(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, Oct. 25, 2023 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2023.

"Agnico Eagle had another solid quarter with production and costs coming in as expected. The Canadian Malartic and Meadowbank complexes delivered strong results in the quarter, offsetting unscheduled mill downtime at Detour Lake and highlighting the benefit of our diverse portfolio of mines," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are expecting a strong finish to the year and based on our year-to-date performance, we are well positioned to achieve our cost guidance and expect gold production to come in above the mid-point of our annual production guidance," added Mr. Al-Joundi.

Third quarter 2023 highlights

Quarterly gold production and cost performance remain solid – Payable gold production1 in the third quarter of 2023 was 850,429 ounces at production costs per ounce of $893, total cash costs per ounce2 of $898 and all-in sustaining costs ("AISC") per ounce3 of $1,210
Strong quarterly financial results – The Company reported quarterly net income of $0.36 per share in the third quarter of 2023 and adjusted net income4 of $0.44 per share. Cash provided by operating activities was $1.01 per share ($1.35 per share before working capital adjustments5)
Canadian Malartic and Meadowbank drive solid production – Gold production in the third quarter of 2023 was led by strong production at the Canadian Malartic and Meadowbank complexes as well as the Kittila mine, offsetting lower production at Detour Lake and Fosterville. The strong performance at Canadian Malartic was driven by positive grade reconciliation at the Barnat pit and higher throughput from softer rock conditions
Temporary transformer issue at Detour Lake resulted in unscheduled mill downtime – The transformer powering the semi-autogenous grinding ("SAG") mill on one of the two grinding circuits at the Detour Lake mill ("Line 1") failed unexpectedly in August 2023. Leveraging the procurement network in the Abitibi region, the Company was able to refurbish the failed transformer within 25 days. During the SAG unit downtime on Line 1, the Company operated the Detour Lake mill at approximately 70% of normal operating rates, resulting in lower production in the third quarter of 2023. The mill returned to normal operating levels in the second half of September 2023. The Company believes Detour Lake is well positioned to achieve the low end of its annual production guidance
Supreme Administrative Court of Finland ("SAC") decision on the Kittila operating permit remains pending – The SAC has informed the Company that it will issue its decision on Kittila's operating permit in October 2023. If the SAC reverses the lower court ruling and reinstates the operating permit at 2.0 million tonnes per annum ("mtpa") by the end of October 2023, the Company expects Kittila to produce up to an additional 30,000 ounces of gold in the fourth quarter of 2023 as compared to current production guidance. If the SAC does not release its decision by the end of October or upholds the lower court decision and maintains the current operating permit at 1.6 mtpa, the Company will be required to partially suspend its activities in the fourth quarter of 2023 to remain within the permitted rate. Under this scenario, Kittila's annual production is still expected to be within the annual guidance range of between 190,000 and 210,000 ounces of gold, which was based on a rate of 1.6 mtpa
Gold production, cost and capital expenditure guidance reiterated for 2023 – Based on operating performance in the first nine months of 2023, the Company is on-track to be above the mid-point of its production guidance for 2023. Expected payable gold production in 2023 remains unchanged at approximately 3.24 to 3.44 million ounces with total cash costs per ounce expected to be between $840 and $890 and AISC per ounce expected to be between $1,140 and $1,190. Estimated total capital expenditures (excluding capitalized exploration) for 2023 remain at approximately $1.42 billion

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