Agnico Q1 2023 SUMMARY

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Overig advies 28/04/2023 08:40
Key Highlights
Strong quarterly production and costs with record safety performance – Payable gold production in Q1 2023 was 813koz at production costs/oz of $804, total cash costs/oz of $832 and AISC/oz of $1,125. These results include only the Company's 50% of the production from the Canadian Malartic mine up to March 30, 2023, and 100% thereafter.
Solid quarterly financial results - Agnico Eagle reported a quarterly net income of $3.87 per share in the first quarter of 2023, with adjusted net income of $0.58 per share. Operating cash flow was $1.30 per share. The quarterly net income of $3.87 per share includes a remeasurement gain of approximately $1.5 billion arising from the acquisition of 50% of the Canadian Malartic complex not previously owned by the Company.
2022 sustainability report published, illustrating continued commitment to strong ESG performance and implementation of a climate strategy action plan - In 2022, Agnico Eagle maintained or improved performance across many key ESG indicators, including safety performance, efficient management of water resources and increased Indigenous employment.
Yamana Transaction - The previously announced transaction to acquire the Canadian assets of Yamana closed on March 31, 2023. The closing of the transaction further solidifies the Company's presence in the Abitibi gold belt, a region of low political risk and high geological potential, where the Company has a strong competitive advantage from having operated in the region for over 50 years.
San Nicolás –The previously announced 50/50 joint venture agreement between Teck Resources Limited ("Teck") and Agnico Eagle, in respect of the San Nicolás copper-zinc development project located in Zacatecas, Mexico, was entered into on April 6, 2023. The joint venture company is now working to advance permitting and development of the project and is planning to submit an Environmental Impact Assessment and permit application for San Nicolás in 2023 while targeting completion of a feasibility study in 2024.
A quarterly dividend of $0.40 per share has been declared

Key Value Drivers:
Odyssey project – Good progress was made on underground development and surface construction activities in the first quarter of 2023. Underground development via ramp access has now passed the bottom of the Odyssey South deposit and has reached the level of the first shaft access point. Shaft sinking activities have also commenced.
Detour Lake – In Q1 2023, the mill set a record for first quarter throughput and activities continued to focus on mill process optimization and improving availability with the goal of achieving and potentially exceeding throughput of 28.0 Mtpa.
Optimization of assets and capital infrastructure in the Abitibi region – With the Company now owning 100% of the Canadian Malartic complex, the Company expects to have up to 40,000tpd of excess mill capacity at the complex starting in 2028. Internal evaluations are underway to assess potential production opportunities at the Macassa near-surface deposits and the AK deposit, Upper Beaver and the Wasamac project. These evaluations are expected to be completed by year-end 2023.

Comment by Ammar Al-Joundi, President and Chief Executive Officer
The year is off to a good start with strong operational results and the best quarterly safety performance in the Company's over 65-year history, which positions us well to meet our full year guidance projections. Costs were better than expected, primarily due to the strong operating results, favourable currency movements and a slight easing of inflationary pressures. With the completion of the acquisition of Yamana's Canadian assets on March 31st, our focus in 2023 continues to be on the optimization of our strategic positions in the Abitibi gold belt, with an aim of increasing annual gold production from this region by approximately 500,000 ounces by the end of the decade. Efforts are ongoing to evaluate several opportunities to leverage existing infrastructure which has the potential to significantly increase future gold production at lower capital intensity and with a reduced environmental footprint. If realized, these opportunities have the potential to deliver increased returns to our shareholders with reduced execution and operating risk.
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