With focused and strategic exploration plans for both its Lucero and Clover projects and the successful sale of its Maverick Springs asset, Element79 has demonstrated a commitment to increasing shareholder value and a compelling case for investors.
Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FSE 7YS0) is an exploration and development mining company with several exciting opportunities for strategic growth. First, is the potential for near-term production through its Lucero project in Peru. The Lucero mine is one of the highest-grade underground mines in Peru’s history and is on the fast track for resource development and production. Additionally, Element79 owns the Clover project in Nevada, creating further opportunities for long-term resource development. Third, and the most exciting business opportunity for the company yet, is the immediate-term resource development and production of the Lucero tailings. This has been facilitated recently by Element79’s agreement, through a letter of intent, with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings from previous mines within the current Lucero mine area.
A globally experienced management team with a proven track record of success in developing operational mines leads Element79 Gold toward fully executing these strategic business opportunities.
Lucero is a past-producing, high-grade gold mine ready to reach production quickly. The mine operated between 1989 to 2005. Historic reports between 1998 and 2004 indicate that the mine produced approximately 18,800 ounces of gold and 435,000 ounces of silver per year at a head grade of19 grams per ton (g/t) gold equivalent. An NI 43-101 report prepared by a third party indicates grades up to 116.8 g/t gold equivalent. In addition to the potential of generating cash flow in the near term, the 10,805-hectare Lucero project also has high upside potential for further greenfield exploration.
Peru is considered a relatively stable mining jurisdiction, especially for smaller-scale operations. As mining is an essential aspect of the country’s GDP, Peru has developed a favorable regulatory regime for its mining industry. Element79 Gold is poised to benefit from the pro- mining jurisdiction as it moves the Lucero asset toward production.
Element79 Gold has engaged a Peruvian technical mining service provider, Ore Discovery LLC, to work in conjunction with Element79’s operations team. The 2023 site work included above-ground and underground mapping, sampling, trenching, drill site targeting on both better-known and unexplored vein systems, for exploration and de-risked resource development on the path toward ore extraction and near-term cash flow generation.
Assays from the underground sampling include results of up to 98 g/t gold and 2,034 g/t silver. Moreover, assays from March 2023 yielded 21-ore grade and high yield up to 11.7 ounces per ton gold and 247 ounces per ton silver, further validating the potential for a significant high- grade future operation.
In June 2023, Element79 further strengthened its portfolio in Peru with the acquisition of the 1,200-hectare Lucero del Sur 28, located strategically just east of the high-grade Lucero gold- silver project. Lucero del Sur 28 is a coveted area covering the Roxana vein, a vein dominated by white to hyaline quartz and altered rock clasts, with lesser amounts of limonite patinas, hematite, pyrite and jarosite.
In September 2024, Element79 signed a letter of intent with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza at the Lucero Mine. This agreement marks the launch of a tailings reprocessing venture for Element79 and represents a significant economic opportunity for the company.
Element79’s secondary asset, the 100 percent owned Clover project, is located in the historic Midas mining district and comprises 169 unpatented claims over 3,063 acres in Elko County, Nevada. A well-known gold and silver producer since the early 1900s, the Midas district has yielded more than 2 million ounces of gold between 1998 and 2013.
The company also previously held the Maverick Springs project in Nevada. Acquired by Element79 in December 2021 for an adjusted cost of C$3.34 million, the project was sold to Sun Silver Resources (ASX:SS1) in May 2024 for C$4.4 million cash and 3.5 million shares of SS1 priced at 0.20 AUD.
A powerhouse management team leads Element79 Gold with a track record of experience and success. Kim Kirkland, COO and former VP global exploration, has held executive and lead operations-focused engineering roles with some of the world's largest mining companies, including Barrick Gold, Rio Tinto Group, MMG, Amec Foster Wheeler PLC and McEwen Mining. Kirkland has served as project lead with extensive South American experience, who can proficiently lead exploration programs and mining operations through milling, extraction/concentration and optimization/beneficiation.
Antonio Maragakis, former COO and director, now advisor, has held director-level positions at miners with multi-billion dollar portfolios, including Barrick Gold Corporation and Koch Industries. He has also built a leading global mining engineering consultancy, Mine Plus Group, as well as a private mining fund focused on near-term production development projects, MFD Holdings SA.
Shane Williams, strategic advisor, brings a history of significant value creation in early-stage and operating companies and currently heads West Red Lake Gold (TSXV:WRLG) as president and CEO. Combined, Element79 Gold has the right experts to fully realize its assets' potential.
The 10,813-hectare project in southern Peru presents near-term cash flow potential as it moves toward production. Lucero operated as a high-grade gold mine between 1989 and 2005 and remains partially unexplored. As a result, the asset is in a unique position to start generating revenue while also providing future growth opportunities with additional exploration.
The Clover Property is located in the historic Midas mining district in Nevada, which has been producing gold and silver since the early 1900s, It is 16 kilometers west of Hecla Mining Company’s Midas Mine, the largest known gold-silver epithermal deposit along the Northern Nevada Rift. Mineralization at the property is classified as low-sulphidation, vein-hosted, epithermal gold mineralization similar to that found at the Midas deposit as it is found within a similar geologic setting. Gold and silver mineralization at the Midas Mine is hosted in several northwest-striking veins. Between 1998 and 2013, the main veins produced over 2 million ounces of gold.
A $6.7-million program is planned for the Clover Property focused on data compilation, construction of geologic and resource models, and a 10,000-meter drilling program followed by a mineral resource estimate and NI 43-101 compliant preliminary economic assessment.
James Tworek has held director, senior management, analytical and operations roles in both public and private companies. A quick study and entrepreneurial to the bone, his 25-year career started in banking in 1998 and has since garnered a wealth of experience across diverse industries between commercial banking, mining, project finance, mezzanine debt, oil and gas, clean water/envirotech and hemp/legal cannabis industries. He has investing experience in real estate, private equity, private mining, startup generation, tech and agricultural ventures. A team leader driven by results, Tworek has built his career on successfully executing development and corporate growth targets, exceeding sales objectives, and being mindful of ensuring open communication, honesty and integrity with investors and stakeholders.
Tammy Gillis is a CPA, CMA with over 20 years of experience in the public markets bringing a comprehensive background in finance, reporting and regulatory requirements for manufacturing, bio-technology, technology and junior exploration industries. Gillis has been part of teams that have completed several financings, grant applications and acquisition transactions. Ms. Gillis started her career working at a corporate and securities law firm. Gillis previously served as corporate accountant for an international manufacturing company that had revenue in excess of
$120 million and as chief financial officer for a technology company with patented cathode materials used in lithium-ion batteries that successfully built a pilot plant with the assistance of over $4 million in government grants. Ms. Gillis has served as an officer for several TSXV and CSE-listed issuers.
Kim Kirkland’s track record spans senior executive and lead engineering roles at some of the world's largest mining companies. Key highlights of Kirkland's work history include:
Neil Pettigrew is a professional geologist in good standing, registered in Ontario, with over 20 years of experience in the mineral exploration industry. He received his Honors B.Sc. from the University of New Brunswick and his M.Sc. from the University of Ottawa. Pettigrew has been employed as a senior precambrian geoscientist with the Ontario Geological Survey and has worked for several junior and major companies in gold and Cu-Ni-PGE exploration. He has held officer and director positions at several TSX and TSXV-listed junior companies and currently sits as vice-president of exploration and director of GT Resources (formerly, Palladium One Mining)
Zara Kanji is a founder of Zara Kanji & Associates (established in 2004). Kanji is experienced in financial reporting compliance for junior listed resource companies, personal and corporate taxation, general accounting, financial reporting and value-added operational consulting services for individuals, and private and public companies. Prior to starting her accounting practice, Kanji served as a controller for a marketing company, as an accountant in public practice for a CA firm, a CGA firm and as an analyst for a pension fund. In addition to providing accounting and financial compliance services to private and public entities, Kanji has served as director and officer for several listed issuers.
Warren Levy brings more than 23 years of experience developing major and private companies in resource development across the Americas. He has achieved significant milestones and successes centered around community engagement, sustainable development of infrastructure, energy and natural resource development. Levy is the current CEO of Frontier Advisory, an advisory firm providing energy policy advocacy, sustainability, market entry, capital raising and technical support to responsible natural resource and social development around Latin America. He is also former CEO of Jaguar E&P, as well as former CEO of Pentanova Petroleum.
Antonios Maragakis completed his PhD at the University of Delft, MSc at the University of Bath, his B.Sc and B.A. at the University of Nevada, and executive training at the London Business School. He brings with him more than 15 years of experience leading some of the largest mining megaprojects in the last decade. Maragakis holds a distinguished resume, including management and director-level positions overseeing multibillion-dollar project portfolios internationally at organizations, such as:
Shane Williams carries a history of significant value creation in both early-stage and operating companies, which includes senior executive and management roles overseeing and delivering world-class, multibillion-dollar projects at highly prominent companies, including: chief operation officer at Skeena Resources (NYSE Listed), Eskay Creek Project; former senior vice-president at Eldorado Gold (NYSE Listed), $2-billion global project portfolio; former general manager of expansion projects at Rio Tinto (NYSE Listed), $2.5-billion CAPEX; and former vice-president of projects at Kaunis Iron AB, $800-million flagship Kaunisvarra Iron Ore Project.
With over two decades of experience across industries such as mining, energy and corporate finance, Kevin Arias brings a wealth of knowledge and expertise to the company. His strong background in business development, investor relations, securities and corporate communications, combined with a proven track record in raising over C$100 million since 2008, positions him as a valuable addition to the Element79 team.
(TheNewswire)
 | |||||||||
 |  |  | |||||||
February 12 2025 — Element79 Gold Corp. (CSE: ELEM, FSE: 7YS0, OTC: ELMGF) (the "Company" or "Element79") is pleased to announce that it has entered into a new Investment and Advisory Agreement with Crescita Capital LLC ("Crescita"), effective February 7, 2025 . This strategic agreement includes a CDN $5 million equity drawdown facility and advisory services aimed at accelerating the Company's growth and enhancing its operational and financial objectives.
Key Highlights of the Agreement:
1. CDN $5 Million Equity Drawdown Facility:
Crescita has committed to providing Element79 with a non-revolving equity drawdown facility of up to CDN $5 million. This funding mechanism will allow Element79 to access capital in tranches during a defined commitment period. Proceeds are expected to support the Company's ongoing exploration, mine development activities, and other corporate initiatives.
Per the terms of the Agreement, on signing, Element79 is to issue 10,000,000 Common Shares (Fee Shares); and 62,500 Common Shares (Initial Consulting Fee Shares) at a deemed value of CAD $0.04 per Common Share; plus 2,939,965 Fee Warrants to Crescita Capital LLC. The Fee Warrants are exercisable for 5 years from the date of issuance with a Warrant Adjusted Exercise Price equal to the greater of (i) the VWAP of the Common Shares during the Warrant Exercise Price Adjustment Period, and (ii) the Exchange Minimum Price at the time the Warrants were originally issued, in any case, subject to the applicable Listing Rules.
2. Strategic Advisory Services:
Crescita will deliver tailored advisory services to Element79, including guidance on business development, strategic mergers and acquisitions, and capital markets strategies. These services are designed to support Element79's efforts to unlock value across its portfolio of mining assets and drive sustainable growth.
3. Aligned Interests and Growth Focus:
Crescita has been an investor in Element79 Gold Corp's growth and development since 2021. This new Agreement reflects Crescita's confidence in Element79's vision and new mine development-focused strategy. In addition to providing funding, Crescita's extensive expertise in project development, financing, global capital markets and corporate strategy is expected to be a key driver in advancing Element79's operational goals.
James Tworek, Chief Executive Officer of Element79 Gold, commented:
"Crescita Capital LLC has been a key funding partner of ELEM since our IPO, having invested over $7.2M in Element79 over that time period, and this new capitalization and consulting agreement reflects our mutually-entrenched investment in the company's business strategy and growth focus for the future. This agreement not only secures the financial resources needed to advance our exploration and development projects but also brings valuable strategic advisory capabilities, highlighting that in the past we have built a strong company together and are looking at developing sustainable success together through the new, focused phase of corporate development. With this new financial facility in place as a strategic tool in our strategic toolkit, we are well-positioned to accelerate our growth trajectory and deliver on our commitments to shareholders."
About Element79 Gold Corp.
Element79 Gold is a publicly traded mining company focused on developing its portfolio of high-grade gold and silver assets. Its flagship project, the Lucero mine in Arequipa, Peru, is a past-producing property with significant resource potential. The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production. Additionally, Element79 has recently transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a spin-out process.
Crescita Capital LLC, headquartered in the UAE, specializes in providing strategic investments and advisory services to mining and exploration companies. Crescita focuses on enabling companies to optimize their financial strategies, advance resource development projects, and achieve their long-term goals.
For more information, please contact:
James C. Tworek
Chief Executive Officer
E-mail: jt@element79.gold
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
For further updates on Element79 Gold Corp., visit www.element79.gold .
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
| | | |||||||
Vancouver TheNewswire January 30, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") is providing a series of corporate updates regarding the multiple initiatives is has underway, including:
Bi-Weekly MCTO Status Update
Lucero Project, Community Update
Clover Project Status Update
Update on Synergy Metals Corp Plan of Arrangement Spin Out Transaction
Bi-Weekly MCTO Status Update
a biweekly default status update in accordance with National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
In a press release dated January 2 nd , 2025 and further advised on the 16 th , the Company announced (the "Default Announcement") that it submitted an application to the British Columbia Securities Commission (the "BCSC"), the Company's principal regulator, for a management cease trade order ("MCTO") in connection with the Company's delay in filing its audited annual financial statements for the year ended August 31, 2024, and the management's discussion and analysis and related CEO and CFO certificates for the period (collectively, the "Required Documents") which were required to be filed on or before December 30, 2024.
The MCTO was issued by the BCSC on January 2, 2025. It prevents the Company's Chief Executive Officer and Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in the securities of the Company. The MCTO remains in effect until the Company files the Required Documents and the BCSC's Executive Director has revoked the MCTO. The Company continues to work diligently with its auditors and expects to file the Filings as soon as possible and in any event no later than February 28, 2025, as is required for compliance with the BCSC MCTO order.
The Company confirms that since the date of the Default Announcement: (a) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (b) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and (d) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains delayed in filing the Required Documents.
Lucero Project, Community Update
The Element79 Gold Corp team remains committed to strengthening its relationship with the communities that form up the greater Chachas region (the "Community"), earning its role as a trusted ally through promoting mutual development of the Lucero mine project and the Community as a whole. Building up to the end of 2024, after receiving approval from the Community at large on October 6 in the Huarocopalca annex, the Company previously presented in writing agreements that await a counterproposal from the Community. The Company awaits receipt of the counterproposal prior to the upcoming April General Assembly, allowing time to understand and further discuss the objective of obtaining long-term surface rights authorization to commence exploration and mining activities at that meeting.
Additionally, the Company is waiting for further data from the Lomas Doradas (local artisanal mining) Association regarding the sixty-five (65) REINFOS that Element79 us willing to support in their formalization process within the Company's mining concessions at Lucero.
The Community has an upcoming annual anniversary on February 14 th , wherein it has requested a modest donation from the Company to help support the costs of the celebration. As part of Element79's Social Responsibility policy, we are fully committed to supporting the community's traditions and customs through donations that are reciprocated, allowing in exchange, an interim 7-day period surface access to the mining concessions with trained personnel, extraneous to other long-term contract negotiation, as soon as possible in 2025. Simliar to 2023 campaigns, this access period would grant the Company access to conduct water and soil sampling, mine data collection, and verification of coordinate points, which are necessary to formalize mining contracts for Lomas Doradas members and to advance the REINFO formalization process.
Clover Project Update
The Company updates that it has just received a notice from the United States Department of the Interior Bureau of Land Management ("BLM") stating that various claims, previously referred to as the Clover project (the "Clover Project") in Elko County, Nevada, have been forfeited by the Company and it has also learned through its own research that the claims have been over-staked by a third-party. Since acquiring the Clover project, the Company had made various site visits and had been working with other areas of the BLM relative to bonding, historical environmental work and drilling permitting, as well as had made payments to maintain the Clover Project's status prior to the BLM annual deadline. The Company believes its claim was cancelled incorrectly and it is reviewing any and all remedies to challenging this decision with the Interior Board of Land Appeals.
Update on Synergy Metals Corp Plan of Arrangement Spin-Out Transaction
The Company has received a closing agenda from its counsel and as the signing of the transaction documentation as reported on January 13, 2025, it is both preparing updated financial reporting documents for Synergy Metals Corp and awaiting updated financial documents from amalgamator company, 1425957 BC Ltd. to complete the submission package to the BC Courts and BCSC for approvals. Further updates on this progress will be provided in due course through the completion of the Plan of Arrangement transaction.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the plan of arrangement spin-out process for its majority owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
| | | |||||||
VANCOUVER, BC T heNewswire January 13, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company") is excited to announce that, in connection with its proposed spin out transaction, it has entered an arrangement agreement dated January 10, 2025 (the " Arrangement Agreement "), with its majority owned subsidiary, Synergy Metals Corp. (" Synergy "), and that it has also entered into a merger agreement dated January 10, 2025 (the " Merger Agreement "), with Synergy, Synergy's wholly owned subsidiary, 1515041 B.C. Ltd. (" Synergy SubCo "), and 1425957 B.C. Ltd. (" 142 "), as further described below.
Arrangement
On July 17, 2023, the Company transferred all rights and data related to the " Dale Property ", being 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, to its newly incorporated subsidiary, Synergy. In exchange for this transfer, the Company was issued 2,000,000 Class "A" common voting shares in the capital of Synergy (" Synergy Shares ").
In anticipation of the reverse takeover of Synergy by 142 under the Merger Agreement, described below, the Arrangement Agreement has been entered by the Company, whereby 1,000,000 of the 2,000,000 Synergy Shares held by the Company will be distributed to the shareholders of the Company (the " Company Shareholders ") on a pro-rata basis (the " Spin-Out Arrangement "). In consideration for administrative support provided by the Company in connection with the arrangement transaction and Synergy's proposed subsequent application to list on the Canadian Securities Exchange and pursuant to the Arrangement Agreement, Synergy will issue an additional 10,000 Synergy Shares to the Company, which will also be distributed to the Company Shareholders as part of the Spin-Out Arrangement. The Spin-Out Arrangement will be a court ordered arrangement under the Business Corporations Act (British Columbia), and will be subject to approval by the Company Shareholders, as well as the British Columbia Supreme Court. It is anticipated that the Company will publish and distribute an information circular in respect of the meeting of the Company Shareholders to be held to vote on the Spin-Out Arrangement.
The Company currently holds approximately 60.24% of the Synergy Shares, excluding the 10,000 Synergy Shares to be issued to the Company under the Arrangement Agreement, and following the completion of the proposed Spin-Out Arrangement the Company is anticipated to hold approximately 30.03% of the Synergy Shares, while the Company Shareholders will hold approximately 30.33% of the Synergy Shares.
Merger
Subsequent to the Spin-Out Arrangement, Synergy proposes to acquire all of the issued and outstanding common shares in the capital of 142 (" 142 Shares ") in exchange for an equivalent number of Synergy Shares by way of a three cornered amalgamation whereby Synergy SubCo and 142 will amalgamate under the provisions of the Business Corporations Act (British Columbia) (the " Amalgamation ") to continue as one corporation pursuant to the terms of the Merger Agreement. As consideration for the 142 Shares, shareholders of the 142 Shares (" 142 Shareholders ") will receive, pursuant to the Merger Agreement, one Synergy Share for each 142 Share held.
Following completion of the Amalgamation under the Merger Agreement, the issued and outstanding Synergy Shares will be held (i) approximately 86.35% by the former 142 Shareholders (excluding participants in the Concurrent Financing (defined herein)), (ii) approximately 4.02% by the Company Shareholders, (iii) approximately 3.98% by the Company (iv) approximately 5.25% by other existing holders of Synergy Shares, and (v) 0.40% by participants in the Concurrent Financing. As such, the Amalgamation will constitute a reverse take over of Synergy by 142. Holders of warrants to purchase 142 Shares (" 142 Warrants ") will also receive one replacement warrant to purchase a Synergy Share for each 142 Warrant held. There are currently 21,000,000 142 Warrants outstanding.
The Amalgamation will be subject to approval by the 142 Shareholders, as well as Synergy (being the sole shareholder of Synergy SubCo). The Amalgamation's closing will also be subject to 142's completion of a private placement of 100,000 142 Shares at a price of $0.10 per 142 Share for gross proceeds of a minimum of $10,000, or an amount otherwise agreed by Synergy and 142 (the " Concurrent Financing "). Upon completion of the Amalgamation, Synergy intends to make an application that the Synergy Shares be listed and posted for trading on the Canadian Securities Exchange.
The Company is expected to hold 1,000,000 Synergy Shares after the Amalgamation, all of which will be subject to escrow on the same terms of as insiders of Synergy after the Amalgamation.
Together, the Spin-Out Arrangement and the Amalgamation are intended to effect a reorganization of the Company's current business into two separate corporate entities. The Company will maintain its business as a gold exploration company with the objective of exploring and ultimately developing gold projects in Peru and the USA, while Synergy will be an exploration Company focused on the Dale Property.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the plan of arrangement spin-out process for its majority owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward ‐ looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward ‐ looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward ‐ looking statements". \
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
| | | |||||||
Vancouver, January 2, 2025 TheNewswire - Element79 Gold Corp. ( CSE:ELEM ) ( OTC:ELMGF ) (FSE:7YS) ("Element79 Gold", or " the Company") announces today that due to timing delays related to changing auditors, it has miss ed its filing deadline of December 30, 2024 for its audited annual financial statements and accompanying M anagement's D iscussion and A nalysis as well as the related CEO and CFO certificates for the year ended August 31, 2024 (collectively, the "Annual Filings"), as required under applicable Canadian securities laws.
In connection with the Company's inability to file the Annual Filings on time, the Company announces that it was granted approval for a Management Cease Trade Order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") by the British Columbia Securities Commission , as principal regulator . The Company changed its auditor in May 2024, and as a result of audit complications and requirements resulting from increased transaction volume experienced by the Corporation, it requires the extension and therefore applied for the MCTO . The Company anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process and will use its best efforts to complete the process within the timeline indicated.
The Company expects to file the Annual Filings as soon as they are available, but in any event no later than January 30, 2025 .
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the Plan of Arrangement spin-out process for its wholly owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold .
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
| | | |||||||
December 31, 2024 - TheNewswire - Vancouver, BC - Element79 Gold Corp. (CSE: ELEM, FSE: 7YS0, OTC: ELMGF) ("Element79 Gold" or "the Company") is pleased to share a summary of progress on Federal-level Peruvian small scale mining Formalization, a final 2024 update on its negotiations relative to renewing its surface access rights at its past-producing Lucero mine in Chachas, Arequipa, Peru and a glance at what to expect into 2025 with this project.
Quick Review of Peru ASM Formalization
By means of a simplified explanation, in Peru, the mineral rights in the country are held by the federal government and they are leased out to third parties on an annual basis. Separately, as a generalization, surface rights in and around communities are held by those communities for their use, distribution and development as the local community sees fit.
Over the past several years, there has been a Federal-level initiative to Formalize ~80,000 REINFO permit holders (Translation: Artisanal small-scale production or processing). The Federal objective is to bring greater order, control, working and operating standards, fair taxation and infrastructure development for the Artisanal and Small-Scale Mining (ASM) segment of the Peruvian mining industry. REINFO permit holders that Formalize will be allowed to keep operating.
The Federal deadline for Formalization has shifted several times, with the most recently planned date being December 31, 2024. Without a final formal structure to enact this change, the Federal Government recently pushed this Formalization date out to June 30, 2025.
Review of Lucero Mine Social Since Acquisition
Lucero is a past producing mine project (1989-2005) encompassing 10,813 hectares of contiguous land located in Chachas, Arequipa, Peru. Element79 Gold Corp completed a full corporate acquisition of Calipuy Resources Ltd. , a private company that held the mineral rights to the Lucero project, as well as a small-scale production permit (REINFO, permitting underground exploration and production) in June 2022. Through the end of 2022 and start of 2023, the Company worked with past Chachas administrations ("the Community") to obtain access to the Lucero mine and execute two exploration and sampling programs in 2023. [ 1 ], [ 2 ]
At the end of 2023, the terms of both the former mayor of Chachas and the former head of the local artisanal miner's association, Lomas Doradas ended. Past representations from the Community buoyed the Company's perspective on the probability of permit renewals through the first half of 2024. However, the new administration has been slow to enact new permits.
Through 2024, the Company continued with several community-development focused initiatives , opened a field office in Chachas, and carried out ongoing community efforts with its highly-reputable and well-known community team, This intensifying community relations work has helped the Chachas-region community at large to understand the Company's vision and ‘we all win together' mentality.
These efforts yielded a greater-community vote of over 75% approval on October 6 th , 2024 to have the local administration complete long-term surface access contracts with the Company for mutual benefit and growth as the mine is brought back to commercial production. Large parts of this approval are centered around the community understanding that there will be greater win-win benefits as Element79 Gold Corp continues developing the mine to restart production. In line with the newly extended deadline for the formalization of REINFOS is June 30, 2025, Lomas Doradas has requested to formalize 65 REINFO exploitation contracts with the Company, each with five-year terms.
Since this approval on October 6, 2024, the Company via its community relations team have been meeting with the Community leadership, and state-level authorities. The Community indicated that its goal was to have these contracts executed before the end of the year. Despite best efforts and getting closer to final agreements on terms, the Community has now pushed the completion of the contracts to the next General Assembly of April 2025.
The Company holds the Lucero Project including the mineral rights to the mine and exploration assets, and has signed a LOI for exclusive purchase rights to the Tailings as a significant business investment. The Company maintains their value as a significant opportunity for generating revenue in the near term.
Next Steps
Following guidance from the Company's field team at GAE, which has spent months in Chachas, holding face-to-face meetings with the various community leaders and heads of Lomas Doradas, as well as state-level administration, the Company plans to finalize agreements from both a legal and social perspective.
It has become clear that formally requesting Arequipa GREM (Development for Energy & Mines) and ARMA (State Environmental body) to act as institutional mediators is required to bring final long-term agreements between Element79 Gold Corp (via its wholly-owned subsidiary Minas Lucero del Sur), the Chachas Community, and the Lomas Doradas Association to completion.
It is currently estimated that within the first quarter of 2025, a few mine site visits and two to three mediation sessions by the GREM team in the same timeline, final agreements will be achieved. The Company is coordinating with legal counsel for these efforts and looks forward to having these key contracts complete for the General Assembly in April, as the rainy season ends. After the agreements are completed, the Company's core focus would shift to exploration and mining-related matters, preparing for 2025 campaigns to kick off.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the Plan of Arrangement spin-out process for its wholly owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold .
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward ‐ looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward ‐ looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward ‐ looking statements". \
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Highlights:
KalGold’s inaugural drilling at Lighthorse (ASX: KAL 7 February 2025) returned thick, high-grade intervals, such as 17 m at 4.81 g/t Au from 48 m, including 8 m at 9.21 g/t Au from 52 m, with the hole ending in mineralisation. Investigations show that areas adjacent and up to several kilometres north and south along strike are either untested or poorly tested. KalGold has expanded its search area to assess the full potential of its Lighthorse discovery.
Commenting on the expanded search for gold mineralisation at and around Lighthorse, KalGold Managing Director Matt Painter said:
“We are extremely excited by the potential magnitude of the Lighthorse gold mineralised system. Our analysis indicates that Lighthorse is hosted within a 13 km long, north-south trending geological sequence within KalGold’s tenure. The Company is assessing 6 km of strike for follow up aircore drilling and, based on results, will continue to expand the search space.
Gold mineralisation and anomalism at Lighthorse is open to the north, with no outcrop or prior drilling along strike for 2.7 km. Within 1.5 km to the north, magnetic data shows a bottleneck and deviation of the host sequence, which may be favourable for further gold mineralisation.
Southwards from Lighthorse, undrilled gaps are interspersed with shallow, irregular RAB and aircore drilling over around 1.5 km. Further south, many drill holes at the deeply buried T15 prospect appear to have not penetrated fresh rock sufficiently. The effectiveness of historic drilling is being determined to assess this southern area for its gold potential.
In addition to the upcoming March 2025 RC drill program, the Company has begun planning follow up drilling, including widely spaced aircore drilling (similar to the discovery program). Our assessment of geophysical and geochemical data suggests that we may be onto a gold mineralised system of significant scale. If results comparable to those at Lighthorse are encountered along this multi-kilometre trend, it could be a transformational development for KalGold.”
New priority target areas at Lighthorse
KalGold has defined key target areas along strike from the Lighthorse discovery that have not previously been drilled. North-south striking, deformed magnetic ridges bracket the discovery (Figures 1 and 3), outlining the Lighthorse Corridor. This corridor appears to extend for around 13 km along strike on KalGold tenure, with KalGold actively assessing an approximate 6 km subsection.
In addition to the 600 m strike length already defined at Lighthorse, the following new targets have been identified.
To the north:
Figure 1 – Compilation of all KalGold and historic drilling throughout the Lighthorse Corridor and surrounds, including Kirgella Gift and Providence, superimposed on aeromagnetic data. Lighthorse remains open to the north for 1,500 m up to the palaeochannel (hatched), and at least another 1,200 m further north. To the south, historic drilling is being evaluated, but at least some holes are deemed ineffective (i.e. have not penetrated to sufficient depth beneath transported cover) Assessment is ongoing. Lighthorse appears to be along strike from the historic T15 prospect (also currently under assessment). Projection: MGA 94 Zone 51.
To the south of Lighthorse:
Figure 2 – Opportunity map at and around the Lighthorse gold discovery along an approximate 6 km of strike. Areas further along strike to the north and south have not been assessed. Open undrilled areas along strike (green) will require first-pass aircore drilling as a priority. Conditional areas (yellow-green) will be drilled pending assessment, either of historic drill holes or of results to the north and south. Historic drilling at the T15 prospect (yellow) is being fully reassessed to determine where mineralisation is tested and/or remains open. See Figure 1 for legend. Projection: MGA 94 Zone 51.
Drilling opportunities around Lighthorse
KalGold will drill test undrilled target areas to the immediate north and south of the Lighthorse discovery where gold mineralisation and anomalism remains open (green areas, Figure 2), Initial aircore programs will be drilled on 400 x 80 m centres to provide adequate first pass coverage.
Some target areas require further assessment before drilling is required (yellow-green areas, Figure 2). To the south of Lighthorse, the effectiveness of prior irregular, shallow, historic drilling needs further assessment. If deemed ineffective, historic RAB and aircore drilling will be superseded and systematically redrilled by KalGold to provide uniform coverage. In the north, an area interpreted to lie under the palaeochannel will only be drilled if supported by KalGold drilling results to the north and south. Unconsolidated transported cover in the palaeochannels can be over 100 m thick, making drilling expensive and prone to failure.
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Following completion of the Placement, Mr. Timothy Strong has stepped down as Managing Director and Mr. Matthew Sharples has been appointed Chief Executive Officer. Mr. Strong will remain on the Board as Executive Director – Corporate Strategy & Affairs.
Executive Director, Tim Strong commented:
‘’We are pleased that Barbet have continued to show their commitment to the Company and its flagship Kada project by participating in a further Placement. This Placement will allow the Company to fastrack its exploration efforts.
I am also delighted to welcome Matt Sharples to the management team. Matt, who joined the Company as a consultant in October 2024, has been instrumental in recommencing operations at Kada. Matt provides a wealth of knowledge, and an undeniable passion for Guinea and I look forward to supporting him as we move the Kada project through the value chain towards a feasibility study. Both Matt and I are confident of the resource potential of Massan and the surrounding areas which will be drill tested in the coming months.’’
Placement Details
The Placement is comprised of the issue of 104,517,541 fully paid ordinary shares (Placement Shares) at an issue price of $0.022 raising $2,299,385.90 (before costs). per share. Following the Placement, Barbet holds 19.89% of the Company.
The proceeds of the Placement will be applied towards an upcoming drill program and exploration activities at Kada and general working capital. The Placement Shares will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1, and accordingly no shareholder approval is required. The Placement Shares will rank pari passu with existing securities on issue.
Executive Changes
Chief Executive Officer
Matthew has been appointed Chief Executive Officer, effective 14 February 2025. Matthew Sharples is a mining professional with over 20 years of experience in mine development, investment consulting and M&A. Matt specialises in the geological evaluation and development of gold projects, with a particular focus on project development from the initial stage to production.
Matt was Co-Founder and CEO of the private mining fund Sycamore Mining. Under his stewardship, the group's flagship asset, the Kiniero Mine (Guinea), grew from a total resource base of 1.5Moz Au to 3.5Moz Au (JORC) and was sold to Robex Resources in 2022 for a project valuation of US$160m. Matt has worked worldwide in the mining and resources industry, in the UK, Africa, Asia and Australia, with Robex, Sycamore, Wood Mackenzie, Xstrata and BHP Billiton.
Matt holds an MSc in Basin Evolution and Dynamics, Royal Holloway, University of London, United Kingdom, and a BSc in Geology, University of Durham, United Kingdom. Matt is a director and shareholder of substantial shareholder, Barbet L.L.C FZ.
The material terms of Matthew Sharple’s employment agreement are as follows:
Click here for the full ASX Release
This article includes content from Asara Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless otherwise noted)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on year-end 2024 mineral reserves and mineral resources, exploration activities at mine sites and select advanced projects in 2024, and the Company's exploration plans and guidance for 2025. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects.
"I would like to commend our exploration team for their performance in 2024, which set a record in terms of safety and completed our ambitious exploration program at lower costs than planned. Through our optimization of drilling productivity and innovation efforts, we successfully reduced costs by approximately 8%. The exploration program continued to yield exciting results at our key mines and pipeline projects, which drove the replacement of our mineral reserves and the increase in our inferred mineral resources by nearly 10%, primarily from additions at Detour Lake, Canadian Malartic and Hope Bay," said Guy Gosselin , Agnico Eagle's Executive Vice-President, Exploration. "Our 2025 exploration program is the continuation of this effort to define the full potential of our operating assets, aiming to extend the life of mine at existing operations and advance the assessment of the potential of our pipeline projects to support the Company's vision for future growth," added Mr. Gosselin.
Highlights from 2024 include:
GOLD MINERAL RESERVES
At December 31, 2024 , the Company's proven and probable mineral reserve estimate totalled 54.3 million ounces of gold (1,277 million tonnes grading 1.32 g/t gold). This represents a 0.9% (0.47 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold) at year-end 2023 (see the Company's news release dated February 15, 2024 for details regarding the Company's December 31, 2023 proven and probable mineral reserve estimate).
The increase in mineral reserves at December 31, 2024 is the result of the replacement of 1.5 million ounces of gold from operating assets. In particular: Fosterville , Macassa (including Amalgamated Kirkland ("AK") and Near Surface), Meliadine, Amaruq and LaRonde achieved a combined average mineral reserve replacement of 70% as a result of successful exploration and conversion drilling.
Some pipeline projects also significantly contributed to the global mineral reserve increase. At Upper Beaver, the completion of a technical evaluation during the fourth quarter of 2024, following the positive preliminary economic assessment completed in June 2024 (see the news release dated July 31, 2024 ), resulted in new mineral reserves containing a total of 2.77 million ounce of gold. The year-over-year new mineral reserve addition at Upper Beaver represents 1.37 million ounces of gold. At Wasamac, initial mineral reserves of 1.38 million ounces of gold were declared in December 2024 . The progress in mineral reserve development at Upper Beaver and Wasamac is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the Kirkland Lake camp and the Malartic camp at Canadian Malartic and advance the "fill-the-mill" strategy.
Mineral reserves were calculated using a gold price of $1,450 per ounce for most operating assets, with exceptions that include: Detour Lake open pit using $1,400 per ounce; Amaruq using $1,650 per ounce; Pinos Altos using $1,800 per ounce; and variable assumptions for some other pipeline projects, including Wasamac using $1,650 per ounce. For detailed mineral reserves and mineral resources ("MRMR") data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at mines and advanced projects, see "Detailed Mineral Reserve and Mineral Resource Data (as at December 31, 2024 )" and "Assumptions used for the December 31, 2024 mineral reserve and mineral resource estimates reported by the Company" below.
The ore extracted from the Company's mines in 2024 contained 3.78 million ounces of gold in-situ (64.9 million tonnes grading 1.81 g/t gold).
The Company's gold mineral reserves as at December 31, 2024 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2023 . Data in this table and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.
Proven & Probable Gold Mineral Reserve (000s oz) | Average Mineral Reserve Gold Grade (g/t) | ||||||
Operation / Project | 2024 | 2023 | Change | 2024 | 2023 | Change | |
LaRonde mine | 2,081 | 2,244 | -163 | 6.03 | 6.40 | -0.37 | |
LaRonde Zone 5 | 659 | 636 | 23 | 2.21 | 2.20 | 0.01 | |
LaRonde Total | 2,740 | 2,880 | -140 | 4.26 | 4.51 | -0.24 | |
Canadian Malartic mine | 1,944 | 2,436 | -491 | 0.81 | 0.83 | -0.03 | |
Odyssey deposit | 317 | 310 | 8 | 2.27 | 2.17 | 0.10 | |
East Gouldie | 5,236 | 5,173 | 62 | 3.37 | 3.42 | -0.05 | |
Canadian Malartic Total | 7,497 | 7,919 | -421 | 1.83 | 1.73 | 0.10 | |
Goldex | 789 | 901 | -112 | 1.57 | 1.59 | -0.01 | |
Akasaba West | 138 | 143 | -5 | 0.90 | 0.89 | 0.01 | |
Wasamac | 1,377 | — | 1,377 | 2.90 | 0.00 | 2.90 | |
Detour Lake (at or above 0.5 g/t) | 15,636 | 16,594 | -958 | 0.93 | 0.93 | — | |
Detour Lake (below 0.5 g/t) | 3,415 | 3,335 | 80 | 0.39 | 0.39 | — | |
Detour Lake Total | 19,051 | 19,928 | -878 | 0.75 | 0.76 | -0.01 | |
Macassa | 1,829 | 1,954 | -125 | 10.50 | 14.45 | -3.95 | |
Macassa Near Surface | 12 | 23 | -11 | 5.31 | 5.93 | -0.62 | |
AK deposit | 233 | 160 | 73 | 4.71 | 6.69 | -1.98 | |
Macassa Total | 2,074 | 2,136 | -62 | 9.18 | 13.11 | -3.93 | |
Upper Beaver | 2,768 | 1,395 | 1,373 | 3.71 | 5.43 | -1.72 | |
Hammond Reef | 3,323 | 3,323 | — | 0.84 | 0.84 | — | |
Amaruq | 1,609 | 1,837 | -228 | 3.36 | 3.72 | -0.36 | |
Meadowbank Total | 1,609 | 1,837 | -228 | 3.36 | 3.72 | -0.36 | |
Meliadine | 3,365 | 3,467 | -102 | 5.29 | 5.91 | -0.62 | |
Hope Bay | 3,398 | 3,397 | 1 | 6.52 | 6.52 | — | |
Fosterville | 1,650 | 1,682 | -32 | 5.37 | 6.10 | -0.73 | |
Kittila | 3,400 | 3,584 | -184 | 4.16 | 4.14 | 0.02 | |
Pinos Altos | 433 | 546 | -113 | 1.94 | 1.90 | 0.03 | |
San Nicolás (50%)* | 672 | 672 | — | 0.40 | 0.40 | — | |
Total Mineral Reserves | 54,284 | 53,811 | 474 | 1.32 | 1.30 | 0.02 | |
*Agnico Eagle has agreed to subscribe for a 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle's share of the reported MRMR at San Nicolás is reported at a 50% level. |
The Company estimates that at a gold price 10% higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 13% increase in the gold contained in proven and probable mineral reserves. Conversely, the Company estimates that at a gold price 10% lower than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 13% decrease in the gold contained in proven and probable mineral reserves.
GOLD MINERAL RESOURCES
At December 31, 2024 , the Company's measured and indicated mineral resource estimate totalled 43.0 million ounces of gold (1,167 million tonnes grading 1.14 g/t gold). This represents a 2.3% (1.0 million ounce) decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-end 2023 (see the Company's news release dated February 15, 2024 for details regarding the Company's December 31, 2023 measured and indicated mineral resource estimate).
The year-over-year decrease in measured and indicated mineral resources is primarily due to the upgrade of mineral resources at Upper Beaver and Wasamac to mineral reserves, largely offset by the successful conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, East Malartic , Upper Beaver, Hope Bay and other sites.
At Detour Lake, since the March 31, 2024 technical report and updated mineral reserves and mineral resources estimate, the Company has continued to successfully convert inferred mineral resources into indicated mineral resources with a substantial addition of 2.0 million ounces of gold in total indicated mineral resources (0.7 million ounces of gold from 8.3 million tonnes grading 2.79 g/t gold inside the resource pit and 1.2 million ounces of gold from 17.7 million tonnes grading 2.14 g/t gold below and to the west of the resource pit).
At Hope Bay, following exploration success in the Patch 7 zone at the Madrid deposit, conversion drilling was accelerated, resulting in the declaration of an initial indicated mineral resource at December 31, 2024 of 0.9 million ounces of gold (4.3 million tonnes grading 6.64 g/t gold) in Patch 7, which also hosts an additional 0.8 million ounces of gold (4.4 million tonnes grading 5.40 g/t gold) in inferred mineral resources.
At Canadian Malartic, using the production knowledge from the open pit operation and improved confidence in the historical data, the Company reviewed and updated the mineral resources classification criteria and model in 2024 for the East Malartic deposit at the Odyssey underground mine, resulting in the successful conversion of 2.1 million ounces of gold into indicated mineral resources at East Malartic for a total of 2.9 million ounces of gold (57.4 million tonnes grading 1.98 g/t gold).
At December 31, 2024 , the Company's inferred mineral resource estimate totalled 36.2 million ounces of gold (451 million tonnes grading 2.49 g/t gold). This represents a 9.5% (3.1 million ounce) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the news release dated February 15, 2024 for details regarding the Company's December 31, 2023 inferred mineral resource estimate).
The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Detour Lake underground, East Gouldie, Hope Bay, Meliadine, Fosterville and Macassa.
In addition to the conversion of 1.2 million ounces of gold in underground indicated mineral resources below the Detour Lake resource pit since the March 31, 2024 technical report (see the news release dated June 19, 2024 ), the inferred mineral resources located below the resource pit and in the West Extension zone west of the resource pit were maintained at similar levels to the March 31, 2024 update, with 3.7 million ounces of gold (59.3 million tonnes grading 1.93 g/t gold) at year-end 2024.
The Company's gold mineral resources as at December 31, 2024 are set out in the table below.
Measured & Indicated | Inferred | ||||
Gold Mineral Resources | Gold Mineral Resources | ||||
Operation / Project | Contained Gold | Gold Grade | Contained Gold | Gold Grade | |
(000 oz) | (g/t) | (000 oz) | (g/t) | ||
LaRonde mine | 705 | 3.75 | 281 | 5.39 | |
LaRonde Zone 5 | 817 | 2.29 | 960 | 4.15 | |
LaRonde Total | 1,522 | 2.79 | 1,240 | 4.38 | |
Canadian Malartic mine | — | — | 129 | 0.72 | |
Odyssey deposit | 105 | 1.77 | 1,520 | 2.33 | |
East Malartic | 2,869 | 1.95 | 3,651 | 1.98 | |
East Gouldie | 257 | 1.52 | 4,557 | 2.32 | |
Canadian Malartic Total | 3,232 | 1.90 | 9,857 | 2.12 | |
Goldex | 1,604 | 1.64 | 885 | 1.62 | |
Akasaba West | 90 | 0.68 | — | — | |
Wasamac | 667 | 2.19 | 312 | 2.48 | |
Detour Lake | 15,259 | 0.69 | 6,605 | 1.65 | |
Detour Lake Zone 58N | 534 | 5.80 | 136 | 4.35 | |
Detour Lake Total | 15,793 | 0.71 | 6,742 | 1.67 | |
Macassa | 721 | 7.49 | 1,259 | 7.77 | |
Macassa Near Surface | 15 | 5.03 | 31 | 4.74 | |
AK deposit | 52 | 4.81 | 32 | 3.52 | |
Macassa Total | 788 | 7.16 | 1,322 | 7.44 | |
Anoki-McBean | 349 | 2.77 | 107 | 3.84 | |
Upper Beaver | 495 | 2.03 | 391 | 4.12 | |
Upper Canada | 722 | 2.15 | 1,863 | 3.11 | |
Hammond Reef | 2,298 | 0.54 | — | — | |
Aquarius | 856 | 2.15 | 14 | 3.59 | |
Holt complex | 1,699 | 4.52 | 1,310 | 4.48 | |
Amaruq | 1,277 | 4.01 | 592 | 4.65 | |
Meliadine | 1,714 | 3.82 | 2,225 | 5.92 | |
Hope Bay | 2,143 | 4.54 | 2,312 | 5.44 | |
Fosterville | 1,527 | 3.72 | 1,769 | 4.31 | |
Northern Territory | 1,668 | 2.38 | 1,376 | 2.40 | |
Kittila | 1,899 | 2.98 | 1,011 | 4.91 | |
Barsele (55%) | 176 | 1.27 | 1,005 | 1.98 | |
Pinos Altos | 741 | 2.09 | 58 | 1.67 | |
La India | 89 | 0.52 | — | — | |
Tarachi | 361 | 0.58 | 4 | 0.52 | |
Chipriona | 326 | 0.92 | 21 | 0.66 | |
El Barqueño Gold | 331 | 1.16 | 351 | 1.13 | |
San Nicolás (50%)* | 20 | 0.19 | 10 | 0.13 | |
Santa Gertrudis | 563 | 0.91 | 1,433 | 2.36 | |
Total Mineral Resources | 42,950 | 1.14 | 36,208 | 2.49 | |
*Agnico Eagle has agreed to subscribe for a 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle's share of the reported MRMR at San Nicolás is reported at a 50% level. |
The economic parameters used to estimate mineral reserves and mineral resources for all properties are set out below.
Assumptions used for the December 31, 2024 mineral reserve and mineral resource estimates reported by the Company
Metal Price for Mineral Reserve Estimation* | |||
Gold ($/oz) | Silver ($/oz) | Copper ($/lb) | Zinc ($/lb) |
$1,450 | $20.00 | $3.75 | $1.10 |
*Exceptions: US$1,350 per ounce of gold used for Hammond Reef and Hope Bay; US$1,400 per ounce of gold used for Detour Lake open pit; US$1,650 per ounce of gold used for Wasamac and Amaruq; US$1,800 per ounce of gold and US$24.00 per ounce of silver used for Pinos Altos; and US$1,300 per ounce of gold and US$3.00 per pound of copper used for San Nicolás. |
Metal Price for Mineral Resource Estimation* | |||
Gold ($/oz) | Silver ($/oz) | Copper ($/lb) | Zinc ($/lb) |
$1,750 | $23.00 | $4.00 | $1.20 |
*Exceptions: US$1,200 per ounce of gold used for Holt complex; US$1,300 per ounce of gold used for Detour Zone 58N; US$1,450 per ounce of gold used for Canadian Malartic; US$1,500 per ounce of gold used for Northern Territory; US$1,533 per ounce of gold used for Barsele; US$1,650 per ounce of gold used for Detour Lake, La India and Chipriona; US$1,667 per ounce of gold used for Upper Canada and El Barqueño; US$22.67 per ounce of silver used for El Barqueño; US$1,688 per ounce of gold used for Anoki-McBean, Hammond Reef and Tarachi; US$1,688 per ounce of gold and US$25.00 per ounce of silver used for Santa Gertrudis; US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás; and US$1,800 per ounce of gold and US$24.00 per ounce of silver used for Pinos Altos. |
Exchange Rates* | |||
C$ per US$1.00 | MXP per US$1.00 | A$ per US$1.00 | € per US$1.00 |
C$1.34 | MXP18.00 | A$1.45 | €0.91 |
*Exceptions: exchange rates of C$1.25 per US$1.00 used for Upper Canada, Holt complex and Detour Lake Zone 58N; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Hope Bay; EUR 0.87 per US$1.00 used for Barsele; and MXP17.00 per US$1.00 used for Tarachi. |
The above metal price assumptions are all below the three-year historic averages (from January 1, 2022 to December 31, 2024 ) of approximately $2,053 per ounce of gold, $24.58 per ounce of silver, $4.02 per pound of copper and $1.34 per pound of zinc.
2025 EXPLORATION GUIDANCE
In 2025, the Company's total exploration expenditures and project expenses are expected to be between $505 million and $545 million , with a mid-point of $525 million . The total exploration expenditures include estimated capitalized exploration of $300 million and estimated exploration and corporate development expenses of $225 million , which are comprised of $153 million for expensed exploration and $72 million for project technical evaluations, technical services and other corporate expenses.
The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for 2025 include mineral resource conversion and expansion at the Detour Lake underground project and East Gouldie at Canadian Malartic, and advancing Hope Bay.
The Company's exploration and corporate development guidance and plans for individual mines and projects for 2025 are set out below.
2025 Exploration Program and Corporate Development Guidance | ||||||
Expensed Exploration | Capitalized Exploration* | |||||
Sustaining | Development | |||||
($ 000s) | (000s m) | ($ 000s) | ($ 000s) | (000s m) | ||
Quebec | ||||||
LaRonde | $ 2,200 | 12.7 | $ 5,500 | $ — | 30.5 | |
Canadian Malartic | 15,000 | 63.0 | 2,800 | 22,300 | 153.3 | |
Goldex | 2,400 | 19.0 | 2,200 | 2,100 | 33.5 | |
Quebec regional | 7,500 | 25.0 | — | — | — | |
Ontario | ||||||
Detour Lake | 3,600 | 5.5 | — | 27,500 | 163.0 | |
Macassa | — | — | 2,600 | 31,000 | 179.9 | |
Ontario regional | 16,200 | 30.8 | — | — | — | |
Nunavut | ||||||
Meliadine | 1,300 | 6.6 | 7,100 | 12,100 | 80.3 | |
Meadowbank | 5,800 | 8.3 | — | — | — | |
Hope Bay | 28,000 | 70.0 | — | 13,900 | 40.0 | |
Nunavut regional | 8,100 | 17.5 | — | — | — | |
Australia | ||||||
Fosterville | 16,000 | 39.8 | 800 | 9,700 | 44.5 | |
Northern Territory | 4,900 | 10.9 | — | — | — | |
Europe | ||||||
Kittila | 4,600 | 17.0 | 3,900 | 6,900 | 66.0 | |
Europe regional | 9,500 | 16.5 | — | — | — | |
Mexico | ||||||
Pinos Altos | 1,700 | 8.1 | 2,100 | — | 11.5 | |
Mexico regional | 17,600 | 15.8 | — | — | — | |
Other regions, joint ventures and G&A | 8,700 | — | — | — | — | |
Total Exploration Drilling | $ 153,100 | 366.5 | $ 27,000 | $ 125,500 | 802.5 | |
Upper Beaver | — | — | 87,100 | |||
Detour Lake underground | — | — | 40,500 | |||
Hope Bay | — | — | 19,900 | |||
Other project studies | 16,900 | — | — | |||
Total corporate development and technical services | 55,000 | — | — | |||
Total Exploration and Project Expenses | $ 225,000 | $ 27,000 | $ 273,000 | |||
*Capitalized exploration is a part of capital expenditures which is a non-GAAP measure that is not a standardized financial measure under IFRS. See AEM Fourth Quarter and Full Year 2024 Results News Release dated February 13, 2025 under the caption "Note Regarding Certain Measures of Performance" for a description of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows. |
ABITIBI REGION – QUEBEC
CANADIAN MALARTIC
MRMR Highlights
Mineral reserves and mineral resources at the Odyssey mine continued to grow significantly in 2024, further demonstrating the high quality nature of these orebodies (East Gouldie, Odyssey and East Malartic ). The Odyssey mine now hosts a total of 5.6 million ounces of gold in proven and probable mineral reserves (52.6 million tonnes grading 3.28 g/t gold), 3.2 million ounces of gold in measured and indicated mineral resources (52.9 million tonnes grading 1.90 g/t gold) and 9.7 million ounces of gold in inferred mineral resources (138.8 million tonnes grading 2.18 g/t gold). These substantial mineral reserves and mineral resources support the Company's vision for Canadian Malartic to potentially expand production in the future in combination with the development of satellite orebodies in the surrounding area.
Approximately 89,000 ounces of gold in mineral reserves were added year-over-year, net of depletion, in the Odyssey South zone and the Odyssey internal zones as the understanding of these two mineralized zones continues to improve with ongoing drilling and mine development. Mineral reserves replacement at the Odyssey mine reached 110%, replacing more than the 2024 mined gold.
At the Canadian Malartic mine, the continued positive reconciliation observed in the open pit and improvements to the mineral reserve model contributed to the addition of 137,000 ounces of gold to mineral reserves in the open pit during 2024. As a result, the mineral reserve decreased by approximately 491,000 ounces of gold while the in-situ gold production amounted to 628,300 ounces of gold.
A review of the mineral resource classification confidence at the East Malartic deposit at Odyssey was carried out, and the inclusion of historical data and production knowledge resulted in the conversion of an additional 2.1 million ounces of indicated mineral resources.
Successful exploration drilling at the East Gouldie deposit resulted in a significant increase in inferred mineral resources, with 1.2 million ounces of gold added within the eastern and western extensions of the main orebody. At year-end 2024, inferred mineral resources at East Gouldie totalled 4.6 million ounces of gold (61.2 million tonnes grading 2.32 g/t gold), representing approximately 47% of the total inferred mineral resources at Odyssey.
2024 Exploration Highlights
At Odyssey in 2024, exploration drilling totalled 167,198 metres, and an additional 50,370 metres of drilling dedicated to regional exploration around Canadian Malartic was also completed.
Exploration drilling at Odyssey in 2024 continued to infill the Odyssey North and Odyssey South zones and the adjacent Odyssey internal zones. The East Gouldie deposit continued to grow both westward and eastward, resulting in additional inferred mineral resources. New drill intercepts in the Eclipse zone have established continuity of the mineralization and potential for additional future mineral resource growth in an area located between the East Gouldie and Odyssey deposits.
Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in a table in the Appendix.
[Odyssey – Composite Cross and Longitudinal Sections]
Recent drilling highlights from the Odyssey internal zones include 4.4 g/t gold over 33.9 metres (core length) at 789 metres depth in hole UGOD-054-014R and 4.5 g/t gold over 9.8 metres (core length) at 963 metres depth in hole UGOD-075-011.
Within the East Gouldie mineralized envelope, hole MEX24-316W intersected 6.7 g/t gold over 19.8 metres at 1,353 metres depth and hole MEX24-318WZ returned 5.7 g/t gold over 5.0 metres at 1,147 metres depth, extending the East Gouldie mineral resources further to the east.
The recently discovered Eclipse zone is located approximately 50 to 100 metres north of, and parallel to, the eastern portion of the East Gouldie deposit, and currently extends from approximately 1,200 metres to 1,900 metres below surface. Recent highlights from the Eclipse zone include: hole MEX23-309ZB, which intersected 3.2 g/t gold over 42.9 metres at 1,241 metres depth; and hole MEX24-316, which returned 3.0 g/t gold over 51.5 metres at 1,349 metres depth in an intersection that has been re-interpreted as part of the Eclipse zone. These results demonstrate a strong potential to add mineral resources in proximity to planned mining infrastructure.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $40.1 million for 216,300 metres of drilling at Canadian Malartic in 2025. Exploration at Odyssey includes $29.7 million for 176,300 metres of drilling with the objective of continuing conversion of inferred mineral resources to indicated mineral resources at the East Gouldie and Odyssey deposits, and expanding the footprint of East Gouldie. The exploration results will be used to support a potential expansion project at Odyssey including a conceptual second shaft scenario to increase the overall site throughput that would utilize some of the available milling capacity at the complex when the open pit activities are concluded in the future.
The remaining $10.4 million is planned to be spent on 40,000 metres of exploration drilling into prospective gold targets along the Barnat and East Gouldie mineralized corridors on the Canadian Malartic, Rand Malartic and Midway properties.
Following the acquisition of O3 Mining Inc. by the Company, that is expected to be completed in the first quarter of 2025, funding may also be allocated to drilling the Marban deposit, which is located immediately northeast of the Canadian Malartic property, to test the potential for future development of the Marban project as part of the Company's "fill-the-mill" strategy.
WASAMAC
Wasamac was acquired on March 31, 2023, as part of the acquisition of Yamana Gold Inc.'s Canadian assets (the "Yamana Transaction"). The Wasamac deposit is characterized by shear-hosted disseminated pyrite mineralization within an albite-sericite-carbonate alteration zone that ranges in thickness from a few metres up to 30 metres within the 50 to 55 degree, north-dipping Wasa Shear .
MRMR Highlights
A technical evaluation was completed at Wasamac that resulted in the conversion of 1.38 million ounces of gold (14.8 million tonnes grading 2.9 g/t gold) to mineral reserves as at December 31, 2024 . The project had been classified as mineral resources in December 2023 following the closing of the Yamana Transaction to allow a review of the project's assumptions and parameters as part of the "fill-the-mill" strategy at Canadian Malartic.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $2.3 million for 10,000 metres of drilling at Wasamac in 2025 as part of a larger Quebec regional exploration program expected to total $7.5 million for 25,000 metres. The drilling program at Wasamac will focus on exploring the eastern extension of the Wasamac deposit in the Wasa shear zone.
An additional $6.8 million is expected to be spent in 2025 for further technical evaluation at Wasamac as the Company continues to assess various scenarios regarding optimal mining rates and milling strategies for possible mine construction at the project.
LARONDE
MRMR Highlights
During 2024, positive results from conversion drilling at the LaRonde Zone 5 ("LZ5") mine and the LaRonde mine added 80,000 ounces of gold and 111,000 ounces of gold in mineral reserves, respectively, partly replacing the production of 331,000 ounces of gold in-situ at LaRonde in 2024. Conversion drilling at the LZ5 mine and the LaRonde mine also resulted in the addition of a combined 115,000 ounces of gold in indicated mineral resources.
2024 Exploration Highlights
Exploration drilling totalled 50,300 metres at LaRonde in 2024, divided between the LZ5 area, the Bousquet 2 area and the main LaRonde orebody at depth.
Selected recent drill intersections from LaRonde are set out in the composite longitudinal section below and in a table in the Appendix.
[LaRonde – Composite Longitudinal Section]
Recent exploration drilling highlights include intersections near the current limits of known mineralized zones at LZ5 and Zone 3-4 with hole BZ-2024-005 returning 5.2 g/t gold over 5.7 metres at 390 metres depth west of the LZ5 mineral reserves and hole BZ-090-006 returning 7.8 g/t gold over 2.8 metres at 1,330 metres depth in Zone 3-4. The results demonstrate the potential for growth of mineral reserves in these zones.
In Zone 3-1, hole LR-215-025 intersected 7.0 g/t gold over 5.0 metres at 2,197 metres depth and hole LR-215-024 intersected 6.8 g/t gold over 2.8 metres at 2,313 metres depth, extending the known mineralization down-plunge by approximately 300 metres beneath the main mineral resources in the zone.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $7.7 million for 43,200 metres of drilling at LaRonde in 2025, including $2.2 million for 12,700 metres of expensed drilling and $5.5 million for 30,500 metres of capitalized drilling.
GOLDEX
MRMR Highlights
At Goldex, positive results from drilling into the extension at depth of the South zones have added 22,500 ounces of gold in mineral reserves. Mineral reserves for Goldex contained 1.0 million ounces of gold (22.7 million tonnes grading 1.43 g/t gold) as at December 31, 2024 . The Company believes the mineral reserves are sufficient to sustain production until 2031 and provide an opportunity to test new exploration targets along under-explored trends.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $6.5 million for 52,500 metres of drilling at Goldex in 2025, including $4.1 million on capitalized drilling, mainly focused on the conversion and extension of the South and Deep 2 zones. The remaining $2.4 million is for 19,000 metres of exploration drilling, including 15,400 metres to test multiple extensional targets laterally and at depth of the main mining areas.
ABITIBI REGION – ONTARIO
DETOUR LAKE
MRMR Highlights
Detour Lake hosts the largest mineral reserves for the Company with 19.1 million ounces of gold (795 million tonnes grading 0.75 g/t gold) in the open pit mineral reserve at year-end 2024. The year-over-year decline in mineral reserves is primarily due to the open pit production that extracted 752,000 ounces of gold in-situ.
In June 2024 , the Company prepared a preliminary economic evaluation to describe a conceptual underground mining operation that could be developed simultaneously with the open pit operation to potentially increase output at the Detour Lake mine site to 1 million ounces of gold production per year.
The underground operation would allow for the acceleration of the extraction of the high-grade ore currently located within the mineral resources open pit as well as provide access to the mineralization located below and to the west of the open pit that exploration drilling has demonstrated extends laterally several kilometres to the west of the open pit outline and to a depth exceeding 1,200 metres from surface.
The underground mineral resources are currently reported for the portion of the orebody that is below and to the west of the mineral resources pit-shell. Conversion drilling continued to support the project with a growth in underground indicated mineral resources reaching 1.87 million ounces of gold (27.7 million tonnes grading 2.10 g/t gold) and underground inferred mineral resources continued to be extended to the west to grow to 3.68 million ounces of gold (59.3 million tonnes grading 1.93 g/t gold) at year end.
Future high intensity drilling and bulk sampling combined with ongoing geological and structural studies are expected to improve the interpretation and understanding of the high-grade corridor within the orebody that could potentially be mined by underground methods.
2024 Exploration Highlights
At Detour Lake in 2024, exploration drilling totalled 221,000 metres for the full year. The program continued to successfully expand and infill the mineralization below and to the west of the mineral resource pit. All drilling was performed from surface as construction progresses for the exploration ramp portal, decline and related facilities.
Selected recent drill intersections from Detour Lake are set out in the plan map and composite longitudinal section below and in a table in the Appendix.
[ Detour Lake – Plan Map Showing High-Grade Zones]
[ Detour Lake – Composite Longitudinal Section]
These results provide further support for a potential underground project at Detour Lake.
In the high-grade corridor located at the base of the mineral resource pit, and outside the mineral reserve pit, hole DLM24-983 intersected 15.6 g/t gold over 16.3 metres at 324 metres depth and hole DLM24-1023A intersected 33.7 g/t gold over 2.8 metres at 235 metres depth. These results are among multiple intersections that are much higher-grade than the open-pit mineral resources and mineral reserves, further supporting the potential for an underground mining scenario in that portion of the deposit.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $31.1 million for 168,500 metres of drilling at Detour Lake in 2025, including $27.5 million for 163,000 metres of capitalized drilling to continue converting the inferred mineral resources into indicated mineral resources as well as the mineral potential in the western extension of the orebody into inferred mineral resources. The diamond drilling will continue exclusively from surface in 2025 until the first underground drill stations are made available. The objective of the program is to attempt to further de-risk the potential underground mining project by improving confidence in the geological interpretation and grade continuity within the high-grade corridors.
An additional $40.5 million in capitalized expenses is expected to be spent in 2025 to advance the underground mining project, which will mostly consist of preparatory work, ramp-portal construction and decline excavation.
The Company also expects to spend approximately $3.6 million for 5,500 metres of regional drilling in 2025, to explore satellite targets on the Company's large land position on the Detour Lake property as well as the adjacent Detour East property.
MACASSA
MRMR Highlights
Macassa's Main Break and SMC zones and the adjacent Near Surface and AK deposits together achieved 78% replacement of their mining depletion (a combined 287,000 ounces of gold in-situ mined) in mineral reserves in 2024.
The recent upgrade in site facilities, including completion of the #4 Shaft and an improved ventilation system, led to a significant improvement in productivity that reduced operating expenses on a per-tonne basis using more efficient cut-and-fill and long-hole mining methods. These developments improved the mineability of some portions of the orebody that, combined with positive exploration drill results, led to an overall strong replacement of mineral reserves in 2024. The Macassa deposit continues to contain the Company's highest-grade mineral reserve, with an average grade of 10.5 g/t of gold.
The mineral reserve addition totalled a combined 173,000 ounces of gold for Macassa, Near Surface and AK and was mainly due to the expansion of mineral reserves at Main Break and SMC and the realized synergies with the AK deposit. The total mineral reserves in the Macassa, Near Surface and AK deposits contained 2.1 million ounces of gold (7.0 million tonnes grading 9.18 g/t gold) at year-end 2024. In addition to the mineral reserves, the Macassa mine and the Near Surface and AK deposits together realized an increase of 22% (140,000 ounces of gold) in measured and indicated mineral resources and an increase of 13% (148,000 ounces of gold) in inferred mineral resources.
2024 Exploration Highlights
At Macassa in 2024, all exploration drilling was performed from underground and totalled 176,069 metres, mostly in the Main Break and SMC zones, and in the Near Surface and AK deposits. Positive exploration drilling results continued to extend the known deposits in multiple directions and contributed to the replacement of mining depletion.
Selected recent drill intersections from Macassa are set out in the composite longitudinal section below and in a table in the Appendix.
[ Macassa – Isometric View and Composite Longitudinal Section]
Drilling intersected significant results in the SMC East, with highlight hole 58-1390 returning 44.7 g/t gold over 2.1 metres at 1,846 metres depth and hole 53-4951 returning 32.1 g/t gold over 1.9 metres at 1,686 metres depth. These results, combined with full-year results, continued to extend the footprint of the SMC, which is the main zone being mined at Macassa.
In the Main Break, to the east of known mineral resources, hole 64-451 returned 26.7 g/t gold over 2.0 metres at 2,157 metres depth and hole 58-1365 returned 17.9 g/t gold over 2.3 metres at 1,990 metres depth, further extending known mineralization in this key geological feature of the Kirkland Lake camp below historic mines.
These recent positive results at depth at Macassa continue to demonstrate that the deposit remains open at depth and provides targets for future exploration, particularly considering the Company's extensive experience in deep mining and rock mechanics at LaRonde where mining operations occur down to approximately 3,400 metres depth.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $33.5 million for 179,900 metres of capitalized drilling at Macassa in 2025, with the objective of increasing and upgrading mineral resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break, and to the west in the Lower/West SMC. Drilling in the AK and Near Surface deposits will target mineral resource conversion and expansion.
As a part of an Ontario regional exploration plan totalling $16.2 million for 16,200 metres in 2025, the Company's ongoing surface exploration campaign in the Kirkland Lake camp will include additional drill holes to test the deep extensions of the Main Break east of the underground infrastructure of the SMC and below all historical mining levels of the camp to provide support for future development of underground exploration drifts.
UPPER BEAVER
MRMR Highlights
A technical evaluation was completed at Upper Beaver during the fourth quarter of 2024 that increased mineral reserves to 2.8 million ounces of gold and 54,930 tonnes of copper (23.2 million tonnes grading 3.71 g/t gold and 0.24% copper) as at December 31, 2024 .
This technical evaluation incorporates all the new drilling completed since 2017, totalling 226,418 metres in 441 holes, and employs improved mining concepts with updated assumptions and optimizations, as well as the latest progress in the project regarding geotechnical and metallurgical test work.
At year-end 2024, the underground indicated mineral resources totalled 0.5 million ounces of gold (7.5 million tonnes grading 2.04 g/t gold) and the underground inferred mineral resources totalled 0.4 million ounces of gold (3.0 million tonnes grading 4.12 g/t gold). The deposit remains open at depth, as shown in the composite longitudinal section below.
[Upper Beaver – I so metric View and Composite Longitudinal Section]
NUNAVUT
MELIADINE
MRMR Highlights
Successful conversion drilling at Meliadine in 2024 added 291,000 ounces of gold to mineral reserves, primarily at the Tiriganiaq, Wesmeg North and Wesmeg deposits. This addition partially offsets the mining of 393,000 ounces of gold in-situ in 2024. Recent exploration results demonstrate that the deposits remain open at depth and laterally, supporting the good potential for future growth in mineral resources and mineral reserves.
2024 Exploration Highlights
Exploration drilling totalled 95,070 metres at Meliadine in 2024, with work focused on exploration and infill drilling of inferred mineral resources at depth in the Wesmeg, Wesmeg North, Pump and Tiriganiaq deposits.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $20.5 million for 86,900 metres of drilling at Meliadine in 2025, including $19.2 million for 80,300 metres of capitalized drilling and $1.3 million for 6,600 metres of expensed drilling. The drilling will be focused on expanding and converting near-mine mineralization and testing multiple mineralized plunges at depth that remain open in the main deposits.
MEADOWBANK
MRMR Highlights
The Company succeeded in extending the life-of-mine at Amaruq with the addition of 328,000 ounces of gold in mineral reserves partly replacing the production depletion of 556,000 ounces of gold extracted
in-situ in 2024.
2024 Exploration Highlights
At Amaruq in 2024, exploration drilling totalled 17,522 metres. The main objective of the exploration program was to test the lateral extensions of underground mineral resources and examine the vertical continuity of known mineralization at depth in the IVR and Whale Tail areas, which remain open at depth.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $5.9 million for 8,300 metres of expensed exploration drilling at Amaruq in 2025, focused on testing the continuity and extension of mineralization at depth at Whale Tail, and converting mineral resources at IVR and in the Kangislulik Lake (formerly named Mammoth Lake) area to the west of the Whale Tail deposit.
The project team is currently assessing the exploration upside of the property and reviewing additional potential opportunities to further extend the life of mine while taking advantage of the positive gold price environment and the potential additional cashflow generation from any extension of the life of mine.
HOPE BAY
MRMR Highlights
Building on the exploration success in the Patch 7 zone at the Madrid deposit in 2023, the conversion drilling program was accelerated in 2024 leading to an initial indicated mineral resource for Patch 7 of 0.9 million ounces of gold (4.3 million tonnes grading 6.64 g/t gold) as at December 31, 2024 . In addition, inferred mineral resources for Patch 7 saw an increase of 205,000 ounces of gold despite the previously described ounces converted to indicated mineral resources, bringing the total to 2.3 million ounces of gold (13.2 million tonnes grading 5.44 g/t gold) by year-end 2024. These results indicate positive growth in mineral resources and a solid foundation for the future of the project.
The total mineral reserves and mineral resources at Hope Bay now stand at 3.4 million ounces of gold in proven and probable mineral reserves (16.2 million tonnes grading 6.52 g/t gold), 2.1 million ounces of gold in indicated mineral resources (14.7 million tonnes grading 4.54 g/t gold) and 2.3 million ounces of gold in inferred mineral resources (13.2 million tonnes grading 5.44 g/t gold), as at December 31, 2024 .
2024 Exploration Highlights
At Hope Bay in 2024, exploration drilling totalled 118,631 metres at both the Madrid and regional programs. The Madrid program focused on mineral resource expansion and conversion at Patch 7, following the positive results from the 2023 drill program, where wide, high-grade intersections were obtained in what had been a largely unexplored area. Recent results supported the mineral resource addition discussed above and provided improved geological comprehension of mineralization distribution and related structures.
Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in a table in the Appendix.
[ Madrid Deposit at Hope Bay – Composite Longitudinal Section ]
Infill hole HBM24-258 returned multiple mineralized intersections, including 17.4 g/t gold over 3.1 metres at 319 metres depth, 14.7 g/t gold over 8.8 metres at 331 metres depth and 5.9 g/t gold over 9.4 metres at 341 metres depth, demonstrating the strong mineralization present in the high-grade core of the Patch 7 zone. In the same area, hole HBM24-255 returned 6.5 g/t gold over 6.1 metres at 374 metres depth and 11.0 g/t gold over 6.9 metres at 384 metres depth.
Further north, hole HBM24-274 intersected 23.9 g/t gold over 4.9 metres at 590 metres depth in an area where mineralization remains open in all directions.
Below the mineral resources of the Suluk zone, hole HBM24-264 intersected 16.6 g/t gold over 4.1 metres at 794 metres depth and hole HBM24-267 returned 20.9 g/t gold over 2.6 metres at 689 metres depth, opening the area for future mineral resource growth potential.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $41.9 million for 110,000 metres of drilling at Hope Bay in 2025, including $28.0 million for 70,000 metres of expensed drilling and $13.9 million for 40,000 metres of capitalized drilling. An additional $19.9 million of capitalized expenses in 2025 will be used to continue the exploration ramp development at the Madrid deposit and for technical evaluation. The objective of the program is mineral resource conversion and expansion of the Madrid deposit, as well as the drilling of regional targets in the area that encompasses the extensions of the Doris and Madrid deposits.
Both land-based and ice-based exploration drilling is already underway in 2025 with a strong focus on expanding known gold-bearing structures and investigating discoveries made in 2024 that are not part of current mineral resources due to limited drilling.
AUSTRALIA
FOSTERVILLE
MRMR Highlights
Fosterville successfully replaced 86% of mining depletion in 2024 with new mineral reserves. The replacement was achieved mainly through infill drilling in Robbins Hill and South Phoenix . In total 201,000 ounces of gold were added to mineral reserves, partly offsetting the 233,000 ounces of gold in-situ that were depleted from mineral reserves by 2024 production.
Fosterville added 543,000 ounces of gold in inferred mineral resources, mainly from successful exploration drilling at Phoenix and Robbins Hill, partially offset by the conversion of 236,000 ounces of gold of inferred mineral resources to indicated mineral resources. The net addition year over year resulted in 308,000 ounces of gold in inferred mineral resources for a total of 1.8 million ounces of gold (12.8 million tonnes grading 4.31 g/t gold) at year-end 2024. The evolution of the inferred mineral resources could unlock an opportunity to transition the mine planning to increased throughput at a lower grade as the ultra-high grade Swan Zone is being depleted, with the Company continuing to explore for the potential of other Swan Zone-like structures on the land package surrounding the mine.
2024 Exploration Highlights
At Fosterville in 2024, exploration drilling totalled 69,374 metres split between programs targeting the Phoenix /Lower Phoenix area, drilling in Lower Phoenix focused on the mineralized Cardinal, Swan/Lower Phoenix and Cygnet zones and the Cygnet hanging wall structure. At Robbins Hill, drilling tested the Hoffman and Curie zones, identifying new mineralization south of the main Curie Zone.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $10.3 million for 44,500 metres of capitalized drilling at Fosterville in 2025, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $16.0 million is budgeted for 39,800 metres of underground and surface expensed exploration to test new geological targets, including parallel faults and folds to the main Fosterville host structure, exploring for similar geological context to the Swan Zone structure.
FINLAND
KITTILA
MRMR Highlights
At Kittila, conversion drilling in the Suuri, Roura Deep and Rimpi areas resulted in the addition of 84,000 ounces of gold in mineral reserves before depletion. Below level 1540, as drilling and technical evaluations are progressing, the level of confidence increased, leading to the conversion of 100,000 ounces of gold from inferred mineral resources to indicated mineral resources.
2024 Exploration Highlights
Exploration and conversion drilling at Kittila totalled 71,582 metres in 2024 and mainly targeted the Main and Sisar zones in the northern and southern portions of the deposit at approximately 1.0 to 1.4 kilometres depth, as well as the East zone close to surface and approximately 140 metres east of the Suuri lens.
Selected recent drill intersections from Kittila are set out in the composite longitudinal section below and in a table in the Appendix.
[ Kittila – Composite Longitudinal Section ]
North of the Rimpi area, hole RIE24-700J intersected 6.6 g/t gold over 4.9 metres at 1,388 metres depth and hole RIE24-700L intersected 2.9 g/t gold over 3.9 metres at 1,410 metres depth, demonstrating that the deposit is still open to the north and at depths similar to current mineral reserves.
Deeper in the Main zone in the Rimpi area, hole ROD24-700 returned 9.8 g/t gold over 10.2 metres at 1,441 metres depth, potentially extending mineral resources and supporting longer-term growth scenarios for the mine.
In the Sisar parallel zone in the Rimpi area, hole RIE24-702F returned 8.9 g/t gold over 7.1 metres at 1,837 metres depth, also supporting extension at depth of the known mineral resources.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $15.4 million for 83,000 metres of drilling at Kittila in 2025, focused on the Main zone in the Roura and Rimpi areas as well as the Sisar zone. The drilling includes 17,000 metres of capitalized conversion and 66,000 metres of capitalized exploration as described above. New drill stations should be available in 2025 to further explore the northern extensions of the Main and Sisar zones potentially beyond the Rimpi area.
MEXICO
PINOS ALTOS
2024 Exploration Highlights
At Pinos Altos in 2024, exploration drilling totalled 21,491 metres, focused on the Pinos Altos Deep project beneath the current underground mine as well as targeting areas beneath the known mineralization at Cubiro, Oberon de Weber, Cerro Colorado and Sinter.
2025 Exploration Plan and Guidance
The Company expects to spend approximately $3.8 million for 19,600 metres of capitalized and expensed exploration drilling at Pinos Altos in 2025.
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico , with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
About this News Release
Unless otherwise stated, references to "LaRonde", "Canadian Malartic", "Meadowbank" and "Goldex" are to the Company's operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine. The Canadian Malartic complex consists of the milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. References to other operations are to the relevant mines, projects or properties, as applicable.
When used in this news release, the terms "including" and "such as" mean including and such as, without limitation.
The information contained on any website linked to or referred to herein (including the Company's website) is not part of this news release.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.
Forward-Looking Statements
The information in this news release has been prepared as at February 13, 2025 . Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "estimate", "expect", "forecast", "future", "guide", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results and life of mine estimates; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay, Wasamac and San Nicolás; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of exploration (including capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof); estimates of future mineral reserves and mineral resources; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results, studies and evaluations on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, including at Meliadine, Upper Beaver and San Nicolás, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2023 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2023 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC"), the Company's news release dated February 13, 2025 announcing its full year 2024 results, as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its exploration, development and mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs will not materially affect the price or availability of the inputs the Company uses in its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville ; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East ; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and MD&A filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov , as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Notes to Investors Regarding the Use of Mineral Resources
The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
The SEC's disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS"), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.
Investors are cautioned that while the SEC recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.
Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.
The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.
Scientific and Technical Information
The scientific and technical information contained in this news release relating to exploration activities has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration and Olivier Grondin , P.Geo., Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette , P.Geo., Vice-President, Mineral Resources Management, each of whom is a "Qualified Person" for the purposes of NI 43-101.
Detailed Mineral Reserve and Mineral Resource Data
Mineral Reserves as at December 31, 2024 | |||||||||||
Operation / Project | Proven | Probable | Proven & Probable | ||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
LaRonde mine 1 | U/G | 2,398 | 4.84 | 373 | 8,334 | 6.38 | 1,709 | 10,731 | 6.03 | 2,081 | 94.6 |
LaRonde Zone 5 2 | U/G | 5,026 | 2.10 | 339 | 4,241 | 2.34 | 319 | 9,267 | 2.21 | 659 | 94.7 |
LaRonde Total | 7,424 | 2.98 | 712 | 12,574 | 5.02 | 2,028 | 19,998 | 4.26 | 2,740 | ||
Canadian Malartic mine 3 | O/P | 40,383 | 0.52 | 677 | 34,533 | 1.14 | 1,267 | 74,916 | 0.81 | 1,944 | 89.3 |
Odyssey deposit 4 | U/G | 36 | 2.41 | 3 | 4,318 | 2.27 | 315 | 4,354 | 2.27 | 317 | 95.0 |
East Gouldie 5 | U/G | — | — | — | 48,278 | 3.37 | 5,236 | 48,278 | 3.37 | 5,236 | 94.4 |
Canadian Malartic Total | 40,419 | 0.52 | 680 | 87,128 | 2.43 | 6,818 | 127,547 | 1.83 | 7,497 | ||
Goldex 6 | U/G | 5,472 | 1.43 | 251 | 10,137 | 1.65 | 538 | 15,609 | 1.57 | 789 | 86.9 |
Akasaba West 7 | O/P | 846 | 0.82 | 22 | 3,948 | 0.91 | 116 | 4,794 | 0.90 | 138 | 77.0 |
Goldex Total | 6,318 | 1.34 | 273 | 14,085 | 1.44 | 654 | 20,403 | 1.41 | 927 | ||
Wasamac | U/G | — | — | — | 14,757 | 2.90 | 1,377 | 14,757 | 2.90 | 1,377 | 89.7 |
Quebec Total | 54,161 | 0.96 | 1,665 | 128,545 | 2.63 | 10,876 | 182,706 | 2.13 | 12,541 | ||
Detour Lake (At or above 0.5 g/t) | O/P | 75,405 | 1.08 | 2,616 | 447,790 | 0.90 | 13,020 | 523,195 | 0.93 | 15,636 | 92.0 |
Detour Lake (Below 0.5 g/t) | O/P | 53,049 | 0.42 | 717 | 218,861 | 0.38 | 2,698 | 271,910 | 0.39 | 3,415 | 92.0 |
Detour Lake Total 8 | 128,454 | 0.81 | 3,333 | 666,651 | 0.73 | 15,718 | 795,105 | 0.75 | 19,051 | ||
Macassa 9 | U/G | 325 | 13.24 | 138 | 5,096 | 10.32 | 1,691 | 5,421 | 10.50 | 1,829 | 97.1 |
Macassa Near Surface 10 | U/G | 4 | 7.76 | 1 | 65 | 5.15 | 11 | 69 | 5.31 | 12 | 95.0 |
AK deposit 11 | U/G | 23 | 5.11 | 4 | 1,514 | 4.71 | 229 | 1,537 | 4.71 | 233 | 93.7 |
Macassa Total | 352 | 12.65 | 143 | 6,675 | 9.00 | 1,931 | 7,027 | 9.18 | 2,074 | ||
Upper Beaver 12 | O/P | — | — | — | 3,235 | 1.82 | 189 | 3,235 | 1.82 | 189 | 95.5 |
Upper Beaver 12 | U/G | — | — | — | 19,946 | 4.02 | 2,579 | 19,946 | 4.02 | 2,579 | 95.5 |
Upper Beaver Total | — | — | — | 23,181 | 3.71 | 2,768 | 23,181 | 3.71 | 2,768 | ||
Hammond Reef 13 | O/P | — | — | — | 123,473 | 0.84 | 3,323 | 123,473 | 0.84 | 3,323 | 89.2 |
Ontario Total | 128,806 | 0.84 | 3,476 | 819,979 | 0.90 | 23,740 | 948,785 | 0.89 | 27,216 | ||
Amaruq | O/P | 3,310 | 1.81 | 193 | 8,657 | 3.33 | 928 | 11,967 | 2.91 | 1,121 | 90.7 |
Amaruq | U/G | 45 | 4.86 | 7 | 2,858 | 5.23 | 481 | 2,903 | 5.23 | 488 | 90.7 |
Meadowbank Total 14 | 3,355 | 1.86 | 200 | 11,516 | 3.80 | 1,408 | 14,871 | 3.36 | 1,609 | ||
Meliadine | O/P | 324 | 3.47 | 36 | 5,241 | 4.10 | 690 | 5,565 | 4.06 | 726 | 96.0 |
Meliadine | U/G | 1,666 | 6.93 | 371 | 12,557 | 5.62 | 2,268 | 14,223 | 5.77 | 2,639 | 96.0 |
Meliadine Total 15 | 1,990 | 6.37 | 407 | 17,798 | 5.17 | 2,958 | 19,788 | 5.29 | 3,365 | ||
Hope Bay 16 | U/G | 93 | 6.77 | 20 | 16,120 | 6.52 | 3,378 | 16,212 | 6.52 | 3,398 | 87.5 |
Nunavut Total | 5,438 | 3.59 | 628 | 45,433 | 5.30 | 7,744 | 50,871 | 5.12 | 8,372 | ||
*Open Pit ("O/P"), Underground ("U/G") | |||||||||||
** Represents metallurgical recovery percentage | |||||||||||
Operation / Project | Proven | Probable | Proven & Probable | ||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
Fosterville 17 | U/G | 888 | 5.77 | 165 | 8,666 | 5.33 | 1,486 | 9,553 | 5.37 | 1,650 | 92.0 |
Australia Total | 888 | 5.77 | 165 | 8,666 | 5.33 | 1,486 | 9,553 | 5.37 | 1,650 | ||
Kittila 18 | U/G | 616 | 4.33 | 86 | 24,782 | 4.16 | 3,314 | 25,398 | 4.16 | 3,400 | 86.4 |
Europe Total | 616 | 4.33 | 86 | 24,782 | 4.16 | 3,314 | 25,398 | 4.16 | 3,400 | ||
Pinos Altos | O/P | — | — | — | 1,884 | 1.04 | 63 | 1,884 | 1.04 | 63 | 94.4 |
Pinos Altos | U/G | 1,484 | 2.09 | 100 | 3,589 | 2.35 | 271 | 5,072 | 2.27 | 370 | 94.1 |
Pinos Altos Total 19 | 1,484 | 2.09 | 100 | 5,472 | 1.90 | 334 | 6,956 | 1.94 | 433 | ||
San Nicolás (50%) 20 | O/P | 23,858 | 0.41 | 314 | 28,761 | 0.39 | 358 | 52,619 | 0.40 | 672 | 17.6 |
Mexico Total | 25,341 | 0.51 | 414 | 34,234 | 0.63 | 691 | 59,575 | 0.58 | 1,105 | ||
Total Gold | 215,249 | 0.93 | 6,433 | 1,061,639 | 1.40 | 47,852 | 1,276,888 | 1.32 | 54,284 | ||
Silver | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
LaRonde mine | U/G | 2,398 | 13.29 | 1,024 | 8,334 | 21.67 | 5,805 | 10,731 | 19.79 | 6,830 | 77.4 |
Pinos Altos | O/P | — | — | — | 1,884 | 32.53 | 1,970 | 1,884 | 32.53 | 1,970 | 44.5 |
Pinos Altos | U/G | 1,484 | 48.13 | 2,296 | 3,589 | 36.72 | 4,236 | 5,072 | 40.05 | 6,532 | 48.1 |
Pinos Altos Total | 1,484 | 48.13 | 2,296 | 5,472 | 35.28 | 6,206 | 6,956 | 38.02 | 8,502 | ||
San Nicolás (50%) | O/P | 23,858 | 23.93 | 18,356 | 28,761 | 20.91 | 19,333 | 52,619 | 22.28 | 37,689 | 38.6 |
Total Silver | 27,739 | 24.31 | 21,677 | 42,567 | 22.90 | 31,344 | 70,307 | 23.46 | 53,021 | ||
Copper | Mining | 000 Tonnes | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | Recovery |
LaRonde mine | U/G | 2,398 | 0.20 | 4,808 | 8,334 | 0.30 | 25,224 | 10,731 | 0.28 | 30,033 | 83.8 |
Akasaba West | O/P | 846 | 0.49 | 4,144 | 3,948 | 0.50 | 19,851 | 4,794 | 0.50 | 23,995 | 77.4 |
Upper Beaver | O/P | — | — | — | 3,235 | 0.14 | 4,477 | 3,235 | 0.14 | 4,477 | 79.2 |
Upper Beaver | U/G | — | — | — | 19,946 | 0.25 | 50,453 | 19,946 | 0.25 | 50,453 | 79.2 |
Upper Beaver Total | — | — | — | 23,181 | 0.24 | 54,930 | 23,181 | 0.24 | 54,930 | ||
San Nicolás (50%) | O/P | 23,858 | 1.26 | 299,809 | 28,761 | 1.01 | 291,721 | 52,619 | 1.12 | 591,530 | 78.2 |
Total Copper | 27,102 | 1.14 | 308,761 | 64,224 | 0.61 | 391,727 | 91,326 | 0.77 | 700,488 | ||
Zinc | Mining | 000 Tonnes | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | Recovery |
LaRonde mine | U/G | 2,398 | 0.49 | 11,803 | 8,334 | 1.12 | 93,022 | 10,731 | 0.98 | 104,825 | 66.9 |
San Nicolás (50%) | O/P | 23,858 | 1.61 | 383,313 | 28,761 | 1.37 | 394,115 | 52,619 | 1.48 | 777,428 | 80.9 |
Total Zinc | 26,256 | 1.50 | 395,115 | 37,095 | 1.31 | 487,137 | 63,351 | 1.39 | 882,252 | ||
1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$87/t for LP1 (Area 11-3) and not less than C$210/t for LaRonde. |
2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.44 g/t. |
3 Canadian Malartic: Gold cut-off grade is 0.35 g/t. |
4 Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.51 g/t. |
5 East Gouldie: Gold cut-off grade not less than 1.62 g/t. |
6 Goldex: Gold cut-off grade varies according to mining type and depth, not less than 0.90 g/t. |
7 Akasaba West: Net smelter value cut-off varies, not less than C$31.96/t. |
8 Detour Lake: Gold cut-off grade is 0.30 g/t. |
9 Macassa: Gold cut-off grade varies according to mining type, not less than 3.85 g/t for long hole method and 4.24 g/t for cut and fill method. |
10 Macassa Near Surface deposit: Gold cut-off grade not less than 2.43 g/t. |
11 Amalgamated Kirkland ("AK") deposit: Gold cut-off grade not less than 2.43 g/t. |
12 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit. |
13 Hammond Reef: Gold cut-off grade is 0.41 g/t. |
14 Amaruq: Gold cut-off grade varies according to mining type, not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t). |
15 Meliadine: Gold cut-off grade varies according to mining type, not less than 1.60 g/t for open pit mineral reserves and 4.20 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.60 g/t). |
16 Hope Bay: Gold cut-off grade not less than 4.00 g/t. |
17 Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.10 g/t. |
18 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t. |
19 Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$11.09/t for open pit mineral reserves and US$63.43/t for the underground mineral reserves. |
20 San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of |
Mineral Resources as at December 31, 2024 | |||||||||||||
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 | 000 | g/t | 000 | 000 | g/t | 000 |
LaRonde mine | U/G | — | — | — | 5,851 | 3.75 | 705 | 5,851 | 3.75 | 705 | 1,619 | 5.39 | 281 |
LaRonde Zone 5 | U/G | — | — | — | 11,094 | 2.29 | 817 | 11,094 | 2.29 | 817 | 7,187 | 4.15 | 960 |
LaRonde Total | — | — | — | 16,945 | 2.79 | 1,522 | 16,945 | 2.79 | 1,522 | 8,806 | 4.38 | 1,240 | |
Canadian Malartic mine | O/P | — | — | — | — | — | — | — | — | — | 5,550 | 0.72 | 129 |
Odyssey deposit | U/G | — | — | — | 1,847 | 1.77 | 105 | 1,847 | 1.77 | 105 | 20,275 | 2.33 | 1,520 |
East Malartic | U/G | — | — | — | 45,783 | 1.95 | 2,869 | 45,783 | 1.95 | 2,869 | 57,354 | 1.98 | 3,651 |
East Gouldie | U/G | — | — | — | 5,243 | 1.52 | 257 | 5,243 | 1.52 | 257 | 61,155 | 2.32 | 4,557 |
Odyssey Total | — | — | — | 52,873 | 1.90 | 3,232 | 52,873 | 1.90 | 3,232 | 138,784 | 2.18 | 9,728 | |
Canadian Malartic Total | — | — | — | 52,873 | 1.90 | 3,232 | 52,873 | 1.90 | 3,232 | 144,334 | 2.12 | 9,857 | |
Goldex | U/G | 12,360 | 1.86 | 739 | 18,137 | 1.48 | 865 | 30,496 | 1.64 | 1,604 | 16,946 | 1.62 | 885 |
Akasaba West | O/P | — | — | — | 4,133 | 0.68 | 90 | 4,133 | 0.68 | 90 | — | — | — |
Goldex Total | 12,360 | 1.86 | 739 | 22,270 | 1.33 | 955 | 34,630 | 1.52 | 1,694 | 16,946 | 1.62 | 885 | |
Wasamac | U/G | — | — | — | 9,479 | 2.19 | 667 | 9,479 | 2.19 | 667 | 3,911 | 2.48 | 312 |
Quebec Total | 12,360 | 1.86 | 739 | 101,567 | 1.95 | 6,376 | 113,927 | 1.94 | 7,115 | 173,997 | 2.20 | 12,294 | |
Detour Lake | O/P | 33,923 | 1.10 | 1,201 | 630,463 | 0.60 | 12,188 | 664,386 | 0.63 | 13,389 | 65,093 | 1.40 | 2,926 |
Detour Lake | U/G | — | — | — | 27,738 | 2.10 | 1,870 | 27,738 | 2.10 | 1,870 | 59,269 | 1.93 | 3,679 |
Detour Lake Zone 58N | U/G | — | — | — | 2,868 | 5.80 | 534 | 2,868 | 5.80 | 534 | 973 | 4.35 | 136 |
Detour Lake Total | 33,923 | 1.10 | 1,201 | 661,068 | 0.69 | 14,592 | 694,991 | 0.71 | 15,793 | 125,335 | 1.67 | 6,742 | |
Macassa | U/G | 278 | 8.46 | 76 | 2,716 | 7.39 | 645 | 2,994 | 7.49 | 721 | 5,036 | 7.77 | 1,259 |
Macassa Near Surface | U/G | — | — | — | 94 | 5.03 | 15 | 94 | 5.03 | 15 | 205 | 4.74 | 31 |
AK deposit | U/G | — | — | — | 333 | 4.81 | 52 | 333 | 4.81 | 52 | 283 | 3.52 | 32 |
Macassa Total | 278 | 8.46 | 76 | 3,144 | 7.05 | 712 | 3,422 | 7.16 | 788 | 5,524 | 7.44 | 1,322 | |
Aquarius | O/P | — | — | — | 12,364 | 2.15 | 856 | 12,364 | 2.15 | 856 | 122 | 3.59 | 14 |
Holt complex | U/G | 5,806 | 4.29 | 800 | 5,884 | 4.75 | 898 | 11,690 | 4.52 | 1,699 | 9,097 | 4.48 | 1,310 |
Anoki-McBean | U/G | — | — | — | 3,919 | 2.77 | 349 | 3,919 | 2.77 | 349 | 867 | 3.84 | 107 |
Upper Beaver | O/P | — | — | — | 54 | 0.87 | 2 | 54 | 0.87 | 2 | — | — | — |
Upper Beaver | U/G | — | — | — | 7,510 | 2.04 | 493 | 7,510 | 2.04 | 493 | 2,953 | 4.12 | 391 |
Upper Beaver Total | — | — | — | 7,564 | 2.03 | 495 | 7,564 | 2.03 | 495 | 2,953 | 4.12 | 391 | |
Upper Canada | O/P | — | — | — | 2,006 | 1.62 | 104 | 2,006 | 1.62 | 104 | 1,020 | 1.44 | 47 |
Upper Canada | U/G | — | — | — | 8,433 | 2.28 | 618 | 8,433 | 2.28 | 618 | 17,588 | 3.21 | 1,816 |
Upper Canada Total | — | — | — | 10,439 | 2.15 | 722 | 10,439 | 2.15 | 722 | 18,608 | 3.11 | 1,863 | |
Hammond Reef | O/P | 47,063 | 0.54 | 819 | 86,304 | 0.53 | 1,478 | 133,367 | 0.54 | 2,298 | — | — | — |
Ontario Total | 87,070 | 1.03 | 2,896 | 790,685 | 0.79 | 20,104 | 877,755 | 0.82 | 23,000 | 162,506 | 2.25 | 11,748 | |
Amaruq | O/P | — | — | — | 3,115 | 3.37 | 338 | 3,115 | 3.37 | 338 | 187 | 2.88 | 17 |
Amaruq | U/G | — | — | — | 6,801 | 4.30 | 940 | 6,801 | 4.30 | 940 | 3,773 | 4.73 | 574 |
Meadowbank Total | — | — | — | 9,915 | 4.01 | 1,277 | 9,915 | 4.01 | 1,277 | 3,960 | 4.65 | 592 | |
Meliadine | O/P | 1 | 3.46 | — | 4,229 | 2.98 | 406 | 4,231 | 2.98 | 406 | 614 | 4.43 | 87 |
Meliadine | U/G | 524 | 4.53 | 76 | 9,187 | 4.17 | 1,232 | 9,711 | 4.19 | 1,308 | 11,082 | 6.00 | 2,138 |
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 | 000 | g/t | 000 | 000 | g/t | 000 |
Meliadine Total | 525 | 4.53 | 76 | 13,416 | 3.80 | 1,638 | 13,941 | 3.82 | 1,714 | 11,696 | 5.92 | 2,225 | |
Hope Bay | U/G | — | — | — | 14,689 | 4.54 | 2,143 | 14,689 | 4.54 | 2,143 | 13,232 | 5.44 | 2,312 |
Nunavut Total | 525 | 4.53 | 76 | 38,020 | 4.14 | 5,058 | 38,545 | 4.14 | 5,135 | 28,888 | 5.52 | 5,129 | |
Fosterville | O/P | 843 | 2.79 | 75 | 2,371 | 3.21 | 245 | 3,214 | 3.10 | 320 | 692 | 2.45 | 54 |
Fosterville | U/G | 474 | 4.27 | 65 | 9,094 | 3.91 | 1,142 | 9,567 | 3.92 | 1,207 | 12,070 | 4.42 | 1,715 |
Fosterville Total | 1,316 | 3.32 | 141 | 11,465 | 3.76 | 1,386 | 12,781 | 3.72 | 1,527 | 12,761 | 4.31 | 1,769 | |
Northern Territory | O/P | 269 | 3.65 | 32 | 16,416 | 1.42 | 749 | 16,685 | 1.46 | 781 | 13,536 | 1.75 | 762 |
Northern Territory | U/G | — | — | — | 5,115 | 5.39 | 887 | 5,115 | 5.39 | 887 | 4,284 | 4.45 | 613 |
Northern Territory Total | 269 | 3.65 | 32 | 21,531 | 2.36 | 1,636 | 21,800 | 2.38 | 1,668 | 17,820 | 2.40 | 1,376 | |
Australia Total | 1,585 | 3.38 | 172 | 32,996 | 2.85 | 3,023 | 34,581 | 2.87 | 3,195 | 30,581 | 3.20 | 3,145 | |
Kittila | O/P | — | — | — | — | — | — | — | — | — | 373 | 3.89 | 47 |
Kittila | U/G | 4,749 | 2.87 | 438 | 15,079 | 3.01 | 1,461 | 19,828 | 2.98 | 1,899 | 6,038 | 4.97 | 965 |
Kittila Total | 4,749 | 2.87 | 438 | 15,079 | 3.01 | 1,461 | 19,828 | 2.98 | 1,899 | 6,411 | 4.91 | 1,011 | |
Barsele (55%) | O/P | — | — | — | 3,178 | 1.08 | 111 | 3,178 | 1.08 | 111 | 2,260 | 1.25 | 91 |
Barsele (55%) | U/G | — | — | — | 1,158 | 1.77 | 66 | 1,158 | 1.77 | 66 | 13,552 | 2.10 | 914 |
Barsele Total | — | — | — | 4,335 | 1.27 | 176 | 4,335 | 1.27 | 176 | 15,811 | 1.98 | 1,005 | |
Europe Total | 4,749 | 2.87 | 438 | 19,414 | 2.62 | 1,638 | 24,163 | 2.67 | 2,076 | 22,222 | 2.82 | 2,016 | |
Pinos Altos | O/P | — | — | — | 1,248 | 0.79 | 32 | 1,248 | 0.79 | 32 | 106 | 0.60 | 2 |
Pinos Altos | U/G | — | — | — | 9,798 | 2.25 | 709 | 9,798 | 2.25 | 709 | 972 | 1.79 | 56 |
Pinos Altos Total | — | — | — | 11,045 | 2.09 | 741 | 11,045 | 2.09 | 741 | 1,077 | 1.67 | 58 | |
La India | O/P | 4,478 | 0.52 | 74 | 880 | 0.53 | 15 | 5,358 | 0.52 | 89 | — | — | — |
San Nicolás (50%) | O/P | 261 | 0.08 | 1 | 3,037 | 0.20 | 19 | 3,297 | 0.19 | 20 | 2,468 | 0.13 | 10 |
Tarachi | O/P | — | — | — | 19,290 | 0.58 | 361 | 19,290 | 0.58 | 361 | 242 | 0.52 | 4 |
Chipriona | O/P | — | — | — | 10,983 | 0.92 | 326 | 10,983 | 0.92 | 326 | 976 | 0.66 | 21 |
El Barqueño Gold | O/P | — | — | — | 8,834 | 1.16 | 331 | 8,834 | 1.16 | 331 | 9,628 | 1.13 | 351 |
Santa Gertrudis | O/P | — | — | — | 19,267 | 0.91 | 563 | 19,267 | 0.91 | 563 | 9,819 | 1.36 | 429 |
Santa Gertrudis | U/G | — | — | — | — | — | — | — | — | — | 9,079 | 3.44 | 1,004 |
Santa Gertrudis Total | — | — | — | 19,267 | 0.91 | 563 | 19,267 | 0.91 | 563 | 18,898 | 2.36 | 1,433 | |
Total Mexico | 4,739 | 0.49 | 75 | 73,336 | 1.00 | 2,355 | 78,075 | 0.97 | 2,430 | 33,289 | 1.75 | 1,876 | |
Total Gold | 111,028 | 1.23 | 4,397 | 1,056,019 | 1.14 | 38,553 | 1,167,047 | 1.14 | 42,950 | 451,483 | 2.49 | 36,208 | |
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Silver | Mining | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz |
LaRonde mine | U/G | — | — | — | 5,851 | 15.28 | 2,873 | 5,851 | 15.28 | 2,873 | 1,619 | 11.14 | 580 |
Pinos Altos | O/P | — | — | — | 1,248 | 19.20 | 770 | 1,248 | 19.20 | 770 | 106 | 12.38 | 42 |
Pinos Altos | U/G | — | — | — | 9,798 | 50.88 | 16,028 | 9,798 | 50.88 | 16,028 | 972 | 41.51 | 1,297 |
Pinos Altos Total | — | — | — | 11,045 | 47.30 | 16,798 | 11,045 | 47.30 | 16,798 | 1,077 | 38.65 | 1,339 | |
La India | O/P | 4,478 | 2.72 | 391 | 880 | 2.58 | 73 | 5,358 | 2.70 | 464 | — | — | — |
San Nicolás (50%) | O/P | 261 | 6.40 | 54 | 3,037 | 11.86 | 1,158 | 3,297 | 11.43 | 1,211 | 2,468 | 9.26 | 735 |
Chipriona | O/P | — | — | — | 10,983 | 100.72 | 35,566 | 10,983 | 100.72 | 35,566 | 976 | 86.77 | 2,722 |
El Barqueño Silver | O/P | — | — | — | — | — | — | — | — | — | 4,393 | 124.06 | 17,523 |
El Barqueño Gold | O/P | — | — | — | 8,834 | 4.73 | 1,343 | 8,834 | 4.73 | 1,343 | 9,628 | 16.86 | 5,218 |
Santa Gertrudis | O/P | — | — | — | 19,267 | 3.66 | 2,269 | 19,267 | 3.66 | 2,269 | 9,819 | 1.85 | 585 |
Santa Gertrudis | U/G | — | — | — | — | — | — | — | — | — | 9,079 | 23.31 | 6,803 |
Santa Gertrudis Total | — | — | — | 19,267 | 3.66 | 2,269 | 19,267 | 3.66 | 2,269 | 18,898 | 12.16 | 7,389 | |
Total Silver | 4,739 | 2.92 | 445 | 59,897 | 31.20 | 60,080 | 64,636 | 29.13 | 60,525 | 39,058 | 28.27 | 35,504 | |
Copper | Mining | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes |
LaRonde mine | U/G | — | — | — | 5,851 | 0.14 | 8,213 | 5,851 | 0.14 | 8,213 | 1,619 | 0.25 | 4,101 |
Akasaba West | O/P | — | — | — | 4,133 | 0.41 | 17,126 | 4,133 | 0.41 | 17,126 | — | — | — |
Upper Beaver | O/P | — | — | — | 54 | 0.10 | 56 | 54 | 0.1 | 56 | — | — | — |
Upper Beaver | U/G | — | — | — | 7,510 | 0.16 | 12,063 | 7,510 | 0.16 | 12,063 | 2,953 | 0.36 | 10,649 |
Upper Beaver Total | — | — | — | 7,564 | 0.16 | 12,118 | 7,564 | 0.16 | 12,118 | 2,953 | 0.36 | 10,649 | |
San Nicolás (50%) | O/P | 261 | 1.35 | 3,526 | 3,037 | 1.17 | 35,489 | 3,297 | 1.18 | 39,015 | 2,468 | 0.94 | 23,144 |
Chipriona | O/P | — | — | — | 10,983 | 0.16 | 17,291 | 10,983 | 0.16 | 17,291 | 976 | 0.12 | 1,174 |
El Barqueño Gold | O/P | — | — | — | 8,834 | 0.19 | 16,400 | 8,834 | 0.19 | 16,400 | 9,628 | 0.22 | 21,152 |
El Barqueño Silver | O/P | — | — | — | — | — | — | — | — | — | 4,393 | 0.04 | 1,854 |
Total Copper | 261 | 1.35 | 3,526 | 40,402 | 0.26 | 106,637 | 40,662 | 0.27 | 110,163 | 22,036 | 0.28 | 62,075 | |
Zinc | Mining | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonne s Zn \ | 000 | % | Tonnes |
LaRonde mine | U/G | — | — | — | 5,851 | 1.00 | 58,633 | 5,851 | 1 | 58,633 | 1,619 | 0.34 | 5,520 |
San Nicolás (50%) | O/P | 261 | 0.39 | 1,012 | 3,037 | 0.71 | 21,618 | 3,297 | 0.69 | 22,630 | 2,468 | 0.62 | 15,355 |
Chipriona | O/P | — | — | — | 10,983 | 0.83 | 91,637 | 10,983 | 0.83 | 91,637 | 976 | 0.73 | 7,073 |
Total Zinc | 261 | 0.39 | 1,012 | 19,870 | 0.87 | 171,888 | 20,131 | 0.86 | 172,900 | 5,062 | 0.55 | 27,949 | |
*Open Pit ("O/P"), Underground ("U/G") |
The assumptions for metal prices and currency exchange rates used for the December 31, 2024 mineral reserve and mineral resource estimates reported by the Company are presented in the "Gold Mineral Resources" section earlier in this news release.
Mineral reserves reported are not included in mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral resources.
The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic parameters set the maximum price allowed to be no more than the lesser of the three‐year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.
NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Mineral resources that are not mineral reserves do not have demonstrated economic viability.
A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at prefeasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.
Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.
A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.
A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.
Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.
Additional Information
Additional information about each of the Company's material mineral projects as at December 31, 2024, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and MD&A filed on SEDAR+ each of which forms a part of the Company's Form 40-F filed with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).
APPENDIX – EXPLORATION DETAILS
LZ5 mine and LaRonde mine at LaRonde
Drill hole | Mine / zone | From (metres) | To (metres) | Depth of | Estimated true | Gold grade (g/t) | Gold grade (g/t) |
BZ-2024-004 | LZ5 / Zone 4 | 373.4 | 382.2 | 406 | 3.1 | 20.4 | 8.3 |
BZ-2024-005 | LZ5 / Zone 4 | 348.7 | 356.2 | 377 | 2.8 | 13.7 | 5.3 |
and | LZ5 / Zone 4 | 358.6 | 373.4 | 390 | 5.7 | 5.4 | 5.2 |
BZ-2024-008 | LZ5 / Zone 4 | 416.7 | 434.8 | 451 | 6.9 | 2.7 | 2.7 |
BZ-050-010 | LZ5 / Zone 5 | 229.5 | 252.5 | 618 | 21.3 | 3.8 | 3.8 |
BZ-090-006 | LZ5 / Zone 3-4 | 373.3 | 376.8 | 1,330 | 2.8 | 8.0 | 7.8 |
and | LZ5 / Zone 3-4 | 389.4 | 392.9 | 1,338 | 2.8 | 5.7 | 5.7 |
BZ-090-008 | LZ5 /Zone 3-4 | 522.6 | 525.6 | 1,516 | 2.8 | 5.1 | 5.1 |
BZ-090-010 | LZ5 / Zone 3-4 | 634.5 | 640.0 | 1,643 | 3.4 | 25.8 | 9.8 |
LR-215-024 | LZ5 / Zone 3-1 | 373.7 | 378.4 | 2,313 | 2.8 | 6.8 | 6.8 |
and | LZ5 / Zone 3-1 | 399.0 | 403.7 | 2,328 | 2.8 | 5.7 | 5.7 |
LR-215-025 | LZ5 / Zone 3-1 | 281.5 | 287.6 | 2,197 | 5.0 | 11.0 | 7.0 |
and | LZ5 / Zone 3-1 | 304.7 | 308.1 | 2,206 | 2.8 | 5.0 | 5.0 |
LR-215-028 | LZ5 / Zone 3-1 | 239.3 | 243.4 | 2,013 | 4.0 | 4.8 | 4.8 |
and | LZ5 / Zone 3-1 | 265.0 | 267.9 | 2,007 | 2.8 | 8.3 | 8.3 |
LR-149-045 | LaR / Area 11-3 | 250.2 | 258.9 | 1,669 | 6.4 | 3.4 | 3.4 |
LR-152-008 | LaR / Area 11-3 | 294.1 | 307.3 | 1,740 | 9.1 | 2.6 | 2.6 |
LR-305-041 | LaR / Zone 20N | 397.0 | 404.4 | 3,276 | 4.5 | 18.9 | 18.9 |
LR-317-022 | LaR / Zone 20N | 671.8 | 676.1 | 3,611 | 2.8 | 24.8 | 8.2 |
LR-317-023 | LaR / Zone 20N | 472.0 | 479.0 | 3,376 | 6.0 | 6.5 | 6.5 |
*Results from LaRonde use a capping factor of 30 g/t gold. |
East Gouldie and Odyssey deposits, and Eclipse and Odyssey internal zones at Odyssey
Drill hole | Deposit / Zone | From (metres) | To (metres) | Depth of midpoint | Estimated true | Gold grade (g/t) | Gold grade (g/t) |
MEX23-309ZB | Eclipse | 1,637.6 | 1,683.0 | 1,241 | 42.9 | 3.2 | 3.2 |
MEX24-313Z | Eclipse | 1,755.1 | 1,766.6 | 1,493 | 11.0 | 3.3 | 3.3 |
and | East Gouldie | 1,889.7 | 1,897.5 | 1,584 | 7.5 | 4.4 | 4.4 |
MEX24-316 | Eclipse | 1,639.7 | 1,712.5 | 1,349 | 51.5 | 3.0 | 3.0 |
and | East Gouldie | 1,795.7 | 1,812.8 | 1,437 | 16.6 | 3.4 | 3.4 |
MEX24-316W | East Gouldie | 1,716.6 | 1,736.7 | 1,353 | 19.8 | 6.7 | 6.7 |
and | East Gouldie | 1,774.8 | 1,790.6 | 1,390 | 15.6 | 4.0 | 4.0 |
MEX24-317 | East Gouldie | 1,905.0 | 1,919.0 | 1,633 | 13.1 | 2.9 | 2.9 |
including | East Gouldie | 1,910.8 | 1,917.0 | 1,634 | 5.9 | 5.3 | 5.3 |
MEX24-318 | Eclipse | 1,546.3 | 1,555.0 | 994 | 8.6 | 4.0 | 4.0 |
MEX24-318WZ | East Gouldie | 1,654.5 | 1,662.0 | 1,147 | 7.0 | 5.7 | 5.7 |
MEX24-319 | East Gouldie | 1,687.4 | 1,693.5 | 1,292 | 5.9 | 8.6 | 8.5 |
MEX24-320WA | East Gouldie | 1,581.2 | 1,593.8 | 1,374 | 12.2 | 2.9 | 2.9 |
UGEG-054-006 | East Gouldie | 635.5 | 639.5 | 706 | 3.9 | 6.3 | 6.3 |
UGEG-071-004 | East Gouldie | 452.0 | 471.7 | 871 | 18.5 | 4.7 | 4.6 |
UGEG-071-006 | East Gouldie | 473.0 | 494.5 | 736 | 21.1 | 3.6 | 3.6 |
UGEG-075-026 | East Gouldie | 575.4 | 581.9 | 772 | 6.1 | 5.9 | 5.9 |
UGEG-075-028 | East Gouldie | 580.2 | 588.3 | 819 | 7.9 | 2.9 | 2.9 |
MEX24-322 | Odyssey internal | 1,227.5 | 1,233.5 | 1,158 | 6.0** | 4.4 | 4.4 |
and | Odyssey internal | 1,269.6 | 1,279.0 | 1,199 | 9.4** | 9.6 | 9.3 |
UGOD-054-014R | Odyssey internal | 363.1 | 397.0 | 789 | 33.9** | 4.4 | 4.4 |
and | Odyssey North | 403.5 | 416.4 | 808 | 11.4 | 1.8 | 1.8 |
UGOD-054-016 | Odyssey internal | 210.6 | 217.8 | 679 | 7.2** | 5.0 | 4.4 |
UGOD-054-023 | Odyssey North | 453.5 | 471.0 | 897 | 13.6 | 2.5 | 2.5 |
UGOD-075-011 | Odyssey internal | 501.7 | 511.5 | 963 | 9.8** | 4.5 | 4.5 |
*Results from East Gouldie, Eclipse, Odyssey internal zones and Odyssey South use a capping factor of 20 g/t gold. |
**Core length. True width undetermined. |
West Pit and West Extension zones at Detour Lake
Drill hole | Zone | From (metres) | To (metres) | Depth of midpoint | Estimated true width | Gold grade (g/t) |
DLM24-928 | West Extension | 676.8 | 729.0 | 564 | 47.9 | 0.8 |
and | West Extension | 801.3 | 804.8 | 639 | 3.2 | 12.8 |
and | West Extension | 815.0 | 823.0 | 650 | 7.4 | 4.3 |
DLM24-972AW2 | West Pit Underground | 571.7 | 604.2 | 490 | 29.6 | 2.0 |
and | West Pit Underground | 617.2 | 639.0 | 520 | 19.9 | 4.3 |
including | West Pit Underground | 636.0 | 639.0 | 527 | 2.8 | 27.7 |
DLM24-983 | West Pit Underground | 388.0 | 406.0 | 324 | 16.3 | 15.6 |
including | 397.2 | 403.0 | 326 | 5.2 | 46.2 | |
and | West Pit Underground | 540.0 | 599.0 | 454 | 54.3 | 0.9 |
DLM24-985A | West Pit Underground | 199.0 | 224.0 | 178 | 21.4 | 23.2 |
including | 220.0 | 224.0 | 187 | 3.4 | 141.7 | |
and | West Pit Underground | 419.0 | 433.0 | 352 | 12.3 | 3.9 |
DLM24-999 | West Extension | 548.0 | 557.5 | 441 | 8.7 | 3.2 |
and | West Extension | 607.1 | 612.0 | 484 | 4.5 | 47.2 |
DLM24-1001 | West Extension | 481.0 | 506.8 | 416 | 22.6 | 3.1 |
DLM24-1007A | West Extension | 474.0 | 522.0 | 445 | 39.0 | 2.3 |
including | 474.0 | 476.9 | 425 | 2.4 | 19.8 | |
including | 500.0 | 507.0 | 450 | 5.7 | 2.7 | |
and | West Extension | 584.0 | 587.0 | 521 | 2.5 | 6.4 |
DLM24-1014A | West Pit Underground | 406.1 | 439.6 | 346 | 30.0 | 2.8 |
including | 418.9 | 422.0 | 344 | 2.8 | 24.2 | |
and | West Pit Underground | 549.0 | 604.2 | 464 | 50.2 | 0.9 |
and | West Pit Underground | 637.0 | 677.0 | 524 | 36.6 | 2.7 |
DLM24-1023A | West Pit Underground | 296.0 | 299.1 | 235 | 2.8 | 33.7 |
and | West Pit Underground | 379.7 | 393.9 | 301 | 13.2 | 3.5 |
and | West Pit Underground | 440.0 | 542.0 | 376 | 95.9 | 1.2 |
and | West Pit Underground | 694.0 | 705.0 | 517 | 10.5 | 4.2 |
DLM24-1045 | Main Pit Underground | 498.0 | 589.3 | 427 | 84.4 | 1.1 |
and | Main Pit Underground | 697.0 | 802.9 | 578 | 98.7 | 1.7 |
and | Main Pit Underground | 823.0 | 838.0 | 636 | 14.0 | 13.2 |
including | 833.0 | 838.0 | 639 | 4.7 | 37.3 | |
and | Main Pit Underground | 979.5 | 994.7 | 748 | 14.2 | 7.4 |
and | Main Pit Underground | 1,012.0 | 1,018.0 | 768 | 5.6 | 6.6 |
*Results from Detour Lake are uncapped. |
SMC and Main Break zones at Macassa
Drill hole | Zone | From (metres) | To (metres) | Depth of midpoint below | Estimated true | Gold grade (g/t) | Gold grade (g/t) (capped)* |
59-0149 | SMC East | 147.2 | 149.2 | 1,857 | 2.0 | 23.1 | 23.1 |
58-1390 | SMC East | 134.5 | 137.1 | 1,846 | 2.1 | 44.7 | 44.7 |
53-4951 | SMC East | 303.1 | 305.4 | 1,686 | 1.9 | 36.4 | 32.1 |
and | SMC East | 392.3 | 397.1 | 1,707 | 4.2 | 10.2 | 10.2 |
53-4960 | SMC East | 305.0 | 309.7 | 1,662 | 3.6 | 9.0 | 9.0 |
57-1571 | SMC West | 224.3 | 226.5 | 1,724 | 2.1 | 15.8 | 15.8 |
58-1356 | Main Break | 175.3 | 178.3 | 2,023 | 2.7 | 13.1 | 13.1 |
58-1365 | Main Break | 187.1 | 189.6 | 1,990 | 2.3 | 17.9 | 17.9 |
58-1379 | Main Break | 184.6 | 186.8 | 1,999 | 2.0 | 42.5 | 14.8 |
64-451 | Main Break | 297.4 | 299.4 | 2,157 | 2.0 | 26.7 | 26.7 |
*Results from Macassa use a capping factor ranging from 68.6 g/t to 445.7 g/t gold depending on the zone. |
Madrid deposit at Hope Bay
Drill hole | Zone | From (metres) | To (metres) | Depth of midpoint | Estimated true | Gold grade (g/t) | Gold grade (g/t) (capped)* |
HBM24-254 | Patch 7 | 597.0 | 605.3 | 424 | 7.8 | 4.9 | 4.9 |
HBM24-255 | Patch 7 | 503.0 | 510.0 | 374 | 6.1 | 6.5 | 6.5 |
and | Patch 7 | 517.0 | 525.0 | 384 | 6.9 | 11.0 | 11.0 |
HBM24-256 | Patch 7 | 620.0 | 638.0 | 509 | 16.9 | 3.9 | 3.9 |
HBM24-258 | Patch 7 | 422.9 | 426.0 | 319 | 3.1 | 20.8 | 17.4 |
and | Patch 7 | 434.5 | 443.9 | 331 | 8.8 | 14.7 | 14.7 |
including | Patch 7 | 438.5 | 441.0 | 331 | 2.4 | 40.7 | 40.7 |
and | Patch 7 | 448.0 | 458.0 | 341 | 9.4 | 5.9 | 5.9 |
HBM24-260 | Patch 7 | 408.7 | 412.5 | 301 | 3.3 | 63.5 | 29.1 |
HBM24-264 | Suluk | 945.0 | 950.0 | 794 | 4.1 | 25.1 | 16.6 |
including | Suluk | 949.0 | 950.0 | 794 | 0.8 | 92.7 | 50.0 |
HBM24-266 | Suluk | 871.0 | 873.5 | 596 | 2.4 | 26.3 | 22.0 |
HBM24-267 | Suluk | 994.5 | 997.1 | 689 | 2.6 | 20.9 | 20.9 |
HBM24-272 | Suluk | 768.0 | 772.3 | 597 | 3.7 | 9.9 | 9.9 |
including | Suluk | 769.0 | 770.0 | 597 | 0.9 | 34.5 | 34.5 |
HBM24-274 | Patch 7 | 915.5 | 921.2 | 590 | 4.9 | 25.9 | 23.9 |
*Results from Madrid deposit at Hope Bay use a capping factor of 50 g/t gold. |
Main and Sisar zones at Kittila
Drill hole | Zone / Area | From (metres) | To (metres) | Depth of midpoint | Estimated true width (metres) | Gold grade (g/t) |
RIE24-702F | Sisar Deep / Rimpi | 766.0 | 774.3 | 1,786 | 3.2 | 4.7 |
and | Sisar Deep / Rimpi | 835.2 | 849.0 | 1,837 | 7.1 | 8.9 |
including | 835.2 | 842.0 | 1,836 | 3.6 | 11.9 | |
RIE24-702C | Main / Rimpi | 328.2 | 335.0 | 1,416 | 3.2 | 4.5 |
RIE24-702G | Sisar Deep / Rimpi | 784.0 | 790.0 | 1,782 | 4.7 | 4.3 |
RIE24-702H | Sisar Deep / Rimpi | 786.0 | 797.0 | 1,790 | 4.4 | 3.9 |
RIE24-700L | Main / Seuru | 567.0 | 576.9 | 1,410 | 3.9 | 2.9 |
RIE24-700J | Main / Seuru | 538.2 | 548.9 | 1,388 | 4.9 | 6.6 |
including | 538.2 | 543.6 | 1,388 | 3.1 | 9.5 | |
ROD24-700 | Main / Rimpi | 328.0 | 345.1 | 1,441 | 10.2 | 9.8 |
including | Main / Rimpi | 332.0 | 345.1 | 1,444 | 7.8 | 12.2 |
* Results from Kittila are uncapped. |
EXPLORATION DRILL COLLAR COORDINATES
Drill hole | UTM East* | UTM North* | Elevation | Azimuth | Dip (degrees) | Length (metres |
LaRonde | ||||||
BZ-2024-004 | 687029 | 5347303 | 310 | 3 | -77 | 471 |
BZ-2024-005 | 687028 | 5347303 | 310 | 20 | -74 | 456 |
BZ-2024-008 | 687029 | 5347302 | 310 | 33 | -76 | 618 |
BZ-050-010 | 687231 | 5347243 | -162 | 340 | -28 | 280 |
BZ-090-006 | 687298 | 5347611 | -817 | 174 | -34 | 433 |
BZ-090-008 | 687299 | 5347611 | -817 | 161 | -52 | 591 |
BZ-090-010 | 687298 | 5347611 | -817 | 192 | -61 | 701 |
LR-215-024 | 687757 | 5347367 | -1,745 | 204 | -43 | 456 |
LR-215-025 | 687757 | 5347366 | -1,744 | 188 | -30 | 363 |
LR-215-028 | 687758 | 5347366 | -1,742 | 154 | 13 | 334 |
LR-149-045 | 689240 | 5347226 | -1,165 | 176 | -49 | 340 |
LR-152-008 | 689241 | 5347229 | -1,194 | 181 | -44 | 387 |
LR-305-041 | 689777 | 5346879 | -2,667 | 181 | -45 | 449 |
LR-317-022 | 690103 | 5346988 | -2,807 | 176 | -48 | 749 |
LR-317-023 | 690102 | 5346988 | -2,807 | 183 | -34 | 507 |
Odyssey mine | ||||||
MEX23-309ZB | 718682 | 5334767 | 307 | 162 | -48 | 1,521 |
MEX24-313Z | 718632 | 5334757 | 307 | 185 | -63 | 1,911 |
MEX24-316 | 718604 | 5334758 | 308 | 170 | -57 | 1,876 |
MEX24-316W | 718604 | 5334758 | 308 | 170 | -57 | 1,885 |
MEX24-317 | 718665 | 5334762 | 307 | 160 | -63 | 2,076 |
MEX24-318 | 718652 | 5334763 | 307 | 166 | -45 | 1,749 |
MEX24-318WZ | 718652 | 5334763 | 307 | 166 | -45 | 1,809 |
MEX24-319 | 718604 | 5334759 | 308 | 176 | -55 | 1,860 |
MEX24-320WA | 716867 | 5334696 | 316 | 155 | -68 | 1,797 |
UGEG-054-006 | 717966 | 5334110 | -229 | 177 | -16 | 787 |
UGEG-071-004 | 717758 | 5333977 | -345 | 171 | -31 | 631 |
UGEG-071-006 | 717758 | 5333977 | -345 | 169 | -9 | 652 |
UGEG-075-026 | 717922 | 5334060 | -250 | 181 | -25 | 751 |
UGEG-075-028 | 717923 | 5334060 | -251 | 177 | -31 | 769 |
MEX24-322 | 718617 | 5334759 | 309 | 215 | -70 | 2,353 |
UGOD-054-014R | 717998 | 5334290 | -230 | 357 | -43 | 471 |
UGOD-054-016 | 717997 | 5334290 | -230 | 14 | -43 | 472 |
UGOD-054-023 | 717998 | 5334290 | -230 | 9 | -54 | 530 |
UGOD-075-011 | 717786 | 5334182 | -320 | 15 | -47 | 570 |
Detour Lake | ||||||
DLM24-928 | 586600 | 5542049 | 298 | 180 | -60 | 882 |
DLM24-972AW2 | 587840 | 5541953 | 287 | 176 | -65 | 651 |
DLM24-983 | 588526 | 5541616 | 287 | 176 | -58 | 900 |
DLM24-985A | 587408 | 5541632 | 286 | 175 | -58 | 477 |
DLM24-999 | 586601 | 5541928 | 293 | 179 | -58 | 691 |
DLM24-1001 | 586644 | 5541858 | 292 | 180 | -61 | 642 |
DLM24-1007A | 586484 | 5541853 | 288 | 180 | -67 | 700 |
DLM24-1014A | 588566 | 5541624 | 287 | 178 | -58 | 726 |
DLM24-1023A | 588205 | 5541646 | 288 | 177 | -55 | 801 |
DLM24-1045 | 589409 | 5541476 | 282 | 179 | -56 | 1,074 |
Macassa | ||||||
59-0149 | 569781 | 5331818 | -1,474 | 156 | -16 | 189 |
58-1390 | 570152 | 5332191 | -1,550 | 141 | 18 | 396 |
53-4951 | 570296 | 5332023 | -1,258 | 303 | -17 | 408 |
53-4960 | 570296 | 5332023 | -1,258 | 305 | -14 | 412 |
57-1571 | 568509 | 5331123 | -1,404 | 336 | -1 | 267 |
58-1356 | 570230 | 5332242 | -1,558 | 342 | -46 | 270 |
58-1365 | 570106 | 5332203 | -1,550 | 9 | -8 | 259 |
58-1379 | 570363 | 5332293 | -1,565 | 355 | -33 | 305 |
64-451 | 569621 | 5332015 | -1,633 | 287 | -38 | 381 |
Hope Bay | ||||||
HBM24-254 | 434797 | 7548194 | 34 | 69 | -53 | 753 |
HBM24-255 | 434887 | 7548153 | 38 | 71 | -54 | 755 |
HBM24-256 | 434799 | 7548114 | 31 | 70 | -61 | 879 |
HBM24-258 | 434981 | 7548095 | 55 | 70 | -58 | 701 |
HBM24-258 | 435012 | 7548082 | 56 | 74 | -57 | 616 |
HBM24-260 | 434309 | 7549320 | 49 | 83 | -73 | 1,056 |
HBM24-264 | 434303 | 7548413 | 38 | 64 | -50 | 1,250 |
HBM24-266 | 434104 | 7549549 | 52 | 53 | -61 | 1,080 |
HBM24-267 | 434372 | 7549082 | 54 | 63 | -62 | 921 |
HBM24-272 | 434334 | 7548811 | 51 | 87 | -53 | 1,097 |
HBM24-274 | 434797 | 7548194 | 34 | 69 | -53 | 753 |
Kittila | ||||||
RIE24-702F | 2558696 | 7538559 | -935 | 91 | -59 | 1,008 |
RIE24-702C | 2558696 | 7538559 | -935 | 91 | -59 | 927 |
RIE24-702G | 2558696 | 7538559 | -935 | 91 | -59 | 967 |
RIE24-702H | 2558696 | 7538559 | -935 | 91 | -59 | 898 |
RIE24-700L | 2558637 | 7539598 | -711 | 90 | -59 | 1,287+ (in progress) |
RIE24-700J | 2558637 | 7539598 | -711 | 90 | -59 | 553 |
ROD24-700 | 7558696 | 7538459 | -949 | 91 | -60 | 822 |
*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey and LaRonde; NAD 1983 UTM Zone 17N for Detour Lake and Macassa; NAD 1983 UTM Zone 13N for Hope Bay; and Finnish Coordinate System KKJ Zone 2 for Kittila. |
View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-provides-an-update-on-2024-exploration-results-and-2025-exploration-plans--mineral-reserves-increase-1-year-over-year-to-54-3-moz-updated-mineral-reserves-of-2-8-moz-declared-at-upper-beaver-inferred-mineral-resou-302376400.html
SOURCE Agnico Eagle Mines Limited
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/13/c6635.html
News Provided by Canada Newswire via QuoteMedia