- Agnico Eagle Mines (AEM, Financial) reported a remarkable first quarter, with a strong operational and financial performance, highlighted by record quarterly adjusted net income and significant free cash flow generation.
- The company's payable gold production stood at 873,794 ounces, with production costs per ounce at $879 and a realized gold price of $2,891 per ounce.
- Agnico Eagle declared a quarterly dividend of $0.40 per share and plans to increase its share repurchase limit to $1 billion.
Agnico Eagle Mines Limited (AEM) has announced strong financial and operational results for the first quarter of 2025. The company produced 873,794 ounces of payable gold at a production cost of $879 per ounce. The adjusted net income for the quarter was a record $770 million, equivalent to $1.53 per share, with a substantial free cash flow generated amounting to $594 million.
Key financial highlights for the period include a net income of $815 million or $1.62 per share, cash from operations totaling $1,044 million, and a realized gold price of $2,891 per ounce. The company's cash position grew by $212 million, reaching $1,138 million at the quarter's end.
The balance sheet benefited from strong free cash flow, and net debt was reduced significantly to $5 million. Supporting shareholder returns, AEM declared a quarterly dividend of $0.40 per share and repurchased 488,047 shares at an average price of $102.44, under its normal course issuer bid (NCIB). Agnico Eagle plans to increase its NCIB limit to $1 billion.
Operationally, the company reported progress on several key projects such as Canadian Malartic and Detour Lake, with continued development and exploration efforts. Canadian Malartic saw significant advancements in its underground mining transition, while Detour Lake received necessary permits to advance its underground project.
Agnico Eagle also released its 16th annual sustainability report, underscoring its commitment to sustainable practices and community engagement. The company continues to explore growth opportunities while maintaining a focus on cost efficiency and shareholder value.
