Agnico Eagle Concludes Acquisition of 15% Interest in OnGold Resources

Agnico Eagle Mines Limited AEM stated that it has concluded a transaction with ONGold Resources Ltd. and acquired 8.7 million shares in the latter.On Nov. 25, 2024, AEM’s wholly-owned subsidiary, Yamana Gold Ontario Inc., entered into an asset purchase agreement with Manitoba Ltd., a wholly-owned subsidiary of ONGold. Per the agreement, Manitoba agreed to purchase certain assets from Yamana in exchange for (among other things) the issuance of common shares to Agnico Eagle. On Dec. 20, 2024, this transaction was completed, with Agnico Eagle acquiring 8.7 million shares. This represents roughly 15% of ONGold’s issued and outstanding common shares. Agnico Eagle did not own any shares in ONGold before this transaction.In connection with the closing of the transaction, Agnico Eagle and ONGold entered into an investor rights agreement pursuant to which the latter granted Agnico Eagle certain rights to acquire up to a 19.99% interest in ONGold.Agnico Eagle expects its 2024 gold production to be in the range of 3.35-3.55 million ounces and is on track to meet the mid-point of the range. AEM anticipates meeting its 2024 projected range of $875- $925 for total cash costs per ounce and $1,200-$1,250 for AISC per ounce. With capitalized exploration excluded, it expects total capital expenditures for 2024 to be in the range of $1.6-$1.7 million.AEM Stock Price PerformanceShares of Agnico Eagle have gained 42.5% in the past year compared with the industry’s 10.6% growth.Image Source: Zacks Investment ResearchAgnico Eagle’s Zacks Rank & Key PicksAEM currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space are Carpenter Technology Corporation CRS, New Gold Inc. NGD and CF Industries Inc. CF. Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 138.9% in the past year. New Gold, which currently carries a Zacks Rank #2 (Buy), beat the consensus estimate in three of the trailing four quarters while missing once. In this time frame, it delivered an earnings surprise of roughly 37.5%, on average. NGD’s shares have rallied 65.8% over the past year. The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.35 per share. CF, which currently sports a Zacks Rank of 1, beat the consensus estimate in two of the last four quarters and missed twice, the average earnings surprise being 10.3%. CF has gained around 7.8% in the past year. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CF Industries Holdings, Inc. (CF): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report New Gold Inc. (NGD): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks