Agnico Eagle(US:AEM) Prnewswireยท2025-02-13 22:00Core Viewpoint - Agnico Eagle Mines Limited reported record operational and financial performance for 2024, achieving production and cost guidance, reducing net debt significantly, and returning substantial capital to shareholders while maintaining a focus on cost control and capital discipline [2][3]. Financial Performance - Fourth quarter 2024 net income was $509 million ($1.02 per share), with adjusted net income reaching a record $632 million ($1.26 per share) [3][25]. - Full year 2024 net income totaled $1,896 million, slightly down from $1,941 million in 2023, primarily due to higher tax expenses and derivative losses [26]. - Cash provided by operating activities for 2024 was $3,961 million, with free cash flow of $2,143 million [3][27]. Production and Cost Metrics - Fourth quarter gold production was 847,401 ounces at production costs of $881 per ounce, total cash costs of $923 per ounce, and all-in sustaining costs (AISC) of $1,316 per ounce [3][13]. - Full year 2024 gold production reached 3,485,336 ounces, with production costs of $885 per ounce, total cash costs of $903 per ounce, and AISC of $1,239 per ounce [3][13]. - The company achieved record throughput and mining rates during the year, contributing to operational efficiencies [3]. Mineral Reserves and Resources - Year-end 2024 gold mineral reserves increased by 0.9% to a record 54.3 million ounces [3][44]. - Inferred mineral resources rose by 9.5% to 36.2 million ounces, driven by successful exploration drilling [49][50]. - Measured and indicated mineral resources decreased by 2.3% to 43.0 million ounces due to upgrades to reserves [47][48]. Debt Management and Financial Position - The company reduced net debt by $1.3 billion in 2024, ending the year with net debt of $217 million [3][34]. - Total long-term debt was $1,143 million as of December 31, 2024, down from $1,467 million in the previous quarter [33]. Shareholder Returns - A quarterly dividend of $0.40 per share was declared for Q1 2025, continuing a consistent dividend payment history since 1983 [39][40]. - The company repurchased 248,700 common shares for $20 million in Q4 2024, part of a broader share buyback program [42]. Future Guidance and Capital Expenditures - The company forecasts stable gold production of approximately 3.3 to 3.5 million ounces annually from 2025 to 2027 [3]. - Capital expenditures for 2025 are expected to be between $1.75 billion and $1.95 billion, with increased investment in pipeline projects [3][60]. - The company is advancing several key projects, including Odyssey and Detour Lake, which are expected to support future production growth [3][62].