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Growth Strategy Building Value Through Production and Reserve Growth

Growth Strategy Building Value Through Production and Reserve Growth. Produce more gold targeting over 1.2 million ounces by 2010 Grow gold reserves in mining friendly regions Now 15.4 million ounces Targeting 18-20 million ounces within 20 months Acquire small, think big

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Growth Strategy Building Value Through Production and Reserve Growth

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  1. Growth StrategyBuilding Value Through Production and Reserve Growth • Produce more gold • targeting over 1.2 million ounces by 2010 • Grow gold reserves in mining friendly regions • Now 15.4 million ounces • Targeting 18-20 million ounceswithin 20 months • Acquire small, think big • Create value through strategic acquisitions • Be a low cost leader • Generate strong earnings and cash flows from low costs operations • Maintain a solid financial position • Approximately $525 million in cash, no long-term debt Agnico-Eagle Mines Limited

  2. Corporate HighlightsQ1, 2007 - Another Quarter of Strong Cash Flows and Earnings • Strong quarterly earnings of$24.9 million or $0.21 per share • Strong quarterly cash flow providedby operating activities of $56.1 million • Gold reserves increased 23% to15.4 million ounces from Dec. 31, 2006 • Low total cash costs ofminus $332 per ounce • Four new gold projects under construction, Pinos Altos Board approval expected mid-2007 Agnico-Eagle Mines Limited

  3. Gold ReservesAnticipating Further Strong Growth In Reserves This Year • Current gold reserves of 15.4 million ounces following successful Cumberland offer • AEM’s gold reserves are significantly larger than its intermediate gold producing peers • Targeting additional reserve conversion at Pinos Altos, Goldex, Kittila and Meadowbank • Strong record of growing gold reserves per share Total Agnico-Eagle Gold Reserves (Millions of Ounces) Target:18 - 20 15.4 12.5 10.4 7.9 7.9 4.0 3.3 3.3 3.0 1.3 LaRonde Goldex Lapa KittilaPinos Altos Meadowbank Agnico-Eagle Mines Limited

  4. BuildingGold Production and Reserves Agnico-Eagle Mines Limited

  5. Global GrowthExtensive Gold Growth Pipeline • Management and skills in place for mine building • AEM’s growth projects 100% owned, with low total acquisition costs • Located in mining friendly regions of low political risk • Each project region haslong-term mining camp potential • Largest exploration budgetin Agnico-Eagle’s history– greater than $40 million Finland Kittila CanadaMeadowbank Canada LaRonde, Goldex & Lapa U.S.A. Nevada Canada Toronto, HQ Mexico Pinos Altos Agnico-Eagle Mines Limited

  6. Substantial Gold Production GrowthAdditional Production Growth Anticipated to Come From Mexico Au Ounces LaRonde Goldex Lapa Kittila Meadowbank Pinos Altos Potential Agnico-Eagle Mines Limited

  7. Capital Expenditure Estimates($000's) Pinos Altos Potential Agnico-Eagle Mines Limited

  8. LaRonde Long Life Gold Reserves – Construction on Extension Began May 2006 • Proven and probable gold reserves of 35.6 million tonnes at 4.5 g/t, or 5.2 million oz • Anticipated average production, post-2011, of 320,000 oz/yr at total cash costs of approximately $230/oz • Development of new winze infrastructure ongoing • Intriguing new mineralization west of orebody is being drilled Agnico-Eagle Mines Limited

  9. Drill intersection of 2.9 g/t gold over 80.0 metres (true thickness)* to the east, and at depth to current resource envelope * (see press release of Feb. 21/07 for further detail) Goldex High Tonnage Gold Mine Under Construction – Production Q2, 2008 • Proven and probable gold reserves of 1.7 million ounces from 22.9 million tonnes grading 2.3 g/t • Estimated average annual production of 170,000 oz/yr with total cash costs expected at $225/oz • Shaft sinking underway - at 435 metres, towardplanned depth of 857 metres Agnico-Eagle Mines Limited

  10. LapaNew Gold Mine 11 km East of LaRonde – Production Q4, 2008 • Probable gold reserves of 1.2 million oz; 3.9 million tonnes at 9.1 g/t • Anticipating average production of 125,000 oz/yr at expected total cash costs of $210/oz • Shaft sinking and surface construction in progress. Shaft at 1,148 metres, toward planned depth of 1,370 metres • Deposit open for expansion Agnico-Eagle Mines Limited

  11. Probable reserves of 2.6 million oz; 16.0 million tonnes at 5.1 g/t – open on strike and at depth Average production expected at 150,000 oz/yr with approximate total cash costs of $250/oz Exploration ongoing to convert resource and extend zones Open pit, surface facility and underground ramp well advanced Kittila Mine – FinlandSix Drills in Operation – Production Q3, 2007 Agnico-Eagle Mines Limited

  12. Large land position – approximately 11,000 hectares $26 million exploration program in progress New drill targets in NW sector and at San Eligio Deposit close to major infrastructure Feasibility study complete, Board decision mid-2007 Optimization for new reserve underway Contained gold reserve Probable reserve 18.6 million tonnes at 3.1 g/t, or 1.8 million oz Contained silver reserve Probable reserve 18.6 million tons at 92.8 g/t, or 55.5 million oz Pinos Altos – MexicoGrowing Gold and Silver Reserve Agnico-Eagle Mines Limited Agnico-Eagle Mines Limited 13

  13. MeadowbankAgnico-Eagle Preliminary Estimates Agnico-Eagle Mines Limited

  14. Timeline and Upcoming News Second Quarter 2007 • Pinos Altos 3rd party review complete; Possible production decision • Anticipated closing of Cumberland acquisition • Exploration update, early May Agnico-Eagle Mines Limited

  15. Investment HighlightsEarly Stages of Growth Story – Potential Increase In Valuation Multiple • Generating strong earnings and cash flows • gold growth projects fully funded • Three new gold mines expected to start production next year • potential to increase gold production fivefold by 2010 • Existing projects provide potentialto increase gold reserves to18 million to 20 million ounces • Exploration upside exists at all projects Agnico-Eagle Mines Limited 16

  16. Appendix Agnico-Eagle Mines Limited

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