Summary by Moomoo AI
Agnico Eagle delivered strong Q2 2024 results with record free cash flow of $557.2M, driven by solid operational performance and higher gold prices. Gold production reached 895,838 ounces at total cash costs of $870 per ounce. Record adjusted net income was $535.3M ($1.07 per share).The company strengthened its balance sheet with cash position increasing by $397.4M to $922.0M. Full year 2024 production guidance remains at 3.35-3.55M ounces with total cash costs of $875-$925 per ounce. Capital expenditures are estimated at $1.6-1.7B, with capitalized exploration increased to $187M.The company approved key investments including $100M for Detour Lake underground exploration and $200M for Upper Beaver project development over three years. At Upper Beaver, internal evaluation shows potential for annual production of 210,000 ounces of gold and 3,600 tonnes of copper starting 2030, with initial capital costs estimated at $0.9B. The quarterly dividend was maintained at $0.40 per share.
