Analyst Note| Kristoffer Inton |
Agnico-Eagle reported another solid quarter, with production up and costs down. Excluding the recently acquired Hope Bay, the company produced 500,698 ounces, up 60% from a favorable comparison with the prior-year quarter that saw operations hampered by the COVID-19 pandemic. All-in sustaining costs for the quarter were $1,021 per ounce, down 11% from 2020. Management maintained full-year guidance excluding Hope Bay for 2,047,500 ounces at AISC of $950 to $1,000 per ounce. Given year-to-date results, we see this guidance as very much achievable.