Core Viewpoint - Centerra Gold Inc. (CGAU) is currently viewed as a more attractive option for value investors compared to Agnico Eagle Mines (AEM) based on various valuation metrics [1]. Valuation Metrics - Both CGAU and AEM have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3]. - CGAU has a forward P/E ratio of 10.20, significantly lower than AEM's forward P/E of 20.51, suggesting CGAU is undervalued [5]. - The PEG ratio for CGAU is 0.32, while AEM's PEG ratio is 1.08, indicating that CGAU has a better growth-to-price ratio [5]. - CGAU's P/B ratio is 0.96, compared to AEM's P/B of 2.87, further supporting the notion that CGAU is a more attractive value investment [6]. - Based on these metrics, CGAU has a Value grade of A, while AEM has a Value grade of C, reinforcing CGAU's position as the superior value option [6].

Group 1 - The global push to reduce carbon emissions presents significant opportunities in the green economy sector [1] - Agnico Eagle Mines Limited (NYSE: AEM) has seen its stock price double since April of the previous year, indicating strong performance in the gold mining sector [2] - The investing group Green Growth Giants focuses on identifying generational opportunities within the green economy, building on insights from the Long Term Tips profile [2]

Core Insights - Agnico Eagle Mines Limited (AEM) achieved a significant milestone by reducing its all-in sustaining costs (AISC) to $1,183 per ounce in Q1 2025, a 10% decrease from the previous quarter, primarily due to deferred capital expenditures at key operations [1][6] - In contrast, Newmont Corporation (NEM) reported an AISC of $1,651 per ounce, reflecting a 13% increase, attributed to a decline in production from non-core asset divestments [2] - Barrick Mining Corporation (B) experienced a 22% increase in AISC to $1,775 per ounce, influenced by operational challenges and lower production due to the suspension of operations at its Loulo-Gounkoto mine [3] Company Performance - AEM's record-high operating margin in Q1 2025 highlights its effective cost control measures [1][6] - AEM anticipates higher AISC in the latter part of 2025, forecasting AISC between $1,250 and $1,300 per ounce, indicating a year-over-year increase at the midpoint [4][6] - AEM's shares have increased by 56.6% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 55.6% [5] Valuation and Earnings Estimates - AEM is currently trading at a forward 12-month earnings multiple of 20.26, which is a 41.1% premium to the industry average of 14.36 [8] - The Zacks Consensus Estimate for AEM's earnings implies a year-over-year rise of 42.6% for 2025 and 0.8% for 2026, with EPS estimates trending higher over the past 60 days [9]

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]