Q: Could you comment on Q1 just released. Did they beat expectations? They gave an update on projects in the pipeline, drill results... how can we interpret this part of the report?
5i Research Answer:
EPS of $1.53 beat estimates of $1.35. Revenue of $2.46B beat estimates of $2.41B. EBITDA of $1.59B beat estimates by 9.3%. EPS more than doubled year over year. Gold production was 873,794 ounces, better than estimates (840,000). Realized gold prices did not change as much as expected (hedging) but silver prices rose 39%. Total cash costs forecasts remain very good at $915 to $965/ounce. Guidance of 3.3M to 3.5M ounces was maintained (3.4M estimate). AEM noted it will be largely unaffected by tariffs as most of its gold production is refined in Canada, Australia or Europe. We remain very comfortable here.