[Table_Title] 研究报告 Research Report 7 Jan 2025 伊戈尔矿业 Agnico Eagle Mine (AEM US) 老牌黄金开采商，底蕴实力深厚 业绩表现：2023 年公司黄金产量为 3,439,654 盎司，每盎司生产成本为 853 美元，每盎司总现金成本为 865 美元，每 盎司 AISC 为 1,179 美元。2023 年的产量处于公司 2023 年指导范围 324 万盎司至 344 万盎司的最高水平。每盎司总现 金成本处于公司 2023 年指导范围的中间值，每盎司 AISC 在公司 2023 年指导范围内。2023 年全年自由现金流为 9.474 亿美元。公司预计 2024 年黄金产量约为 335 万至 355 万盎司，2025 年约为 340 万至 360 万盎司（与 2023 年 2 月 16 日发布的三年期指引一致），公司预计 2026 年黄金产量将保持稳定，约为 340 万至 360 万盎司。公司预计 2024 年资 本支出约为 16.5 亿美元，主因于全年 100% 拥有 Canadian Malartic、通货膨胀以及 Detour Lake 的额 ...

Industry Overview - The Zacks Mining - Gold industry is expected to benefit from a 26% growth in gold prices in 2024, with gold projected to reach around $3,000 per ounce by year-end due to geopolitical tensions and central bank buying [1] - The industry comprises companies engaged in extracting gold from mines, a process that can take 10-20 years from exploration to production [3] - Gold prices surged 26% in 2024, reaching an all-time high of $2,748.23 in October, driven by geopolitical tensions, interest rate cuts, and central bank purchases [4] Key Trends - Gold prices are expected to continue rising in 2025 due to ongoing geopolitical uncertainty and concerns over President-elect Trump's agenda, particularly regarding tariffs [4] - The industry faces challenges such as a shortage of skilled labor, rising production costs, and supply-chain issues, prompting companies to focus on cost reduction and digital innovation [5] - Depleting resources and declining supply in old mines, coupled with rising demand from sectors like energy, healthcare, and technology, are expected to create a demand-supply imbalance, further supporting gold prices [6] Industry Performance - The Mining-Gold Industry has outperformed the broader Basic Materials sector, with a 14.5% growth in stock prices over the past year, compared to a 10.4% decline in the sector [9] - The industry is currently trading at a forward 12-month EV/EBITDA of 10.03X, compared to the S&P 500's 24.69X and the Basic Materials sector's 7.63X [11][12][13] Key Companies - **Gold Royalty (GROY)**: Delivered record revenues and positive net income in 2024, with expectations to meet 2024 guidance of 6,500-7,000 GEOs and $13-$14 million in revenues [15] - **Equinox Gold (EQX)**: Achieved record production, revenues, and adjusted EBITDA in Q3 2024, with the Greenstone Mine expected to produce 390,000 ounces annually for the first five years [18] - **Agnico Eagle Mines (AEM)**: Acquired O3 Mining, which includes the Marban deposit, and plans to increase production at the Detour Lake mine to 1 million ounces annually by 2030 [20] - **Franco-Nevada (FNV)**: Signed a $500-million precious metals stream agreement with Sibanye-Stillwater, expected to provide stable GEOs from platinum, palladium, rhodium, and gold production over 20 years [23] - **Kinross Gold (KGC)**: Commenced production at the Manh Choh project in Q3 2024, with key development projects like Great Bear and Round Mountain Phase X on track to boost production and cash flow [26] Valuation and Growth - The Zacks Mining - Gold Industry ranks 85 out of 248 industries, placing it in the top 34%, with the top 50% of Zacks-ranked industries historically outperforming the bottom 50% by more than 2 to 1 [7][8] - Over the last five years, the industry's EV/EBITDA ratio has ranged from 7.19X to 11.20X, with a median of 9.51X [14]

Financing and Ownership - The company successfully closed the second and final tranche of a non-brokered private placement, raising approximately $250,000 by selling 1,136,364 common shares at C$0.22 per share [1] - Combined with the first tranche completed on December 23, 2024, the total gross proceeds from the Offering reached $5.25 million [1] - Agnico Eagle Mines Limited acquired the 1,136,364 HD Shares and now holds an 18.3% ownership interest in the company on a partially-diluted basis [3] Exploration Program and Portfolio - The funds raised will fully finance the company's 2025 exploration program, focusing on its district-scale gold and critical mineral property portfolio [2] - The portfolio includes significant defined gold resources with extensive growth potential and greenfield opportunities in a prolific and underexplored area of Canada [2] - The company owns 15,876 quartz claims across 26 properties, covering approximately 315,000 hectares (3,150 km²), representing about 40% of the Yukon's emerging White Gold District [4] Resource Estimates - The flagship White Gold project contains four near-surface gold deposits with an estimated 1,203,000 ounces of gold in Indicated Resources and 1,116,600 ounces of gold in Inferred Resources [4] - The company's claim packages border significant gold discoveries, including Newmont Corporation's Coffee project with Measured and Indicated Resources of 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t gold [4] - Western Copper and Gold Corporation's Casino project, adjacent to the company's claims, has Measured and Indicated Resources of 7.6 Blb copper and 14.5 Moz gold, and Inferred Resources of 3.3 Blb copper and 6.6 Moz gold [4]

Agnico Eagle Mines Limited (AEM) stated that it has concluded a transaction with ONGold Resources Ltd. and acquired 8.7 million shares in the latter.On Nov. 25, 2024, AEM’s wholly-owned subsidiary, Yamana Gold Ontario Inc., entered into an asset purchase agreement with Manitoba Ltd., a wholly-owned subsidiary of ONGold. Per the agreement, Manitoba agreed to purchase certain assets from Yamana in exchange for (among other things) the issuance of common shares to Agnico Eagle. On Dec. 20, 2024, this transacti ...

Agnico Eagle Mines Limited (AEM) and O3 Mining Inc. jointly announced that Agnico Eagle, through a fully-owned subsidiary, has begun its offer to acquire all of O3 Mining's issued and outstanding common shares that it does not already own, directly or indirectly, for $1.67 in cash per common share, under a friendly, board-supported offer by delivering the offer and take-over bid circular to O3 Mining shareholders. The directors' circular of O3 Mining is being distributed to O3 Mining shareholders concurrent ...

TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- White Gold Corp. (TSX.V: WGO, OTCQX:WHGOF, FRA: 29W) (the "Company") is pleased to announce the closing of the first tranche of a non-brokered private placement for aggregate gross proceeds of approximately $5,015,000 consisting of the sale of: (i) 8,063,000 common shares in the capital of the Company ("Common Shares") that qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the "Tax Act") at a price of C$0.26 per share (each an "FT ...

Stock Symbol:  AEM (NYSE and TSX) TORONTO, Dec. 23, 2024 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has completed a transaction with ONGold Resources Ltd. (TSXV: ONAU) ("ONGold") which resulted in Agnico Eagle acquiring 8,700,000 common shares ("Common Shares") of ONGold. On November 25, 2024, Yamana Gold Ontario Inc. ("Yamana"), a wholly-owned subsidiary of Agnico Eagle, and 10215825 Manitoba Ltd. (the "Buyer"), a wholly-owned subsidiary of ONG ...

Ongold Announces Closing of Acquisition of Monument Bay and Domain Projects in ManitobaDecember 23, 2024 7:00 AM EST | Source: ONGold Resources Ltd.Toronto, Ontario--(Newsfile Corp. - December 23, 2024) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) ("ONGold" or the "Company") is pleased to announce that it has closed the previously announced transactions to purchase 100% interests in both the Monument Bay Gold Project ("Monument Bay") and the Domain Project ("Domain", and together the "P ...

Agnico Eagle Mines Limited (AEM) and O3 Mining Inc. recently signed a definitive support agreement. Under this agreement, AEM has agreed to offer to acquire, directly or indirectly, all of O3 Mining's outstanding common shares in cash at $1.67 per common share through a takeover bid. The offer is worth approximately $204 million on a fully diluted in-the-money basis.The offer price of $1.67 per common share represents a 57% premium over the volume-weighted average price of Common Shares on the TSX Venture E ...

Since I last wrote about the Canadian gold miner Agnico Eagle Mines Limited (NYSE: AEM ) in September, its price has barely moved. This is at odds with my Buy rating on the stock. But there's a good explanation forManika is a macroeconomist with over 20 years of experience in industries including investment management, stock broking, investment banking. She also runs the profile Long Term Tips [LTT], which focuses on the generational opportunity in the green economy. Her investing group, Green Growth Giants ...