Agnico had a strong quarter, beating analysts' estimates due in part to a dramatic reduction in all-in costs and higher throughput from Goldex and La India contributions plus better grades at Pinos Altos in Mexico. Agnico has a growing production profile with a strong contribution from fifty percent owned Canadian Malartic. In addition, the company update on Amaruq in Nunavut will lengthen Meadowbank's life. Agnico's balance sheet is always conservative and we like management's ability to execute. Agnico paid down debt by $100 million in the last quarter. We recommend the shares here.