Record Financial Performance
Agnico Eagle reported record free cash flow of $1.3 billion, record adjusted EBITDA of $1.9 billion, and record adjusted net income of $1.94 per share. Additionally, record cash flows were returned to shareholders through $200 million in dividends and $100 million in share buybacks.
Strong Operational Performance
Gold production for the quarter was approximately 866,000 ounces at total cash costs of $933 per ounce. The company reported peer-leading costs and a 9% reduction in costs per meter drilled.
Exploration Success
The company made significant exploration progress with exciting results at key sites such as Odyssey, Detour, and Hope Bay, contributing to strong potential for future reserve additions.
Debt Reduction and Financial Strengthening
The company ended the quarter with a net cash position of almost $1 billion and prepaid $550 million of long-term debt, significantly deleveraging the balance sheet.
Project Development Progress
Significant progress was made on key projects including Detour, Upper Beaver, and Hope Bay, with expectations of increased production capacity.