31 results
Page 2 of 2
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
| | | 2024 | | | 2023 | | ||||||||||||||||||||||||||||||||||||
| | | March (to March 18) | | | February | | | January | | | December | | | November | | | October | | | September | | |||||||||||||||||||||
High | | | | | 1.3582 | | | | | | 1.3574 | | | | | | 1.3522 | | | | | | 1.3599 | | | | | | 1.3875 | | | | | | 1.3871 | | | | | | 1.3674 | | |
Low | | | | | 1.3472 | | | | | | 1.3404 | | | | | | 1.3316 | | | | | | 1.3205 | | | | | | 1.3581 | | | | | | 1.3591 | | | | | | 1.3423 | | |
End of Period | | | | | 1.3541 | | | | | | 1.3570 | | | | | | 1.3397 | | | | | | 1.3226 | | | | | | 1.3582 | | | | | | 1.3871 | | | | | | 1.3520 | | |
Average | | | | | 1.3520 | | | | | | 1.3501 | | | | | | 1.3425 | | | | | | 1.3431 | | | | | | 1.3709 | | | | | | 1.3717 | | | | | | 1.3535 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
The following selected financial data for each of the years in the five-year period ended December 31, 2023 are derived from the consolidated financial statements of Agnico Eagle audited by Ernst & Young LLP. The selected financial data should be read in conjunction with the Company’s operating and financial review and prospects set out in Agnico Eagle’s annual audited consolidated financial statements as of and for the period ended December 31, 2023, including the notes thereto (the “Annual Financial Statements”) and the Annual MD&A.
| | | Year Ended December 31, | | |||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021* | | | 2020 | | | 2019 | | |||||||||||||||
| | | (in thousands of U.S. dollars, other than share and per share information) | | |||||||||||||||||||||||||||
Income Statement Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues from mining operations | | | | | 6,626,909 | | | | | | 5,741,162 | | | | | | 3,869,625 | | | | | | 3,138,113 | | | | | | 2,494,892 | | |
Production | | | | | 2,933,263 | | | | | | 2,643,321 | | | | | | 1,773,121 | | | | | | 1,424,152 | | | | | | 1,247,705 | | |
Exploration and corporate development | | | | | 215,781 | | | | | | 271,117 | | | | | | 152,514 | | | | | | 113,492 | | | | | | 104,779 | | |
Amortization of property, plant and mine development | | | | | 1,491,771 | | | | | | 1,094,691 | | | | | | 738,129 | | | | | | 631,101 | | | | | | 546,057 | | |
General and administrative | | | | | 208,451 | | | | | | 220,861 | | | | | | 142,003 | | | | | | 116,288 | | | | | | 120,987 | | |
Impairment loss on equity securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
(Gain) Loss on derivative financial instruments | | | | | -68,432 | | | | | | 90,692 | | | | | | 11,103 | | | | | | -107,873 | | | | | | -17,124 | | |
Finance costs | | | | | 130,087 | | | | | | 82,935 | | | | | | 92,042 | | | | | | 95,134 | | | | | | 105,082 | | |
Other expenses (income) | | | | | 63,557 | | | | | | 130,891 | | | | | | 21,742 | | | | | | 48,234 | | | | | | -13,169 | | |
Environmental remediation | | | | | 2,712 | | | | | | 10,417 | | | | | | 576 | | | | | | 27,540 | | | | | | 2,804 | | |
Foreign currency translation (gain) loss | | | | | -328 | | | | | | -16,081 | | | | | | 5,672 | | | | | | 22,480 | | | | | | 4,850 | | |
Care and maintenance | | | | | 47,392 | | | | | | 41,895 | | | | | | — | | | | | | — | | | | | | — | | |
Income (loss) before income and mining taxes | | | | | 2,359,069 | | | | | | 1,115,423 | | | | | | 932,723 | | | | | | 767,565 | | | | | | 738,742 | | |
Income and mining taxes expense | | | | | 417,762 | | | | | | 445,174 | | | | | | 370,778 | | | | | | 255,958 | | | | | | 265,576 | | |
Net income (loss) for the year | | | | | 1,941,307 | | | | | | 670,249 | | | | | | 561,945 | | | | | | 511,607 | | | | | | 473,166 | | |
Net income (loss) per share – basic | | | | | 3.97 | | | | | | 1.53 | | | | | | 2.31 | | | | | | 2.12 | | | | | | 2.00 | | |
Net income (loss) per share – diluted | | | | | 3.95 | | | | | | 1.53 | | | | | | 2.30 | | | | | | 2.10 | | | | | | 1.99 | | |
Weighted average number of common shares outstanding – basic | | | | | 488,722,676 | | | | | | 437,678,131 | | | | | | 243,707,991 | | | | | | 241,508,347 | | | | | | 236,933,791 | | |
Weighted average number of common shares outstanding – diluted | | | | | 489,912,686 | | | | | | 438,533,089 | | | | | | 244,732,372 | | | | | | 243,072,085 | | | | | | 238,229,593 | | |
Cash dividends declared per common share | | | | | 1.6 | | | | | | 1.6 | | | | | | 1.4 | | | | | | 0.95 | | | | | | 0.55 | | |
Balance Sheet Data (at end of period) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and mine development | | | | | 21,221,905 | | | | | | 18,459,400 | | | | | | 7,675,595 | | | | | | 7,325,418 | | | | | | 7,003,665 | | |
Total assets | | | | | 28,684,949 | | | | | | 23,494,808 | | | | | | 10,216,090 | | | | | | 9,614,755 | | | | | | 8,789,885 | | |
Long-term debt | | | | | 1,843,086 | | | | | | 1,342,070 | | | | | | 1,565,223 | | | | | | 1,565,241 | | | | | | 1,724,108 | | |
Reclamation provision | | | | | 1,073,504 | | | | | | 901,836 | | | | | | 729,996 | | | | | | 667,053 | | | | | | 439,801 | | |
Net assets | | | | | 19,422,915 | | | | | | 16,241,345 | | | | | | 5,999,771 | | | | | | 5,683,213 | | | | | | 5,111,514 | | |
Common shares | | | | | 18,334,869 | | | | | | 16,251,221 | | | | | | 5,863,512 | | | | | | 5,751,479 | | | | | | 5,589,352 | | |
Shareholders’ equity | | | | | 19,422,915 | | | | | | 16,241,345 | | | | | | 5,999,771 | | | | | | 5,683,213 | | | | | | 5,111,514 | | |
Total common shares outstanding | | | | | 497,299,441 | | | | | | 456,465,296 | | | | | | 245,001,857 | | | | | | 242,884,314 | | | | | | 239,619,035 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
The volatility of gold prices is illustrated in the following table which sets out, for the periods indicated, the high, low and average afternoon fixing prices for gold on the London Bullion Market (the “London P.M. Fix”).
| | | 2024 (to March 18) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||||||||
High price ($ per ounce) | | | | | 2,180 | | | | | | 2,078 | | | | | | 2,039 | | | | | | 1,943 | | | | | | 2,067 | | | | | | 1,546 | | |
Low price ($ per ounce) | | | | | 1,985 | | | | | | 1,811 | | | | | | 1,629 | | | | | | 1,684 | | | | | | 1,474 | | | | | | 1,270 | | |
Average price ($ per ounce) | | | | | 2,054 | | | | | | 1,941 | | | | | | 1,800 | | | | | | 1,799 | | | | | | 1,770 | | | | | | 1,393 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
Ernst & Young LLP has served as the Company’s independent public auditor for each of the fiscal years ended December 31, 2023 and 2022. Fees paid to Ernst & Young LLP in 2023 and 2022 are set out below.
| | | Year Ended December 31 | | |||||||||
| | | 2023 | | | 2022 | | ||||||
| | | (C$ thousands) | | |||||||||
Audit fees | | | | | 7,866 | | | | | | 5,892 | | |
Audit-related fees(1) | | | | | 262 | | | | | | 442 | | |
Tax fees(2) | | | | | 549 | | | | | | 864 | | |
All other fees(3) | | | | | 52 | | | | | | 455 | | |
Total(4) | | | | | 8,729 | | | | | | 7,653 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
The following table sets out the Company’s capital expenditures for 2022.
| | | 2022 Capital Expenditures(1) (thousands of $) | | |||||||||||||||||||||
| | | | | | | | | | | | | | | Capitalized Exploration | | |||||||||
| | | Sustaining | | | Development | | | Sustaining | | | Non-sustaining | | ||||||||||||
LaRonde Complex | | | | $ | 100,111 | | | | | $ | 72,020 | | | | | | 2,068 | | | | | | – | | |
Canadian Malartic Complex (50%) | | | | | 69,137 | | | | | | 115,997 | | | | | | – | | | | | | 12,554 | | |
Goldex mine | | | | | 23,480 | | | | | | 35,136 | | | | | | 1,645 | | | | | | 3,944 | | |
Detour Lake mine | | | | | 214,060 | | | | | | 148,672 | | | | | | – | | | | | | 31,400 | | |
Fosterville mine | | | | | 56,131 | | | | | | 9,876 | | | | | | 213 | | | | | | 28,492 | | |
Kittila mine | | | | | 43,803 | | | | | | 50,315 | | | | | | 4,996 | | | | | | 2,449 | | |
Macassa mine | | | | | 29,393 | | | | | | 70,468 | | | | | | 905 | | | | | | 21,707 | | |
Meadowbank Complex (including Amaruq) | | | | | 86,435 | | | | | | 53,393 | | | | | | – | | | | | | – | | |
Meliadine mine | | | | | 58,485 | | | | | | 90,859 | | | | | | 3,601 | | | | | | 2,949 | | |
Pinos Altos mine | | | | | 25,664 | | | | | | 26,749 | | | | | | 837 | | | | | | – | | |
La India mine | | | | | 8,955 | | | | | | 6,129 | | | | | | 8 | | | | | | – | | |
Other | | | | | 3,291 | | | | | | 16,289 | | | | | | 328 | | | | | | 3,956 | | |
Total Capital Expenditures | | | | $ | 718,945 | | | | | $ | 695,903 | | | | | $ | 14,601 | | | | | $ | 107,451 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
The following table sets out the metal recoveries and concentrate grades at the LaRonde Complex in 2023.
| | | | | | Copper Concentrate 2,578 tonnes produced | | | Zinc Concentrate 7,702 tonnes produced | | | | | | | | ||||||
| | | Head Grades | | | Grade | | | Recovery | | | Grade | | | Recovery | | | Overall Metal Recoveries | | | Payable Production | |
Gold | | | 3.83 g/t | | | 321.2 | | | 59.37% | | | 24.08 g/t | | | 4.30% | | | 93.59% | | | 306,648 oz | |
Silver | | | 9.12 g/t | | | 768.3 | | | 45.98% | | | 147.54 g/t | | | 9.76% | | | 85.73% | | | 587,556 oz | |
Copper | | | 0.13% | | | 18.62% | | | 80.78% | | | – | | | – | | | 80.78% | | | 2,578 t | |
Zinc | | | 0.44% | | | 3.58% | | | 4.42% | | | 52.88% | | | 76.77% | | | 76.77% | | | 7,702 t | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
| | | Exchange rates | | |||||||||||||||||||||
| | | C$ per US$1.00 | | | Mexican peso per US$1.00 | | | AUD per US$1.00 | | | EURO per US$1.00 | | ||||||||||||
| | | | C$ | 1.30 | | | | | | MXP18.00 | | | | | | AUD1.36 | | | | | € | 0.909 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
The following table sets forth the high and low sale prices and the average daily trading volume for composite trading of the Company’s common shares on the TSX and the NYSE since January 1, 2023.
| | | TSX | | | NYSE | | ||||||||||||||||||||||||||||||
| | | High (C$) | | | Low (C$) | | | Average Daily Volume | | | High ($) | | | Low ($) | | | Average Daily Volume | | ||||||||||||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
January | | | | | 77.52 | | | | | | 73.06 | | | | | | 1,843,904 | | | | | | 57.91 | | | | | | 53.56 | | | | | | 2,702,339 | | |
February | | | | | 76.00 | | | | | | 61.47 | | | | | | 3,170,326 | | | | | | 57.20 | | | | | | 45.39 | | | | | | 3,289,355 | | |
March | | | | | 71.04 | | | | | | 61.79 | | | | | | 3,196,174 | | | | | | 52.24 | | | | | | 44.77 | | | | | | 3,372,330 | | |
April | | | | | 79.06 | | | | | | 70.54 | | | | | | 2,431,814 | | | | | | 59.28 | | | | | | 52.53 | | | | | | 3,062,306 | | |
May | | | | | 81.75 | | | | | | 68.31 | | | | | | 2,004,747 | | | | | | 60.40 | | | | | | 50.26 | | | | | | 2,827,755 | | |
June | | | | | 70.37 | | | | | | 64.23 | | | | | | 1,796,960 | | | | | | 52.35 | | | | | | 48.48 | | | | | | 2,262,601 | | |
July | | | | | 70.87 | | | | | | 64.26 | | | | | | 1,629,662 | | | | | | 53.84 | | | | | | 48.21 | | | | | | 2,025,666 | | |
August | | | | | 67.26 | | | | | | 62.17 | | | | | | 1,847,763 | | | | | | 50.61 | | | | | | 45.93 | | | | | | 1,965,533 | | |
September | | | | | 67.68 | | | | | | 61.03 | | | | | | 2,259,623 | | | | | | 50.24 | | | | | | 45.18 | | | | | | 2,328,041 | | |
October | | | | | 68.31 | | | | | | 59.62 | | | | | | 1,780,046 | | | | | | 49.80 | | | | | | 43.39 | | | | | | 2,943,474 | | |
November | | | | | 72.85 | | | | | | 64.40 | | | | | | 1,919,279 | | | | | | 53.70 | | | | | | 46.67 | | | | | | 2,641,808 | | |
December | | | | | 74.02 | | | | | | 68.37 | | | | | | 2,306,206 | | | | | | 56.04 | | | | | | 50.30 | | | | | | 2,805,482 | | |
2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
January | | | | | 72.05 | | | | | | 66.08 | | | | | | 1,613,200 | | | | | | 54.05 | | | | | | 48.95 | | | | | | 2,595,363 | | |
February | | | | | 67.76 | | | | | | 61.03 | | | | | | 2,435,197 | | | | | | 50.61 | | | | | | 44.98 | | | | | | 3,358,863 | | |
March (to March 18) | | | | | 75.78 | | | | | | 67.28 | | | | | | 3,089,496 | | | | | | 56.22 | | | | | | 49.62 | | | | | | 3,865,154 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
| | | Proven | | | Probable | | | Total | | |||||||||
December 31, 2022 – thousand tonnes | | | | | 4,904 | | | | | | 5,490 | | | | | | 10,394 | | |
Processed in 2023 – thousand tonnes | | | | | (1,157) | | | | | | − | | | | | | (1,157) | | |
Revision – thousand tonnes | | | | | 703 | | | | | | (967) | | | | | | (264) | | |
December 31, 2023 – thousand tonnes | | | | | 4,450 | | | | | | 4,523 | | | | | | 8,972 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
| | | Proven | | | Probable | | | Total | | |||||||||
December 31, 2022 – thousand tonnes | | | | | 25,802 | | | | | | 27,564 | | | | | | 53,366 | | |
Processed in 2023 – thousand tonnes | | | | | (17,333) | | | | | | − | | | | | | (17,333) | | |
Revision – thousand tonnes | | | | | 37,022 | | | | | | 69,196 | | | | | | 106,218 | | |
December 31, 2023 – thousand tonnes | | | | | 45,491 | | | | | | 96,760 | | | | | | 142,251 | | |
40-F
2023 FY
AEM
Agnico Eagle Mines Ltd
22 Mar 24
Annual report (Canada)
6:16pm
| | | Proven | | | Probable | | | Total | | |||||||||
December 31, 2022 – thousand tonnes | | | | | 1,015 | | | | | | 18,449 | | | | | | 19,464 | | |
Processed in 2023 – thousand tonnes | | | | | (1,918) | | | | | | − | | | | | | (1,918) | | |
Revision – thousand tonnes | | | | | 2,683 | | | | | | (1,971) | | | | | | 712 | | |
December 31, 2023 – thousand tonnes | | | | | 1,780 | | | | | | 16,478 | | | | | | 18,258 | | |