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Agnico Eagle (AEM) Acquires 11% Stake in Prism Resources
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Agnico Eagle Mines Limited (AEM - Free Report) has completed the acquisition of 5,750,000 common shares of Prism Resources Inc. from Trevali Mining Corporation. The transaction took place at a price of roughly C$0.0174 per common share, amounting to a total consideration of C$100,000 (approximately $74,750). This acquisition was made pursuant to a share purchase agreement dated Feb 13, 2024, between Agnico Eagle and FTI Consulting Canada Inc., acting as the court-appointed monitor of Prism.
Prism holds a 7.5% Net Profit Interest royalty on the Aurora and Sunday Lake claims, which are part of Agnico Eagle's Detour Lake mine property, encompassing Zone 58N and other promising geological targets.
Investment purposes drive Agnico Eagle's acquisition of the Common Shares. The company may, depending on market conditions and other pertinent factors, consider acquiring additional common shares or other securities of Prism. It may also choose to dispose of some or all of the common shares or other securities of Prism that it currently holds.
Before entering the Share Purchase Agreement, Agnico Eagle did not possess any common shares of Prism. With this transaction, Agnico Eagle now holds 5,750,000 common shares, constituting approximately 11.07% of the issued and outstanding common shares on a non-diluted basis.
Shares of Agnico Eagle have gained 2.4% in the past year compared with a 2.7% fall of the industry.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, AEM reported adjusted earnings of 57 cents per share, marking an increase from 38 cents in the corresponding period of the previous year. This performance exceeded the Zacks Consensus Estimate of 48 cents. The company's revenues amounted to $1,756.6 million, reflecting a nearly 27% rise compared with the prior year's quarter. The top line also surpassed the Zacks Consensus Estimate of $1,520.3 million.
For 2024, AEM projects a gold production range of 3.35-3.55 million ounces. The company forecasts total cash costs per ounce to be within the range of $875-$925, with AISC per ounce anticipated to be between $1,200 and $1,250. Excluding capitalized exploration expenses, AEM estimates its capital expenditures for 2024 to be in the range of $1.6-$1.7 billion.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 42% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 64.2% in the past year.
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Agnico Eagle (AEM) Acquires 11% Stake in Prism Resources
Agnico Eagle Mines Limited (AEM - Free Report) has completed the acquisition of 5,750,000 common shares of Prism Resources Inc. from Trevali Mining Corporation. The transaction took place at a price of roughly C$0.0174 per common share, amounting to a total consideration of C$100,000 (approximately $74,750). This acquisition was made pursuant to a share purchase agreement dated Feb 13, 2024, between Agnico Eagle and FTI Consulting Canada Inc., acting as the court-appointed monitor of Prism.
Prism holds a 7.5% Net Profit Interest royalty on the Aurora and Sunday Lake claims, which are part of Agnico Eagle's Detour Lake mine property, encompassing Zone 58N and other promising geological targets.
Investment purposes drive Agnico Eagle's acquisition of the Common Shares. The company may, depending on market conditions and other pertinent factors, consider acquiring additional common shares or other securities of Prism. It may also choose to dispose of some or all of the common shares or other securities of Prism that it currently holds.
Before entering the Share Purchase Agreement, Agnico Eagle did not possess any common shares of Prism. With this transaction, Agnico Eagle now holds 5,750,000 common shares, constituting approximately 11.07% of the issued and outstanding common shares on a non-diluted basis.
Shares of Agnico Eagle have gained 2.4% in the past year compared with a 2.7% fall of the industry.
Image Source: Zacks Investment Research
In the fourth quarter of 2023, AEM reported adjusted earnings of 57 cents per share, marking an increase from 38 cents in the corresponding period of the previous year. This performance exceeded the Zacks Consensus Estimate of 48 cents. The company's revenues amounted to $1,756.6 million, reflecting a nearly 27% rise compared with the prior year's quarter. The top line also surpassed the Zacks Consensus Estimate of $1,520.3 million.
For 2024, AEM projects a gold production range of 3.35-3.55 million ounces. The company forecasts total cash costs per ounce to be within the range of $875-$925, with AISC per ounce anticipated to be between $1,200 and $1,250. Excluding capitalized exploration expenses, AEM estimates its capital expenditures for 2024 to be in the range of $1.6-$1.7 billion.
Agnico Eagle Mines Limited Price and Consensus
Agnico Eagle Mines Limited price-consensus-chart | Agnico Eagle Mines Limited Quote
Zacks Rank & Key Picks
AEM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Hawkins, Inc. (HWKN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28.7% in the past year.
Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 42% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 64.2% in the past year.