the same reasons as the higher production cost per tonne. Total cash costs per ounce increased when compared to the prior-year
period due to the same reasons outlined above regarding production costs per ounce and fewer ounces of gold being produced, partially
offset by the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period due to
the same reasons as the higher production cost per tonne. Total cash costs per ounce increased when compared to the prior-year period
due to the same reasons outlined above regarding production costs per ounce and fewer ounces of gold being produced, partially offset
by the weaker Canadian dollar relative to the U.S. dollar |
Highlights
| · | The processing plant continued to demonstrate overall strong performance, with record tonnes processed
in the fourth quarter of 2023 and for the full year 2023 at 511,000 tonnes and 1.9 million tonnes, respectively |
| · | The open pit mine performed above plan in the fourth quarter of 2023, partially offsetting lower production
from the underground mine which was affected by rehabilitation work on the main haulage ramp |
| · | The Phase 2 mill expansion is expected to be completed in mid-2024 and the processing rate ramp-up is
expected to increase throughput to 6,000 tpd by year-end 2024. In the fourth quarter of 2023, work on the Phase 2 mill expansion continued
as mechanical piping and electrical work was ongoing at the carbon in leach building, the power plant and secondary grinding building,
which is now fully enclosed. Commissioning of the filter press began during the fourth quarter of 2023 |
| · | The waterline installation is underway, with the section from kilometre 15 to kilometre 30 completed.
The waterline installation is expected to be completed in 2024, allowing for utilization in the summer of 2025 |
| · | 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. See “Environment,
Social and Governance Highlights – Meliadine Extension Permit” for further details on the Meliadine permit application |
Meadowbank Complex – Solid Operational
Performance Continued; Record Annual Safety Performance; Extension of Mine Life to 2028 with IVR Pit Pushback Approved
| |
Three Months Ended | |
Year Ended | |
Meadowbank Complex – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 938 | |
| 923 | |
| 3,843 | |
| 3,739 | |
Tonnes of ore milled per day | |
| 10,196 | |
| 10,033 | |
| 10,529 | |
| 10,244 | |
Gold grade (g/t) | |
| 3.97 | |
| 3.48 | |
| 3.86 | |
| 3.40 | |
Gold production (ounces) | |
| 109,226 | |
| 94,328 | |
| 431,666 | |
| 373,785 | |
Production costs per tonne (C$) | |
$ | 206 | |
$ | 191 | |
$ | 183 | |
$ | 154 | |
Minesite costs per tonne (C$) | |
$ | 185 | |
$ | 186 | |
$ | 179 | |
$ | 157 | |
Production costs per ounce of gold produced | |
$ | 1,306 | |
$ | 1,364 | |
$ | 1,214 | |
$ | 1,184 | |
Total cash costs per ounce of gold produced | |
$ | 1,186 | |
$ | 1,418 | |
$ | 1,176 | |
$ | 1,210 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to higher grades and higher volume of ore processed |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to higher gold grades and the volume of ore processed |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period
due to a lower deferred stripping adjustment at the open pit and higher milling and underground mining costs, 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 primarily
due to more ounces of gold being produced in the current period and the weaker Canadian dollar relative to the U.S. dollar, partially
offset by the higher production costs per tonne as outlined above |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due
to the consumption of stockpiles, higher milling underground mining costs, partially offset by a higher stripping ratio at the open pit
and 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 production costs per tonne, partially offset by more ounces of gold being produced in the current
period and the weaker Canadian dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period
due to the same reasons as the higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year
period due to more ounces of gold produced and the weaker Canadian dollar relative to the U.S. dollar |
| · | Full Year 2023 – 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 decreased when compared to the prior-year period
due to more gold ounces produced and the weaker Canadian dollar relative to the U.S. dollar |
Highlights
| · | The open pit operation continued to deliver solid performance during the fourth quarter of 2023 despite
delays related to an extended caribou migration and poor weather conditions. Production at Amaruq also continued to benefit from positive
reconciliation on tonnes and grade |
| · | The underground operation continued to build on productivity gains demonstrating sustained improvement
through the cycle and increased adherence and compliance to plan. The cemented rock fill and ore haulage set quarterly performance records |
| · | Based on continuous improvement and cost optimization efforts, positive reconciliation to the geological
model and infill drilling, the Company has approved an extension to the Amaruq life of mine to 2028 (previous mine life of 2026). The
extension consists of a push-back from the IVR pit, at a stripping ratio of 7.2, and additional stopes from the underground, which, combined,
contribute approximately 500,000 of additional gold ounces to the production profile |
AUSTRALIA
Fosterville – Higher Mill Throughput
Helped Offset Lower Grades; Priority Lateral Development for the Ventilation Upgrade Completed
| |
Three Months Ended | |
Year Ended | |
Fosterville Mine – Operating Statistics* | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022* | |
Tonnes of ore milled (thousands of tonnes) | |
| 183 | |
| 139 | |
| 651 | |
| 524 | |
Tonnes of ore milled per day | |
| 1,989 | |
| 1,511 | |
| 1,784 | |
| 1,602 | |
Gold grade (g/t) | |
| 8.79 | |
| 20.29 | |
| 13.61 | |
| 20.41 | |
Gold production (ounces) | |
| 49,533 | |
| 88,634 | |
| 277,694 | |
| 338,327 | |
Production costs per tonne (A$) | |
$ | 259 | |
$ | 370 | |
$ | 304 | |
$ | 561 | |
Minesite costs per tonne (A$) | |
$ | 261 | |
$ | 399 | |
$ | 301 | |
$ | 356 | |
Production costs per ounce of gold produced | |
$ | 632 | |
$ | 385 | |
$ | 473 | |
$ | 605 | |
Total cash costs per ounce of gold produced | |
$ | 723 | |
$ | 414 | |
$ | 488 | |
$ | 378 | |
*For the Full Year Ended December 31, 2022, the operating statistics
are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.
Gold Production
| · | Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily
due to lower grade from the mine sequence, partially offset by the higher volume of ore milled |
| · | Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due
to lower grades from the mine sequence, partially offset by the higher volume of ore milled and the timing of the closing of the Merger |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period
due to lower mining and milling costs and the higher volume of ore milled. Production costs per ounce increased when compared to the prior-year
period due to the lower gold grades, partially offset by the lower mining and milling costs and the weaker Australian dollar relative
to the U.S. dollar |
| · | Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due
to fair value adjustments to inventory on the purchase price allocation recognized in 2022 with no comparative recognition occurring in
2023. Production costs per ounce decreased when compared to the prior-year period for the same reasons above as well as the effect of
the weaker Australian dollar relative to the U.S. dollar, partially offset by fewer ounces produced in the period due to lower gold grades |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period
due to lower mining and milling costs and 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 fewer ounces produced in the period, partially offset by the lower minesite costs per tonne
and the weaker Australian dollar relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily
due to the higher volume of ore milled and lower mining and milling costs. Total cash costs per ounce increased when compared to the prior
year period primarily due to fewer ounces of gold produced in the current period, partially offset by the lower minesite costs per tonne
and the weaker Australian dollar relative to the U.S. dollar |
Highlights
| · | 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 fourth quarter of 2023, the Company completed the
priority development related to the ventilation upgrade on schedule and commenced the reaming of the first ventilation raise. The Company
expects the project to be completed by early 2025 |
| · | During the fourth quarter of 2023, the Company continued to give
priority to the key underground development in Robbins Hill district and the Lower Phoenix exploration drive. Unplanned maintenance on
a primary fan transformer in late December affected underground production and resulted in the delayed extraction of a high grade
stope from the Swan zone |
| · | At the mill, throughput was solid with run of mine and coarse ore stockpiles being drawn down at quarter
end to help counter the delay on a high grade Swan stope. As a result, head grades were slightly lower than planned |
FINLAND
Kittila – Operating Permit Restored to
2.0 Mtpa; Production Hoist Ramp Up Completed
| |
Three Months Ended | |
Year Ended | |
Kittila Mine – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 514 | |
| 421 | |
| 1,954 | |
| 1,925 | |
Tonnes of ore milled per day | |
| 5,587 | |
| 4,576 | |
| 5,353 | |
| 5,274 | |
Gold grade (g/t) | |
| 4.55 | |
| 3.93 | |
| 4.48 | |
| 4.13 | |
Gold production (ounces) | |
| 61,172 | |
| 44,724 | |
| 234,402 | |
| 216,947 | |
Production costs per tonne (EUR) | |
€ | 91 | |
€ | 129 | |
€ | 98 | |
€ | 103 | |
Minesite costs per tonne (EUR) | |
€ | 96 | |
€ | 132 | |
€ | 99 | |
€ | 101 | |
Production costs per ounce of gold produced | |
$ | 828 | |
$ | 1,258 | |
$ | 878 | |
$ | 971 | |
Total cash costs per ounce of gold produced | |
$ | 858 | |
$ | 1,330 | |
$ | 871 | |
$ | 980 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to higher gold grades and the higher volume of ore milled, partially offset by lower metallurgical recovery |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to higher gold grades and higher volume of ore milled, partially offset by lower metallurgical recovery |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period
due to the higher volume of ore milled and lower milling costs in the current period. Production costs per ounce decreased when compared
to the prior-year period due to more ounces of gold being produced and lower milling costs and the weaker Euro dollar relative to the
U.S. dollar |
| · | Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due
to the higher volume of ore milled in the current period and stockpile adjustments between periods. Production costs per ounce decreased
when compared to the prior-year period due to more ounces of gold being produced and the weaker Euro dollar relative to the U.S. dollar |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period
due to the same reasons as for production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period
due to the same reasons as for production costs per ounce |
| · | Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily
due to the same reasons as for production costs per tonne. Total cash costs per ounce decreased when compared to the prior year period
due to the same reasons as for production costs per ounce |
Highlights
| · | On October 27, 2023, the Supreme Administrative Court of Finland ("SAC") confirmed that
the environmental permits granted to Agnico Eagle Finland in 2020 remain valid and production can continue at a rate of 2.0 mtpa in accordance
with the permit. The Company operated Kittila at an annualized rate of 2.0 mtpa in the first nine months of 2023 and, following the SAC
decision, the Company was able to maintain that production rate uninterrupted for the remainder of the year |
| · | During the fourth quarter of 2023, a four day unplanned maintenance shutdown was necessary to clean the
autoclave which affected mill throughput |
| · | At the mine, the production hoist ramp up was completed and 100% of ore was hoisted via the shaft in December |
| · | A decline in input costs for electricity, contractors and explosives, coupled with the commissioning of
the production shaft, has led to a continued decrease in minesite costs per tonne during the fourth quarter of 2023 when compared to previous
quarters during 2023 |
| · | The successful implementation of several environmental initiatives, including the nitrogen removal plant,
has bolstered Kittila's environmental performance and the mine's emissions remained below 75% of the permitted limits for the full year |
MEXICO
Pinos Altos – Strong Performance at Reyna
de Plata Pit Drives Quarterly Production
| |
Three Months Ended | |
Year Ended | |
Pinos Altos Mine – Operating Statistics | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Dec 31, 2023 | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 441 | |
| 382 | |
| 1,656 | |
| 1,510 | |
Tonnes of ore milled per day | |
| 4,793 | |
| 4,152 | |
| 4,537 | |
| 4,137 | |
Gold grade (g/t) | |
| 1.91 | |
| 2.14 | |
| 1.92 | |
| 2.07 | |
Gold production (ounces) | |
| 25,963 | |
| 25,291 | |
| 97,642 | |
| 96,522 | |
Production costs per tonne | |
$ | 87 | |
$ | 98 | |
$ | 88 | |
$ | 96 | |
Minesite costs per tonne | |
$ | 88 | |
$ | 97 | |
$ | 88 | |
$ | 94 | |
Production costs per ounce of gold produced | |
$ | 1,470 | |
$ | 1,485 | |
$ | 1,495 | |
$ | 1,497 | |
Total cash costs per ounce of gold produced | |
$ | 1,210 | |
$ | 1,255 | |
$ | 1,229 | |
$ | 1,249 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to the higher volume of ore milled, partially offset by lower gold grades |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to higher volume of ore milled, partially offset by lower gold grades |
Production Costs
| · | Fourth Quarter of 2023 – 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 the increase in milling costs due to higher input prices.
Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the current period,
partially offset by higher milling costs and the strengthening of the Mexican Peso relative to the U.S. dollar |
| · | Full Year 2023 – 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 the increase in open pit mining and milling costs due to
higher input prices. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above
and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold being produced in the period |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period
due to higher volume of ore processed, partially offset by higher open pit mining and milling costs from higher input prices. Total cash
costs per ounce decreased when compared to the prior-year period due to lower underground mining costs and more ounces of gold being produced
in the period, partially offset by higher open pit mining and milling costs and the stronger Mexican Peso relative to the U.S. dollar |
| · | Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily
due to higher volume of ore processed, partially offset by higher open pit mining and milling costs from higher input prices. Total cash
costs per ounce decreased when compared to the prior year period for the same reasons outlined above for production costs per tonne and
the stronger Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the period |
Highlights
| · | During the fourth quarter of 2023, strong mining performance at the open pit operations offset lower ore
tonnes mined from the underground operations due to mining smaller stopes and resulted in stable production quarter-over-quarter |
| · | Production from the San Eligio zone continued to ramp up in the fourth quarter of 2023, with seven stopes
mined in the quarter, and provides increased production flexibility to the Pinos Altos mine |
La India – Mining Activities Completed
in the Fourth Quarter; Residual Leaching in 2024
| |
Three Months Ended | | |
Year Ended | |
La India Mine – Operating Statistics | |
Dec 31, 2023 | | |
Dec 31, 2022 | | |
Dec 31, 2023 | | |
Dec 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| 500 | | |
| 1,138 | | |
| 3,010 | | |
| 5,102 | |
Tonnes of ore milled per day | |
| 5,435 | | |
| 12,370 | | |
| 8,247 | | |
| 13,978 | |
Gold grade (g/t) | |
| 0.92 | | |
| 0.57 | | |
| 0.87 | | |
| 0.59 | |
Gold production (ounces) | |
| 19,481 | | |
| 16,669 | | |
| 75,904 | | |
| 74,672 | |
Production costs per tonne | |
$ | 49 | | |
$ | 18 | | |
$ | 32 | | |
$ | 15 | |
Minesite costs per tonne | |
$ | 45 | | |
$ | 20 | | |
$ | 32 | | |
$ | 16 | |
Production costs per ounce of gold produced | |
$ | 1,254 | | |
$ | 1,245 | | |
$ | 1,271 | | |
$ | 1,021 | |
Total cash costs per ounce of gold produced | |
$ | 1,149 | | |
$ | 1,369 | | |
$ | 1,241 | | |
$ | 1,056 | |
Gold Production
| · | Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily
due to higher gold grades, partially offset by fewer tonnes of ore placed on the heap leach after the depletion of the open pit |
| · | Full Year 2023 – Gold production increased when compared to the prior-year period primarily due
to higher gold grades, partially offset by fewer tonnes of ore placed on the heap leach after the depletion of the open pit |
Production Costs
| · | Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period
primarily due to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit. Production
costs per ounce increased when compared to the prior-year period due to the same reasons outlined above and the strengthening of the Mexican
Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the current period |
| · | Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due
to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit, partially offset by lower
open pit mining costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above
for production costs per tonne and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces
of gold produced in the current period |
Minesite and Total Cash Costs
| · | Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period
primarily due to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit. Total cash
costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the period, partially offset by
the strengthening of the Mexican Peso relative to the U.S. dollar between periods |
| · | Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily
due to the lower volume of ore placed on the heap leach in the current period. Total cash costs per ounce increased when compared to the
prior year period primarily due to the consumption of heap leach stockpiles with the cessation of mining operations and the strengthening
of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the current period |
Highlights
| · | Mining and crushing activities were completed in the fourth quarter of 2023, with residual leaching to
continue into 2024 |
| · | Gold production in the fourth quarter of 2023 was better than planned, primarily as a result of higher
gold grades than anticipated at the bottom of the open pit |
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.
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", "all-in sustaining costs per ounce", "adjusted
net income", "adjusted net income per share", "cash provided by operating activities before working capital adjustments",
"cash provided by operating activities before working capital adjustments per share", "earnings before interest, taxes,
depreciation and amortization" (also referred to as EBITDA), "adjusted EBITDA", "free cash flow", "free
cash flow before changes in non-cash components of working capital", "operating margin", "sustaining capital expenditures",
"development capital expenditures", "net debt" and "minesite costs per tonne" that are not standardized
measures under IFRS. These measures may not be comparable to similar measures reported by other gold mining companies. For a reconciliation
of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in
accordance with IFRS, other than adjusted net income, see "Reconciliation of Non-GAAP Financial Performance Measures" below.
Total cash costs per ounce of gold produced
Total cash costs per ounce of gold produced (also
referred to as "total cash costs per ounce") 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 of gold produced on a
by-product basis is calculated by adjusting production costs as recorded in the consolidated statements of (loss) 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, operational care and maintenance costs due to COVID-19 and other
adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of the Canadian Malartic
complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, as
well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the extraordinary 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 the Detour Lake,
Macassa and Fosterville mines have been adjusted for this purchase price allocation in the comparative period data and for the Canadian
Malartic complex in year ended December 31, 2023. 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 of gold produced on
a co-product basis is calculated in the same manner as the total cash costs per ounce of gold produced 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 of gold produced 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.
Total cash costs per ounce of gold produced 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 helpful 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 of gold produced 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 of gold produced 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 it is 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.
In this news release, unless otherwise indicated,
total cash costs per ounce of gold produced is reported on a by-product basis. Total cash costs per ounce of gold produced 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.
All-in sustaining costs per ounce of gold
produced
All-in sustaining costs per ounce of gold produced
(also referred to as "all-in sustaining costs per ounce" or "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 noncash expenditures, such as depreciation and amortization. In this
news release, unless otherwise indicated, all-in sustaining costs per ounce of gold produced is reported on a byproduct basis (see “—Total
cash costs per ounce of gold produced” for a discussion of regarding the Company's use of by-product basis reporting).
Management believes that AISC per ounce is helpful
to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations
and, as such, provides helpful 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 total cash costs per ounce
and 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 it 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 of gold produced reported by the Company may not be comparable
to data reported by other gold mining companies.
Adjusted net income and adjusted net income
per share
Adjusted net income is calculated by adjusting
the net (loss) income as recorded in the consolidated statements of (loss) income for the effects of certain non-recurring, unusual and
other 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 (loss) income for foreign currency translation gains or losses, realized and unrealized gains or
losses on derivative financial instruments, revaluation gain, impairment loss charges and reversals, environmental remediation, severance
and transaction costs related to acquisitions, integration costs, purchase price allocations to inventory, self-insurance losses, gains
and losses on the disposal of assets, income and mining taxes adjustments as well as other items (which include payments that relate to
prior years and disposals of supplies inventory at non-operating sites). 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 adjusted net income
and adjusted net income per share are useful to investors in that they allow for the evaluation of the results of continuing operations
and in making comparisons between periods. These generally accepted industry measures 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 helpful 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. Adjusted net income and adjusted net income per share are not standardized measures under IFRS and, as reported by the Company,
may not be comparable to similarly labelled measures reported by other companies.
Cash provided by operating activities before
working capital adjustments and cash provided by operating activities before working capital adjustments per share
Cash provided by operating activities before working
capital adjustments and cash provided by operating activities before working capital adjustments per share are calculated by adjusting
the cash provided by operating activities as shown in the consolidated statements of cash flows for the effects of changes in non-cash
components of working capital such as trade receivables, 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 working
capital adjustments by the weighted average number of shares outstanding 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 believe 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.
EBITDA and adjusted EBITDA
EBITDA, or earnings before interest, taxes, depreciation
and amortization, is calculated by adjusting the net (loss) income as recorded in the consolidated statements of (loss) income for finance
costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated
statements of (loss) income. EBITDA removes the effects of certain non-recurring, unusual and other 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 foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments,
revaluation gains and losses, impairment loss charges and reversals, environmental remediation, severance and transaction costs related
to acquisitions, integration costs, purchase price allocations to inventory, self-insurance losses, gains and losses on the disposal of
assets, as well as other items (which include payments that relate to prior years and disposals of supplies inventory at non-operating
sites).
The Company believes EBITDA and adjusted EBITDA
are useful to investors in that they allow for the evaluation of the liquidity generating capability of the Company to fund its working
capital, capital expenditure and debt repayments. These generally accepted industry measures 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 helpful 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. EBITDA and adjusted EBITDA are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly
labelled measures reported by other companies.
Free cash flow and Free cash flow before
changes in non-cash components of working capital
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 consolidated statements
of cash flows. Free cash flow before changes in non-cash components of working capital is calculated by excluding the effect of changes
in non-cash components of working capital from free cash flow such as trade receivables, income taxes, inventory, other current assets,
accounts payable and accrued liabilities and interest payable.
The Company believes that free cash flow and free
cash flow before changes in non-cash components of working capital 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. These generally accepted industry measures
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, and believes it is helpful to investors so they can, understand and monitor the cash generating capability of the
Company. Free cash flow and free cash flow before changes in non-cash components of working capital are not standardized measures under
IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.
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 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; 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 helpful 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. Operating margin is not a standardized measure under IFRS and, as reported by the Company,
may not be comparable to similarly labelled measures reported by other companies.
Sustaining capital expenditures and development
capital expenditures
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.
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 consolidated balance sheet 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 future debt capacity of the Company. Net debt is not a standardized measure under IFRS and, as reported
by the Company, may not be comparable to similarly labelled measures reported by other companies.
Minesite costs per tonne
Minesite costs per tonne are calculated by adjusting
production costs as recorded in the consolidated statements of (loss) income for inventory production costs, operational care and
maintenance costs due to COVID-19 and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce
of gold produced 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. Minesite costs per tonne is
not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by
other gold mining companies.
Forward-Looking Non-GAAP Measures
This news release also contains information as
to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based upon the total cash
costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines and projects
and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion
expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable
to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure.
Forward-Looking Statements
The
information in this news release has been prepared as at February 15, 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", "could", "estimate",
"expect", "forecast", "future", "plan", "possible", "potential",
"schedule", "target", "tracking", "will", and similar expressions are intended to identify
forward-looking statements. Such statements include, without limitation: 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 Upper Beaver project and the Company's other 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, Kittila,
Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and
commissioning thereof and the commencement of production therefrom; the potential to optimize mining and milling through improved
productivity to ensure Fosterville remains a sustainable 175,000 ounces to 200,000 ounces producer annually; the potential for the
Macassa mine to maintain production in excess of 300,000 ounces of gold per year based on expected exploration results; the
Company's plans at the Hope Bay project; the Company's plans at the Wasamac project; 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 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 and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the
Company's mine sites; 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 and payment dates; 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, 2022 filed with Canadian securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31, 2022 ("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
and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations 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 additional measures in response to the
COVID-19 pandemic 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, the COVID-19 pandemic 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 the LaRonde complex and Goldex mine; mining risks;
community protests, including by Indigenous groups; risks associated with foreign operations; 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 to which COVID-19, its variants, and other 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.
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").
Effective February 25, 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 now
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.
Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies,
except in limited circumstances. 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.
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 and mineral reserves are not reported as a subset of mineral resources.
Scientific and Technical Information
The scientific and technical information contained
in this news release relating to 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, 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.
Detailed Mineral Reserve and Mineral Resource
Data
MINERAL RESERVES |
|
As
at December 31, 2023 |
|
OPERATION
/ PROJECT | |
PROVEN | | |
PROBABLE | | |
PROVEN &
PROBABLE | |
GOLD | |
Mining
Method* | |
000
Tonnes | | |
g/t | |
000
Oz
Au | | |
000
Tonnes | |
g/t | |
000
Oz
Au | | |
000
Tonnes | |
g/t | |
000
Oz
Au | | |
Recovery
%** | |
LaRonde
mine1 | |
U/G | |
| 2,342 | | |
| 4.98 | |
| 375 | | |
| 8,568 | |
| 6.79 | |
| 1,870 | | |
| 10,910 | |
| 6.40 | |
| 2,244 | | |
| 94.7 | |
LaRonde
Zone 52 | |
U/G | |
| 4,450 | | |
| 2.11 | |
| 301 | | |
| 4,523 | |
| 2.30 | |
| 334 | | |
| 8,972 | |
| 2.20 | |
| 636 | | |
| 94.7 | |
LaRonde
complex Total | |
| |
| 6,791 | | |
| 3.10 | |
| 676 | | |
| 13,091 | |
| 5.24 | |
| 2,204 | | |
| 19,882 | |
| 4.51 | |
| 2,880 | | |
| | |
Canadian
Malartic3 | |
O/P | |
| 45,474 | | |
| 0.58 | |
| 852 | | |
| 45,332 | |
| 1.09 | |
| 1,584 | | |
| 90,806 | |
| 0.83 | |
| 2,436 | | |
| 89.0 | |
East
Gouldie4 | |
U/G | |
| — | | |
| — | |
| — | | |
| 47,005 | |
| 3.42 | |
| 5,173 | | |
| 47,005 | |
| 3.42 | |
| 5,173 | | |
| 94.6 | |
Odyssey
deposits5 | |
U/G | |
| 17 | | |
| 2.25 | |
| 1 | | |
| 4,422 | |
| 2.17 | |
| 308 | | |
| 4,440 | |
| 2.17 | |
| 310 | | |
| 95.3 | |
Canadian
Malartic complex Total | |
| |
| 45,491 | | |
| 0.58 | |
| 853 | | |
| 96,760 | |
| 2.27 | |
| 7,065 | | |
| 142,251 | |
| 1.73 | |
| 7,919 | | |
| | |
Goldex6 | |
U/G | |
| 797 | | |
| 2.60 | |
| 66 | | |
| 16,873 | |
| 1.54 | |
| 834 | | |
| 17,669 | |
| 1.59 | |
| 901 | | |
| 85.8 | |
Akasaba
West7 | |
O/P | |
| 203 | | |
| 0.84 | |
| 5 | | |
| 4,823 | |
| 0.89 | |
| 138 | | |
| 5,025 | |
| 0.89 | |
| 143 | | |
| 77.1 | |
Quebec
Total | |
| |
| 53,282 | | |
| 0.93 | |
| 1,601 | | |
| 131,546 | |
| 2.42 | |
| 10,242 | | |
| 184,828 | |
| 1.99 | |
| 11,843 | | |
| | |
Detour
Lake (Above 0.5 g/t) | |
O/P | |
| 70,048 | | |
| 1.14 | |
| 2,565 | | |
| 484,633 | |
| 0.90 | |
| 14,029 | | |
| 554,681 | |
| 0.93 | |
| 16,594 | | |
| 91.9 | |
Detour
Lake (Below 0.5 g/t) | |
O/P | |
| 48,656 | | |
| 0.43 | |
| 666 | | |
| 215,712 | |
| 0.38 | |
| 2,669 | | |
| 264,368 | |
| 0.39 | |
| 3,335 | | |
| 90.0 | |
Detour
Lake Total8 | |
| |
| 118,703 | | |
| 0.85 | |
| 3,230 | | |
| 700,346 | |
| 0.74 | |
| 16,698 | | |
| 819,049 | |
| 0.76 | |
| 19,928 | | |
| | |
Macassa
mine9 | |
U/G | |
| 248 | | |
| 16.17 | |
| 129 | | |
| 3,959 | |
| 14.34 | |
| 1,825 | | |
| 4,207 | |
| 14.45 | |
| 1,954 | | |
| 97.4 | |
Macassa
Near Surface10 | |
U/G | |
| 2 | | |
| 4.23 | |
| — | | |
| 117 | |
| 5.96 | |
| 22 | | |
| 119 | |
| 5.93 | |
| 23 | | |
| 95.0 | |
AK
deposit11 | |
U/G | |
| — | | |
| — | |
| — | | |
| 742 | |
| 6.69 | |
| 160 | | |
| 742 | |
| 6.69 | |
| 160 | | |
| 95.0 | |
Macassa
Total | |
| |
| 249 | | |
| 16.10 | |
| 129 | | |
| 4,818 | |
| 12.96 | |
| 2,007 | | |
| 5,067 | |
| 13.11 | |
| 2,136 | | |
| | |
Upper
Beaver12 | |
U/G | |
| — | | |
| — | |
| — | | |
| 7,992 | |
| 5.43 | |
| 1,395 | | |
| 7,992 | |
| 5.43 | |
| 1,395 | | |
| 95.0 | |
Hammond
Reef13 | |
O/P | |
| — | | |
| — | |
| — | | |
| 123,473 | |
| 0.84 | |
| 3,323 | | |
| 123,473 | |
| 0.84 | |
| 3,323 | | |
| 89.2 | |
Ontario
Total | |
| |
| 118,952 | | |
| 0.88 | |
| 3,359 | | |
| 836,629 | |
| 0.87 | |
| 23,424 | | |
| 955,581 | |
| 0.87 | |
| 26,783 | | |
| | |
Amaruq | |
O/P | |
| 3,010 | | |
| 1.58 | |
| 153 | | |
| 9,469 | |
| 3.76 | |
| 1,146 | | |
| 12,479 | |
| 3.24 | |
| 1,299 | | |
| 91.7 | |
Amaruq | |
U/G | |
| 49 | | |
| 5.96 | |
| 9 | | |
| 2,829 | |
| 5.81 | |
| 528 | | |
| 2,878 | |
| 5.81 | |
| 538 | | |
| 91.7 | |
Meadowbank
complex Total14 | |
| |
| 3,059 | | |
| 1.65 | |
| 162 | | |
| 12,298 | |
| 4.23 | |
| 1,674 | | |
| 15,357 | |
| 3.72 | |
| 1,837 | | |
| | |
Meliadine | |
O/P | |
| 266 | | |
| 4.27 | |
| 37 | | |
| 4,632 | |
| 4.46 | |
| 664 | | |
| 4,898 | |
| 4.45 | |
| 700 | | |
| 94.7 | |
Meliadine | |
U/G | |
| 1,514 | | |
| 7.57 | |
| 369 | | |
| 11,846 | |
| 6.30 | |
| 2,398 | | |
| 13,360 | |
| 6.44 | |
| 2,767 | | |
| 96.3 | |
Meliadine
Total15 | |
| |
| 1,780 | | |
| 7.08 | |
| 405 | | |
| 16,478 | |
| 5.78 | |
| 3,062 | | |
| 18,258 | |
| 5.91 | |
| 3,467 | | |
| | |
Hope
Bay16 | |
U/G | |
| 93 | | |
| 6.77 | |
| 20 | | |
| 16,123 | |
| 6.51 | |
| 3,377 | | |
| 16,216 | |
| 6.52 | |
| 3,397 | | |
| 87.5 | |
Nunavut
Total | |
| |
| 4,932 | | |
| 3.71 | |
| 588 | | |
| 44,899 | |
| 5.62 | |
| 8,113 | | |
| 49,831 | |
| 5.43 | |
| 8,701 | | |
| | |
OPERATION
/ PROJECT | |
PROVEN | | |
PROBABLE | | |
PROVEN &
PROBABLE | |
GOLD | |
Mining
Method* | |
000
Tonnes | | |
g/t | |
000
Oz
Au | | |
000
Tonnes | |
g/t | |
000
Oz
Au | | |
000
Tonnes | |
g/t | |
000
Oz
Au | | |
Recovery
%** | |
Fosterville17 | |
U/G | |
| 679 | | |
| 12.52 | |
| 273 | | |
| 7,897 | |
| 5.55 | |
| 1,409 | | |
| 8,576 | | |
6.10 | |
| 1,682 | | |
| 95.0 | |
Australia
Total | |
| |
| 679 | | |
| 12.52 | |
| 273 | | |
| 7,897 | |
| 5.55 | |
| 1,409 | | |
| 8,576 | | |
6.10 | |
| 1,682 | | |
| | |
Kittila18 | |
U/G | |
| 984 | | |
| 4.11 | |
| 130 | | |
| 25,943 | |
| 4.14 | |
| 3,454 | | |
| 26,926 | | |
4.14 | |
| 3,584 | | |
| 86.9 | |
Europe
Total | |
| |
| 984 | | |
| 4.11 | |
| 130 | | |
| 25,943 | |
| 4.14 | |
| 3,454 | | |
| 26,926 | | |
4.14 | |
| 3,584 | | |
| | |
Pinos Altos | |
O/P | |
| 24 | | |
| 1.21 | |
| 1 | | |
| 2,363 | |
| 1.21 | |
| 92 | | |
| 2,387 | | |
1.21 | |
| 93 | | |
| 94.4 | |
Pinos Altos | |
U/G | |
| 2,386 | | |
| 2.14 | |
| 164 | | |
| 4,150 | |
| 2.17 | |
| 290 | | |
| 6,536 | | |
2.16 | |
| 454 | | |
| 94.2 | |
Pinos
Altos Total19 | |
| |
| 2,410 | | |
| 2.13 | |
| 165 | | |
| 6,514 | |
| 1.82 | |
| 381 | | |
| 8,924 | | |
1.90 | |
| 546 | | |
| | |
San
Nicolás (50%)20 | |
O/P | |
| 23,858 | | |
| 0.41 | |
| 314 | | |
| 28,761 | |
| 0.39 | |
| 358 | | |
| 52,619 | | |
0.40 | |
| 672 | | |
| 17.6 | |
Mexico
Total | |
| |
| 26,268 | | |
| 0.57 | |
| 479 | | |
| 35,275 | |
| 0.65 | |
| 739 | | |
| 61,543 | | |
0.62 | |
| 1,219 | | |
| | |
Total
Gold | |
| |
| 205,096 | | |
| 0.98 | |
| 6,430 | | |
| 1,082,188 | |
| 1.36 | |
| 47,380 | | |
| 1,287,284 | | |
1.30 | |
| 53,811 | | |
| | |
SILVER | |
Mining
Method* | |
| 000 Tonnes | | |
| g/t | |
| 000
Oz
Ag | | |
| 000
Tonnes | |
| g/t | |
| 000
Oz
Ag | | |
| 000
Tonnes | | |
g/t | |
| 000
Oz
Ag | | |
| Recovery
%** | |
LaRonde | |
U/G | |
| 2,342 | | |
| 14.32 | |
| 1,078 | | |
| 8,568 | |
| 21.60 | |
| 5,950 | | |
| 10,910 | | |
20.04 | |
| 7,028 | | |
| 74.9 | |
Pinos Altos | |
O/P | |
| 24 | | |
| 43.30 | |
| 33 | | |
| 2,363 | |
| 36.35 | |
| 2,762 | | |
| 2,387 | | |
36.42 | |
| 2,796 | | |
| 44.5 | |
Pinos Altos | |
U/G | |
| 2,386 | | |
| 40.03 | |
| 3,070 | | |
| 4,150 | |
| 47.41 | |
| 6,326 | | |
| 6,536 | | |
44.71 | |
| 9,396 | | |
| 49.3 | |
Pinos
Altos Total | |
| |
| 2,410 | | |
| 40.06 | |
| 3,104 | | |
| 6,514 | |
| 43.40 | |
| 9,088 | | |
| 8,924 | | |
42.50 | |
| 12,192 | | |
| | |
San
Nicolás (50%) | |
O/P | |
| 23,858 | | |
| 23.93 | |
| 18,356 | | |
| 28,761 | |
| 20.91 | |
| 19,333 | | |
| 52,619 | | |
22.28 | |
| 37,689 | | |
| 38.2 | |
Total
Silver | |
| |
| 28,609 | | |
| 24.50 | |
| 22,538 | | |
| 43,843 | |
| 24.38 | |
| 34,371 | | |
| 72,453 | | |
24.43 | |
| 56,909 | | |
| | |
COPPER | |
Mining
Method* | |
| 000 Tonnes | | |
| % | |
| tonnes
Cu | | |
| 000
Tonnes | |
| % | |
| tonnes
Cu | | |
| 000
Tonnes | | |
% | |
| tonnes
Cu | | |
| Recovery
%** | |
LaRonde | |
U/G | |
| 2,342 | | |
| 0.19 | |
| 4,558 | | |
| 8,568 | |
| 0.30 | |
| 25,341 | | |
| 10,910 | | |
0.27 | |
| 29,899 | | |
| 83.6 | |
Akasaba
West | |
O/P | |
| 203 | | |
| 0.44 | |
| 890 | | |
| 4,823 | |
| 0.50 | |
| 24,262 | | |
| 5,025 | | |
0.50 | |
| 25,153 | | |
| 83.6 | |
Upper Beaver | |
U/G | |
| — | | |
| — | |
| — | | |
| 7,992 | |
| 0.25 | |
| 19,980 | | |
| 7,992 | | |
0.25 | |
| 19,980 | | |
| 90.0 | |
San
Nicolás (50%) | |
O/P | |
| 23,858 | | |
| 1.26 | |
| 299,809 | | |
| 28,761 | |
| 1.01 | |
| 291,721 | | |
| 52,619 | | |
1.12 | |
| 591,530 | | |
| 75.7 | |
Total
Copper | |
| |
| 26,402 | | |
| 1.16 | |
| 305,258 | | |
| 50,144 | |
| 0.72 | |
| 361,305 | | |
| 76,546 | | |
0.87 | |
| 666,562 | | |
| | |
ZINC | |
Mining
Method* | |
| 000 Tonnes | | |
| % | |
| tonnes
Zn | | |
| 000
Tonnes | |
| % | |
| tonnes
Zn | | |
| 000
Tonnes | | |
% | |
| tonnes
Zn | | |
| Recovery
%** | |
LaRonde | |
U/G | |
| 2,342 | | |
| 0.62 | |
| 14,424 | | |
| 8,568 | |
| 1.08 | |
| 92,164 | | |
| 10,910 | | |
0.98 | |
| 106,588 | | |
| 69.2 | |
San
Nicolás (50%) | |
O/P | |
| 23,858 | | |
| 1.61 | |
| 383,313 | | |
| 28,761 | |
| 1.37 | |
| 394,115 | | |
| 52,619 | | |
1.48 | |
| 777,428 | | |
| 65.5 | |
Total
Zinc | |
| |
| 26,199 | | |
| 1.52 | |
| 397,736 | | |
| 37,330 | |
| 1.30 | |
| 486,280 | | |
| 63,529 | | |
1.39 | |
| 884,016 | | |
| | |
*Underground (“U/G”), Open Pit ("O/P")
** Represents metallurgical recovery percentage
1 LaRonde mine: Net smelter value cut-off varies
according to mining type and depth, not less than C$91/t for LP1 and not less than C$192/t for LaRonde.
2 LaRonde Zone 5: Gold cut-off
grade varies according to stope size and depth, not less than 1.56 g/t.
3 Canadian Malartic: Gold cut-off
grade not less than 0.34 g/t for Barnat pit.
4 East Gouldie: Gold cut-off
grade not less than 1.67 g/t.
5 Odyssey deposits: Gold cut-off
grade varies according to mining zone and depth, not less than 1.53 g/t.
6 Goldex: Gold cut-off grade
varies according to mining type and depth, not less than 1.00 g/t.
7 Akasaba West: Net smelter
value cut-off varies, not less than C$33/t.
8 Detour Lake: Gold cut-off
grade not less than 0.30 g/t.
9 Macassa mine: Gold cut-off
grade varies according to mining type, not less than 3.71 g/t for long hole method and 4.41 g/t for cut and fill method.
10 Macassa Near Surface: Gold
cut-off grade not less than 4.33 g/t.
11 Amalgamated Kirkland (AK)
deposit: Gold cut-off grade not less than 4.25 g/t.
12 Upper Beaver: Net smelter
value cut-off not less than C$125/t.
13 Hammond Reef: Gold cut-off
grade not less than 0.41 g/t.
14 Amaruq: Gold cut-off grade
varies according to mining type, not less than 1.14 g/t for open pit mineral reserves and 3.42 g/t for underground mineral reserves (gold
cut-off grade for marginal underground mineral reserves from development is 1.14 g/t).
15 Meliadine: Gold cut-off
grade varies according to mining type, not less than 1.80 g/t for open pit mineral reserves and 4.40 g/t for underground mineral reserves
(gold cut-off grade for marginal underground mineral reserves from development is 1.80 g/t).
16 Hope Bay: Gold cut-off grade
not less than 4.00 g/t.
17 Fosterville: Gold cut-off
grade varies according to mining zone and type, not less than 3.80 g/t.
18 Kittila: Gold cut-off grade
varies according to haulage distance, not less than 2.59 g/t.
19 Pinos Altos: Net smelter
value cut-off varies according to mining zone and type, not less than C$9.33/t for open pit mineral reserves and US$49.93/t for the underground
mineral reserves.
20San Nicolás (50%):
Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t.
MINERAL RESOURCES |
|
As at December 31, 2023 |
|
OPERATION
/ PROJECT | |
MEASURED | |
INDICATED | |
MEASURED & INDICATED | |
INFERRED | |
GOLD | |
Mining Method* | |
000 Tonnes | |
g/t | |
000
Oz Au | |
000 Tonnes | |
g/t | |
000 Oz Au | |
000 Tonnes | |
g/t | |
000 Oz Au | |
000 Tonnes | |
g/t | |
000 Oz Au | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 3.06 | |
| 632 | |
| 6,424 | |
| 3.06 | |
| 632 | |
| 1,569 | |
| 5.67 | |
| 286 | |
LaRonde Zone 5 | |
U/G | |
| — | |
| — | |
| — | |
| 10,594 | |
| 2.27 | |
| 774 | |
| 10,594 | |
| 2.27 | |
| 774 | |
| 10,437 | |
| 3.38 | |
| 1,134 | |
LaRonde complex Total | |
| |
| — | |
| — | |
| — | |
| 17,018 | |
| 2.57 | |
| 1,407 | |
| 17,018 | |
| 2.57 | |
| 1,407 | |
| 12,006 | |
| 3.68 | |
| 1,420 | |
Canadian Malartic | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 8,171 | |
| 0.81 | |
| 214 | |
Odyssey | |
U/G | |
| — | |
| — | |
| — | |
| 1,372 | |
| 1.71 | |
| 75 | |
| 1,372 | |
| 1.71 | |
| 75 | |
| 19,700 | |
| 2.29 | |
| 1,453 | |
East Malartic | |
U/G | |
| — | |
| — | |
| — | |
| 11,134 | |
| 2.04 | |
| 731 | |
| 11,134 | |
| 2.04 | |
| 731 | |
| 65,748 | |
| 2.12 | |
| 4,480 | |
East Gouldie | |
U/G | |
| — | |
| — | |
| — | |
| 4,853 | |
| 1.56 | |
| 244 | |
| 4,853 | |
| 1.56 | |
| 244 | |
| 45,239 | |
| 2.29 | |
| 3,331 | |
Odyssey Project Total | |
| |
| — | |
| — | |
| — | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 130,687 | |
| 2.20 | |
| 9,263 | |
Canadian Malartic Total | |
| |
| — | |
| — | |
| — | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 138,858 | |
| 2.12 | |
| 9,477 | |
Goldex | |
U/G | |
| 12,360 | |
| 1.86 | |
| 739 | |
| 18,837 | |
| 1.50 | |
| 907 | |
| 31,197 | |
| 1.64 | |
| 1,646 | |
| 16,154 | |
| 1.68 | |
| 871 | |
Akasaba West | |
O/P | |
| — | |
| — | |
| — | |
| 4,044 | |
| 0.70 | |
| 91 | |
| 4,044 | |
| 0.70 | |
| 91 | |
| — | |
| — | |
| — | |
Wasamac | |
U/G | |
| — | |
| — | |
| — | |
| 27,850 | |
| 2.43 | |
| 2,173 | |
| 27,850 | |
| 2.43 | |
| 2,173 | |
| 9,232 | |
| 2.66 | |
| 789 | |
Quebec Total | |
| |
| 12,360 | |
| 1.86 | |
| 739 | |
| 85,109 | |
| 2.06 | |
| 5,628 | |
| 97,468 | |
| 2.03 | |
| 6,367 | |
| 176,249 | |
| 2.22 | |
| 12,558 | |
Detour Lake | |
O/P | |
| 30,861 | |
| 1.45 | |
| 1,434 | |
| 697,821 | |
| 0.74 | |
| 16,520 | |
| 728,681 | |
| 0.77 | |
| 17,955 | |
| 58,317 | |
| 0.62 | |
| 1,156 | |
Detour Lake | |
U/G | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 21,811 | |
| 2.23 | |
| 1,561 | |
Detour Lake Zone 58N | |
U/G | |
| — | |
| — | |
| — | |
| 2,868 | |
| 5.80 | |
| 534 | |
| 2,868 | |
| 5.80 | |
| 534 | |
| 973 | |
| 4.35 | |
| 136 | |
Detour Lake Total | |
| |
| 30,861 | |
| 1.45 | |
| 1,434 | |
| 700,688 | |
| 0.76 | |
| 17,055 | |
| 731,549 | |
| 0.79 | |
| 18,489 | |
| 81,101 | |
| 1.09 | |
| 2,853 | |
Macassa | |
U/G | |
| 258 | |
| 10.32 | |
| 86 | |
| 1,910 | |
| 8.35 | |
| 512 | |
| 2,168 | |
| 8.58 | |
| 598 | |
| 3,692 | |
| 9.21 | |
| 1,094 | |
Macassa Near Surface | |
U/G | |
| — | |
| — | |
| — | |
| 65 | |
| 6.14 | |
| 13 | |
| 65 | |
| 6.14 | |
| 13 | |
| 133 | |
| 6.62 | |
| 28 | |
AK Project | |
U/G | |
| — | |
| — | |
| — | |
| 163 | |
| 6.95 | |
| 37 | |
| 163 | |
| 6.95 | |
| 37 | |
| 282 | |
| 5.69 | |
| 52 | |
Macassa Total | |
| |
| 258 | |
| 10.32 | |
| 86 | |
| 2,138 | |
| 8.17 | |
| 562 | |
| 2,396 | |
| 8.40 | |
| 647 | |
| 4,106 | |
| 8.89 | |
| 1,173 | |
Aquarius | |
O/P | |
| — | |
| — | |
| — | |
| 23,112 | |
| 1.49 | |
| 1,106 | |
| 23,112 | |
| 1.49 | |
| 1,106 | |
| 502 | |
| 0.87 | |
| 14 | |
Holt complex | |
U/G | |
| 5,806 | |
| 4.29 | |
| 800 | |
| 5,884 | |
| 4.75 | |
| 898 | |
| 11,690 | |
| 4.52 | |
| 1,699 | |
| 9,097 | |
| 4.48 | |
| 1,310 | |
Anoki-McBean | |
U/G | |
| — | |
| — | |
| — | |
| 3,919 | |
| 2.77 | |
| 349 | |
| 3,919 | |
| 2.77 | |
| 349 | |
| 867 | |
| 3.84 | |
| 107 | |
Upper Beaver | |
U/G | |
| — | |
| — | |
| — | |
| 3,636 | |
| 3.45 | |
| 403 | |
| 3,636 | |
| 3.45 | |
| 403 | |
| 8,688 | |
| 5.07 | |
| 1,416 | |
Upper Canada | |
O/P | |
| — | |
| — | |
| — | |
| 2,006 | |
| 1.62 | |
| 104 | |
| 2,006 | |
| 1.62 | |
| 104 | |
| 1,020 | |
| 1.44 | |
| 47 | |
Upper Canada | |
U/G | |
| — | |
| — | |
| — | |
| 8,433 | |
| 2.28 | |
| 618 | |
| 8,433 | |
| 2.28 | |
| 618 | |
| 17,588 | |
| 3.21 | |
| 1,816 | |
Upper Canada Total | |
| |
| — | |
| — | |
| — | |
| 10,439 | |
| 2.15 | |
| 722 | |
| 10,439 | |
| 2.15 | |
| 722 | |
| 18,608 | |
| 3.11 | |
| 1,863 | |
Hammond Reef | |
O/P | |
| 47,063 | |
| 0.54 | |
| 819 | |
| 86,304 | |
| 0.53 | |
| 1,478 | |
| 133,367 | |
| 0.54 | |
| 2,298 | |
| — | |
| — | |
| — | |
Ontario Total | |
| |
| 83,988 | |
| 1.16 | |
| 3,140 | |
| 836,119 | |
| 0.84 | |
| 22,574 | |
| 920,107 | |
| 0.87 | |
| 25,713 | |
| 122,968 | |
| 2.21 | |
| 8,736 | |
Amaruq | |
O/P | |
| — | |
| — | |
| — | |
| 4,758 | |
| 2.62 | |
| 401 | |
| 4,758 | |
| 2.62 | |
| 401 | |
| 236 | |
| 2.87 | |
| 22 | |
Amaruq | |
U/G | |
| — | |
| — | |
| — | |
| 8,544 | |
| 4.37 | |
| 1,199 | |
| 8,544 | |
| 4.37 | |
| 1,199 | |
| 3,938 | |
| 4.75 | |
| 602 | |
Amaruq Total | |
| |
| — | |
| — | |
| — | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 4,173 | |
| 4.65 | |
| 623 | |
Meadowbank complex Total | |
| |
| — | |
| — | |
| — | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 4,173 | |
| 4.65 | |
| 623 | |
Meliadine | |
O/P | |
| 3 | |
| 3.17 | |
| — | |
| 4,613 | |
| 3.14 | |
| 466 | |
| 4,615 | |
| 3.14 | |
| 466 | |
| 1,135 | |
| 4.45 | |
| 162 | |
Meliadine | |
U/G | |
| 422 | |
| 4.64 | |
| 63 | |
| 7,626 | |
| 4.49 | |
| 1,100 | |
| 8,047 | |
| 4.49 | |
| 1,163 | |
| 9,986 | |
| 6.42 | |
| 2,060 | |
Meliadine Total | |
| |
| 424 | |
| 4.63 | |
| 63 | |
| 12,238 | |
| 3.98 | |
| 1,566 | |
| 12,663 | |
| 4.00 | |
| 1,629 | |
| 11,120 | |
| 6.22 | |
| 2,222 | |
OPERATION
/ PROJECT | |
| MEASURED | |
| INDICATED | |
| MEASURED & INDICATED | |
| INFERRED | |
GOLD | |
Mining Method* | |
| 000 Tonnes | |
| g/t | |
| 000
Oz Au | |
| 000 Tonnes | |
| g/t | |
| 000 Oz Au | |
| 000 Tonnes | |
| g/t | |
| 000 Oz Au | |
| 000 Tonnes | |
| g/t | |
| 000 Oz Au | |
Hope Bay | |
U/G | |
| — | |
| — | |
| — | |
| 10,734 | |
| 3.64 | |
| 1,255 | |
| 10,734 | |
| 3.64 | |
| 1,255 | |
| 12,110 | |
| 5.41 | |
| 2,108 | |
Nunavut Total | |
| |
| 424 | |
| 4.63 | |
| 63 | |
| 36,274 | |
| 3.79 | |
| 4,421 | |
| 36,699 | |
| 3.80 | |
| 4,485 | |
| 27,404 | |
| 5.62 | |
| 4,953 | |
Fosterville | |
O/P | |
| 820 | |
| 2.81 | |
| 74 | |
| 1,771 | |
| 3.87 | |
| 220 | |
| 2,591 | |
| 3.53 | |
| 294 | |
| 326 | |
| 2.72 | |
| 29 | |
Fosterville | |
U/G | |
| 262 | |
| 3.99 | |
| 34 | |
| 8,758 | |
| 4.20 | |
| 1,184 | |
| 9,019 | |
| 4.20 | |
| 1,218 | |
| 9,693 | |
| 4.60 | |
| 1,433 | |
Fosterville Total | |
| |
| 1,082 | |
| 3.10 | |
| 108 | |
| 10,528 | |
| 4.15 | |
| 1,404 | |
| 11,610 | |
| 4.05 | |
| 1,512 | |
| 10,019 | |
| 4.54 | |
| 1,461 | |
Northern Territory | |
O/P | |
| 269 | |
| 3.65 | |
| 32 | |
| 16,416 | |
| 1.42 | |
| 749 | |
| 16,685 | |
| 1.46 | |
| 781 | |
| 13,536 | |
| 1.75 | |
| 762 | |
Northern Territory | |
U/G | |
| — | |
| — | |
| — | |
| 5,115 | |
| 5.39 | |
| 887 | |
| 5,115 | |
| 5.39 | |
| 887 | |
| 4,284 | |
| 4.45 | |
| 613 | |
Northern Territory Total | |
| |
| 269 | |
| 3.65 | |
| 32 | |
| 21,531 | |
| 2.36 | |
| 1,636 | |
| 21,800 | |
| 2.38 | |
| 1,668 | |
| 17,820 | |
| 2.40 | |
| 1,376 | |
Australia Total | |
| |
| 1,351 | |
| 3.21 | |
| 139 | |
| 32,059 | |
| 2.95 | |
| 3,040 | |
| 33,410 | |
| 2.96 | |
| 3,180 | |
| 27,839 | |
| 3.17 | |
| 2,837 | |
Kittilä | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 373 | |
| 3.89 | |
| 47 | |
Kittilä | |
U/G | |
| 4,299 | |
| 2.91 | |
| 402 | |
| 13,632 | |
| 2.93 | |
| 1,285 | |
| 17,931 | |
| 2.93 | |
| 1,687 | |
| 6,192 | |
| 5.13 | |
| 1,020 | |
Kittilä Total | |
| |
| 4,299 | |
| 2.91 | |
| 402 | |
| 13,632 | |
| 2.93 | |
| 1,285 | |
| 17,931 | |
| 2.93 | |
| 1,687 | |
| 6,565 | |
| 5.06 | |
| 1,067 | |
Barsele | |
O/P | |
| — | |
| — | |
| — | |
| 3,178 | |
| 1.08 | |
| 111 | |
| 3,178 | |
| 1.08 | |
| 111 | |
| 2,260 | |
| 1.25 | |
| 91 | |
Barsele | |
U/G | |
| — | |
| — | |
| — | |
| 1,158 | |
| 1.77 | |
| 66 | |
| 1,158 | |
| 1.77 | |
| 66 | |
| 13,552 | |
| 2.10 | |
| 914 | |
Barsele Total | |
| |
| — | |
| — | |
| — | |
| 4,335 | |
| 1.27 | |
| 176 | |
| 4,335 | |
| 1.27 | |
| 176 | |
| 15,811 | |
| 1.98 | |
| 1,005 | |
Europe Total | |
| |
| 4,299 | |
| 2.91 | |
| 402 | |
| 17,967 | |
| 2.53 | |
| 1,461 | |
| 22,266 | |
| 2.60 | |
| 1,863 | |
| 22,376 | |
| 2.88 | |
| 2,072 | |
Pinos Altos | |
O/P | |
| — | |
| — | |
| — | |
| 1,266 | |
| 1.03 | |
| 42 | |
| 1,266 | |
| 1.03 | |
| 42 | |
| 445 | |
| 1.27 | |
| 18 | |
Pinos Altos | |
U/G | |
| — | |
| — | |
| — | |
| 10,394 | |
| 1.92 | |
| 643 | |
| 10,394 | |
| 1.92 | |
| 643 | |
| 1,431 | |
| 1.87 | |
| 86 | |
Pinos Altos Total | |
| |
| — | |
| — | |
| — | |
| 11,659 | |
| 1.83 | |
| 685 | |
| 11,659 | |
| 1.83 | |
| 685 | |
| 1,876 | |
| 1.73 | |
| 104 | |
La India | |
O/P | |
| 4,478 | |
| 0.52 | |
| 74 | |
| 814 | |
| 0.54 | |
| 14 | |
| 5,292 | |
| 0.52 | |
| 88 | |
| 66 | |
| 0.40 | |
| 1 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 0.08 | |
| 1 | |
| 3,037 | |
| 0.20 | |
| 19 | |
| 3,297 | |
| 0.19 | |
| 20 | |
| 2,468 | |
| 0.13 | |
| 10 | |
Tarachi | |
O/P | |
| — | |
| — | |
| — | |
| 19,290 | |
| 0.58 | |
| 361 | |
| 19,290 | |
| 0.58 | |
| 361 | |
| 242 | |
| 0.52 | |
| 4 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.92 | |
| 326 | |
| 10,983 | |
| 0.92 | |
| 326 | |
| 976 | |
| 0.66 | |
| 21 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 1.16 | |
| 331 | |
| 8,834 | |
| 1.16 | |
| 331 | |
| 9,628 | |
| 1.13 | |
| 351 | |
Santa Gertrudis | |
O/P | |
| — | |
| — | |
| — | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 9,819 | |
| 1.36 | |
| 429 | |
Santa Gertrudis | |
U/G | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 9,079 | |
| 3.44 | |
| 1,004 | |
Santa Gertrudis Total | |
| |
| — | |
| — | |
| — | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 18,898 | |
| 2.36 | |
| 1,433 | |
Total Mexico | |
| |
| 4,739 | |
| 0.49 | |
| 75 | |
| 73,884 | |
| 0.97 | |
| 2,299 | |
| 78,623 | |
| 0.94 | |
| 2,373 | |
| 34,154 | |
| 1.75 | |
| 1,923 | |
Total Gold | |
| |
| 107,161 | |
| 1.32 | |
| 4,558 | |
| 1,081,412 | |
| 1.13 | |
| 39,423 | |
| 1,188,573 | |
| 1.15 | |
| 43,981 | |
| 410,990 | |
| 2.50 | |
| 33,080 | |
OPERATION
/ PROJECT | |
| MEASURED | |
| INDICATED | |
| MEASURED & INDICATED | |
| INFERRED | |
SILVER | |
Mining Method* | |
| 000 Tonnes | |
| g/t | |
| 000 Oz
Ag | |
| 000 Tonnes | |
| g/t | |
| 000 Oz
Ag | |
| 000 Tonnes | |
| g/t | |
| 000 Oz
Ag | |
| 000 Tonnes | |
| g/t | |
| 000 Oz
Ag | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 11.98 | |
| 2,474 | |
| 6,424 | |
| 11.98 | |
| 2,474 | |
| 1,569 | |
| 12.25 | |
| 618 | |
Pinos Altos | |
O/P | |
| — | |
| — | |
| — | |
| 1,266 | |
| 21.60 | |
| 879 | |
| 1,266 | |
| 21.6 | |
| 879 | |
| 445 | |
| 31.74 | |
| 454 | |
Pinos Altos | |
U/G | |
| — | |
| — | |
| — | |
| 10,394 | |
| 50.99 | |
| 17,040 | |
| 10,394 | |
| 50.99 | |
| 17,040 | |
| 1,431 | |
| 36.19 | |
| 1,665 | |
Pinos Altos Total | |
| |
| — | |
| — | |
| — | |
| 11,659 | |
| 47.80 | |
| 17,919 | |
| 11,659 | |
| 47.8 | |
| 17,919 | |
| 1,876 | |
| 35.13 | |
| 2,120 | |
La India | |
O/P | |
| 4,478 | |
| 2.72 | |
| 391 | |
| 814 | |
| 2.61 | |
| 68 | |
| 5,292 | |
| 2.7 | |
| 460 | |
| 66 | |
| 2.18 | |
| 5 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 6.40 | |
| 54 | |
| 3,037 | |
| 11.86 | |
| 1,158 | |
| 3,297 | |
| 11.43 | |
| 1,211 | |
| 2,468 | |
| 9.26 | |
| 735 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 100.72 | |
| 35,566 | |
| 10,983 | |
| 100.72 | |
| 35,566 | |
| 976 | |
| 86.77 | |
| 2,722 | |
El Barqueño Silver | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 4,393 | |
| 124.06 | |
| 17,523 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 4.73 | |
| 1,343 | |
| 8,834 | |
| 4.73 | |
| 1,343 | |
| 9,628 | |
| 16.86 | |
| 5,218 | |
Santa Gertrudis | |
O/P | |
| — | |
| — | |
| — | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 9,819 | |
| 1.85 | |
| 585 | |
Santa Gertrudis | |
U/G | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 9,079 | |
| 23.31 | |
| 6,803 | |
Santa Gertrudis Total | |
| |
| — | |
| — | |
| — | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 18,898 | |
| 12.16 | |
| 7,389 | |
Total Silver | |
| |
| 4,739 | |
| 2.92 | |
| 445 | |
| 61,018 | |
| 30.99 | |
| 60,796 | |
| 65,757 | |
| 28.97 | |
| 61,240 | |
| 39,874 | |
| 28.34 | |
| 36,328 | |
COPPER | |
Mining Method* | |
| 000 Tonnes | |
| % | |
| Tonnes
Cu | |
| 000 Tonnes | |
| % | |
| Tonnes
Cu | |
| 000 Tonnes | |
| % | |
| Tonnes
Cu | |
| 000 Tonnes | |
| % | |
| Tonnes
Cu | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 0.13 | |
| 8,613 | |
| 6,424 | |
| 0.13 | |
| 8,613 | |
| 1,569 | |
| 0.28 | |
| 4,371 | |
Akasaba West | |
O/P | |
| — | |
| — | |
| — | |
| 4,044 | |
| 0.43 | |
| 17,270 | |
| 4,044 | |
| 0.43 | |
| 17,270 | |
| — | |
| — | |
| — | |
Upper Beaver | |
U/G | |
| — | |
| — | |
| — | |
| 3,636 | |
| 0.14 | |
| 5,135 | |
| 3,636 | |
| 0.14 | |
| 5,135 | |
| 8,688 | |
| 0.20 | |
| 17,284 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 1.35 | |
| 3,526 | |
| 3,037 | |
| 1.17 | |
| 35,489 | |
| 3,297 | |
| 1.18 | |
| 39,015 | |
| 2,468 | |
| 0.94 | |
| 23,144 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.16 | |
| 17,291 | |
| 10,983 | |
| 0.16 | |
| 17,291 | |
| 976 | |
| 0.12 | |
| 1,174 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 0.19 | |
| 16,400 | |
| 8,834 | |
| 0.19 | |
| 16,400 | |
| 9,628 | |
| 0.22 | |
| 21,152 | |
El Barqueño Silver | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 4,393 | |
| 0.04 | |
| 1,854 | |
Total Copper | |
| |
| 261 | |
| 1.35 | |
| 3,526 | |
| 36,958 | |
| 0.27 | |
| 100,198 | |
| 37,218 | |
| 0.28 | |
| 103,724 | |
| 27,721 | |
| 0.25 | |
| 68,980 | |
ZINC | |
Mining Method* | |
| 000 Tonnes | |
| % | |
| Tonnes
Zn | |
| 000 Tonnes | |
| % | |
| Tonnes
Zn | |
| 000 Tonnes | |
| % | |
| Tonnes
Zn | |
| 000 Tonnes | |
| % | |
| Tonnes
Zn | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 0.74 | |
| 47,404 | |
| 6,424 | |
| 0.74 | |
| 47,404 | |
| 1,569 | |
| 0.36 | |
| 5,600 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 0.39 | |
| 1,012 | |
| 3,037 | |
| 0.71 | |
| 21,618 | |
| 3,297 | |
| 0.69 | |
| 22,630 | |
| 2,468 | |
| 0.62 | |
| 15,355 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.83 | |
| 91,637 | |
| 10,983 | |
| 0.83 | |
| 91,637 | |
| 976 | |
| 0.73 | |
| 7,073 | |
Total Zinc | |
| |
| 261 | |
| 0.39 | |
| 1,012 | |
| 20,444 | |
| 0.79 | |
| 160,659 | |
| 20,704 | |
| 0.78 | |
| 161,671 | |
| 5,012 | |
| 0.56 | |
| 28,029 | |
*Underground (“U/G”), Open
Pit ("O/P")
Assumptions used for the December 31,
2023 mineral reserve and mineral resource estimates reported by the Company
|
Metal Price for Mineral Reserve Estimation* |
|
Gold (US$/oz) | |
Silver (US$/oz) | | |
Copper (US$/lb) | |
Zinc (US$/lb) | |
$ |
1,400 | |
$ | 18.00 | | |
$ | 3.50 | |
$ | 1.00 | |
* Exceptions: US$1,300 per ounce
of gold used for Detour Lake; US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,200 per ounce of gold and US$2.75 per
pound of copper used for Upper Beaver; US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10
per pound of zinc used for San Nicolás.
|
|
Metal Price for Mineral Resource Estimation* |
|
Mines / Projects |
|
Gold
(US$/oz) |
|
|
Silver
(US$/oz) |
|
|
Copper
(US$/lb) |
|
|
Zinc
(US$/lb) |
|
Operating mines and pipeline projects |
|
$ |
1,650 |
|
|
$ |
22.50 |
|
|
$ |
3.75 |
|
|
$ |
1.25 |
|
* Exceptions: US$1,500 per ounce
of gold used for Detour Lake, Northern Territory and Holt complex; US$1,300 per ounce of gold used for Detour Zone 58N; US$1,400 per ounce
of gold used for Canadian Malartic, US$1,688 per ounce of gold used for Hope Bay, Santa Gertrudis and Hammond Reef; US$1,667 per ounce
of gold used for Upper Canada, El Barqueño; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; US$1,533
per ounce of gold used for Barsele; US$500 per ounce of gold used for Aquarius, US$22.67 per ounce of silver used for El Barqueño;
US$1,687 per ounce of gold used for Anoki-McBean and Tarachi; US$25.00 per ounce of silver used for Santa Gertrudis; US$1,300 per ounce
of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.
Exchange
rates* | |
C$ per
US$1.00 | | |
Mexican
peso per US$1.00 | | |
AUD per
US$1.00 | | |
US$ per €1.00 |
$ | 1.30 | | |
MXP | 18.00 | | |
AUD | 1.36 | | EUR |
1.10 |
* Exceptions: exchange rate of CAD$1.25 per US$1.00 used
for Upper Beaver, Upper Canada, Holt complex and Detour Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for
Barsele; MXP17.00 per US$1.00 used for Tarachi.
The above metal price assumptions are below the
three-year historic average (from January 1, 2021 to December 31, 2023) of approximately $1,853 per ounce of gold, $23.50 per
ounce of silver, $4.03 per pound of copper and $1.38 per pound of zinc.
Mineral reserves are reported exclusive of mineral
resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate
to equal column totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries.
Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and
external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization
parameters may differ for mineral reserves and mineral resources.
The mineral reserves and mineral resources tonnages
reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic
parameters set the maximum price allowed to be no more than the lesser of the three-year moving average and current spot price, which
is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and
silver prices.
NI 43-101 requires mining companies to disclose
mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves",
"measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
A mineral reserve is the economically mineable
part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the
material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application
of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves
presented in this news release are separate from and not a portion of the mineral resources.
Modifying factors are considerations used to convert
mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic,
marketing, legal, environmental, social and governmental factors.
A proven mineral reserve is the economically mineable
part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable
mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence
in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.
A mineral resource is a concentration or occurrence
of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics
of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
A measured mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient
to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the
deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological
and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application
of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological
evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and
grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply
but not verify geological and grade or quality continuity.
Investors are cautioned not to assume that
part or all of an inferred mineral resource exists, or is economically or legally mineable.
A feasibility study is a comprehensive technical
and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable
modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate,
at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve
as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.
The confidence level of the study will be higher than that of a pre-feasibility study.
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: 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); the Detour Lake Operation, Ontario, Canada NI 43-101 Technical
Report as at July 26, 2021 (October 15, 2021); and the Updated NI 43-101 Technical Report Fosterville Gold Mine in the State
of Victoria, Australia as at December 31, 2018 (April 1, 2019).
APPENDIX – FINANCIAL INFORMATION
AGNICO
EAGLE MINES LIMITED |
SUMMARY
OF OPERATIONS KEY PERFORMANCE INDICATORS |
(thousands
of United States dollars, except where noted) |
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended December 31, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022(i) | | |
2023 | | |
2022 | |
Net
income - key line items: | |
| | | |
| | | |
| | | |
| | |
Revenue
from mine operations: | |
| | | |
| | | |
| | | |
| | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde
mine | |
| 120,081 | | |
| 118,609 | | |
| 483,065 | | |
| 553,931 | |
LaRonde
Zone 5 mine | |
| 31,341 | | |
| 32,978 | | |
| 130,711 | | |
| 129,569 | |
Canadian
Malartic complex(iii) | |
| 330,491 | | |
| 147,412 | | |
| 1,124,480 | | |
| 575,938 | |
Goldex
mine | |
| 62,999 | | |
| 60,319 | | |
| 272,801 | | |
| 250,512 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour
Lake mine | |
| 351,020 | | |
| 303,878 | | |
| 1,262,839 | | |
| 1,188,741 | |
Macassa
mine | |
| 115,682 | | |
| 74,953 | | |
| 431,827 | | |
| 327,028 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine
mine | |
| 190,374 | | |
| 176,330 | | |
| 697,431 | | |
| 677,713 | |
Meadowbank
complex | |
| 241,697 | | |
| 171,094 | | |
| 858,209 | | |
| 645,021 | |
Hope
Bay project | |
| — | | |
| — | | |
| — | | |
| 144 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville
mine | |
| 98,177 | | |
| 139,098 | | |
| 552,468 | | |
| 645,371 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila
mine | |
| 116,103 | | |
| 80,797 | | |
| 448,719 | | |
| 407,669 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos
Altos mine | |
| 56,649 | | |
| 50,960 | | |
| 212,876 | | |
| 199,830 | |
Creston
Mascota mine | |
| — | | |
| 427 | | |
| — | | |
| 4,476 | |
La
India mine | |
| 42,026 | | |
| 27,864 | | |
| 151,483 | | |
| 135,219 | |
Revenues
from mining operations | |
$ | 1,756,640 | | |
$ | 1,384,719 | | |
$ | 6,626,909 | | |
$ | 5,741,162 | |
Production
costs | |
| 777,455 | | |
| 666,877 | | |
| 2,933,263 | | |
| 2,643,321 | |
Total
operating margin(ii) | |
| 979,185 | | |
| 717,842 | | |
| 3,693,646 | | |
| 3,097,841 | |
Amortization
of property, plant and mine development | |
| 391,556 | | |
| 285,670 | | |
| 1,491,771 | | |
| 1,094,691 | |
Impairment
loss | |
| 787,000 | | |
| 55,000 | | |
| 787,000 | | |
| 55,000 | |
Revaluation
gain(iv) | |
| — | | |
| — | | |
| (1,543,414 | ) | |
| — | |
Exploration,
corporate and other | |
| 124,711 | | |
| 114,260 | | |
| 599,220 | | |
| 832,727 | |
(Loss)
Income before income and mining taxes | |
| (324,082 | ) | |
| 262,912 | | |
| 2,359,069 | | |
| 1,115,423 | |
Income
and mining taxes expense | |
| 56,929 | | |
| 68,807 | | |
| 417,762 | | |
| 445,174 | |
Net
(loss) income for the period | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,941,307 | | |
$ | 670,249 | |
Net
(loss) income per share — basic | |
$ | (0.77 | ) | |
$ | 0.43 | | |
$ | 3.97 | | |
$ | 1.53 | |
Net
(loss) income per share — diluted | |
$ | (0.77 | ) | |
$ | 0.43 | | |
$ | 3.95 | | |
$ | 1.53 | |
| |
| | | |
| | | |
| | | |
| | |
Cash
flows: | |
| | | |
| | | |
| | | |
| | |
Cash
provided by operating activities | |
$ | 727,861 | | |
$ | 380,500 | | |
$ | 2,601,562 | | |
$ | 2,096,636 | |
Cash
used in investing activities | |
$ | (476,170 | ) | |
$ | (412,685 | ) | |
$ | (2,760,783 | ) | |
$ | (710,458 | ) |
Cash
used in financing activities | |
$ | (273,801 | ) | |
$ | (134,703 | ) | |
$ | (163,958 | ) | |
$ | (914,853 | ) |
| |
| | | |
| | | |
| | | |
| | |
Realized
prices: | |
| | | |
| | | |
| | | |
| | |
Gold
(per ounce) | |
$ | 1,982 | | |
$ | 1,728 | | |
$ | 1,946 | | |
$ | 1,797 | |
Silver
(per ounce) | |
$ | 23.88 | | |
$ | 21.51 | | |
$ | 23.72 | | |
$ | 21.63 | |
Zinc
(per tonne) | |
$ | 2,503 | | |
$ | 2,979 | | |
$ | 2,702 | | |
$ | 3,440 | |
Copper
(per tonne) | |
$ | 7,998 | | |
$ | 8,206 | | |
$ | 8,544 | | |
$ | 8,381 | |
AGNICO EAGLE MINES LIMITED |
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS |
(thousands of United States dollars, except where noted) |
| |
| | |
| | |
| | |
| |
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Payable production(v): | |
| | | |
| | | |
| | | |
| | |
Gold (ounces): | |
| | | |
| | | |
| | | |
| | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde mine | |
| 68,520 | | |
| 62,922 | | |
| 235,991 | | |
| 284,780 | |
LaRonde Zone 5 mine | |
| 17,245 | | |
| 17,247 | | |
| 70,657 | | |
| 71,557 | |
Canadian Malartic complex(iii) | |
| 168,272 | | |
| 86,439 | | |
| 603,955 | | |
| 329,396 | |
Goldex mine | |
| 33,364 | | |
| 36,291 | | |
| 140,983 | | |
| 141,502 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour Lake mine | |
| 193,475 | | |
| 179,737 | | |
| 677,446 | | |
| 651,182 | |
Macassa mine | |
| 60,584 | | |
| 43,308 | | |
| 228,535 | | |
| 180,833 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine mine | |
| 96,285 | | |
| 103,397 | | |
| 364,141 | | |
| 372,874 | |
Meadowbank complex | |
| 109,226 | | |
| 94,328 | | |
| 431,666 | | |
| 373,785 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville mine | |
| 49,533 | | |
| 88,634 | | |
| 277,694 | | |
| 338,327 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila mine | |
| 61,172 | | |
| 44,724 | | |
| 234,402 | | |
| 216,947 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos Altos mine | |
| 25,963 | | |
| 25,291 | | |
| 97,642 | | |
| 96,522 | |
Creston Mascota mine | |
| 88 | | |
| 451 | | |
| 638 | | |
| 2,630 | |
La India mine | |
| 19,481 | | |
| 16,669 | | |
| 75,904 | | |
| 74,672 | |
Total gold (ounces): | |
| 903,208 | | |
| 799,438 | | |
| 3,439,654 | | |
| 3,135,007 | |
| |
| | | |
| | | |
| | | |
| | |
Silver (thousands of ounces) | |
| 655 | | |
| 542 | | |
| 2,408 | | |
| 2,292 | |
Zinc (tonnes) | |
| 1,384 | | |
| 2,450 | | |
| 7,702 | | |
| 8,195 | |
Copper (tonnes) | |
| 682 | | |
| 701 | | |
| 2,617 | | |
| 2,901 | |
AGNICO
EAGLE MINES LIMITED |
SUMMARY
OF OPERATIONS KEY PERFORMANCE INDICATORS |
(thousands
of United States dollars, except where noted) |
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended December 31, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Payable
metal sold(vi): | |
| | | |
| | | |
| | | |
| | |
Gold
(ounces): | |
| | | |
| | | |
| | | |
| | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde
mine | |
| 54,043 | | |
| 59,565 | | |
| 226,538 | | |
| 281,495 | |
LaRonde
Zone 5 mine | |
| 16,042 | | |
| 18,747 | | |
| 68,174 | | |
| 72,184 | |
Canadian
Malartic complex(iii) | |
| 165,518 | | |
| 84,697 | | |
| 570,558 | | |
| 317,192 | |
Goldex
mine | |
| 31,692 | | |
| 34,946 | | |
| 140,240 | | |
| 139,530 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour
Lake mine | |
| 177,083 | | |
| 174,803 | | |
| 650,405 | | |
| 659,457 | |
Macassa
mine | |
| 58,100 | | |
| 43,197 | | |
| 222,530 | | |
| 181,516 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine
mine | |
| 96,320 | | |
| 102,933 | | |
| 358,485 | | |
| 377,711 | |
Meadowbank
complex | |
| 121,831 | | |
| 99,434 | | |
| 439,415 | | |
| 361,457 | |
Hope
Bay mine | |
| — | | |
| — | | |
| — | | |
| 98 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville
mine | |
| 49,000 | | |
| 81,750 | | |
| 284,250 | | |
| 356,335 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila
mine | |
| 59,000 | | |
| 46,560 | | |
| 230,060 | | |
| 226,366 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos
Altos mine | |
| 25,000 | | |
| 26,080 | | |
| 96,134 | | |
| 99,033 | |
Creston
Mascota mine | |
| — | | |
| 240 | | |
| — | | |
| 2,344 | |
La
India mine | |
| 21,000 | | |
| 15,950 | | |
| 77,343 | | |
| 73,875 | |
Total
gold (ounces): | |
| 874,629 | | |
| 788,902 | | |
| 3,364,132 | | |
| 3,148,593 | |
| |
| | | |
| | | |
| | | |
| | |
Silver
(thousands of ounces) | |
| 634 | | |
| 585 | | |
| 2,354 | | |
| 2,354 | |
Zinc
(tonnes) | |
| 1,544 | | |
| 1,915 | | |
| 8,526 | | |
| 6,727 | |
Copper
(tonnes) | |
| 692 | | |
| 720 | | |
| 2,630 | | |
| 2,916 | |
AGNICO
EAGLE MINES LIMITED |
SUMMARY
OF OPERATIONS KEY PERFORMANCE INDICATORS |
(thousands
of United States dollars, except where noted) |
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended December 31, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Total
cash costs per ounce of gold produced — co-product basis(vii): | |
| | | |
| | | |
| | | |
| | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde
mine | |
$ | 995 | | |
$ | 1,009 | | |
$ | 1,067 | | |
$ | 850 | |
LaRonde
Zone 5 mine | |
| 966 | | |
| 1,170 | | |
| 1,158 | | |
| 1,025 | |
Canadian
Malartic complex(iii) | |
| 925 | | |
| 802 | | |
| 835 | | |
| 803 | |
Goldex
mine | |
| 887 | | |
| 765 | | |
| 822 | | |
| 765 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour
Lake mine | |
| 695 | | |
| 678 | | |
| 738 | | |
| 663 | |
Macassa
mine | |
| 766 | | |
| 758 | | |
| 733 | | |
| 684 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine
mine | |
| 993 | | |
| 856 | | |
| 981 | | |
| 865 | |
Meadowbank
complex | |
| 1,193 | | |
| 1,424 | | |
| 1,183 | | |
| 1,216 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville
mine | |
| 723 | | |
| 415 | | |
| 489 | | |
| 379 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila
mine | |
| 860 | | |
| 1,331 | | |
| 872 | | |
| 981 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos
Altos mine | |
| 1,502 | | |
| 1,471 | | |
| 1,509 | | |
| 1,477 | |
Creston
Mascota mine | |
| — | | |
| 1,098 | | |
| — | | |
| 853 | |
La
India mine | |
| 1,172 | | |
| 1,387 | | |
| 1,261 | | |
| 1,078 | |
Weighted
average total cash costs per ounce of gold produced | |
$ | 916 | | |
$ | 895 | | |
$ | 893 | | |
$ | 825 | |
| |
| | | |
| | | |
| | | |
| | |
Total
cash costs per ounce of gold produced — by-product basis(vii): | |
| | | |
| | | |
| | | |
| | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde
mine | |
$ | 814 | | |
$ | 741 | | |
$ | 840 | | |
$ | 623 | |
LaRonde
Zone 5 mine | |
| 965 | | |
| 1,164 | | |
| 1,148 | | |
| 1,021 | |
Canadian
Malartic complex(iii) | |
| 913 | | |
| 789 | | |
| 824 | | |
| 787 | |
Goldex
mine | |
| 877 | | |
| 765 | | |
| 820 | | |
| 765 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour
Lake mine | |
| 691 | | |
| 674 | | |
| 735 | | |
| 657 | |
Macassa
mine | |
| 763 | | |
| 758 | | |
| 731 | | |
| 683 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine
mine | |
| 992 | | |
| 855 | | |
| 980 | | |
| 863 | |
Meadowbank
complex | |
| 1,186 | | |
| 1,418 | | |
| 1,176 | | |
| 1,210 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville
mine | |
| 723 | | |
| 414 | | |
| 488 | | |
| 378 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila
mine | |
| 858 | | |
| 1,330 | | |
| 871 | | |
| 980 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos
Altos mine | |
| 1,210 | | |
| 1,255 | | |
| 1,229 | | |
| 1,249 | |
Creston
Mascota mine | |
| — | | |
| 1,030 | | |
| — | | |
| 793 | |
La
India mine | |
| 1,149 | | |
| 1,369 | | |
| 1,241 | | |
| 1,056 | |
Weighted
average total cash costs per ounce of gold produced | |
$ | 888 | | |
$ | 863 | | |
$ | 865 | | |
$ | 793 | |
Notes: |
|
|
|
|
|
|
|
(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger. |
(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 Reconciliation of non-GAAP Financial Performance Measures - Operating Margin and Note Regarding Certain Measures of Performance 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 the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter. |
(iv) Revaluation gain on the 50% interest the Company owned in Canadian Malartic complex 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) The Canadian Malartic complex's payable metal sold excludes the 5.0% net smelter return royalty held by Osisko Gold Royalties Ltd. The Detour Lake mine's payable metal sold excludes the 2% net smelter royalty held by Franco-Nevada Corporation. The Macassa mine's payable metal sold excludes the 1.5% net smelter royalty held by Franco-Nevada Corporation. |
(vii) The total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Reconciliation of Non-GAAP Financial Performance Measures — Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne and Note Regarding Certain Measures of Performance for more information on the Company’s calculation and use of total cash cost per ounce of gold produced. |
AGNICO
EAGLE MINES LIMITED |
CONSOLIDATED
BALANCE SHEETS |
(thousands
of United States dollars, except share amounts, IFRS basis) |
(Unaudited) |
| |
| | |
| |
| |
As
at | | |
As
at | |
| |
December 31,
2023 | | |
December 31,
2022 | |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 338,648 | | |
$ | 658,625 | |
Trade
receivables | |
| 8,148 | | |
| 8,579 | |
Inventories | |
| 1,418,941 | | |
| 1,209,075 | |
Income
taxes recoverable | |
| 27,602 | | |
| 35,054 | |
Fair
value of derivative financial instruments | |
| 50,786 | | |
| 8,774 | |
Other
current assets | |
| 347,027 | | |
| 259,952 | |
Total
current assets | |
| 2,191,152 | | |
| 2,180,059 | |
Non-current
assets: | |
| | | |
| | |
Goodwill | |
| 4,157,672 | | |
| 2,044,123 | |
Property,
plant and mine development | |
| 21,221,905 | | |
| 18,459,400 | |
Investments | |
| 345,257 | | |
| 332,742 | |
Deferred
income and mining tax asset | |
| 53,796 | | |
| 11,574 | |
Other
assets | |
| 715,167 | | |
| 466,910 | |
Total
assets | |
$ | 28,684,949 | | |
$ | 23,494,808 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable and accrued liabilities | |
$ | 750,380 | | |
$ | 672,503 | |
Share
based liabilities | |
| 24,316 | | |
| 15,148 | |
Interest
payable | |
| 14,226 | | |
| 16,496 | |
Income
taxes payable | |
| 81,222 | | |
| 4,187 | |
Current
portion of long-term debt | |
| 100,000 | | |
| 100,000 | |
Reclamation
provision | |
| 24,266 | | |
| 23,508 | |
Lease
obligations | |
| 46,394 | | |
| 36,466 | |
Fair
value of derivative financial instruments | |
| 7,222 | | |
| 78,114 | |
Total
current liabilities | |
| 1,048,026 | | |
| 946,422 | |
Non-current
liabilities: | |
| | | |
| | |
Long-term
debt | |
| 1,743,086 | | |
| 1,242,070 | |
Reclamation
provision | |
| 1,049,238 | | |
| 878,328 | |
Lease
obligations | |
| 115,154 | | |
| 114,876 | |
Share
based liabilities | |
| 11,153 | | |
| 17,277 | |
Deferred
income and mining tax liabilities | |
| 4,973,271 | | |
| 3,981,875 | |
Other
liabilities | |
| 322,106 | | |
| 72,615 | |
Total
liabilities | |
| 9,262,034 | | |
| 7,253,463 | |
| |
| | | |
| | |
EQUITY | |
| | | |
| | |
Common
shares: | |
| | | |
| | |
Outstanding —
497,970,524 common shares issued, less 671,083 shares held in trust | |
| 18,334,869 | | |
| 16,251,221 | |
Stock
options | |
| 201,755 | | |
| 197,430 | |
Contributed
surplus | |
| 22,074 | | |
| 23,280 | |
Retained
earnings (deficit) | |
| 963,172 | | |
| (201,580 | ) |
Other
reserves | |
| (98,955 | ) | |
| (29,006 | ) |
Total
equity | |
| 19,422,915 | | |
| 16,241,345 | |
Total
liabilities and equity | |
$ | 28,684,949 | | |
$ | 23,494,808 | |
AGNICO
EAGLE MINES LIMITED |
CONSOLIDATED
STATEMENTS OF (LOSS) INCOME |
(thousands
of United States dollars, except per share amounts, IFRS basis) |
(Unaudited) |
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended December 31, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
(Restated)(i) | | |
| | |
| |
REVENUES | |
| | | |
| | | |
| | | |
| | |
Revenues
from mining operations | |
$ | 1,756,640 | | |
$ | 1,384,719 | | |
$ | 6,626,909 | | |
$ | 5,741,162 | |
| |
| | | |
| | | |
| | | |
| | |
COSTS, INCOME
AND EXPENSES | |
| | | |
| | | |
| | | |
| | |
Production(ii) | |
| 777,455 | | |
| 666,877 | | |
| 2,933,263 | | |
| 2,643,321 | |
Exploration
and corporate development | |
| 45,997 | | |
| 70,922 | | |
| 215,781 | | |
| 271,117 | |
Amortization
of property, plant and mine development | |
| 391,556 | | |
| 285,670 | | |
| 1,491,771 | | |
| 1,094,691 | |
General
and administrative | |
| 74,001 | | |
| 54,582 | | |
| 208,451 | | |
| 220,861 | |
Finance
costs | |
| 35,098 | | |
| 20,043 | | |
| 130,087 | | |
| 82,935 | |
(Gain)
loss on derivative financial instruments | |
| (69,470 | ) | |
| (83,771 | ) | |
| (68,432 | ) | |
| 90,692 | |
Impairment
loss | |
| 787,000 | | |
| 55,000 | | |
| 787,000 | | |
| 55,000 | |
Foreign
currency translation loss (gain) | |
| 1,930 | | |
| 11,680 | | |
| (328 | ) | |
| (16,081 | ) |
Care
and maintenance | |
| 14,375 | | |
| 11,644 | | |
| 47,392 | | |
| 41,895 | |
Revaluation
gain(iii) | |
| — | | |
| — | | |
| (1,543,414 | ) | |
| — | |
Other
expenses | |
| 22,780 | | |
| 29,160 | | |
| 66,269 | | |
| 141,308 | |
(Loss)
income before income and mining taxes | |
| (324,082 | ) | |
| 262,912 | | |
| 2,359,069 | | |
| 1,115,423 | |
Income
and mining taxes expense | |
| 56,929 | | |
| 68,807 | | |
| 417,762 | | |
| 445,174 | |
Net
(loss) income for the period | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,941,307 | | |
$ | 670,249 | |
| |
| | | |
| | | |
| | | |
| | |
Net
(loss) income per share - basic | |
$ | (0.77 | ) | |
$ | 0.43 | | |
$ | 3.97 | | |
$ | 1.53 | |
Net
(loss) income per share - diluted | |
$ | (0.77 | ) | |
$ | 0.43 | | |
$ | 3.95 | | |
$ | 1.53 | |
Adjusted
net income per share - basic(iv) | |
$ | 0.57 | | |
$ | 0.38 | | |
$ | 2.24 | | |
$ | 2.29 | |
Adjusted
net income per share - diluted(iv) | |
$ | 0.57 | | |
$ | 0.38 | | |
$ | 2.23 | | |
$ | 2.28 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding (in thousands): | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 496,499 | | |
| 455,558 | | |
| 488,723 | | |
| 437,678 | |
Diluted | |
| 497,076 | | |
| 456,439 | | |
| 489,913 | | |
| 438,533 | |
Notes: |
|
|
|
|
|
|
|
(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger. |
(ii) Exclusive of amortization, which is shown separately. |
(iii) Revaluation gain on the 50% interest previously owned in the Canadian Malartic complex. |
(iv) Adjusted net income 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 and Reconciliation of Non-GAAP Financial Performance Measures in this News Release for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS measure. |
AGNICO EAGLE MINES LIMITED |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(thousands of United States dollars, IFRS basis) |
(Unaudited) |
| |
| | |
| | |
| | |
| |
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
(Restated)(i) | | |
| | |
| |
OPERATING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
Net (loss) income for the period | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,941,307 | | |
$ | 670,249 | |
Add (deduct) adjusting items: | |
| | | |
| | | |
| | | |
| | |
Amortization of property, plant and mine development | |
| 391,556 | | |
| 285,670 | | |
| 1,491,771 | | |
| 1,094,691 | |
Revaluation gain(ii) | |
| — | | |
| — | | |
| (1,543,414 | ) | |
| — | |
Deferred income and mining taxes | |
| (18,948 | ) | |
| 33,156 | | |
| 52,041 | | |
| 168,098 | |
Unrealized (gain) loss on currency and commodity derivatives | |
| (78,016 | ) | |
| (109,816 | ) | |
| (112,904 | ) | |
| 59,556 | |
Unrealized loss (gain) on warrants | |
| 2,100 | | |
| (4,674 | ) | |
| 11,198 | | |
| 9,820 | |
Stock-based compensation | |
| 33,087 | | |
| 5,558 | | |
| 71,553 | | |
| 48,570 | |
Impairment loss | |
| 787,000 | | |
| 55,000 | | |
| 787,000 | | |
| 55,000 | |
Foreign currency translation loss (gain) | |
| 1,930 | | |
| 11,680 | | |
| (328 | ) | |
| (16,081 | ) |
Other | |
| 41,315 | | |
| 23,518 | | |
| 61,345 | | |
| 40,276 | |
Adjustment for settlement of reclamation provision | |
| (1,534 | ) | |
| (8,660 | ) | |
| (11,611 | ) | |
| (14,311 | ) |
Changes in non-cash working capital balances: | |
| | | |
| | | |
| | | |
| | |
Trade receivables | |
| (579 | ) | |
| (2,430 | ) | |
| 7,458 | | |
| 12,110 | |
Income taxes | |
| 21,870 | | |
| (39,513 | ) | |
| 103,850 | | |
| (35,010 | ) |
Inventories | |
| (24,170 | ) | |
| (54,978 | ) | |
| (169,168 | ) | |
| (46,236 | ) |
Other current assets | |
| 6,595 | | |
| 33,650 | | |
| (88,389 | ) | |
| (10,756 | ) |
Accounts payable and accrued liabilities | |
| (48,649 | ) | |
| (38,490 | ) | |
| 2,778 | | |
| 59,460 | |
Interest payable | |
| (4,685 | ) | |
| (3,276 | ) | |
| (2,925 | ) | |
| 1,200 | |
Cash provided by operating activities | |
| 727,861 | | |
| 380,500 | | |
| 2,601,562 | | |
| 2,096,636 | |
| |
| | | |
| | | |
| | | |
| | |
INVESTING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
Additions to property, plant and mine development | |
| (425,742 | ) | |
| (400,831 | ) | |
| (1,654,129 | ) | |
| (1,538,237 | ) |
Yamana transaction, net of cash and cash equivalents | |
| — | | |
| — | | |
| (1,000,617 | ) | |
| — | |
Contributions for acquisition of mineral assets | |
| — | | |
| — | | |
| (10,950 | ) | |
| — | |
Cash and cash equivalents acquired in Kirkland acquisition | |
| — | | |
| — | | |
| — | | |
| 838,732 | |
Purchases of equity securities and other investments | |
| (52,612 | ) | |
| (10,574 | ) | |
| (104,738 | ) | |
| (47,364 | ) |
Proceeds from loan repayment | |
| — | | |
| — | | |
| — | | |
| 40,000 | |
Other investing activities | |
| 2,184 | | |
| (1,280 | ) | |
| 9,651 | | |
| (3,589 | ) |
Cash used in investing activities | |
| (476,170 | ) | |
| (412,685 | ) | |
| (2,760,783 | ) | |
| (710,458 | ) |
| |
| | | |
| | | |
| | | |
| | |
FINANCING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
Proceeds from Credit Facility | |
| 200,000 | | |
| — | | |
| 1,300,000 | | |
| 100,000 | |
Repayment of Credit Facility | |
| (300,000 | ) | |
| — | | |
| (1,300,000 | ) | |
| (100,000 | ) |
Proceeds from Term Loan Facility, net of financing costs | |
| — | | |
| — | | |
| 598,958 | | |
| — | |
Repayment of Senior Notes | |
| — | | |
| — | | |
| (100,000 | ) | |
| (225,000 | ) |
Repayment of lease obligations | |
| (11,956 | ) | |
| (8,676 | ) | |
| (47,589 | ) | |
| (33,701 | ) |
Dividends paid | |
| (155,962 | ) | |
| (143,603 | ) | |
| (638,642 | ) | |
| (608,307 | ) |
Repurchase of common shares | |
| (30,653 | ) | |
| (4,999 | ) | |
| (47,003 | ) | |
| (109,955 | ) |
Proceeds on exercise of stock options | |
| 16,854 | | |
| 17,837 | | |
| 40,377 | | |
| 41,845 | |
Common shares issued | |
| 7,916 | | |
| 4,738 | | |
| 29,941 | | |
| 20,265 | |
Cash used in financing activities | |
| (273,801 | ) | |
| (134,703 | ) | |
| (163,958 | ) | |
| (914,853 | ) |
Effect of exchange rate changes on cash and cash equivalents | |
| 5,267 | | |
| 3,755 | | |
| 3,202 | | |
| 1,514 | |
Net (decrease) increase in cash and cash equivalents during the period | |
| (16,843 | ) | |
| (163,133 | ) | |
| (319,977 | ) | |
| 472,839 | |
Cash and cash equivalents, beginning of period | |
| 355,491 | | |
| 821,758 | | |
| 658,625 | | |
| 185,786 | |
Cash and cash equivalents, end of period | |
$ | 338,648 | | |
$ | 658,625 | | |
$ | 338,648 | | |
$ | 658,625 | |
| |
| | | |
| | | |
| | | |
| | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
| | | |
| | | |
| | | |
| | |
Interest paid | |
$ | 31,736 | | |
$ | 20,051 | | |
$ | 104,845 | | |
$ | 67,510 | |
Income and mining taxes paid | |
$ | 82,856 | | |
$ | 78,526 | | |
$ | 290,525 | | |
$ | 316,743 | |
Notes:
(i) Certain
previously reported line items have been restated to reflect the final purchase price allocation of the Merger.
(ii) Revaluation
gain on the 50% interest the Company previously owned in the Canadian Malartic complex.
AGNICO EAGLE MINES LIMITED
RECONCILIATION OF NON-GAAP FINANCIAL PERFORMANCE MEASURES
(thousands of United States dollars, except where noted)
Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measures total cash costs per ounce of gold produced and minesite costs per tonne.
The following tables set out a reconciliation of total cash costs per ounce of gold produced (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs, exclusive of amortization, as presented in the consolidated statements of (loss) income in accordance with IFRS.
Total Production Costs by Mine | |
| | |
| | |
| | |
| |
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
(thousands of United States dollars) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Quebec | |
| | | |
| | | |
| | | |
| | |
LaRonde mine | |
$ | 47,867 | | |
$ | 49,692 | | |
$ | 218,020 | | |
$ | 213,393 | |
LaRonde Zone 5 mine | |
| 18,922 | | |
| 20,164 | | |
| 81,624 | | |
| 72,096 | |
LaRonde complex | |
| 66,789 | | |
| 69,856 | | |
| 299,644 | | |
| 285,489 | |
Canadian Malartic complex(i) | |
| 138,878 | | |
| 63,877 | | |
| 465,814 | | |
| 235,735 | |
Goldex mine | |
| 27,222 | | |
| 24,786 | | |
| 112,022 | | |
| 103,830 | |
Ontario | |
| | | |
| | | |
| | | |
| | |
Detour Lake mine | |
| 120,284 | | |
| 118,573 | | |
| 453,498 | | |
| 489,703 | |
Macassa mine | |
| 42,678 | | |
| 30,926 | | |
| 155,046 | | |
| 129,774 | |
Nunavut | |
| | | |
| | | |
| | | |
| | |
Meliadine mine | |
| 94,429 | | |
| 81,246 | | |
| 343,650 | | |
| 318,141 | |
Meadowbank complex | |
| 142,597 | | |
| 128,692 | | |
| 524,008 | | |
| 442,681 | |
Australia | |
| | | |
| | | |
| | | |
| | |
Fosterville mine | |
| 31,329 | | |
| 34,131 | | |
| 131,298 | | |
| 204,649 | |
Europe | |
| | | |
| | | |
| | | |
| | |
Kittila mine | |
| 50,657 | | |
| 56,273 | | |
| 205,857 | | |
| 210,661 | |
Mexico | |
| | | |
| | | |
| | | |
| | |
Pinos Altos mine | |
| 38,158 | | |
| 37,567 | | |
| 145,936 | | |
| 144,489 | |
Creston Mascota mine | |
| — | | |
| 200 | | |
| — | | |
| 1,943 | |
La India mine | |
| 24,434 | | |
| 20,750 | | |
| 96,490 | | |
| 76,226 | |
Production costs per the consolidated statements of (loss) income | |
$ | 777,455 | | |
$ | 666,877 | | |
$ | 2,933,263 | | |
$ | 2,643,321 | |
Reconciliation of Production Costs to Total Cash Costs per Ounce of Gold Produced by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne by Mine
(thousands
of United States dollars, except as noted)
LaRonde mine
Per Ounce
of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 68,520 | |
| | |
| 62,922 | |
| | |
| 235,991 | |
| | |
| 284,780 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 47,867 | |
$ | 699 | |
$ | 49,692 | |
$ | 790 | |
$ | 218,020 | |
$ | 924 | |
$ | 213,393 | |
$ | 749 | |
Inventory adjustments(ii) | |
| 16,114 | |
| 235 | |
| 3,878 | |
| 62 | |
| 13,448 | |
| 57 | |
| 6,569 | |
| 23 | |
Realized gains and losses on hedges
of production costs | |
| 801 | |
| 12 | |
| 5,439 | |
| 86 | |
| 2,966 | |
| 13 | |
| 6,879 | |
| 24 | |
Other adjustments(v) | |
| 3,397 | |
| 49 | |
| 4,504 | |
| 71 | |
| 17,478 | |
| 73 | |
| 15,331 | |
| 54 | |
Cash operating costs (co-product basis) | |
$ | 68,179 | |
$ | 995 | |
$ | 63,513 | |
$ | 1,009 | |
$ | 251,912 | |
$ | 1,067 | |
$ | 242,172 | |
$ | 850 | |
By-product metal
revenues | |
| (12,378 | ) |
| (181 | ) |
| (16,877 | ) |
| (268 | ) |
| (53,694 | ) |
| (227 | ) |
| (64,654 | ) |
| (227 | ) |
Cash operating costs (by-product
basis) | |
$ | 55,801 | |
$ | 814 | |
$ | 46,636 | |
$ | 741 | |
$ | 198,218 | |
$ | 840 | |
$ | 177,518 | |
$ | 623 | |
LaRonde mine
Per Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended December 31, 2022 | |
Tonnes of ore milled
(thousands of tonnes) | |
| | |
| 400 | |
| | |
| 377 | |
| | |
| 1,501 | |
| | |
| 1,670 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 47,867 | |
$ | 120 | |
$ | 49,692 | |
$ | 132 | |
$ | 218,020 | |
$ | 145 | |
$ | 213,393 | |
$ | 128 | |
Production costs (C$) | |
C$ | 64,965 | |
C$ | 162 | |
C$ | 67,121 | |
C$ | 178 | |
C$ | 293,627 | |
C$ | 196 | |
C$ | 278,014 | |
C$ | 166 | |
Inventory adjustments (C$)(ii) | |
| 21,956 | |
| 55 | |
| 4,988 | |
| 13 | |
| 20,501 | |
| 14 | |
| 5,360 | |
| 3 | |
Other adjustments
(C$)(v) | |
| (3,795 | ) |
| (9 | ) |
| (3,003 | ) |
| (8 | ) |
| (12,990 | ) |
| (9 | ) |
| (12,208 | ) |
| (7 | ) |
Minesite operating costs (C$) | |
C$ | 83,126 | |
C$ | 208 | |
C$ | 69,106 | |
C$ | 183 | |
C$ | 301,138 | |
C$ | 201 | |
C$ | 271,166 | |
C$ | 162 | |
LaRonde Zone 5 mine Per Ounce of Gold Produced | |
Three Months Ended
December 31, 2023 | |
Three Months Ended
December 31, 2022 | |
Year Ended
December 31, 2023 | |
Year Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 17,245 | |
| | |
| 17,247 | |
| | |
| 70,657 | |
| | |
| 71,557 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 18,922 | |
$ | 1,097 | |
$ | 20,164 | |
$ | 1,169 | |
$ | 81,624 | |
$ | 1,155 | |
$ | 72,096 | |
$ | 1,008 | |
Inventory adjustments(ii) | |
| (3,367 | ) |
| (195 | ) |
| (1,302 | ) |
| (75 | ) |
| (3,494 | ) |
| (49 | ) |
| (503 | ) |
| (7 | ) |
Realized gains and losses on hedges of production costs | |
| 266 | |
| 15 | |
| 1,267 | |
| 73 | |
| 988 | |
| 14 | |
| 1,602 | |
| 22 | |
Other adjustments(v) | |
| 841 | |
| 49 | |
| 54 | |
| 3 | |
| 2,705 | |
| 38 | |
| 136 | |
| 2 | |
Cash operating costs (co-product basis) | |
$ | 16,662 | |
$ | 966 | |
$ | 20,183 | |
$ | 1,170 | |
$ | 81,823 | |
$ | 1,158 | |
$ | 73,331 | |
$ | 1,025 | |
By-product metal revenues | |
| (13 | ) |
| (1 | ) |
| (105 | ) |
| (6 | ) |
| (711 | ) |
| (10 | ) |
| (259 | ) |
| (4 | ) |
Cash operating costs (by-product basis) | |
$ | 16,649 | |
$ | 965 | |
$ | 20,078 | |
$ | 1,164 | |
$ | 81,112 | |
$ | 1,148 | |
$ | 73,072 | |
$ | 1,021 | |
LaRonde Zone 5 mine Per Tonne | |
Three Months Ended
December 31, 2023 | |
Three Months Ended
December 31, 2022 | |
Year Ended
December 31, 2023 | |
Year Ended
December 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| | |
| 263 | |
| | |
| 281 | |
| | |
| 1,157 | |
| | |
| 1,146 | |
| |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
Production costs | |
$ | 18,922 | |
$ | 72 | |
$ | 20,164 | |
$ | 72 | |
$ | 81,624 | |
$ | 71 | |
$ | 72,096 | |
$ | 63 | |
Production costs (C$) | |
C$ | 25,644 | |
C$ | 98 | |
C$ | 27,123 | |
C$ | 97 | |
C$ | 109,991 | |
C$ | 95 | |
C$ | 93,655 | |
C$ | 82 | |
Inventory adjustments (C$)(ii) | |
| (4,542 | ) |
| (18 | ) |
| (1,548 | ) |
| (6 | ) |
| (4,717 | ) |
| (4 | ) |
| (289 | ) |
| (1 | ) |
Minesite operating costs (C$) | |
C$ | 21,102 | |
C$ | 80 | |
C$ | 25,575 | |
C$ | 91 | |
C$ | 105,274 | |
C$ | 91 | |
C$ | 93,366 | |
C$ | 81 | |
LaRonde complex Per Ounce of Gold Produced | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 85,765 | |
| | |
| 80,169 | |
| | |
| 306,648 | |
| | |
| 356,337 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 66,789 | |
$ | 779 | |
$ | 69,856 | |
$ | 871 | |
$ | 299,644 | |
$ | 977 | |
$ | 285,489 | |
$ | 801 | |
Inventory adjustments(ii) | |
| 12,747 | |
| 149 | |
| 2,576 | |
| 32 | |
| 9,954 | |
| 32 | |
| 6,066 | |
| 17 | |
Realized gains and losses on hedges of production costs | |
| 1,067 | |
| 12 | |
| 6,706 | |
| 84 | |
| 3,954 | |
| 13 | |
| 8,481 | |
| 24 | |
Other adjustments(v) | |
| 4,238 | |
| 49 | |
| 4,558 | |
| 57 | |
| 20,183 | |
| 66 | |
| 15,467 | |
| 43 | |
Cash operating costs (co-product basis) | |
$ | 84,841 | |
$ | 989 | |
$ | 83,696 | |
$ | 1,044 | |
$ | 333,735 | |
$ | 1,088 | |
$ | 315,503 | |
$ | 885 | |
By-product metal revenues | |
| (12,391 | ) |
| (144 | ) |
| (16,982 | ) |
| (212 | ) |
| (54,405 | ) |
| (177 | ) |
| (64,913 | ) |
| (182 | ) |
Cash operating costs (by-product basis) | |
$ | 72,450 | |
$ | 845 | |
$ | 66,714 | |
$ | 832 | |
$ | 279,330 | |
$ | 911 | |
$ | 250,590 | |
$ | 703 | |
LaRonde complex Per
Tonne | |
Three
Months Ended December 31, 2023 | |
Three
Months Ended December 31, 2022 | |
Year
Ended December 31, 2023 | |
Year
Ended December 31, 2022 | |
Tonnes
of ore milled (thousands of tonnes) | |
| | |
| 663 | |
| | |
| 658 | |
| | |
| 2,658 | |
| | |
| 2,816 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 66,789 | |
$ | 101 | |
$ | 69,856 | |
$ | 106 | |
$ | 299,644 | |
$ | 113 | |
$ | 285,489 | |
$ | 101 | |
Production costs (C$) | |
C$ | 90,609 | |
C$ | 137 | |
C$ | 94,244 | |
C$ | 143 | |
C$ | 403,618 | |
C$ | 152 | |
C$ | 371,669 | |
C$ | 132 | |
Inventory
adjustments (C$)(ii) | |
| 17,414 | |
| 26 | |
| 3,440 | |
| 5 | |
| 15,784 | |
| 6 | |
| 5,071 | |
| 1 | |
Other
adjustments (C$)(v) | |
| (3,795 | ) |
| (6 | ) |
| (3,003 | ) |
| (4 | ) |
| (12,990 | ) |
| (5 | ) |
| (12,208 | ) |
| (4 | ) |
Minesite
operating costs (C$) | |
C$ | 104,228 | |
C$ | 157 | |
C$ | 94,681 | |
C$ | 144 | |
C$ | 406,412 | |
C$ | 153 | |
C$ | 364,532 | |
C$ | 129 | |
Canadian Malartic complex Per Ounce of Gold Produced(i) | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 168,272 | |
| | |
| 86,439 | |
| | |
| 603,955 | |
| | |
| 329,396 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 138,878 | |
$ | 825 | |
$ | 63,877 | |
$ | 739 | |
$ | 465,814 | |
$ | 771 | |
$ | 235,735 | |
$ | 716 | |
Inventory adjustments(ii) | |
| (2,794 | ) |
| (17 | ) |
| (2,289 | ) |
| (26 | ) |
| 4,738 | |
| 8 | |
| (1,867 | ) |
| (6 | ) |
Purchase price allocation to inventory(iv) | |
| — | |
| — | |
| — | |
| — | |
| (26,447 | ) |
| (44 | ) |
| — | |
| — | |
Other adjustments(v) | |
| 19,518 | |
| 117 | |
| 7,717 | |
| 89 | |
| 60,149 | |
| 100 | |
| 30,568 | |
| 93 | |
Cash operating costs (co-product basis) | |
$ | 155,602 | |
$ | 925 | |
$ | 69,305 | |
$ | 802 | |
$ | 504,254 | |
$ | 835 | |
$ | 264,436 | |
$ | 803 | |
By-product metal revenues | |
| (1,974 | ) |
| (12 | ) |
| (1,115 | ) |
| (13 | ) |
| (6,732 | ) |
| (11 | ) |
| (5,087 | ) |
| (16 | ) |
Cash operating costs (by-product basis) | |
$ | 153,628 | |
$ | 913 | |
$ | 68,190 | |
$ | 789 | |
$ | 497,522 | |
$ | 824 | |
$ | 259,349 | |
$ | 787 | |
Canadian Malartic complex Per Tonne(i) | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| | |
| 5,278 | |
| | |
| 2,475 | |
| | |
| 17,333 | |
| | |
| 9,770 | |
| |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
Production costs | |
$ | 138,878 | |
$ | 26 | |
$ | 63,877 | |
$ | 26 | |
$ | 465,814 | |
$ | 27 | |
$ | 235,735 | |
$ | 24 | |
Production costs (C$) | |
C$ | 187,945 | |
C$ | 36 | |
C$ | 84,510 | |
C$ | 34 | |
C$ | 627,946 | |
C$ | 36 | |
C$ | 302,734 | |
C$ | 31 | |
Inventory adjustments (C$)(ii) | |
| (3,901 | ) |
| (1 | ) |
| 208 | |
| — | |
| 6,919 | |
| — | |
| 902 | |
| — | |
Purchase price allocation to inventory (C$)(iv) | |
| — | |
| — | |
| — | |
| — | |
| (34,555 | ) |
| (2 | ) |
| — | |
| — | |
Other adjustments (C$)(v) | |
| 26,457 | |
| 5 | |
| 7,048 | |
| 3 | |
| 79,962 | |
| 5 | |
| 35,981 | |
| 4 | |
Minesite operating costs (C$) | |
C$ | 210,501 | |
C$ | 40 | |
C$ | 91,766 | |
C$ | 37 | |
C$ | 680,272 | |
C$ | 39 | |
C$ | 339,617 | |
C$ | 35 | |
Goldex mine Per Ounce of Gold Produced | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 33,364 | |
| | |
| 36,291 | |
| | |
| 140,983 | |
| | |
| 141,502 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 27,222 | |
$ | 816 | |
$ | 24,786 | |
$ | 683 | |
$ | 112,022 | |
$ | 795 | |
$ | 103,830 | |
$ | 734 | |
Inventory adjustments(ii) | |
| 1,666 | |
| 50 | |
| 533 | |
| 15 | |
| 1,650 | |
| 11 | |
| 1,227 | |
| 9 | |
Realized gains and losses on hedges of production costs | |
| 525 | |
| 16 | |
| 2,410 | |
| 66 | |
| 1,944 | |
| 14 | |
| 3,048 | |
| 21 | |
Other adjustments(v) | |
| 187 | |
| 5 | |
| 44 | |
| 1 | |
| 336 | |
| 2 | |
| 199 | |
| 1 | |
Cash operating costs (co-product basis) | |
$ | 29,600 | |
$ | 887 | |
$ | 27,773 | |
$ | 765 | |
$ | 115,952 | |
$ | 822 | |
$ | 108,304 | |
$ | 765 | |
By-product metal revenues | |
| (340 | ) |
| (10 | ) |
| (17 | ) |
| — | |
| (378 | ) |
| (2 | ) |
| (48 | ) |
| — | |
Cash operating costs (by-product basis) | |
$ | 29,260 | |
$ | 877 | |
$ | 27,756 | |
$ | 765 | |
$ | 115,574 | |
$ | 820 | |
$ | 108,256 | |
$ | 765 | |
Goldex mine Per Tonne | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| | |
| 672 | |
| | |
| 748 | |
| | |
| 2,887 | |
| | |
| 2,940 | |
| |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
Production costs | |
$ | 27,222 | |
$ | 40 | |
$ | 24,786 | |
$ | 33 | |
$ | 112,022 | |
$ | 39 | |
$ | 103,830 | |
$ | 35 | |
Production costs (C$) | |
C$ | 37,043 | |
C$ | 55 | |
C$ | 33,532 | |
C$ | 45 | |
C$ | 151,185 | |
C$ | 52 | |
C$ | 135,084 | |
C$ | 46 | |
Inventory adjustments (C$)(ii) | |
| 2,224 | |
| 3 | |
| 802 | |
| 1 | |
| 2,189 | |
| 1 | |
| 1,818 | |
| 1 | |
Minesite operating costs (C$) | |
C$ | 39,267 | |
C$ | 58 | |
C$ | 34,334 | |
C$ | 46 | |
C$ | 153,374 | |
C$ | 53 | |
C$ | 136,902 | |
C$ | 47 | |
Detour Lake mine Per Ounce of Gold Produced | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 193,475 | |
| | |
| 179,737 | |
| | |
| 677,446 | |
| | |
| 651,182 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 120,284 | |
$ | 622 | |
$ | 118,573 | |
$ | 660 | |
$ | 453,498 | |
$ | 669 | |
$ | 489,703 | |
$ | 752 | |
Inventory adjustments(ii) | |
| 4,695 | |
| 24 | |
| (183 | ) |
| (1 | ) |
| 8,232 | |
| 12 | |
| (8,195 | ) |
| (13 | ) |
Realized gains and losses on hedges of production costs | |
| 302 | |
| 2 | |
| — | |
| — | |
| 4,867 | |
| 8 | |
| — | |
| — | |
Purchase price allocation to inventory(iv) | |
| — | |
| — | |
| (2,552 | ) |
| (14 | ) |
| — | |
| — | |
| (74,509 | ) |
| (113 | ) |
Other adjustments(v) | |
| 9,101 | |
| 47 | |
| 6,095 | |
| 33 | |
| 33,149 | |
| 49 | |
| 24,483 | |
| 37 | |
Cash operating costs (co-product basis) | |
$ | 134,382 | |
$ | 695 | |
$ | 121,933 | |
$ | 678 | |
$ | 499,746 | |
$ | 738 | |
$ | 431,482 | |
$ | 663 | |
By-product metal revenues | |
| (598 | ) |
| (4 | ) |
| (756 | ) |
| (4 | ) |
| (2,073 | ) |
| (3 | ) |
| (3,712 | ) |
| (6 | ) |
Cash operating costs (by-product basis) | |
$ | 133,784 | |
$ | 691 | |
$ | 121,177 | |
$ | 674 | |
$ | 497,673 | |
$ | 735 | |
$ | 427,770 | |
$ | 657 | |
Detour Lake mine Per Tonne | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| | |
| 6,608 | |
| | |
| 6,488 | |
| | |
| 25,435 | |
| | |
| 22,782 | |
| |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
| (thousands) | |
| ($ per tonne) | |
Production costs | |
$ | 120,284 | |
$ | 18 | |
$ | 118,573 | |
$ | 18 | |
$ | 453,498 | |
$ | 18 | |
$ | 489,703 | |
$ | 21 | |
Production costs (C$) | |
C$ | 163,230 | |
C$ | 25 | |
C$ | 161,425 | |
C$ | 25 | |
C$ | 611,244 | |
C$ | 24 | |
C$ | 637,567 | |
C$ | 28 | |
Inventory adjustments (C$)(ii) | |
| 6,291 | |
| 1 | |
| 277 | |
| — | |
| 11,038 | |
| — | |
| (8,782 | ) |
| — | |
Purchase price allocation to inventory(C$)(iv) | |
| — | |
| — | |
| (3,474 | ) |
| (1 | ) |
| — | |
| — | |
| (95,791 | ) |
| (4 | ) |
Other adjustments (C$)(v) | |
| 10,838 | |
| 1 | |
| 8,230 | |
| 1 | |
| 39,323 | |
| 2 | |
| 31,917 | |
| 1 | |
Minesite operating costs (C$) | |
C$ | 180,359 | |
C$ | 27 | |
C$ | 166,458 | |
C$ | 25 | |
C$ | 661,605 | |
C$ | 26 | |
C$ | 564,911 | |
C$ | 25 | |
Macassa mine Per Ounce of Gold Produced | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 60,584 | |
| | |
| 43,308 | |
| | |
| 228,535 | |
| | |
| 180,833 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 42,678 | |
$ | 704 | |
$ | 30,926 | |
$ | 714 | |
$ | 155,046 | |
$ | 678 | |
$ | 129,774 | |
$ | 718 | |
Inventory adjustments(ii) | |
| 985 | |
| 16 | |
| 586 | |
| 14 | |
| 1,382 | |
| 6 | |
| 38 | |
| — | |
Realized gains and losses on hedges of production costs | |
| 844 | |
| 14 | |
| — | |
| — | |
| 3,127 | |
| 14 | |
| — | |
| — | |
Purchase price allocation to inventory(iv) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (10,326 | ) |
| (57 | ) |
Other adjustments(v) | |
| 1,908 | |
| 32 | |
| 1,315 | |
| 30 | |
| 8,041 | |
| 35 | |
| 4,237 | |
| 23 | |
Cash operating costs (co-product basis) | |
$ | 46,415 | |
$ | 766 | |
$ | 32,827 | |
$ | 758 | |
$ | 167,596 | |
$ | 733 | |
$ | 123,723 | |
$ | 684 | |
By-product metal revenues | |
| (166 | ) |
| (3 | ) |
| (22 | ) |
| — | |
| (649 | ) |
| (2 | ) |
| (298 | ) |
| (1 | ) |
Cash operating costs (by-product basis) | |
$ | 46,249 | |
$ | 763 | |
$ | 32,805 | |
$ | 758 | |
$ | 166,947 | |
$ | 731 | |
$ | 123,425 | |
$ | 683 | |
Macassa mine
Per Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore milled (thousands
of tonnes) | |
| | |
| 131 | |
| | |
| 70 | |
| | |
| 442 | |
| | |
| 280 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 42,678 | |
$ | 327 | |
$ | 30,926 | |
$ | 442 | |
$ | 155,046 | |
$ | 351 | |
$ | 129,774 | |
$ | 463 | |
Production costs (C$) | |
C$ | 58,184 | |
C$ | 445 | |
C$ | 41,578 | |
C$ | 594 | |
C$ | 209,928 | |
C$ | 475 | |
C$ | 168,400 | |
C$ | 602 | |
Inventory adjustments (C$)(ii) | |
| 1,078 | |
| 9 | |
| 852 | |
| 12 | |
| 1,836 | |
| 4 | |
| 533 | |
| 2 | |
Purchase price allocation to inventory(C$)(iv) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (13,248 | ) |
| (47 | ) |
Other adjustments
(C$)(v) | |
| 2,472 | |
| 19 | |
| 1,791 | |
| 26 | |
| 10,517 | |
| 24 | |
| 5,538 | |
| 20 | |
Minesite operating costs (C$) | |
C$ | 61,734 | |
C$ | 473 | |
C$ | 44,221 | |
C$ | 632 | |
C$ | 222,281 | |
C$ | 503 | |
C$ | 161,223 | |
C$ | 577 | |
Meliadine
mine Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 96,285 | |
| | |
| 103,397 | |
| | |
| 364,141 | |
| | |
| 372,874 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 94,429 | |
$ | 981 | |
$ | 81,246 | |
$ | 786 | |
$ | 343,650 | |
$ | 944 | |
$ | 318,141 | |
$ | 853 | |
Inventory adjustments(ii) | |
| (619 | ) |
| (6 | ) |
| 2,293 | |
| 22 | |
| 11,898 | |
| 33 | |
| 653 | |
| 2 | |
Realized gains and losses on hedges
of production costs | |
| 1,745 | |
| 17 | |
| 4,937 | |
| 48 | |
| 1,682 | |
| 4 | |
| 3,500 | |
| 9 | |
Other adjustments(v) | |
| 82 | |
| 1 | |
| 70 | |
| — | |
| 128 | |
| — | |
| 313 | |
| 1 | |
Cash operating costs (co-product basis) | |
$ | 95,637 | |
$ | 993 | |
$ | 88,546 | |
$ | 856 | |
$ | 357,358 | |
$ | 981 | |
$ | 322,607 | |
$ | 865 | |
By-product metal
revenues | |
| (154 | ) |
| (1 | ) |
| (181 | ) |
| (1 | ) |
| (630 | ) |
| (1 | ) |
| (753 | ) |
| (2 | ) |
Cash operating costs (by-product
basis) | |
$ | 95,483 | |
$ | 992 | |
$ | 88,365 | |
$ | 855 | |
$ | 356,728 | |
$ | 980 | |
$ | 321,854 | |
$ | 863 | |
Meliadine
mine Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore milled (thousands
of tonnes) | |
| | |
| 511 | |
| | |
| 475 | |
| | |
| 1,918 | |
| | |
| 1,757 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 94,429 | |
$ | 185 | |
$ | 81,246 | |
$ | 171 | |
$ | 343,650 | |
$ | 179 | |
$ | 318,141 | |
$ | 181 | |
Production costs (C$) | |
C$ | 128,156 | |
C$ | 251 | |
C$ | 107,318 | |
| C$226 | |
C$ | 462,052 | |
C$ | 241 | |
C$ | 407,871 | |
C$ | 232 | |
Inventory adjustments
(C$)(ii) | |
| (863 | ) |
| (2 | ) |
| 3,512 | |
| 7 | |
| 16,188 | |
| 8 | |
| 2,510 | |
| 2 | |
Minesite operating costs (C$) | |
C$ | 127,293 | |
C$ | 249 | |
C$ | 110,830 | |
| C$233 | |
C$ | 478,240 | |
C$ | 249 | |
C$ | 410,381 | |
C$ | 234 | |
Meadowbank
complex Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | | |
| 109,226 | |
| | |
| 94,328 | |
| | |
| 431,666 | |
| | |
| 373,785 | |
| |
| (thousands) | | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 142,597 | | |
$ | 1,306 | |
$ | 128,692 | |
$ | 1,364 | |
$ | 524,008 | |
$ | 1,214 | |
$ | 442,681 | |
$ | 1,184 | |
Inventory adjustments(ii) | |
| (14,484 | ) | |
| (133 | ) |
| 2,505 | |
| 27 | |
| (12,021 | ) |
| (28 | ) |
| 14,807 | |
| 40 | |
Realized gains and losses on hedges
of production costs | |
| 2,297 | | |
| 21 | |
| 3,067 | |
| 33 | |
| (1,205 | ) |
| (3 | ) |
| (1,691 | ) |
| (4 | ) |
Operational care & maintenance due
to COVID-19(iii) | |
| — | | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (1,436 | ) |
| (4 | ) |
Other adjustments(v) | |
| (69 | ) | |
| (1 | ) |
| 21 | |
| — | |
| (19 | ) |
| — | |
| 34 | |
| — | |
Cash operating costs (co-product basis) | |
$ | 130,341 | | |
$ | 1,193 | |
$ | 134,285 | |
$ | 1,424 | |
$ | 510,763 | |
$ | 1,183 | |
$ | 454,395 | |
$ | 1,216 | |
By-product metal
revenues | |
| (837 | ) | |
| (7 | ) |
| (558 | ) |
| (6 | ) |
| (2,958 | ) |
| (7 | ) |
| (2,127 | ) |
| (6 | ) |
Cash operating costs (by-product
basis) | |
$ | 129,504 | | |
$ | 1,186 | |
$ | 133,727 | |
$ | 1,418 | |
$ | 507,805 | |
$ | 1,176 | |
$ | 452,268 | |
$ | 1,210 | |
Meadowbank
complex Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore milled (thousands
of tonnes) | |
| | |
| 938 | |
| | |
| 923 | |
| | |
| 3,843 | |
| | |
| 3,739 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 142,597 | |
$ | 152 | |
$ | 128,692 | |
$ | 139 | |
$ | 524,008 | |
$ | 136 | |
$ | 442,681 | |
$ | 118 | |
Production costs (C$) | |
C$ | 192,897 | |
C$ | 206 | |
C$ | 176,450 | |
C$ | 191 | |
C$ | 702,879 | |
C$ | 183 | |
C$ | 574,895 | |
C$ | 154 | |
Inventory adjustments (C$)(ii) | |
| (19,533 | ) |
| (21 | ) |
| (4,493 | ) |
| (5 | ) |
| (15,934 | ) |
| (4 | ) |
| 12,203 | |
| 3 | |
Operational care
and maintenance due to COVID-19 (C$)(iii) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (1,793 | ) |
| — | |
Minesite operating costs (C$) | |
C$ | 173,364 | |
C$ | 185 | |
C$ | 171,957 | |
C$ | 186 | |
C$ | 686,945 | |
C$ | 179 | |
C$ | 585,305 | |
C$ | 157 | |
Fosterville mine Per Ounce of Gold Produced | |
Three Months Ended December 31, 2023 | |
Three Months Ended December 31, 2022 | |
Year Ended December 31, 2023 | |
Year Ended December 31, 2022 | |
Gold production (ounces) | |
| | |
| 49,533 | |
| | |
| 88,634 | |
| | |
| 277,694 | |
| | |
| 338,327 | |
| |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
| (thousands) | |
| ($ per ounce) | |
Production costs | |
$ | 31,329 | |
$ | 632 | |
$ | 34,131 | |
$ | 385 | |
$ | 131,298 | |
$ | 473 | |
$ | 204,649 | |
$ | 605 | |
Inventory adjustments(ii) | |
| 3,137 | |
| 64 | |
| 2,694 | |
| 30 | |
| 1,345 | |
| 5 | |
| (2,691 | ) |
| (8 | ) |
Realized gains and losses on hedges of production costs | |
| 1,319 | |
| 27 | |
| — | |
| — | |
| 3,097 | |
| 11 | |
| — | |
| — | |
Purchase price allocation to inventory(iv) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (73,674 | ) |
| (218 | ) |
Other adjustments(v) | |
| 6 | |
| — | |
| — | |
| — | |
| 52 | |
| — | |
| — | |
| — | |
Cash operating costs (co-product basis) | |
$ | 35,791 | |
$ | 723 | |
$ | 36,825 | |
$ | 415 | |
$ | 135,792 | |
$ | 489 | |
$ | 128,284 | |
$ | 379 | |
By-product metal revenues | |
| — | |
| — | |
| (126 | ) |
| (1 | ) |
| (397 | ) |
| (1 | ) |
| (527 | ) |
| (1 | ) |
Cash operating costs (by-product basis) | |
$ | 35,791 | |
$ | 723 | |
$ | 36,699 | |
$ | 414 | |
$ | 135,395 | |
$ | 488 | |
$ | 127,757 | |
$ | 378 | |
Fosterville
mine Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore milled (thousands of tonnes) | |
| | |
| 183 | |
| | |
| 139 | |
| | |
| 651 | |
| | |
| 524 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 31,329 | |
$ | 171 | |
$ | 34,131 | |
$ | 246 | |
$ | 131,298 | |
$ | 202 | |
$ | 204,649 | |
$ | 391 | |
Production costs (A$) | |
A$ | 47,265 | |
A$ | 259 | |
A$ | 51,995 | |
A$ | 370 | |
A$ | 197,921 | |
A$ | 304 | |
A$ | 293,875 | |
A$ | 561 | |
Inventory adjustments (A$)(ii) | |
| 384 | |
| 2 | |
| 4,186 | |
| 29 | |
| (2,155 | ) |
| (3 | ) |
| (3,045 | ) |
| (6 | ) |
Purchase price allocation to inventory(A$)(iv) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| (104,507 | ) |
| (199 | ) |
Minesite operating costs (A$) | |
A$ | 47,649 | |
A$ | 261 | |
A$ | 56,181 | |
A$ | 399 | |
A$ | 195,766 | |
A$ | 301 | |
A$ | 186,323 | |
A$ | 356 | |
Kittila
mine Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 61,172 | |
| | |
| 44,724 | |
| | |
| 234,402 | |
| | |
| 216,947 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 50,657 | |
$ | 828 | |
$ | 56,273 | |
$ | 1,258 | |
$ | 205,857 | |
$ | 878 | |
$ | 210,661 | |
$ | 971 | |
Inventory adjustments(ii) | |
| 2,653 | |
| 43 | |
| 1,070 | |
| 24 | |
| 2,958 | |
| 13 | |
| (5,349 | ) |
| (25 | ) |
Realized gains and losses on hedges
of production costs | |
| (653 | ) |
| (11 | ) |
| 2,033 | |
| 45 | |
| (2,999 | ) |
| (13 | ) |
| 7,329 | |
| 34 | |
Other adjustments(v) | |
| (45 | ) |
| — | |
| 163 | |
| 4 | |
| (1,338 | ) |
| (6 | ) |
| 274 | |
| 1 | |
Cash operating costs (co-product basis) | |
$ | 52,612 | |
$ | 860 | |
$ | 59,539 | |
$ | 1,331 | |
$ | 204,478 | |
$ | 872 | |
$ | 212,915 | |
$ | 981 | |
By-product metal
revenues | |
| (145 | ) |
| (2 | ) |
| (76 | ) |
| (1 | ) |
| (358 | ) |
| (1 | ) |
| (295 | ) |
| (1 | ) |
Cash operating costs (by-product
basis) | |
$ | 52,467 | |
$ | 858 | |
$ | 59,463 | |
$ | 1,330 | |
$ | 204,120 | |
$ | 871 | |
$ | 212,620 | |
$ | 980 | |
Kittila
mine Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore milled
(thousands of tonnes) | |
| | |
| 514 | |
| | |
| 421 | |
| | |
| 1,954 | |
| | |
| 1,925 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 50,657 | |
$ | 99 | |
$ | 56,273 | |
$ | 134 | |
$ | 205,857 | |
$ | 105 | |
$ | 210,661 | |
$ | 109 | |
Production costs (€) | |
€ | 46,950 | |
€ | 91 | |
€ | 54,500 | |
€ | 129 | |
€ | 191,023 | |
€ | 98 | |
€ | 198,484 | |
€ | 103 | |
Inventory adjustments
(€)(ii) | |
| 2,240 | |
| 5 | |
| 1,008 | |
| 3 | |
| 2,112 | |
| 1 | |
| (3,853 | ) |
| (2 | ) |
Minesite operating costs (€) | |
€ | 49,190 | |
€ | 96 | |
€ | 55,508 | |
€ | 132 | |
€ | 193,135 | |
€ | 99 | |
€ | 194,631 | |
€ | 101 | |
Pinos
Altos mine Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 25,963 | |
| | |
| 25,291 | |
| | |
| 97,642 | |
| | |
| 96,522 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 38,158 | |
$ | 1,470 | |
$ | 37,567 | |
$ | 1,485 | |
$ | 145,936 | |
$ | 1,495 | |
$ | 144,489 | |
$ | 1,497 | |
Inventory adjustments(ii) | |
| 1,241 | |
| 48 | |
| (499 | ) |
| (20 | ) |
| 2,979 | |
| 31 | |
| (2,295 | ) |
| (24 | ) |
Realized gains and losses on hedges
of production costs | |
| (754 | ) |
| (29 | ) |
| (176 | ) |
| (7 | ) |
| (2,819 | ) |
| (29 | ) |
| (879 | ) |
| (9 | ) |
Other adjustments(v) | |
| 346 | |
| 13 | |
| 312 | |
| 13 | |
| 1,248 | |
| 12 | |
| 1,235 | |
| 13 | |
Cash operating costs (co-product basis) | |
$ | 38,991 | |
$ | 1,502 | |
$ | 37,204 | |
$ | 1,471 | |
$ | 147,344 | |
$ | 1,509 | |
$ | 142,550 | |
$ | 1,477 | |
By-product metal
revenues | |
| (7,585 | ) |
| (292 | ) |
| (5,467 | ) |
| (216 | ) |
| (27,339 | ) |
| (280 | ) |
| (21,983 | ) |
| (228 | ) |
Cash operating costs (by-product
basis) | |
$ | 31,406 | |
$ | 1,210 | |
$ | 31,737 | |
$ | 1,255 | |
$ | 120,005 | |
$ | 1,229 | |
$ | 120,567 | |
$ | 1,249 | |
Pinos
Altos mine Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months
Ended December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore processed
(thousands of tonnes) | |
| | |
| 441 | |
| | |
| 382 | |
| | |
| 1,656 | |
| | |
| 1,510 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 38,158 | |
$ | 87 | |
$ | 37,567 | |
$ | 98 | |
$ | 145,936 | |
$ | 88 | |
$ | 144,489 | |
$ | 96 | |
Inventory adjustments(ii) | |
| 487 | |
| 1 | |
| (499 | ) |
| (1 | ) |
| 160 | |
| — | |
| (2,295 | ) |
| (2 | ) |
Minesite operating costs | |
$ | 38,645 | |
$ | 88 | |
$ | 37,068 | |
$ | 97 | |
$ | 146,096 | |
$ | 88 | |
$ | 142,194 | |
$ | 94 | |
Creston
Mascota mine Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 88 | |
| | |
| 451 | |
| | |
| 638 | |
| | |
| 2,630 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | — | |
$ | — | |
$ | 200 | |
$ | 443 | |
$ | — | |
$ | — | |
$ | 1,943 | |
$ | 739 | |
Inventory adjustments(ii) | |
| — | |
| — | |
| 279 | |
| 622 | |
| — | |
| — | |
| 222 | |
| 84 | |
Other adjustments(v) | |
| — | |
| — | |
| 15 | |
| 33 | |
| — | |
| — | |
| 78 | |
| 30 | |
Cash operating costs (co-product basis) | |
$ | — | |
$ | — | |
$ | 494 | |
$ | 1,098 | |
$ | — | |
$ | — | |
$ | 2,243 | |
$ | 853 | |
By-product metal
revenues | |
| — | |
| — | |
| (30 | ) |
| (68 | ) |
| — | |
| — | |
| (158 | ) |
| (60 | ) |
Cash operating costs (by-product
basis) | |
$ | — | |
$ | — | |
$ | 464 | |
$ | 1,030 | |
$ | — | |
$ | — | |
$ | 2,085 | |
$ | 793 | |
Creston
Mascota mine Per
Tonne(vi) | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore processed (thousands of tonnes) | |
| |
— | |
| |
— | |
| |
— | |
| |
— | |
| |
(thousands) | |
($ per tonne) | |
(thousands) | |
($ per tonne) | |
(thousands) | |
($ per tonne) | |
(thousands) | |
($ per tonne) | |
Production costs | |
$ | — | |
$ | — | |
$ | 200 | |
$ | — | |
$ | — | |
$ | — | |
$ | 1,943 | |
$ | — | |
Inventory adjustments(ii) | |
| — | |
| — | |
| 279 | |
| — | |
| — | |
| — | |
| 222 | |
| — | |
Other adjustments(v) | |
| — | |
| — | |
| (479 | ) |
| — | |
| — | |
| — | |
| (2,165 | ) |
| — | |
Minesite operating costs | |
$ | — | |
$ | — | |
$ | — | |
$ | — | |
$ | — | |
$ | — | |
$ | — | |
$ | — | |
La
India mine Per
Ounce of Gold Produced | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Gold production (ounces) | |
| | |
| 19,481 | |
| | |
| 16,669 | |
| | |
| 75,904 | |
| | |
| 74,672 | |
| |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
| (thousands) | |
| ($
per ounce) | |
Production costs | |
$ | 24,434 | |
$ | 1,254 | |
$ | 20,750 | |
$ | 1,245 | |
$ | 96,490 | |
$ | 1,271 | |
$ | 76,226 | |
$ | 1,021 | |
Inventory adjustments(ii) | |
| (1,782 | ) |
| (91 | ) |
| 2,187 | |
| 131 | |
| (1,335 | ) |
| (18 | ) |
| 3,598 | |
| 48 | |
Other adjustments(v) | |
| 182 | |
| 9 | |
| 176 | |
| 11 | |
| 584 | |
| 8 | |
| 699 | |
| 9 | |
Cash operating costs (co-product basis) | |
$ | 22,834 | |
$ | 1,172 | |
$ | 23,113 | |
$ | 1,387 | |
$ | 95,739 | |
$ | 1,261 | |
$ | 80,523 | |
$ | 1,078 | |
By-product metal
revenues | |
| (449 | ) |
| (23 | ) |
| (290 | ) |
| (18 | ) |
| (1,566 | ) |
| (20 | ) |
| (1,689 | ) |
| (22 | ) |
Cash operating costs (by-product
basis) | |
$ | 22,385 | |
$ | 1,149 | |
$ | 22,823 | |
$ | 1,369 | |
$ | 94,173 | |
$ | 1,241 | |
$ | 78,834 | |
$ | 1,056 | |
La
India mine Per
Tonne | |
Three
Months Ended
December 31, 2023 | |
Three
Months Ended
December 31, 2022 | |
Year
Ended
December 31, 2023 | |
Year
Ended
December 31, 2022 | |
Tonnes of ore processed (thousands of tonnes) | |
| | |
| 500 | |
| | |
| 1,138 | |
| | |
| 3,010 | |
| | |
| 5,102 | |
| |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
| (thousands) | |
| ($
per tonne) | |
Production costs | |
$ | 24,434 | |
$ | 49 | |
$ | 20,750 | |
$ | 18 | |
$ | 96,490 | |
$ | 32 | |
$ | 76,226 | |
$ | 15 | |
Inventory adjustments(ii) | |
| (1,782 | ) |
| (4 | ) |
| 2,187 | |
| 2 | |
| (1,335 | ) |
| — | |
| 3,598 | |
| 1 | |
Minesite operating costs | |
$ | 22,652 | |
$ | 45 | |
$ | 22,937 | |
$ | 20 | |
$ | 95,155 | |
$ | 32 | |
$ | 79,824 | |
$ | 16 | |
Notes:
(i) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter.
(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 of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue.
(iii) This adjustment reflects the costs associated with the temporary suspension of mining activities at the Company's mine sites in response to the COVID-19 pandemic and includes primarily payroll and other incidental costs associated with maintaining the sites and properties, and payroll costs associated with employees who were not working during the period of reduced or suspended operations. These expenses also include payroll costs of employees who could not work following the period of temporary suspension or reduced operations due to the Company's effort to prevent or curtail community transmission of COVID-19.
(iv) On February 8, 2022, the Company completed the Merger and this adjustment reflects the fair value allocated to inventory at the Detour Lake, Macassa, and Fosterville mines as part of the purchase price allocation. On March 31, 2023, the Company completed Yamana Transaction and this adjustment reflects the fair value allocated to inventory at the Canadian Malartic complex as part of the purchase price allocation.
(v) Other adjustments consists of costs associated with a 5% in-kind royalty paid in respect of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, smelting, refining, and marketing charges to production costs.
(vi) The Creston Mascota mine's cost calculations per tonne for the year ended December 31, 2022 and December 31, 2021 excludes approximately $0.5 and $2.2 million of production costs incurred during the period, respectively, following the ceasing of mining activities at the Bravo pit during the third quarter of 2020.
Reconciliation of Production Costs to Total Cash Costs per Ounce Produced(iv) and All-in Sustaining Costs per Ounce of Gold Produced(iv)
Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company’s use of the non-GAAP measure all-in sustaining costs per ounce of gold produced.
The following tables set out a reconciliation of production costs to the Company's use of the non-GAAP measure all-in sustaining costs per ounce of gold produced for the three and twelve months ended December 31, 2023 and December 31, 2022 on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues).
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
(United States dollars per ounce of gold produced, except where noted) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Production costs per the consolidated statements of (loss) income (thousands of United States dollars) | |
$ | 777,455 | | |
$ | 666,877 | | |
$ | 2,933,263 | | |
$ | 2,643,321 | |
Gold production (ounces) | |
| 903,208 | | |
| 799,436 | | |
| 3,439,654 | | |
| 3,135,007 | |
Production costs per ounce of adjusted gold production | |
$ | 861 | | |
$ | 834 | | |
$ | 853 | | |
$ | 843 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Inventory adjustments(i) | |
| 8 | | |
| 15 | | |
| 9 | | |
| 2 | |
Purchase price allocation to inventory(ii) | |
| — | | |
| (3 | ) | |
| (8 | ) | |
| (51 | ) |
Realized gains and losses on hedges of production costs | |
| 7 | | |
| 24 | | |
| 3 | | |
| 6 | |
Other(iii) | |
| 40 | | |
| 25 | | |
| 36 | | |
| 25 | |
Total cash costs per ounce of gold produced (co-product basis)(iv) | |
$ | 916 | | |
$ | 895 | | |
$ | 893 | | |
$ | 825 | |
By-product metal revenues | |
| (28 | ) | |
| (32 | ) | |
| (28 | ) | |
| (32 | ) |
Total cash costs per ounce of gold produced (by-product basis)(iv) | |
$ | 888 | | |
$ | 863 | | |
$ | 865 | | |
$ | 793 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Sustaining capital expenditures (including capitalized exploration) | |
| 239 | | |
| 284 | | |
| 235 | | |
| 232 | |
General and administrative expenses (including stock option expense) | |
| 82 | | |
| 68 | | |
| 61 | | |
| 70 | |
Non-cash reclamation provision and sustaining leases(v) | |
| 18 | | |
| 16 | | |
| 18 | | |
| 14 | |
All-in sustaining costs per ounce of gold produced (by-product basis) | |
$ | 1,227 | | |
$ | 1,231 | | |
$ | 1,179 | | |
$ | 1,109 | |
By-product metal revenues | |
| 28 | | |
| 32 | | |
| 28 | | |
| 32 | |
All-in sustaining costs per ounce of gold produced (co-product basis) | |
$ | 1,255 | | |
$ | 1,263 | | |
$ | 1,207 | | |
$ | 1,141 | |
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 of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. |
(ii) |
On February 8, 2022, the Company completed the Merger and this adjustment reflects the fair value allocated to inventory at the Detour Lake, Macassa and Fosterville mines as part of the purchase price allocation. On March 31, 2023, the Company completed the Yamana Transaction and this adjustment reflects the fair value allocated to inventory at the Canadian Malartic complex as part of the purchase price allocation. |
(iii) |
Other adjustments consists of costs associated with a 5% in-kind royalty paid in respect of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, smelting, refining and marketing charges to production costs. |
(iv) |
The
total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data reported
by other gold producers. Note Regarding Certain Measures of Performance for
more information on the Company’s use of total cash cost per ounce of gold produced. |
(v) |
Sustaining leases are lease payments related to sustaining assets. |
Reconciliation of Sustaining Capital Expenditures(i) and Development Capital Expenditures(i) to the Consolidated Statements of Cash Flows
Refer
to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information
regarding the Company's use of the non-GAAP measures sustaining capital expenditures and development capital expenditures.
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 consolidated statements of cash flows for the three and twelve months ended December 31, 2023 and December 31, 2022.
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Sustaining capital expenditures(i)(ii) | |
$ | 214,757 | | |
$ | 227,040 | | |
$ | 807,607 | | |
$ | 733,546 | |
Development capital expenditures(i)(ii) | |
| 221,904 | | |
| 230,134 | | |
| 793,261 | | |
| 803,354 | |
Total Capital Expenditures | |
$ | 436,661 | | |
$ | 457,174 | | |
$ | 1,600,868 | | |
$ | 1,536,900 | |
Working capital adjustments | |
| (10,919 | ) | |
| (56,343 | ) | |
| 53,261 | | |
| 1,337 | |
Additions to property, plant and mine development per the consolidated statements of cash flows | |
$ | 425,742 | | |
$ | 400,831 | | |
$ | 1,654,129 | | |
$ | 1,538,237 | |
Notes:
(i) Sustaining capital expenditures and development capital expenditures are not recognized measures under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of the measures sustaining capital expenditures and development capital expenditures.
(ii) Sustaining capital expenditures and development capital expenditures include capitalized exploration.
Reconciliation of Long-Term Debt to Net Debt(i)
Refer
to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information
regarding the Company's use of the non-GAAP measure net debt.
The
following tables set out a reconciliation of long-term debt per the consolidated balance sheets to net debt as at December 31, 2023
and December 31, 2022.
| |
As at | | |
As at | |
| |
December 31, 2023 | | |
December 31, 2022 | |
Current portion of long-term debt per the consolidated balance sheets | |
$ | 100,000 | | |
$ | 100,000 | |
Non-current portion of long-term debt | |
| 1,743,086 | | |
| 1,242,070 | |
Long-term debt | |
$ | 1,843,086 | | |
$ | 1,342,070 | |
Adjustment: | |
| | | |
| | |
Cash and cash equivalents | |
$ | (338,648 | ) | |
$ | (658,625 | ) |
Net Debt(i) | |
$ | 1,504,438 | | |
$ | 683,445 | |
Note:
(i) Net debt is not a recognized measure under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of net debt.
Reconciliation of Adjusted Net Income(i) to Net Income
Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measure adjusted net income.
The following tables set out a reconciliation of net (loss) income per the consolidated statements of (loss) income to adjusted net income for the three and twelve months ended December 31, 2023 and December 31, 2022.
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
(thousands of United States dollars) | |
2023 | | |
2022(ii) | | |
2023 | | |
2022 | |
Net (loss) income for the period - basic | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,941,307 | | |
$ | 670,249 | |
Dilutive impact of cash settling LTIP | |
| — | | |
| — | | |
| (4,736 | ) | |
| — | |
Net (loss) income for the period - diluted | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,936,571 | | |
$ | 670,249 | |
Foreign currency translation loss (gain) | |
| 1,930 | | |
| 11,680 | | |
| (328 | ) | |
| (16,081 | ) |
(Gain) loss on derivative financial instruments | |
| (69,470 | ) | |
| (83,771 | ) | |
| (68,432 | ) | |
| 90,692 | |
Impairment loss | |
| 787,000 | | |
| 55,000 | | |
| 787,000 | | |
| 55,000 | |
Environmental remediation | |
| 2,799 | | |
| 9,634 | | |
| 2,712 | | |
| 10,417 | |
Transaction costs and severance related to acquisitions | |
| — | | |
| 2,713 | | |
| 21,503 | | |
| 95,035 | |
Integration costs | |
| — | | |
| 115 | | |
| — | | |
| 956 | |
Purchase price allocation to inventory(iii) | |
| — | | |
| 2,554 | | |
| 26,477 | | |
| 158,510 | |
Revaluation gain on Yamana Transaction | |
| — | | |
| — | | |
| (1,543,414 | ) | |
| — | |
Penna self-insurance for Meadowbank fire | |
| — | | |
| 6,500 | | |
| — | | |
| 6,500 | |
Net loss on disposal of property, plant and equipment | |
| 17,667 | | |
| 4,331 | | |
| 26,759 | | |
| 8,754 | |
Other(iv) | |
| — | | |
| 3,258 | | |
| 3,262 | | |
| 3,258 | |
Income and mining taxes adjustments | |
| (76,617 | ) | |
| (31,641 | ) | |
| (100,910 | ) | |
| (79,737 | ) |
Adjusted net income(i) for the period - basic | |
$ | 282,298 | | |
$ | 174,478 | | |
$ | 1,095,936 | | |
$ | 1,003,553 | |
Adjusted net income(i) for the period - diluted | |
$ | 282,298 | | |
$ | 174,478 | | |
$ | 1,091,200 | | |
$ | 1,003,553 | |
Notes:
(i) Adjusted net income is not a recognized measure under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of adjusted net income.
(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger.
(iii) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. These non-cash fair value adjustments which increased the cost of inventory sold during the period and are not representative of ongoing operations, were normalized from net (loss) income.
(iv) Other includes payments that relate to prior years and disposals of supplies inventory at non-operating sites.
EBITDA(i) and Adjusted EBITDA(i)
Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measures EBITDA and adjusted EBITDA.
The following tables set out a reconciliation of net (loss) income per the consolidated statements of (loss) income to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2023 and December 31, 2022.
| |
Three Months Ended December 31, | | |
Year Ended December 31, | |
(thousands of United States dollars) | |
2023 | | |
2022(ii) | | |
2023 | | |
2022 | |
Net (loss) income for the period | |
$ | (381,011 | ) | |
$ | 194,105 | | |
$ | 1,941,307 | | |
$ | 670,249 | |
Finance costs | |
| 35,098 | | |
| 20,043 | | |
| 130,087 | | |
| 82,935 | |
Amortization of property, plant and mine development | |
| 391,556 | | |
| 285,670 | | |
| 1,491,771 | | |
| 1,094,691 | |
Income and mining tax expense | |
| 56,929 | | |
| 68,807 | | |
| 417,762 | | |
| 445,174 | |
EBITDA(i) | |
| 102,572 | | |
| 568,625 | | |
| 3,980,927 | | |
| 2,293,049 | |
Foreign currency translation loss (gain) | |
| 1,930 | | |
| 11,680 | | |
| (328 | ) | |
| (16,081 | ) |
(Gain) loss on derivative financial instruments | |
| (69,470 | ) | |
| (83,771 | ) | |
| (68,432 | ) | |
| 90,692 | |
Impairment loss | |
| 787,000 | | |
| 55,000 | | |
| 787,000 | | |
| 55,000 | |
Environmental remediation | |
| 2,799 | | |
| 9,634 | | |
| 2,712 | | |
| 10,417 | |
Transaction costs and severance related to acquisitions | |
| — | | |
| 2,713 | | |
| 21,503 | | |
| 95,035 | |
Integration costs | |
| — | | |
| 115 | | |
| — | | |
| 956 | |
Purchase price allocation to inventory(iii) | |
| — | | |
| 2,554 | | |
| 26,477 | | |
| 158,510 | |
Revaluation gain on Yamana Transaction | |
| — | | |
| — | | |
| (1,543,414 | ) | |
| — | |
Penna self-insurance for Meadowbank fire | |
| — | | |
| 6,500 | | |
| — | | |
| 6,500 | |
Net loss on disposal of property, plant and equipment | |
| 17,667 | | |
| 4,331 | | |
| 26,759 | | |
| 8,754 | |
Other(iv) | |
| — | | |
| 3,258 | | |
| 3,262 | | |
| 3,258 | |
Adjusted EBITDA(i) | |
$ | 842,498 | | |
$ | 580,639 | | |
$ | 3,236,466 | | |
$ | 2,706,090 | |
Notes:
(i) EBITDA and adjusted EBITDA are not recognized measures under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of EBITDA and adjusted EBITDA.
(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger.
(iii) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. These non-cash fair value adjustments which increased the cost of inventory sold during the period and are not representative of ongoing operations, were normalized from net (loss) income.
(iv) Other includes payments that relate to prior years and disposals of supplies inventory at non-operating sites.
Free Cash Flow(i) and Free
Cash Flow Before Changes in Non-Cash Components of Working Capital(i)
Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measures free cash flow, free cash flow before changes in non-cash components of working capital and cash provided by operating activities before working capital adjustments.
The following tables set out a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before working capital adjustments for the three and twelve months ended December 31, 2023 and December 31, 2022.
| |
Three Months Ended December 31, | | |
Year
Ended December 31, | |
(thousands of United States dollars) | |
2023 | | |
2022(ii) | | |
2023 | | |
2022 | |
Cash provided by operating activities | |
$ | 727,861 | | |
$ | 380,500 | | |
$ | 2,601,562 | | |
$ | 2,096,636 | |
Additions to property, plant and mine development | |
| (425,742 | ) | |
| (400,831 | ) | |
| (1,654,129 | ) | |
| (1,538,237 | ) |
Free Cash Flow(i) | |
| 302,119 | | |
| (20,331 | ) | |
| 947,433 | | |
| 558,399 | |
Changes in trade receivables | |
$ | 579 | | |
$ | 2,430 | | |
$ | (7,458 | ) | |
$ | (12,110 | ) |
Changes in income taxes | |
| (21,870 | ) | |
| 39,513 | | |
| (103,850 | ) | |
| 35,010 | |
Changes in inventory | |
| 24,170 | | |
| 54,978 | | |
| 169,168 | | |
| 46,236 | |
Changes in other current assets | |
| (6,595 | ) | |
| (33,650 | ) | |
| 88,389 | | |
| 10,756 | |
Changes in accounts payable and accrued liabilities | |
| 48,649 | | |
| 38,490 | | |
| (2,778 | ) | |
| (59,460 | ) |
Changes in interest payable | |
| 4,685 | | |
| 3,276 | | |
| 2,925 | | |
| (1,200 | ) |
Free Cash Flow Before Changes in Non-Cash Components of Working Capital(i) | |
$ | 351,737 | | |
$ | 84,706 | | |
$ | 1,093,829 | | |
$ | 577,631 | |
Additions to property, plant and mine development | |
| 425,742 | | |
| 400,831 | | |
| 1,654,129 | | |
| 1,538,237 | |
Cash provided by operating activities before working capital adjustments(iii) | |
$ | 777,479 | | |
$ | 485,537 | | |
$ | 2,747,958 | | |
$ | 2,115,868 | |
| |
| | | |
| | | |
| | | |
| | |
Cash provided by operating activities per share - basic | |
$ | 1.47 | | |
$ | 0.84 | | |
$ | 5.32 | | |
$ | 4.79 | |
Cash provided by operating activities before working capital adjustments per share - basic(iii) | |
$ | 1.57 | | |
$ | 1.07 | | |
$ | 5.62 | | |
$ | 4.83 | |
Free cash flow per share - basic(i) | |
$ | 0.61 | | |
$ | (0.04 | ) | |
$ | 1.94 | | |
$ | 1.28 | |
Free cash flow before changes in non-cash components of working capital - basic(i) | |
$ | 0.71 | | |
$ | 0.19 | | |
$ | 2.24 | | |
$ | 1.32 | |
Notes:
(i) Free cash flow and free cash flow before changes in non-cash components of working capital are not recognized measures under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of free cash flow and free cash flow before changes in non-cash components of working capital.
(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger.
(iii) Cash provided by operating activities before working capital adjustments is not a recognized measure under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of cash provided by operating activities before working capital adjustments.
Exhibit 99.2
Stock
Symbol: | |
AEM
(NYSE and TSX) |
| |
|
For
further information: | |
Investor
Relations |
| |
(416)
947-1212 |
(All amounts expressed in U.S. dollars unless
otherwise noted)
AGNICO EAGLE PROVIDES
AN UPDATE ON 2023 EXPLORATION RESULTS AND 2024 EXPLORATION PLANS – MINERAL RESERVES UP 10.5% YEAR-OVER-YEAR TO 54
MOZ; INITIAL MINERAL RESERVES OF 5.2 MOZ DECLARED AT EAST GOULDIE; INITIAL UNDERGROUND MINERAL RESOURCES DECLARED AT DETOUR LAKE OF 1.6
MOZ
Toronto (February 15,
2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") is pleased
to provide an update on year-end 2023 mineral reserves and mineral resources, exploration activities at mine sites and select advanced
projects in 2023 and the exploration plan and budget for 2024. The Company's exploration focus remains on extending mine life at existing
operations, testing near-mine opportunities and advancing key value driver projects.
"The Company's ambitious exploration program
in 2023 and continuing into 2024 is yielding exciting results. At Detour Lake, step-out drilling suggests potential for an underground
operation and, together with optimization of the current open pits and mill, bringing the Detour Lake mine to a production rate of one
million ounces per year. At Odyssey, step-out drilling continues to significantly extend the East Gouldie deposit to the west and east.
At Hope Bay, drill results confirm the expansion of the Madrid deposit at depth with wide high grade intercepts, in line with our expectations
for the exploration upside of this project," said Guy Gosselin, Agnico Eagle's Executive Vice-President, Exploration. "In addition,
we continue to generate significant exploration results elsewhere across our portfolio, including Fosterville, Amaruq, Macassa and Kittila.
These positive results demonstrate the success of our strategy, and we will continue the steady funding of our exploration efforts in
2024 as we aim to grow the deposits at existing operations and to realize the potential of the key projects in the Company's pipeline,"
added Mr. Gosselin.
Highlights from 2023 include:
| · | Gold mineral reserves increase to record level – Year-end 2023 gold mineral reserves increased
by 10.5% to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year
increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining
50% interest in the Canadian Malartic complex and mineral reserve replacement at Macassa and Fosterville. At year-end 2023, measured and
indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred mineral resources were
33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake |
| · | Detour Lake – The Company's exploration success outside of
the mineral resource open pit continued, with results of up to 24.8 g/t gold over 7.4 metres at 420 metres depth approximately
860 metres west of the mineral resource open pit. An initial underground inferred mineral resource was declared below and to the west
of the existing pit, totalling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold). Exploration in 2024 is expected
to continue to test and extend the west plunge of the main deposit. The Company expects to provide an update on the Detour underground
project and ongoing exploration results in the first half of 2024 |
| · | Odyssey mine at the Canadian Malartic complex – Initial mineral reserves of 5.17 million
ounces of gold (47.0 million tonnes grading 3.42 g/t gold) were declared in the central portion of the East Gouldie deposit at year-end
2023. Successful exploration over the past year has extended the limits of the East Gouldie inferred mineral resource laterally to the
west by 870 metres, with results of up to 6.2 g/t gold over 6.7 metres at 1,299 metres depth. Recent drilling continues to return good
results towards the east with results of up to 6.7 g/t gold over 13.5 metres at 1,467 metres depth and 140 metres to the east of the current
mineral resources outline. Inferred mineral resources at the East Gouldie deposit were 3.3 million ounces of gold (45.2 million tonnes
grading 2.29 g/t gold) |
| · | Hope Bay – Exploration drilling in 2023 totalled more than 125,000 metres, with work focused
on the Madrid and Doris deposits. At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong
drill results in the quarter, including 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres
depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based
on recent exploration success, the Company is evaluating a larger potential production scenario for Hope Bay. The Company expects to report
results from this internal technical evaluation in 2025 |
| · | Fosterville – Continued exploration success in the Robbins
Hill and Lower Phoenix areas and improved mining parameters led to full replacement of 2023 production. Mineral reserves are stable year-over-year
at 1.7 million ounces of gold (8.6 million tonnes grading 6.10 g/t gold). The lower average grade of the mineral reserves compared
to year-end 2022 is the result of the depletion of the high grade Swan Zone that has been replaced mostly by lower grade mineral reserves
from the Robbins Hill area |
| · | Amaruq – Positive grade reconciliation led to adjustments in
the ore zone model and mineral reserve estimation parameters, resulting in a new proven and probable mineral reserve estimate of 1.8 million
ounces of gold (15.4 million tonnes grading 3.72 g/t gold). Based on these results, the Company has approved an extension to the
IVR open pit, which is expected to contribute approximately 70,000 ounces of gold to the 2026 production profile and extend the mine life
to 2028 (previous mine life was 2026). Exploration also continued to return significant mineralization at depth, with results up to 11.3
g/t gold over 6.4 metres at 979 metres depth |
| · | Macassa – Continued exploration success in the Main Break and
the South Mine Complex ("SMC") zones contributed to growth in proven and probable mineral reserves at Macassa to 2.0
million ounces gold (4.2 million tonnes grading 14.45 g/t gold), and in the Amalgamated Kirkland ("AK") deposit to 160,000 ounces
of gold (742,000 tonnes grading 6.69 g/t gold), with drill results in AK of up to 25.0 g/t gold over 5.0 metres at 365 metres depth |
| · | Kittila – Exploration in 2023 identified an underexplored, parallel mineralized structure
named the East Zone located in the Suuri area at shallow depth, approximately 140 metres east of the mine's producing Main Zone and outside
current mineral resources. Recent drilling in the East Zone returned an intersection of 11.5 g/t gold over 7.8 metres at 204 metres depth |
| · | Exploration budget – The Company has budgeted $259.0 million for expensed and capitalized
exploration and $77.7 million for studies and other expenses in 2024. The Company's exploration focus remains on extending mine life at
existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2024 include drilling the
deeper portions of the Detour Lake deposit, increasing exploration at the Canadian Malartic camp to extend known deposits and identify
new mineralized zones to optimize utilization of the Canadian Malartic processing facility in the future, and continuing large exploration
programs at other operating assets and Hope Bay |
GOLD MINERAL RESERVES
At December 31, 2023, the Company's proven
and probable mineral reserve estimate totalled 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold). This represents
a 10.5% (5.1 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 48.7
million ounces of gold (1,186 million tonnes grading 1.28 g/t gold) at year-end 2022 (see the Company's news release dated February 16,
2023 for details regarding the Company's December 31, 2022 proven and probable mineral reserve estimate).
The year-over-year
increase in mineral reserves at December 31, 2023 is largely due to a substantial new mineral reserve addition of 5.2 million
ounces of gold at the East Gouldie deposit at the Odyssey mine. The acquisition of the remaining 50% interest in the Canadian Malartic
complex as part of the acquisition of Yamana Gold Inc.'s Canadian assets on March 31, 2023 (the "Yamana Transaction") also
contributed to adding 1.5 million ounces of gold in mineral reserves.
In Zacatecas State
in central Mexico, the San Nicolás volcanogenic hosted massive sulphide deposit is jointly owned by the Company and Teck
Resources Limited. As at December 31, 2023, the Company has reported 52.6 million tonnes of proven and probable mineral reserves
grading 0.40 g/t gold, 22.28 g/t silver, 1.12% copper and 1.48% zinc, containing 0.7 million ounces of gold, 37.7 million ounces of silver,
592,000 tonnes of copper and 777,000 tonnes of zinc (each reported on a 50% basis) at San Nicolás.
Mineral reserves
were calculated using a gold price of $1,400 per ounce for all operating assets, except the Detour Lake open pit for which a gold price
of $1,300 per ounce was used, and using variable assumptions for the pipeline projects. For detailed mineral reserves and mineral
resources ("MRMR") data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product
silver, copper and zinc at several mines and advanced projects, see "Detailed Mineral Reserve and Mineral Resource Data (as at December 31,
2023)" and "Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company"
below.
The ore extracted from the Company's mines in
2023 contained 3.72 million ounces of gold in-situ (61.8 million tonnes grading 1.88 g/t gold). This includes the Company's 50%
share of the production up to March 30, 2023 at the Canadian Malartic complex prior to the closing of the Yamana Transaction.
The variance in the Company's proven and probable
mineral reserves from December 31, 2022 to December 31, 2023 is set out in the chart below.
The Company's gold mineral reserves as at December 31,
2023 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2022. Data in this table
and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.
Gold Mineral Reserves | |
Proven & Probable Gold Mineral
Reserve (000s oz.) | | |
Average Mineral Reserve Gold Grade
(g/t) | |
By Mine / Project* | |
2023 | | |
2022 | | |
Change | | |
2023 | | |
2022 | | |
Change | |
LaRonde mine | |
| 2,244 | | |
| 2,515 | | |
| -271 | | |
| 6.4 | | |
| 6.36 | | |
| 0.04 | |
LaRonde Zone 5 | |
| 636 | | |
| 710 | | |
| -74 | | |
| 2.2 | | |
| 2.12 | | |
| 0.08 | |
LaRonde complex | |
| 2,880 | | |
| 3,225 | | |
| -345 | | |
| 4.51 | | |
| 4.42 | | |
| 0.09 | |
Canadian Malartic mine** | |
| 2,436 | | |
| 1,505 | | |
| 931 | | |
| 0.83 | | |
| 0.9 | | |
| -0.07 | |
Odyssey deposits** | |
| 310 | | |
| 98 | | |
| 211 | | |
| 2.17 | | |
| 2.22 | | |
| -0.05 | |
East Gouldie deposit** | |
| 5,173 | | |
| 0 | | |
| 5,173 | | |
| 3.42 | | |
| | | |
| | |
Canadian Malartic complex** | |
| 7,919 | | |
| 1,603 | | |
| 6,315 | | |
| 1.73 | | |
| 0.93 | | |
| 0.8 | |
Goldex | |
| 901 | | |
| 962 | | |
| -61 | | |
| 1.59 | | |
| 1.62 | | |
| -0.03 | |
Akasaba West | |
| 143 | | |
| 147 | | |
| -4 | | |
| 0.89 | | |
| 0.84 | | |
| 0.05 | |
Detour Lake (at or above 0.5 g/t) | |
| 16,594 | | |
| 17,253 | | |
| -659 | | |
| 0.93 | | |
| 0.93 | | |
| 0 | |
Detour Lake (below 0.5 g/t) | |
| 3,335 | | |
| 3,431 | | |
| -96 | | |
| 0.39 | | |
| 0.39 | | |
| 0 | |
Detour Lake total | |
| 19,928 | | |
| 20,683 | | |
| -755 | | |
| 0.76 | | |
| 0.76 | | |
| 0 | |
Macassa | |
| 1,954 | | |
| 1,797 | | |
| 157 | | |
| 14.45 | | |
| 17.2 | | |
| -2.75 | |
Macassa Near Surface | |
| 23 | | |
| 16 | | |
| 7 | | |
| 5.93 | | |
| 5.31 | | |
| 0.62 | |
AK deposit | |
| 160 | | |
| 100 | | |
| 60 | | |
| 6.69 | | |
| 5.2 | | |
| 1.49 | |
Macassa total | |
| 2,136 | | |
| 1,913 | | |
| 224 | | |
| 13.11 | | |
| 15.11 | | |
| -2.00 | |
Upper Beaver | |
| 1,395 | | |
| 1,395 | | |
| — | | |
| 5.43 | | |
| 5.43 | | |
| 0 | |
Hammond Reef | |
| 3,323 | | |
| 3,323 | | |
| — | | |
| 0.84 | | |
| 0.84 | | |
| 0 | |
Amaruq | |
| 1,837 | | |
| 2,164 | | |
| -327 | | |
| 3.72 | | |
| 4.05 | | |
| -0.33 | |
Meadowbank complex | |
| 1,837 | | |
| 2,164 | | |
| -327 | | |
| 3.72 | | |
| 4.05 | | |
| -0.33 | |
Meliadine | |
| 3,467 | | |
| 3,766 | | |
| -299 | | |
| 5.91 | | |
| 6.02 | | |
| -0.11 | |
Hope Bay | |
| 3,397 | | |
| 3,409 | | |
| -12 | | |
| 6.52 | | |
| 6.5 | | |
| 0.02 | |
Fosterville | |
| 1,682 | | |
| 1,677 | | |
| 4 | | |
| 6.1 | | |
| 7.95 | | |
| -1.85 | |
Kittila | |
| 3,584 | | |
| 3,683 | | |
| -100 | | |
| 4.14 | | |
| 4.2 | | |
| -0.06 | |
Pinos Altos | |
| 546 | | |
| 665 | | |
| -118 | | |
| 1.9 | | |
| 2.01 | | |
| -0.11 | |
San Nicolás (50%)† | |
| 672 | | |
| 0 | | |
| 672 | | |
| 0.4 | | |
| | | |
| | |
La India | |
| 0 | | |
| 81 | | |
| -81 | | |
| | | |
| 0.76 | | |
| | |
Total Mineral Reserves | |
| 53,811 | | |
| 48,697 | | |
| 5,114 | | |
| 1.3 | | |
| 1.28 | | |
| 0.02 | |
* Ownership of mines and projects is 100% unless
otherwise indicated. Where Agnico Eagle's interest is less than 100%, the stated mineral reserves reflect the Company's interest.
** Agnico Eagle's ownership of the Canadian Malartic
complex increased to 100% on December 31, 2023 from 50% on December 31, 2022 as a result of the Yamana Transaction which closed
on March 30, 2023.
† Agnico Eagle has agreed to
subscribe for a 50% interest in the San Nicolás project, which will be contributed as study and development costs are incurred
and, accordingly, Agnico Eagle's share of the reported MRMR at the San Nicolás project is reported at a 50% level.
The Company estimates that at a gold price 10%
higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 17% increase in the gold contained
in proven and probable mineral reserves. Conversely, the Company estimates that at a gold price 10% lower than the assumed gold price
(leaving other assumptions unchanged), there would be an approximate 11% decrease in the gold contained in proven and probable mineral
reserves.
GOLD MINERAL RESOURCES
At December 31, 2023, the Company's measured
and indicated mineral resource estimate totalled 44.0 million ounces of gold (1,189 million tonnes grading 1.15 g/t gold). This represents
a 0.6% (0.3 million ounce) decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-end
2022 (see the Company's news release dated February 16, 2023 for details regarding the Company's December 31, 2022 measured
and indicated mineral resource estimate).
The year-over-year decrease in measured and indicated
mineral resources is primarily due to the upgrade of mineral resources at East Gouldie to mineral reserves, largely offset by the successful
conversion of inferred mineral resources into measured and indicated mineral resources and the acquisition of the remaining 50% interest
in the Canadian Malartic complex and the Wasamac project as a result of the Yamana Transaction.
At December 31, 2023, the Company's inferred
mineral resource estimate totalled 33.1 million ounces of gold (411 million tonnes grading 2.50 g/t gold). This represents a 26% (6.8
million ounce) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the Company's
news release dated February 16, 2023 for details regarding the Company's December 31, 2022 inferred mineral resource estimate).
The year-over-year increase in inferred mineral
resources is primarily due to the acquisition of the remaining 50% interest in the Canadian Malartic complex and the Wasamac project as
part of the Yamana Transaction as well as an initial underground inferred mineral resource at Detour Lake.
The Company's gold mineral resources as at December 31,
2023 are set out in the table below.
| |
Measured & Indicated | | |
Inferred | |
| |
Gold Mineral Resources | | |
Gold Mineral Resources | |
| |
Contained Gold | | |
Gold Grade | | |
Contained Gold | | |
Gold Grade | |
Operation / Project* | |
(000
oz.) | | |
(g/t) | | |
(000
oz.) | | |
(g/t) | |
LaRonde mine | |
| 632 | | |
| 3.06 | | |
| 286 | | |
| 5.67 | |
LaRonde Zone 5 | |
| 774 | | |
| 2.27 | | |
| 1,134 | | |
| 3.38 | |
LaRonde complex | |
| 1,407 | | |
| 2.57 | | |
| 1,420 | | |
| 3.68 | |
Canadian Malartic | |
| — | | |
| — | | |
| 214 | | |
| 0.81 | |
Odyssey | |
| 75 | | |
| 1.71 | | |
| 1,453 | | |
| 2.29 | |
East Malartic | |
| 731 | | |
| 2.04 | | |
| 4,480 | | |
| 2.12 | |
East Gouldie | |
| 244 | | |
| 1.56 | | |
| 3,331 | | |
| 2.29 | |
Canadian Malartic complex | |
| 1,050 | | |
| 1.88 | | |
| 9,477 | | |
| 2.12 | |
Goldex | |
| 1,646 | | |
| 1.64 | | |
| 871 | | |
| 1.68 | |
Akasaba West | |
| 91 | | |
| 0.7 | | |
| — | | |
| — | |
Wasamac | |
| 2,173 | | |
| 2.43 | | |
| 789 | | |
| 2.66 | |
Detour Lake | |
| 17,955 | | |
| 0.77 | | |
| 2,717 | | |
| 1.05 | |
Detour Lake Zone 58N | |
| 534 | | |
| 5.8 | | |
| 136 | | |
| 4.35 | |
Detour Lake total | |
| 18,489 | | |
| 0.79 | | |
| 2,853 | | |
| 1.09 | |
Macassa | |
| 598 | | |
| 8.58 | | |
| 1,094 | | |
| 9.21 | |
Macassa Near Surface | |
| 13 | | |
| 6.14 | | |
| 28 | | |
| 6.62 | |
AK deposit | |
| 37 | | |
| 6.95 | | |
| 52 | | |
| 5.69 | |
Macassa total | |
| 647 | | |
| 8.4 | | |
| 1,173 | | |
| 8.89 | |
Anoki-McBean | |
| 349 | | |
| 2.77 | | |
| 107 | | |
| 3.84 | |
Upper Beaver | |
| 403 | | |
| 3.45 | | |
| 1,416 | | |
| 5.07 | |
Upper Canada | |
| 722 | | |
| 2.15 | | |
| 1,863 | | |
| 3.11 | |
Hammond Reef | |
| 2,298 | | |
| 0.54 | | |
| — | | |
| — | |
Aquarius | |
| 1,106 | | |
| 1.49 | | |
| 14 | | |
| 0.87 | |
Holt complex | |
| 1,699 | | |
| 4.52 | | |
| 1,310 | | |
| 4.48 | |
Amaruq | |
| 1,600 | | |
| 3.74 | | |
| 623 | | |
| 4.65 | |
Meliadine | |
| 1,629 | | |
| 4 | | |
| 2,222 | | |
| 6.22 | |
Hope Bay | |
| 1,255 | | |
| 3.64 | | |
| 2,108 | | |
| 5.41 | |
Fosterville | |
| 1,512 | | |
| 4.05 | | |
| 1,461 | | |
| 4.54 | |
Northern Territory | |
| 1,668 | | |
| 2.38 | | |
| 1,376 | | |
| 2.4 | |
Kittila | |
| 1,687 | | |
| 2.93 | | |
| 1.067 | | |
| 5.06 | |
Barsele (55%) | |
| 176 | | |
| 1.27 | | |
| 1,005 | | |
| 1.98 | |
Pinos Altos | |
| 685 | | |
| 1.83 | | |
| 104 | | |
| 1.73 | |
La India | |
| 88 | | |
| 0.52 | | |
| 1 | | |
| 0.4 | |
Tarachi | |
| 361 | | |
| 0.58 | | |
| 4 | | |
| 0.52 | |
Chipriona | |
| 326 | | |
| 0.92 | | |
| 21 | | |
| 0.66 | |
El Barqueño Gold | |
| 331 | | |
| 1.16 | | |
| 351 | | |
| 1.13 | |
San Nicolás (50%)† | |
| 20 | | |
| 0.19 | | |
| 10 | | |
| 0.13 | |
Santa Gertrudis | |
| 563 | | |
| 0.91 | | |
| 1,433 | | |
| 2.36 | |
Total Mineral Resources | |
| 43,981 | | |
| 1.15 | | |
| 33,080 | | |
| 2.5 | |
* Ownership of mines and projects is 100% unless
otherwise indicated. Where Agnico Eagle's interest is less than 100%, the stated mineral resources reflect the Company's interest.
† Agnico Eagle has agreed to
subscribe for a 50% interest in the San Nicolás project, which will be contributed as study and development costs are incurred
and, accordingly, Agnico Eagle's share of the reported MRMR at the San Nicolás project is reported at a 50% level
The economic parameters used to estimate mineral
reserves and mineral resources for all properties are set out below.
Assumptions used for the December 31,
2023 mineral reserve and mineral resource estimates reported by the Company
Metal Price for Mineral Reserve Estimation* |
Gold (US$/oz) | |
Silver (US$/oz) | | |
Copper (US$/lb) | | |
Zinc (US$/lb) | |
$ |
1,400 | |
$ | 18 | | |
$ | 3.50 | | |
$ | 1.00 | |
* Exceptions: US$1,300 per ounce of gold
used for Detour Lake; US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,200 per ounce of gold and US$2.75 per pound
of copper used for Upper Beaver; and US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10
per pound of zinc used for San Nicolás.
Metal Price for Mineral Resource Estimation* |
Gold (US$/oz) | |
Silver (US$/oz) | | |
Copper (US$/lb) | | |
Zinc (US$/lb) | |
$ |
1,650 | |
$ | 22.50 | | |
$ | 3.75 | | |
$ | 1.25 | |
* Exceptions: US$1,500 per ounce of gold used
for Detour Lake open pit, Northern Territory and Holt complex; US$1,300 per ounce of gold used for Detour Lake Zone 58N; US$1,400 per
ounce of gold used for Canadian Malartic, US$1,688 per ounce of gold used for Hope Bay, Santa Gertrudis and Hammond Reef; US$1,667 per
ounce of gold used for Upper Canada, El Barqueño; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver;
US$1,533 per ounce of gold used for Barsele; US$500 per ounce of gold used for Aquarius, US$22.67 per ounce of silver used for El Barqueño;
US$1,687 per ounce of gold used for Anoki-McBean and Tarachi; US$25.00 per ounce of silver used for Santa Gertrudis; and US$1,300 per
ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.
Exchange rates* |
C$ per US$1.00 | | |
Mexican peso per US$1.00 | | |
AUD per US$1.00 | | |
US$ per €1.00 |
$ | 1.30 | | |
MXP |
18.00 | | |
AUD |
1.36 | | |
EUR |
1.10 |
* Exceptions: exchange rate of CAD$1.25
per US$1.00 used for Upper Beaver, Upper Canada, Holt complex and Detour Lake Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00
per EUR $1.15 used for Barsele; and MXP17.00 per US$1.00 used for Tarachi.
The above metal price assumptions are below the
three-year historic average (from January 1, 2021 to December 31, 2023) of approximately $1,853 per ounce of gold, $23.50 per
ounce of silver, $4.03 per pound of copper and $1.38 per pound of zinc.
2024 EXPLORATION BUDGET
The Company
has budgeted $336.7 million for exploration expenditures and project expenses in 2024, comprised of $151.1 million for expensed exploration,
$107.9 million for capitalized exploration and $77.7 million for project studies, technical services and other corporate expenses.
The Company's exploration
focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects.
Exploration priorities for 2024 include drilling the western and deep extension of the Detour Lake deposit to assist in the optimization
of the open pit operations and to further advance a potential underground mining scenario, growing the underground mineral reserve and
mineral resource at the Odyssey mine and continuing large exploration programs at other operating assets and Hope Bay.
The Company's exploration
and corporate development budget for 2024 is set out below. The exploration plans and more detailed budgets for individual mines
and projects are set out further below, organized by region.
2024 Exploration Program and Corporate Development Budget
| |
Expensed Exploration | | |
Capitalized Exploration | |
| |
| | |
| | |
Sustaining | | |
Non-Sustaining | | |
| |
| |
(000s $) | | |
(000s
m) | | |
(000s
$) | | |
(000s $) | | |
(000s
m) | |
Quebec | |
| | | |
| | | |
| | | |
| | | |
| | |
LaRonde complex | |
$ | 8,100 | | |
| 35.4 | | |
$ | 2,300 | | |
$ | — | | |
| 14.8 | |
Canadian Malartic complex | |
| 13,300 | | |
| 70.6 | | |
| — | | |
| 7,100 | | |
| 66.4 | |
Goldex | |
| 2,200 | | |
| 18.4 | | |
| 2,900 | | |
| — | | |
| 22.0 | |
Quebec regional | |
| 7,100 | | |
| 39.7 | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Ontario | |
| | | |
| | | |
| | | |
| | | |
| | |
Detour Lake | |
| 7,400 | | |
| 40.0 | | |
| — | | |
| 20,300 | | |
| 120.0 | |
Macassa | |
| — | | |
| — | | |
| 2,000 | | |
| 32,900 | | |
| 161.9 | |
Ontario regional and projects | |
| 13,500 | | |
| 19.4 | | |
| — | | |
| 1,600 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Nunavut | |
| | | |
| | | |
| | | |
| | | |
| | |
Meliadine | |
| — | | |
| — | | |
| 5,400 | | |
| 13,200 | | |
| 77.7 | |
Meadowbank complex | |
| 1,900 | | |
| 6.8 | | |
| — | | |
| — | | |
| — | |
Hope Bay | |
| 22,000 | | |
| 50.0 | | |
| — | | |
| — | | |
| — | |
Nunavut regional | |
| 12,700 | | |
| 22.0 | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Australia | |
| | | |
| | | |
| | | |
| | | |
| | |
Fosterville | |
| 11,700 | | |
| 36.5 | | |
| — | | |
| 10,900 | | |
| 38.7 | |
Northern Territory | |
| 4,600 | | |
| 10.8 | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Europe | |
| | | |
| | | |
| | | |
| | | |
| | |
Kittila | |
| 4,700 | | |
| 18.5 | | |
| 1,800 | | |
| 5,300 | | |
| 51.5 | |
Europe regional | |
| 7,100 | | |
| 12.6 | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Mexico | |
| | | |
| | | |
| | | |
| | | |
| | |
Pinos Altos | |
| 2,500 | | |
| 10.0 | | |
| 1,800 | | |
| 400 | | |
| 10.7 | |
Mexico regional | |
| 13,400 | | |
| 6.0 | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
USA | |
| 7,000 | | |
| 5.4 | | |
| — | | |
| — | | |
| — | |
Joint Ventures & Other | |
| 5,600 | | |
| 8.4 | | |
| — | | |
| — | | |
| — | |
G&A | |
| 6,100 | | |
| — | | |
| — | | |
| — | | |
| — | |
Total Exploration | |
$ | 151,100 | | |
| 410.5 | | |
$ | 16,200 | | |
$ | 91,700 | | |
| 563.7 | |
Hope Bay - Other Expenditures | |
| 12,200 | | |
| | | |
| | | |
| | | |
| | |
Other Project Studies | |
| 20,900 | | |
| | | |
| — | | |
| — | | |
| | |
Total Corporate Development and Technical Services | |
| 44,600 | | |
| | | |
| — | | |
| — | | |
| | |
Total Exploration and Project Expenses | |
$ | 228,800 | | |
| | | |
$ | 16,200 | | |
$ | 91,700 | | |
| | |
ABITIBI REGION – QUEBEC
CANADIAN MALARTIC COMPLEX
MRMR Highlights
The strong growth in mineral reserves at the Odyssey
mine at year-end 2023 is largely due to successful conversion drilling in the East Gouldie deposit, the completion of an internal study
and infill drilling which increased the proven and probable mineral reserves by 5.2 million ounces of gold (47 million tonnes grading
3.42 g/t gold) as at December 31, 2023. An additional 150,000 ounces of gold in the mineral reserves are attributed to the Odyssey
South deposit and the Odyssey internal zones as the understanding of these two mineralized areas continues to improve with ongoing drilling
and mine development.
The Canadian Malartic
open pit mine saw an increase of approximately 122,000 ounces of gold in proven and probable mineral reserves (reflecting the Company's
100% interest). The increase is due to the completion of the Yamana Transaction combined with a review of the model using the positive
reconciliation performance, that was offset by 695,400 ounces of gold mined in situ (100% interest) in the Barnat pit and the now-depleted
Canadian Malartic pit.
The acquisition of the remaining 50% interest
in the Canadian Malartic complex as a result of the Yamana Transaction also contributed to adding 1.5 million ounces of gold in mineral
reserves, 3.1 million ounce of gold in measured and indicated mineral resources and 4.7 million ounces of gold in inferred mineral resources
at the Canadian Malartic complex.
At East Gouldie, new inferred mineral resources
of 1.7 million ounces of gold were added through exploration drilling, offset by 1 million ounces of gold converted to measured and indicated
mineral resources and the alignment of gold prices with the Company's assumptions. At year-end 2023, inferred mineral resources at East
Gouldie totalled 3.3 million ounces of gold (45.2 million tonnes grading 2.29 g/t gold).
2023 Exploration Highlights
At the Odyssey
mine in 2023, exploration drilling totalled 131,565 metres, which exceeded the budget of 101,500 metres after the program was augmented
mid-year by a supplemental budget for 25,000 metres of additional drilling.
Exploration drilling
at the Odyssey mine in 2023 continued to focus on three objectives: infill drilling of the Odyssey South deposit and the adjacent
Odyssey internal zones; investigating lateral extensions to the west and to the east along the favourable East Gouldie mineralized corridor
to grow the inferred mineral resources at East Gouldie; and adding holes in the planned upper mining levels in the East Gouldie deposit
to further de-risk the project.
Selected recent drill intercepts from the Odyssey
mine are set out in the composite longitudinal section below and in a table in the Appendix.
[Odyssey
mine – Composite Longitudinal Section]
[Odyssey
mine – Composite Cross Section and Composite Longitudinal Section of Odyssey Deposits]
Recent drilling highlights from Odyssey South
and the internal zones include: 4.2 g/t gold over 6.8 metres at 383 metres depth in hole MEV23-293 in the shallow, western portion of
Odyssey South; 6.8 g/t gold over 12.6 metres (core length) at 478 metres depth in hole UGOD-016-176 in the Odyssey internal zones; and
3.0 g/t gold over 14.3 metres (core length) at 374 metres depth in hole UGOD-016-199.
The continued positive results from the Odyssey
internal zones show the potential with further drilling to add mineral resources at shallow depth near existing underground mine infrastructure.
Hole MEX22-251RWZ intersected 2.2 g/t gold over
50 metres at 1,659 metres depth, demonstrating the thickness of mineralization encountered in the lower portion of the East Gouldie mineral
reserves.
In the program to extend the East Gouldie deposit
laterally, drilling highlights include 5.0 g/t gold over 15.9 metres at 1,355 metres depth in hole MEX23-304 and 6.2 g/t gold over 6.7
metres at 1,299 metres depth in hole MEX23-304Z, with the intersections located approximately 300 metres and 200 metres laterally to the
west, respectively, of the western limit of the current inferred mineral resources at East Gouldie. Drilling in the eastern portion of
the East Gouldie corridor intersected 6.7 g/t gold over 13.5 metres at 1,467 metres depth in hole MEX23-305Z, approximately 140 metres
east of the inferred mineral resources at East Gouldie. The holes demonstrate the potential to add inferred mineral resources laterally
at East Gouldie with further drilling into these extensions of mineralization.
2024 Exploration Plan and Budget
The Company expects to spend approximately $20.4
million for 137,000 metres of drilling at the Canadian Malartic complex in 2024. Exploration at the Odyssey mine includes $12.9 million
for 102,500 metres of drilling with five objectives: continued conversion drilling of East Gouldie inferred mineral resources to indicated
mineral resources; testing the immediate extensions of East Gouldie; continued conversion drilling of the Odyssey South deposit inferred
mineral resources to indicated mineral resources; further investigating the Odyssey internal zones; and converting inferred mineral resources
to indicated mineral resources in the Odyssey North deposit.
The remaining $7.5
million is planned to be spent on 34,500 metres of exploration drilling into prospective gold targets along the Barnat and East
Gouldie mineralized corridors on the Canadian Malartic, Rand Malartic and Midway properties. The composite longitudinal section below
shows the mineral exploration potential at the Company's properties in the Malartic camp, from East Amphi to the historic Malartic Goldfields
mine.
Following the consolidation of 100% interests
in properties along this prospective 16 kilometre portion of the Cadillac-Larder Lake deformation zone, the Company envisions increasing
its exploration efforts along the belt from surface and eventually from underground to test the full potential of this area. The strategy
is similar to the one that the Company has employed successfully around the LaRonde mine since the 1980s.
[Malartic
Camp – Composite Longitudinal Section Showing Mineral Exploration Potential from East Amphi to to Malartic Goldfields]
WASAMAC
The Wasamac gold project was acquired on March 31,
2023, as part of the Yamana Transaction. The Wasamac deposit is characterized by shear hosted disseminated pyrite mineralization within
an albite-sericite-carbonate alteration zone that ranges in thickness from a few metres up to 30 metres within the 50 to 55 degree, north-dipping
Wasa Shear.
MRMR Highlights
The measured and
indicated mineral resource estimate at year-end 2023 for the Wasamac project totalled 2.2 million ounces of gold (27.8 million tonnes
grading 2.43 g/t) and inferred mineral resources were 0.8 million ounces of gold (9.2 million tonnes grading 2.66 g/t).
This is the first estimate of mineral resources
at Wasamac published by Agnico Eagle. The Company continues to assess various scenarios regarding optimal mining rates and milling strategies
for possible mine construction at the project. While these evaluations continue, the Company has decided to not include the historical
mineral reserve estimate at Wasamac into the Company's mineral reserve estimate. Rather, the Company has classified the Wasamac project
entirely as mineral resources.
2023 Exploration Highlights
At the Wasamac project
in 2023, exploration drilling of 16,600 metres was completed by Agnico Eagle after the closing of the Yamana Transaction. The full-year
program, including drilling by the previous owner, was comprised of infill and conversion drilling of the main Wasamac deposit
(19,000 metres for 27 holes) and exploration drilling at the Francoeur area (6,400 metres for 15 holes) and the Wildcat area (5,800 metres
for 13 holes), for a total of 31,200 metres in 55 holes drilled during the full year.
Selected recent drill intercepts from the Wasamac
project are set out in the composite longitudinal section below and in a table in the Appendix.
[Wasamac
Project – Plan Map and Composite Longitudinal Section of Wasamac deposit]
Recent highlights from the exploration program
at the Wasamac deposit include 4.9 g/t gold over 13.4 metres (core length) at 590 metres depth in hole WS23-666; 2.8 g/t gold over 18.8
metres at 565 metres depth in hole WS23-663 in the Main Zone; and 4.4 g/t gold over 3.9 metres at 484 metres depth in hole WS23-634 in
zones 3 and 4.
At Francoeur, hole
FS23-129 targeted the eastern extension of the Francoeur shear related to the Horne-Creek fault and returned 4.5 g/t gold over
5.3 metres (core length) at 324 metres depth.
At Wildcat, highlight
hole WS23-661 returned 3.6 g/t gold over 20.6 metres (core length) at 44 metres depth and 5.6 g/t gold over 4.1 metres (core length) at
123 metres depth; and hole WS23-653 returned 3.4 g/t gold over 5.4 metres (core length) at 267 metres depth.
2024 Exploration Plan and Budget
The Company expects to spend approximately $2.8
million for 16,700 metres of drilling at the Wasamac project in 2024 as part of a larger Quebec regional exploration budget totalling
$7.1 million for 39,700 metres. The program at Wasamac will focus on exploring the eastern extension of the Wasamac deposit in the Wasa
shear zone. At Francoeur, drilling will focus on the Francoeur shear to explore for broader zones of mineralization similar to the Wasamac
deposit. At Wildcat, the interpreted lateral extensions of the mineralization will be tested to confirm and improve the geological interpretation.
As part of the Company's Abitibi platform optimization
program, the Company continues to assess various scenarios regarding the mining rates and milling strategies for the project.
LARONDE COMPLEX
2023 Exploration Highlights
At the LaRonde
Zone 5 ("LZ5") and LaRonde mines at the LaRonde complex in 2023, exploration drilling totalled 41,300 metres, with eight drill
rigs operating underground and two operating from surface.
Selected recent drill intercepts from the LaRonde
complex are set out in the composite longitudinal section below and in a table in the Appendix.
[LaRonde
Complex – Composite Longitudinal Section]
Exploration drilling
in the western depth extension of the LZ5 deposit on the Ellison property returned highlights of 1.8 g/t gold over 24.8 metres at 686
metres depth in hole BZ-2023-007; 3.0 g/t gold over 26.4 metres at 627 metres depth in hole BZ-2023-007A; and 2.1 g/t gold over
16.8 metres at 857 metres depth in hole BZ-2023-026. These results demonstrate the continuity of mineralization at depth and to the west
of the current mineral reserves and mine workings at the LZ5 mine.
Further progress was made in 2023 in rehabilitating
Level 9 and extending the exploration drift at Level 215 to provide additional drill platforms to test the vertical extensions of known
zones on the Bousquet property and below the LZ5 deposit.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $10.4 million for 50,200 metres of drilling at the LaRonde complex in 2024, including $2.3 million for 14,800
metres of capitalized drilling and $8.1 million for exploration drift development and 35,400 metres of exploration drilling into targets,
including Zone 20N East and West mines, Zone 3-1, Zone 3-4, Zone 4 and Zone 5, with the aim of adding new mineral reserves and mineral
resources to extend expected mine life further into the 2030s.
The planned work program above includes $2.7 million
budgeted for further extension of the exploration drift on Level 215 by 450 metres to the west.
GOLDEX
MRMR Highlights
At the Goldex mine, positive results from drilling
in the Deep 2, South zones and western part of the Main Zone during 2023 have added 99,000 ounces of gold in mineral reserves, replacing
in part the mining of 161,000 ounces of in-situ gold for 2023.
2023 Exploration Highlights
At the Goldex mine in 2023, exploration drilling
targeted mainly the W Zone, which is the extension of the Goldex diorite host rock and is located approximately 200 metres west of the
main deposit at relatively shallow depths compared to the current mine workings. A total of 13,408 metres were drilled into the W Zone
in 2023 with highlights including: 1.2 g/t gold over 35.0 metres at 476 metres depth in hole GD27-053; 1.5 g/t gold over 45.0 metres at
591 metres depth in hole GD27-056; and 1.1 g/t gold over 42.0 metres at 607 metres depth in hole GD27-063.
Exploration at the W Zone could lead to the addition
of mineral resources in the near future should exploration drilling continue to be successful.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $5.1 million for 40,400 metres of drilling at Goldex in 2024, including $2.9 million on capitalized drilling
mainly focused on the conversion and extension of Sector 3 in the South Zone. The remaining $2.2 million is budgeted for 18,400 metres
of exploration drilling, including 15,400 metres to test and extend the W Zone mineralization to the west and at depth; 2,000 metres drilled
at the nearby Mine École target; and 1,000 metres drilled to the west of the G Zone.
ABITIBI REGION – ONTARIO
DETOUR LAKE
MRMR Highlights
An initial underground
inferred mineral resource was declared below and to the west of the existing pit, totalling 1.56 million ounces of gold (21.8 million
tonnes grading 2.23 g/t gold). The Company believes that these inferred mineral resources represent only a portion of the mineralized
potential located below the mineral resources pit shell.
2023 Exploration Highlights
At the Detour
Lake mine in 2023, exploration drilling totalled 213,000 metres in 306 holes for the full year. The program successfully defined continuity
of mineralization below and west of the mineral resources pit, resulting in the initial underground inferred mineral resource estimate
described above.
Selected recent drill intercepts from the Detour
Lake mine are set out in the plan map and composite longitudinal section below and in a table in the Appendix.
[Detour Lake
– Plan Map and Composite Longitudinal Section]
The results below and west of the mineral reserves
pit include the following highlights: 11.4 g/t gold over 5.6 metres at 319 metres depth in hole DLM23-730W; 2.7 g/t gold over 47.2 metres
at 233 metres depth, including 6.5 g/t gold over 13.3 metres at 220 metres depth, hole DLM23-757; and 5.5 g/t gold over 16.6 metres at
307 metres depth in hole DLM23-775.
The drilling program
also demonstrated the continuity of the mineralization outside of the mineral resource footprint over a 2.5 kilometre strike length in
the western plunge of the known orebody. Highlight intercepts include: 18.3 g/t gold over 12.6 metres at 545 metres depth in hole
DLM23-733A; 7.8 g/t gold over 2.7 metres at 1,030 metres depth in hole DLM23-747; 6.0 g/t gold over 22.4 metres at 236 metres depth in
hole DLM23-735; 24.8 g/t gold over 7.4 metres at 420 metres depth in hole DLM23-767; and 19.3 g/t gold over 2.7 metres at 845 metres depth
in hole DLM23-773.
Exploration Plan and Budget for 2024
The
Company expects to spend approximately $27.7 million for 160,000 metres of drilling at Detour Lake in 2024, including $20.3 million for
120,000 metres of capitalized drilling into the western plunge of the main deposit to increase confidence in the mineralization's
continuity, both in the inferred mineral resources for conversion purposes and to continue extending the mineralized trend to the west.
An exploration ramp is also being considered to increase confidence in the continuity of the inferred mineral resource and to potentially
collect a bulk sample.
In addition, the
Company expects to spend approximately $7.4 million for 40,000 metres of regional drilling in 2024, to explore satellite targets
on the Company's large 107,400 hectare land position around the Detour Lake and adjacent Detour East properties that could potentially
provide mill feed to the Detour Lake operation.
The Company continues to evaluate the potential
for underground mining. The Company expects to provide an update the Detour underground project and ongoing exploration results in the
first half of 2024.
MACASSA
MRMR Highlights
The Macassa mine achieved a 171% replacement of
its mining depletion in 2023, with an underground infill drilling campaign that resulted in a net mineral reserves addition totalling
115,000 ounces of gold. The addition is mainly due to the expansion of mineral reserves in the deep eastern portion of the mine and an
optimized mine plan resulting from improved mine infrastructure with the completion of #4 Shaft and new ventilation facilities.
The realized synergies
between Macassa and the nearby AK and Near Surface ("NSUR") deposits continued to benefit the Macassa mine, with the
addition of 67,000 ounces of gold in mineral reserves at the AK and NSUR deposits, net of production. Total mineral reserves at AK now
stand at 160,000 ounces of gold (741,500 tonnes grading 6.69 g/t gold) at year-end 2023 and production is expected to start in 2024, demonstrating
the achievement of operational synergies from the Merger.
2023 Exploration Highlights
At the Macassa
mine in 2023, exploration drilling totalled metres, including 86,221 metres in the SMC and Main Break zones and 26,946 metres in the NSUR
and AK deposits.
Selected recent drill intercepts from the Macassa
mine are set out in the composite longitudinal section below and in a table in the Appendix.
[Macassa
– Isometric View and Composite Longitudinal Section]
Drilling intersected significant results east
of the current mineral resource, further supporting a lateral extension to SMC East, with highlight hole 53-4782 returning 43.0 g/t gold
over 1.9 metres at 1,664 metres depth and hole 53-4813A returned 40.4 g/t gold over 1.9 metres at 1,698 metres depth.
In the Lower/West SMC, the drill program was successful
in identifying multiple mineralized zones and visible gold, which suggests potential for lateral extensions and localized hanging wall
splays. Recent significant results from the program include: 78.9 g/t gold over 1.9 metres at 1,827 metres depth in hole 57-1394; 67.6
g/t over 1.9 metres at 1,846 metres depth in hole 57-1442; and 69.6 g/t gold over 1.5 metres at 1,879 metres depth and 110.4 g/t gold
over 1.5 metres at 1,884 metres depth in hole 57-1445.
In the Main Break, results to the east and up-trend
of known mineral resources support the extension of mineral resources and confirm the potential for further mineralization to the east.
Highlights include: 16.7 g/t gold over 1.3 metres at 2,122 metres depth in hole 58-892; 25.1 g/t gold over 1.3 metres at 2,086 metres
depth in hole 58-894; and 39.6 g/t gold over 3.2 metres at 2,000 metres depth and 50.1 g/t gold over 3.3 metres at 2,007 metres depth
in hole 58-920.
In the AK and NSUR deposits, drilling also expanded
the mineral reserve base by 60% and confirmed the geological interpretation of AK, while providing further opportunities for mineral resource
growth at AK where underground development and mining will start in 2024. Highlights from drilling at AK include: 21.8 g/t gold over 4.4
metres at 319 metres depth in hole KLAK-242; 25.0 g/t gold over 5.0 metres at 365 metres depth in hole KLAK-245; and 12.2 g/t gold over
4.3 metres at 318 metres depth in hole KLAK-261.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $19.2 million for 161,900 metres of capitalized drilling at Macassa in 2024, aiming to increase and upgrade mineral
resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break,
and to the west in the Lower/West SMC. Drilling in the AK and NSUR deposits will target mineral resource expansion. In addition, $14.1
million is budgeted for capitalized exploration to further develop exploration drifts that will allow drilling to the east of current
mine infrastructure along strike and at depth of the SMC and Main Break towards the historic Lake Shore mine.
As a part of an Ontario regional exploration budget
totalling $13.5 million for 19,400 metres, a surface exploration campaign will include drill holes to test the deep extensions of the
Main Break east of the underground infrastructure of the SMC and below all historical mining levels of the Kirkland Lake camp to provide
support for future underground exploration drifts.
NUNAVUT
MELIADINE
2023 Exploration Highlights
At the Meliadine
mine in 2023, exploration drilling totalled 91,579 metres, with work focused on three areas: deep exploration and conversion drilling
at the Pump deposit; infill drilling of inferred mineral resources at depth in the Wesmeg and Tiriganiaq deposits; and exploration drilling
at the F-Zone deposit. The ongoing development of an exploration drift is providing improved access for new underground drilling platforms
to investigate the lateral and depth extensions of the main Tiriganiaq deposit.
Selected recent drill intercepts from the Tiriganiaq
deposit at the Meliadine property are set out in the plan map and composite longitudinal section below and in a table in the Appendix.
[Meliadine
Mine – Plan Map & Composite Longitudinal Section]
The positive results from exploration drilling
at shallow depth into the Pump North Zone include: hole M23-3596 intersecting 10.8 g/t gold over 4.9 metres at 210 metres depth and 4.5
g/t gold over 6.7 metres, at 220 metres depth including 8.3 g/t gold over 3.3 metres at 220 metres depth; hole M23-3577A, drilled on the
same section, which returned 16.1 g/t gold over 3.6 metres at 361 metres depth and 10.8 g/t gold over 4.3 metres at 383 metres depth;
hole M23-3595, drilled 115 metres to the west of hole M23-3577A, which intersected 10.7 g/t gold over 3.9 metres at 305 metres depth;
and hole M23-3580, drilled 25 metres west of hole M23-3595, which returned 5.0 g/t gold over 5.8 metres at 437 metres depth and 4.7 g/t
gold over 5.1 metres at 455 metres depth, indicating that the mineralized folded iron formation is still open at depth.
At Tiriganiaq, drilling is converting sectors
to the west and exploring outside of the mineral resource limits in the east, and returned results such as hole M23-3760 intersecting
6.0 g/t gold over 3.0 metres at 299 metres depth. This interval is approximatively 200 metres deeper and 100 metres east of the current
inferred mineral resource and mineral reserve limits, demonstrating their continuity at depth toward one of the major known Tiriganiaq
ore shoots.
At Wesmeg North, recent highlights include hole
ML300-10340-D4, which intersected 6.1 g/t gold over 11.7 metres at 467 metres depth, as well as hole ML300-10340-D1, which intersected
7.5 g/t gold over 7.9 metres at 519 metres depth. These intervals are located down plunge of one of the deposit's high-grade ore
shoots and demonstrate its continuity. Additionally, hole ML300-10340-D6 returned 11.1 g/t gold over 5.3 metres at 303 metres depth, demonstrating
the potential to develop a new ore shoot outside of the mineral resource.
At Wesmeg, hole M23-3659 intersected 9.4 g/t gold
over 3.7 metres at 351 metres depth, and on the same section, hole ML400-10200-F1 intersected 15.4 g/t gold over 3.7 metres at 396 metres
depth and 12.6 g/t gold over 3.3 metres depth at 402 metres depth. Approximately 100 metres further east, hole ML300-10340-D2 intersected
11.4 g/t over 3.9 metres at 494 metres depth.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $18.6 million for 77,700 metres of capitalized drilling at Meliadine in 2024, including $2.6 million for further
extension of the exploration drift. The drilling will principally focus on expanding and converting existing mineral resources
in the Tiriganiaq, Wesmeg and Pump deposits. As the development of the exploration drift continues at Tiriganiaq, it will provide new
access further into the eastern and western extensions of the mineral resource at depth starting in the first quarter of 2024.
AMARUQ AT MEADOWBANK
MRMR Highlights
The Amaruq mine at the Meadowbank complex saw
continued positive reconciliation performance during 2023 and, as a result, the estimation parameters and mining assumptions were adjusted
which resulted in an increase of 150,000 ounces of gold in mineral reserves that were offset by production depletion.
2023 Exploration Highlights
At Amaruq in 2023,
exploration drilling totalled 29,133 metres, including conversion drilling. The main objectives of this exploration program were:
to infill Whale Tail underground mineral resources; to confirm IVR open pit mineral resources for an eventual pit pushback; and to extend
underground mineral resources at depth in the Whale Tail and IVR deposits.
Selected recent drill intercepts from Amaruq are
set out in the composite longitudinal section below and in a table in the Appendix.
[Amaruq
– Composite Longitudinal Section]
Exploration drilling in proximity to the underground
mineral resources of the Whale Tail deposit intersected significant mineralization from Zone QZ03 and Zone IC with the following highlights:
3.8 g/t gold over 6.8 metres at 503 metres depth in hole AMQ23-3034; 4.9 g/t gold over 6.7 metres at 595 metres depth in hole AMQ23-3043B;
and 7.4 g/t gold over 2.4 metres at 554 metres depth in hole AMQ23-3046.
The drilling at depth at the IVR deposit intercepted
significant mineralized zones including the following highlights: 5.1 g/t gold over 17.4 metres at 901 metres depth hole AMQ23-3062; and
hole AMQ23-3064A intercepting three intersections from a folded zone, including 6.3 g/t gold over 5.2 metres at 967 metres depth, 11.3
g/t gold over 6.4 metres at 979 metres depth and 4.4 g/t gold over 9.2 metres at 1,013 metres depth. These results demonstrate that the
IVR deposit remains open at depth and further demonstrate the potential to grow underground mineral resources at Amaruq.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $1.9 million for 6,800 metres of expensed exploration drilling at Amaruq in 2024, focused on testing for potential
extensions to the open pits and, based on recent exploration success, testing the depth extensions of Whale Tail and IVR high grade gold
mineralization. The aim of these programs is to further extend the life of the Amaruq mine.
HOPE BAY
MRMR Highlights
Exploration drilling at Hope Bay added 336,000
ounces of inferred mineral resources at year-end 2023, mostly from the Patch 7 zone, which was partially offset by a reduction of 177,000
ounces of gold in inferred mineral resources due to project-wide conversion to indicated mineral resources and improvement of mining parameters.
2023 Exploration Highlights
At the Hope Bay project in 2023, exploration drilling
totalled 125,150 metres in 224 holes, focused on the Madrid and Doris gold deposits, as well as regionally in the Hope Bay gold belt.
The program had up to nine drill rigs in operation and was divided between Doris (55,119 metres in 121 holes), Madrid (59,795 metres in
79 holes) and regional exploration (10,236 metres in 24 holes).
Based on the positive results at Madrid and Doris
in the first half of 2023, the Company approved a supplemental exploration budget at Hope Bay of $14.5 million for an
additional 58,000 metres of drilling during the second half of 2023.
Exploration at Madrid during the second half of
2023 remained focused on drilling wide step-out holes spaced approximately 200 metres apart into the underexplored, 2-kilometre strike
extension gap between the Suluk and Patch 7 zones at depths between 300 and 700 metres, as well as to the south of the Patch 7 zone.
Recent results have extended this area of mineralization
to a minimum of 2,200 metres in lateral distance and 500 metres in vertical distance, and demonstrated that gold mineralization extends
approximately 200 metres south of the Patch 7 deposit.
Selected recent drill intercepts from the Madrid-area
deposits are set out in the composite longitudinal section below and in a table in the Appendix.
[Madrid Deposit
at Hope Bay – Composite Longitudinal Section]
Hole HBM23-143 returned
16.3 g/t gold over 28.6 metres at 385 metres depth in Patch 7 and represents one the best holes drilled to date in the Madrid mineralized
corridor. The intercept is 100 metres up-dip of previously reported hole HBM23-086 (13.7 g/t gold over 4.6 metres at 697 metres depth,
see the Company's news release dated July 26, 2023) and more than 200 metres from other drill holes above and laterally, highlighting
the opportunity to significantly expand this mineralized area.
In the northern
extension of the gap target, hole HBM23-140 returned 12.7 g/t gold over 4.6 metres at 677 metres depth in the Suluk zone. This intercept
is located 580 metres north of previously reported hole HBM23-105 (10 g/t gold over 14.0 metres at 677 metres depth, see the Company's
news release dated July 26, 2023) and 1,100 metres north of hole HBM23-143, further demonstrating the lateral extent of the Suluk-Patch
7 mineralized trend.
Drilling that targeted the southern extension
of the Patch 7 zone was highlighted by hole HBM23-132, which returned 5.0 g/t gold over 4.4 metres at 460 metres depth and 5.9 g/t gold
over 2.3 metres at 530 metres depth, approximately 200 metres south of the mineral resources at Patch 7. This hole demonstrates the southern
extension of the known favourable gold mineralization at Patch 7, and the trend remains open in the 1-kilometre-long underexplored area
to the south between the Patch 7 and Patch 14 zones.
At Doris, the planned exploration drilling program
for 2023 was completed early in the third quarter and results continued to confirm and expand the known mineralized zones. Drilling at
Doris and nearby targets will resume in early 2024.
In regional exploration
during 2023, one drill rig tested early-stage targets in the northern part of the Hope Bay greenstone belt and a regional lake
sediment survey was completed in the Elu belt. A significant follow-up regional exploration program is planned for 2024.
2024 Exploration Plan and Budget
After a pause in
drilling during the transition to winter, the Hope Bay project is ramping back up to full capacity with seven surface drill rigs. The
Company expects to spend approximately $22.0 million for 50,000 metres of drilling at the Hope Bay project in 2024. This program will
focus on high potential areas at Madrid and Doris, including the wide step-out strategy at Madrid to further assess the mineral resource
potential of the gap between Suluk and Patch 7 as well as the area south of Patch 7. This first phase of drilling is expected to be completed
before the end of the second quarter and additional drilling will be considered for the third and fourth quarters. The wider objective
of the exploration program at Hope Bay remains to grow the mineral reserves and mineral resources at Madrid and Doris to support ongoing
project studies and potential mining activities.
AUSTRALIA
FOSTERVILLE
MRMR Highlights
The Fosterville
mine successfully replaced 102% of mining depletion in 2023 with new mineral reserves. The replacement was achieved through infill drilling
that, combined with the revision of the mine production plan, resulted in an addition of 289,000 ounces of gold in mineral reserves
that has offset 285,000 ounces mining depletion in 2023.
Fosterville also saw a net addition of 277,000
ounces of gold in mineral resources year-over-year with a combination of new inferred mineral resources at Phoenix and Robbins Hill through
drilling and improved economic parameters, offset by conversion and a model update.
2023 Exploration Highlights
At the Fosterville
mine in 2023, exploration drilling totalled 84,310 metres in 309 holes, comprised of 68,687 metres of underground drilling and 15,623
metres of surface drilling drilling, as well as further development of underground drifts to support drill programs.
At the Phoenix/Lower Phoenix area, drilling in
Lower Phoenix focused on the mineralized Cardinal, Swan/Lower Phoenix and Cygnet zones and the Cygnet hanging wall structure. At Robbins
Hill, drilling tested the Hoffman and Curie zones as well as four structures that link Curie and Hoffman, including the Wu structure.
Selected recent drill intercepts from the Fosterville
mine are set out in the composite longitudinal section below and in a table in the Appendix.
[Fosterville –
Composite Longitudinal Section]
Recent highlight holes at Fosterville show high
gold grades and demonstrate the potential for several zones at Phoenix and Robbins Hill to provide additional mineral reserves and mineral
resources.
In the Phoenix area, highlight hole UDH4729B intersected
69.1 g/t gold over 3.7 metres at 1,773 metres depth in the Cardinal structure, including 120.0 g/t gold over 2.1 metres at 1,772 metres
depth. The intersection is approximately 115 metres down-plunge of the Cardinal mineral reserves and is within a 200 metre down-plunge
extent of visible gold.
Also in the Phoenix area, hole UDH4859 intersected
17.3 g/t gold over 8.3 metres at 1,166 metres depth, approximately 10 metres outside the Cygnet Zone mineral reserves in a newly identified
mineralized trend named the Peregrine Zone, where follow-up drilling is planned in 2024.
At Robbins Hill, hole UDR047 intersected 5.0 g/t
gold over 6.0 metres at 574 metres depth in the Hoffman Zone in a sulphide intercept located 900 metres south of the current Hoffman mineral
reserves.
In the Curie Zone at Robbins Hill, hole UDH4834
intersected 149.6 g/t over 5.6 metres at 566 metres depth within the lower portion of the Curie mineral reserves.
Highlight hole UDH4580A intersected 301.4 g/t
gold over 2.0 metres at 636 metres depth in the underexplored Wu Zone, which extends for more than 700 metres in length within the Robbins
Hill system.
2024 Exploration Plan and Budget
The Company expects
to spend approximately $10.9 million for 38,700 metres of capitalized drilling at Fosterville in 2024, focused on the extensions
of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $11.7 million is budgeted for 36,500 metres
of underground and surface expensed exploration to test new geological targets, including underground exploration at Harrier. Up to six
underground rigs and one surface rigs are expected to be used during the year.
Regionally at Fosterville,
preparation is underway for surface exploration programs to identify favourable structural environments with folding and faulting
similar to the Fosterville fault that hosts the Swan Zone, and could potentially host significant gold mineralization, with follow up
drilling planned for any new prospective targets.
FINLAND
KITTILA
MRMR Highlights
At the Kittila mine, improved modelling of the
deposit and conversion drilling in the Suuri and Roura Deep areas resulted in the addition of 182,000 ounces of gold in mineral reserves,
replacing 65% of 2023 mining depletion.
2023 Exploration Highlights
At the Kittila
mine in 2023, exploration and conversion drilling totalled 58,000 metres, mainly targeted at the Main and Sisar zones in the northern
and southern portions of the deposit at approximately 1.0 to 1.4 kilometres depth.
Selected recent drill intercepts from the Kittila
mine are set out in the composite longitudinal section below and in a table in the Appendix.
[Kittila Mine –
Composite Longitudinal Section]
To the north in the Rimpi area, highlight hole
RIE23-630 intersected 5.1 g/t gold over 4.7 metres at 1,059 metres depth in the Main Zone, representing a 200-metre extension of the Main
Zone to the north at moderate depths. Drilling is ongoing in this area.
The exploration and conversion drilling program
in the central Roura area near the bottom of the shaft was highlighted by hole RUG23-515, which intersected 7.0 g/t gold over 19.8 metres
at 1,133 metres depth in the Sisar Zone, including 18.8 g/t gold over 4.1 metres at 1,129 metres depth; and hole ROD23-7000D, which intersected
7.8 g/t gold over 4.2 metres at 1,154 metres depth in the Main Zone. These intersections are northern extensions of the gold mineralization
in the Suuri zone, and they demonstrate the potential to add mineral reserves in this area, which remains open at depth.
In step-out drilling towards the south in the
Suuri area, hole SUU23-700C intersected 3.4 g/t gold over 3.8 metres at 935 metres depth in the Main Zone, extending gold mineralization
by 250 metres to the south. Approximately 400 metres above hole SUU237-00C, hole SUU23-606 intersected 10.0 g/t gold over 5.9 metres at
506 metres depth in the Main Zone, demonstrating the wide exploration target for continued exploration drilling to the south.
During the second half of 2023, exploration drilling
from surface began targeting an underexplored, parallel mineralized structure named the East Zone located in the Suuri area approximately
140 metres east of the mine's producing Main Zone and outside current mineral resources. Following up on the previously announced hole
SUU23004 in the East Zone, which intersected 11.8 g/t gold over 9.9 metres at 208 metres depth, including 18.2 g/t gold over 4.8 metres
at 206 metres depth (see the Company's news release dated October 25, 2023), two recent holes returned further significant gold mineralization
at shallow depths in the East Zone: hole SSU23-008 intersected 11.5 g/t gold over 7.8 metres at 204 metres depth, including 20.5 g/t gold
over 3.7 metres at 205 metres depth, with the intersection located 73 metres south of hole SUU23-004; and hole SUU23-001 intersected 4.3
g/t gold over 2.7 metres at 158 metres depth, approximately 200 metres north of hole SUU23-004.
The newly identified East Zone is an attractive,
high-grade parallel zone at shallow depth that has the potential to provide an additional source of ore proximal to existing mine infrastructure.
2024 Exploration Plan and Budget
The Company expects to spend approximately $11.8
million for 70,000 metres of drilling at the Kittila mine in 2024, focused on the Main Zone in the Roura and Rimpi areas as well as the
Sisar Zone. The drilling includes 16,000 metres of capitalized conversion and 35,500 meters of capitalized exploration as described above.
The 18,500 metres of expensed exploration drilling will be focused on targets beyond the current mineral reserve area, including from
1,500 to 2,000 metres depth and in the extension of the central Roura area near the bottom of the shaft. Follow up drilling is also planned
in the East Zone in the Suuri area at shallow depths.
MEXICO
PINOS ALTOS
2023 Exploration Highlights
At the Pinos
Altos mine in 2023, exploration drilling totalled 21,264 metres in 81 holes, focused on the Pinos Altos Deep project beneath the mine,
the advanced Cubiro underground project in the northwest of the property and the Moctezuma and Reyna mineralized trends.
At Pinos Altos Deep, drilling beneath the Oberon
de Weber mining zone was highlighted by hole US23-299, which intersected 4.9 g/t gold and 193 g/t silver over 6.9 metres at 254 metres
depth, including 10.5 g/t gold and 186 g/t silver over 2.3 metres at 254 metres depth, demonstrating the potential to add mineral resources
and mineral reserves approximately 100 metres below current underground mine workings.
The positive results from recent exploration show
the potential to continue to add and convert remaining mineral resources into mineral reserves and to extend the life of mine at Pinos
Altos.
Exploration Plan and Budget for 2024
The Company expects to spend approximately $4.6
million for 20,700 metres of capitalized and expensed exploration drilling at Pinos Altos in 2024.
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.
Further Information
For further information regarding Agnico Eagle,
please contact Investor Relations at the email address investor.relations@agnicoeagle.com or call (416) 947-1212.
Forward-Looking Statements
The
information in this news release has been prepared as at February 15, 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", "could", "estimate",
"expect", "forecast", "future", "plan", "possible", "potential",
"schedule", "target", "tracking", "will", and similar expressions are intended to identify
forward-looking statements. Such statements include, without limitation: the Company's forward-looking guidance, including project
timelines, drilling targets or results, life of mine estimates; the estimated timing and conclusions of the Company's studies and evaluations;
the Company's plans at the Hope Bay project; the Company's plans at the Wasamac project; statements concerning other expansion
projects, optimization efforts, projected exploration, including costs and other estimates upon which such projections are based;
timing and amounts of exploration expenditures and other cash needs; estimates of future mineral reserves, mineral resources, 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; estimates of mineral reserves and mineral resources and the effect of drill results 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 and the anticipated timing thereof; future exploration; the
anticipated timing of events with respect to the Company's mine sites; 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, 2022 filed with Canadian securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31, 2022 ("Form 40-F") filed with the U.S. Securities and Exchange
Commission (the "SEC"), the Company's news release dated February 15, 2024 announcing its full year 2023 results, 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 and other properties is as expected by the
Company and that the Company's efforts to mitigate its effect on mining operations 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 additional measures in response to the COVID-19 pandemic 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, the COVID-19 pandemic 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 the LaRonde complex and Goldex mine; mining risks; community
protests, including by Indigenous groups; risks associated with foreign operations; 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 to which COVID-19, its variants, and other 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.
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").
Effective February 25, 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 now
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.
Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies,
except in limited circumstances. 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.
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 and mineral reserves are not reported as a subset of mineral resources.
Scientific and Technical Information
The scientific and technical information contained
in this news release relating to exploration activities has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President,
Exploration and Olivier Grondin, P.Geo., 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.
Detailed Mineral Reserve and Mineral Resource
Data
MINERAL RESERVES
As at December 31, 2023
OPERATION
/ PROJECT | |
PROVEN | |
PROBABLE | |
PROVEN &
PROBABLE | |
GOLD | |
Mining
Method* | |
000
Tonnes | |
g/t | |
000
Oz
Au | |
000
Tonnes | |
g/t | |
000
Oz
Au | |
000
Tonnes | |
g/t | |
000
Oz
Au | |
Recovery
%** | |
LaRonde
mine1 | |
U/G | |
| 2,342 | |
| 4.98 | |
| 375 | |
| 8,568 | |
| 6.79 | |
| 1,870 | |
| 10,910 | |
| 6.40 | |
| 2,244 | |
| 94.7 | |
LaRonde
Zone 52 | |
U/G | |
| 4,450 | |
| 2.11 | |
| 301 | |
| 4,523 | |
| 2.30 | |
| 334 | |
| 8,972 | |
| 2.20 | |
| 636 | |
| 94.7 | |
LaRonde complex Total | |
| |
| 6,791 | |
| 3.10 | |
| 676 | |
| 13,091 | |
| 5.24 | |
| 2,204 | |
| 19,882 | |
| 4.51 | |
| 2,880 | |
| | |
Canadian
Malartic3 | |
O/P | |
| 45,474 | |
| 0.58 | |
| 852 | |
| 45,332 | |
| 1.09 | |
| 1,584 | |
| 90,806 | |
| 0.83 | |
| 2,436 | |
| 89.0 | |
East
Gouldie4 | |
U/G | |
| — | |
| — | |
| — | |
| 47,005 | |
| 3.42 | |
| 5,173 | |
| 47,005 | |
| 3.42 | |
| 5,173 | |
| 94.6 | |
Odyssey
deposits5 | |
U/G | |
| 17 | |
| 2.25 | |
| 1 | |
| 4,422 | |
| 2.17 | |
| 308 | |
| 4,440 | |
| 2.17 | |
| 310 | |
| 95.3 | |
Canadian Malartic complex
Total | |
| |
| 45,491 | |
| 0.58 | |
| 853 | |
| 96,760 | |
| 2.27 | |
| 7,065 | |
| 142,251 | |
| 1.73 | |
| 7,919 | |
| | |
Goldex6 | |
U/G | |
| 797 | |
| 2.60 | |
| 66 | |
| 16,873 | |
| 1.54 | |
| 834 | |
| 17,669 | |
| 1.59 | |
| 901 | |
| 85.8 | |
Akasaba
West7 | |
O/P | |
| 203 | |
| 0.84 | |
| 5 | |
| 4,823 | |
| 0.89 | |
| 138 | |
| 5,025 | |
| 0.89 | |
| 143 | |
| 77.1 | |
Quebec
Total | |
| |
| 53,282 | |
| 0.93 | |
| 1,601 | |
| 131,546 | |
| 2.42 | |
| 10,242 | |
| 184,828 | |
| 1.99 | |
| 11,843 | |
| | |
Detour Lake (Above 0.5 g/t) | |
O/P | |
| 70,048 | |
| 1.14 | |
| 2,565 | |
| 484,633 | |
| 0.90 | |
| 14,029 | |
| 554,681 | |
| 0.93 | |
| 16,594 | |
| 91.9 | |
Detour Lake (Below 0.5 g/t) | |
O/P | |
| 48,656 | |
| 0.43 | |
| 666 | |
| 215,712 | |
| 0.38 | |
| 2,669 | |
| 264,368 | |
| 0.39 | |
| 3,335 | |
| 90.0 | |
Detour
Lake Total8 | |
| |
| 118,703 | |
| 0.85 | |
| 3,230 | |
| 700,346 | |
| 0.74 | |
| 16,698 | |
| 819,049 | |
| 0.76 | |
| 19,928 | |
| | |
Macassa
mine9 | |
U/G | |
| 248 | |
| 16.17 | |
| 129 | |
| 3,959 | |
| 14.34 | |
| 1,825 | |
| 4,207 | |
| 14.45 | |
| 1,954 | |
| 97.4 | |
Macassa
Near Surface10 | |
U/G | |
| 2 | |
| 4.23 | |
| — | |
| 117 | |
| 5.96 | |
| 22 | |
| 119 | |
| 5.93 | |
| 23 | |
| 95.0 | |
AK
deposit11 | |
U/G | |
| — | |
| — | |
| — | |
| 742 | |
| 6.69 | |
| 160 | |
| 742 | |
| 6.69 | |
| 160 | |
| 95.0 | |
Macassa Total | |
| |
| 249 | |
| 16.10 | |
| 129 | |
| 4,818 | |
| 12.96 | |
| 2,007 | |
| 5,067 | |
| 13.11 | |
| 2,136 | |
| | |
Upper
Beaver12 | |
U/G | |
| — | |
| — | |
| — | |
| 7,992 | |
| 5.43 | |
| 1,395 | |
| 7,992 | |
| 5.43 | |
| 1,395 | |
| 95.0 | |
Hammond
Reef13 | |
O/P | |
| — | |
| — | |
| — | |
| 123,473 | |
| 0.84 | |
| 3,323 | |
| 123,473 | |
| 0.84 | |
| 3,323 | |
| 89.2 | |
Ontario
Total | |
| |
| 118,952 | |
| 0.88 | |
| 3,359 | |
| 836,629 | |
| 0.87 | |
| 23,424 | |
| 955,581 | |
| 0.87 | |
| 26,783 | |
| | |
Amaruq | |
O/P | |
| 3,010 | |
| 1.58 | |
| 153 | |
| 9,469 | |
| 3.76 | |
| 1,146 | |
| 12,479 | |
| 3.24 | |
| 1,299 | |
| 91.7 | |
Amaruq | |
U/G | |
| 49 | |
| 5.96 | |
| 9 | |
| 2,829 | |
| 5.81 | |
| 528 | |
| 2,878 | |
| 5.81 | |
| 538 | |
| 91.7 | |
Meadowbank
complex Total14 | |
| |
| 3,059 | |
| 1.65 | |
| 162 | |
| 12,298 | |
| 4.23 | |
| 1,674 | |
| 15,357 | |
| 3.72 | |
| 1,837 | |
| | |
Meliadine | |
O/P | |
| 266 | |
| 4.27 | |
| 37 | |
| 4,632 | |
| 4.46 | |
| 664 | |
| 4,898 | |
| 4.45 | |
| 700 | |
| 94.7 | |
Meliadine | |
U/G | |
| 1,514 | |
| 7.57 | |
| 369 | |
| 11,846 | |
| 6.30 | |
| 2,398 | |
| 13,360 | |
| 6.44 | |
| 2,767 | |
| 96.3 | |
Meliadine
Total15 | |
| |
| 1,780 | |
| 7.08 | |
| 405 | |
| 16,478 | |
| 5.78 | |
| 3,062 | |
| 18,258 | |
| 5.91 | |
| 3,467 | |
| | |
Hope
Bay16 | |
U/G | |
| 93 | |
| 6.77 | |
| 20 | |
| 16,123 | |
| 6.51 | |
| 3,377 | |
| 16,216 | |
| 6.52 | |
| 3,397 | |
| 87.5 | |
Nunavut
Total | |
| |
| 4,932 | |
| 3.71 | |
| 588 | |
| 44,899 | |
| 5.62 | |
| 8,113 | |
| 49,831 | |
| 5.43 | |
| 8,701 | |
| | |
OPERATION / PROJECT | |
PROVEN | |
PROBABLE | |
PROVEN & PROBABLE | |
GOLD | |
Mining Method* | |
000 Tonnes | |
g/t | |
000 Oz Au | |
000 Tonnes | |
g/t | |
000 Oz Au | |
000 Tonnes | |
g/t | |
000 Oz Au | |
Recovery %** | |
Fosterville17 | |
U/G | |
| 679 | |
| 12.52 | |
| 273 | |
| 7,897 | |
| 5.55 | |
| 1,409 | |
| 8,576 | |
| 6.10 | |
| 1,682 | |
| 95.0 | |
Australia Total | |
| |
| 679 | |
| 12.52 | |
| 273 | |
| 7,897 | |
| 5.55 | |
| 1,409 | |
| 8,576 | |
| 6.10 | |
| 1,682 | |
| | |
Kittila18 | |
U/G | |
| 984 | |
| 4.11 | |
| 130 | |
| 25,943 | |
| 4.14 | |
| 3,454 | |
| 26,926 | |
| 4.14 | |
| 3,584 | |
| 86.9 | |
Europe Total | |
| |
| 984 | |
| 4.11 | |
| 130 | |
| 25,943 | |
| 4.14 | |
| 3,454 | |
| 26,926 | |
| 4.14 | |
| 3,584 | |
| | |
Pinos Altos | |
O/P | |
| 24 | |
| 1.21 | |
| 1 | |
| 2,363 | |
| 1.21 | |
| 92 | |
| 2,387 | |
| 1.21 | |
| 93 | |
| 94.4 | |
Pinos Altos | |
U/G | |
| 2,386 | |
| 2.14 | |
| 164 | |
| 4,150 | |
| 2.17 | |
| 290 | |
| 6,536 | |
| 2.16 | |
| 454 | |
| 94.2 | |
Pinos Altos Total19 | |
| |
| 2,410 | |
| 2.13 | |
| 165 | |
| 6,514 | |
| 1.82 | |
| 381 | |
| 8,924 | |
| 1.90 | |
| 546 | |
| | |
San Nicolás (50%)20 | |
O/P | |
| 23,858 | |
| 0.41 | |
| 314 | |
| 28,761 | |
| 0.39 | |
| 358 | |
| 52,619 | |
| 0.40 | |
| 672 | |
| 17.6 | |
Mexico Total | |
| |
| 26,268 | |
| 0.57 | |
| 479 | |
| 35,275 | |
| 0.65 | |
| 739 | |
| 61,543 | |
| 0.62 | |
| 1,219 | |
| | |
Total Gold | |
| |
| 205,096 | |
| 0.98 | |
| 6,430 | |
| 1,082,188 | |
| 1.36 | |
| 47,380 | |
| 1,287,284 | |
| 1.30 | |
| 53,811 | |
| | |
SILVER | |
Mining Method* | |
000 Tonnes | |
g/t | |
000 Oz Ag | |
000 Tonnes | |
g/t | |
000 Oz Ag | |
000 Tonnes | |
g/t | |
000 Oz Ag | |
Recovery %** | |
LaRonde | |
U/G | |
| 2,342 | |
| 14.32 | |
| 1,078 | |
| 8,568 | |
| 21.60 | |
| 5,950 | |
| 10,910 | |
| 20.04 | |
| 7,028 | |
| 74.9 | |
Pinos Altos | |
O/P | |
| 24 | |
| 43.30 | |
| 33 | |
| 2,363 | |
| 36.35 | |
| 2,762 | |
| 2,387 | |
| 36.42 | |
| 2,796 | |
| 44.5 | |
Pinos Altos | |
U/G | |
| 2,386 | |
| 40.03 | |
| 3,070 | |
| 4,150 | |
| 47.41 | |
| 6,326 | |
| 6,536 | |
| 44.71 | |
| 9,396 | |
| 49.3 | |
Pinos Altos Total | |
| |
| 2,410 | |
| 40.06 | |
| 3,104 | |
| 6,514 | |
| 43.40 | |
| 9,088 | |
| 8,924 | |
| 42.50 | |
| 12,192 | |
| | |
San Nicolás (50%) | |
O/P | |
| 23,858 | |
| 23.93 | |
| 18,356 | |
| 28,761 | |
| 20.91 | |
| 19,333 | |
| 52,619 | |
| 22.28 | |
| 37,689 | |
| 38.2 | |
Total Silver | |
| |
| 28,609 | |
| 24.50 | |
| 22,538 | |
| 43,843 | |
| 24.38 | |
| 34,371 | |
| 72,453 | |
| 24.43 | |
| 56,909 | |
| | |
COPPER | |
Mining Method* | |
000 Tonnes | |
% | |
tonnes
Cu | |
000 Tonnes | |
% | |
tonnes Cu | |
000 Tonnes | |
% | |
tonnes Cu | |
Recovery %** | |
LaRonde | |
U/G | |
| 2,342 | |
| 0.19 | |
| 4,558 | |
| 8,568 | |
| 0.30 | |
| 25,341 | |
| 10,910 | |
| 0.27 | |
| 29,899 | |
| 83.6 | |
Akasaba West | |
O/P | |
| 203 | |
| 0.44 | |
| 890 | |
| 4,823 | |
| 0.50 | |
| 24,262 | |
| 5,025 | |
| 0.50 | |
| 25,153 | |
| 83.6 | |
Upper Beaver | |
U/G | |
| — | |
| — | |
| — | |
| 7,992 | |
| 0.25 | |
| 19,980 | |
| 7,992 | |
| 0.25 | |
| 19,980 | |
| 90.0 | |
San Nicolás (50%) | |
O/P | |
| 23,858 | |
| 1.26 | |
| 299,809 | |
| 28,761 | |
| 1.01 | |
| 291,721 | |
| 52,619 | |
| 1.12 | |
| 591,530 | |
| 75.7 | |
Total Copper | |
| |
| 26,402 | |
| 1.16 | |
| 305,258 | |
| 50,144 | |
| 0.72 | |
| 361,305 | |
| 76,546 | |
| 0.87 | |
| 666,562 | |
| | |
ZINC | |
Mining Method* | |
000 Tonnes | |
% | |
tonnes Zn | |
000 Tonnes | |
% | |
tonnes Zn | |
000 Tonnes | |
% | |
tonnes Zn | |
Recovery %** | |
LaRonde | |
U/G | |
| 2,342 | |
| 0.62 | |
| 14,424 | |
| 8,568 | |
| 1.08 | |
| 92,164 | |
| 10,910 | |
| 0.98 | |
| 106,588 | |
| 69.2 | |
San Nicolás (50%) | |
O/P | |
| 23,858 | |
| 1.61 | |
| 383,313 | |
| 28,761 | |
| 1.37 | |
| 394,115 | |
| 52,619 | |
| 1.48 | |
| 777,428 | |
| 65.5 | |
Total Zinc | |
| |
| 26,199 | |
| 1.52 | |
| 397,736 | |
| 37,330 | |
| 1.30 | |
| 486,280 | |
| 63,529 | |
| 1.39 | |
| 884,016 | |
| | |
*Underground (“U/G”), Open Pit ("O/P")
** Represents metallurgical recovery percentage
1 LaRonde mine: Net smelter value cut-off varies
according to mining type and depth, not less than C$91/t for LP1 and not less than C$192/t for LaRonde.
2 LaRonde Zone 5: Gold cut-off
grade varies according to stope size and depth, not less than 1.56 g/t.
3 Canadian Malartic: Gold cut-off
grade not less than 0.34 g/t for Barnat pit.
4 East Gouldie: Gold cut-off
grade not less than 1.67 g/t.
5 Odyssey deposits: Gold cut-off
grade varies according to mining zone and depth, not less than 1.53 g/t.
6 Goldex: Gold cut-off grade
varies according to mining type and depth, not less than 1.00 g/t.
7 Akasaba West: Net smelter
value cut-off varies, not less than C$33/t.
8 Detour Lake: Gold cut-off
grade not less than 0.30 g/t.
9 Macassa mine: Gold cut-off
grade varies according to mining type, not less than 3.71 g/t for long hole method and 4.41 g/t for cut and fill method.
10 Macassa Near Surface: Gold
cut-off grade not less than 4.33 g/t.
11 Amalgamated Kirkland (AK)
deposit: Gold cut-off grade not less than 4.25 g/t.
12 Upper Beaver: Net smelter
value cut-off not less than C$125/t.
13 Hammond Reef: Gold cut-off
grade not less than 0.41 g/t.
14 Amaruq: Gold cut-off grade
varies according to mining type, not less than 1.14 g/t for open pit mineral reserves and 3.42 g/t for underground mineral reserves (gold
cut-off grade for marginal underground mineral reserves from development is 1.14 g/t).
15 Meliadine: Gold cut-off
grade varies according to mining type, not less than 1.80 g/t for open pit mineral reserves and 4.40 g/t for underground mineral reserves
(gold cut-off grade for marginal underground mineral reserves from development is 1.80 g/t).
16 Hope Bay: Gold cut-off grade
not less than 4.00 g/t.
17 Fosterville: Gold cut-off
grade varies according to mining zone and type, not less than 3.80 g/t.
18 Kittila: Gold cut-off grade
varies according to haulage distance, not less than 2.59 g/t.
19 Pinos Altos: Net smelter
value cut-off varies according to mining zone and type, not less than C$9.33/t for open pit mineral reserves and US$49.93/t for the underground
mineral reserves.
20San Nicolás (50%):
Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t.
MINERAL RESOURCES
As
at December 31, 2023
OPERATION
/ PROJECT |
|
MEASURED | |
INDICATED | |
MEASURED &
INDICATED | |
INFERRED | |
GOLD | |
Mining
Method* |
|
000
Tonnes | |
g/t | |
000
Oz
Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
LaRonde | |
U/G |
|
| — | |
| — | |
| — | |
| 6,424 | |
| 3.06 | |
| 632 | |
| 6,424 | |
| 3.06 | |
| 632 | |
| 1,569 | |
| 5.67 | |
| 286 | |
LaRonde Zone 5 | |
U/G |
|
| — | |
| — | |
| — | |
| 10,594 | |
| 2.27 | |
| 774 | |
| 10,594 | |
| 2.27 | |
| 774 | |
| 10,437 | |
| 3.38 | |
| 1,134 | |
LaRonde complex Total | |
|
|
| — | |
| — | |
| — | |
| 17,018 | |
| 2.57 | |
| 1,407 | |
| 17,018 | |
| 2.57 | |
| 1,407 | |
| 12,006 | |
| 3.68 | |
| 1,420 | |
Canadian Malartic | |
O/P |
|
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 8,171 | |
| 0.81 | |
| 214 | |
Odyssey | |
U/G |
|
| — | |
| — | |
| — | |
| 1,372 | |
| 1.71 | |
| 75 | |
| 1,372 | |
| 1.71 | |
| 75 | |
| 19,700 | |
| 2.29 | |
| 1,453 | |
East Malartic | |
U/G |
|
| — | |
| — | |
| — | |
| 11,134 | |
| 2.04 | |
| 731 | |
| 11,134 | |
| 2.04 | |
| 731 | |
| 65,748 | |
| 2.12 | |
| 4,480 | |
East Gouldie | |
U/G |
|
| — | |
| — | |
| — | |
| 4,853 | |
| 1.56 | |
| 244 | |
| 4,853 | |
| 1.56 | |
| 244 | |
| 45,239 | |
| 2.29 | |
| 3,331 | |
Odyssey Project Total | |
|
|
| — | |
| — | |
| — | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 130,687 | |
| 2.20 | |
| 9,263 | |
Canadian Malartic Total | |
|
|
| — | |
| — | |
| — | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 17,358 | |
| 1.88 | |
| 1,050 | |
| 138,858 | |
| 2.12 | |
| 9,477 | |
Goldex | |
U/G |
|
| 12,360 | |
| 1.86 | |
| 739 | |
| 18,837 | |
| 1.50 | |
| 907 | |
| 31,197 | |
| 1.64 | |
| 1,646 | |
| 16,154 | |
| 1.68 | |
| 871 | |
Akasaba West | |
O/P |
|
| — | |
| — | |
| — | |
| 4,044 | |
| 0.70 | |
| 91 | |
| 4,044 | |
| 0.70 | |
| 91 | |
| — | |
| — | |
| — | |
Wasamac | |
U/G |
|
| — | |
| — | |
| — | |
| 27,850 | |
| 2.43 | |
| 2,173 | |
| 27,850 | |
| 2.43 | |
| 2,173 | |
| 9,232 | |
| 2.66 | |
| 789 | |
Quebec Total | |
|
|
| 12,360 | |
| 1.86 | |
| 739 | |
| 85,109 | |
| 2.06 | |
| 5,628 | |
| 97,468 | |
| 2.03 | |
| 6,367 | |
| 176,249 | |
| 2.22 | |
| 12,558 | |
Detour Lake | |
O/P |
|
| 30,861 | |
| 1.45 | |
| 1,434 | |
| 697,821 | |
| 0.74 | |
| 16,520 | |
| 728,681 | |
| 0.77 | |
| 17,955 | |
| 58,317 | |
| 0.62 | |
| 1,156 | |
Detour Lake | |
U/G |
|
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 21,811 | |
| 2.23 | |
| 1,561 | |
Detour Lake Zone 58N | |
U/G |
|
| — | |
| — | |
| — | |
| 2,868 | |
| 5.80 | |
| 534 | |
| 2,868 | |
| 5.80 | |
| 534 | |
| 973 | |
| 4.35 | |
| 136 | |
Detour Lake Total | |
|
|
| 30,861 | |
| 1.45 | |
| 1,434 | |
| 700,688 | |
| 0.76 | |
| 17,055 | |
| 731,549 | |
| 0.79 | |
| 18,489 | |
| 81,101 | |
| 1.09 | |
| 2,853 | |
Macassa | |
U/G |
|
| 258 | |
| 10.32 | |
| 86 | |
| 1,910 | |
| 8.35 | |
| 512 | |
| 2,168 | |
| 8.58 | |
| 598 | |
| 3,692 | |
| 9.21 | |
| 1,094 | |
Macassa Near Surface | |
U/G |
|
| — | |
| — | |
| — | |
| 65 | |
| 6.14 | |
| 13 | |
| 65 | |
| 6.14 | |
| 13 | |
| 133 | |
| 6.62 | |
| 28 | |
AK Project | |
U/G |
|
| — | |
| — | |
| — | |
| 163 | |
| 6.95 | |
| 37 | |
| 163 | |
| 6.95 | |
| 37 | |
| 282 | |
| 5.69 | |
| 52 | |
Macassa Total | |
|
|
| 258 | |
| 10.32 | |
| 86 | |
| 2,138 | |
| 8.17 | |
| 562 | |
| 2,396 | |
| 8.40 | |
| 647 | |
| 4,106 | |
| 8.89 | |
| 1,173 | |
Aquarius | |
O/P |
|
| — | |
| — | |
| — | |
| 23,112 | |
| 1.49 | |
| 1,106 | |
| 23,112 | |
| 1.49 | |
| 1,106 | |
| 502 | |
| 0.87 | |
| 14 | |
Holt complex | |
U/G |
|
| 5,806 | |
| 4.29 | |
| 800 | |
| 5,884 | |
| 4.75 | |
| 898 | |
| 11,690 | |
| 4.52 | |
| 1,699 | |
| 9,097 | |
| 4.48 | |
| 1,310 | |
Anoki-McBean | |
U/G |
|
| — | |
| — | |
| — | |
| 3,919 | |
| 2.77 | |
| 349 | |
| 3,919 | |
| 2.77 | |
| 349 | |
| 867 | |
| 3.84 | |
| 107 | |
Upper Beaver | |
U/G |
|
| — | |
| — | |
| — | |
| 3,636 | |
| 3.45 | |
| 403 | |
| 3,636 | |
| 3.45 | |
| 403 | |
| 8,688 | |
| 5.07 | |
| 1,416 | |
Upper Canada | |
O/P |
|
| — | |
| — | |
| — | |
| 2,006 | |
| 1.62 | |
| 104 | |
| 2,006 | |
| 1.62 | |
| 104 | |
| 1,020 | |
| 1.44 | |
| 47 | |
Upper Canada | |
U/G |
|
| — | |
| — | |
| — | |
| 8,433 | |
| 2.28 | |
| 618 | |
| 8,433 | |
| 2.28 | |
| 618 | |
| 17,588 | |
| 3.21 | |
| 1,816 | |
Upper Canada Total | |
|
|
| — | |
| — | |
| — | |
| 10,439 | |
| 2.15 | |
| 722 | |
| 10,439 | |
| 2.15 | |
| 722 | |
| 18,608 | |
| 3.11 | |
| 1,863 | |
Hammond Reef | |
O/P |
|
| 47,063 | |
| 0.54 | |
| 819 | |
| 86,304 | |
| 0.53 | |
| 1,478 | |
| 133,367 | |
| 0.54 | |
| 2,298 | |
| — | |
| — | |
| — | |
Ontario Total | |
|
|
| 83,988 | |
| 1.16 | |
| 3,140 | |
| 836,119 | |
| 0.84 | |
| 22,574 | |
| 920,107 | |
| 0.87 | |
| 25,713 | |
| 122,968 | |
| 2.21 | |
| 8,736 | |
Amaruq | |
O/P |
|
| — | |
| — | |
| — | |
| 4,758 | |
| 2.62 | |
| 401 | |
| 4,758 | |
| 2.62 | |
| 401 | |
| 236 | |
| 2.87 | |
| 22 | |
Amaruq | |
U/G |
|
| — | |
| — | |
| — | |
| 8,544 | |
| 4.37 | |
| 1,199 | |
| 8,544 | |
| 4.37 | |
| 1,199 | |
| 3,938 | |
| 4.75 | |
| 602 | |
Amaruq Total | |
|
|
| — | |
| — | |
| — | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 4,173 | |
| 4.65 | |
| 623 | |
Meadowbank complex Total | |
|
|
| — | |
| — | |
| — | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 13,302 | |
| 3.74 | |
| 1,600 | |
| 4,173 | |
| 4.65 | |
| 623 | |
Meliadine | |
O/P |
|
| 3 | |
| 3.17 | |
| — | |
| 4,613 | |
| 3.14 | |
| 466 | |
| 4,615 | |
| 3.14 | |
| 466 | |
| 1,135 | |
| 4.45 | |
| 162 | |
Meliadine | |
U/G |
|
| 422 | |
| 4.64 | |
| 63 | |
| 7,626 | |
| 4.49 | |
| 1,100 | |
| 8,047 | |
| 4.49 | |
| 1,163 | |
| 9,986 | |
| 6.42 | |
| 2,060 | |
Meliadine Total | |
|
|
| 424 | |
| 4.63 | |
| 63 | |
| 12,238 | |
| 3.98 | |
| 1,566 | |
| 12,663 | |
| 4.00 | |
| 1,629 | |
| 11,120 | |
| 6.22 | |
| 2,222 | |
OPERATION
/ PROJECT | |
MEASURED | |
INDICATED | |
MEASURED &
INDICATED | |
INFERRED | |
GOLD | |
Mining
Method* | |
000
Tonnes | |
g/t | |
000
Oz Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
000
Tonnes | |
g/t | |
000
Oz Au | |
Hope Bay | |
U/G | |
| — | |
| — | |
| — | |
| 10,734 | |
| 3.64 | |
| 1,255 | |
| 10,734 | |
| 3.64 | |
| 1,255 | |
| 12,110 | |
| 5.41 | |
| 2,108 | |
Nunavut Total | |
| |
| 424 | |
| 4.63 | |
| 63 | |
| 36,274 | |
| 3.79 | |
| 4,421 | |
| 36,699 | |
| 3.80 | |
| 4,485 | |
| 27,404 | |
| 5.62 | |
| 4,953 | |
Fosterville | |
O/P | |
| 820 | |
| 2.81 | |
| 74 | |
| 1,771 | |
| 3.87 | |
| 220 | |
| 2,591 | |
| 3.53 | |
| 294 | |
| 326 | |
| 2.72 | |
| 29 | |
Fosterville | |
U/G | |
| 262 | |
| 3.99 | |
| 34 | |
| 8,758 | |
| 4.20 | |
| 1,184 | |
| 9,019 | |
| 4.20 | |
| 1,218 | |
| 9,693 | |
| 4.60 | |
| 1,433 | |
Fosterville Total | |
| |
| 1,082 | |
| 3.10 | |
| 108 | |
| 10,528 | |
| 4.15 | |
| 1,404 | |
| 11,610 | |
| 4.05 | |
| 1,512 | |
| 10,019 | |
| 4.54 | |
| 1,461 | |
Northern Territory | |
O/P | |
| 269 | |
| 3.65 | |
| 32 | |
| 16,416 | |
| 1.42 | |
| 749 | |
| 16,685 | |
| 1.46 | |
| 781 | |
| 13,536 | |
| 1.75 | |
| 762 | |
Northern Territory | |
U/G | |
| — | |
| — | |
| — | |
| 5,115 | |
| 5.39 | |
| 887 | |
| 5,115 | |
| 5.39 | |
| 887 | |
| 4,284 | |
| 4.45 | |
| 613 | |
Northern Territory Total | |
| |
| 269 | |
| 3.65 | |
| 32 | |
| 21,531 | |
| 2.36 | |
| 1,636 | |
| 21,800 | |
| 2.38 | |
| 1,668 | |
| 17,820 | |
| 2.40 | |
| 1,376 | |
Australia Total | |
| |
| 1,351 | |
| 3.21 | |
| 139 | |
| 32,059 | |
| 2.95 | |
| 3,040 | |
| 33,410 | |
| 2.96 | |
| 3,180 | |
| 27,839 | |
| 3.17 | |
| 2,837 | |
Kittilä | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 373 | |
| 3.89 | |
| 47 | |
Kittilä | |
U/G | |
| 4,299 | |
| 2.91 | |
| 402 | |
| 13,632 | |
| 2.93 | |
| 1,285 | |
| 17,931 | |
| 2.93 | |
| 1,687 | |
| 6,192 | |
| 5.13 | |
| 1,020 | |
Kittilä Total | |
| |
| 4,299 | |
| 2.91 | |
| 402 | |
| 13,632 | |
| 2.93 | |
| 1,285 | |
| 17,931 | |
| 2.93 | |
| 1,687 | |
| 6,565 | |
| 5.06 | |
| 1,067 | |
Barsele | |
O/P | |
| — | |
| — | |
| — | |
| 3,178 | |
| 1.08 | |
| 111 | |
| 3,178 | |
| 1.08 | |
| 111 | |
| 2,260 | |
| 1.25 | |
| 91 | |
Barsele | |
U/G | |
| — | |
| — | |
| — | |
| 1,158 | |
| 1.77 | |
| 66 | |
| 1,158 | |
| 1.77 | |
| 66 | |
| 13,552 | |
| 2.10 | |
| 914 | |
Barsele Total | |
| |
| — | |
| — | |
| — | |
| 4,335 | |
| 1.27 | |
| 176 | |
| 4,335 | |
| 1.27 | |
| 176 | |
| 15,811 | |
| 1.98 | |
| 1,005 | |
Europe Total | |
| |
| 4,299 | |
| 2.91 | |
| 402 | |
| 17,967 | |
| 2.53 | |
| 1,461 | |
| 22,266 | |
| 2.60 | |
| 1,863 | |
| 22,376 | |
| 2.88 | |
| 2,072 | |
Pinos Altos | |
O/P | |
| — | |
| — | |
| — | |
| 1,266 | |
| 1.03 | |
| 42 | |
| 1,266 | |
| 1.03 | |
| 42 | |
| 445 | |
| 1.27 | |
| 18 | |
Pinos Altos | |
U/G | |
| — | |
| — | |
| — | |
| 10,394 | |
| 1.92 | |
| 643 | |
| 10,394 | |
| 1.92 | |
| 643 | |
| 1,431 | |
| 1.87 | |
| 86 | |
Pinos Altos Total | |
| |
| — | |
| — | |
| — | |
| 11,659 | |
| 1.83 | |
| 685 | |
| 11,659 | |
| 1.83 | |
| 685 | |
| 1,876 | |
| 1.73 | |
| 104 | |
La India | |
O/P | |
| 4,478 | |
| 0.52 | |
| 74 | |
| 814 | |
| 0.54 | |
| 14 | |
| 5,292 | |
| 0.52 | |
| 88 | |
| 66 | |
| 0.40 | |
| 1 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 0.08 | |
| 1 | |
| 3,037 | |
| 0.20 | |
| 19 | |
| 3,297 | |
| 0.19 | |
| 20 | |
| 2,468 | |
| 0.13 | |
| 10 | |
Tarachi | |
O/P | |
| — | |
| — | |
| — | |
| 19,290 | |
| 0.58 | |
| 361 | |
| 19,290 | |
| 0.58 | |
| 361 | |
| 242 | |
| 0.52 | |
| 4 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.92 | |
| 326 | |
| 10,983 | |
| 0.92 | |
| 326 | |
| 976 | |
| 0.66 | |
| 21 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 1.16 | |
| 331 | |
| 8,834 | |
| 1.16 | |
| 331 | |
| 9,628 | |
| 1.13 | |
| 351 | |
Santa Gertrudis | |
O/P | |
| — | |
| — | |
| — | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 9,819 | |
| 1.36 | |
| 429 | |
Santa Gertrudis | |
U/G | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 9,079 | |
| 3.44 | |
| 1,004 | |
Santa Gertrudis Total | |
| |
| — | |
| — | |
| — | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 19,267 | |
| 0.91 | |
| 563 | |
| 18,898 | |
| 2.36 | |
| 1,433 | |
Total Mexico | |
| |
| 4,739 | |
| 0.49 | |
| 75 | |
| 73,884 | |
| 0.97 | |
| 2,299 | |
| 78,623 | |
| 0.94 | |
| 2,373 | |
| 34,154 | |
| 1.75 | |
| 1,923 | |
Total Gold | |
| |
| 107,161 | |
| 1.32 | |
| 4,558 | |
| 1,081,412 | |
| 1.13 | |
| 39,423 | |
| 1,188,573 | |
| 1.15 | |
| 43,981 | |
| 410,990 | |
| 2.50 | |
| 33,080 | |
OPERATION / PROJECT | |
MEASURED | |
INDICATED | |
MEASURED & INDICATED | |
INFERRED | |
SILVER | |
Mining Method* | |
000
Tonnes | |
g/t | |
000 Oz
Ag | |
000
Tonnes | |
g/t | |
000 Oz
Ag | |
000
Tonnes | |
g/t | |
000 Oz
Ag | |
000
Tonnes | |
g/t | |
000 Oz
Ag | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 11.98 | |
| 2,474 | |
| 6,424 | |
| 11.98 | |
| 2,474 | |
| 1,569 | |
| 12.25 | |
| 618 | |
Pinos Altos | |
O/P | |
| — | |
| — | |
| — | |
| 1,266 | |
| 21.60 | |
| 879 | |
| 1,266 | |
| 21.6 | |
| 879 | |
| 445 | |
| 31.74 | |
| 454 | |
Pinos Altos | |
U/G | |
| — | |
| — | |
| — | |
| 10,394 | |
| 50.99 | |
| 17,040 | |
| 10,394 | |
| 50.99 | |
| 17,040 | |
| 1,431 | |
| 36.19 | |
| 1,665 | |
Pinos Altos Total | |
| |
| — | |
| — | |
| — | |
| 11,659 | |
| 47.80 | |
| 17,919 | |
| 11,659 | |
| 47.8 | |
| 17,919 | |
| 1,876 | |
| 35.13 | |
| 2,120 | |
La India | |
O/P | |
| 4,478 | |
| 2.72 | |
| 391 | |
| 814 | |
| 2.61 | |
| 68 | |
| 5,292 | |
| 2.7 | |
| 460 | |
| 66 | |
| 2.18 | |
| 5 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 6.40 | |
| 54 | |
| 3,037 | |
| 11.86 | |
| 1,158 | |
| 3,297 | |
| 11.43 | |
| 1,211 | |
| 2,468 | |
| 9.26 | |
| 735 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 100.72 | |
| 35,566 | |
| 10,983 | |
| 100.72 | |
| 35,566 | |
| 976 | |
| 86.77 | |
| 2,722 | |
El Barqueño Silver | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 4,393 | |
| 124.06 | |
| 17,523 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 4.73 | |
| 1,343 | |
| 8,834 | |
| 4.73 | |
| 1,343 | |
| 9,628 | |
| 16.86 | |
| 5,218 | |
Santa Gertrudis | |
O/P | |
| — | |
| — | |
| — | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 9,819 | |
| 1.85 | |
| 585 | |
Santa Gertrudis | |
U/G | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 9,079 | |
| 23.31 | |
| 6,803 | |
Santa Gertrudis Total | |
| |
| — | |
| — | |
| — | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 19,267 | |
| 3.66 | |
| 2,269 | |
| 18,898 | |
| 12.16 | |
| 7,389 | |
Total Silver | |
| |
| 4,739 | |
| 2.92 | |
| 445 | |
| 61,018 | |
| 30.99 | |
| 60,796 | |
| 65,757 | |
| 28.97 | |
| 61,240 | |
| 39,874 | |
| 28.34 | |
| 36,328 | |
COPPER | |
Mining
Method* | |
000
Tonnes | |
% | |
Tonnes
Cu | |
000
Tonnes | |
% | |
Tonnes
Cu | |
000
Tonnes | |
% | |
Tonnes
Cu | |
000
Tonnes | |
% | |
Tonnes
Cu | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 0.13 | |
| 8,613 | |
| 6,424 | |
| 0.13 | |
| 8,613 | |
| 1,569 | |
| 0.28 | |
| 4,371 | |
Akasaba West | |
O/P | |
| — | |
| — | |
| — | |
| 4,044 | |
| 0.43 | |
| 17,270 | |
| 4,044 | |
| 0.43 | |
| 17,270 | |
| — | |
| — | |
| — | |
Upper Beaver | |
U/G | |
| — | |
| — | |
| — | |
| 3,636 | |
| 0.14 | |
| 5,135 | |
| 3,636 | |
| 0.14 | |
| 5,135 | |
| 8,688 | |
| 0.20 | |
| 17,284 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 1.35 | |
| 3,526 | |
| 3,037 | |
| 1.17 | |
| 35,489 | |
| 3,297 | |
| 1.18 | |
| 39,015 | |
| 2,468 | |
| 0.94 | |
| 23,144 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.16 | |
| 17,291 | |
| 10,983 | |
| 0.16 | |
| 17,291 | |
| 976 | |
| 0.12 | |
| 1,174 | |
El Barqueño Gold | |
O/P | |
| — | |
| — | |
| — | |
| 8,834 | |
| 0.19 | |
| 16,400 | |
| 8,834 | |
| 0.19 | |
| 16,400 | |
| 9,628 | |
| 0.22 | |
| 21,152 | |
El Barqueño Silver | |
O/P | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| 4,393 | |
| 0.04 | |
| 1,854 | |
Total Copper | |
| |
| 261 | |
| 1.35 | |
| 3,526 | |
| 36,958 | |
| 0.27 | |
| 100,198 | |
| 37,218 | |
| 0.28 | |
| 103,724 | |
| 27,721 | |
| 0.25 | |
| 68,980 | |
ZINC | |
Mining
Method* | |
000
Tonnes | |
% | |
Tonnes
Zn | |
000
Tonnes | |
% | |
Tonnes
Zn | |
000
Tonnes | |
% | |
Tonnes
Zn | |
000
Tonnes | |
% | |
Tonnes
Zn | |
LaRonde | |
U/G | |
| — | |
| — | |
| — | |
| 6,424 | |
| 0.74 | |
| 47,404 | |
| 6,424 | |
| 0.74 | |
| 47,404 | |
| 1,569 | |
| 0.36 | |
| 5,600 | |
San Nicolás (50%) | |
O/P | |
| 261 | |
| 0.39 | |
| 1,012 | |
| 3,037 | |
| 0.71 | |
| 21,618 | |
| 3,297 | |
| 0.69 | |
| 22,630 | |
| 2,468 | |
| 0.62 | |
| 15,355 | |
Chipriona | |
O/P | |
| — | |
| — | |
| — | |
| 10,983 | |
| 0.83 | |
| 91,637 | |
| 10,983 | |
| 0.83 | |
| 91,637 | |
| 976 | |
| 0.73 | |
| 7,073 | |
Total Zinc | |
| |
| 261 | |
| 0.39 | |
| 1,012 | |
| 20,444 | |
| 0.79 | |
| 160,659 | |
| 20,704 | |
| 0.78 | |
| 161,671 | |
| 5,012 | |
| 0.56 | |
| 28,029 | |
*Underground (“U/G”), Open
Pit ("O/P")
Assumptions used for the December 31, 2023 mineral reserve
and mineral resource estimates reported by the Company
Metal Price for Mineral Reserve Estimation* | |
Gold (US$/oz) | | |
Silver (US$/oz) | | |
Copper (US$/lb) | | |
Zinc (US$/lb) | |
$ | 1,400 | | |
$ | 18.00 | | |
$ | 3.50 | | |
$ | 1.00 | |
* Exceptions: US$1,300 per ounce
of gold used for Detour Lake; US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,200 per ounce of gold and US$2.75 per
pound of copper used for Upper Beaver; US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10
per pound of zinc used for San Nicolás.
| |
Metal Price for Mineral Resource Estimation* | |
| |
Gold | | |
Silver | | |
Copper | | |
Zinc | |
Mines / Projects | |
(US$/oz) | | |
(US$/oz) | | |
(US$/lb) | | |
(US$/lb) | |
Operating mines and pipeline projects | |
$ | 1,650 | | |
$ | 22.50 | | |
$ | 3.75 | | |
$ | 1.25 | |
* Exceptions: US$1,500 per ounce
of gold used for Detour Lake, Northern Territory and Holt complex; US$1,300 per ounce of gold used for Detour Zone 58N; US$1,400 per ounce
of gold used for Canadian Malartic, US$1,688 per ounce of gold used for Hope Bay, Santa Gertrudis and Hammond Reef; US$1,667 per ounce
of gold used for Upper Canada, El Barqueño; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; US$1,533
per ounce of gold used for Barsele; US$500 per ounce of gold used for Aquarius, US$22.67 per ounce of silver used for El Barqueño;
US$1,687 per ounce of gold used for Anoki-McBean and Tarachi; US$25.00 per ounce of silver used for Santa Gertrudis; US$1,300 per ounce
of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.
Exchange rates* | |
C$ per US$1.00 | |
Mexican peso per US$1.00 | |
AUD per US$1.00 | |
US$ per €1.00 | |
$ | 1.30 | |
MXP | 18.00 | |
AUD | 1.36 | |
EUR | 1.10 | |
* Exceptions: exchange rate of CAD$1.25 per US$1.00 used
for Upper Beaver, Upper Canada, Holt complex and Detour Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for
Barsele; MXP17.00 per US$1.00 used for Tarachi.
The above metal price assumptions are below the
three-year historic average (from January 1, 2021 to December 31, 2023) of approximately $1,853 per ounce of gold, $23.50 per
ounce of silver, $4.03 per pound of copper and $1.38 per pound of zinc.
Mineral reserves are reported exclusive of mineral
resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate
to equal column totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries.
Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and
external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization
parameters may differ for mineral reserves and mineral resources.
The mineral reserves and mineral resources tonnages
reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic
parameters set the maximum price allowed to be no more than the lesser of the three-year moving average and current spot price, which
is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and
silver prices.
NI 43-101 requires mining companies to disclose
mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves",
"measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Mineral resources
that are not mineral reserves do not have demonstrated economic viability.
A mineral reserve is the economically mineable
part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the
material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application
of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves
presented in this news release are separate from and not a portion of the mineral resources.
Modifying factors are considerations used to convert
mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic,
marketing, legal, environmental, social and governmental factors.
A proven mineral reserve is the economically mineable
part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable
mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence
in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.
A mineral resource is a concentration or occurrence
of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics
of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
A measured mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient
to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the
deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological
and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application
of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological
evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and
grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply
but not verify geological and grade or quality continuity.
Investors are cautioned not to assume that
part or all of an inferred mineral resource exists, or is economically or legally mineable.
A feasibility study is a comprehensive technical
and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable
modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate,
at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve
as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.
The confidence level of the study will be higher than that of a pre-feasibility study.
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: 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); the Detour Lake Operation, Ontario, Canada NI 43-101 Technical
Report as at July 26, 2021 (October 15, 2021); and the Updated NI 43-101 Technical Report Fosterville Gold Mine in the State
of Victoria, Australia as at December 31, 2018 (April 1, 2019).
APPENDIX
Recent Selected Exploration Drill Results
LZ5 mine at LaRonde complex
Drill hole | |
Mine / 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)* | |
BZ-2023-007 | |
LZ5 | |
|
865.4 | | |
898.0 | | |
686 | | |
24.8 | | |
1.8 | | |
1.8 | |
BZ-2023-007A | |
LZ5 | |
|
834.0 | | |
866.0 | | |
627 | | |
26.4 | | |
3.0 | | |
3.0 | |
BZ-2022-026 | |
LZ5 | |
|
982.9 | | |
1009.1 | | |
857 | | |
16.8 | | |
2.1 | | |
2.1 | |
*Results from LZ5 mine use a capping factor of 30 g/t gold.
W Zone at Goldex
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)* | |
GD27-053 | |
387.0 | | |
475.5 | | |
476 | | |
35.0 | | |
1.2 | | |
1.2 | |
GD27-056 | |
676.5 | | |
777.0 | | |
591 | | |
45.0 | | |
1.5 | | |
1.5 | |
GD27-063 | |
516.0 | | |
618.0 | | |
607 | | |
42.0 | | |
1.1 | | |
1.1 | |
*Results from W Zone at Goldex use a capping factor
of 50 g/t gold.
East Gouldie deposit, Odyssey South deposit and Odyssey internal
zones at Odyssey mine
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)* | |
MEV23-269 | |
East Gouldie | |
|
489.8 | | |
492.8 | | |
351 | | |
3.0 | ** | |
5.1 | | |
5.1 | |
MEV23-275RR | |
East Gouldie | |
|
578.0 | | |
582.5 | | |
497 | | |
4.5 | ** | |
5.4 | | |
5.4 | |
MEV23-281 | |
East Gouldie | |
|
444.0 | | |
452.0 | | |
396 | | |
8.0 | ** | |
13.7 | | |
6.1 | |
MEV23-293 | |
Odyssey South | |
|
714.5 | | |
722.1 | | |
383 | | |
6.8 | | |
4.2 | | |
4.2 | |
MEX22-251RWZ | |
East Gouldie | |
|
1,774.3 | | |
1,835.3 | | |
1,659 | | |
50.0 | | |
2.3 | | |
2.2 | |
MEX23-285 | |
East Gouldie | |
|
973.4 | | |
978.8 | | |
853 | | |
5.4 | ** | |
4.7 | | |
4.7 | |
MEX23-289 | |
East Gouldie | |
|
666.7 | | |
679.6 | | |
420 | | |
12.8 | ** | |
5.2 | | |
5.2 | |
MEX23-300 | |
East Gouldie | |
|
1,138.0 | | |
1,146.5 | | |
1,067 | | |
6.4 | | |
4.2 | | |
4.2 | |
MEX23-304 | |
East Gouldie | |
|
1,564.5 | | |
1,581.1 | | |
1,355 | | |
15.9 | | |
5.0 | | |
5.0 | |
MEX23-304Z | |
East Gouldie | |
|
1,565.0 | | |
1,572.1 | | |
1,299 | | |
6.7 | | |
6.2 | | |
6.2 | |
MEX23-305Z | |
East Gouldie | |
|
1,824.7 | | |
1,839.0 | | |
1,467 | | |
13.5 | | |
6.7 | | |
6.7 | |
MEX23-306 | |
East Gouldie | |
|
692.5 | | |
696.3 | | |
578 | | |
3.3 | | |
6.1 | | |
6.1 | |
and | |
East Gouldie | |
|
724.0 | | |
729.0 | | |
605 | | |
4.5 | | |
7.0 | | |
6.7 | |
and | |
East Gouldie | |
|
871.3 | | |
876.3 | | |
725 | | |
4.5 | | |
12.8 | | |
11.7 | |
UGOD-016-176 | |
Odyssey internal | |
|
346.5 | | |
359.1 | | |
478 | | |
12.6 | ** | |
6.8 | | |
6.8 | |
UGOD-016-188 | |
Odyssey S, Odyssey int, EG | |
|
271.0 | | |
310.6 | | |
344 | | |
39.6 | ** | |
3.4 | | |
3.2 | |
UGOD-016-190 | |
Odyssey South | |
|
264.0 | | |
277.5 | | |
307 | | |
13.5 | ** | |
3.2 | | |
3.2 | |
and | |
East Gouldie | |
|
287.5 | | |
298.5 | | |
315 | | |
11.0 | ** | |
10.3 | | |
7.6 | |
and | |
Odyssey internal | |
|
326.8 | | |
331.6 | | |
328 | | |
4.8 | ** | |
5.9 | | |
5.9 | |
UGOD-016-198 | |
East Gouldie | |
|
325.0 | | |
330.5 | | |
330 | | |
5.4 | ** | |
3.9 | | |
3.9 | |
UGOD-016-199 | |
Odyssey internal | |
|
361.5 | | |
375.8 | | |
374 | | |
14.3 | ** | |
3.0 | | |
3.0 | |
UGOD-036-002 | |
East Gouldie | |
|
101.0 | | |
105.4 | | |
395 | | |
4.3 | ** | |
3.1 | | |
3.1 | |
and | |
Odyssey internal | |
|
143.0 | | |
149.5 | | |
410 | | |
6.5 | ** | |
14.0 | | |
4.9 | |
UGOD-036-003 | |
East Gouldie | |
|
174.5 | | |
200.0 | | |
466 | | |
25.5 | ** | |
3.7 | | |
2.9 | |
and | |
East Gouldie | |
|
309.5 | | |
328.0 | | |
544 | | |
18.5 | ** | |
2.7 | | |
2.7 | |
*Results from East Gouldie, Odyssey internal zones and Odyssey South
use a capping factor of 20 g/t gold.
**Core length
Wasamac, Francoeur and Wildcat deposits at
Wasamac project
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)* | |
FS23-129 | |
Francoeur | |
|
374.6 | | |
379.9 | | |
324 | | |
5.3 | ** | |
4.5 | | |
4.5 | |
WS23-634 | |
Wasamac | |
|
526.1 | | |
530.1 | | |
484 | | |
3.9 | | |
4.4 | | |
4.4 | |
WS23-653 | |
Wildcat | |
|
387.6 | | |
393.0 | | |
267 | | |
5.4 | ** | |
3.4 | | |
3.4 | |
WS23-661 | |
Wildcat | |
|
44.9 | | |
65.5 | | |
44 | | |
20.6 | ** | |
3.6 | | |
3.6 | |
and | |
Wildcat | |
|
157.8 | | |
162.0 | | |
123 | | |
4.1 | ** | |
5.6 | | |
5.6 | |
WS23-663 | |
Wasamac | |
|
599.0 | | |
620.1 | | |
565 | | |
18.8 | | |
2.8 | | |
2.8 | |
WS23-666 | |
Wasamac | |
|
620.5 | | |
636.0 | | |
590 | | |
13.4 | ** | |
4.9 | | |
4.9 | |
*Results from Wasamac project use a capping factor
of 30 g/t gold.
**Core length
West Pit and West Pit Extension zones at Detour
Lake
Drill hole | |
Zone | |
|
From (metres) | | |
To (metres) | | |
Depth of
midpoint
below
surface
(metres) | | |
Estimated
true width
(metres) | | |
Gold grade
(g/t)
(uncapped)* | |
DLM23-727W | |
West Pit Extension | |
|
980.0 | | |
983.0 | | |
896 | | |
2.7 | | |
5.4 | |
DLM-23-730W | |
West Pit | |
|
393.0 | | |
399.1 | | |
319 | | |
5.6 | | |
11.4 | |
DLM-23-733A | |
West Pit Extension | |
|
602.0 | | |
617.1 | | |
545 | | |
12.6 | | |
18.3 | |
DLM-23-735 | |
West Pit Extension | |
|
260.7 | | |
287.0 | | |
236 | | |
22.4 | | |
6.0 | |
and | |
West Pit Extension | |
|
305.5 | | |
314.0 | | |
265 | | |
7.3 | | |
6.4 | |
and | |
West Pit Extension | |
|
331.0 | | |
334.0 | | |
284 | | |
2.7 | | |
11.7 | |
DLM-23-745 | |
West Pit Extension | |
|
317.0 | | |
320.0 | | |
285 | | |
2.7 | | |
10.0 | |
and | |
West Pit Extension | |
|
370.0 | | |
373.0 | | |
332 | | |
2.7 | | |
32.2 | |
DLM-23-747 | |
West Pit Extension | |
|
1,157.0 | | |
1,160.0 | | |
1,030 | | |
2.7 | | |
7.8 | |
DLM-23-757 | |
West Pit | |
|
283.3 | | |
334.2 | | |
233 | | |
47.2 | | |
2.7 | |
including | |
| |
|
283.3 | | |
297.7 | | |
220 | | |
13.3 | | |
6.5 | |
DLM-23-763A | |
West Pit Extension | |
|
631.0 | | |
634.0 | | |
559 | | |
2.7 | | |
21.9 | |
and | |
West Pit Extension | |
|
824.0 | | |
835.0 | | |
723 | | |
9.4 | | |
3.7 | |
DLM-23-767 | |
West Pit Extension | |
|
464.9 | | |
474.0 | | |
420 | | |
7.4 | | |
24.8 | |
DLM-23-773 | |
West Pit Extension | |
|
1,010.2 | | |
1,013.2 | | |
845 | | |
2.7 | | |
19.3 | |
DLM-23-774A | |
West Pit Extension | |
|
1,188.5 | | |
1,192.0 | | |
999 | | |
3.3 | | |
8.7 | |
DLM-23-775 | |
West Pit Extension | |
|
343.0 | | |
361.0 | | |
307 | | |
16.6 | | |
5.4 | |
DLM-23-779 | |
West Pit Extension | |
|
959.0 | | |
962.0 | | |
855 | | |
2.7 | | |
5.9 | |
DLM-23-783 | |
West Pit Extension | |
|
912.0 | | |
915.2 | | |
795 | | |
2.8 | | |
13.2 | |
*Results from Detour Lake are uncapped.
SMC, Main Break and AK zones at Macassa complex
Drill hole | |
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)* | |
53-4782 | |
SMC East | |
|
123.8 | | |
125.8 | | |
1,664 | | |
1.9 | | |
43.0 | | |
43.0 | |
53-4813A | |
SMC East | |
|
129.4 | | |
131.4 | | |
1,698 | | |
1.9 | | |
40.4 | | |
35.6 | |
57-1394 | |
SMC Lower | |
|
199.4 | | |
201.4 | | |
1,827 | | |
1.9 | | |
78.9 | | |
70.3 | |
57-1417 | |
SMC Lower | |
|
199.0 | | |
201.0 | | |
1,783 | | |
2.0 | | |
37.0 | | |
37.0 | |
57-1442 | |
SMC Lower | |
|
162.0 | | |
164.0 | | |
1,846 | | |
1.9 | | |
101.7 | | |
67.6 | |
57-1445 | |
SMC Lower | |
|
135.0 | | |
137.0 | | |
1,879 | | |
1.5 | | |
90.9 | | |
69.6 | |
and | |
SMC Lower | |
|
162.0 | | |
164.0 | | |
1,884 | | |
1.5 | | |
110.4 | | |
110.4 | |
57-1460 | |
SMC Lower | |
|
244.9 | | |
246.9 | | |
1,964 | | |
1.7 | | |
43.6 | | |
43.6 | |
57-1465A | |
SMC Lower | |
|
222.3 | | |
224.3 | | |
1,941 | | |
2.0 | | |
40.3 | | |
40.3 | |
58-892 | |
Main Break (110) | |
|
320.6 | | |
322.7 | | |
2,122 | | |
1.3 | | |
88.1 | | |
16.7 | |
58-894 | |
Main Break (110) | |
|
268.8 | | |
271.0 | | |
2,086 | | |
1.3 | | |
44.8 | | |
25.1 | |
58-920 | |
Main Break (110) | |
|
192.7 | | |
196.8 | | |
2,000 | | |
3.2 | | |
186.3 | | |
39.6 | |
and | |
Main Break (110) | |
|
199.0 | | |
203.4 | | |
2,007 | | |
3.3 | | |
50.1 | | |
50.1 | |
KLAK-239 | |
AK | |
|
117.7 | | |
120.9 | | |
278 | | |
3.1 | | |
17.9 | | |
17.9 | |
KLAK-242 | |
AK | |
|
129.8 | | |
134.5 | | |
319 | | |
4.4 | | |
21.8 | | |
21.8 | |
KLAK-245 | |
AK | |
|
155.1 | | |
160.6 | | |
365 | | |
5.0 | | |
32.4 | | |
25.0 | |
KLAK-249 | |
AK | |
|
171.5 | | |
174.2 | | |
400 | | |
1.9 | | |
25.1 | | |
18.5 | |
KLAK-261 | |
AK | |
|
164.6 | | |
169.2 | | |
318 | | |
4.3 | | |
17.1 | | |
12.2 | |
*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.
Pump North, Tiriganiaq, Wesmeg and Wesmeg North
deposits at Meliadine
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)* | |
M23-3577A | |
Pump North | |
|
3430 | | |
408.1 | | |
411.9 | | |
361 | | |
3.6 | | |
16.1 | | |
16.1 | |
and | |
Pump North | |
|
3425 | | |
435.3 | | |
439.8 | | |
383 | | |
4.3 | | |
10.8 | | |
10.8 | |
M23-3580 | |
Pump North | |
|
3510 | | |
492.6 | | |
499.0 | | |
437 | | |
5.8 | | |
5.0 | | |
5.0 | |
and | |
Pump North | |
|
3430 | | |
516.3 | | |
521.8 | | |
455 | | |
5.1 | | |
4.7 | | |
4.7 | |
M23-3595 | |
Pump North | |
|
3520 | | |
340.5 | | |
345.1 | | |
305 | | |
3.9 | | |
12.1 | | |
10.7 | |
M23-3596 | |
Pump North | |
|
3510 | | |
241.1 | | |
246.2 | | |
210 | | |
4.9 | | |
10.8 | | |
10.8 | |
and | |
Pump North | |
|
3435 | | |
253.5 | | |
260.5 | | |
220 | | |
6.7 | | |
4.5 | | |
4.5 | |
including | |
| |
|
| | |
253.5 | | |
256.9 | | |
220 | | |
3.3 | | |
8.3 | | |
8.3 | |
M23-3615 | |
Tiriganiaq | |
|
1025 | | |
197.0 | | |
204.8 | | |
160 | | |
7.0 | | |
9.0 | | |
9.0 | |
M23-3760 | |
Tiriganiaq | |
|
1050 | | |
323.0 | | |
327.0 | | |
299 | | |
3.0 | | |
6.0 | | |
6.0 | |
ML425-9563-D3 | |
Tiriganiaq | |
|
1360 | | |
156 | | |
160.0 | | |
468 | | |
3.7 | | |
20.2 | | |
8.3 | |
ML425-9563-D21 | |
Tiriganiaq | |
|
1000 | | |
341 | | |
344.5 | | |
757 | | |
3.1 | | |
11.4 | | |
11.4 | |
ML425-9740-D29 | |
Tiriganiaq | |
|
1000 | | |
363.2 | | |
367.6 | | |
455 | | |
3.6 | | |
13.4 | | |
13.4 | |
M23-3651 | |
Wesmeg | |
|
600 | | |
420.5 | | |
430.8 | | |
372 | | |
9.3 | | |
6.5 | | |
6.5 | |
M23-3659 | |
Wesmeg | |
|
650 | | |
375.6 | | |
380.0 | | |
351 | | |
3.7 | | |
9.4 | | |
9.4 | |
ML300-10340-D2 | |
Wesmeg | |
|
625 | | |
328.0 | | |
332.0 | | |
494 | | |
3.9 | | |
13.1 | | |
11.4 | |
ML400-10200-F1 | |
Wesmeg | |
|
650 | | |
308.4 | | |
312.4 | | |
396 | | |
3.7 | | |
15.4 | | |
15.4 | |
and | |
Wesmeg | |
|
625 | | |
339.6 | | |
343.1 | | |
402 | | |
3.3 | | |
12.6 | | |
12.6 | |
M23-3655 | |
Wesmeg North | |
|
953 | | |
75.8 | | |
80.2 | | |
63 | | |
3.8 | | |
12.2 | | |
5.2 | |
ML250-9325-U3 | |
Wesmeg North | |
|
947 | | |
54.8 | | |
59.3 | | |
206 | | |
2.9 | | |
261.3 | | |
23.3 | |
ML300-10340-D1 | |
Wesmeg North | |
|
972 | | |
262.8 | | |
272.0 | | |
519 | | |
7.9 | | |
9.9 | | |
7.5 | |
ML300-10340-D4 | |
Wesmeg North | |
|
972 | | |
222.1 | | |
235.1 | | |
467 | | |
11.7 | | |
6.1 | | |
6.1 | |
including | |
| |
|
| | |
223.6 | | |
228.5 | | |
465 | | |
4.4 | | |
11.2 | | |
11.2 | |
ML300-10340-D6 | |
Wesmeg North | |
|
973 | | |
32.9 | | |
38.7 | | |
303 | | |
5.3 | | |
462.3 | | |
11.1 | |
ML500-8994-D5 | |
Wesmeg North | |
|
912 | | |
82.6 | | |
88.5 | | |
545 | | |
5.2 | | |
8.1 | | |
8.1 | |
and | |
Wesmeg North | |
|
930 | | |
91.0 | | |
98.4 | | |
553 | | |
6.5 | | |
6.5 | | |
6.5 | |
including | |
| |
|
| | |
91.0 | | |
96.6 | | |
553 | | |
4.9 | | |
7.9 | | |
7.9 | |
*Results from Meliadine use a capping factor
ranging from 20 g/t to 90 g/t gold depending on the zone.
Whale Tail and IVR deposits at Amaruq
Drill hole | |
Deposit | |
|
From
(metres) | | |
To
(metres) | | |
Depth of
midpoint
below
surface
(metres) | | |
Estimated
true width
(metres) | | |
Gold grade
(g/t)
(uncapped) | | |
Gold grade
(g/t)
(capped)* | |
AMQ22-2902 | |
Whale Tail | |
|
123.7 | | |
127.7 | | |
95 | | |
3.9 | | |
49.5 | | |
23.1 | |
AMQ22-2911 | |
Whale Tail | |
|
99.0 | | |
112.0 | | |
90 | | |
11.2 | | |
5.1 | | |
5.1 | |
AMQ23-2946A | |
Whale Tail | |
|
585.5 | | |
596.7 | | |
552 | | |
7.1 | | |
8.4 | | |
8.4 | |
AMQ23-2949 | |
Whale Tail | |
|
567.0 | | |
575.3 | | |
491 | | |
5.5 | | |
25.3 | | |
17.5 | |
AMQ23-2960A | |
Whale Tail | |
|
600.5 | | |
606.3 | | |
562 | | |
2.6 | | |
5.3 | | |
5.3 | |
AMQ23-2960A | |
Whale Tail | |
|
705.5 | | |
715.0 | | |
662 | | |
6.1 | | |
6.9 | | |
6.9 | |
AMQ23-2978 | |
Whale Tail | |
|
76.5 | | |
88.0 | | |
61 | | |
10.8 | | |
7.1 | | |
7.1 | |
AMQ23-3023 | |
Whale Tail | |
|
91.2 | | |
103.5 | | |
77 | | |
8.7 | | |
6.8 | | |
6.8 | |
AMQ23-3034 | |
Whale Tail | |
|
641.1 | | |
650.0 | | |
503 | | |
6.8 | | |
3.8 | | |
3.8 | |
AMQ23-3043B | |
Whale Tail | |
|
700.7 | | |
707.9 | | |
595 | | |
6.7 | | |
4.9 | | |
4.9 | |
AMQ23-3046 | |
Whale Tail | |
|
638.2 | | |
642.0 | | |
554 | | |
2.4 | | |
7.4 | | |
7.4 | |
AMQ-350-006 | |
Whale Tail | |
|
160.4 | | |
175.5 | | |
485 | | |
9.0 | | |
6.8 | | |
5.5 | |
including | |
Whale Tail | |
|
167.4 | | |
175.5 | | |
491 | | |
4.8 | | |
11.7 | | |
9.4 | |
AMQ23-3062 | |
IVR | |
|
993.2 | | |
1012.4 | | |
901 | | |
17.4 | | |
5.1 | | |
5.1 | |
including | |
IVR | |
|
1001.1 | | |
1004.6 | | |
901 | | |
3.2 | | |
10.0 | | |
10.0 | |
AMQ23-3064A | |
IVR | |
|
1054.8 | | |
1061.6 | | |
967 | | |
5.2 | | |
6.3 | | |
6.3 | |
including | |
IVR | |
|
1054.8 | | |
1058.2 | | |
966 | | |
2.6 | | |
11.0 | | |
11.0 | |
and | |
IVR | |
|
1067.0 | | |
1076.1 | | |
979 | | |
6.4 | | |
17.2 | | |
11.3 | |
and | |
IVR | |
|
1098.7 | | |
1125.7 | | |
1013 | | |
9.2 | | |
7.5 | | |
4.4 | |
*Results from Amaruq mine use capping factors
ranging from 10 g/t to 100 g/t gold depending on the zone.
Madrid deposits at Hope Bay
Drill hole | |
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)* | |
HBM23-074 | |
Madrid North / Naartok | |
|
1,012.0 | | |
1,015.0 | | |
706 | | |
3.0 | | |
12.1 | | |
12.1 | |
HBM23-075 | |
undefined | |
|
377.0 | | |
377.9 | | |
242 | | |
0.5 | | |
54.2 | | |
50.0 | |
HBM23-080 | |
Patch 7 | |
|
538.0 | | |
545.9 | | |
423 | | |
6.9 | | |
5.4 | | |
5.4 | |
including | |
| |
|
538.9 | | |
539.9 | | |
423 | | |
0.9 | | |
13.8 | | |
13.8 | |
HBM23-085 | |
Patch 7 | |
|
413.6 | | |
431.0 | | |
326 | | |
15.8 | | |
4.6 | | |
4.6 | |
including | |
| |
|
421.0 | | |
424.0 | | |
326 | | |
2.0 | | |
8.6 | | |
8.6 | |
HBM23-092 | |
Patch 7 | |
|
213.7 | | |
225.6 | | |
120 | | |
9.1 | | |
5.1 | | |
5.1 | |
HBM23-097A | |
Patch 7 | |
|
438.0 | | |
451.8 | | |
294 | | |
12.0 | | |
4.8 | | |
4.8 | |
HBM23-108 | |
Patch 7 | |
|
525.7 | | |
529.9 | | |
387 | | |
3.0 | | |
30.9 | | |
22.5 | |
and | |
Patch 7 | |
|
690.4 | | |
699.1 | | |
515 | | |
7.5 | | |
7.1 | | |
7.1 | |
including | |
| |
|
694.0 | | |
696.0 | | |
515 | | |
1.7 | | |
16.5 | | |
16.5 | |
HBM23-109** | |
Patch 7 | |
|
734.0 | | |
740.5 | | |
609 | | |
4.6 | | |
15.9 | | |
15.9 | |
HBM23-119 | |
Patch 7 | |
|
888.2 | | |
891.5 | | |
568 | | |
1.4 | | |
35.4 | | |
33.7 | |
HBM23-120 | |
Patch 7 | |
|
797.8 | | |
802.9 | | |
618 | | |
4.4 | | |
7.6 | | |
7.6 | |
HBM23-132 | |
Patch 7 | |
|
675.0 | | |
682.3 | | |
460 | | |
4.4 | | |
5.0 | | |
5.0 | |
including | |
| |
|
677.3 | | |
682.3 | | |
460 | | |
3.0 | | |
5.8 | | |
5.8 | |
and | |
Patch 7 | |
|
774.0 | | |
778.0 | | |
530 | | |
2.3 | | |
5.9 | | |
5.9 | |
HBM23-134 | |
Patch 7 | |
|
1,029.0 | | |
1,038.0 | | |
632 | | |
6.4 | | |
5.4 | | |
5.4 | |
including | |
| |
|
1,033.2 | | |
1,037.5 | | |
632 | | |
3.0 | | |
8.8 | | |
8.8 | |
HBM23-140 | |
Suluk | |
|
874.4 | | |
880.0 | | |
677 | | |
4.6 | | |
26.3 | | |
12.7 | |
including | |
| |
|
875.3 | | |
876.3 | | |
677 | | |
0.8 | | |
126.0 | | |
50.0 | |
HBM23-143 | |
Patch 7 | |
|
560.4 | | |
594.0 | | |
385 | | |
28.6 | | |
17.6 | | |
16.3 | |
including | |
| |
|
560.4 | | |
587.2 | | |
385 | | |
22.8 | | |
20.8 | | |
19.1 | |
*Results from Madrid-area deposits at Hope Bay use a capping factor
of 50 g/t gold.
**Previously released.
Fosterville
Drill hole | |
Zone | |
From
(metres) | | |
To (metres) | | |
Depth of
midpoint below
surface
(metres) | | |
Estimated true width
(metres) | | |
Gold grade
(g/t)
(uncapped)* | |
RHD520 | |
Hoffman | |
| 737.5 | | |
| 744.4 | | |
| 555 | | |
| 6.5 | | |
| 5.5 | |
UDH4490 | |
Hoffman | |
| 149.1 | | |
| 158.9 | | |
| 639 | | |
| 9.7 | | |
| 5.2 | |
UDR047 | |
Hoffman | |
| 416.6 | | |
| 428.0 | | |
| 574 | | |
| 6.0 | | |
| 5.0 | |
UDH4580A | |
Wu | |
| 228.5 | | |
| 230.5 | | |
| 636 | | |
| 2.0 | | |
| 301.4 | |
UDH4631 | |
Curie | |
| 292.6 | | |
| 297.6 | | |
| 837 | | |
| 4.9 | | |
| 11.3 | |
UDH4683 | |
Pen | |
| 374.5 | | |
| 376.9 | | |
| 1,592 | | |
| 2.4 | | |
| 10.7 | |
UDH4723 | |
Cardinal | |
| 295.5 | | |
| 296.5 | | |
| 1,698 | | |
| 1.0 | | |
| 290.3 | |
UDH4724F | |
Cardinal | |
| 314.8 | | |
| 320.4 | | |
| 1,734 | | |
| 4.6 | | |
| 32.6 | |
UDH4727A | |
Swan | |
| 433.6 | | |
| 436.2 | | |
| 1,862 | | |
| 2.4 | | |
| 8.1 | |
UDH4729B | |
Cardinal | |
| 347.3 | | |
| 351.8 | | |
| 1,773 | | |
| 3.7 | | |
| 69.1 | |
including | |
Cardinal | |
| 347.3 | | |
| 349.8 | | |
| 1,772 | | |
| 2.1 | | |
| 120.0 | |
UDH4761 | |
Cardinal | |
| 386.8 | | |
| 398.9 | | |
| 1,828 | | |
| 10.0 | | |
| 10.8 | |
UDH4766A | |
Curie | |
| 413.7 | | |
| 424.1 | | |
| 545 | | |
| 9.2 | | |
| 6.4 | |
UDH4767A | |
Curie | |
| 397.3 | | |
| 415.5 | | |
| 524 | | |
| 11.7 | | |
| 6.2 | |
UDH4767B | |
Curie | |
| 451.5 | | |
| 458.0 | | |
| 517 | | |
| 5.4 | | |
| 9.1 | |
UDH4779 | |
Wu | |
| 216.3 | | |
| 223.7 | | |
| 868 | | |
| 6.9 | | |
| 8.3 | |
UDH4781D | |
Pen | |
| 410.9 | | |
| 417.0 | | |
| 1,698 | | |
| 6.1 | | |
| 6.2 | |
UDH4782A | |
Pen | |
| 390.7 | | |
| 392.7 | | |
| 1,631 | | |
| 2.0 | | |
| 21.7 | |
UDH4807 | |
Curie | |
| 371.2 | | |
| 384.1 | | |
| 566 | | |
| 10.6 | | |
| 6.7 | |
UDH4834 | |
Curie | |
| 89.1 | | |
| 95.6 | | |
| 566 | | |
| 5.6 | | |
| 149.6 | |
UDH4859 | |
Peregrine | |
| 229.0 | | |
| 239.1 | | |
| 1,166 | | |
| 8.3 | | |
| 17.3 | |
*Results from the Fosterville mine are uncapped.
Recent selected exploration drill results from Main, Sisar and East
zones at Kittila
Drill hole | |
Zone / Area | |
From (metres) | | |
To (metres) | | |
Depth of
midpoint below
surface
(metres) | | |
Estimated true width (metres) | | |
Gold grade (g/t)
(uncapped)* | |
RIE23-618 | |
Main Rimpi | |
| 180.2 | | |
| 195.3 | | |
| 1,089 | | |
| 7.1 | | |
| 3.1 | |
RIE23-619 | |
Main Rimpi | |
| 127.9 | | |
| 135.6 | | |
| 1,110 | | |
| 5.8 | | |
| 4.4 | |
RIE23-630 | |
Main Rimpi | |
| 430.4 | | |
| 436.0 | | |
| 1,059 | | |
| 4.7 | | |
| 5.1 | |
ROD23-700D | |
Main Roura | |
| 163.6 | | |
| 179.0 | | |
| 1,154 | | |
| 4.2 | | |
| 7.8 | |
and | |
Main Roura | |
| 189.0 | | |
| 216.0 | | |
| 1,181 | | |
| 3.3 | | |
| 3.4 | |
RUG23-515 | |
Sisar Central | |
| 236.0 | | |
| 262.0 | | |
| 1,133 | | |
| 19.8 | | |
| 7.0 | |
including | |
| |
| 236.0 | | |
| 246.4 | | |
| 1,130 | | |
| 7.8 | | |
| 12.8 | |
including | |
| |
| 236.0 | | |
| 241.5 | | |
| 1,129 | | |
| 4.1 | | |
| 18.8 | |
RUG23-527 | |
Sisar Top | |
| 134.0 | | |
| 138.5 | | |
| 970 | | |
| 3.8 | | |
| 6.3 | |
SUU23-001 | |
Suuri East | |
| 168.9 | | |
| 171.7 | | |
| 158 | | |
| 2.7 | | |
| 4.3 | |
SUU23-004** | |
Suuri East | |
| 221.1 | | |
| 231.6 | | |
| 208 | | |
| 9.9 | | |
| 11.8 | |
including | |
| |
| 221.1 | | |
| 226.2 | | |
| 206 | | |
| 4.8 | | |
| 18.2 | |
SUU23-008 | |
Suuri East | |
| 277.5 | | |
| 285.4 | | |
| 204 | | |
| 7.8 | | |
| 11.5 | |
including | |
| |
| 281.0 | | |
| 284.7 | | |
| 205 | | |
| 3.7 | | |
| 20.5 | |
SUU23-606 | |
Main Suuri | |
| 90.0 | | |
| 98.8 | | |
| 506 | | |
| 5.9 | | |
| 10.0 | |
SUU23-700C | |
Main Suuri | |
| 529.0 | | |
| 539.0 | | |
| 935 | | |
| 3.8 | | |
| 3.4 | |
* Results from the Kittila mine are uncapped.
** Previously released in news release dated October 25, 2023.
Pinos Altos Deep project at Pinos Altos
Drill hole | |
From
(m) | | |
To (m) | | |
Depth of
midpoint
below
surface (m) | | |
Estimated
true width
(m) | | |
Gold grade
(g/t)
(uncapped) | | |
Gold grade
(g/t)
(capped)* | | |
Silver grade
(g/t)
(uncapped) | | |
Silver grade
(g/t)
(capped)* | |
US23-299 | |
86.4 | | |
94.0 | | |
254 | | |
6.9 | | |
4.9 | | |
4.9 | | |
228 | | |
193 | |
*Results from the Pinos Altos Deep project at
Pinos Altos mine use a capping factor of 10 g/t gold and 200 g/t silver.
EXPLORATION DRILL COLLAR COORDINATES
Drill hole | |
UTM East* | | |
UTM North* | | |
Elevation
(metres above
sea level) | | |
Azimuth
(degrees) | | |
Dip (degrees) | | |
Length (metres) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
LaRonde |
BZ-2023-007 | |
| 686850 | | |
| 5346926 | | |
| 310 | | |
| 27 | | |
| -59 | | |
| 969 | |
BZ-2023-007A | |
| 686850 | | |
| 5346926 | | |
| 310 | | |
| 27 | | |
| -59 | | |
| 984 | |
BZ-2022-026 | |
| 686853 | | |
| 5346929 | | |
| 310 | | |
| 14 | | |
| -68 | | |
| 1,119 | |
Goldex |
GD27-053 | |
| 5330643 | | |
| 286120 | | |
| 74 | | |
| 315 | | |
| -33 | | |
| 770 | |
GD27-056 | |
| 5330643 | | |
| 286120 | | |
| 74 | | |
| 307 | | |
| -30 | | |
| 879 | |
GD27-063 | |
| 5330550 | | |
| 286169 | | |
| 78 | | |
| 314 | | |
| -42 | | |
| 855 | |
Odyssey mine |
MEV23-269 | |
| 718113 | | |
| 5334737 | | |
| 308 | | |
| 212 | | |
| -46 | | |
| 617 | |
MEV23-275RR | |
| 718114 | | |
| 5334738 | | |
| 308 | | |
| 202 | | |
| -60 | | |
| 720 | |
MEV23-281 | |
| 718114 | | |
| 5334738 | | |
| 308 | | |
| 218 | | |
| -62 | | |
| 745 | |
MEV23-293 | |
| 717593 | | |
| 5333787 | | |
| 346 | | |
| 356 | | |
| -46 | | |
| 826 | |
MEX22-251RWZ | |
| 717440 | | |
| 5334731 | | |
| 309 | | |
| 180 | | |
| -73 | | |
| 1,951 | |
MEX23-285 | |
| 719131 | | |
| 5333940 | | |
| 334 | | |
| 193 | | |
| -73 | | |
| 1,500 | |
MEX23-289 | |
| 718764 | | |
| 5333640 | | |
| 325 | | |
| 150 | | |
| -48 | | |
| 810 | |
MEX23-300 | |
| 717932 | | |
| 5333791 | | |
| 349 | | |
| 154 | | |
| -80 | | |
| 1,476 | |
MEX23-304 | |
| 716873 | | |
| 5334696 | | |
| 316 | | |
| 176 | | |
| -72 | | |
| 1,650 | |
MEX23-304Z | |
| 716873 | | |
| 5334696 | | |
| 316 | | |
| 176 | | |
| -72 | | |
| 2,235 | |
MEX23-305Z | |
| 718665 | | |
| 5334762 | | |
| 307 | | |
| 171 | | |
| -58 | | |
| 2,238 | |
MEX23-306 | |
| 717930 | | |
| 5333792 | | |
| 351 | | |
| 162 | | |
| -69 | | |
| 1,203 | |
UGOD-016-176 | |
| 718093 | | |
| 5334095 | | |
| 109 | | |
| 29 | | |
| -52 | | |
| 360 | |
UGOD-016-188 | |
| 718093 | | |
| 5334095 | | |
| 108 | | |
| 6 | | |
| -32 | | |
| 345 | |
UGOD-016-190 | |
| 718092 | | |
| 5334095 | | |
| 109 | | |
| 355 | | |
| -27 | | |
| 349 | |
UGOD-016-198 | |
| 718093 | | |
| 5334095 | | |
| 108 | | |
| 343 | | |
| -27 | | |
| 351 | |
UGOD-016-199 | |
| 718093 | | |
| 5334095 | | |
| 108 | | |
| 344 | | |
| -32 | | |
| 390 | |
UGOD-036-002 | |
| 718297 | | |
| 5334457 | | |
| -49 | | |
| 233 | | |
| -19 | | |
| 324 | |
UGOD-036-003 | |
| 718297 | | |
| 5334457 | | |
| -49 | | |
| 233 | | |
| -33 | | |
| 354 | |
Wasamac |
FS23-129 | |
| 630342 | | |
| 5340682 | | |
| 302 | | |
| 208 | | |
| -63 | | |
| 474 | |
WS23-634 | |
| 635341 | | |
| 5342130 | | |
| 300 | | |
| 189 | | |
| -68 | | |
| 639 | |
WS23-653 | |
| 634200 | | |
| 5340676 | | |
| 302 | | |
| 325 | | |
| -48 | | |
| 513 | |
WS23-661 | |
| 633974 | | |
| 5340851 | | |
| 305 | | |
| 120 | | |
| -50 | | |
| 276 | |
WS23-663 | |
| 634930 | | |
| 5342212 | | |
| 296 | | |
| 168 | | |
| -69 | | |
| 705 | |
WS23-666 | |
| 634929 | | |
| 5342203 | | |
| 295 | | |
| 179 | | |
| -71 | | |
| 696 | |
Detour Lake |
DLM23-727W | |
| 585755 | | |
| 5542265 | | |
| 291 | | |
| 186 | | |
| -70 | | |
| 1,099 | |
DLM-23-730W | |
| 588487 | | |
| 5541631 | | |
| 287 | | |
| 179 | | |
| -56 | | |
| 921 | |
DLM-23-733A | |
| 586562 | | |
| 5541903 | | |
| 292 | | |
| 181 | | |
| -68 | | |
| 1,002 | |
DLM-23-735 | |
| 587048 | | |
| 5541650 | | |
| 292 | | |
| 177 | | |
| -62 | | |
| 402 | |
DLM-23-745 | |
| 586807 | | |
| 5541699 | | |
| 292 | | |
| 176 | | |
| -65 | | |
| 750 | |
DLM-23-747 | |
| 584911 | | |
| 5542490 | | |
| 294 | | |
| 186 | | |
| -65 | | |
| 1,281 | |
DLM-23-757 | |
| 588406 | | |
| 5541686 | | |
| 288 | | |
| 180 | | |
| -51 | | |
| 852 | |
DLM-23-763A | |
| 586001 | | |
| 5542167 | | |
| 294 | | |
| 187 | | |
| -66 | | |
| 1,017 | |
DLM-23-767 | |
| 586565 | | |
| 5541811 | | |
| 288 | | |
| 179 | | |
| -67 | | |
| 804 | |
DLM-23-773 | |
| 585251 | | |
| 5542447 | | |
| 292 | | |
| 191 | | |
| -57 | | |
| 1,260 | |
DLM-23-774A | |
| 586798 | | |
| 5542340 | | |
| 297 | | |
| 187 | | |
| -68 | | |
| 1,401 | |
DLM-23-775 | |
| 586966 | | |
| 5541687 | | |
| 294 | | |
| 177 | | |
| -64 | | |
| 923 | |
DLM-23-779 | |
| 585513 | | |
| 5542400 | | |
| 292 | | |
| 189 | | |
| -64 | | |
| 1,148 | |
DLM-23-783 | |
| 584993 | | |
| 5542320 | | |
| 292 | | |
| 186 | | |
| -62 | | |
| 1,144 | |
Macassa |
53-4782 | |
| 570496 | | |
| 5332202 | | |
| -1,257 | | |
| 310 | | |
| -33 | | |
| 457 | |
53-4813A | |
| 570532 | | |
| 5332235 | | |
| -1,257 | | |
| 303 | | |
| -51 | | |
| 381 | |
57-1394 | |
| 568634 | | |
| 5331208 | | |
| -1,405 | | |
| 332 | | |
| -27 | | |
| 229 | |
57-1417 | |
| 568634 | | |
| 5331208 | | |
| -1,405 | | |
| 330 | | |
| -15 | | |
| 302 | |
57-1442 | |
| 568508 | | |
| 5331128 | | |
| -1,404 | | |
| 341 | | |
| -45 | | |
| 290 | |
57-1445 | |
| 568592 | | |
| 5331180 | | |
| -1,406 | | |
| 315 | | |
| -75 | | |
| 280 | |
57-1460 | |
| 568508 | | |
| 5331127 | | |
| -1,404 | | |
| 351 | | |
| -73 | | |
| 290 | |
57-1465A | |
| 568507 | | |
| 5331128 | | |
| -1,404 | | |
| 329 | | |
| -56 | | |
| 290 | |
58-892 | |
| 569895 | | |
| 5332098 | | |
| -1,517 | | |
| 341 | | |
| -53 | | |
| 366 | |
58-894 | |
| 569895 | | |
| 5332098 | | |
| -1,517 | | |
| 354 | | |
| -57 | | |
| 411 | |
58-920 | |
| 569830 | | |
| 5332122 | | |
| -1,510 | | |
| 4 | | |
| -51 | | |
| 290 | |
KLAK-239 | |
| 570185 | | |
| 5331352 | | |
| 49 | | |
| 157 | | |
| 6 | | |
| 165 | |
KLAK-242 | |
| 570185 | | |
| 5331352 | | |
| 48 | | |
| 166 | | |
| -12 | | |
| 165 | |
KLAK-245 | |
| 570185 | | |
| 5331352 | | |
| 48 | | |
| 171 | | |
| -27 | | |
| 174 | |
KLAK-249 | |
| 570184 | | |
| 5331352 | | |
| 47 | | |
| 172 | | |
| -40 | | |
| 244 | |
KLAK-261 | |
| 570236 | | |
| 5331387 | | |
| 41 | | |
| 166 | | |
| -13 | | |
| 198 | |
Meliadine |
M23-3577A | |
| 540061 | | |
| 6987388 | | |
| 10062 | | |
| 205 | | |
| -68 | | |
| 683 | |
M23-3580 | |
| 539974 | | |
| 6987573 | | |
| 10062 | | |
| 217 | | |
| -68 | | |
| 802 | |
M23-3595 | |
| 539927 | | |
| 6987395 | | |
| 10062 | | |
| 202 | | |
| -65 | | |
| 426 | |
M23-3596 | |
| 540033 | | |
| 6987232 | | |
| 10062 | | |
| 202 | | |
| -65 | | |
| 327 | |
M23-3615 | |
| 540945 | | |
| 6988519 | | |
| 66 | | |
| 182 | | |
| -61 | | |
| 222 | |
M23-3760 | |
| 541085 | | |
| 6988595 | | |
| 10061 | | |
| 152 | | |
| -76 | | |
| 430 | |
ML425-9563-D3 | |
| 539563 | | |
| 6988914 | | |
| -406 | | |
| 202 | | |
| -25 | | |
| 340 | |
ML425-9563-D21 | |
| 539563 | | |
| 6988914 | | |
| -406 | | |
| 221 | | |
| -64 | | |
| 402 | |
ML425-9740-D29 | |
| 539732 | | |
| 6988907 | | |
| -393 | | |
| 130 | | |
| -48 | | |
| 425 | |
M23-3651 | |
| 540416 | | |
| 6988218 | | |
| 66 | | |
| 150 | | |
| -68 | | |
| 501 | |
M23-3659 | |
| 540325 | | |
| 6988260 | | |
| 68 | | |
| 189 | | |
| -78 | | |
| 501 | |
ML300-10340-D2 | |
| 540339 | | |
| 6988412 | | |
| -213 | | |
| 159 | | |
| -44 | | |
| 416 | |
ML400-10200-F1 | |
| 540213 | | |
| 6988459 | | |
| -317 | | |
| 155 | | |
| 5 | | |
| 411 | |
M23-3655 | |
| 540415 | | |
| 6988218 | | |
| 60 | | |
| 166 | | |
| -61 | | |
| 450 | |
ML250-9325-U3 | |
| 539326 | | |
| 6988357 | | |
| -163 | | |
| 157 | | |
| 21 | | |
| 120 | |
ML300-10340-D1 | |
| 540339 | | |
| 6988412 | | |
| 9787 | | |
| 169 | | |
| -71 | | |
| 470 | |
ML300-10340-D4 | |
| 540339 | | |
| 6988412 | | |
| -213 | | |
| 157 | | |
| -59 | | |
| 429 | |
ML300-10340-D6 | |
| 540339 | | |
| 6988412 | | |
| 9787 | | |
| 147 | | |
| -53 | | |
| 450 | |
ML500-8994-D5 | |
| 538994 | | |
| 6988497 | | |
| -413 | | |
| 144 | | |
| -56 | | |
| 126 | |
Meadowbank |
AMQ22-2902 | |
| 606183 | | |
| 7255178 | | |
| 157 | | |
| 184 | | |
| -51 | | |
| 168 | |
AMQ22-2911 | |
| 606025 | | |
| 7255091 | | |
| 158 | | |
| 144 | | |
| -60 | | |
| 158 | |
AMQ23-2946A | |
| 607423 | | |
| 7255666 | | |
| 163 | | |
| 336 | | |
| -70 | | |
| 765 | |
AMQ23-2949 | |
| 607321 | | |
| 7255574 | | |
| 161 | | |
| 315 | | |
| -62 | | |
| 639 | |
AMQ23-2960A | |
| 607424 | | |
| 7255666 | | |
| 163 | | |
| 353 | | |
| -72 | | |
| 762 | |
AMQ23-2978 | |
| 605670 | | |
| 7255055 | | |
| 152 | | |
| 158 | | |
| -50 | | |
| 183 | |
AMQ23-3023 | |
| 606012 | | |
| 7255076 | | |
| 158 | | |
| 190 | | |
| -56 | | |
| 120 | |
AMQ23-3034 | |
| 606379 | | |
| 7255680 | | |
| 164 | | |
| 150 | | |
| -52 | | |
| 672 | |
AMQ23-3043B | |
| 606266 | | |
| 7255618 | | |
| 171 | | |
| 151 | | |
| -61 | | |
| 728 | |
AMQ23-3046 | |
| 606377 | | |
| 7255678 | | |
| 164 | | |
| 136 | | |
| -63 | | |
| 819 | |
AMQ-350-006 | |
| 606993 | | |
| 7255569 | | |
| -179 | | |
| 329 | | |
| -67 | | |
| 263 | |
AMQ23-3062 | |
| 607964 | | |
| 7255950 | | |
| 164 | | |
| 319 | | |
| -72 | | |
| 1,069 | |
AMQ23-3064A | |
| 607963 | | |
| 7255947 | | |
| 165 | | |
| 289 | | |
| -74 | | |
| 1,164 | |
Hope Bay |
HBM23-074 | |
| 434030 | | |
| 7551358 | | |
| 26 | | |
| 254 | | |
| -55 | | |
| 1,119 | |
HBM23-075 | |
| 434251 | | |
| 7548686 | | |
| 50 | | |
| 71 | | |
| -60 | | |
| 1,206 | |
HBM23-080 | |
| 435172 | | |
| 7547914 | | |
| 26 | | |
| 83 | | |
| -67 | | |
| 668 | |
HBM23-085 | |
| 435194 | | |
| 7548007 | | |
| 26 | | |
| 86 | | |
| -73 | | |
| 617 | |
HBM23-092 | |
| 435255 | | |
| 7547861 | | |
| 27 | | |
| 75 | | |
| -55 | | |
| 480 | |
HBM23-097A | |
| 435210 | | |
| 7547932 | | |
| 26 | | |
| 76 | | |
| -59 | | |
| 564 | |
HBM23-108 | |
| 435013 | | |
| 7547841 | | |
| 37 | | |
| 82 | | |
| -67 | | |
| 846 | |
HBM23-109 | |
| 434896 | | |
| 7547948 | | |
| 33 | | |
| 65 | | |
| -72 | | |
| 987 | |
HBM23-119 | |
| 434253 | | |
| 7548620 | | |
| 48 | | |
| 73 | | |
| -54 | | |
| 1,356 | |
HBM23-120 | |
| 434747 | | |
| 7548286 | | |
| 32 | | |
| 63 | | |
| -65 | | |
| 999 | |
HBM23-132 | |
| 435939 | | |
| 7547823 | | |
| 34 | | |
| 246 | | |
| -53 | | |
| 949 | |
HBM23-134 | |
| 434251 | | |
| 7548686 | | |
| 50 | | |
| 70 | | |
| -50.2 | | |
| 1,168 | |
HBM23-140 | |
| 434321 | | |
| 7549059 | | |
| 55 | | |
| 65 | | |
| -62.1 | | |
| 1,185 | |
HBM23-143 | |
| 434835 | | |
| 7548158 | | |
| 33 | | |
| 79 | | |
| -54.5 | | |
| 855 | |
Fosterville |
RHD520 | |
| 2,995 | | |
| 11,363 | | |
| 5,155 | | |
| 58 | | |
| -60 | | |
| 782 | |
UDH4490 | |
| 2,903 | | |
| 12,379 | | |
| 4,521 | | |
| 65 | | |
| -42 | | |
| 185 | |
UDR047 | |
| 3,025 | | |
| 11,316 | | |
| 4,670 | | |
| 62 | | |
| -18 | | |
| 498 | |
UDH4580A | |
| 2,907 | | |
| 12,318 | | |
| 4,524 | | |
| 98 | | |
| -69 | | |
| 375 | |
UDH4631 | |
| 2,978 | | |
| 12,054 | | |
| 4,556 | | |
| 55 | | |
| -55 | | |
| 334 | |
UDH4683 | |
| 1,489 | | |
| 5,753 | | |
| 3,818 | | |
| 44 | | |
| -48 | | |
| 386 | |
UDH4723 | |
| 1,547 | | |
| 5,133 | | |
| 3,719 | | |
| 59 | | |
| -64 | | |
| 368 | |
UDH4724F | |
| 1,547 | | |
| 5,132 | | |
| 3,719 | | |
| 74 | | |
| -70 | | |
| 389 | |
UDH4727A | |
| 1,547 | | |
| 5,133 | | |
| 3,719 | | |
| 66 | | |
| -77 | | |
| 462 | |
UDH4729B | |
| 1,547 | | |
| 5,131 | | |
| 3,719 | | |
| 104 | | |
| -73 | | |
| 419 | |
UDH4761 | |
| 1,544 | | |
| 5,071 | | |
| 3,710 | | |
| 102 | | |
| -75 | | |
| 465 | |
UDH4766A | |
| 2,999 | | |
| 11,761 | | |
| 4,603 | | |
| 54 | | |
| 1 | | |
| 470 | |
UDH4767A | |
| 2,999 | | |
| 11,761 | | |
| 4,603 | | |
| 47 | | |
| 1 | | |
| 461 | |
UDH4767B | |
| 2,999 | | |
| 11,761 | | |
| 4,603 | | |
| 47 | | |
| 1 | | |
| 464 | |
UDH4779 | |
| 2,937 | | |
| 12,241 | | |
| 4,500 | | |
| 53 | | |
| -72 | | |
| 236 | |
UDH4781D | |
| 1,489 | | |
| 5,753 | | |
| 3,818 | | |
| 62 | | |
| -62 | | |
| 423 | |
UDH4782A | |
| 1,487 | | |
| 5,753 | | |
| 3,818 | | |
| 71 | | |
| -54 | | |
| 395 | |
UDH4807 | |
| 2,999 | | |
| 11,760 | | |
| 4,603 | | |
| 66 | | |
| -3 | | |
| 420 | |
UDH4834 | |
| 3,260 | | |
| 12,505 | | |
| 4,561 | | |
| 220 | | |
| 21 | | |
| 124 | |
UDH4859 | |
| 1,581 | | |
| 6,140 | | |
| 4,041 | | |
| 118 | | |
| -15 | | |
| 260 | |
Kittila |
RIE23-618 | |
| 2558692 | | |
| 7539405 | | |
| -866 | | |
| 27 | | |
| 0 | | |
| 315 | |
RIE23-619 | |
| 2558692 | | |
| 7539405 | | |
| -867 | | |
| 55 | | |
| -10 | | |
| 600 | |
RIE23-630 | |
| 2558639 | | |
| 7539599 | | |
| -710 | | |
| 75 | | |
| -20 | | |
| 582 | |
ROD23-700D | |
| 2558703 | | |
| 7537464 | | |
| -786 | | |
| 90 | | |
| -60 | | |
| 918 | |
RUG23-515 | |
| 2558697 | | |
| 7537320 | | |
| -787 | | |
| 84 | | |
| -35 | | |
| 281 | |
RUG23-527 | |
| 2558775 | | |
| 7537865 | | |
| -725 | | |
| 66 | | |
| -11 | | |
| 151 | |
SUU23-001 | |
| 2558898 | | |
| 7536854 | | |
| 208 | | |
| 270 | | |
| -59 | | |
| 282 | |
SUU23-004 | |
| 2558935 | | |
| 7536649 | | |
| 207 | | |
| 267 | | |
| -60 | | |
| 330 | |
SUU23-008 | |
| 2559042 | | |
| 7536579 | | |
| 206 | | |
| 269 | | |
| -46 | | |
| 395 | |
SUU23-606 | |
| 2558532 | | |
| 7536222 | | |
| -241 | | |
| 60 | | |
| -31 | | |
| 458 | |
SUU23-700C | |
| 2558513 | | |
| 7536218 | | |
| -241 | | |
| 90 | | |
| -65 | | |
| 1,023 | |
Pinos Altos |
US23-299 | |
| 765353 | | |
| 3129882 | | |
| 1,966 | | |
| 180 | | |
| -43 | | |
| 141 | |
*Coordinate Systems: NAD 1983 UTM Zone 18N for
Goldex; NAD 83 UTM Zone 17N for Odyssey, LaRonde and Wasamac; NAD 1983 UTM Zone 17N for Detour
Lake, Macassa and AK; NAD 1983 UTM Zone 14N for Meliadine and Meadowbank; NAD 1983 UTM Zone 13N for Hope Bay; Mine grid including elevation
for Fosterville, which is located in MGA94 Zone 55; Finnish Coordinate System KKJ Zone 2 for Kittila; and UTM NAD 27 for Pinos Altos.
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