Operating Results with Record Safety Performance; Reintegration of Nunavummiut Workforce Underway at Meliadine and Meadowbank; Underground Development and Surface
Stock Symbol: AEM (NYSE and TSX)
For further information: Investor Relations (416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS SECOND QUARTER 2021 RESULTS – STRONG OPERATING RESULTS WITH RECORD SAFETY PERFORMANCE; REINTEGRATION OF NUNAVUMMIUT WORKFORCE UNDERWAY AT MELIADINE AND MEADOWBANK; UNDERGROUND DEVELOPMENT AND SURFACE CONSTRUCTION PROCEEDING AS PLANNED AT ODYSSEY
Toronto (July 28, 2021) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported quarterly net income of $189.6 million, or net income of $0.78 per share, for the second quarter of 2021. This result includes non-cash mark-to-market gains on warrants of $15.9 million ($0.07 per share), foreign currency translation gains on deferred tax liabilities of $9.3 million ($0.04 per share), derivative gains on financial instruments of $1.8 million ($0.01 per share), non-cash foreign currency translation losses of $2.4 million ($0.01 per share) and various other adjustment losses of $2.7 million ($0.02 per share). Excluding these items would result in adjusted net income1 of $167.7 million or $0.69 per share for the second quarter of 2021. For the second quarter of 2020, the Company reported net income of $105.3 million or net income of $0.44 per share.
Included in the second quarter of 2021 net income, and not adjusted above, are noncash stock option expense of $3.9 million ($0.02 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $2.5 million ($0.01 per share).
In the first six months of 2021, the Company reported net income of $325.7 million, or net income of $1.34 per share. This compares with the first six months of 2020, when net income was $83.7 million, or net income of $0.35 per share.
The increase in net income in the second quarter of 2021, compared to the prior-year period, is primarily due to higher mine operating margins (from higher sales volumes and higher realized metal prices) and lower losses in non-cash items related to mark-tomarket adjustments on financial instruments owned by the Company, partially offset by
1 Adjusted net income is a non-GAAP measure. For a discussion regarding the Company's use of non- GAAP measures, please see "Note Regarding Certain Measures of Performance".
higher amortization of property, plant and mine development due to higher production volumes and the contribution of the Hope Bay mine, higher exploration expenses, and higher income and mining taxes driven by higher operating margins. In the second quarter of 2020, gold production and sales were negatively affected by COVID-19 related reductions in mining activities.
The increase in net income in the first six months of 2021, compared to the prior-year period, is primarily due to the reasons described above partially offset by higher general and administration costs related to a health care donation of $8.0 million spread over several years that was expensed in the first quarter of 2021.
In the second quarter of 2021, cash provided by operating activities was $406.9 million ($432.2 million before changes in non-cash components of working capital), compared to the second quarter of 2020 when cash provided by operating activities was $162.6 million ($185.2 million before changes in non-cash components of working capital). The cash provided by operating activities in the second quarter of 2021 resulted in another strong quarter of free cash-flow2 generation.
In the first six months of 2021, cash provided by operating activities was $763.3 million ($847.4 million before changes in non-cash components of working capital), compared to the first six months of 2020 when cash provided by operating activities was $326.0 million ($389.9 million before changes in non-cash components of working capital).
The increase in cash provided by operating activities in the second quarter of 2021, compared to the prior-year period, is primarily due to an increase in mine operating margins, partially offset by higher cash taxes related to the higher mine operating margins. The higher mine operating margins were primarily a result of strong operating performance from the Company's key mines in the second quarter of 2021, and higher average realized metal prices. In the second quarter of 2020, gold production was negatively affected by COVID-19 related reductions in mining activities at seven of the Company's eight mines.
The increase in cash provided by operating activities in the first six months of 2021, compared to the prior-year period, is primarily due to an increase in mine operating margins due to the reasons described above, partially offset by higher cash taxes related to the higher mine operating margins and payments for deferred taxes related to the 2020 tax year in the first quarter of 2021.
"In the second quarter of 2021, the Company posted record safety performance with solid operational results which resulted in another strong quarter of cash flow generation. The Company remains on track to hit its production and cost guidance for 2021 and we expect to see growing gold output in the second half of the year, which should lead to continued strong cash flow generation in 2021," said Sean Boyd, Agnico Eagle's Chief
2 Free cash flow is a non-GAAP measure. For a discussion regarding the Company's use of non-GAAP measures, please see "Note Regarding Certain Measures of Performance".
Executive Officer. "Our sound operational platform and stable financial position has given us the flexibility to increase our exploration spending in 2021, and advance our pipeline of development projects, which is expected to provide additional shareholder value in the coming months and years," added Mr. Boyd.
Second quarter of 2021 highlights include:
- Strong operating results and record safety performance in the second quarter of 2021 – Payable gold production3 was 500,698 ounces (excluding 25,308 ounces of payable gold production at Hope Bay, and including 9,053 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively) at production costs per ounce of $834, total cash costs per ounce4 of $739 and all-in sustaining costs ("AISC") per ounce5 of $1,021. Including Hope Bay, payable gold production in the second quarter of 2021 was 526,006 ounces at production costs per ounce of $827, total cash costs per ounce of $748 and AISC per ounce of $1,037. Production costs per ounce, total cash costs per ounce and AISC per ounce exclude the pre-commercial production of gold at Tiriganiaq and Amaruq underground
- Operating results positively affected by better than expected maintenance performance and higher than forecast production at the LaRonde Complex and Meliadine mine – In the second quarter of 2021, scheduled maintenance programs were performed at LaRonde, Goldex, Meliadine, Amaruq and Kittila. In all instances, the maintenance programs went better than planned, allowing for a prompt resumption of operations at all five mines. In the second quarter of 2021, production was also positively affected by higher than forecast tonnage and grade at LaRonde, and an 8% increase in forecast grades at Meliadine. In May 2021, the Meliadine mine established new monthly records for mill throughput (5,178 tonnes-per-day ("tpd")) and gold production (35,810 ounces)
- Reintegration of Nunavummiut workforce underway at Meliadine and Meadowbank mines – At the end of June 2021, the Company began the gradual reintegration of the local workforce at two of its Nunavut operations, following consultation with local government and health authorities. The Nunavummiut workforce is expected to be fully reintegrated by the end of the third quarter of 2021,
3Payable 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.
4Total cash costs per ounce is a non-GAAP measure and, unless otherwise specified, is reported on a byproduct basis. For a reconciliation to production costs and for total cash costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".
5AISC per ounce is a non-GAAP measure and, unless otherwise specified, is reported on a by-product basis. For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".
which is expected to result in cost savings of approximately $4 million per quarter (before tax)
- Production and cost guidance maintained for 2021 – Expected gold production in 2021 is unchanged at approximately 2,047,500 ounces, while total cash costs per ounce and AISC per ounce continue to be forecast in the range of $700 to $750 and $950 to $1,000, respectively. Estimated payable gold production and costs for 2021 exclude any contribution from Hope Bay. Quarterly production guidance for Hope Bay is unchanged at approximately 18,000 to 20,000 ounces of gold at total cash costs per ounce of $950 to $975 and AISC per ounce of $1,525 to $1,575
- Capital expenditures for 2021 remain unchanged – Total capital expenditures for 2021 are still estimated to be approximately $803.0 million. Capital spending levels in the first half of 2021 were lower than forecast largely due to the timing of expenditures. Capital spending is expected to return to more normalized levels over the balance of the year
- Cost inflation expected to be minimal in 2021 – With rising prices for many commodities, cost pressures are gradually being pushed downstream and are starting to be reflected in the prices for certain goods and services used by the Company. Despite the inflationary pressures faced year-to-date, the Company is expected to remain on track to achieve its 2021 cost guidance on the back of a number of collaborative efforts and initiatives. In addition, the Company does not anticipate any abnormal impact on labour costs as a result of wage inflation, other than contract exploration drilling and other select contractor groups at this time
- Demonstrating Strong ESG Performance – In the second quarter of 2021, the Company registered its best quarterly safety performance in its 64-year history. In an effort to reduce its long-term carbon footprint, the Company signed a memorandum of understanding in July 2021 with the consortium of Tugliq Energy Corp. and Hiqiniq Energy Corporation (a wholly-owned subsidiary of Kitikmeot Corporation) to jointly work to develop a renewable energy plan for the Hope Bay project. For the second consecutive year, the Company received a Towards Sustainable Mining® award from the Mining Association of Canada to honour the Company's innovative community development work at Pinos Altos which helped 300 families in Mexico gain access to clean, sustainable drinking water
- Odyssey project development and construction on target – Ramp development is advancing ahead of schedule and at lower unit costs; the first underground exploration bay is complete; the shaft collar (30 metres) was excavated and the concrete lining installed; the head frame foundations are in progress and the head frame construction is expected to start in the fourth quarter of 2021. All surface construction activities and the purchase of long lead items are on target; shaft sinking is expected to resume in the second half of 2022. Underground exploration drilling
will target the upper levels of the Odyssey South Zone and the Internal Zones. Surface drilling is ongoing to infill and expand the East Gouldie Zone
- Drilling confirms extension of mineralization at Pinos Altos and La India camps
- Drilling at Cubiro and Pinos Altos Deep confirms and extends high-grade gold
mineralization laterally and at depth; infill and step-out drilling confirms and extends the Chipriona sulphide deposit near surface
- Positive exploration results at several minesites and projects in the first half of 2021 – Highlights include discovery of a new mineralized horizon 400 metres south of the East Gouldie deposit; additional high-grade gold-copper in the footwall zone at Upper Beaver in Kirkland Lake; exploration at Hope Bay confirmed the expansion potential of the Doris and Madrid deposits; and drilling at Kittila yielded the deepest ore grade intersection at the mine. For more information on the latest results see the Company's news release dated July 8, 2021
- A quarterly dividend of $0.35 per share has been declared
Second Quarter 2021 Financial and Production Highlights
In the second quarter of 2021, the Company's payable gold production was 500,698 ounces (excluding 25,308 ounces of payable gold production at Hope Bay, and including 9,053 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively). This compares to quarterly payable gold production of 331,064 ounces in the prior-year period (which included 2,651 ounces of pre-commercial production of gold at the Barnat deposit at Canadian Malartic). Including the Hope Bay mine, the Company's quarterly gold production was 526,006 ounces in the second quarter of 2021.
In the first six months of 2021, the Company's payable gold production was a record 1,005,243 ounces (excluding 37,567 ounces of payable gold production at Hope Bay, and including 17,176 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively). This compares to payable gold production of 742,430 ounces in the prior-year period (which included 5,625 ounces of pre-commercial production of gold at the Barnat deposit at Canadian Malartic). Including the Hope Bay mine, the Company's payable gold production was 1,042,810 ounces in the first six months of 2021.
The higher gold production in the second quarter of 2021 and the first six months of 2021, when compared to the prior-year periods, was primarily due to strong performance at the Company's key mines, including higher than forecast tonnage and grade at the LaRonde Complex and higher than expected grade at the Meliadine mine, partially offset by lower production at La India related to water conservation efforts and at Creston Mascota where only residual leaching remains. In the second quarter of 2020 and the first six months of 2020, gold production was negatively affected by COVID-19 related reductions in mining activities which impacted seven of the Company's eight operations. A detailed description of the production at each mine is set out below.
Production costs per ounce in the second quarter of 2021 were $834 (excluding the Hope Bay mine), compared to $854 in the prior-year period. Total cash costs per ounce in the second quarter of 2021 were $739 (excluding the Hope Bay mine), compared to $825 in the prior-year period. Including the Hope Bay mine, production costs per ounce were $827 and total cash costs per ounce were $748 in the second quarter of 2021.
Production costs per ounce in the first six months of 2021 were $808 (excluding the Hope Bay mine), compared to $864 in the prior-year period. Total cash costs per ounce in the first six months of 2021 were $734 (excluding the Hope Bay mine), compared to $832 in the prior-year period. Including the Hope Bay mine, production costs per ounce were $819 and total cash costs per ounce were $741 in the first six months of 2021.
In the second quarter and first six months of 2021, production costs per ounce decreased when compared to the prior-year periods primarily due to higher gold production and lower costs per tonne at the Meadowbank Complex and Meliadine mine, partially offset by the strengthening of the Canadian dollar against the U.S. dollar. In the second quarter and first six months of 2021, total cash costs per ounce decreased when compared to the prior-year periods primarily due to higher gold production, higher by-product revenues from higher realized metal prices and higher sales volumes and lower minesite costs per tonne at the Meadowbank Complex and Meliadine mine, partially offset by the strengthening of the Canadian dollar against the U.S. dollar.
AISC per ounce in the second quarter of 2021 were $1,021 (excluding the Hope Bay mine), compared to $1,142 in the prior-year period. Including the Hope Bay mine, AISC per ounce were $1,037 in the second quarter of 2021.
AISC per ounce in the first six months of 2021 were $1,008 (excluding the Hope Bay mine), compared to $1,118 in the prior-year period. Including the Hope Bay mine, AISC per ounce were $1,022 in the first six months of 2021.
AISC in the second quarter and first six months of 2021 decreased when compared to the prior-year periods primarily due to lower total cash costs per ounce, partially offset by higher sustaining capital expenditures at the LaRonde Complex, Canadian Malartic mine and Goldex mine related to the temporary suspension of activities due to COVID-19 in the prior-year periods.
Cash Position – Strong Financial Flexibility
Cash and cash equivalents and short-term investments increased to $280.9 million at June 30, 2021, from the March 31, 2021 balance of $132.0 million, primarily due to the strong free cash flow generation in the quarter. As of June 30, 2021, the outstanding balance on the Company's unsecured revolving bank credit facility was nil, and available liquidity under this facility was approximately $1.2 billion, not including the uncommitted $300 million accordion feature.
Approximately 54% of the Company's remaining 2021 estimated Canadian dollar exposure is hedged at an average floor price above 1.27 C$/US$. Approximately 50% of the Company's remaining 2021 estimated Mexican peso exposure is hedged at an average floor price above 20.75 MXP/US$. Approximately 11% of the Company's remaining 2021 estimated Euro exposure is hedged at an average floor price of approximately 1.20 US$/EUR. The Company's full year 2021 cost guidance is based on assumed exchange rates of 1.30 C$/US$, 20.00 MXP/US$ and 1.20 US$/EUR.
Approximately 50% of the Company's diesel exposure relating to its Nunavut operations (excluding Hope Bay) for 2021 is hedged at an average floor price below $0.45 per litre, which is lower than the 2021 cost guidance assumption of $0.50 per litre (excluding transportation costs). These hedges will offset a portion of the expense related to the 2021 sealift diesel purchases, which commenced in July.
The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs.
Capital Expenditures
Total capital expenditures (including sustaining capital) in the second quarter of 2021 were $209.3 million (excluding Hope Bay), lower than forecast primarily due to the timing of expenditures. Including Hope Bay, the total capital expenditures in the second quarter of 2021 were $220.3 million. Capital spending is expected to return to more normalized levels over the balance of the year and the total capital expenditures (including sustaining capital) in 2021 remain forecast to be approximately $803.0 million, excluding the Hope Bay mine. Pre-commercial production at the Tiriganiaq open pit at Meliadine is incorporated in, and netted against, the total 2021 capital expenditure forecast. As a result, some variability is likely depending on the timing of the achievement of commercial production, prevailing gold prices and foreign exchange rates.
The following table sets out capital expenditures (including sustaining capital) in the second quarter of 2021 and the first six months of 2021.
Capital Expenditures (In thousands of U.S. dollars)
Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Sustaining Capital
LaRonde Complex $ 27,959 $ 49,531 Canadian Malartic mine 20,758 40,313
Capital Expenditures (In thousands of U.S. dollars)
Three Months Six Months Ended Ended June 30, 2021 June 30, 2021
| Meadowbank Complex | 17,945 | 25,287 |
| Meliadine mine | 12,887 | 23,095 |
| Kittila mine | 7,280 | 17,924 |
| Goldex mine | 9,214 | 16,384 |
| Pinos Altos mine | 3,876 | 7,994 |
| La India mine | 1,350 | 3,205 |
| Total Sustaining Capital | $ $ | 183,733 |
101,269
Development Capital
LaRonde Complex $ $ 13,704 22,489
| Canadian Malartic mine | 11,403 | 19,051 |
| Meadowbank Complex | 4,475 | 8,506 |
| Amaruq underground project | 25,725 | 36,074 |
| Meliadine mine | 15,359 | 29,209 |
| Kittila mine | 21,203 | 35,583 |
| Goldex mine | 4,439 | 8,493 |
| Pinos Altos mine | 6,364 | 7,917 |
| La India mine | 1,971 | 3,645 |
| Other | 3,378 | 9,467 |
| Total Development Capital | $ $ |
108,021 180,434 Total Capital Expenditures - excluding Hope Bay $ $ 364,167 209,290
Hope Bay mine Sustaining Capital $ $ 9,664 16,397 Hope Bay mine Development Capital 1,328 2,762 Total Capital Expenditures - including Hope Bay $ 220,282 $ 383,326
2021 Production and Cost Guidance Unchanged
Production guidance for 2021 remains unchanged at approximately 2,047,500 ounces of gold (including approximately 30,000 ounces and 350 ounces of pre-commercial gold production from the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively). The Company anticipates that total cash costs per ounce and AISC per ounce for 2021 will continue to be in the range of $700 to $750 and $950 to $1,000, respectively. Estimated payable gold production and costs for 2021 exclude any contribution from Hope Bay.
Quarterly production guidance for Hope Bay is unchanged at approximately 18,000 to 20,000 ounces of gold at total cash costs per ounce of $950 to $975 and AISC per ounce of $1,525 to $1,575.
2021 Tax Guidance
Income and mining taxes expense for the first six months of 2021 was $186.1 million (an effective tax rate of 36%). The Company anticipates the overall full year effective tax rate for 2021 to be approximately 40% based on expected margins. Previous full year 2021 guidance for the effective tax rate was 40 to 45%.
Cost Inflation Update
With rising prices for many commodities (lumber, steel, basic materials, oil, etc.) and disruptions to global supply-chains, the resulting cost pressures are gradually being pushed downstream and are starting to be reflected in the prices for a number of goods and services used by the Company. This price inflation, although expected to be temporary in nature, could last through the end of 2021 and, depending on when conditions on the supply-side normalize, potentially into 2022.
At this time, the Company does not anticipate any significant impact on labour costs as a result of wage inflation, other than contract exploration drilling and select contractor groups. The strategy to contain the risk of workforce cost increases includes initiatives such as implementing organizational workforce cost management projects to improve productivity, as well as career development plans to fill specific technical roles with internal candidates where possible. In addition, the Company expects Nunavut labour costs to decline with the return of the Nunavummiut workforce.
Despite the inflationary pressures faced so far this year, the Company remains on track to achieve its 2021 cost guidance on the back of cross-functional cost management efforts and initiatives. The Company will continue to actively monitor and identify opportunities to manage and mitigate input cost pressures as supply chains stabilize.
Demonstrating strong ESG performance
In March 2020, the Company decided to send the Nunavut-based workforce home and isolate its mines from the local communities. In accordance with COVID-19 health guidelines issued by the Government of Nunavut, the Nunavut-based workforce has remained at home since then and the Company has continued to pay 75% of base salaries to these employees. In the second quarter of 2021, the Company worked with local authorities to finalize a plan for reintegrating the Nunavut-based workforce while attempting to minimize the risk of exposure to COVID-19 and the spread of the virus to the local communities. The plan was approved by the Chief Public Health Officer of Nunavut in mid-June 2021. A gradual return of the Nunavut-based workforce has been planned, including training on the robust health protocols and hygiene measures implemented at the sites and re-training on job specific skills and competencies in order to ensure a safe reintegration into the operations. The reintegration of the Nunavutbased workforce started on June 25, 2021 and will be extended over the next eight to twelve weeks. The return of the Nunavut-based workforce is expected to result in a cost savings for the Company of approximately $4.0 million per quarter (before tax), starting in the fourth quarter of 2021.
The Company is committed to maintaining consistently high health and safety standards. In 2020, the Company took another step along its journey to eliminate workplace injuries and reach its goal of zero accidents by launching the Towards Zero Accidents initiative. This program has helped the Company to register its best quarterly safety performance in its 64-year history, with a combined lost-time accident and restricted work frequency (employees and contractors) at 0.53 (including Canadian Malartic) in the second quarter of 2021.
On April 29, 2021, the Company announced its commitment to net zero carbon emissions by 2050. Pathways to achieve net zero, including specific reduction targets, and other key climate-related targets are currently being developed. In the meantime, the Company's operating sites continue to research, develop and implement new GHG reduction initiatives. At the Hope Bay project, GHG emissions are generated mostly from the diesel generators used to power the site. On July 14, 2021, the Company signed a memorandum of understanding (the "MOU") with TUGLIQ Energy Corp. and Hiqiniq Energy Corporation (a wholly-owned subsidiary of Kitikmeot Corporation) to jointly work to develop a renewable energy plan for the Hope Bay project. The MOU envisions that TUGLIQ Energy Corp. and Hiqiniq Energy Corporation will build and operate a wind turbine project and sell power to the Company for its operations at Hope Bay. This collaboration will benefit both the Company by reducing its GHG emissions and energy costs at Hope Bay, and the local community by developing local green-power capacity.
In the second quarter of 2021, the Company was awarded the 2021 Towards Sustainable Mining® Community Engagement Award by the Mining Association of Canada. This award honours the Company's innovative community development work in Mexico. The Pinos Altos mine in collaboration with the Municipality of Temosachic, helped 300 families in Mexico gain access to clean, sustainable drinking water. The design and installation of a drinking water distribution network powered by low-carbon solar cells provides a continuous supply of clean, fresh drinking water to the community and contributes to the United Nations Sustainable Development Goal #6 – the availability and sustainable management of water and sanitation for all. This is the second year in a row that the Company has received a Towards Sustainable Mining® excellence award.
For the third consecutive year the Company has earned a place on the Corporate Knights list of Canada's Best 50 Corporate Citizens. The Best 50 Corporate Citizens are selected through evaluations of key environmental, social and governance indicators relative to their industry peers and using publicly available information. Being named to the list over each of the last three years demonstrates that the Company continues to be one of the Canadian leaders with respect to environmental, social and governance matters in the mining industry.
In the second quarter of 2021, all of the regions in which the Company operates have seen a significant reduction in COVID-19 cases. With vaccination campaigns progressing, governments have started to ease the restrictions imposed to address the pandemic. The Company remains engaged in managing risks related to COVID-19 and continues to apply the measures implemented to help protect the health and safety of its employees and the communities in which it operates. These measures appear to have been effective to date at detecting COVID-19 cases and preventing the spread of the virus within the Company's operations. In the second quarter of 2021, none of the Company's operations were suspended and the number of employees testing positive for COVID-19 has trended downward (115 positive cases in the second quarter of 2021 compared to 219 positive cases in the first quarter of 2021). The table below sets out additional information on COVID-19 cases identified in the second quarter of 2021; a significant majority of which were detected by the Company's screening and testing protocols.
| Region | Total Positive Cases | Detected Offsite | Detected by the Company's protocols | Recovered Cases* |
|---|---|---|---|---|
| Finland Nunavut Abitibi Mexico Exploration Toronto | 1 11 9 72 21 1 | 1 7 6 3 16 1 | — 4 3 69 5 — | 1 1 12 118 18 1 |
| Sub-Total | 115 | 34 | 81 | 151 |
*Recovered Cases in the second quarter of 2021 include employees that were positive and had not yet recovered at the end of the first quarter of 2021 and that recovered in the second quarter of 2021.
Dividend Record and Payment Dates for the Third Quarter of 2021
Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.35 per common share, payable on September 15, 2021 to shareholders of record as of September 1, 2021. Agnico Eagle has declared a cash dividend every year since 1983.
Remaining Expected Dividend Record and Payment Dates for 2021
| Record Date | Payment Date |
| September 1, 2021* | September 15, 2021* |
| December 1, 2021 | December 15, 2021 |
*Declared
Dividend Reinvestment Plan
Please see the following link for information on the Company's dividend reinvestment plan: Dividend Reinvestment Plan
Second Quarter 2021 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Thursday, July 29, 2021 at 11:00 AM (E.D.T.) to discuss the Company's second quarter financial and operating results.
Via Webcast:
A live audio webcast of the conference call will be available on the Company's website www.agnicoeagle.com.
Via Telephone:
For those preferring to listen by telephone, please dial 416-764-8659 or toll-free 1-888- 664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay Archive:
Please dial 1-416-764-8677 or toll-free 1-888-390-0541, access code 754213#. The conference call replay will expire on August 29, 2021.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
NORTHERN BUSINESS REVIEW
ABITIBI REGION, QUEBEC
Agnico Eagle is currently Quebec's largest gold producer with a 100% interest in the LaRonde Complex (which includes the LaRonde and LaRonde Zone 5 ("LZ5") mines) and the Goldex mine and a 50% interest in the Canadian Malartic mine. These mines are located within 50 kilometres of each other, which provides operating synergies and allows for the sharing of technical expertise.
LaRonde Complex – Increased Tonnage From the West Mine and Strong Productivity at LZ5 Results in Better Than Forecasted Quarterly Production and Costs
The 100% owned LaRonde mine in northwestern Quebec achieved commercial production in 1988. The LZ5 property lies adjacent to and west of the LaRonde mine and previous operators exploited the zone by open pit mining. The LZ5 mine achieved commercial production in June 2018.