Group 1 - Alluvial Gold Research provides detailed analysis on undervalued mining companies, focusing on those with upcoming catalysts that could enhance portfolio performance [1] - Subscribers receive access to current portfolios and real-time buy/sell alerts, indicating a proactive investment strategy [1] Group 2 - The article emphasizes the importance of position sizing in the volatile precious metals sector, recommending that investments in small-cap precious metals stocks should be limited to 5% or less of an investor's portfolio [2]

Industry Overview - Gold prices have been on the rise, reaching $3,415.57/ounce on May 5 and stabilizing around $3,300/ounce thereafter, positively impacting gold mining stocks [1][2] - The increase in gold prices is attributed to concerns over U.S. government debt, weak demand for long-term treasury bonds, and a declining dollar, with the World Gold Council noting a scarcity of gold deposits in the mining industry [2] - Central banks in emerging economies are increasing their gold purchases, and the rising use of gold in energy, healthcare, and technology is expected to create a demand-supply imbalance, further driving prices [3] Investment Opportunities - Investing in gold mining stocks with a favorable Zacks Rank is recommended, with five highlighted stocks: Franco-Nevada Corp. (FNV), Newmont Corp. (NEM), Kinross Gold Corp. (KGC), Royal Gold Inc. (RGLD), and Agnico Eagle Mines Ltd. (AEM), all currently rated as Strong Buy [4] Positive Catalysts - Global central banks are cutting interest rates to stimulate economic growth, which benefits non-income-bearing assets like gold, while a weak U.S. dollar increases demand for dollar-denominated gold [5] - Ongoing geopolitical conflicts, such as the Russia-Ukraine war and unrest in Southeast Asia, are expected to keep gold prices buoyant as it is viewed as a safe-haven investment [6] - Major investment banks like Goldman Sachs and JP Morgan predict gold prices could reach $4,000/ounce by 2026, indicating continued bullish momentum [7] Company-Specific Insights Franco-Nevada Corp. (FNV) - FNV is positioned for strong earnings growth due to increased contributions from streaming agreements and a focus on cost management despite lower output from Cobre Panama [10] - The company has a debt-free balance sheet and plans to use free cash flow for portfolio expansion and dividends, with expected revenue and earnings growth rates of 31.5% and 29.9%, respectively, for the current year [11][12] Newmont Corp. (NEM) - NEM is advancing its growth projects, including the Tanami expansion and the Ahafo North project, with a commitment to invest $950 million to $1,050 million in development capital [13][14] - The expected revenue and earnings growth rates for NEM are 2% and 20.1%, respectively, for the current year [14] Kinross Gold Corp. (KGC) - KGC has a strong production profile and is focusing on organic growth through projects like Tasiast, which is expected to enhance production and cash flow [15][16] - The expected revenue and earnings growth rates for KGC are 15.3% and 63.2%, respectively, for the current year [17] Royal Gold Inc. (RGLD) - RGLD benefits from solid streaming agreements and a strong balance sheet, with plans to allocate cash flow towards dividends, debt reduction, and new ventures [18][19] - The expected revenue and earnings growth rates for RGLD are 24.1% and 35.2%, respectively, for the current year [19] Agnico Eagle Mines Ltd. (AEM) - AEM is focused on executing projects that will enhance production and cash flows, with strategic acquisitions and expansions strengthening its market position [20][21] - The expected revenue and earnings growth rates for AEM are 23% and 42.6%, respectively, for the current year [22]

Core Viewpoint - Fury Gold Mines Limited has entered into a subscription agreement with Agnico Eagle Mines Limited, resulting in Agnico acquiring 6,728,000 units at C$0.64 per unit, totaling gross proceeds of C$4,305,920 [1][2] Investment Details - Each unit consists of one common share and one common share purchase warrant, with the warrant exercisable at C$0.80 for 36 months, subject to accelerated expiry conditions [1] - Agnico's investment increases its ownership in Fury to 6.3% of issued shares and 9.9% on a partially diluted basis [2] Use of Proceeds - Proceeds from the private placement will be allocated as follows: C$3.9 million for exploration at the Committee Bay project, with the remainder for other projects and general corporate purposes [3] Management Commentary - The CEO of Fury expressed satisfaction with Agnico's investment, highlighting the potential of the Committee Bay project and the importance of the Arctic for future mineral exploration [4] Investor Rights Agreement - An investor rights agreement was established, granting Agnico the right to nominate a board member and participate in future equity offerings to maintain its ownership interest [5] Company Overview - Fury Gold Mines Limited is a Canadian-focused exploration company with a significant shareholding in Dolly Varden Silver Corp and aims to grow its gold platform through rigorous project evaluation and exploration [6]

Industry Overview - Gold has gained approximately 26% year to date, currently trading near $3,030 per ounce, driven by geopolitical risks and a weaker U.S. dollar [1] - The Zacks Mining - Gold industry has increased by 39.1% year to date, outperforming the Zacks Basic Materials sector's 6.4% and the S&P 500's 0.7% [2] - Robust gold demand is anticipated to continue, with central banks expected to maintain a buying streak of over 1,000 tons [8] Demand and Supply Dynamics - Gold demand reached 1,206 tons in Q1 2025, the highest quarterly total since 2016, with central banks acquiring around 244 tons [4] - Investment demand surged 170% year over year to 552 tons, marking the strongest quarter since Q1 2022, driven largely by China [5] - Global gold ETFs saw inflows of 226.5 tons, with April marking the fifth consecutive monthly increase [6] Company Highlights Newmont - Newmont solidified its position as the world's largest gold producer after integrating Newcrest assets and is focusing on Tier 1 assets [10] - The company has a strong liquidity position and is pursuing several growth projects, including Tanami Expansion 2 and Ahafo North [11] - The Zacks Consensus Estimate for Newmont's 2025 earnings indicates a year-over-year growth of 12.6% [12] Agnico Eagle Mines - Agnico Eagle maintains a strong liquidity position and is advancing several projects expected to enhance production and cash flows [13] - The Zacks Consensus Estimate for Agnico Eagle's 2025 earnings suggests a year-over-year growth of 42.2% [14] Barrick Mining - Barrick Mining is well-positioned to benefit from key growth projects, including Goldrush and Pueblo Viejo plant expansion [15] - The Zacks Consensus Estimate for Barrick Mining's 2025 earnings indicates a year-over-year growth of 34.7% [17] Kinross Gold - Kinross Gold has a strong production profile and is advancing key development projects, including Great Bear and Round Mountain Phase X [19] - The Zacks Consensus Estimate for Kinross Gold's 2025 earnings suggests a year-over-year growth of 52.2% [21] New Gold - New Gold consolidated its interest in the New Afton mine to 100%, projecting a 37% increase in gold production between 2024 and 2027 [22] - The Zacks Consensus Estimate for New Gold's 2025 earnings indicates a year-over-year growth of 91.25% [24]

Core Viewpoint - Agnico Eagle Mines Limited (AEM) has announced a significant investment in Foran Mining Corporation through a private placement, acquiring 30 million shares at C$3.00 each, totaling C$90 million [1] Investment Details - The investment will be executed in two tranches, with the first tranche expected to close around May 28, 2025, and the second tranche contingent on shareholder approval [2] - Each tranche is subject to conditions, including approval from the Toronto Stock Exchange [2] Shareholding Impact - Currently, Agnico Eagle holds 39,125,448 shares of Foran Mining, representing approximately 9.9% of total shares [3] - Post-first tranche, Agnico Eagle's ownership will increase to about 13.1% of Foran's shares, assuming 73,173,590 shares are issued [3] - After the second tranche, Agnico Eagle's holdings are projected to rise to 69,125,448 shares, equating to roughly 13.5% of Foran's shares, assuming an additional 13,493,077 shares are issued [4] Company Performance - Agnico Eagle's shares have appreciated by 52.2% over the past year, outperforming the industry average increase of 26.7% [4] - The company is on track to meet its 2025 targets, including gold production of 3.3 to 3.5 million ounces and capital expenditures estimated between $1.75 billion and $1.95 billion [5]

Core Viewpoint - Agnico Eagle Mines Limited has agreed to subscribe for 30 million common shares of Foran Mining Corporation in a private placement for a total of C$90 million, which will increase its ownership stake in Foran [1][2]. Group 1: Investment Details - The private placement will occur in two tranches, with the first tranche expected to close around May 28, 2025, and the second tranche pending shareholder approval [1]. - Upon closing the first tranche, Agnico Eagle's ownership in Foran will increase from approximately 9.9% to 13.1% of the issued and outstanding common shares [2]. - After the second tranche, Agnico Eagle is expected to own about 13.5% of Foran's common shares [2]. Group 2: Investor Rights Agreement - Agnico Eagle and Foran have an existing investor rights agreement that grants Agnico Eagle rights to participate in equity financings and maintain its ownership percentage [3]. - The agreement will be amended to enhance Agnico Eagle's rights, including the ability to nominate an additional board member if the board size increases [4]. Group 3: Additional Investments - Agnico Eagle has also made a follow-on investment in Azimut Exploration Inc., acquiring 2,197,300 common shares for C$2,307,165, increasing its ownership from approximately 10.06% to 12% [5]. - The acquisitions of both Foran and Azimut shares are for investment purposes, with potential future acquisitions or disposals depending on market conditions [6]. Group 4: Company Overview - Agnico Eagle is a leading Canadian gold mining company and the third largest gold producer globally, recognized for its sustainability practices and consistent shareholder value creation since its founding in 1957 [9].

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].