AEM:CC - Agnico Eagle Mines: A Staple For Any Diversified Portfolio

• Agnico Eagle Mines released its Q1 results on Thursday, reporting quarterly production of ~660,600 ounces of gold, or ~806,300 ounces when adjusting for the date of the merger closing.
• This represented significant growth from pre-merger levels, with strong quarters from LaRonde, La India, Fosterville, and Detour Lake.
• Notably, despite inflationary pressures, Agnico reported only slight cost creep, with all-in sustaining costs of $1,079/oz & AISC margins of $801/oz, representing a ~42% AISC margin.
• Given Agnico's unique combination of jurisdictional safety, high margins, and peer-leading growth, I see this ~18% pullback in the stock as a buying opportunity.

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