Press Release: AGNICO EAGLE REPORTS FIRST QUARTER 2025 RESULTS - STRONG QUARTERLY OPERATIONAL AND FINANCIAL PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY STRONG FREE CASH FLOW GENERATION; 16TH ANNUAL SUSTAINABILITY REPORT RELEASED

Dow Jones
25 Apr

AGNICO EAGLE REPORTS FIRST QUARTER 2025 RESULTS - STRONG QUARTERLY OPERATIONAL AND FINANCIAL PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY STRONG FREE CASH FLOW GENERATION; 16TH ANNUAL SUSTAINABILITY REPORT RELEASED

PR Newswire

TORONTO, April 24, 2025

Stock Symbol: AEM (NYSE and TSX)

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, April 24, 2025 /PRNewswire/ - Agnico Eagle Mines Limited $(AEM)$ (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2025.

"We've had an excellent start to the year with another quarter of strong operating and financial results. This performance has allowed us to further strengthen our balance sheet and has positioned us well for the remainder of the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We remain focused on execution and cost control to continue delivering expanding operating margins in a rising gold price environment. This enables us to reinvest in the business through exploration and the advancement of our five key pipeline projects, while continuing to strengthen our financial position and increase returns to shareholders," added Mr. Al-Joundi.

First quarter 2025 highlights:

   -- Strong quarterly gold production and cost performance -- Payable gold 
      production1 was 873,794 ounces at production costs per ounce of $879, 
      total cash costs per ounce2 of $903 and all-in sustaining costs ("AISC") 
      per ounce2 of $1,183. The strong operational performance in the first 
      quarter of 2025, led by Canadian Malartic, LaRonde, Macassa and the 
      Nunavut operations, positions the Company well for 2025. Full year 
      production and cost guidance remains unchanged 
 
   -- Record quarterly adjusted net income and strong free cash flow generation 
      -- The Company reported quarterly net income of $815 million or $1.62 per 
      share and record adjusted net income3 of $770 million or $1.53 per share. 
      The Company generated cash provided by operating activities of $1,044 
      million or $2.08 per share ($1,209 million or $2.41 per share of cash 
      provided by operating activities before changes in non-cash components of 
      working capital4) and free cash flow4 of $594 million or $1.18 per share 
      ($759 million or $1.51 per share of free cash flow before changes in 
      non-cash components of working capital4) 
 
   -- Strengthening investment grade balance sheet -- The Company increased its 
      cash position by $212 million to $1,138 million and approached a zero net 
      debt position. At the end of the first quarter of 2025, total debt 
      outstanding was $1,143 million and net debt5 was reduced to $5 million. 
      In addition, in February 2025, Moody's revised its rating outlook for the 
      Company to positive from stable and re-affirmed the Company's long-term 
      issuer rating of Baa1 
 
   -- Continued focus on shareholder returns -- A quarterly dividend of $0.40 
      per share has been declared. In addition, the Company repurchased 488,047 
      common shares during the quarter at an average share price of $102.44 for 
      aggregate consideration of $50 million under its normal course issuer bid 
      ("NCIB"). The Company intends to seek approval from the TSX to renew the 
      NCIB for another year on substantially the same terms, and intends to 
      increase the limit of purchases under the NCIB to $1 billion of common 
      shares. Additional details will be provided at the time of the renewal 
 
   -- 2024 Sustainability Report published -- The Company continues to 
      demonstrate its commitment to sustainability and released its 2024 
      Sustainability Report on April 24, 2025 
 
   -- Update on key value drivers and pipeline projects 
 
          -- Canadian Malartic -- In the first quarter of 2025, ramp 
             development reached the bottom of the first mining horizon at East 
             Gouldie. Excavation of the mid-shaft loading station between 
             levels 102 and 114 commenced and the temporary service hoist was 
             commissioned. Exploration drilling continued to extend the East 
             Gouldie deposit to the east and extend the newly discovered, 
             sub-parallel Eclipse zone. The Company also completed the 
             acquisition of O3 Mining Inc. ("O3 Mining") in the first quarter 
             of 2025 -- additional funding of $5.5 million has been allocated 
             for a first phase of exploration in 2025 that will include 24,000 
             metres of drilling at the Marban deposit, which is located 
             immediately northeast of the Canadian Malartic property 
 
          -- Detour Lake -- In the first quarter of 2025, construction of the 
             temporary infrastructure for the underground project advanced and 
             the excavation of overburden for the exploration ramp portal was 
             completed. The permit to take water was received in April 2025 and 
             excavation of the ramp is expected to commence in the coming 
             weeks. Exploration drilling into the high-grade corridor in the 
             West Pit zone further defined the high-grade domains that could 
             potentially be mined early in the underground project. Drilling 
             into the West Extension zone at underground depths near the 
             planned ramp returned highlight intersections of 3.0 grams 
             per tonne ("g/t") gold over 44.5 metres at 585 metres depth and 
             3.9 g/t gold over 17.6 metres at 624 metres depth 
 
          -- Upper Beaver -- In the first quarter of 2025, the box cut for the 
             exploration ramp was completed and installation of the steel 
             structure for the head frame and construction of the hoist room 
             advanced. Work is progressing on schedule, with excavation of the 
             exploration ramp and the sinking of the exploration shaft expected 
             to commence in the fourth quarter of 2025 
 
          -- Patch 7 at Hope Bay -- In the first quarter of 2025, exploration 
             drilling at Hope Bay totalled 29,450 metres with a focus on the 
             Patch 7 and Suluk zones at the Madrid deposit. Recent results 
             continue to demonstrate continuity within the known zones and 
             support the potential for mineral resource expansion at depth and 
             along strike, with a highlight intersection of 24.1 g/t gold over 
             9.5 metres at 636 metres depth in the gap area between Patch 7 and 
             Suluk 
 
          -- San Nicolás project -- In the first quarter of 2025, Minas de 
             San Nicolás continued working on a feasibility study, with 
             completion expected in the second half of 2025 
 
________________________________ 
(1) Payable production of a mineral means the quantity of a mineral produced 
during a period contained in products that have been or will be sold by the 
Company whether such products are shipped during the period or held as 
inventory at the end of the period. Payable gold production for the three 
months ended March 31, 2025 excludes payable gold production at La India and 
Creston Mascota of 1,811 and 25 ounces, respectively, which were produced from 
residual leaching. 
(2) Total cash costs per ounce and all-in sustaining costs per ounce or AISC 
per ounce are non-GAAP ratios that are not standardized financial measures 
under IFRS and, in this news release, unless otherwise specified, are reported 
on (i) a per ounce of gold production basis, and (ii) a by-product basis. For 
a description of the composition and usefulness of these non-GAAP ratios and 
reconciliations of total cash costs per ounce and AISC per ounce to production 
costs on both a by-product and a co-product basis, see "Note Regarding Certain 
Measures of Performance" below. 
(3) Adjusted net income and adjusted net income per share are non-GAAP 
measures or ratios that are not standardized financial measures under IFRS. 
For a description of the composition and usefulness of these non-GAAP measures 
and a reconciliation to net income see "Note Regarding Certain Measures of 
Performance" below. 
(4) Cash provided by operating activities before changes in non-cash 
components of working capital, free cash flow and free cash flow before 
changes in non-cash components of working capital and their related per share 
measures are non-GAAP measures or ratios that are not standardized financial 
measures under IFRS. For a description of the composition and usefulness of 
these non-GAAP measures and a reconciliation to cash provided by operating 
activities see "Note Regarding Certain Measures of Performance" below. 
(5) Net debt is a non-GAAP measure that is not a standardized financial 
measure under IFRS. For a description of the composition and usefulness of 
this non-GAAP measure and a reconciliation to long-term debt, see "Note 
Regarding Certain Measures of Performance" below. 
 

First Quarter 2025 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Friday, April 25, 2025, at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 36377#. The conference call replay will expire on May 25, 2025.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Annual Meeting

The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 25, 2025 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.

The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online at: https://meetnow.global/M59UWL4.

For details explaining how to attend, communicate and vote virtually at the AGM see the Company's Management Information Circular dated March 24, 2025, filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone at 1.888.822.6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or by e-mail at assistance@laurelhill.com.

First Quarter 2025 Production and Costs

 
Production and Cost Results Summary 
------------------------------------ 
                                               Three Months Ended 
                                                    March 31, 
                                       ---------------------------------- 
                                             2025              2024 
                                       ----------------  ---------------- 
Gold production* (ounces)                       873,794           878,652 
Gold sales (ounces)                             842,965           879,063 
Production costs per ounce**                $       879       $       892 
Total cash costs per ounce**                $       903       $       901 
AISC per ounce**                       $          1,183  $          1,190 
 
 
*Gold production for the three months ended March 31, 2025 excludes payable 
gold production at La India and Creston Mascota of 1,811 and 25 ounces, 
respectively, which were produced from residual leaching. 
** Production costs per ounce, total cash costs per ounce and AISC per ounce 
are reported on a per ounce of gold produced basis. 
 

Gold Production

Gold production decreased slightly in the first quarter of 2025 when compared to the prior-year period primarily due to lower production at Canadian Malartic, partially offset by higher production at LaRonde and Macassa. Canadian Malartic performed better-than-planned in the first quarter of 2025 -- the decrease in gold production when compared to the prior-year period was primarily due to lower gold grades at the Barnat pit.

Production Costs per Ounce

Production costs per ounce decreased in the first quarter of 2025 when compared to the prior-year period primarily due to higher gold production at LaRonde and Macassa, the timing of inventory sales at LaRonde and Meliadine and the weakening Canadian dollar relative to the U.S. dollar between periods, partially offset by higher royalties arising from higher gold prices and lower gold production at Canadian Malartic.

Total Cash Costs per Ounce

Total cash costs per ounce increased slightly in the first quarter of 2025 when compared to the prior-year period due to higher royalties arising from higher gold prices and lower gold production at Canadian Malartic, partially offset by higher gold production at LaRonde and Macassa and the impact of a weakening Canadian dollar relative to the U.S. dollar between periods. The Company still expects total cash costs per ounce for the full year 2025 to be in the range of $915 to $965.

AISC per Ounce

AISC per ounce decreased in the first quarter of 2025 when compared to the prior-year period due to lower sustaining capital expenditures primarily related to lower deferred development costs at Detour Lake, partially offset by higher general and administrative expenses.

AISC per ounce in the first quarter of 2025 was lower than planned primarily due to the deferral of certain sustaining capital expenditures at Detour Lake and Canadian Malartic until later in 2025. AISC per ounce is expected to be higher in the remainder of 2025 and the Company still expects consolidated AISC per ounce for the full year 2025 to be in the range of $1,250 to $1,300.

First Quarter 2025 Financial Results

 
Financial Results Summary 
--------------------------------------- 
                                                 Three Months Ended 
                                                      March 31, 
                                          -------------------------------- 
                                                     2025             2024 
                                          ---------------  --------------- 
Realized gold price (per ounce)(6)         $        2,891   $        2,062 
Net income (millions)                     $           815  $           347 
Adjusted net income (millions)            $           770  $           377 
EBITDA (millions)(7)                       $        1,634  $           883 
Adjusted EBITDA (millions)(7)              $        1,590  $           929 
Cash provided by operating activities 
 (millions)                                $        1,044  $           783 
Cash provided by operating activities 
 before changes in non-cash components 
 of working capital (millions)             $        1,209  $           777 
Capital expenditures (millions) (8)       $           419  $           372 
Free cash flow (millions)                 $           594  $           396 
Free cash flow before changes in 
 non-cash components of working capital 
 (millions)                               $           759  $           389 
 
Net income per share (basic)              $          1.62  $          0.70 
Adjusted net income per share (basic)     $          1.53  $          0.76 
Cash provided by operating activities 
 per share (basic)                        $          2.08  $          1.57 
Cash provided by operating activities 
 before changes in non-cash components 
 of working capital per share (basic)     $          2.41  $          1.56 
Free cash flow per share (basic)          $          1.18  $          0.79 
Free cash flow before changes in 
 non-cash components of working capital 
 per share (basic)                        $          1.51  $          0.78 
 
 
_____________________________________ 
(6) Realized gold price is calculated as gold revenues from mining operations 
divided by the number of ounces sold. 
(7) "EBITDA" means earnings before interest, taxes, depreciation, and 
amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that 
are not standardized financial measures under IFRS. For a description of the 
composition and usefulness of these non-GAAP measures and a reconciliation to 
net income see "Note Regarding Certain Measures of Performance" below. 
(8) Includes capitalized exploration. Capital expenditures is a non-GAAP 
measure that is not a standardized financial measure under IFRS. For a 
discussion of the composition and usefulness of this non-GAAP measure and a 
reconciliation to additions to property, plant and mine development as set out 
in the consolidated statements of cash flows, see "Note Regarding Certain 
Measures of Performance" below. 
 

Net Income

Net income increased in the first quarter of 2025 when compared to the prior-year period primarily due to record operating margins from higher realized gold prices and lower production costs, partially offset by lower gold sales and higher income and mining taxes expense in the current period.

Net income in the first quarter of 2025 of $815 million ($1.62 per share) includes the following items (net of tax): net gains on derivative financial instruments and other investments of $46 million ($0.09 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $11 million ($0.02 per share), net asset disposal losses of $5 million ($0.01 per share), and reclamation and other adjustments totaling $7 million ($0.01 per share). Excluding these items results in adjusted net income of $770 million or $1.53 per share for the first quarter of 2025.

Adjusted EBITDA

Adjusted EBITDA increased in the first quarter of 2025 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher general and administrative expenses.

Cash Provided by Operating Activities

Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital both increased in the first quarter of 2025 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher income and mining taxes expense in the current period.

Free Cash Flow Before Changes in Non-Cash Components of Working Capital

Free cash flow before changes in non-cash components of working capital was a record in the first quarter of 2025 and increased when compared to the prior-year period primarily due to the reasons described above with respect to cash provided by operating activities, partially offset by higher capital expenditures.

Capital Expenditures

The following table sets out a summary of capital expenditures, in each case broken down as between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the first quarter of 2025.

 
Summary of Capital Expenditures* 
------------------------------------------------------ 
(thousands) 
                        Capital Expenditures**                   Capitalized Exploration 
                          Three Months Ended                       Three Months Ended 
                             Mar 31, 2025                             Mar 31, 2025 
                --------------------------------------  ----------------------------------------- 
Sustaining 
Capital 
Expenditures 
 LaRonde        $                               17,503   $                                    894 
 Canadian 
  Malartic                                      24,802                                        359 
 Goldex                                         13,702                                        531 
                --------------------------------------  ----------------------------------------- 
 Quebec                                         56,007                                      1,784 
 Detour Lake                                    35,858                                         -- 
 Macassa                                         8,531                                        416 
                --------------------------------------  ----------------------------------------- 
 Ontario                                        44,389                                        416 
 Meliadine                                      14,394                                        855 
 Meadowbank                                     23,368                                         -- 
                --------------------------------------  ----------------------------------------- 
 Nunavut                                        37,762                                        855 
 Fosterville                                    12,630                                         -- 
                --------------------------------------  ----------------------------------------- 
 Australia                                      12,630                                         -- 
 Kittila                                         9,431                                        725 
                --------------------------------------  ----------------------------------------- 
 Finland                                         9,431                                        725 
 Pinos Altos                                     6,375                                        275 
 Mexico                                          6,375                                        275 
 Other                                           1,482                                        393 
                --------------------------------------  ----------------------------------------- 
Total 
 Sustaining 
 Capital 
 Expenditures    $                             168,076    $                                 4,448 
 
Development Capital Expenditures 
 LaRonde        $                               16,943  $                                      -- 
 Canadian 
  Malartic                                      50,871                                      5,833 
 Goldex                                          1,981                                        497 
                --------------------------------------  ----------------------------------------- 
 Quebec                                         69,795                                      6,330 
 Detour Lake                                    53,932                                      8,768 
 Macassa                                        21,817                                     10,474 
                --------------------------------------  ----------------------------------------- 
 Ontario                                        75,749                                     19,242 
 Meliadine                                      11,490                                      4,601 
 Meadowbank                                      1,325                                         -- 
                --------------------------------------  ----------------------------------------- 
 Nunavut                                        12,815                                      4,601 
 Fosterville                                     7,470                                      2,375 
                --------------------------------------  ----------------------------------------- 
 Australia                                       7,470                                      2,375 
 Kittila                                           905                                      1,227 
                --------------------------------------  ----------------------------------------- 
 Finland                                           905                                      1,227 
 Pinos Altos                                     2,911                                         12 
 San 
 Nicolás 
 (50%)                                           2,085                                         -- 
                --------------------------------------  ----------------------------------------- 
 Mexico                                          4,996                                         12 
 Other                                          14,494                                     26,717 
                --------------------------------------  ----------------------------------------- 
Total 
 Development 
 Capital 
 Expenditures    $                             186,224     $                               60,504 
                --------------------------------------  ----------------------------------------- 
Total Capital 
 Expenditures    $                             354,300     $                               64,952 
                ======================================  ========================================= 
 
 
 
*Capital expenditures is a non-GAAP measure that is not a standardized 
financial measure under IFRS. For a discussion of the composition and 
usefulness of this non-GAAP measure and a reconciliation to additions to 
property, plant and mine development as set out in the consolidated statements 
of cash flows, see "Note Regarding Certain Measures of Performance" below. 
**Excludes capitalized exploration 
 

2025 Guidance Reiterated

The Company is well positioned to achieve its 2025 gold production guidance of approximately 3.3 to 3.5 million ounces, its 2025 total cash costs per ounce guidance of $915 to $965 and its 2025 AISC per ounce guidance of $1,250 to $1,300.

Total expected capital expenditures (excluding capitalized exploration) for 2025 are still estimated to be between $1.75 billion to $1.95 billion.

Tariffs

On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments have announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs have been postponed and exceptions to such tariffs have been made in respect of certain goods. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remains fluid.

At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented, or other trade disputes. However, approximately 60% of the Company's cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company's supply chains, the Company will continue to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances. The costs guidance provided in the Company's news release dated February 13, 2025 does not include any potential impact from such tariffs or trade disputes.

Net Debt Reduced Through Continued Strong Free Cash Flow Generation

Cash and cash equivalents increased by $212 million when compared to the prior quarter primarily due to higher cash provided by operating activities before changes in non-cash components of working capital as a result of higher operating margins from higher realized gold prices and lower production costs as well as less cash used in financing activities as $325 million of debt was repaid in the prior quarter, partially offset by unfavourable changes in non-cash components of working capital in the current period which includes a cash tax payment related to the 2024 taxation year of approximately $400 million.

As at March 31, 2025, the Company's total long-term debt was $1,143 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature. In February 2025, Moody's revised its rating outlook for the Company to positive from stable and re-affirmed the Company's long-term issuer rating of Baa1, reflecting the Company's strengthening credit profile and financial position.

Net debt decreased in the first quarter of 2025 when compared to the prior quarter due to the increase in cash and cash equivalents of $212 million. The following table sets out the calculation of net debt, which was reduced to $5 million in the first quarter of 2025.

 
Net Debt Summary 
-------------------------------------------- 
(millions) 
                           As at                         As at 
                       Mar 31, 2025                   Dec 31, 2024 
               -----------------------------  ---------------------------- 
Current 
 portion of 
 long-term 
 debt           $                         90  $                         90 
Non-current 
 portion of 
 long-term 
 debt                                  1,053                         1,053 
               -----------------------------  ---------------------------- 
Long-term 
 debt             $                    1,143    $                    1,143 
Less: cash 
 and cash 
 equivalents                         (1,138)                         (926) 
               -----------------------------  ---------------------------- 
Net debt       $                           5   $                       217 
               =============================  ============================ 
 

Hedges

Based on the Company's currency assumptions used for 2025 cost estimates: approximately 57% of the Company's remaining estimated Canadian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.37 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.43 C$/US$, approximately 27% of the Company's remaining estimated Euro exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.09 US$/EUR, while allowing for participation in respect of exchange rate movements down to an average of 1.05 US$/EUR, approximately 60% of the Company's remaining estimated Australian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.50 A$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.70 A$/US$, and approximately 45% of the Company's remaining estimated Mexican peso exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 24.00 MXP/US$. The Company's full year 2025 cost guidance is based on assumed exchange rates of 1.38 C$/US$, 1.08 US$/EUR, 1.50 A$/US$ and 20.00 MXP/US$.

Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2024 sealift, approximately 64% of the Company's remaining estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to continue to reduce the Company's exposure to diesel price volatility for 2025. The Company's full year 2025 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes).

The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for the balance of 2025. Current hedging positions are not factored into 2025 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the Second Quarter of 2025

The Company's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on June 16, 2025 to shareholders of record as of May 30, 2025. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2025 Fiscal Year

 
Record Date         Payment Date 
------------------  ------------------ 
February 28, 2025*  March 14, 2025* 
------------------  ------------------ 
May 30, 2025**      June 16, 2025** 
------------------  ------------------ 
September 2, 2025   September 15, 2025 
------------------  ------------------ 
December 1, 2025    December 15, 2025 
------------------  ------------------ 
 
 
*Paid 
**Declared 
 

Dividend Reinvestment Plan

For information on the Company's dividend reinvestment plan, see: Dividend Reinvestment Plan.

International Dividend Currency Exchange

For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.

Normal Course Issuer Bid

In the first quarter of 2025, the Company repurchased 488,047 common shares at an average share price of $102.44 for aggregate consideration of $50 million under the NCIB. The Company believes that its NCIB is a flexible and complementary tool that, together with its quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. The Company can purchase up to $500 million of its common shares under the NCIB, subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2024.

The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms, and intends to increase the limit of purchases under the NCIB to $1 billion of common shares. Additional details will be provided at the time of the renewal.

Continued Commitment to Strong Sustainability Performance Demonstrated in 2024 Sustainability Report

On April 24, 2025, the Company released its 2024 Sustainability Report (the "Report") which provides an update on the Company's strategy, practices and risk management approach in the areas of health, safety and sustainability.

This marks the 16th year that the Company has produced a detailed account of its sustainability performance. The Report includes mining industry-specific indicators from the Sustainability Accounting Standards Board (SASB) Metals and Mining disclosures and metrics, and certain indicators in reference to the Global Reporting Initiative $(GRI)$ standards.

The theme of the Report, "Global Approach, Regional Focus", reflects the Company's commitment to remain deeply rooted in and supportive of the regions in which it operates as it expands and evolves as a global organization.

Report Highlights:

   -- Having strong sustainability performance -- The Company continued its 
      "Towards Zero Accidents" initiative by focusing on visible felt 
      leadership, risk identification and mitigation and employee training. 
      Performance was maintained or improved across many other key factors 
      including zero significant environmental incidents and increased employee 
      engagement results 
 
   -- Approach to climate change -- The Company's decarbonization efforts are 
      focused on energy efficiency, technology transition and increased use of 
      renewable energy. In 2024, the Company maintained its position among the 
      gold industry leaders in greenhouse gas emissions performance with an 
      intensity of 0.38 tCO2e per ounce of gold 
 
   -- Remaining committed to reconciliation with Indigenous communities -- The 
      Company launched its inaugural Reconciliation Action Plan in 2024, the 
      first of its kind published by a Canadian mining company, which sets out 
      the Company's approach to reconciliation with Indigenous communities. 
      This comprehensive strategy reinforces the Company's dedication to 
      fostering positive relationships and supporting Indigenous peoples 
      globally 
 
   -- Investing in communities -- Being a trusted and valued member of the 
      communities associated with the Company's operations remains a 
      fundamental principle and priority for the Company. In 2024, the 
      Company's donations and sponsorships to local organizations were 
      approximately $11 million and the Company spent approximately $1.9 
      billion on locally sourced goods and services, approximately $1 billion 
      of which went to Indigenous businesses 
 
   -- Mining responsibly -- The Company is committed to being a responsible 
      miner and contributing to the sustainable development of the regions in 
      which it operates. The Company upholds recognized international 
      sustainability frameworks, including Towards Sustainable Mining $(TSM)$, 
      Responsible Gold Mining Principles $(RGMP)$, the Voluntary Principles on 
      Security and Human Rights (VPSHRs) and the Conflict-Free Gold Standard 
 
   -- Being an employer of choice -- The Company focused on leadership training, 
      creating growth opportunities for its Indigenous workforce and supporting 
      the next generation of workers with scholarships and training 
      opportunities 

The Company's 2024 Sustainability Report can be accessed here.

Update on Key Value Drivers and Pipeline Projects

Canadian Malartic

The Company continues to advance the transition to underground mining with the construction of the Odyssey mine and work on several opportunities with a vision to potentially grow annual production to one million ounces per year in the 2030s. These opportunities include the potential for a second shaft at Odyssey, the development of a satellite open pit at Marban and the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.

Odyssey

In the first quarter of 2025, ramp development continued to progress ahead of schedule. The ramp towards the mid-shaft loading station reached a depth of 1,012 metres as at March 31, 2025 and is expected to connect to the mid-shaft loading station at level 102 in the third quarter of 2025. The main ramp towards the shaft bottom reached a depth of 965 metres.

In the first quarter of 2025, the shaft reached level 111 at a depth of 1,113 metres on schedule. Excavation of the mid-shaft loading station was initiated and is expected to continue through the remainder of 2025. The level 111 station was excavated and is being prepared for steel installation, while excavation of the loading pocket at level 112 commenced.

In the first quarter of 2025, construction progressed on schedule and on budget. Construction of the temporary loading station at level 64 and the commissioning of the service hoist were completed. The service hoist, which will support the transportation of people, materials and waste, is expected to ramp-up to its design capacity of 3,500 tonnes per day ("tpd") in the second quarter of 2025. At the main hoist building, the concrete foundation for the production hoist was poured. The structural steel and exterior cladding of the main office and service building was completed in the quarter and work shifted to the interior and to the mechanical and electrical installation. Construction of the main office building is expected to be completed by the first quarter of 2026.

Exploration drilling ramped up at Odyssey during the first quarter of 2025. Thirteen underground rigs and fourteen surface rigs drilled a total of 53,376 metres that targeted the eastern and depth extensions of the East Gouldie deposit, the new Eclipse zone and portions of the Odyssey deposit near the Odyssey shaft. Regional exploration continued to investigate several targets along the 16-kilometre long land package around the mine.

Drilling into the lower eastern extension of the East Gouldie deposit at the edge of the current mineralized envelope was highlighted by hole MEX24-322WAZ intersecting 5.3 g/t gold over 27.4 metres at 1,840 metres depth, including 9.9 g/t gold over 8.5 metres at 1,842 metres depth, and hole MEX24-322WA intersecting 6.6 g/t gold over 17.7 metres at 1,886 metres depth. Follow-up drilling at a 300 metre drill spacing is underway to further assess the eastward potential of the deposit between approximately 1,700 and 2,000 metres depth.

The drilling program is also investigating the interpreted junction at depth of the East Gouldie mineralized envelope and the Sladen Fault in what has been named the Keel structure, with hole UGEG-075-038 intersecting 2.2 g/t gold over 58.2 metres at 1,948 metres depth within the Keel structure, including 3.2 g/t gold over 21.7 metres at 1,976 metres depth, approximately 200 metres below the current planned maximum depth of the Odyssey shaft. Additional drilling is underway to further test the north-south and east-west continuities of the Keel structure.

Follow-up drilling into the newly discovered, sub-parallel Eclipse zone, which is located 50 to 100 metres north of the eastern portion of the East Gouldie mineralized corridor and extends from approximately 1,200 metres to 1,900 metres below surface, was highlighted by hole MEX24-325Z intersecting 3.7 g/t gold over 59.7 metres at 1,413 metres depth, including 6.3 g/t gold over 6.0 metres at 1,384 metres depth and 7.8 g/t gold over 7.8 metres at 1,398 metres depth.

Underground conversion drilling into the upper eastern extension of the East Gouldie deposit was highlighted by hole UGEG-071-009 intersecting 3.7 g/t gold over 17.3 metres at 766 metres depth. The Company believes this area has the potential to add indicated mineral resources and potentially mineral reserves to East Gouldie by year-end.

Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in Appendix A.

[Odyssey -- Composite Cross and Longitudinal Sections]

Marban

On March 18, 2025, the Company completed the acquisition of O3 Mining, consolidating the Marban deposit with the Canadian Malartic property, The Marban deposit is located approximately 13 kilometres northeast of the Canadian Malartic mill. As part of the Company's "fill-the-mill" strategy, additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 metres of drilling at the Marban deposit to extend the areas of known mineralization with a focus on mineral reserve and mineral resource expansion. The Marban project is an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operations at Canadian Malartic.

Detour Lake

In the first quarter of 2025, the Company advanced the construction of the temporary infrastructure for the Detour Lake underground project and completed the excavation of the overburden. The contractor for the excavation of the exploration ramp was selected and started to mobilize. The permit to take water was received in April 2025 and excavation of the ramp is expected to commence in the second quarter of 2025.

Exploration drilling at Detour Lake during the first quarter of 2025 totalled 46,900 metres of a planned 168,500 metres in 2025. The exploration program includes infill drilling into the high-grade corridor at underground depths in the West Pit zone and infill drilling into the West Extension zone at underground depths west of the West Pit mineral resources and next to the planned exploration ramp for the underground project. These results are expected to further strengthen the mineralization model supporting the underground project west of and under the open pit at Detour Lake.

The drilling into the high-grade corridor in the West Pit zone during the first quarter further defined the high-grade domains that could potentially be mined earlier in the underground project within the larger lower grade envelope and continued to validate the current geological interpretation of the high-grade corridor. Highlights included: hole DLM25-1055 intersecting 8.0 g/t gold over 77.9 metres at 521 metres depth and 3.3 g/t gold over 23.4 metres at 601 metres depth; hole DLM25-1061 intersecting 27.4 g/t gold over 14.5 metres at 390 metres depth and 1.5 g/t gold over 85.3 metres at 583 metres depth; and hole DLM24-1034 intersecting 4.5 g/t gold over 48.9 metres at 575 metres depth and 12.2 g/t gold over 2.8 metres at 699 metres depth.

Drilling into the West Extension zone in the western portion of current underground mineral resources near the planned ramp further confirmed the grades and continuity of mineralization in the western plunge of the deposit, with first quarter highlights that include hole DLM24-1029 intersecting 3.0 g/t gold over 44.5 metres at 585 metres depth and hole DLM25-1065 intersecting 3.9 g/t gold over 17.6 metres at 624 metres depth.

Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in Appendix A.

[Detour Lake -- Composite Longitudinal Section]

Upper Beaver

A positive internal evaluation was completed in June 2024 for a standalone mine and mill scenario at Upper Beaver (see the Company's news release dated July 31, 2024).

In the first quarter of 2025, installation of the structural steel for the exploration shaft head frame commenced. At the hoist room, the steel structure and cladding were completed during the quarter. Sinking of the exploration shaft is expected to commence in the fourth quarter of 2025.

Excavation of the box cut for the ramp portal was completed during the quarter and excavation of the exploration ramp is expected to commence in the fourth quarter of 2025. The structure of the final water treatment plant was erected, with the installation of cladding and insulation currently underway. The water treatment plant is expected to be completed and commissioned in the third quarter of 2025.

Hope Bay

In the first quarter of 2025, the Company completed the site preparation for excavation of the Naartok East exploration ramp at Madrid, including construction of a dome and commissioning of electrical and compressed air systems. Excavation of the ramp progressed on schedule, with 203 metres of advance completed as at March 31, 2025. The 2.1-kilometre exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. The Company commenced dismantling the existing mill in preparation for the processing circuit contemplated in the ongoing technical evaluation. The flotation cells, the thickener and the reagent area were removed during the quarter and the deconstruction of the primary and secondary grinding circuits is ongoing.

Exploration drilling at Hope Bay during the first quarter of 2025 totalled 29,450 metres with a focus on mineral resource expansion and conversion of the Patch 7 and Suluk zones within the Madrid deposit as a follow-up to the exploration success at Patch 7 during 2024.

Results continued to demonstrate continuity within the known zones at Madrid and support the potential for mineral resource expansion at depth and along strike.

Highlights included: hole HBM25-280 intersecting 24.1 g/t gold over 9.5 metres at 636 metres depth within the gap area between the Patch 7 and Suluk zones, demonstrating potential continuity between previously released drill hole HBM23-140 (12.7 g/t gold over 4.6 metres at 677 metres depth) and hole HBM24-183 (14.1 g/t gold over 5.0 metres at 577 metres depth).

Further south and at shallow depths in Patch 7, hole HBM25-290 intersected 11.7 g/t gold over 4.6 metres at 172 metres depth and hole HBM25-301 intersected 19.9 g/t gold over 4.2 metres at 244 metres depth.

Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in Appendix A.

[Madrid Deposit at Hope Bay -- Composite Longitudinal Section]

Both land-based and ice-based exploration drilling are ongoing at Madrid as part of the 110,000 metre drill program budgeted for Hope Bay in 2025. By mid-year, the drilling program is expected to be further supported by the completion of the extension of the gravel track that runs south alongside Patch Lake and the trend of gold mineralization. The completed track infrastructure is expected to reduce dependence on helicopter support going forward, reduce costs and improve productivity.

San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)

In the first quarter of 2025, Minas de San Nicolás continued working on a feasibility study, with completion expected in the second half of 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study.

ABITIBI REGION, QUEBEC

Strong Production Driven by Higher Grades; Record Quarterly Gold Production and Development at Odyssey

 
Abitibi 
Quebec -- 
Operating 
Statistics 
------------ 
Three Months                                                                     Consolidated 
Ended March                              Canadian                                    Abitibi 
31, 2025             LaRonde              Malartic             Goldex                Quebec 
------------   -------------------  -------------------  -------------------  ------------------- 
Tonnes of ore 
 milled 
 (thousands)                   675                4,865                  792                6,332 
Tonnes of ore 
 milled per 
 day                         7,500               54,056                8,800               70,356 
Gold grade 
 (g/t)                        4.53                 1.10                 1.41                 1.50 
Gold 
 production 
 (ounces)                   91,491              159,773               30,016              281,280 
Production 
costs per 
tonne (C$)     C$            183     C$              35  C$              63    C$              54 
Minesite 
costs per 
tonne (C$) 
(9)            C$            165     C$              44  C$              63    C$              59 
Production 
 costs per 
 ounce         $               947  $               747   $            1,155  $               855 
Total cash 
 costs per 
 ounce         $               745  $               927  $               959  $               871 
 
 
_______________________________ 
(9) Minesite costs per tonne is a non-GAAP measure that is not standardized 
under IFRS and is reported on a per tonne of ore milled basis. For a 
description of the composition and usefulness of this non-GAAP measure and a 
reconciliation to production costs see "Note Regarding Certain Measures of 
Performance" below. 
 

See the Company's Management Discussion and Analysis for the first quarter of 2025 (the "MD&A") under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

Regional Highlights

   -- Gold production in the quarter was higher than planned as a result of 
      higher grades at LaRonde and the Barnat pit at Canadian Malartic, 
      partially offset by lower volume milled. The higher gold grades at 
      LaRonde were driven by positive grade reconciliation and a change in the 
      mine sequencing. The higher gold grades at Canadian Malartic were a 
      result of mining mineralized zones near historical underground stopes 
      that returned higher grades than estimated 
 
   -- At LaRonde Zone 5 ("LZ5"), the Company continued its automation 
      initiatives and achieved its automation target of 30%. Approximately 
      1,140 tpd were moved during the quarter through automated scoops and 
      trucks, which contributed to the strong overall performance of the site 
      at an average of 3,450 tpd 
 
   -- At Canadian Malartic, in-pit tailings deposition resumed in March 2025, 
      and is expected to ramp up to its design capacity in the second quarter 
      of 2025 
 
   -- At Odyssey South, total development during the quarter was a record at 
      approximately 4,377 metres. Gold production was a quarterly record and in 
      line with target at approximately 22,430 ounces of gold driven by higher 
      ore mined of approximately 3,720 tpd compared to the target of 3,500 tpd. 
      The increased use of remote-operated and automated equipment (including 
      scoops, trucks, jumbos and cable bolters) was the main driver for 
      exceeding the development and production targets in the first quarter of 
      2025. An update on Odyssey is set out in the Update on Key Value Drivers 
      and Pipeline Projects section above 
 
   -- At Goldex, record tonnage was processed during March 2025, driven by 
      record tonnage processed from Akasaba West during the month. The target 
      milling rate of 1,750 tpd from Akasaba West was exceeded during the 
      quarter 
 
   -- Goldex received a new certificate of authorization, increasing the 
      maximum permitted daily processing throughput to 11,000 tpd from 9,500 
      tpd. While the guidance for the year remains unchanged, this certificate 
      of authorization is expected to provide additional processing flexibility 
 
   -- At LaRonde, a shutdown is scheduled for the second quarter of 2025 for 10 
      days to replace the liners at the SAG mill and for maintenance of the 
      drystack filtration plant. Canadian Malartic has planned quarterly 
      shutdowns in 2025 of four to five days for regular maintenance at the 
      mill 

ABITIBI REGION, ONTARIO

Detour Lake Achieved Seven Million Ounce Milestone Since the Start of the Open Pit; Record Quarterly Production and Development at Macassa

 
Abitibi 
Ontario -- 
Operating 
Statistics 
------------ 
Three Months 
Ended March                                                        Consolidated 
31, 2025       Detour Lake               Macassa                    Abitibi Ontario 
------------   ------------------------  ------------------------  ------------------------ 
Tonnes of ore 
 milled 
 (thousands)                      6,630                       148                     6,778 
Tonnes of ore 
 milled per 
 day                             73,667                     1,644                    75,311 
Gold grade 
 (g/t)                             0.81                     18.50                      1.20 
Gold 
 production 
 (ounces)                       152,838                    86,028                   238,866 
Production 
costs per 
tonne (C$)     C$                   29   C$                 483    C$                   39 
Minesite 
costs per 
tonne (C$)     C$                   31   C$                 536    C$                   42 
Production 
 costs per 
 ounce         $                    883  $                    579  $                    774 
Total cash 
 costs per 
 ounce         $                    946  $                    645  $                    838 
 

See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

Regional Highlights

   -- Gold production in the quarter was on target driven by record quarterly 
      production at Macassa, offsetting lower production at Detour Lake. Gold 
      production at Macassa was higher than planned as a result of higher than 
      anticipated grades from two production stopes. At Detour Lake, 
      challenging and abnormal weather conditions and rope shovel availability 
      affected the open pit operations in March 2025. The mill replaced the 
      shortfall in ore from the pit with ore from low grade stockpiles which 
      were planned to be processed later in the year, resulting in lower gold 
      grades than planned in the quarter 
 
   -- At Macassa, construction of the new paste plant was 97% complete at the 
      end of the first quarter of 2025 and is on schedule for commissioning in 
      the second quarter of 2025. In addition, underground development at 
      Macassa achieved a record 5,800 metres in the quarter 
 
   -- Detour Lake has scheduled major shutdowns, each lasting seven days, for 
      regular mill maintenance in the second and fourth quarters of 2025. 
      Macassa has scheduled a major shutdown of five days for the primary 
      grinding mill liner replacement, the annual overhaul of the crusher and 
      other regular mill maintenance in the fourth quarter of 2025 
 
   -- Updates on the Detour Lake underground and Upper Beaver projects are set 
      out in the Update on Key Value Drivers and Pipeline Projects section 
      above 

NUNAVUT

Higher Grades Drive Strong Gold Production; Record Mill Throughput and Underground Development at Meliadine

 
Nunavut -- 
Operating 
Statistics 
------------ 
Three Months 
Ended March                                                              Consolidated 
31, 2025              Meliadine                 Meadowbank                  Nunavut 
------------   ------------------------  ------------------------  ------------------------ 
Tonnes of ore 
 milled 
 (thousands)                        558                     1,037                     1,595 
Tonnes of ore 
 milled per 
 day                              6,200                    11,522                    17,722 
Gold grade 
 (g/t)                             5.67                      4.63                      4.99 
Gold 
 production 
 (ounces)                        98,512                   140,126                   238,638 
Production 
costs per 
tonne (C$)     C$                 213    C$                 174      C$                 187 
Minesite 
costs per 
tonne (C$)     C$                 229    C$                 171      C$                 191 
Production 
 costs per 
 ounce         $                    851  $                    906  $                    883 
Total cash 
 costs per 
 ounce         $                    920  $                    897  $                    907 
 

See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

Regional Highlights

   -- Gold production in the quarter was higher than planned driven by higher 
      gold grades as a result of positive grade reconciliation at Meliadine and 
      Amaruq, as well as a change in mining sequence at Amaruq 
 
   -- At Meliadine, multiple operational quarterly records were achieved in the 
      quarter, including record underground development of approximately 4,015 
      metres and record throughput at the mill at 6,200 tpd 
 
   -- At Amaruq, extraction of some higher-grade areas was accelerated to 
      de-risk gold production in the first half of 2025, in anticipation of the 
      caribou migration and potential operational disruptions 
 
   -- During the quarter, the Company initiated its annual Caribou Readiness 
      Plan at its Nunavut operations to prepare for the caribou migration 
      expected in the second quarter of 2025. Caribou migration is factored in 
      the production plan as this migration can affect the ability to move 
      materials on the roads serving the Company's Nunavut mine sites. Wildlife 
      management is a priority and the Company is working with Nunavut 
      stakeholders to optimize solutions to safeguard wildlife and reduce 
      production disruptions 
 
   -- Meliadine has scheduled quarterly shutdowns lasting three to six days for 
      regular mill maintenance. Meadowbank has scheduled two major shutdowns, 
      each lasting five days, to replace the SAG and ball mill liners and 
      complete other regular mill maintenance in the second and fourth quarters 
      of 2025 
 
   -- An update on Hope Bay is set out in the Update on Key Value Drivers and 
      Pipeline Projects section above 

AUSTRALIA

Solid Quarterly Gold Production; Upgrade to Primary Ventilation System Substantially Complete

 
Fosterville -- Operating                       Three Months Ended 
Statistics                                        March 31, 2025 
----------------------------------   --------------------------------------- 
Tonnes of ore milled (thousands)                                         163 
Tonnes of ore milled per day                                           1,811 
Gold grade (g/t)                                                        8.63 
Gold production (ounces)                                              43,615 
Production costs per tonne (A$)        A$                                319 
Minesite costs per tonne (A$)          A$                                345 
Production costs per ounce           $                                   758 
Total cash costs per ounce           $                                   813 
 

See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

Highlights

   -- Gold production in the quarter was higher than planned as a result of 
      higher grades due to a change in mining sequence at Phoenix and higher 
      than expected grades at Harrier, offset by lower mill throughput 
 
   -- During the first quarter of 2025, the Company completed rehabilitation 
      work for the underground infrastructure in the Lower Phoenix area which 
      was affected by a seismic event that occurred in November 2024. The 
      Company has further enhanced seismic protocols and resumed development 
      and production in the Lower Phoenix in a phased approach 
 
   -- The Company is implementing an upgrade of the primary ventilation system 
      to sustain the mining rate in the Lower Phoenix zones in future years. 
      The development of the long-term ventilation raises was nearly complete 
      at the end of the quarter with the required power reticulation and 
      commissioning of the primary fans scheduled for completion in the fourth 
      quarter of 2025 
 
   -- Fosterville has scheduled quarterly shutdowns of five days for regular 
      mill maintenance in 2025 

FINLAND

Gold Production in Line with Target; Continuous Improvement Initiatives Realizing Benefits

 
                                              Three Months Ended 
Kittila -- Operating Statistics                 March 31, 2025 
-------------------------------   ------------------------------------------ 
Tonnes of ore milled (thousands)                                         522 
Tonnes of ore milled per day                                           5,800 
Gold grade (g/t)                                                        3.88 
Gold production (ounces)                                              54,104 
Production costs per tonne $(EUR.AU)$   EUR                                   102 
Minesite costs per tonne (EUR)    EUR                                     99 
Production costs per ounce            $                                1,032 
Total cash costs per ounce            $                                1,012 
 

See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

Highlights

   -- Gold production in the quarter was in line with plan as higher throughput 
      offset lower grades resulting from a change in mining sequence 
 
   -- The cost performance of the underground mine and mill improved in the 
      first quarter of 2025 when compared to the prior-year period as a result 
      of continuous improvement initiatives implemented, with minesite costs 
      per tonne decreasing approximately 12% from EUR112 to EUR99 per tonne. 
      Initiatives that resulted in lower costs included the internalization of 
      work previously completed by contractors and hoisting waste rock via the 
      shaft, which resulted in the reduction in the number of trucks used to 
      haul waste 
 
   -- Kittila has scheduled a 12 day shutdown for regular maintenance on the 
      autoclave in the second quarter of 2025 

MEXICO

Ore Processed Supported by Solid Performance of the Underground Mine

 
Pinos Altos -- Operating                       Three Months Ended 
Statistics                                        March 31, 2025 
----------------------------------   --------------------------------------- 
Tonnes of ore milled (thousands)                                         381 
Tonnes of ore milled per day                                           4,233 
Gold grade (g/t)                                                        1.48 
Gold production (ounces)                                              17,291 
Production costs per tonne           $                                   112 
Minesite costs per tonne             $                                   118 
Production costs per ounce            $                                2,470 
Total cash costs per ounce            $                                2,170 
 

See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

About Agnico Eagle

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

About this News Release

Unless otherwise stated, references to "Canadian Malartic", "Goldex", "LaRonde" and "Meadowbank" are to the Company's operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively. The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. References to other operations are to the relevant mines, projects or properties, as applicable.

When used in this news release, the terms "including" and "such as" mean including and such as, without limitation.

The information contained on any website linked to or referred to herein (including the Company's website) is not part of this news release.

Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures and ratios, including "total cash costs per ounce", "minesite costs per tonne", "all-in sustaining costs per ounce" (or "AISC per ounce"), "adjusted net income", "adjusted net income per share", "cash provided by operating activities before changes in non-cash components of working capital", "cash provided by operating activities before changes in non-cash components of working capital per share", "EBITDA" which means earnings before interest, taxes, depreciation and amortization, "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash components of working capital", "operating margin", "sustaining capital expenditures", "development capital expenditures", "sustaining capitalized exploration", "development capitalized exploration" and "net debt", as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS. These measures and ratios may not be comparable to similar measures and ratios reported by other gold producers and should be considered together with other data prepared in accordance with IFRS. See below for a reconciliation of these measures to the most directly comparable financial information reported in the condensed interim consolidated financial statements prepared in accordance with IFRS.

Total cash costs per ounce and minesite costs per tonne

Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, realized gains and losses on hedges of production costs and other adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company's operations, the calculation of total cash costs per ounce for Canadian Malartic have been adjusted for the effects of purchase price allocation. Investors should note that total cash costs per ounce is not reflective of all cash expenditures, as it does not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as total cash costs per ounce on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals.

Total cash costs per ounce is intended to provide investors with information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are useful to investors so investors can, understand and monitor the performance of the Company's mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine's cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.

Unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) the majority of the Company's revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for inventory production costs and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce can be affected by fluctuations in by--product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS.

The following table sets out the production costs per minesite for the three months ended March 31, 2025 and March 31, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS.

 
Total Production Costs by Mine 
---------------------------------------------- 
                                                     Three Months Ended 
                                                          March 31, 
(thousands)                                              2025           2024 
                                                -------------  ------------- 
 LaRonde mine                                   $      64,532  $      75,556 
 LZ5                                                   22,112         19,022 
                                                -------------  ------------- 
 LaRonde                                               86,644         94,578 
 Canadian Malartic                                    119,289        126,576 
 Goldex                                                34,656         33,182 
                                                -------------  ------------- 
Quebec                                                240,589        254,336 
 Detour Lake                                          134,946        131,905 
 Macassa                                               49,826         47,648 
                                                -------------  ------------- 
Ontario                                               184,772        179,553 
 Meliadine                                             83,822         93,451 
 Meadowbank                                           126,967        114,162 
                                                -------------  ------------- 
Nunavut                                               210,789        207,613 
 Fosterville                                           33,040         33,654 
                                                -------------  ------------- 
Australia                                              33,040         33,654 
 Kittila                                               55,833         59,038 
                                                -------------  ------------- 
Finland                                                55,833         59,038 
 Pinos Altos                                           42,710         33,407 
 La India                                                  --         15,984 
                                                -------------  ------------- 
Mexico                                                 42,710         49,391 
                                                -------------  ------------- 
Production costs per the consolidated 
 statements of income                             $   767,733    $   783,585 
                                                =============  ============= 
 

The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three months ended March 31, 2025 and March 31, 2024, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS.

 
Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine 
--------------------------------------------------------------------------------------------------------------------------------- 
 
Three Months Ended March 31, 2025 
(thousands of United States dollars, except as noted) 
                                                                                                    Total 
                                                                                                    cash 
                                                                                                    costs 
                                                                                        Smelting,    per 
                                                                                        refining    ounce     By-     Total cash 
                 Payable                                          Realized                 and      (co-    product    costs per 
                  gold                  Production   Inventory     gains and  In-kind   marketing  product   metal     ounce (by- 
               production   Production   costs per  adjustments   losses on   royalty    charges   basis)   revenues    product 
    Mine       (ounces)(i)  costs ($)    ounce ($)    ($)(ii)     hedges ($)  ($)(iii)     ($)       ($)      ($)      basis) ($) 
-------------  -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
 LaRonde mine       72,369      64,532         892      (3,935)          522        --      1,875      870  (17,180)          633 
 LZ5                19,122      22,112       1,156        (813)          191        --        904    1,171      (42)        1,169 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
 LaRonde            91,491      86,644         947      (4,748)          713        --      2,779      933  (17,222)          745 
 Canadian 
  Malartic         159,773     119,289         747        5,395        1,136    24,588        270      943   (2,589)          927 
 Goldex             30,016      34,656       1,155          108          301        --        967    1,200   (7,249)          959 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
Quebec             281,280     240,589         855          755        2,150    24,588      4,016      967  (27,060)          871 
 Detour Lake       152,838     134,946         883        (364)          878     8,700      1,303      952     (888)          946 
 Macassa            86,028      49,826         579        1,864          719     3,534         87      651     (501)          645 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
Ontario            238,866     184,772         774        1,500        1,597    12,234      1,390      844   (1,389)          838 
 Meliadine          98,512      83,822         851        5,859          892        --         84      920        --          920 
 Meadowbank        140,126     126,967         906      (1,663)        1,158        --         35      903     (750)          897 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
Nunavut            238,638     210,789         883        4,196        2,050        --        119      910     (750)          907 
 Fosterville        43,615      33,040         758        2,520           --        --         16      816     (114)          813 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
Australia           43,615      33,040         758        2,520           --        --         16      816     (114)          813 
 Kittila            54,104      55,833       1,032      (1,106)          174        --       (56)    1,014     (113)        1,012 
               -----------  ----------  ----------  -----------  -----------  --------  ---------  -------  --------  ----------- 
Finland             54,104      55,833       1,032      (1,106)          174        --       (56)    1,014     (113)        1,012 
 Pinos Altos        17,291      42,710       2,470        2,200          114        --        259    2,619   (7,762)        2,170 
Mexico              17,291      42,710       2,470        2,200          114        --        259    2,619   (7,762)        2,170 
 
Consolidated       873,794     767,733         879       10,065        6,085    36,822      5,744      946  (37,188)          903 
               ===========  ==========  ==========  ===========  ===========  ========  =========  =======  ========  =========== 
 
 
 
Notes: 
 
  (i)  Gold production for the three months ended March 31, 2025 excludes 
       1,811 ounces of payable production of gold at La India and 25 ounces of 
       payable production of gold at Creston Mascota, which were produced from 
       residual leaching. 
 (ii)  Under the Company's revenue recognition policy, revenue from contracts 
       with customers is recognized upon the transfer of control over metals 
       sold to the customer. As the total cash costs per ounce are calculated 
       on a production basis, an inventory adjustment is made to reflect the 
       portion of production not yet recognized as revenue. Included in 
       inventory adjustments for Canadian Malartic is $1.1 million associated 
       with the fair value allocated to inventory on Canadian Malartic as part 
       of the purchase price allocation from the acquisition, on March 31, 
       2023, of the 50% of Canadian Malartic that Agnico Eagle did not then 
       hold. 
(iii)  Relates to costs associated with a 5% in-kind royalty paid in respect 
       of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour 
       Lake, a 1.5% in-kind royalty paid in respect of Macassa. 
 
 
Three Months Ended March 31, 2024 
(thousands of United States dollars, except as noted) 
                                                                                        Smelting, 
                                                                                        refining   Total cash     By-     Total cash 
                Payable                                           Realized                 and      costs per   product    costs per 
                  gold                 Production   Inventory     gains and    In-kind  marketing     ounce      metal       ounce 
               production  Production  costs per   adjustments    losses on    royalty   charges   (co-product  revenues  (by-product 
    Mine        (ounces)   costs ($)   ounce ($)     ($)(i)      hedges ($)    ($)(ii)     ($)     basis) ($)     ($)     basis) ($) 
-------------  ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
 LaRonde mine      51,815      75,556       1,458     (14,711)             19       --      4,993        1,271  (12,590)        1,028 
 LZ5               16,549      19,022       1,149          320              6       --        370        1,192     (187)        1,180 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
 LaRonde           68,364      94,578       1,383     (14,391)             25       --      5,363        1,252  (12,777)        1,065 
 Canadian 
  Malartic        186,906     126,576         677       14,707             52   19,043        447          860   (1,952)          850 
 Goldex            34,388      33,182         965          457             11       --        370          989   (1,417)          948 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Quebec            289,658     254,336         878          773             88   19,043      6,180          968  (16,146)          912 
 Detour Lake      150,751     131,905         875      (8,186)             58    6,578      1,566          875     $(580.SI)$          871 
 Macassa           68,259      47,648         698      (1,089)             23    2,082         75          714     (220)          711 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Ontario           219,010     179,553         820      (9,275)             81    8,660      1,641          825     (800)          821 
 Meliadine         95,725      93,451         976      (3,300)            280       --       (58)          944     (235)          942 
 Meadowbank       127,774     114,162         893        5,905            546       --       (59)          944     (866)          937 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Nunavut           223,499     207,613         929        2,605            826       --      (117)          944   (1,101)          939 
 Fosterville       56,569      33,654         595      (3,136)             18       --         17          540     (160)          537 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Australia          56,569      33,654         595      (3,136)             18       --         17          540     (160)          537 
 Kittila           54,581      59,038       1,082        (495)           (11)       --       (68)        1,071      (89)        1,070 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Finland            54,581      59,038       1,082        (495)           (11)       --       (68)        1,071      (89)        1,070 
 Pinos Altos       24,725      33,407       1,351        6,655             --       --        318        1,633   (7,050)        1,348 
 Creston 
 Mascota               28          --          --           --             --       --         --           --        --           -- 
 La India          10,582      15,984       1,510        (234)             --       --        133        1,501     (502)        1,453 
               ----------  ----------  ----------  -----------  -------------  -------  ---------  -----------  --------  ----------- 
Mexico             35,335      49,391       1,398        6,421             --       --        451        1,592   (7,552)        1,379 
 
Consolidated      878,652     783,585         892      (3,107)          1,002   27,703      8,104          930  (25,848)          901 
               ==========  ==========  ==========  ===========  =============  =======  =========  ===========  ========  =========== 
 
 
 
Notes: 
 
 (i)  Under the Company's revenue recognition policy, revenue from contracts 
      with customers is recognized upon the transfer of control over metals 
      sold to the customer. As the total cash costs per ounce are calculated 
      on a production basis, an inventory adjustment is made to reflect the 
      portion of production not yet recognized as revenue. 
(ii)  Relates to costs associated with a 5% in-kind royalty paid in respect of 
      Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, 
      a 1.5% in-kind royalty paid in respect of Macassa. 
 
 
Reconciliation of Production Costs to Minesite Costs per Tonne by Mine 
---------------------------------------------------------------------------------------------------------------------------------------------- 
 
Three Months Ended March 31, 2025 
(thousands of United States dollars, except as noted) 
                                                          Local                                                                    Local 
                                         Production      currency       Inventory           In-kind           Smelting,           currency 
                Tonnes of                 costs in      production      adjustments        royalty in        refining and         minesite 
               ore milled   Production      local       costs per        in local            local         marketing charges      costs per 
    Mine       (thousands)     costs      currency        tonne         currency(i)       currency(ii)     in local currency        tonne 
-------------  -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
 LaRonde mine          371  $   64,532  C$ 92,201     C$     249     C$   (5,137)      C$         --      C$     (6,147)      C$       218 
 LZ5                   304  $   22,112  C$ 31,558     C$     104     C$   (1,014)      C$         --      C$           --     C$       100 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
 LaRonde               675  $   86,644  C$ 123,759    C$     183     C$   (6,151)      C$         --      C$     (6,147)      C$       165 
 Canadian 
  Malartic           4,865   $ 119,289  C$ 169,263    C$      35     C$     7,950      C$   35,400        C$           --     C$         44 
 Goldex                792  $   34,656  C$ 49,499     C$      63     C$       331      C$         --      C$           --     C$         63 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Quebec               6,332   $ 240,589  C$ 342,521    C$      54     C$     2,130      C$   35,400        C$     (6,147)      C$         59 
 Detour Lake         6,630   $ 134,946  C$ 191,633    C$      29     C$         13     C$   12,555        C$           --     C$         31 
 Macassa               148  $   49,826  C$ 71,459     C$     483     C$     2,692      C$     5,108       C$           --     C$       536 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Ontario              6,778   $ 184,772  C$ 263,092    C$      39     C$     2,705      C$   17,663        C$           --     C$         42 
 Meliadine             558  $   83,822  C$ 118,780    C$     213     C$     8,727      C$         --      C$           --     C$       229 
 Meadowbank          1,037   $ 126,967  C$ 179,936    C$     174     C$   (2,425)      C$         --      C$           --     C$       171 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Nunavut              1,595   $ 210,789  C$ 298,716    C$     187     C$     6,302      C$         --      C$           --     C$       191 
 Fosterville           163  $   33,040  A$ 51,973     A$     319     A$     4,181      A$          --     A$           --     A$        345 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Australia              163  $   33,040  A$ 51,973     A$     319     A$     4,181      A$          --     A$           --     A$        345 
 Kittila               522  $   55,833  EUR   53,143  EUR       102  EUR      (1,362)  EUR            --  EUR             --  EUR           99 
               -----------  ----------  ------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Finland                522  $   55,833  EUR   53,143  EUR       102  EUR      (1,362)  EUR            --  EUR             --  EUR           99 
 Pinos Altos           381  $   42,710  $   42,710    $       112    $       2,314     $            --    $             --    $          118 
Mexico                 381  $   42,710  $   42,710    $       112    $       2,314     $            --    $             --    $          118 
 
 
 
Notes: 
 
 (i)  This inventory adjustment reflects production costs associated with the 
      portion of production still in inventory. Included in inventory 
      adjustments for Canadian Malartic is $1.1 million associated with the 
      fair value allocated to inventory on Canadian Malartic as part of the 
      purchase price allocation from the acquisition, on March 31, 2023, of 
      the 50% of Canadian Malartic that Agnico Eagle did not then hold. 
(ii)  Relates to costs associated with a 5% in-kind royalty paid in respect of 
      Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, 
      a 1.5% in-kind royalty paid in respect of Macassa. 
 
 
Three Months Ended March 31, 2024 
(thousands of United States dollars, except as noted) 
                                                            Local                                               Smelting,            Local 
                                          Production       currency       Inventory           In-kind          refining and         currency 
                Tonnes of                   costs in      production      adjustments        royalty in          marketing          minesite 
               ore milled   Production       local        costs per        in local            local            charges in          costs per 
    Mine       (thousands)     costs        currency         tonne        currency(i)       currency(ii)      local currency          tonne 
-------------  -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
 LaRonde mine          413  $    75,556  C$ 102,025     C$     247     C$  (20,314)      C$         --      C$       (336)      C$       197 
 LZ5                   267  $    19,022  C$ 25,514      C$      95     C$       432      C$         --      C$           --     C$         97 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
 LaRonde               680  $    94,578  C$ 127,539     C$     187     C$  (19,882)      C$         --      C$       (336)      C$       158 
 Canadian 
  Malartic           5,173   $  126,576  C$ 170,853     C$      33     C$   20,002       C$   25,637        C$           --     C$         42 
 Goldex                760  $    33,182  C$ 44,745      C$      59     C$       649      C$         --      C$           --     C$         60 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Quebec               6,613   $  254,336  C$ 343,137     C$      52     C$       769      C$   25,637        C$       (336)      C$         56 
 Detour Lake         6,502   $  131,905  C$ 178,209     C$      27     C$  (10,940)      C$     8,876       C$           --     C$         27 
 Macassa               134  $    47,648  C$ 64,672      C$     483     C$   (1,416)      C$     2,815       C$           --     C$       493 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Ontario              6,636   $  179,553  C$ 242,881     C$      37     C$  (12,356)      C$   11,691        C$           --     C$         36 
 Meliadine             496  $    93,451  C$ 125,926     C$     254     C$   (4,395)      C$         --      C$           --     C$       245 
 Meadowbank          1,071   $  114,162  C$ 153,594     C$     143     C$     8,002      C$         --      C$           --     C$       151 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Nunavut              1,567   $  207,613  C$ 279,520     C$     178     C$     3,607      C$         --      C$           --     C$       181 
 Fosterville           172  $    33,654  A$  51,849     A$     301     A$    (4,630)     A$          --     A$           --     A$        275 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Australia              172  $    33,654  A$  51,849     A$     301     A$    (4,630)     A$          --     A$           --     A$        275 
 Kittila               482  $    59,038  EUR    54,479  EUR       113  EUR        (370)  EUR            --  EUR             --  EUR          112 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Finland                482  $    59,038  EUR    54,479  EUR       113  EUR        (370)  EUR            --  EUR             --  EUR          112 
 Pinos Altos           426  $    33,407    $    33,407  $         78   $       6,655     $            --    $             --    $           94 
 La 
  India(iii)            --  $    15,984    $    15,984  $         --   $    (15,984)     $            --    $             --    $            -- 
               -----------  -----------  -------------  -------------  ----------------  -----------------  ------------------  ---------------- 
Mexico                 426  $    49,391    $    49,391  $       116    $      (9,329)    $            --    $             --    $           94 
 
 
 
Notes: 
 
  (i)  This inventory adjustment reflects production costs associated with the 
       portion of production still in inventory. 
 (ii)  Relates to costs associated with a 5% in-kind royalty paid in respect 
       of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour 
       Lake, a 1.5% in-kind royalty paid in respect of Macassa. 
(iii)  La India's cost calculations per tonne for the three months ended March 
       31, 2024 exclude approximately $16.0 million of production costs 
       incurred during the period, following the cessation of mining 
       activities at La India during the fourth quarter of 2023. 
 

All-in sustaining costs per ounce

All-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce on a co-product basis is calculated in the same manner as the AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. Unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see "Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine" for a discussion of regarding the Company's use of by-product basis reporting).

Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.

The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three months ended March 31, 2025 and March 31, 2024 on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues).

 
(United States dollars per ounce, except            Three Months Ended 
where noted)                                             March 31, 
                                              ------------------------------ 
                                                        2025            2024 
                                              --------------  -------------- 
Production costs per the consolidated 
 statements of income (thousands)                 $  767,733      $  783,585 
                                              --------------  -------------- 
Gold production (ounces)(i)                          873,794         878,652 
                                              --------------  -------------- 
Production costs per ounce                    $          879  $          892 
Adjustments: 
 Inventory adjustments(ii)                                11             (4) 
 In-kind royalty(iii)                                     42              32 
 Realized gains and losses on hedges of 
  production costs                                         7               1 
 Other(iv)                                                 7               9 
                                              --------------  -------------- 
Total cash costs per ounce (co-product 
 basis)                                       $          946  $          930 
 By-product metal revenues                              (43)            (29) 
                                              --------------  -------------- 
Total cash costs per ounce (by-product 
 basis)                                       $          903  $          901 
                                              ==============  ============== 
Adjustments: 
 Sustaining capital expenditures (including 
  capitalized exploration)                               196             216 
 General and administrative expenses 
  (including stock option expense)                        69              55 
 Non-cash reclamation provision and 
  sustaining leases(v)                                    15              18 
                                              --------------  -------------- 
All-in sustaining costs per ounce 
 (by-product basis)                             $      1,183    $      1,190 
                                              ==============  ============== 
 By-product metal revenues                                43              29 
                                              --------------  -------------- 
All-in sustaining costs per ounce 
 (co-product basis)                             $      1,226    $      1,219 
                                              ==============  ============== 
 
 
 
Notes: 
------------------------------------------------------------------------------ 
(i) Gold production for the three months ended March 31, 2025 excludes 1,811 
ounces of payable production of gold at La India and 25 ounces of payable 
production of gold at Creston Mascota, which were produced from residual 
leaching 
(ii) Under the Company's revenue recognition policy, revenue from contracts 
with customers is recognized upon the transfer of control over metals sold to 
the customer. As the total cash costs per ounce are calculated on a production 
basis, an inventory adjustment is made to reflect the portion of production 
not yet recognized as revenue. Included in inventory adjustments for 
Canadian Malartic is $1.1 million associated with the fair value allocated to 
inventory on Canadian Malartic as part of the purchase price allocation from 
the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that 
Agnico Eagle did not then hold 
(iii) Relates to costs associated with a 5% in-kind royalty paid in respect of 
Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% 
in-kind royalty paid in respect of Macassa 
(iv) Other adjustments consists of smelting, refining and marketing charges to 
production costs 
(v) Sustaining leases are lease payments related to sustaining assets 
 

Adjusted net income and adjusted net income per share

Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the condensed interim consolidated statements of income for the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals, retroactive payments, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.

The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

The following table sets out a reconciliation of net income per the condensed interim consolidated statements of income to adjusted net income for the three months ended March 31, 2025, and March 31, 2024.

 
                                                       Three Months Ended 
                                                            March 31, 
(thousands)                                                2025       2024 
                                                      ---------  --------- 
 
Net income for the period - basic                     $ 814,731  $ 347,192 
 Dilutive impact of cash settling LTIP                       --        364 
                                                      ---------  --------- 
Net income for the period - diluted                   $ 814,731  $ 347,556 
                                                      ---------  --------- 
 Foreign currency translation gain                         (60)    (4,547) 
 Realized and unrealized (gain) loss on derivative 
  financial instruments                                (68,859)     45,935 
 Environmental remediation                                7,730      1,799 
 Net loss on disposal of property, plant and 
  equipment                                               5,646      3,547 
 Purchase price allocation to inventory                   1,068         -- 
 Impairment loss(i)                                      10,554         -- 
 Income and mining taxes adjustments(ii)                  (703)   (16,455) 
                                                      ---------  --------- 
Adjusted net income for the period - basic            $ 770,107  $ 377,471 
                                                      ---------  --------- 
Adjusted net income for the period - diluted          $ 770,107  $ 377,835 
                                                      =========  ========= 
 
 
 
Notes: 
------------------------------------------------------------------------------ 
(i) Relates to the Company's ownership percentage of an impairment loss 
recorded by an associate 
(ii) Income and mining taxes adjustments reflect items such as foreign 
currency translation recorded to the income and mining taxes expense, the 
impact of income and mining taxes on adjusted items, recognition of previously 
unrecognized capital losses, the result of income and mining taxes audits, 
impact of tax law changes and adjustments to prior period tax filings 
 

EBITDA and adjusted EBITDA

EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the condensed interim consolidated statements of income.

Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals, retroactive payments, and income and mining taxes adjustments.

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS.

The following table sets out a reconciliation of net income per the condensed interim consolidated statements of income to EBITDA and adjusted EBITDA for the three months ended March 31, 2025, and March 31, 2024.

 
                                                     Three Months Ended 
                                                          March 31, 
(thousands)                                              2025         2024 
                                                  -----------  ----------- 
 
Net income for the period                         $   814,731  $   347,192 
   Finance costs                                       22,444       36,265 
   Amortization of property, plant and mine 
    development                                       416,800      357,225 
   Income and mining tax expense                      379,840      141,856 
                                                  -----------  ----------- 
EBITDA                                              1,633,815      882,538 
                                                  -----------  ----------- 
   Foreign currency translation gain                     (60)      (4,547) 
   Realized and unrealized (gain) loss on 
    derivative financial instruments                 (68,859)       45,935 
   Environmental remediation                            7,730        1,799 
   Net loss on disposal of property, plant and 
    equipment                                           5,646        3,547 
   Purchase price allocation to inventory               1,068           -- 
   Impairment loss(i)                                  10,554           -- 
                                                  -----------  ----------- 
Adjusted EBITDA                                   $ 1,589,894  $   929,272 
                                                  ===========  =========== 
 
 
 
Notes: 
------------------------------------------------------------------------------ 
(i) Relates to the Company's ownership percentage of an impairment loss 
recorded by an associate 
 

Cash provided by operating activities before changes in non-cash components of working capital and its per share ratio

Cash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the condensed interim consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS. A reconciliation of these measures to the nearest IFRS measure is provided below.

Free cash flow and free cash flow before changes in non-cash components of working capital

Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the condensed interim consolidated statements of cash flows.

Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.

The following table sets out a reconciliation of cash provided by operating activities per the condensed interim consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before changes in non-cash components of working capital for the three months ended March 31, 2025, and March 31, 2024.

 
                                                   Three Months Ended 
                                                        March 31, 
(thousands, except where noted)                        2025           2024 
                                              -------------  ------------- 
 
Cash provided by operating activities           $ 1,044,246     $  783,175 
   Additions to property, plant and mine 
    development                                   (450,124)      (387,587) 
                                              -------------  ------------- 
Free cash flow                                      594,122        395,588 
   Changes in income taxes                          176,739          (376) 
   Changes in inventory                            (30,917)       (28,172) 
   Changes in other current assets                 (31,390)       (26,618) 
   Changes in accounts payable and accrued 
    liabilities                                      62,492         53,990 
   Changes in interest payable                     (11,780)        (4,931) 
                                              -------------  ------------- 
Free cash flow before changes in non-cash 
 components of working capital                   $  759,266     $  389,481 
   Additions to property, plant and mine 
    development                                     450,124        387,587 
                                              -------------  ------------- 
Cash provided by operating activities before 
 changes in non-cash components of working 
 capital                                        $ 1,209,390     $  777,068 
                                              =============  ============= 
 
Cash provided by operating activities per 
 share - basic                                $        2.08  $        1.57 
                                              =============  ============= 
Cash provided by operating activities before 
 changes in non-cash components of working 
 capital per share - basic                    $        2.41  $        1.56 
                                              =============  ============= 
 
Free cash flow per share - basic              $        1.18  $        0.79 
                                              =============  ============= 
Free cash flow before changes in non-cash 
 components of working capital per share - 
 basic                                        $        1.51  $        0.78 
                                              =============  ============= 
 
 

Operating margin

Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the condensed interim consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is useful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS. For a reconciliation of operating margin to revenue from operations, see "Summary of Operations Key Performance Indicators".

Capital expenditures

Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the condensed interim consolidated statements of cash flows.

Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS and other companies may classify expenditures in a different manner.

The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three months ended March 31, 2025 and March 31, 2024.

 
(thousands)                                  Three Months Ended March 31, 
                                            ------------------------------ 
                                                 2025            2024 
                                            --------------  -------------- 
Sustaining capital expenditures                  $ 168,076       $ 186,485 
Sustaining capitalized exploration                   4,448           4,122 
Development capital expenditures                   186,224         154,378 
Development capitalized exploration                 60,504          27,033 
                                            --------------  -------------- 
Total Capital Expenditures                       $ 419,252       $ 372,018 
Working capital adjustments                         30,872          15,569 
                                            --------------  -------------- 
Additions to property, plant and mine 
 development per the condensed interim 
 consolidated statements of cash flows           $ 450,124       $ 387,587 
                                            ==============  ============== 
 
 

Net debt

Net debt is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the condensed interim consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net debt is useful to help investors to determine the Company's overall debt position and to evaluate the future debt capacity of the Company.

The following table sets out a reconciliation of long-term debt per the condensed interim consolidated balance sheets to net debt as at March 31, 2025, and December 31, 2024.

 
                                 As at                     As at 
(thousands)                 March 31, 2025           December 31, 2024 
                         ---------------------  ---------------------------- 
Current portion of 
 long-term debt per the 
 condensed interim 
 consolidated balance 
 sheets                    $            90,000           $            90,000 
Non-current portion of 
 long-term debt                      1,053,388                     1,052,956 
                         ---------------------  ---------------------------- 
Long-term debt             $         1,143,388  $                  1,142,956 
Adjustment: 
 Cash and cash 
  equivalents            $         (1,138,312)          $          (926,431) 
                         ---------------------  ---------------------------- 
Net Debt                   $             5,076           $           216,525 
                         =====================  ============================ 
 

Forward-Looking Non-GAAP Measures

This news release also contains information as to estimated future total cash costs per ounce and AISC per ounce. The estimates are based upon the total cash costs per ounce and AISC per ounce that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure.

Forward-Looking Statements

The information in this news release has been prepared as at April 24, 2025. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "estimate", "expect", "forecast", "future", "guide", "objective", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay and San Nicolás; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic, including plans at the Marban project; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to climate change and greenhouse gas emissions reductions and other sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB and the renewal of the NCIB, including the dollar value of the limit on purchases and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis (the "2024 MD&A") and the Company's Annual Information Form (the "AIF") for the year ended December 31, 2024 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2024 (the "Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and 2024 MD&A filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Additional Information

Additional information about each of the Company's material mineral projects as at December 31, 2024, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects can be found in the Company's AIF and 2024 MD&A filed on SEDAR+ each of which forms a part of the Company's Form 40-F filed with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).

APPENDIX A -- EXPLORATION DETAILS

East Gouldie deposit and Eclipse zone at Odyssey mine

 
                                             Depth of 
                                             midpoint  Estimated                Gold 
                                              below       true    Gold grade    grade 
               Deposit     From       To     surface     width      (g/t)       (g/t) 
 Drill hole     / zone   (metres)  (metres)  (metres)   (metres)  (uncapped)  (capped)* 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
                 East 
MEX24-322WA     Gouldie   2,133.6   2,153.3     1,886       17.7         6.6        6.6 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
                 East 
MEX24-322WAZ    Gouldie   2,067.8   2,096.7     1,840       27.4         5.3        5.3 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
including                 2,081.0   2,090.0     1,842        8.5         9.9        9.9 
-----------------------  --------  --------  --------  ---------  ----------  --------- 
                 East 
MEX24-325Z      Gouldie   1,863.0   1,876.0     1,547       11.4         6.0        6.0 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
                 East 
UGEG-075-038    Gouldie   1,389.0   1,493.5     1,948       58.2         2.2        2.2 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
including                 1,451.5   1,490.5     1,976       21.7         3.2        3.2 
-----------------------  --------  --------  --------  ---------  ----------  --------- 
                 East 
UGEG-051-010    Gouldie     680.2     711.5       766       28.3         3.8        3.7 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
including                   702.0     711.5       770        8.6         8.4        8.3 
-----------------------  --------  --------  --------  ---------  ----------  --------- 
                 East 
UGEG-051-011    Gouldie     725.0     735.8       809       10.1         4.1        4.1 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
                 East 
UGEG-071-009    Gouldie     468.5     485.9       766       17.3         3.9        3.7 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
                 East 
UGEG-071-011    Gouldie     453.0     473.5       843       17.8         3.0        3.0 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
MEX23-309ZB    Eclipse    1,621.9   1,632.7     1,217       10.2         6.0        6.0 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
MEX24-325      Eclipse    1,667.8   1,703.3     1,387       18.7         2.5        2.5 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
MEX24-325Z     Eclipse    1,657.0   1,740.0     1,413       59.7         3.7        3.7 
-------------  --------  --------  --------  --------  ---------  ----------  --------- 
including                 1,658.1   1,666.5     1,384        6.0         6.3        6.3 
-----------------------  --------  --------  --------  ---------  ----------  --------- 
including                 1,674.2   1,685.0     1,398        7.8         7.8        7.8 
-----------------------  --------  --------  --------  ---------  ----------  --------- 
 
 
*Results from East Gouldie and Eclipse use a capping factor of 20 g/t gold. 
 

West Pit and West Extension zones at Detour Lake

 
                                               Depth of 
                                               midpoint  Estimated 
                                                below      true     Gold grade 
                             From       To     surface     width       (g/t) 
Drill hole       Zone      (metres)  (metres)  (metres)  (metres)   (uncapped)* 
-----------  ------------  --------  --------  --------  ---------  ----------- 
                 West 
DLM24-999      Extension      548.0     557.5       441        8.7          3.2 
-----------  ------------  --------  --------  --------  ---------  ----------- 
                 West 
and            Extension      607.1     612.0       484        4.5         47.2 
-----------  ------------  --------  --------  --------  ---------  ----------- 
                 West 
DLM24-1029     Extension      705.1     753.0       585       44.5          3.0 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     709.0     715.1       573        5.7         16.3 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
DLM24-1034    Underground     706.7     759.2       575       48.9          4.5 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     706.7     710.0       557        3.1         18.0 
-------------------------  --------  --------  --------  ---------  ----------- 
including                     733.0     738.6       577        5.2         27.4 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
and           Underground     903.0     906.0       699        2.8         12.2 
-----------  ------------  --------  --------  --------  ---------  ----------- 
               West Pit 
DLM24-1036    Underground     860.0     885.0       675       23.5          3.2 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     862.0     866.0       669        3.8         16.5 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
DLM25-1055    Underground     591.0     677.9       521       77.9          8.0 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     609.0     612.0       503        2.7        201.2 
-------------------------  --------  --------  --------  ---------  ----------- 
including                     633.0     651.3       527       16.4          1.9 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
and           Underground     724.0     750.0       601       23.4          3.3 
-----------  ------------  --------  --------  --------  ---------  ----------- 
               West Pit 
DLM25-1061    Underground     465.6     482.0       390       14.5         27.4 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     469.0     472.0       387        2.7        145.5 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
and           Underground     673.8     768.0       583       85.3          1.5 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     699.0     708.0       570        8.1          4.2 
-------------------------  --------  --------  --------  ---------  ----------- 
including                     761.0     768.0       617        6.4          4.0 
-------------------------  --------  --------  --------  ---------  ----------- 
                 West 
DLM25-1065     Extension      736.7     756.0       624       17.6          3.9 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     751.0     756.0       629        4.6         10.5 
-------------------------  --------  --------  --------  ---------  ----------- 
               West Pit 
DLM25-1077    Underground     591.0     613.0       463       20.7          3.3 
-----------  ------------  --------  --------  --------  ---------  ----------- 
including                     599.7     605.0       464        5.0         10.5 
-------------------------  --------  --------  --------  ---------  ----------- 
 
 
*Results from Detour Lake are uncapped. 
 

Madrid deposit at Hope Bay

 
                                           Depth of 
                                           midpoint  Estimated                Gold 
                                            below       true    Gold grade    grade 
                         From       To     surface     width      (g/t)       (g/t) 
 Drill hole     Zone   (metres)  (metres)  (metres)   (metres)  (uncapped)  (capped)* 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
HBM23-140**    Suluk      874.4     880.0       677        4.6        26.3       12.7 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
including                 875.3     876.3       677        0.8       126.0       50.0 
---------------------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM24-183***    7         684.4     693.5       577        5.0        19.0       14.1 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
including                 684.4     688.6       575        2.3        35.8       25.1 
---------------------  --------  --------  --------  ---------  ----------  --------- 
HBM24-273      Suluk      852.6     859.3       695        5.5         4.4        4.4 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
and            Suluk      969.5     979.5       702        9.7         3.0        3.0 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM24-274       7         915.5     921.2       615        4.9        25.9       23.9 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM24-276       7         676.3     679.5       521        2.6         7.6        7.6 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
and             7         686.0     692.0       474        5.2         5.6        5.6 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
and             7         695.9     705.7       482        9.2         4.4        4.4 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
HBM24-280      Suluk      779.4     789.0       636        9.5        27.9       24.1 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
including                 782.4     785.0       582        1.8        56.4       43.7 
---------------------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM25-290       7         183.0     189.5       172        4.6        13.8       11.7 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
including                 187.0     189.5       148        1.8        29.7       24.2 
---------------------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM25-296       7         767.1     771.1       552        3.1        12.5       12.5 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
               Patch 
HBM25-301       7         253.5     259.0       244        4.2        19.9       19.9 
-------------  ------  --------  --------  --------  ---------  ----------  --------- 
including                 254.5     255.0       216        0.4        71.3       71.3 
---------------------  --------  --------  --------  ---------  ----------  --------- 
 
 
*Results from Madrid use a capping factor ranging from 50 g/t gold to 75 g/t 
gold depending on the zone. 
**Previously released on February 15, 2024. 
***Previously released on July 31, 2024. 
 

Exploration Drill Collar Coordinates

 
                                   Elevation 
                 UTM      UTM    (metres above   Azimuth      Dip      Length 
 Drill hole     East*   North*    sea level)    (degrees)  (degrees)  (metres) 
-------------  -------  -------  -------------  ---------  ---------  -------- 
Odyssey mine 
------------------------------------------------------------------------------ 
MEX23-309ZB     718682  5334767            307        162        -48     1,858 
-------------  -------  -------  -------------  ---------  ---------  -------- 
MEX24-325       718631  5334759            308        169        -59     1,959 
-------------  -------  -------  -------------  ---------  ---------  -------- 
MEX24-322WA     718617  5334759            309        215        -70     2,350 
-------------  -------  -------  -------------  ---------  ---------  -------- 
MEX24-322WAZ    718617  5334759            309        215        -70     2,217 
-------------  -------  -------  -------------  ---------  ---------  -------- 
UGEG-075-038    718142  5334118           -255        309        -80     1,867 
-------------  -------  -------  -------------  ---------  ---------  -------- 
UGEG-051-010    718360  5334019           -172        200        -28       732 
-------------  -------  -------  -------------  ---------  ---------  -------- 
UGEG-051-011    718360  5334019           -172        207        -33       781 
-------------  -------  -------  -------------  ---------  ---------  -------- 
UGEG-071-009    717758  5333977           -345        174        -13       640 
-------------  -------  -------  -------------  ---------  ---------  -------- 
UGEG-071-011    717758  5333977           -345        173        -30       636 
-------------  -------  -------  -------------  ---------  ---------  -------- 
Detour Lake 
------------------------------------------------------------------------------ 
DLM24-999       586601  5541928            293        179        -58       691 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM24-1029      586642  5542051            299        178        -60       852 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM24-1034      589366  5541417            283        179        -58       966 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM24-1036      588122  5541885            288        180        -59     1,032 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM25-1055      589087  5541601            284        179        -59       750 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM25-1061      589167  5541635            284        180        -59       788 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM25-1065      586679  5542051            299        179        -64       912 
-------------  -------  -------  -------------  ---------  ---------  -------- 
DLM25-1077      589148  5541573            283        178        -57       627 
-------------  -------  -------  -------------  ---------  ---------  -------- 
Hope Bay 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM23-140       434321  7549059             55         65        -62     1,185 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM24-183       435244  7549203             26        237        -57       857 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM24-273       434103  7549554             53        -68         80     1,072 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM24-274       434334  7548811             51        -53         87     1,097 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM24-276       434372  7549082             54        -61         80       900 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM24-280       434372  7549081             54        -65         81       993 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM25-290       435189  7548175             26        -70         77       494 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM25-296       435549  7548818             26        -50        248       864 
-------------  -------  -------  -------------  ---------  ---------  -------- 
HBM25-301       435168  7548204             26        -75         78       544 
-------------  -------  -------  -------------  ---------  ---------  -------- 
 
 
*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N 
for Detour Lake; and NAD 1983 UTM Zone 13N for Hope Bay 
 

APPENDIX B -- FINANCIAL INFORMATION

 
                         AGNICO EAGLE MINES LIMITED 
              SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS 
          (thousands of United States dollars, except where noted) 
 
 
                                                 Three Months Ended 
                                                      March 31, 
                                                     2025               2024 
                                        -----------------  ----------------- 
 
Net income - key line items: 
Revenue from mine operations: 
   LaRonde mine                                   219,366            143,617 
   LZ5                                             59,717             42,615 
                                        -----------------  ----------------- 
   LaRonde                                        279,083            186,232 
   Canadian Malartic                              422,047            328,117 
   Goldex                                          95,969             72,384 
                                        -----------------  ----------------- 
 Quebec                                           797,099            586,733 
   Detour Lake                                    443,886            342,957 
   Macassa                                        235,662            139,393 
                                        -----------------  ----------------- 
 Ontario                                          679,548            482,350 
   Meliadine                                      258,289            202,239 
   Meadowbank                                     405,085            249,385 
 Nunavut                                          663,374            451,624 
   Fosterville                                    109,829            121,035 
                                        -----------------  ----------------- 
 Australia                                        109,829            121,035 
   Kittila                                        161,088            114,063 
                                        -----------------  ----------------- 
 Finland                                          161,088            114,063 
   Pinos Altos                                     57,310             48,400 
   La India                                            --             25,618 
                                        -----------------  ----------------- 
 Mexico                                            57,310             74,018 
                                        -----------------  ----------------- 
 Revenues from mining operations         $      2,468,248   $      1,829,823 
 Production costs                                 767,733            783,585 
Total operating margin(i)                       1,700,515          1,046,238 
Amortization of property, plant and 
 mine development                                 416,800            357,225 
Exploration, corporate and other                   89,144            199,965 
                                        -----------------  ----------------- 
Income before income and mining taxes           1,194,571            489,048 
Income and mining taxes expense                   379,840            141,856 
                                        -----------------  ----------------- 
Net income for the period               $         814,731  $         347,192 
                                        =================  ================= 
Net income per share -- basic               $        1.62      $        0.70 
Net income per share -- diluted             $        1.62      $        0.70 
 
Cash flows: 
Cash provided by operating activities    $      1,044,246  $         783,175 
Cash used in investing activities       $       (649,940)  $       (413,048) 
Cash used in provided by financing 
 activities                             $       (182,966)  $       (183,034) 
 
Realized prices: 
Gold (per ounce)                            $       2,891      $       2,062 
Silver (per ounce)                          $       33.07      $       23.80 
Zinc (per tonne)                            $       2,964      $       2,453 
Copper (per tonne)                          $       9,179      $       8,731 
 
 
                 AGNICO EAGLE MINES LIMITED 
      SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS 
  (thousands of United States dollars, except where noted) 
 
 
                                          Three Months Ended 
                                               March 31, 
                                              2025       2024 
                                         ---------  --------- 
 
Payable production(ii) : 
Gold (ounces): 
 LaRonde mine                               72,369     51,815 
 LZ5                                        19,122     16,549 
                                         ---------  --------- 
 LaRonde                                    91,491     68,364 
 Canadian Malartic                         159,773    186,906 
 Goldex                                     30,016     34,388 
                                         ---------  --------- 
 Quebec                                    281,280    289,658 
 Detour Lake                               152,838    150,751 
 Macassa                                    86,028     68,259 
                                         ---------  --------- 
 Ontario                                   238,866    219,010 
 Meliadine                                  98,512     95,725 
 Meadowbank                                140,126    127,774 
 Nunavut                                   238,638    223,499 
 Fosterville                                43,615     56,569 
                                         ---------  --------- 
 Australia                                  43,615     56,569 
 Kittila                                    54,104     54,581 
                                         ---------  --------- 
 Finland                                    54,104     54,581 
 Pinos Altos                                17,291     24,725 
 Creston Mascota                                --         28 
 La India                                       --     10,582 
                                         ---------  --------- 
 Mexico                                     17,291     35,335 
                                         ---------  --------- 
Total gold (ounces):                       873,794    878,652 
                                         ---------  --------- 
 
Silver (thousands of ounces)                   602        615 
Zinc (tonnes)                                1,742      1,682 
Copper (tonnes)                              1,384        804 
 
 
 
                 AGNICO EAGLE MINES LIMITED 
      SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS 
  (thousands of United States dollars, except where noted) 
 
 
                                          Three Months Ended 
                                               March 31, 
                                              2025       2024 
                                         ---------  --------- 
 
Payable metal sold(iii) : 
Gold (ounces): 
 LaRonde mine                               69,618     65,164 
 LZ5                                        20,891     20,251 
                                         ---------  --------- 
 LaRonde                                    90,509     85,415 
 Canadian Malartic                         144,663    159,548 
 Goldex                                     30,693     34,442 
                                         ---------  --------- 
 Quebec                                    265,865    279,405 
 Detour Lake                               155,480    167,008 
 Macassa                                    81,000     67,500 
                                         ---------  --------- 
 Ontario                                   236,480    234,508 
 Meliadine                                  89,270     98,540 
 Meadowbank                                140,350    121,110 
 Nunavut                                   229,620    219,650 
 Fosterville                                38,000     58,000 
                                         ---------  --------- 
 Australia                                  38,000     58,000 
 Kittila                                    56,000     55,000 
                                         ---------  --------- 
 Finland                                    56,000     55,000 
 Pinos Altos                                17,000     20,300 
 La India                                       --     12,200 
                                         ---------  --------- 
 Mexico                                     17,000     32,500 
                                         ---------  --------- 
Total gold (ounces):                       842,965    879,063 
                                         ---------  --------- 
 
Silver (thousands of ounces)                   527        604 
Zinc (tonnes)                                1,812      1,507 
Copper (tonnes)                              1,398        762 
 
 
 
Notes: 
---------------------------------------------------------------- 
(i) Operating margin is not a recognized measure under IFRS and this data may 
not be comparable to data reported by other gold producers. See Note Regarding 
Certain Measures of Performance -- Operating Margin for more information on 
the Company's calculation and use of operating margin. 
(ii) Payable production (a non-GAAP non-financial performance measure) is the 
quantity of mineral produced during a period contained in products that are or 
will be sold by the Company, whether such products are sold during the period 
or held as inventories at the end of the period. For the three months ended 
March 31, 2025, it excludes 1,811 payable gold ounces produced at La India and 
25 payable gold ounces produced at Creston Mascota. 
(iii) Canadian Malartic payable metal sold excludes the 5.0% in-kind net 
smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake payable 
metal sold excludes the 2.0% in-kind net smelter royalty held by Franco-Nevada 
Corporation. Macassa payable metal sold excludes the 1.5% in-kind net smelter 
royalty held by Franco-Nevada Corporation. For the three months ended March 
31, 2025, it excludes 2,500 payable gold ounces sold at La India. 
 
 
                         AGNICO EAGLE MINES LIMITED 
               CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS 
   (thousands of United States dollars, except share amounts, IFRS basis) 
                                (Unaudited) 
 
                             As at                         As at 
                         March 31, 2025              December 31, 2024 
                  ----------------------------  ---------------------------- 
ASSETS 
Current assets: 
 Cash and cash 
  equivalents       $                1,138,312  $                    926,431 
 Inventories                         1,446,605                     1,510,716 
 Income taxes 
  recoverable                           32,267                        26,432 
 Fair value of 
  derivative 
  financial 
  instruments                            4,599                         1,348 
 Other current 
  assets                               310,693                       340,354 
                  ----------------------------  ---------------------------- 
Total current 
 assets                              2,932,476                     2,805,281 
Non-current 
assets: 
 Goodwill                            4,157,672                     4,157,672 
 Property, plant 
  and mine 
  development                       21,652,900                    21,466,499 
 Investments                           899,902                       612,889 
 Deferred income 
  and mining tax 
  asset                                 24,672                        29,198 
 Other assets                          926,482                       915,479 
                  ----------------------------  ---------------------------- 
Total assets         $              30,594,104     $              29,987,018 
                  ============================  ============================ 
 
LIABILITIES 
Current 
liabilities: 
 Accounts 
  payable and 
  accrued 
  liabilities     $                    731,290  $                    817,649 
 Share based 
  liabilities                           21,012                        27,290 
 Interest 
  payable                               18,266                         5,763 
 Income taxes 
  payable                              203,793                       372,197 
 Current portion 
  of long-term 
  debt                                  90,000                        90,000 
 Reclamation 
  provision                             60,564                        58,579 
 Lease 
  obligations                           40,021                        40,305 
 Fair value of 
  derivative 
  financial 
  instruments                           72,312                       100,182 
                  ----------------------------  ---------------------------- 
Total current 
 liabilities                         1,237,258                     1,511,965 
Non-current 
liabilities: 
 Long-term debt                      1,053,388                     1,052,956 
 Reclamation 
  provision                          1,069,584                     1,026,628 
 Lease 
  obligations                           97,327                        98,921 
 Share based 
  liabilities                            7,789                        12,505 
 Deferred income 
  and mining tax 
  liabilities                        5,195,892                     5,162,249 
 Other 
  liabilities                          291,014                       288,894 
                  ----------------------------  ---------------------------- 
Total 
 liabilities                         8,952,252                     9,154,118 
                  ----------------------------  ---------------------------- 
 
EQUITY 
 Common shares: 
 Outstanding - 
  503,404,786 
  common shares 
  issued, less 
  690,366 shares 
  held in trust                     18,772,313                    18,675,660 
 Stock options                         165,525                       172,145 
 Retained 
  earnings                           2,604,517                     2,026,242 
 Other reserves                         99,497                      (41,147) 
                  ----------------------------  ---------------------------- 
Total equity                        21,641,852                    20,832,900 
                  ----------------------------  ---------------------------- 
Total 
 liabilities and 
 equity              $              30,594,104     $              29,987,018 
                  ============================  ============================ 
 
 
                         AGNICO EAGLE MINES LIMITED 
            CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME 
 (thousands of United States dollars, except per share amounts, IFRS basis) 
                                (Unaudited) 
 
                                                 Three Months Ended 
                                                      March 31, 
                                        ------------------------------------ 
                                              2025               2024 
                                        -----------------  ----------------- 
 
 
REVENUES 
Revenues from mining operations              $  2,468,248       $  1,829,823 
 
COSTS, INCOME AND EXPENSES 
Production(i)                                     767,733            783,585 
Exploration and corporate development              41,805             51,206 
Amortization of property, plant and 
 mine development                                 416,800            357,225 
General and administrative                         60,709             48,117 
Finance costs                                      22,444             36,265 
(Gain) loss on derivative financial 
 instruments                                     (68,859)             45,935 
Foreign currency translation gain                    (60)            (4,547) 
Care and maintenance                               13,901             11,042 
Other expenses                                     19,204             11,947 
                                        -----------------  ----------------- 
Income before income and mining taxes           1,194,571            489,048 
Income and mining taxes expense                   379,840            141,856 
                                        -----------------  ----------------- 
Net income for the period                   $     814,731      $     347,192 
                                        =================  ================= 
 
Net income per share - basic            $            1.62  $            0.70 
Net income per share - diluted          $            1.62  $            0.70 
Adjusted net income per share - 
 basic(ii)                              $            1.53  $            0.76 
Adjusted net income per share - 
 diluted(ii)                            $            1.53  $            0.76 
 
Weighted average number of common 
shares outstanding (in thousands): 
Basic                                             502,410            497,619 
Diluted                                           503,773            498,807 
 
 
 
Notes: 
------------------------------------------------------------------------------ 
(i) Exclusive of amortization, which is shown separately 
(ii) Adjusted net income per share is not a recognized measure under IFRS and 
this data may not be comparable to data reported by other companies. See Note 
Regarding Certain Measures of Performance -- Adjusted Net Income and Adjusted 
Net Income per Share for a discussion of the composition and usefulness of 
this measure and a reconciliation to the nearest IFRS measure 
 
 
 
 
                         AGNICO EAGLE MINES LIMITED 
          CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS 
              (thousands of United States dollars, IFRS basis) 
                                (Unaudited) 
 
                                                     Three Months Ended 
                                                          March 31, 
                                                     2025           2024 
 
OPERATING ACTIVITIES 
Net income for the period                           $  814,731    $  347,192 
Add (deduct) adjusting items: 
 Amortization of property, plant and mine 
  development                                          416,800       357,225 
 Deferred income and mining taxes                       18,491        12,924 
 Unrealized (gain) loss on currency and 
  commodity derivatives                               (31,120)        52,484 
 Unrealized gain on warrants                          (54,168)       (6,877) 
 Stock-based compensation                               27,393        18,857 
 Foreign currency translation gain                        (60)       (4,547) 
 Other                                                  17,323         (190) 
Changes in non-cash working capital balances: 
 Income taxes                                        (176,739)           376 
 Inventories                                            30,917        28,172 
 Other current assets                                   31,390        26,618 
 Accounts payable and accrued liabilities             (62,492)      (53,990) 
 Interest payable                                       11,780         4,931 
                                                 -------------  ------------ 
Cash provided by operating activities                1,044,246       783,175 
                                                 -------------  ------------ 
 
INVESTING ACTIVITIES 
Additions to property, plant and mine 
 development                                         (450,124)     (387,587) 
Purchase of O3 Mining, net of cash and cash 
equivalents acquired                                 (121,960)            -- 
Contributions for acquisition of mineral assets        (3,825)       (3,924) 
Purchases of equity securities and other 
 investments                                          (68,057)      (24,007) 
Other investing activities                             (5,974)         2,470 
Cash used in investing activities                    (649,940)     (413,048) 
                                                 -------------  ------------ 
 
FINANCING ACTIVITIES 
Proceeds from Credit Facility                               --       600,000 
Repayment of Credit Facility                                --     (600,000) 
Long-term debt financing costs                              --       (3,544) 
Repayment of lease obligations                         (9,178)      (13,015) 
Dividends paid                                       (175,567)     (157,260) 
Repurchase of common shares                           (60,050)      (26,041) 
Proceeds on exercise of stock options                   52,026         7,378 
Common shares issued                                     9,803         9,448 
                                                 -------------  ------------ 
Cash used in financing activities                    (182,966)     (183,034) 
                                                 -------------  ------------ 
Effect of exchange rate changes on cash and 
 cash equivalents                                          541       (1,116) 
                                                 -------------  ------------ 
Net increase in cash and cash equivalents 
 during the period                                     211,881       185,977 
Cash and cash equivalents, beginning of period         926,431       338,648 
                                                 -------------  ------------ 
Cash and cash equivalents, end of period           $ 1,138,312    $  524,625 
                                                 =============  ============ 
 
SUPPLEMENTAL CASH FLOW INFORMATION 
Interest paid                                    $       1,185  $     25,252 
                                                 =============  ============ 
Income and mining taxes paid                        $  536,602    $  130,777 
                                                 =============  ============ 
 

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April 24, 2025 17:00 ET (21:00 GMT)

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