The following is a summary of the Agnico Eagle Mines Limited (AEM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Agnico Eagle reported Q1 2024 gold production of 879,000 ounces, with total cash costs of $901 per ounce and all in sustaining costs of $1191 per ounce.

• Revenue increased 21% over Q1 2023 to $1.8 billion.

• All in sustaining costs were below the low end of the company's guidance range due to deferred capital expenditures at Detour Lake.

• The company generated a record free cash flow of $396 million for the quarter.

• Agnico Eagle's net debt position reduced to $1.3 billion due to strong operational and financial results.

Business Progress:

• Agnico Eagle is making progress on Detour and Upper Beaver projects, with updates expected mid-year.

• Notable improvements are being made in the Nunavut, Ontario, and Mexico operations, focusing on optimization and constant improvement.

• The company released its 15th Annual Sustainability Report, highlighting the company's commitment to integrating ESG and sustainability into its operational approach.

• Exploration efforts are ongoing in various regions worldwide, focusing on extending life of mine and maximizing available milling capacity.

• There are strong developmental opportunities at Malartic, Detour and Hope Bay projects that have shown promising exploration results, with updates on Hope Bay expected by 2025.

• Agnico Eagle continues to strengthen the balance sheet, focusing primarily on debt repayments for increased financial flexibility.

More details: Agnico Eagle IR

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