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Mar 31, 2025
Agnico Eagle Q1 2025 Earnings Report
Agnico Eagle delivered a strong performance in Q1 2025, with record adjusted net income and robust free cash flow driven by higher realized gold prices and efficient cost control.
Key Takeaways
Agnico Eagle achieved record adjusted net income of $770 million and strong free cash flow of $594 million in Q1 2025. Revenue surged to $2.47 billion, fueled by elevated gold prices. The company improved its balance sheet by reducing net debt to nearly zero, and reiterated its full-year guidance.
Record adjusted net income of $770 million and strong operating income of $1.19 billion.
Payable gold production totaled 873,794 ounces with strong cost management.
Cash and cash equivalents rose to $1.14 billion, and net debt dropped to $5 million.
Dividend of $0.40 per share declared and $50 million in share repurchases completed.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Agnico Eagle reiterated its full-year 2025 guidance for gold production, cost structure, and capital expenditures.
Positive Outlook
- 2025 gold production guidance remains at 3.3–3.5 million ounces.
- Total cash cost per ounce guidance remains $915–$965.
- AISC guidance for 2025 reaffirmed at $1,250–$1,300 per ounce.
- Capital expenditures projected at $1.75–$1.95 billion (excluding exploration).
- Major development and exploration projects progressing on schedule.
Challenges Ahead
- Expected higher AISC in remaining quarters due to deferred capital expenditures.
- Tariffs and trade disputes introduce uncertainty to cost inputs.
- Macassa and Detour Lake face operational risks from scheduled maintenance.
- Potential production disruptions from caribou migration in Nunavut.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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