Agnico Eagle Reports Second Quarter 2024 Results - Third Consecutive Quarter Of Record Free Cash Flow Underpinned By Consistent, Strong Operational And Cost Performance

31 July 2024

TORONTO, July 31, 2024 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2024.

"We continue to deliver strong and reliable operational results which, combined with higher gold prices, drove record operating margin and free cash flow for the third consecutive quarter. As a result of the excellent performance of our operations through the first half of 2024, we are highly confident we will achieve our full year production and cost guidance," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We generated over half of a billion dollars of free cash flow in the second quarter, supporting a significant strengthening of our balance sheet and increased returns to shareholders. We continue to take a measured approach advancing key pipeline projects that show strong risk-adjusted returns, such as the Detour Lake underground and Upper Beaver projects. Our focus remains on capital discipline and cost control to ensure that the benefits of higher gold prices accrue to our shareholders through strengthening our financial position and increasing shareholder returns," added Mr. Al-Joundi.