Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2019production update▲ GoodMajor
Agnico Eagle says the Amaruq satellite deposit reached commercial production on September 30, 2019, in line with the original schedule, following the February 2017 Board approval. This resolves the Amaruq development thread. Dewatering was about a month later than expected and the Meadowbank mill was shut down in mid-September, due to restart around October 14. As a result, Meadowbank Complex 2019 guidance falls to 200,000 ounces from 230,000, while company-wide 2019 guidance of 1.75 million ounces is unchanged. The CEO says the company aims for net free cash flow in the second half of 2019, which could reduce net debt and potentially increase the dividend.
Agnico Eagle repeated its C$0.05-per-share offer for Alexandria Minerals and said it voted its roughly 28.8 million Alexandria shares (about 5.6%) against the rival Chantrell deal, and intends to exercise dissent rights. Chantrell's right to match expires June 27, 2019, with the Alexandria shareholder meeting on June 28. Agnico says it will proceed with its offer if the Chantrell deal is voted down or terminated. The acquisition is still not completed.
Agnico Eagle offered to buy all of Alexandria Minerals for about C$26 million at C$0.05 per share, in cash or Agnico shares (0.000819355 shares per Alexandria share). Alexandria's board has deemed it a superior proposal to an existing deal with Chantrell Ventures, which Alexandria would have to terminate with a C$875,000 fee. The deal would add 14,819 hectares along the Cadillac-Larder Lake break in the Val d'Or camp, including the Akasaba property, near Agnico's Goldex mine. This builds on the Akasaba West purchase from 2014. Agnico already holds 28.8 million Alexandria shares (5.6%). The offer has no financing or due diligence condition, and the deal is still pending Chantrell's right to match.
Agnico Eagle says its Meliadine mine in Nunavut reached commercial production on May 14, 2019, ahead of the original schedule and below the initial capital budget. This resolves the long-running Meliadine build question (Board approved construction in February 2017). Pre-commercial production was 47,281 ounces against guidance of 60,000, and construction costs after crediting pre-commercial gold sales are below the 2017 guidance of $900 million, with a capital update due with Q2 results. 2019 Meliadine output guidance is unchanged at about 230,000 ounces at total cash costs of $612 per ounce, and Amaruq is said to be on schedule for commercial production in Q3 2019.
Agnico Eagle reported 2017 exploration results, including Amaruq (best hole 8.6 g/t gold over 38.7 metres) and a new Tugak structure 4.5 km west of Whale Tail. It also reported results at Barsele in Sweden, La India and El Barqueno, with reserves and resources at La India and other key projects expected to grow at year-end 2017. It notes the Board approved Amaruq development in February 2017, pending permits, following the earlier resource updates, and gives the December 31, 2016 Amaruq resources as 2.1Moz indicated plus 763koz open pit inferred and 1.4Moz underground inferred.
28 Mar 2017asset acquisition disposition● NeutralMajor
Agnico Eagle agreed to sell 5,003,412 new common shares directly to one US institutional investor at US$43.97 each, about US$220 million, expected to close around March 31, 2017. Proceeds are for general corporate purposes; this adds shares, so existing holders' stakes are diluted by this issue. The CEO says it adds financial flexibility for growth projects.
Agnico Eagle filed, as exhibits, its note purchase agreement dated June 30, 2016 for US$350 million of senior notes: US$100M at 4.54% due 2023, US$200M at 4.84% due 2026 and US$50M at 4.94% due 2028, guaranteed by subsidiaries. It also filed amendments to its credit agreements with The Bank of Nova Scotia. The text shown is the agreement's contents and does not describe how the money is used.
Agnico Eagle corrected the payment date of its quarterly dividend of $0.08 per share to March 15, 2016 (record date March 1), after a February 10 release wrongly said March 16. The dividend is lower than the $0.22 quarterly rate last seen in the context, which is a change from that earlier level (the filing does not explain it). It has declared a dividend every year since 1983.
Agnico Eagle reported more drilling at its 100%-owned El Barqueno project in Mexico (best hole 15.49 g/t gold over 3.0 metres at Angostura), extending the Azteca-Zapoteca prospect to 300 metres depth and Peña de Oro to over 800 metres of strike. It now aims to declare a first resource by mid-February 2016 (earlier guidance said near end of 2015), has started conceptual studies for an open pit heap leach operation, and raised 2015 El Barqueno exploration spending to about $22 million from about $15 million. It also says infill drilling at Creston Mascota and La India is expected to increase reserves and resources, La India's at year-end 2015.
Agnico Eagle raised its Amaruq inferred gold resource 35% to 2.0 million ounces (9.7 million tonnes at 6.47 g/t) as of June 30, 2015, up from 1.5 million ounces at the end of 2014. This follows the February 2015 initial estimate, with another update planned for mid-February 2016. Building a satellite mine at Amaruq still needs Board approval, and an all-weather road application and baseline studies are under way.
Agnico Eagle reported further 2015 drilling at Amaruq (best result 19.8 g/t gold over 5.0 metres) and a new mineralized structure about 100 metres north of Whale Tail, plus first drill results at El Barqueno (the Cayden property bought in November 2014). The Soltoro acquisition closed effective June 9, 2015, adding about 30,000 hectares including the El Rayo project next to El Barqueno. An Amaruq resource update is expected near the end of summer and a first El Barqueno resource near end of 2015; the Amaruq February 2015 inferred resource was 1.5 million ounces.
Agnico Eagle filed its updated Meliadine technical report, the study the earlier context said was due in late 2014/early 2015. It covers only the 3.3 million ounces of proven and probable reserves, with about 9 years of mine life, initial capital of about $911 million and an after-tax return of about 10.3% at $1,300 gold. Whether to build the mine is still subject to Board approval, with about $64 million of 2015 spending planned; the environmental project certificate was issued February 26, 2015, and the company is working on a water licence application.
Agnico Eagle agreed to sell 7,320,200 Probe Mines shares (about 8.1%) to Goldcorp at C$5.00 each, and 2,347,951 Probe warrants at C$2.90 each, with closing expected around January 28, 2015. That is about C$36.6 million for the shares and C$6.8 million for the warrants (arithmetic from the filing's figures). It will keep 3,277,049 Probe warrants at C$2.10, expiring May 28, 2015, and calls the sold holdings a non-core asset.
Agnico Eagle completed its purchase of Cayden Resources, which is now a wholly owned subsidiary. Cayden holders received 0.09 of an Agnico share plus C$0.01 in cash per Cayden share, and Agnico plans a $15 million exploration program in 2015 at Cayden's El Barqueno gold project in Mexico. The filing does not state the total price or number of Agnico shares issued.
Agnico Eagle finished its 2014 Amaruq drilling in mid-October: 144 holes (31,598 metres) and a $10 million field program. The Whale Tail zone is now about 1.2 kilometres long and more than 350 metres deep. The initial resource estimate, previously expected by year-end 2014, is now expected in early 2015, and winter drilling is planned to start in March 2015. The company says grades are roughly two to three times the 2.9 g/t gold mined at Meadowbank so far in 2014.
Agnico Eagle renamed the IVR discovery near Meadowbank as the Amaruq project and reported its best drill results so far, including 6.1 g/t gold over 55.6 metres at 278 metres depth. It also reports new targets (Boulder Field, Mammoth, Whale Fin), 142 holes drilled to mid-September 2014, and about $9 million of 2014 exploration spending. An initial resource estimate is expected by year-end 2014, and the company is studying how Amaruq could fit into Meadowbank's plan and possibly link with Meliadine. This continues the IVR work, which was planned at a second phase of 20,000 m and is now described as a 25,000-metre program.
Agnico Eagle filed the formal business acquisition report for the Osisko deal completed June 16, 2014. Agnico issued 34,794,892 new shares and paid C$502,059,784.01 in cash, funded from its existing US$1.2 billion unsecured revolving credit facility, and will account for its interest by the equity method. This fills in the share count and funding that the earlier summary said were not stated. The report also gives Osisko's 2013 results: revenues of C$675.6 million and a net loss of C$455.1 million.
Agnico Eagle published updated reserves and resources for the Canadian Malartic mine, the 50% stake it gained with Yamana in the June 2014 Osisko deal. Proven and probable reserves are 8.94 million ounces of gold (263.2 million tonnes at 1.06 g/t), and measured and indicated resources are 10.80 million ounces. The figures reflect the combined Agnico and Yamana 50% interests in the mine, not Agnico's share alone. The 5% royalty to Osisko Gold Royalties cut reserves by about 60,000 ounces from Osisko's earlier estimate. The same filing lists a second release announcing a technical report on the mine, but its content is not included here.
Agnico Eagle's mid-2014 exploration update reports an expanding IVR discovery 50 km northwest of Meadowbank (best hole 27.6 g/t gold over 3.0 metres) with a second 20,000-metre drilling phase starting. It also says Meliadine drilling should expand resources, with an updated technical study expected in late 2014 or early 2015, and that a deep Kittila hole shows the Suuri zone remains open below 1,340 metres. Akasaba West is under technical study. In June 2014 Agnico also optioned the early-stage Greyhound property near Meadowbank from Aura Silver.
Agnico Eagle and Yamana Gold completed their joint acquisition of Osisko Mining, each now owning 50%, giving Agnico a half share of the Canadian Malartic mine in Quebec. Osisko holders received C$2.09 cash, 0.07264 of an Agnico share, 0.26471 of a Yamana share and 0.1 of a share of the new Osisko Gold Royalties per Osisko share. The partners will run Malartic through a joint committee and jointly explore the Kirkland Lake assets and continue exploration at Hammond Reef, Pandora and Wood-Pandora. Agnico will issue new shares as part of this; the total number is not stated.
Agnico Eagle agreed to sell its 26,966,292 Sulliden Gold shares (about 8.6%) to Rio Alto Mining at C$1.10 per share, about C$29.7 million in cash, with closing expected May 29, 2014. After closing it will hold no Sulliden shares but keeps warrants for 18,876,404 shares at C$1.31, expiring April 12, 2015. The company calls the shares a non-core asset and says the sale realizes a profit on its original investment; it intends to convert the warrants into Rio Alto warrants under the proposed transaction.
Agnico Eagle completed its acquisition of Urastar Gold Corp., a junior explorer in Sonora, Mexico, through a court-approved arrangement; Urastar is now wholly owned. Urastar shareholders get C$0.25 in cash per share, and in-the-money warrant holders get C$0.15 per warrant. Agnico plans to delist Urastar from the TSX Venture Exchange and end its reporting-issuer status. The filing gives no total price.
Agnico Eagle declared a quarterly dividend of $0.22 per share, payable June 17, 2013 to holders of record June 3, 2013. The payment date was changed from June 15 as given in an April 25, 2013 release. This is up from $0.20 in 2012, and the company says it has paid dividends for 31 consecutive years.
Agnico-Eagle's board approved building the La India mine in Sonora, Mexico, the project it gained in the 2011 Grayd takeover. Construction cost is about $158 million, funded from operating cash flow, with commercial production expected in the second half of 2014, about 90,000 ounces of gold a year over roughly eight years. Initial probable reserves are 930,000 ounces (44.6 million tonnes at 0.65 g/t). The release says infill drilling is confirming model grades. Updated La India and Tarachi reserves and resources are expected in mid-February 2013.
Agnico-Eagle restated its $0.20 quarterly dividend with amended dates: payable September 17, 2012 to holders of record September 4, 2012. The amount is unchanged and the company again cites 30 consecutive years of dividends.
Agnico-Eagle gave a 2012 exploration update: about $43 million spent January to May, a new Normeg zone found at Meliadine's Wesmeg deposit, and the Tiriganiaq bulk sample returned 13.5 g/t gold from 4,573 tonnes, about 6% more gold than the block model predicted. At Kittila the Rimpi zone was confirmed at depth, and a new Veta Flor zone was found at Pinos Altos. Full-year exploration spending is now expected at about $115 million, with Meliadine drilling extended two months into September 2012. The filing also lists a second press release on senior management changes, whose content is not included here.
Agnico-Eagle declared a quarterly dividend of $0.20 per share, payable June 15, 2012 to holders of record June 1, 2012. That is up from the $0.16 quarterly rate set for 2011, and it marks 30 consecutive years of dividends.
Agnico-Eagle completed the compulsory acquisition of the last 5,032,139 Grayd shares (about 5.23%), so it now owns all 96,261,039 Grayd shares. The remaining holders got the same terms as the offer. Agnico plans to delist Grayd from the TSX Venture Exchange and have it stop being a reporting issuer. This closes the Grayd deal; Grayd's La India project, about 70 km from Pinos Altos, is now part of Agnico.
Agnico-Eagle mailed its notice to buy the remaining Grayd shares, with completion expected January 23, 2012. After proration, holders who chose cash get $1.89 plus 0.01342 of an Agnico share per Grayd share, and those who chose shares get $0.05 plus 0.04039 of a share. Total cash for the shares tendered to the offer is about C$170 million and about 1.25 million Agnico shares will be issued, well below the maximum share issuance of about 2.7 million.
Agnico-Eagle's Grayd offer expired with 91,228,900 shares (about 94.77% on a fully diluted basis) tendered and all conditions met. Agnico has taken up those shares, will pay by November 23, 2011, and plans to force out the remaining holders under British Columbia law, after which Grayd would be delisted. This resolves the open question of whether the bid would succeed.
