Key Highlights
Record quarterly gold production and solid cost performance – Payable gold production in Q2 2023 was 873,204 ounces at production costs/oz$851, total cash costs/oz of $840 and AISC/oz of $1,150. Record quarterly gold production reflects 100% ownership of Canadian Malartic for the full quarter, combined with a strong operational performance at all producing sites.
Operational performance drives strong quarterly financial results - The Company reported quarterly net income of $0.66 per share in Q2 2023, with adjusted net income of $0.65 per share. Operating cash flow was $1.46 per share.
Strong quarterly safety performance - The Company has achieved one of the best safety performances of its history. The exploration, Goldex, La India, Northern Territory and Wasamac teams all achieved triple zero performance, while Meliadine achieved its safest quarter ever.
Important milestones achieved across the portfolio - The Canadian Malartic complex produced its seventh million ounce of gold in June. In addition, Detour Lake, Goldex and Macassa each achieved record quarterly mill throughput rates, while Meliadine recorded its best ever monthly mill throughput in May 2023.
Gold production, cost and capital expenditure guidance reiterated for 2023 – Expected payable gold production in 2023 remains unchanged at approximately 3.24 to 3.44 million ounces with total cash costs/oz expected to be between $840 and $890 and AISC/oz expected to be between $1,140 and $1,190. Total capital expenditures (excluding capitalized exploration) are still estimated to be approximately $1.42 billion.
Positive exploration results at Detour, Meliadine, Kittila and Hope Bay. Based on exploration success in H1 2023, a supplemental exploration budget of $32 million has been approved – The Company's exploration program returned positive results in the first half of 2023 at several key operating sites and projects, showing excellent potential to identify additional mineral resources and replace mineral reserves. These results support the focused addition of supplemental budgets.
A quarterly dividend of $0.40 per share has been declared


Key Value Drivers:
Odyssey mine – Shaft sinking activities ramped up through the quarter and production via the ramp at the Odyssey South deposit increased. It remains on schedule to reach a planned rate of 3,500 tpd in 2024. In June 2023, the Company released the results of a new internal study, reflecting significant project advancements, an improved valuation and opportunities to further enhance value (refer to press release dated June 20, 2023).
Detour Lake – In Q2 2023, the mill set a record for quarterly throughput, with an improved mill availability of 92.8%. Activities continued to focus on mill process optimization and mill availability is tracking well to reach, and potentially exceed throughput of 28.0 Mtpa. The Company is also advancing the study or underground mining scenarios which is expected to be released in the first half of 2024.
Optimization of assets and capital infrastructure in the Abitibi region – The Company continued to advance several internal evaluations to assess potential production opportunities at the Macassa near surface and the Amalgamated Kirkland ("AK") deposits, and at the Upper Beaver and Wasamac projects, including optionality to leverage existing processing facilities in the region with the goal of increasing future gold production at lower capital costs and with a reduced environmental footprint. Results of these evaluations are expected in the first half of 2024.

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