Agnico Eagle reports Q1 EPS 58c, consensus 49c

Reports Q1 revenue $1.5B, consensus $1.48B. "The year is off to a good start with strong operational results and the best quarterly safety performance in the Company’s over 65-year history, which positions us well to meet our full year guidance projections. Costs were better than expected, primarily due to the strong operating results, favourable currency movements and a slight easing of inflationary pressures," said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. "With the completion of the acquisition of Yamana’s Canadian assets on March 31st, our focus in 2023 continues to be on the optimization of our strategic positions in the Abitibi gold belt, with an aim of increasing annual gold production from this region by approximately 500,000 ounces by the end of the decade. Efforts are ongoing to evaluate several opportunities to leverage existing infrastructure which has the potential to significantly increase future gold production at lower capital intensity and with a reduced environmental footprint. If realized, these opportunities have the potential to deliver increased returns to our shareholders with reduced execution and operating risk," added Mr. Al-Joundi.