Company Overview - Agnico Eagle Mines Limited is represented by Chief Financial Officer Jamie Porter at the BofA Global Metals, Mining & Steel Conference 2025 [1] - Jamie Porter brings a unique perspective to Agnico, having previously worked at Alamos Gold for 18 years, contrasting with the long tenure of many Agnico employees [3] Company Culture - Agnico Eagle Mines has a strong culture of internally developed talent, with many employees having long tenures; for example, the Vice President of Exploration has been with the company for 36 years [3] - The company values multi-generational employment, indicating a stable workforce and deep institutional knowledge [3] Future Outlook - Jamie Porter plans to provide a high-level overview of Agnico's current status and future direction, followed by a Q&A session [4]

Core Viewpoint - The recent U.S.-China trade deal has led to a dip in gold prices from historic highs, yet gold stocks remain a strong hedge against market volatility, benefiting from the commodity's peak [1]. Gold Stocks Overview - Several gold stocks have been recognized on the Zacks Rank 1 (Strong Buy) list, indicating their strong performance amid the commodity's historic peak [2]. Company Analysis: Agnico Eagle Mines (AEM) - Agnico Eagle Mines operates one of Canada's largest gold mines and has seen a 10% dip in stock price, which is considered an intriguing buying opportunity as the stock has increased over 30% year-to-date and 100% over the last three years [4][5]. - The company is projected to produce over 3 million ounces of gold in 2024, with gold reserves totaling 1.27 million tons [5]. Company Analysis: Equinox Gold (EQX) - Equinox Gold is trading at $6 per share, with a favorable risk-to-reward profile due to its growth potential in gold, copper, and silver mining [7]. - The company expects high double-digit growth, trading at 6X forward earnings and under 2X sales, with EPS projected to increase by 400% in fiscal 2025 and another 24% in FY26 [8]. Company Analysis: Harmony Gold (HMY) - Harmony Gold, South Africa's largest gold miner, has seen its stock triple in the last three years, with a year-to-date increase of over 70% despite an 11% drop in May [9][10]. - The company achieved a record operating free cash flow of $579 million in Q1 and provided a record interim dividend payout of $78 million, with a current annual dividend yield of 1.36% [12]. Investment Opportunity - The current market conditions present a "buy the dip" opportunity for these highly ranked gold stocks, which are expected to benefit from the historic surge in gold prices despite improved U.S. trade relations bringing more market stability [13].

Core Viewpoint - Agnico Eagle Mines Limited (AEM) has seen a 50% increase in its shares this year, driven by rising gold prices and strong earnings performance, despite underperforming the Zacks Mining – Gold industry which rose by 62.2% [1] Group 1: Stock Performance - AEM's shares have outperformed the S&P 500's decline of 4.4% [1] - AEM's peers, Barrick Mining Corporation, Newmont Corporation, and Kinross Gold Corporation, have experienced stock increases of 25.5%, 45%, and 62.5% respectively during the same period [2] Group 2: Financial Performance - AEM's operating cash flow increased by approximately 33% year-over-year to $1,044 million in the first quarter [13] - Free cash flows for AEM in the first quarter reached $594 million, up around 50% year-over-year [13] - AEM reduced its net debt by $212 million sequentially to just $5 million at the end of the first quarter, with a long-term debt-to-capitalization ratio of around 5% [13] Group 3: Project Development - AEM is advancing key projects such as the Odyssey project, Detour Lake, Hope Bay, Upper Beaver, and San Nicolas, which are expected to enhance production and cash flows [10] - The Hope Bay Project has proven and probable mineral reserves of 3.4 million ounces, anticipated to significantly contribute to cash flow in the coming years [11] - The processing plant expansion at Meliadine is expected to increase mill capacity to approximately 6,250 tons per day by 2025 [11] Group 4: Market Conditions - Gold prices have surged roughly 27% this year, influenced by aggressive trade policies and increased central bank purchases [14] - Gold prices reached a record high of $3,500 per ounce on April 22, driven by geopolitical tensions and expectations of interest rate cuts [14] Group 5: Dividend and Valuation - AEM offers a dividend yield of 1.4% with a five-year annualized dividend growth rate of 10.3% and a payout ratio of 32% [15][16] - AEM is currently trading at a forward 12-month earnings multiple of 19.26, which is a 17.7% premium to the peer group average of 16.37 [18] Group 6: Earnings Estimates - The Zacks Consensus Estimate for AEM's 2025 earnings has increased, with a projected year-over-year growth of 42.1% [17] - Earnings are expected to grow by approximately 35.5% in the first quarter of 2025 [17] Group 7: Investment Recommendation - AEM presents a compelling investment case due to its strong pipeline of growth projects, solid financial health, and favorable gold pricing environment [21]

Core Viewpoint - Agnico Eagle Mines Ltd. is experiencing record net income due to soaring gold prices and is expected to return significant cash to shareholders in 2025 [1][3]. Group 1: Financial Performance - In Q1 2025, Agnico Eagle reported earnings of $1.53, surpassing the Zacks Consensus Estimate by $0.14, marking the 13th consecutive earnings beat [2]. - The company achieved payable gold production of 873,794 ounces with an all-in sustaining cost (AISC) of $1,183 per ounce [2]. - Adjusted net income reached new highs alongside a strong free cash flow of $594 million [3]. - The cash position increased by $212 million to $1.138 billion, with total debt outstanding at $1.143 billion and net debt reduced to just $5 million [3]. Group 2: Shareholder Focus - Agnico Eagle has a long-standing commitment to shareholders, paying a quarterly dividend of $0.40, yielding 1.3%, and repurchasing shares [4]. - During the last quarter, the company repurchased 488,047 shares at an average price of $102.44 and plans to renew the share buyback program [4]. Group 3: Analyst Outlook - Analysts are optimistic about Agnico Eagle's performance in 2025, with the Zacks Consensus Estimate for earnings rising to $6.11 from $5.30, indicating a 44.4% growth compared to last year [5]. - The company's shares have significantly outperformed the S&P 500 over the past year and are currently near multi-year highs [6]. Group 4: Valuation Metrics - Agnico Eagle's forward price-to-earnings (P/E) ratio is 19.5, and it has a PEG ratio of 1.0, suggesting a combination of growth and value [8].

Core Viewpoint - Market participants are concerned about the Trump administration's tariff and trade policies and their potential impact on U.S. economic growth and inflation [1] Group 1: Growth Stocks - Five growth stocks identified for May include Agnico Eagle Mines Ltd. (AEM), Sony Group Corp. (SONY), Affirm Holdings Inc. (AFRM), Broadcom Inc. (AVGO), and Expand Energy Corp. (EXE) [2][6] Group 2: Agnico Eagle Mines Ltd. (AEM) - AEM is focused on production growth through projects like the Kittila expansion and acquisitions such as Hope Bay and the merger with Kirkland Lake Gold [7][8] - AEM's expected revenue and earnings growth rates are 20.6% and 44.4% respectively for the current year, with a Zacks Consensus Estimate for earnings improving by 6.1% [8] - The average short-term price target indicates a potential increase of 16% from the last closing price of $119.13, with a maximum upside of 33.5% [9] Group 3: Sony Group Corp. (SONY) - SONY is expected to grow due to strengths in Game & Network Services, Music, and Financial Services, despite challenges in the Entertainment, Technology & Services unit [10][11] - The expected revenue and earnings growth rates for SONY are 0.7% and 14.4% respectively for the current year, with a Zacks Consensus Estimate for earnings improving by 0.7% [12] - The average short-term price target suggests a potential increase of 17.2% from the last closing price of $25.23, indicating a maximum upside of 35% [12] Group 4: Affirm Holdings Inc. (AFRM) - AFRM has strong revenue growth from diverse income streams, expecting revenues between $3.13 billion and $3.19 billion in fiscal 2025 [14][15] - Key partnerships, including those with Apple Pay and Hotels.com, are crucial for AFRM's expansion [15] - The expected revenue and earnings growth rates for AFRM are 37.1% and 96.4% respectively for the current year, with a Zacks Consensus Estimate for earnings improving by 60% [16] Group 5: Broadcom Inc. (AVGO) - AVGO is benefiting from strong demand for networking products and AI accelerators, with expected AI revenues to jump 44% year over year to $4.4 billion [18][19] - The acquisition of VMware has enhanced AVGO's infrastructure software solutions, with 70% of its largest customers adopting VMware Cloud Foundation [19] - AVGO's expected revenue and earnings growth rates are 21% and 35.5% respectively for the current year, with a Zacks Consensus Estimate for earnings improving by 4.6% [21] Group 6: Expand Energy Corp. (EXE) - EXE has become the largest U.S. natural gas producer after merging with Chesapeake and Southwestern, with plans to ramp up production to 7,100 MMcfe/day by 2025 [24][25] - The expected revenue and earnings growth rates for EXE are over 100% each for the current year, with a Zacks Consensus Estimate for earnings improving by 6.6% [26] - The average short-term price target indicates a potential increase of 13.2% from the last closing price of $108.51, suggesting a maximum upside of 56.7% [26]

Market Overview - U.S. stock markets experienced severe volatility in April, with the S&P 500 and Dow falling by 3.2% and 0.8%, respectively, while the Nasdaq Composite gained 0.9% [1] - The volatility was attributed to President Trump's tariffs and trade-related policies, with economists warning of a near-term recession as U.S. GDP contracted for the first time in three years in Q1 2025 [2] Economic Indicators - Better-than-expected nonfarm payrolls data for April and optimism regarding U.S. government trade negotiations are expected to boost confidence in equities [3] Investment Opportunities - Recommended stocks for investment in May include Sprouts Farmers Market Inc. (SFM), Philip Morris International Inc. (PM), Sony Group Corp. (SONY), Agnico Eagle Mines Ltd. (AEM), and NatWest Group plc (NWG), all of which have shown double-digit returns in the past month and hold a Zacks Rank 1 (Strong Buy) [4][5] Company Analysis Sprouts Farmers Market Inc. (SFM) - Focus on product innovation, e-commerce, and private label offerings has led to better-than-expected Q4 2024 results, with both revenue and earnings growing year over year [9] - SFM expects net sales to rise between 10.5% and 12.5% in 2025, with comparable store sales anticipated to increase by 4.5-6.5% [10] - Expected revenue and earnings growth rates for the current year are 13.4% and 30.7%, respectively, with a 5.2% improvement in earnings estimates over the last week [11] Philip Morris International Inc. (PM) - Strong pricing power and an expanding smoke-free product portfolio are driving growth, with PM aiming to become substantially smoke-free by 2030 [13] - Anticipates positive volume growth for the fifth consecutive year, with an expected increase of 2%, and smoke-free products projected to grow by 12-14% [14] - Expected revenue and earnings growth rates for the current year are 8.1% and 13.7%, respectively, with a 4.6% improvement in earnings estimates over the last 30 days [15] Sony Group Corp. (SONY) - Growth is supported by strong performance in Game & Network Services, Music, and Financial Services, despite challenges in the Entertainment, Technology & Services unit [16] - Fiscal 2024 sales view raised to ¥13,200 billion from ¥12,710 billion, driven by momentum in Financial Services and G&NS units [17] - Expected revenue and earnings growth rates for the current year are 0.7% and 14.4%, respectively, with a 0.7% improvement in earnings estimates over the last week [18] Agnico Eagle Mines Ltd. (AEM) - Focus on production growth through project execution and strategic acquisitions, including the merger with Kirkland Lake Gold [19][20] - Expected revenue and earnings growth rates for the current year are 20.6% and 44.4%, respectively, with a 6.1% improvement in earnings estimates over the last week [20] NatWest Group plc (NWG) - Provides a range of banking and financial services across various segments, including Retail Banking and Private Banking [21][22] - Expected revenue and earnings growth rates for the current year are 10.8% and 12.8%, respectively, with a 2.7% improvement in earnings estimates over the last week [22]

Group 1: Sprouts Farmers Market (SFM) - Sprouts Farmers Market operates in a highly fragmented grocery store industry with a unique model focusing on fresh produce, foods section, and a vitamin department for overall wellness [1] - The company has a Zacks Rank of 1 (Strong Buy) and the Zacks Consensus Estimate for its current year earnings has increased by 2.6% over the last 60 days [1] - Shares of Sprouts Farmers Market gained 7.4% over the last three months compared to the S&P 500's decline of 6.6%, and it possesses a Momentum Score of A [2] Group 2: Agnico Eagle Mines (AEM) - Agnico Eagle Mines is a gold producer with mining operations in Canada, Mexico, and Finland, and exploration activities in Canada, Europe, Latin America, and the United States [2] - The company has a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings has increased by 26.2% over the last 60 days [2] - Shares of Agnico Eagle Mines gained 19.1% over the last three months compared to the S&P 500's decline of 6.6%, and it possesses a Momentum Score of A [3] Group 3: Banco Santander Chile (BSAC) - Banco Santander Chile is the largest bank in Chile and has a Zacks Rank of 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 3.9% over the last 60 days [3] - Shares of Banco Santander Chile gained 18.9% over the last three months compared to the S&P 500's decline of 6.6%, and it possesses a Momentum Score of A [4]

Core Viewpoint - Baron is an asset management firm that specializes in growth equity investment solutions, emphasizing a long-term and fundamental approach to investing [1] Company Overview - Founded in 1982, Baron has established a reputation for its active growth investing strategy [1] - The firm originated as an equity research company, which remains central to its operations [1] Communication Note - The account mentioned is not managed or monitored by Baron Capital, and inquiries should be directed through official channels [1]

Core Viewpoint - Wall Street experienced significant volatility in April due to President Trump's tariffs and trade policies, with major stock indexes mostly in negative territory for the month [1][2] Group 1: Stock Performance and Recommendations - A number of corporate giants with market capitalizations over $50 billion have managed to provide positive returns of over 5% month to date despite the turmoil [2] - Five recommended stocks with favorable Zacks Rank include Netflix Inc. (NFLX), Newmont Corp. (NEM), Philip Morris International Inc. (PM), Agnico Eagle Mines Ltd. (AEM), and Spotify Technology S.A. (SPOT) [3] Group 2: Netflix Inc. (NFLX) - Netflix exceeded the Zacks Consensus Estimate for earnings in Q1 2025, maintaining healthy engagement levels despite trade-related challenges [7] - The launch of Netflix's Ad Suite in the U.S. is expected to drive subscriber and average revenue per user (ARPU) growth, with plans for international expansion in Q2 [8] - NFLX's expected revenue and earnings growth rates for the current year are 14% and 27.7%, respectively, with a 1.8% improvement in earnings estimates over the last week [11] Group 3: Newmont Corp. (NEM) - Newmont is advancing its growth projects, including the Ahafo North project, with commercial production expected to start in the second half of 2025 [12][13] - NEM's expected revenue and earnings growth rates for the current year are 0.9% and 16.4%, respectively, with a 2% improvement in earnings estimates over the last week [14] Group 4: Philip Morris International Inc. (PM) - Philip Morris is transitioning to smoke-free products, with strong pricing power and a projected 12-14% growth in smoke-free product sales [15][16] - PM's expected revenue and earnings growth rates for the current year are 7.3% and 13.2%, respectively, with a 2.9% improvement in earnings estimates over the last week [17] Group 5: Agnico Eagle Mines Ltd. (AEM) - Agnico Eagle is focused on production growth through projects like the Kittila expansion and acquisitions, enhancing its market position [18][19] - AEM's expected revenue and earnings growth rates for the current year are 18.9% and 33.3%, respectively, with a 5.8% improvement in earnings estimates over the last week [20] Group 6: Spotify Technology S.A. (SPOT) - Spotify operates through Premium and Ad-Supported segments, with total Monthly Active Users (MAUs) reaching 675 million, surpassing estimates [21][23] - SPOT's expected revenue and earnings growth rates for the current year are 14.8% and 75.8%, respectively, with a 1.6% improvement in earnings estimates over the last week [24]

Since October 2023, the spot price of gold is up about 75%. That outperformed most stocks at that time. But what most investors don’t realize is that if you go back 25 years, gold has climbed over 1,100% or nearly 12 times its price in 1999. And this isn’t the first time there’s been a gold rush. Since the world moved away from the gold standard in 1971, there have been about four different bull markets. According to economist and author Jim Rickards, gold rose 2,185% from 1971 to 1980, and 670% from 1999 t ...