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

TORONTO, April 30, 2026 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the first quarter of 2026.

“We delivered a solid start to 2026, achieving record operating margins while production and costs tracked well to plan. With gold production expected to be weighted to a stronger second half of the year, we are managing cost volatility through disciplined execution and asset optimization, supported by our regional operating model. This positions us well to deliver on our full year guidance,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “We are excited by the strong progress across our industry leading growth pipeline and are beginning to look beyond the 20–30% production growth already expected over the next decade, with our recently announced proposed acquisitions in Finland marking a milestone in our next phase of long-term growth. At the same time, we remain committed to returning value to shareholders, through our dividend and the expansion of our share repurchase program.”

First quarter 2026 highlights:

• Solid quarterly performance, in line with plan – Payable gold production¹ was 825,109 ounces, representing approximately 24% of the mid-point of the full year production guidance, at production costs per ounce of $1,158, total cash costs per ounce² of $1,093 and all-in sustaining costs (“AISC”) per ounce² of $1,483. The solid operating performance was led by Detour Lake, Canadian Malartic and Fosterville
• Record quarterly operating margins and adjusted net income – Solid production, combined with higher realized gold prices of $4,861 per ounce in the first quarter, resulted in record operating margins and adjusted net income. The Company reported quarterly net income of $1,695 million or $3.39 per share and record adjusted net income³ of $1,706 million or $3.41 per share. The Company generated cash provided by operating activities of $1,346 million or $2.69 per share and free cash flow³ of $732 million or $1.46 per share, which included the impact of a $1.3 billion payment for the remaining cash tax liability related to the 2025 taxation year. Total cash taxes paid in the first quarter were $1.8 billion, approximately 50% of the expected cash taxes for 2026
• Financial strength continues to grow through robust cash generation – The Company increased its cash balance by $246 million to $3,112 million as at March 31, 2026, resulting in a net cash⁴ position of $2,915 million with total debt outstanding of $197 million as at March 31, 2026. Reflecting this strong financial profile, Fitch Ratings upgraded the Company’s long-term issuer default rating from BBB+ to A‑ in April 2026
• Annual gold production and cost guidance reiterated – Full year expected payable gold production in 2026 remains unchanged at 3.3 to 3.5 million ounces, with production now weighted approximately 48% to the first half of the year and 52% to the second half. Full year total cash costs per ounce and AISC per ounce in 2026 remain unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively. While the Company is subject to cost uncertainty, including fuel price volatility as a result of ongoing geopolitical events, the Company’s regional operating strategy, focused on local procurement and resilient supply chains, is expected to mitigate potential cost impacts. Further details are set out in the 2026 Guidance Summary section below
• Continued commitment to shareholder returns and expected renewal and increase of NCIB – The Company returned a total of $375 million to shareholders during the first quarter of 2026, including the declaration of a quarterly dividend of $0.45 per share and the repurchase of 721,211 common shares under its normal course issuer bid (“NCIB”). Share repurchases were completed at an average price of $207.68 per share for total consideration of $150 million. As previously disclosed, the Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms, with an increase to its internal limit on purchases of common shares to $2 billion. Additional details will be provided at the time of the renewal
• 2025 Sustainability Report published – The Company released its 17^th annual Sustainability Report on April 30, 2026, demonstrating its commitment to operating in a safe, sustainable and environmentally responsible manner
• Update on key value drivers and pipeline projects in the first quarter of 2026

• Canadian Malartic – Production from the East Gouldie ramp commenced in March 2026. The development and construction activities continued to progress on schedule, with the main ramp and shaft #1 reaching a depth of 1,151 metres and 1,514 metres, respectively. Construction of the first loading station is on schedule for first production through shaft #1 in the second quarter of 2027. Exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, including 6.7 grams per tonne (“g/t”) gold over 36.0 metres at 1,089 metres depth in the upper eastern portion of the East Gouldie deposit and 9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth in the internal zones of the Odyssey deposit
• Detour Lake – Development activities for the underground project continued, with the exploration ramp reaching a depth of 147 metres and overburden removal commencing for the conveyor‑ramp portal. High-intensity drilling from surface near the exploration ramp was initiated, with a highlight intercept of 8.9 g/t gold over 14.1 metres at 187 metres depth. Drilling into the West Extension zone had highlights of 10.7 g/t gold over 10.1 metres at 497 metres depth, approximately 1.5 kilometres west of the resource-pit outline, and 10.0 g/t gold over 3.1 metres at 922 metres depth, approximately 2.5 kilometres west of the resource-pit outline
• Upper Beaver – Development of the exploration ramp and shaft continued to advance ahead of schedule, reaching depths of 108 metres and 382 metres, respectively. During the quarter, the Company initiated a high‑intensity drilling program targeting a portion of the Upper Beaver deposit between approximately 500 and 600 metres depth, characterized by intrusion‑suite host rocks, to complement the bulk sample planned at the 760 level
• Hope Bay – Project activities focused on site preparedness for a potential redevelopment, including the addition of a new third wing to the camp, substantial completion of the internal technical evaluation, including advancement of detailed engineering to approximately 55%, and planning for the 2026 sealift season. A construction decision at Hope Bay is expected in May 2026
• San Nicolás – Minas de San Nicolás, which has the potential for base metal production in Mexico, continued to advance engineering and execution strategy, targeting completion of 50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area

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.
² Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards 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 reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis and a description of their composition and usefulness, see “Note Regarding Certain Measures of Performance” below.
³ Adjusted net income, free cash flow and where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.
⁴ Net cash is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.

First Quarter 2026 Results Conference Call and Webcast Tomorrow

The Company’s senior management will host a conference call on Friday, May 1, 2026, 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 437-900-0527 or toll-free 1-888-510-2154 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 72715#. The conference call replay will expire on June 1, 2026.

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, May 1, 2026 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 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 19, 2026, 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 [email protected] or may contact the Company’s strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by calling 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting “INFO” to either number, or by e-mail at [email protected].

First Quarter 2026 Production and Costs

* Total cash costs per ounce and AISC per ounce for the three months ended March 31, 2025 have been restated using the Company’s revised composition for periods commencing on or after January 1, 2026. Using the Company’s composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $903 for the consolidated Company and AISC per ounce was $1,183 for the consolidated Company.
** Gold production for the three months ended March 31, 2026 excludes payable gold production at La India and Creston Mascota of 418 and 76 ounces, respectively, which were produced from residual leaching. Gold production for the three months ended March 31, 2025 excludes payable gold production at La India and Creston Mascota of 1,811 ounces and 25 ounces, respectively, which were producing from residual leaching.
*** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the three months ended March 31, 2025, payable metals sold excludes 2,500 payable gold ounces sold at La India.

Gold Production

Gold production decreased in the first quarter of 2026 when compared to the prior-year period primarily due to lower production at Macassa and Meadowbank (lower grades), partially offset by higher production at Detour Lake (higher grades and recoveries).

Production Costs per Ounce

Production costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices, lower gold production and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.

Total Cash Costs per Ounce

Total cash costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above for the increase in production costs per ounce.

AISC per Ounce

AISC per ounce increased in the first quarter of 2026 when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Macassa and Fosterville, higher non-cash reclamation related costs and higher general and administrative expenses.

Refer to the Company’s Management Discussion & Analysis for the first quarter of 2026 (the “MD&A”) under the caption “Financial and Operating Results” for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

First Quarter 2026 Financial Results

*Includes capitalized exploration

⁵ Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
⁶ “EBITDA” means earnings before interest, taxes, depreciation, and amortization. EBITDA, adjusted EBITDA, capital expenditures, cash provided by operating activities before changes in non-cash components of working capital and free cash flow before changes in non-cash components of working capital and, where applicable, their related per share measures, are non-GAAP measures that are not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.

Net Income

Net income increased in the first quarter of 2026 when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by lower gold sales and higher income and mining taxes.

Net income in the first quarter of 2026 of $1,695 million ($3.39 per share) includes the following items (net of tax): reclamation adjustments of $9 million ($0.02 per share), net gains on derivative financial instruments of $7 million ($0.01 per share), net asset disposal losses of $7 million ($0.01 per share), foreign currency translation losses on deferred tax liabilities of $5 million ($0.01 per share) and other adjustments totaling $3 million ($0.01 per share). Excluding these items results in adjusted net income of $1,706 million or $3.41 per share for the first quarter of 2026.

Adjusted EBITDA

Adjusted EBITDA increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices partially offset by lower gold sales), partially offset by higher production costs (higher royalty costs), higher general and administrative expenses and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.

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 2026 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. Cash provided by operating activities was reduced by unfavourable changes in non-cash working capital balances primarily due to approximately $1.3 billion in cash taxes paid in the quarter relating to the 2025 taxation year. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, representing approximately 50% of the expected cash taxes for 2026.

Free Cash Flow

Free cash flow and free cash flow before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above related to cash provided by operating activities, partially offset by higher development capital expenditures related to Odyssey, Hope Bay and Detour Lake underground pipeline projects.

Capital Expenditures

The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures by mine, and capitalized exploration in the first quarter of 2026.

* Excludes capitalized exploration
** Sustaining capital expenditures and development capital expenditure are non-GAAP measures that are not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.

2026 Guidance Reiterated

In the first three months of 2026, the Company achieved approximately 24% of the mid-point of its full year gold production guidance, while achieving total cash costs per ounce and AISC per ounce within the guidance range. Based on these results, the Company is reiterating its guidance for the full year 2026. Full year expected payable gold production in 2026 at 3.3 to 3.5 million ounces is now weighted approximately 48% to the first half of the year and 52% to the second half.

 A summary of the Company’s guidance is set out below.

* 2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate development
** 2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million. General and administrative expense is expected to fluctuate based on changes in the Company’s share price, which affect the costs related to stock-based compensation.
*** 2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs

⁷ The Company’s guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP information. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have been made by the Company to the composition of certain of these measures, see “Note Regarding Certain Measures of Performance” below.
⁸ The “NTI Payment” is the payment to Nunavut Tunngavik Inc. (“NTI”) under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.

Cash Taxes

The Company’s effective tax rate continues to be expected to be approximately 34% to 36% for the full year of 2026. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, which included a $1.3 billion payment for the remaining cash tax liability for 2025. This represents approximately 50% of total cash taxes expected for 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million.

Cost Considerations Related to Current Market Uncertainty

While the ongoing conflict in the Middle East introduces uncertainty related to fuel price volatility and the global supply chain, the Company currently anticipates that volatility of fuel and commodity prices and currency exchange rates will be captured within the total cash costs per ounce and AISC per ounce guidance ranges of $1,020 to $1,120 and $1,400 to $1,550, respectively. Supported by the Company’s regional operating strategy, with a focus on local procurement and resilient supply chains, the Company does not currently anticipate any significant risk of disruption to fuel, consumables or parts supplies across its operations. While higher transportation and freight costs are expected to persist amid ongoing uncertainty, the Company continues to actively monitor the situation for any potential impacts.

The Company’s full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes). Including the diesel purchased for the Company’s Nunavut operations that was delivered as part of the 2025 sealift, approximately 54% of the Company’s total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.71 per litre (excluding transportation and taxes), which is expected to reduce the Company’s exposure to diesel price volatility for the balance of 2026.

Diesel represents approximately 10% of the Company’s operating costs, comprising approximately 7% related to direct consumption for mobile equipment and on-site power generation, and approximately 3% related to transportation and freight. With respect to direct diesel consumption, the Company estimates that a 10% change in diesel prices would impact total cash costs per ounce by approximately $4 on a net basis after hedges (approximately $8 excluding the impact of diesel hedges) for the full year 2026. For indirect diesel exposure related to transportation, a 10% change in diesel prices is estimated to impact total cash costs per ounce by approximately $2 net of the fuel sealift to Nunavut.

Currency Hedges

The Company’s full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.

Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 42% of its estimated remaining Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.

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 2026.

Tariffs

The international trade disputes set in motion in February 2025 by US tariffs, retaliatory tariffs and other actions remain fluid. The Company continues to believe that 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 monitor its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs or other trade disputes. The cost guidance provided in this news release does not include any potential impact from such tariffs or trade disputes.

Balance Sheet Strength Supported by Strong Net Cash Position; Continued Commitment to Shareholder Returns

Cash and cash equivalents increased by $246 million from the prior quarter, primarily due to cash provided by operating activities resulting from record operating margins (higher realized gold prices partially offset by higher royalty costs). The increase was partially offset by unfavourable changes in non-cash components of working capital (including an approximately $1.3 billion payment of cash taxes related to the 2025 taxation year), $614 million of capital expenditures including working capital adjustments and $375 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.

As at March 31, 2026, the Company’s total long-term debt was $197 million, consistent with the prior quarter. No amounts were outstanding under the Company’s unsecured revolving bank credit facility as at March 31, 2026 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.

Net cash increased to $2,915 million in the first quarter of 2026 compared to the prior quarter balance of $2,670 million due to the increase in cash and cash equivalents of $246 million. See “Note Regarding Certain Measures of Performance” below for the calculation of net cash.

On April 29, 2026, Fitch Ratings upgraded the Company’s investment grade credit rating to A- with a Stable Outlook, reflecting the Company’s strong operating profile, favorable low cost position and sustained commitment to a strengthening balance sheet. The Company strives to maintain a strong financial position and an investment grade balance sheet.

Shareholder Returns

The Company remains committed to delivering strong returns to shareholders in 2026 through a combination of the dividend and share repurchases under the NCIB, with a target to return approximately 40% of annual free cash flow to shareholders, assuming current gold prices and subject to operational needs.

The Company will evaluate opportunities to reduce the dilution associated with the Rupert transaction, including potentially returning the proceeds of portfolio investment sales to shareholders through share repurchases under the NCIB.

Normal Course Issuer Bid

In the first quarter of 2026, the Company repurchased 721,211 common shares under the NCIB at an average price of $207.68 per share for aggregate purchases of $150 million.

The Company believes that its NCIB is a flexible and effective complementary tool that, together with the quarterly dividend, is part of the Company’s overall capital allocation program and generates value for shareholders. Under the NCIB, the Company may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.

The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases of common shares to $2 billion. Additional details will be provided at the time of the renewal.

Dividend Record and Payment Dates for the Second Quarter of 2026

The Company’s Board of Directors has declared a quarterly cash dividend of $0.45 per common share, payable on June 15, 2026 to shareholders of record as of June 1, 2026. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2026 Fiscal Year

*    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.

Committed to Sustainability

17^th Annual Sustainability Report for 2025 Released

The Company released its 2025 Sustainability Report (the “Report”) on April 30, 2026, providing an overview of the Company’s strategy, practices and risk management approach related to health, safety, environment and sustainability, along with a comprehensive review of sustainability performance.

The Report includes mining industry-specific indicators from the Sustainability Accounting Standards Board Metals and Mining disclosures and metrics, and certain indicators in reference to the Global Reporting Initiative standards.

The Report’s theme, “Together, We Make Mining Work”, reflects the Company’s belief that responsible mining is achieved through collaboration. For almost 70 years, the Company has recognized that long-term success is built through strong relationships with employees, Indigenous Peoples, communities, partners and stakeholders and the Company remains committed to operating in a way that creates shared value for all stakeholders.

Report Highlights:

• Strong sustainability performance – The Company continued its “Towards Zero Accidents” initiative by focusing on visible felt leadership, employee training, and risk identification and mitigation. Performance was maintained or improved across many key factors including zero significant environmental incidents and increased employee engagement results
  • However, these positive actions were overshadowed by fatal accidents at Fosterville in December 2025 and Canadian Malartic in April 2026. The Company has taken steps to reset its approach to safety, including immediately calling for safety meetings globally, with all employees and contractors, to emphasize that safe production is core to the sustainability and success of our business and that if a job cannot be done safely, it should not be done
• Approach to climate change – The Company’s continued efforts in decarbonization are focused on energy efficiency, technology transition and increased use of renewable energy. In 2025, the Company maintained its position among gold industry leaders in greenhouse gas emissions performance with an intensity of 0.39 tonnes of CO₂ equivalent per ounce of gold produced
• Commitment to reconciliation with Indigenous communities – The Company progressed the implementation of its Reconciliation Action Plan, including with the establishment of an Indigenous Advisory Committee, the delivery of over 5,000 hours of Indigenous cultural awareness training to employees and by hosting over 200 Indigenous cultural awareness activities across the Company. This comprehensive approach 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 2025, the Company’s donations to charitable organizations were approximately $11 million and the Company spent approximately $2.0 billion on locally sourced goods and services, approximately $1.2 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

Commitment to the Development of Inuit Education

• Inuit Nunangat University – The Company is proud to formalize its commitment of C$10M to support the development of the Inuit Nunangat University. The Company commends the leadership of Inuit Tairiit Kanatami in advancing this important initiative in support of Inuit self-determination, cultural preservation and capacity-building and looks forward to supporting the students and graduates as they pursue future careers and business opportunities within Inuit Nunangat and beyond

The Company’s 2025 Sustainability Report can be accessed here.

Key Value Drivers – Building the Next Phase of Growth

The Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with a first step-up in production expected in 2030 and the potential to exceed 4.0 million ounces in the early 2030s. The growth is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as the construction of Upper Beaver, Hope Bay and San Nicolas located in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling risk-adjusted returns.

* The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see “Notes to Investors Regarding Certain Project Evaluations” below
** San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent years

Canadian Malartic – Potential for 400,000 to 500,000 ounces of incremental annual gold production

The Company continues to advance the transition to underground mining with the construction of the Odyssey mine, including the development of Odyssey Shaft #1 and is advancing internal evaluations on three projects that, together, have the potential to increase annual gold production, starting in 2033, towards one million ounces. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) 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 Development

In the first quarter of 2026, mine development advanced with a continued focus on the main ramp, which reached a depth of 1,151 metres as of March 31, 2026, and the development of the East Gouldie production levels. Production via ramp from East Gouldie commenced in March 2026, approximately three months ahead of plan. Development remains a priority, with the Company targeting a sustained development rate of approximately 2,000 metres per month, supported by the integration of new development teams and equipment, increased hoisting capacity, optimization of hauling and service activities, and the increased use of automation and autonomous hauling. The excavation of two ventilation raises from surface to level 58 and the construction of the main exhaust fan station also advanced, with commissioning expected in June 2026.

Work continued on the development and construction of the first loading station between levels 102 and 111, including the crushing and material‑handling circuit, shaft loading pocket and maintenance shop. Development activities continue to progress on schedule in support of the planned start of shaft‑hoisted production from East Gouldie in the second quarter of 2027. Shaft sinking activities continued ahead of schedule, with the excavation of the material‑handling infrastructure for the second loading station between levels 137 and 146 now expected to be completed in the second quarter of 2026 and the completion of the first phase of shaft sinking to a planned depth of 1,580 metres now expected at year-end 2026. The shaft reached a depth of 1,514 metres as at March 31, 2026. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 172 and 181, is expected to be completed and commissioned in 2031.

Construction of key surface infrastructure progressed, with the operational complex expected to be completed in the second quarter of 2026 and phase two of the paste plant (designed for a 20,000 tonnes per day (“tpd”) capacity) expected to be completed in the fourth quarter of 2026. The fabrication of the production hoist is complete and delivery of the various components of the hoist is ongoing, with assembly to start in the second quarter of 2026. Commissioning of the production hoist is expected in the second quarter of 2027.

Odyssey Shaft #2

The Company is advancing an internal technical evaluation of a potential second shaft at the Odyssey mine. Drilling of the geotechnical pilot hole at the planned location has been completed to a depth of 1,800 metres. Current work is focused on mine design and planning, surface layout, headframe design and preparatory activities to support the permitting process. The evaluation is expected to be completed in the fourth quarter of 2026.

Exploration at Odyssey

During the first quarter of 2026, 13 surface rigs and 16 underground rigs were in operation, drilling a total of 56,635 metres supplemented by an additional six surface rigs completing 13,455 metres of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project.

Exploration drilling targeted multiple areas of the Odyssey mine, returning positive results in the upper eastern, central, western and deeper areas of the East Gouldie deposit and in the internal zones of the Odyssey deposit.

In the upper eastern extension of the East Gouldie deposit, underground drilling was highlighted by hole UGEG-103-005 intersecting 6.7 g/t gold over 36.0 metres at 1,089 metres depth, including 12.6 g/t gold over 15.3 metres at 1,089 metres depth; and hole UGEG-095-014 intersecting 5.5 g/t gold over 10.3 metres at 1,061 metres depth, 5.8 g/t gold over 9.8 metres at 1,153 metres depth, 5.1 g/t gold over 6.3 metres at 1,175 metres depth and 3.0 g/t gold over 15.8 metres at 1,187 metres depth.

In the Odyssey deposit, conversion drilling encountered significant mineralization in the lower portion of the porphyry in the internal zones, highlighted by hole UGOD-057-012 intersecting 6.1 g/t gold over 12.9 metres (core length) at 1,017 metres depth, including 12.0 g/t gold over 4.9 metres (core length) at 1,020 metres depth, and 9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth; and hole UGOD-064-019 intersecting 2.8 g/t gold over 27.6 metres (core length) at 992 metres depth, including 5.6 g/t gold over 8.0 metres (core length) at 992 metres depth. The internal zones in the vicinity of the Odyssey North zone will be further investigated in 2026 to help in planning the future mining infrastructure in this area.

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

[Odyssey – Composite Cross and Longitudinal Sections]

Marban

At the Marban deposit, located approximately 12 kilometres from the Canadian Malartic mill, the Company envisions the potential development of a satellite open pit operating at a planned mining rate between 14,000 to 16,000 tpd and producing approximately 120,000 to 150,000 ounces of gold annually over a mine life of approximately 12 years with the potential for initial production as early as 2033.

During the first quarter of 2026 at Marban, the second phase of an exploration and conversion drilling program completed 29 holes totalling 7,013 metres. The program mainly targeted the northern and eastern extensions of the Marban deposit near and beyond the newly expanded proposed pit outline.

Wasamac

At Wasamac, the Company envisions an underground satellite operation with a planned mining rate of approximately 3,200 tpd. Ore is expected to be transported to the Canadian Malartic mill for processing, with an average annual gold production expected to be approximately 90,000 ounces with the potential for initial production as early as 2033. In the first quarter of 2026, the Company advanced optimization and trade‑off studies alongside permitting activities and engagement with stakeholders.

Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold production

In the first quarter of 2026, excavation of the exploration ramp advanced by 345 metres to a total length of 823 metres, reaching a depth of 147 metres as of March 31, 2026. The Company is ramping up its workforce and integrating additional equipment in preparation for the commencement of multi‑face development expected to begin in the third quarter of 2026. Extension of the exploration ramp to the planned bulk‑sampling location at level 200 is expected to be completed in the first half of 2027.

Other activities supporting the underground project during the first quarter of 2026 included the commencement of overburden excavation for the conveyor ramp portal near the mill, with underground ramp development planned to begin in the first quarter of 2027. Work also progressed on the construction of the camp extension, and detailed engineering was initiated for the paste plant, ore‑handling system and electrical infrastructure.

At Detour Lake during the first quarter of 2026, exploration drilling totalled 39,052 metres. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit. The first underground drill was mobilized during the first quarter of 2026 and completed 726 metres of drilling.

To complement the planned bulk sample at Level 200, the Company has initiated a high-intensity drill program targeting Domain 54, similar to the investigation of Domain 53 in 2025, to validate the continuity of mineralization and improve the accuracy of the geological model. Highlights from the high-intensity drilling included hole DLM26-1299 intersecting 14.0 g/t gold over 2.5 metres at 84 metres depth and 8.9 g/t gold over 14.1 metres at 187 metres depth; and hole DLM26-1313 intersecting 2.9 g/t gold over 23.2 metres at 210 metres depth, including 8.1 g/t gold over 6.0 metres at 218 metres depth and 14.9 g/t gold over 9.0 metres at 238 metres depth.

Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline continued to extend the underground mineral potential to the west with highlights of hole DLM25-1243 intersecting 28.0 g/t gold over 4.4 metres at 734 metres depth and 11.7 g/t gold over 2.6 metres at 794 metres depth; hole DLM25-1255 intersecting 2.6 g/t gold over 27.4 metres at 669 metres depth; hole DLM25-1274 intersecting 14.0 g/t gold over 2.6 metres at 797 metres depth and 3.6 g/t gold over 9.5 metres at 816 metres depth; and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth, including 37.8 g/t gold over 2.6 metres at 501 metres depth.

Drilling that tested the West Extension zone approximately 2.5 kilometres west of the resource-pit outline was highlighted by hole DLM25-1240 intersecting 10.0 g/t gold over 3.1 metres at 922 metres depth.

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

[Detour Lake – Composite Longitudinal Section]

The Company also has a regional exploration program underway at Detour Lake, with $3.7 million budgeted in 2026 for 10,000 metres of drilling that will include condemnation drilling of planned and proposed infrastructure.

Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copper

Located approximately 20 kilometres from the Company’s Macassa mine, the Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.

Development activities continued to advance ahead of schedule in the first quarter of 2026, with the exploration ramp advancing by 514 metres and reaching a depth of 108 metres, and the shaft reaching a depth of 382 metres as at March 31, 2026.

During the first quarter of 2026, a high-intensity exploration drilling program at a 20-metre spacing focused on a portion of the Upper Beaver deposit between approximately 500 to 600 metres depth that is dominated by vein systems that are representative of the larger deposit. The primary objective of the high-intensity drilling is to validate the mineral resource model and assess grade-variability within the most representative geological zones of the Upper Beaver deposit. This high-intensity drilling program is expected to complement the planned bulk sample at the 760‑metre level and has the potential to bring forward initial production to early 2030.

More than half of the high-intensity drilling program has been completed, starting with Zone 201 and continuing into Zone 107.

Recent highlights from Zone 201 include hole KLUB26-913A intersecting 4.5 g/t gold and 1.07% copper over 4.2 metres at 531 metres depth; hole KLUB26-881W3 intersecting 7.9 g/t gold and 0.98% copper over 6.4 metres at 555 metres depth; hole KLUB26-881W5 intersecting 18.3 g/t gold and 1.19% copper over 2.9 metres at 584 metres depth. In Zone 107, highlight hole KLUB26-915A intersected 45.5 g/t gold and 0.21% copper over 0.9 metres at 535 metres depth.

Selected recent drill intersections from Upper Beaver are set out in the composite longitudinal section below and in a table in the Appendix.

[Upper Beaver – Composite Cross and Longitudinal Sections]

Hope Bay – Potential for 400,000 to 425,000 ounces of annual gold production

In the first quarter of 2026, the Company advanced site preparations to support a potential project redevelopment, including upgrades to camp facilities, with installation of a third camp wing ongoing. During the quarter, the Company focused on completing a technical evaluation for the potential redevelopment, advancing detailed engineering to approximately 55% completion, and progressing planning and procurement activities for the upcoming sealift season, in advance of a potential redevelopment decision expected in May 2026.

In the first quarter of 2026, excavation of the Naartok East exploration ramp at Madrid advanced by 638 metres and reached a depth of 111 metres as of March 31, 2026. In 2026, the exploration ramp will continue to advance for a total of 3.3 kilometers to a depth of 185 metres to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, excavation of the portal boxcut for the dedicated exploration ramp was completed and preparation for ground support activities are underway.

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

Regulatory decisions for the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits are pending. In the first quarter of 2026, Minas de San Nicolás continued to advance engineering on critical infrastructure to increase confidence in the feasibility study, further de-risk the execution strategy and position the project for a potential sanction decision, subject to receipt of permits. As at March 31, 2026, more than 40% of engineering had been completed, with progress expected to reach approximately 50% by mid-2026.

During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.

First Quarter 2026 Operating Results

Regional operating statistics and highlights for the first quarter of 2026 are set out below. See the MD&A under the caption “Financial and Operating Results” 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.

ABITIBI REGION, QUEBEC

First Production Achieved at East Gouldie; Strong Operational Performance at Akasaba West; Automation Initiatives Continue to Advance at LaRonde

Regional Highlights

• Gold production in the quarter was higher than planned primarily as a result of higher grades and ore tonnes at the Barnat pit at Canadian Malartic. The higher gold grades and ore tonnes were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit
• At LaRonde, production was affected by mining sequence adjustments, as delays at the East Mine were offset by higher tonnes from LaRonde Zone 5 (“LZ5”) and Zone 11‑3, resulting in lower gold grades than planned for the quarter
• At LaRonde, the Company continued its automation initiatives with approximately 26% of the ore mucked using automated loaders during the quarter. The Company began testing hauling of ore with autonomous trucks from level 317 to level 290 in the East mine
• At Odyssey, East Gouldie first production via ramp was achieved in March 2026, three months ahead of schedule. Gold production was in line with plan at approximately 27,400 ounces
• At Goldex, strong productivity at the Akasaba open pit resulted in higher ore tonnes and a higher percentage of ore from Akasaba processed at the mill during the quarter
• At LaRonde, a 10-day shutdown is scheduled in the second quarter of 2026 to replace the liners at the SAG mill and to complete maintenance of the drystack filtration plant and flotation circuit. Canadian Malartic has four-day quarterly shutdowns planned in 2026 for regular maintenance at the mill. Goldex has two to three-day quarterly shutdowns planned for regular maintenance at the mill.
• An update on Odyssey and the “fill-the-mill” strategy is set out in the Key Value Drivers – Building the Next Phase of Growth section above

ABITIBI REGION, ONTARIO

Strong Production at Detour Lake Driven by Higher Grades and Strong Mill Operating Performance; Record Quarterly Mill Throughput at Macassa

Regional Highlights

• Gold production for the quarter was in line with plan. Strong production at Detour Lake, driven by a higher grade sequence and a strong mill performance, offset lower tonnes processed at Macassa. Despite milling fewer tonnes than expected at Macassa, the mill achieved record quarterly throughput of 149,000 tonnes
• At Detour Lake, a record 29.5 million tonnes of ore and waste were extracted from the open pit, despite seasonal weather interruptions, driven by higher availability and productivity of the hauling fleet. Mill performance remained strong, with runtime reaching a record level for a first quarter of approximately 92.5% and mill recovery of 90.9%, both higher than anticipated
• At Macassa, planned production was affected primarily by challenges with the paste plant and the paste distribution system during the quarter. The reliability of the existing paste plant was insufficient to support the increased mining rate, exacerbated by extreme cold temperatures. These issues are expected to be resolved with the commissioning of the new paste plant, with a design capacity of approximately 3,600 tpd, which remains on track for the second quarter of 2026. The new paste plant and distribution system are required to support the planned ramp-up of the mining and milling rate to 2,040 tpd by the end of 2026
• The Company received approval during the quarter for a permit amendment allowing ore from the AK deposit to be processed at the LZ5 processing facility at LaRonde. Trucking of ore from the AK deposit to the LZ5 facility commenced in April 2026, with milling expected to begin in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 40,000 ounces of gold in 2026
• Detour Lake has scheduled shutdowns for regular mill maintenance in the second and fourth quarters of 2026, each lasting seven days. Macassa has scheduled a 5-day shutdown in the third quarter of 2026 for the replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenance
• Updates on the Detour Lake underground and Upper Beaver projects are set out in the Key Value Drivers – Building the Next Phase of Growth section above

NUNAVUT

Solid Performance at Meliadine Despite Weather Conditions; Higher Grade Delivers Strong Gold Production at Meadowbank

Regional Highlights

• Gold production in the quarter was higher than planned primarily as a result of higher than anticipated grades at Meadowbank, partially offset by lower throughput at Meliadine due to challenging weather conditions
• At Meliadine, open pit operations were temporarily affected by adverse weather conditions. Underground development delivered strong results, with lateral development exceeding plan and achieving a quarterly record of 4,114 metres
• At Meadowbank, the mill delivered strong throughput during the quarter, supported by higher than anticipated total tonnes mined from the open pit operations and stockpile processing. Gold grades were higher, reflecting a change in mining sequence and the processing of higher‑grade stockpiles
• Meliadine has scheduled a four to five day shutdown for regular mill maintenance in the third quarter of 2026 . Meadowbank has scheduled shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance
• An update on Hope Bay is set out in the Key Value Drivers – Building the Next Phase of Growth section above

AUSTRALIA

Strong Performance at the Phoenix Zone Drives Higher Grades and Throughput

Highlights

• Gold production in the quarter was higher than planned driven by higher mill throughput and higher gold grades primarily as a result positive grade reconciliation. Higher throughput was also achieved at the mill primarily due to strong underground performance, with additional development metres and ore tonnes than planned from the Phoenix zone
• The Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Major fan components have been installed underground and electrical installation is ongoing. Commissioning is now expected to be completed in the second quarter of 2026
• Fosterville has scheduled quarterly 5-day shutdowns for regular mill maintenance in 2026

FINLAND

Optimization Initiatives Continue to Drive Strong Underground Mining Performance; Proposed CLGB Consolidation Envisions a Multi-Decade, Multi-Asset Platform

Highlights

• Gold production in the quarter was below plan, driven primarily by lower mill throughput and recovery, partially offset by higher grades. Mill performance was affected by an external power outage in January and an unplanned three‑day shutdown in March related to the mechanical failure of the counter current decantation tank mixer. Higher gold grades reflect positive grade reconciliation
• Mill recovery remained lower than planned at 81%, as the Company continues to advance several improvement initiatives, including the optimization of reagent dosage based on feed blend, the addition of new instrumentation at the autoclave for process optimization and pilot testing of heated leach plant
• Underground operations delivered strong performance during the quarter, with development and ore production exceeding plan. The mine continues to achieve productivity gains, reflecting sustained improvement initiatives implemented over the past year
• Kittila has scheduled a 17-day shutdown for regular maintenance on the mill and autoclave relining in the fourth quarter of 2026
• On April 20, 2026, the Company announced a comprehensive consolidation of properties in the CLGB of Northern Finland through the announced acquisitions of Rupert and Aurion and the acquisition of the 70% interest in Fingold Ventures Ltd. held by B2Gold (the other 30% is held by Aurion). Through these transactions, the Company expects to consolidate a highly prospective 2,492 km² land package encompassing the Kittila mine, the advanced Ikkari exploration project, and substantial exploration upside across multiple targets, including several recent discoveries

MEXICO

Strong Mill Throughput Driven by Solid Operational Performance at Sinter

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. 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 and processing operations at LZ5. 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, 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”, “capital expenditures”, “sustaining capital expenditures”, “development capital expenditures”, “sustaining capitalized exploration”, “development capitalized exploration” and “net cash (debt)”, as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers and should be considered together with other data prepared in accordance with IFRS Accounting Standards. See below for a reconciliation of these measures to the most directly comparable financial information reported in the condensed interim consolidated financial statements for the three months ended March 31, 2026 (the “First Quarter Financial Statements”) prepared in accordance with IFRS Accounting Standards. Adjustments that are not applicable in respect of the periods for which reconciliations are provided are not shown in the quantitative reconciliation.

Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne

Total Cash Costs per Ounce

Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported either on a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and, where indicated, on a co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce on a by-product basis are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed further below), which adjustment only affects this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company’s calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change.

The NTI Payment is the payment to Nunavut Tunngavik Inc. (“NTI”) under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin (“NTI Payment”). NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the “Crown royalty”) under the Nunavut Mining Regulations (the “NMR”). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Accounting Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics to the payments under the Crown royalty. Accordingly, to ensure comparability across the Company’s mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable. In this news release, total cash costs per ounce for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.

Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do 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 the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. 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 of by-product metals.

Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company’s mining operations. Management also uses these measures to, and believes they are helpful 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 of gold produced 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 Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. 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.

In this news release, 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) gold is the Company’s primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite Costs per Tonne

Minesite costs per tonne are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed above in “Total Cash Costs per Ounce“), which adjustment only affects minesite costs per tonne at Meadowbank and for the Nunavut region. The Company’s calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. In this news release, minesite costs for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.

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. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company’s mines. 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 Accounting Standards.

The following table sets out the production costs per minesite for the three months ended March 31, 2026 and March 31, 2025, as presented in the First Quarter Financial Statements in accordance with IFRS Accounting Standards.

Source: Agnico Eagle Mines Limited
Original Press Release: https://www.prnewswire.com/news-releases/agnico-eagle-reports-first-quarter-2026-results-including-record-quarterly-operating-margins-and-adjusted-net-income-302759259.html