Month: February 2018

“In 2017, we had another strong year of operating performance exceeding our production forecast and beating our cost guidance for the sixth consecutive year. We set a new annual production record while recording the fewest number of lost time accidents, and we also increased our gold reserves”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Furthermore, we continue to make excellent progress on our Nunavut development projects which has allowed us to advance the expected start-up of Meliadine and increase our production guidance for 2018 and 2019. With projected production on track to reach approximately 2.0 million ounces with lower unit costs in 2020, the Company will be focusing on increasing its reserve base and advancing its development pipeline to enhance the production profile and grow free cash flow”, added Mr. Boyd.

“We generated positive net income and strong cash flow for the year,” said Darren Pylot, President and CEO of Capstone. “Increased cash flow, combined with the monetization of our non-core Kutcho asset, allowed us to pay down $54 million in debt in 2017, reducing debt by a total of $74 million over the past two years. We are extremely well positioned entering 2018, with operations running well and potential organic growth opportunities,” continued Mr. Pylot. “We are now set to take full advantage of strong copper prices in 2018 after completing our entire copper hedge program at the end of 2017.”

“The divestiture of Minto will allow us to focus our resources on opportunities that will have a more meaningful impact on the long-term growth of the company,” said Darren Pylot, President and Chief Executive Officer of Capstone. “This agreement is consistent with our continuing efforts to deliver shareholder value by focusing on our core assets and allows us to further strengthen our balance sheet. Minto has been an important part of the development of Capstone and we are optimistic for the future of Minto under Pembridge’s stewardship.”

Net earnings were $242 million, or $0.28 per share, compared to net earnings of $101 million, or $0.12 per share, for the fourth quarter of 2016. Operating cash flows for the fourth quarter of 2017 were $511 million compared to $239 million for the same period in the prior year. Adjusted operating cash flows were $401 million for the fourth quarter of 2017 compared to $306 million for the same period in the prior year.

“We are very pleased with our results for the year, with adjusted earnings and EBITDA of $2.6 billion and $5.7 billion, respectively,” said Don Lindsay, President and CEO. “With our strong operating results, we achieved record revenues and cash flow from operations in 2017. Our financial position is very strong and with the startup of Fort Hills and favourable markets for our key products, we are well positioned for the coming year.”

“The Company now has a strong balance sheet with no debt, production growth with lowering costs, and is well positioned to strengthen and advance its business.” said Brad Langille, CEO.

San Marco Resources Inc. announces the engagement of Paul MacDonald to serve as Investor Relations Consultant to the Company on a non-exclusive basis for a period of one year commencing February 14, 2018.