AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS RECORD QUARTERLY PRODUCTION; RECORD ANNUAL EARNINGS AND CASHFLOW; RECORD RESERVES; GOLD PRODUCTION FORECAST TO GROW 24% FROM 2020 THROUGH 2024; ODYSSEY PROJECT AND AMARUQ UNDERGROUND APPROVED FOR DEVELOPMENT

2020-Q4_AEM-Results

TORONTO, Feb. 11, 2021 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $205.2 million, or net income of $0.85 per share, for the fourth quarter of 2020.  This result includes non-cash mark-to-market gains on warrants of $29.3 million ($0.12 per share), foreign currency translation gains on deferred tax liabilities of $28.8 million ($0.12 per share), derivative gains on financial instruments of $21.7 million ($0.09 per share), losses on environmental remediation of $16.6 million ($0.07 per share), non-cash foreign currency translation losses of $11.0 million ($0.04 per share) and various other adjustment losses of $9.1 million ($0.04 per share).  Excluding these items would result in adjusted net income1 of $162.1 million or $0.67 per share for the fourth quarter of 2020.  For the fourth quarter of 2019, the Company reported net income of $331.7 million or $1.39 per share.

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