McFarlane Lake Mining Limited press release

AGNICO EAGLE REPORTS SECOND QUARTER 2025 RESULTS - RECORD FREE CASH FLOW WITH ANOTHER QUARTER OF STRONG PRODUCTION AND COST PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY TRANSITION TO NET CASH POSITION AND LONG-TERM DEBT REPAYMENT

2025-07-30

CSE - Canadian National Stock Exchange · Gold · Copper · Cobalt · Nickel · Arsenic · Canada

Canada NewsWire

[](https://mma.prnewswire.com/media/2739780/Agnico_Eagle_Mines_Limited_AGNICO_EAGLE_REPORTS_SECOND_QUARTER_2.html)

Stock Symbol: AEM (NYSE and TSX)

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO , July 30, 2025 /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 2025.

"Our portfolio of high-quality assets continued to deliver exceptional results this quarter, generating record free cash flow, more than doubling the prior quarter. This performance reflects the strength of the gold price environment, our disciplined cost management and the consistency of our operational execution," said Ammar Al-Joundi , Agnico Eagle's President and Chief Executive Officer. "While delivering record free cash flow, we remained disciplined in our capital allocation – reinvesting in our business, strengthening our balance sheet and returning capital to shareholders. We ended the quarter with a significant net cash position and returned approximately $300 million to shareholders through dividends and share repurchases this quarter. We remain focused on executing on our 2025 guidance and advancing our key growth projects to drive long-term value creation."

Second quarter 2025 highlights:

Strong quarterly gold production and cost performance – Payable gold production 1 was 866,029 ounces at production costs per ounce of $911 , total cash costs per ounce 2 of $933 and all-in sustaining costs ("AISC") per ounce 2 of $1,289 . The strong operational performance in the second quarter of 2025 was led by Canadian Malartic, LaRonde, Macassa and Fosterville . At mid-year, the Company has achieved approximately 51% of the mid-point of its full-year gold production guidance, while achieving total cash costs per ounce below the mid-point of guidance, despite higher royalty costs resulting from higher gold prices Record quarterly adjusted net income and free cash flow – The Company reported quarterly net income of $1,069 million or $2.13 per share and record adjusted net income 3 of $976 million or $1.94 per share. The Company generated cash provided by operating activities of $1,845 million or $3.67 per share ( $1,332 million or $2.65 per share of cash provided by operating activities before changes in non-cash components of working capital 4 ) and record free cash flow 4 of $1,305 million or $2.60 per share ( $792 million or $1.58 per share of free cash flow before changes in non-cash components of working capital 4 ) 2025 gold production and cost guidance reiterated – Full year expected payable gold production in 2025 remains unchanged at 3.3 to 3.5 million ounces, with total cash costs per ounce and AISC per ounce in 2025 unchanged at $915 to $965 and $1,250 to $1,300 , respectively. Total capital expenditures (excluding capitalized exploration) for 2025 remain estimated to be between $1.75 billion to $1.95 billion and capitalized exploration remains expected to be between $290 and $310 million . Further details are set out in the 2025 Guidance Summary section below Balance sheet strengthened by transition to net cash position and debt redemption – The Company transitioned to a net cash 5 position of $963 million as at June 30, 2025 as a result of the increase in its cash position by $419 million to $1,558 million and the reduction of long-term debt by $550 million to $595 million . On June 30, 2025 , the Company repaid $40 million of the 2017 Series A 4.42% senior notes at maturity and also redeemed the remaining outstanding principal of $260 million of the 2017 senior notes and $250 million of the 2016 senior notes with interest rates ranging from 4.64% to 4.94%. The aggregate payments were comprised of $40 million of the current portion of long-term debt and $510 million of long-term debt Increased quarterly share repurchases demonstrate continued focus on shareholder returns – A quarterly dividend of $0.40 per share has been declared. In addition, the Company repurchased 836,488 common shares during the quarter at an average share price of $119.47 for aggregate consideration of $100 million under its normal course issuer bid ("NCIB"). The NCIB was renewed in May 2025 with an increased purchase limit of up to $1 billion of common shares Update on key value drivers and pipeline projects Canadian Malartic – In the second quarter of 2025, total development reached a quarterly record of 4,850 metres. This included the ramp reaching the mid-shaft loading station at level 102, advancement of the ramp toward shaft bottom at a depth of 1,179 metres, and continued development of the East Gouldie production levels in preparation for initial production in the second half of 2026. Excavation of the mid-shaft loading station between levels 102 and 114 progressed, with steel installation underway and completion expected in the third quarter of 2025. The temporary service hoist ramped up to its design hoisting capacity of 3,500 tonnes per day ("tpd"). Exploration drilling continued to extend the East Gouldie deposit to the east in both the upper and lower portions of the deposit. Regional exploration is prioritizing the newly acquired Marban project including pit design optimization and potential lateral extension of the Marban deposit Detour Lake – In the second quarter of 2025, the Company initiated development of the exploration ramp with the mobilization of the contractor, completion of the ramp portal and the first blast for the exploration ramp that occurred on July 4, 2025 . Exploration drilling into the high-grade corridor in the West Pit zone further defined the high-grade domains that could potentially be mined early in the underground project, with highlight intercepts of 3.4 grams per tonne ("g/t") gold over 67.2 metres at 416 metres depth and 2.3 g/t gold over 42.6 metres at 525 metres depth. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit Upper Beaver – In the second quarter of 2025, structural steel installation for the shaft head frame progressed and cladding installation began. In addition, installation of the hoists for service and potential production commenced. At the ramp portal, supporting infrastructure was completed, with excavation of the exploration ramp now expected to begin in the third quarter of 2025 Hope Bay – In the second quarter of 2025, site infrastructure upgrades advanced, including dismantling major components of the existing mill and the refurbishment of the first wing at the Doris camp. In the second quarter of 2025, exploration drilling at Hope Bay totalled 39,390 metres (68,800 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 and Suluk zones in the Madrid deposit. Recent drilling results, including 25.7 g/t gold over 8.4 metres at 754 metres depth in one of the deepest intercepts of the Patch 7 zone to date, continue to support the potential for mineral resource expansion at depth and along strike San Nicolas project – In the second quarter of 2025, Minas de San Nicolas continued working on a feasibility study, with completion expected late in 2025. Minas de San Nicolas received an exploration permit authorizing additional drill pads across the property and the joint venture approved supplemental drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area

| | | 1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. Payable gold production for the three months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 858 and 39 ounces, respectively, which were produced from residual leaching. | | 2 Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS® Accounting Standards and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see "Note Regarding Certain Measures of Performance" below. | | 3 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. | | 4 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see "Note Regarding Certain Measures of Performance" below. | | 5 Net cash (debt), that is, a negative "net debt" position, and net debt are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to long-term debt, see "Note Regarding Certain Measures of Performance" below. |

Second Quarter 2025 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Thursday, July 31, 2025 , at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com , or directly via the link here .

Via Phone:

To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 68663#. The conference call replay will expire on August 31, 2025 .

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Second Quarter 2025 Production and Costs

June 30, | | Six Months Ended

June 30, | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | Gold production* (ounces) | | 866,029 | | 895,838 | | 1,739,823 | | 1,774,490 | | Gold sales (ounces) | | 846,835 | | 874,230 | | 1,689,800 | | 1,753,293 | | Production costs per ounce* | | $ 911 | | $ 862 | | $ 895 | | $ 877 | | Total cash costs per ounce* | | $ 933 | | $ 870 | | $ 918 | | $ 885 | | AISC per ounce* | | $ 1,289 | | $ 1,169 | | $ 1,235 | | $ 1,179 |

| *Gold production for the three months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 858 and 39 ounces, respectively, which were produced from residual leaching. Gold production for the six months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 2,669 and 64 ounces, respectively. | | Canadian Malartic's payable metal sold excludes the 5% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake's payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa's payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the six months ended June 30, 2025, 2,500 payable gold ounces sold are excluded at La India. | | *Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis. |

Gold Production

Second Quarter and First Six Months of 2025 – Gold production decreased when compared to the prior-year periods primarily due to lower production from Meadowbank (longer than expected Caribou migration affecting both mining and milling operations), Fosterville (lower grade and throughput) and Canadian Malartic (lower throughput), partially offset by higher production at Macassa and LaRonde (higher grades)

Production Costs per Ounce

Second Quarter and First Six Months of 2025 – Production costs per ounce increased when compared to the prior-year periods primarily due to higher royalties resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar during both periods

Total Cash Costs per Ounce

Second Quarter and First Six Months of 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce during both periods

AISC per Ounce

Second Quarter and First Six Months of 2025 – AISC per ounce increased when compared to the prior-year periods due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures primarily at Meadowbank and Fosterville and higher general and administrative expenses during both periods

See the Company's Management Discussion and Analysis for the second quarter of 2025 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Second Quarter 2025 Financial Results

June 30, | | Six Months Ended

June 30, | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | Realized gold price (per ounce) 6 | | $ 3,288 | | $ 2,342 | | $ 3,090 | | $ 2,202 | | Net income (millions) | | $ 1,069 | | $ 472 | | $ 1,883 | | $ 819 | | Adjusted net income (millions) | | $ 976 | | $ 535 | | $ 1,746 | | $ 913 | | EBITDA (millions) 7 | | $ 2,021 | | $ 1,123 | | $ 3,655 | | $ 2,006 | | Adjusted EBITDA (millions) 7 | | $ 1,914 | | $ 1,176 | | $ 3,504 | | $ 2,105 | | Cash provided by operating activities (millions) | | $ 1,845 | | $ 961 | | $ 2,890 | | $ 1,745 | | Cash provided by operating activities before changes in non-cash working capital balances (millions) | | $ 1,332 | | $ 986 | | $ 2,541 | | $ 1,763 | | Capital expenditures (millions) 8 | | $ 538 | | $ 407 | | $ 957 | | $ 779 | | Free cash flow (millions). | | $ 1,305 | | $ 557 | | $ 1,899 | | $ 953 | | Free cash flow before changes in non-cash working capital balances (millions) | | $ 792 | | $ 582 | | $ 1,551 | | $ 972 | | | | | | | | | | | | Net income per share (basic | | $ 2.13 | | $ 0.95 | | $ 3.75 | | $ 1.64 | | Adjusted net income per share (basic) | | $ 1.94 | | $ 1.07 | | $ 3.47 | | $ 1.83 | | Cash provided by operating activities per share (basic) | | $ 3.67 | | $ 1.92 | | $ 5.75 | | $ 3.50 | | Cash provided by operating activities before changes in non-cash working capital balances per share (basic) | | $ 2.65 | | $ 1.97 | | $ 5.06 | | $ 3.54 | | Free cash flow per share (basic) | | $ 2.60 | | $ 1.12 | | $ 3.78 | | $ 1.91 | | Free cash flow before changes in non-cash working capital balances per share (basic) | | $ 1.58 | | $ 1.17 | | $ 3.09 | | $ 1.95 |

| | | 6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. | | 7 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. | | 8 Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below. | | |

Net Income

Second Quarter of 2025 Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes expense in the current period Net income of $1,069 million ( $2.13 per share) includes the following items (net of tax): net gains on derivative financial instruments of $83 million ( $0.17 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $18 million ( $0.04 per share), foreign exchange gains of $12 million ( $0.02 per share per share), net asset disposal losses of $4 million ( $0.01 per share), debt extinguishment costs of $4 million ( $0.01 per share) and reclamation and other adjustments totalling $12 million (0.02 per share). Excluding these items results in adjusted net income of $976 million or $1.94 per share

First Six Months of 2025 – Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes expense in the current period

Adjusted EBITDA

Second Quarter and First Six Months of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher mine operating margins from higher realized gold prices, partially offset by lower gold sales, higher production costs and higher general and administrative expenses

Cash Provided by Operating Activities

Second Quarter and First Six Months of 2025 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins

Free Cash Flow Before Changes in Non-cash Working Capital Balances

Second Quarter and First Six Months of 2025 – Free cash flow before changes in non-cash working capital balances increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development

Capital Expenditures

In the second quarter of 2025, capital expenditures were $460 million and capitalized exploration expenditures were $78 million , for a total of $538 million . For the first six months of 2025, capital expenditures were $815 million and capitalized exploration expenditures were $143 million , for a total of $957 million . Total capital expenditures for 2025 (including capitalized exploration) are expected to remain in line with full year guidance as set out in the 2025 Guidance Summary below.

The following table sets out a summary of capital expenditures, in each case broken down as between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the second quarter of 2025 and the first six months of 2025.