【Jefferies-2025研报】阿尼科鹰矿业公司(AEM):那么,关于整个基本金属业务.pdfVIP

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【Jefferies-2025研报】阿尼科鹰矿业公司(AEM):那么,关于整个基本金属业务.pdf

NORTHAMERICA|MetalsMining

EquityResearch

AgnicoEagleJune4,2025

So,AbouttheWholeBaseMetalsThingCOMPANYUPDATE

Afewweeksago,AEMannounceda~$65Mfollow-oninvestmentinForanRATINGHOLD

Mining,ownersoftheMcllvennaBaycopper-zincprojectinCanada.WhilethePRICE$122.51^

investmentisimmaterialtoAEM,itmadeusthinkaboutAEMsvariousforaysPRICETARGET|%TOPT$116.00|-5%

intobasemetalsoverthepastfewyears.Aretheseinvestmentsawayto52WHIGH-LOW$126.76-$63.01

socializetheideaofAEMultimatelyacquiringabasemetalscompany?WedontFLOAT(%)|ADVMM(USD)99.7%|470.77

thinkso.Weseemoreone-offequityinvestmentsoraproject-levelacquisitionMARKETCAP$61.7B

atmost.

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