Securities Fraud Investigation Into Molina Healthcare, Inc. (MOH) Announced – Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm
IF YOU ARE AN INVESTOR WHO LOST MONEY ON MOLINA HEALTHCARE, INC. (MOH), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
What Happened?
On July 7, 2025, Molina provided preliminary financial results for the second quarter 2025, including adjusted earnings for the quarter of approximately $5.50 per share. The Company also lowered its full year 2025 adjusted earning guidance by over 10% to $21.50 to $22.50 per share.
On this news, Molina's stock price fell $6.97, or 2.9%, to close at $232.61 per share on July 7, 2025, thereby injuring investors.
Then, on July 23, 2025, Molina released its second quarter 2025 financial results, including adjusted earnings per diluted share of $5.48, missing consensus estimates and prior guidance due in part to 'medical cost pressure due to continued utilization of behavioral health, pharmacy, and inpatient and outpatient services.' The Company also further reduced its full year 2025 guidance, stating that the updated guidance 'reflects new information gained in the quarterly closing process and implications for medical cost trend assumptions for the second half of the year.'
On this news, Molina's stock price fell $32.03, or 16.8%, to close at $158.22, thereby injuring investors further.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles Linehan, Esq.
Glancy Prongay & Murray LLP
1925 Century Park East, Suite 2100
Los Angeles California 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
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Whistleblower Notice
Persons with non-public information regarding Molina should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About Glancy Prongay & Murray LLP
Glancy Prongay & Murray LLP ('GPM') is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPM has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements.
With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
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Toronto Star
20 minutes ago
- Toronto Star
Kinross reports strong 2025 second-quarter results
Robust margins drive record free cash flow of over $600 million On track for $650 million in return of capital to shareholders in 2025 Development projects advancing on plan TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Kinross Gold Corporation (TSX: K, NYSE: KGC) ('Kinross' or the 'Company') today announced its results for the second quarter ended June 30, 2025. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 25 and 26 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted. 2025 second-quarter highlights: Production1 of 512,574 gold equivalent ounces (Au eq. oz.). Production cost of sales2 of $1,080 per Au eq. oz. sold and attributable production cost of sales1 of $1,074 per Au eq. oz. sold. Attributable all-in sustaining cost1 of $1,493 per Au eq. oz. sold. Operating cash flow3 of $992.4 million. Attributable free cash flow1 record of $646.6 million. Margins4 increased by 68% to $2,204 per Au eq. oz. sold compared with Q2 2024, significantly outpacing the rise in the average realized gold price. Reported earnings5 of $530.7 million, or $0.43 per share, with adjusted net earnings6 of $541.0 million, or $0.44 per share. On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz.1 of $1,120 (+/- 5%) and all-in sustaining cost1 of $1,500 (+/- 5%) per ounce sold. Total attributable capital expenditures1 are forecast to be $1,150 million (+/- 5%). Cash and cash equivalents of $1,136.5 million, and total liquidity7 of approximately $2.8 billion at June 30, 2025, as both increased significantly quarter-over-quarter. Return of capital to shareholders: Since reactivating its share buyback program in April 2025, the Company has re-purchased approximately $225 million in shares to date of the $500 million minimum planned for 2025. Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders year-to-date. Kinross' Board of Directors declared a quarterly dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record at the close of business on August 21, 2025. Operations highlights: Paracatu continued its strong performance and was the highest producing mine in the portfolio. The Tasiast mill is performing well and on track to meet full-year guidance. Mining at the Fennec satellite deposit has commenced. Bald Mountain had a strong quarter, with higher production and lower cost of sales per ounce sold both quarter-over-quarter and year-over-year. Development and exploration projects: Great Bear's Advanced Exploration (AEX) program is progressing on schedule, with construction of surface facilities well underway. For the Main Project, detailed engineering for key infrastructure is advancing well and initial procurement activities have commenced. At Round Mountain Phase X, the exploration decline has advanced, with over 4,500 metres developed to date. Underground drilling has progressed well, with results showing strong widths and grades in both the upper and lower exploration targets, and indicating continuation of mineralization down dip outside the original exploration target. Technical studies and detailed engineering are also progressing well. At Curlew, drilling continues to intersect high grades and strong widths that could support high-margin production. Extension of the underground declines to target additional high-grade zones is also progressing with over 800 metres developed year-to-date. At Lobo-Marte, the dedicated project team continues to progress baseline studies to support permitting. CEO commentary: J. Paul Rollinson, CEO, made the following comments in relation to 2025 second-quarter results: ARTICLE CONTINUES BELOW 'Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance. The Company delivered a 21% increase in margins of $2,204 compared with Q1 2025, outpacing the 15% increase in the gold price over the same period. We also delivered record free cash flow of approximately $650 million, which increased by 74% compared with the previous quarter. 'Since reactivating our share buyback program earlier this year, we have repurchased $225 million in shares of the $500 million planned for the year, while maintaining our quarterly dividend and significantly strengthening our investment-grade balance sheet. 'We are excited about our pipeline of high-quality development and exploration projects, all of which progressed well during the quarter. We have strong optionality in our substantial resource base and are focused on drilling, technical studies and permitting to advance longer-dated projects into our production profile to extend mine life, with a focus on driving margin growth. 'We are also pleased to have released our 2024 Sustainability Report during the quarter, which provides a transparent and comprehensive account of our reporting in this important area. We continue to be focused on sustainability across all aspects of our business, from operations and growth projects, to exploration and strategic priorities.' Summary of financial and operating results The following operating and financial results are based on second-quarter gold equivalent production: Production: Kinross produced 512,574 Au eq. oz. in Q2 2025, compared with 535,338 Au eq. oz. in Q2 2024. Higher production from Fort Knox, with the commencement of higher-grade, higher-recovery ore feed from Manh Choh in the second half of 2024, and higher production from Paracatu, was offset by lower production from Tasiast and Round Mountain, as planned. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Average realized gold price8: The average realized gold price in Q2 2025 was $3,284 per ounce, compared with $2,342 per ounce in Q2 2024. Revenue: During the second quarter, revenue increased to $1,728.5 million, compared with $1,219.5 million during Q2 2024. The 42% year-over-year increase is due to the increase in the average realized gold price. Production cost of sales: Production cost of sales per Au eq. oz. sold2 was $1,080 for the quarter, compared with $1,029 in Q2 2024. Attributable production cost of sales per Au eq. oz. sold1 was $1,074 for the quarter, compared with $1,029 in Q2 2024. Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,044 in Q2 2025, compared with $989 in Q2 2024, based on attributable gold sales of 501,628 ounces and attributable silver sales of 650,026 ounces. Margins4: Kinross' margin per Au eq. oz. sold increased by 68% to $2,204 for Q2 2025, compared with the Q2 2024 margin of $1,313, outpacing the 40% increase in average realized gold price. Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,493 in Q2 2025, compared with $1,387 in Q2 2024. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW In Q2 2025, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,469, compared with $1,357 in Q2 2024. Operating cash flow3: Operating cash flow increased to $992.4 million for Q2 2025, compared with $604.0 million for Q2 2024. Attributable adjusted operating cash flow1 for Q2 2025 increased to $843.9 million, compared with $478.3 million for Q2 2024. Attributable free cash flow1: Attributable free cash flow increased by 87% to $646.6 million in Q2 2025, compared with $345.9 million in Q2 2024. Reported earnings5: Reported net earnings more than doubled to $530.7 million for Q2 2025, or $0.43 per share, compared with reported net earnings of $210.9 million, or $0.17 per share, for Q2 2024. Adjusted net earnings6 more than tripled to $541.0 million, or $0.44 per share, for Q2 2025, compared with $174.7, or $0.14 per share, for Q2 2024. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Attributable capital expenditures1: Attributable capital expenditures increased to $301.8 million for Q2 2025, compared with $264.5 million for Q2 2024. The increase was driven by the ramp-up of development activities at Great Bear, Bald Mountain Redbird Phase 1 and La Coipa Phase 7, partially offset by lower spending on capital development due to mine sequencing at Fort Knox and Manh Choh. Balance sheet As of June 30, 2025, Kinross had cash and cash equivalents of $1,136.5 million, compared with $694.6 million at March 31, 2025, and net debt9 of approximately $100 million. The Company had additional available credit10 of $1.6 billion and total liquidity7 of approximately $2.8 billion as of June 30, 2025. Return of capital to shareholders Reflecting the Company's financial strength, Kinross reactivated its share buyback program in April 2025, while continuing its quarterly dividend program. Kinross repurchased approximately $170 million in shares during the quarter, and approximately $225 million to date (representing 15.2 million shares). Including its quarterly dividend, Kinross has returned approximately $300 million in capital to shareholders to date in 2025. Kinross continues to target returning a minimum of $650 million to shareholders for the full year, including a minimum of $500 million in share repurchases. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW As part of its continuing quarterly dividend program, the Company declared a dividend of $0.03 per common share payable on September 4, 2025, to shareholders of record as of August 21, 2025. Operating results Mine-by-mine summaries for 2025 second-quarter operating results may be found on pages 10 and 14 of this news release. Highlights include the following: At Tasiast, production decreased quarter-over-quarter and year-over-year driven by planned lower grades and lower throughput. The higher recoveries following a number of optimization initiatives to the mill were partially offset by planned lower grades year-over-year. Cost of sales per ounce sold increased compared with the previous quarter and Q2 2024 due to lower production. Tasiast remains on track to meet its annual guidance. Production at Paracatu increased quarter-over-quarter due to higher throughput, partially offset by lower grades. Year-over-year production increased due to higher grades and recoveries partially offset by an expected decrease in throughput, as per planned mine sequencing which moved into harder, higher-grade ore this year. Cost of sales per ounce sold was in line with the previous quarter and decreased compared with Q2 2024 due to the increase in production. At La Coipa, production increased quarter-over-quarter due to timing of ounces processed through the mill, partially offset by lower grades as a result of decreased ore tonnes mined from the pit and increased feed from low-grade stockpiles driven by higher groundwater inflows into the pits than anticipated. Relative to Q2 2024, production decreased also due to lower grades with higher feed from low-grade stockpiles. In the second half of the year, production is expected to increase as mining transitions to higher-grade ore from Phase 7, and the mine remains on track to meet its annual production guidance. Cost of sales per ounce sold was higher quarter-over-quarter as a result of the lower grades and higher royalty costs, and year-over-year as a result of the decrease in production and higher royalty, labour and contractor costs. Permitting work for mine life extensions continues, including the submission of the Environmental Impact Assessment during the quarter. At Fort Knox, production was largely in line quarter-over-quarter, and increased year-over-year as a result of the contribution of Manh Choh's higher-grade, higher-recovery ore starting in the second half of 2024. Cost of sales per ounce sold increased quarter-over-quarter due to higher processing costs and the timing of ounces recovered from the heap leach pads. Year-over-year costs decreased as a result of the increase in production, partially offset by higher royalty and reagent costs related largely to the start of Manh Choh production. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW At Round Mountain, production was higher quarter-over-quarter driven by higher grades. Production decreased year-over-year as a result of lower mill grades and fewer ounces recovered from the heap leach pads as per planned mine sequencing as the site transitions from Phase W to Phase S. At Bald Mountain, production was higher quarter-over-quarter and year-over-year largely as a result of strong grades and timing of ounces recovered from the heap leach pads, partially offset by fewer tonnes of ore stacked. Cost of sales per ounce sold was lower quarter-over-quarter and year-over-year as a result of the increase in production and higher proportion of capital development tonnes as mining at Redbird Phase I continues to ramp-up. Development and exploration projects Great Bear At Great Bear, Kinross continues to progress its AEX program, permitting and detailed engineering for the Main Project. AEX construction commenced in Q4 2024, earthwork activities are underway, and the AEX camp is nearing completion. Initial development of the exploration decline is on target for December 2025, subject to permitting. For the Main Project, Kinross is progressing detailed engineering on the mill, the tailings management facility, and other site infrastructure. Initial procurement activities for major process equipment have commenced, with awards planned to start in late 2025, and manufacturing for a few long lead items is expected to commence in 2026. In order to advance the Impact Statement (IS) on a timely basis, the Company is coordinating with the Impact Assessment Agency of Canada (IAAC) on a staged filing process. The Company intends to file the majority of the technical chapters by year end and the remaining chapters by the end of Q1 2026. This approach will underpin a robust IS filing with the necessary technical and Indigenous contributions to help facilitate an efficient review process by IAAC. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Kinross also advanced its regional exploration drilling program during the quarter, targeting favorable geophysical signatures as well as lithological contacts, looking for new, near-surface mineralization. Round Mountain Phase X Decline development at Round Mountain Phase X is advancing well, with over 4,500 metres developed to date. Extensive infill drilling has been completed in both the upper zone and lower zones, with results continuing to intersect strong widths and grades, and extension drilling indicating continuation of mineralization down dip outside the original exploration target. Highlights include: Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Extension Drilling: DX-0162 – 67m @ 3.2 g/t Including 5m @ 11.0 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Extension Drilling: DX-0162 – 67m @ 3.2 g/t Including 5m @ 11.0 g/t DX-0163 – 88m @ 2.7 g/t Including 6m @ 8.8 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Extension Drilling: DX-0162 – 67m @ 3.2 g/t Including 5m @ 11.0 g/t DX-0163 – 88m @ 2.7 g/t Including 6m @ 8.8 g/t Upper Zone: DX-0115 – 114m @ 3.6 g/t Including 6m @ 13.5 g/t DX-0116 – 76m @ 4.6g/t Including 3m @ 13.4 g/t DX-0128 – 77m @ 4.0 g/t Including 6m @ 13.0 g/t DX-0129 – 85m @ 5.4 g/t Including 8m @ 25.5 g/t DX-0132 – 165m @ 4.0 g/t Including 6m @ 31.4 g/t DX-0139 – 75m @ 3.1 g/t Including 5m @ 13.6 g/t Lower Zone: DX-0146 – 43m @ 4.6 g/t Including 8m @ 11.4 g/t DX-0147 – 82m @ 3.1 g/t Including 8m @ 8.1 g/t DX-0170 – 105m @ 5.1 g/t Including 15m @ 7.8 g/t DX-0175 – 71m @ 3.4 g/t Including 6m @ 7.7 g/t Extension Drilling: DX-0162 – 67m @ 3.2 g/t Including 5m @ 11.0 g/t DX-0163 – 88m @ 2.7 g/t Including 6m @ 8.8 g/t Engineering work and technical studies are advancing well to support potential project execution at Phase X. Kinross plans to provide a project, resource and economics update with year-end results. See Appendix A for a Round Mountain Phase X long section. Curlew Basin exploration Drilling at Curlew continues to intersect high grades and strong widths at both North Stealth and K5, indicating potential to further improve the quality of the resource and the mine plan with additions of high margin mineralization. Highlights include (true width): ST-1498 – 6.0m @ 14.3 g/t Au ST-1494 – 7.4m @ 8.9 g/t Au K5-1266 – 7.5m @ 7.8 g/t Au K5-1270 – 4.6m @ 12.4 g/t Au Extension of the underground declines is progressing well with over 800 metres developed year-to-date, focused on providing drilling access to follow up on the high grade 2023 discovery at Roadrunner and to extend mineralization in the high grade North Stealth area. Technical studies and detailed engineering are also progressing well at Curlew. See Appendix A for a Curlew cross section. Bald Mountain Redbird At Redbird, mining is advancing on schedule. Studies and detailed engineering related to the potential Phase 2 extension of Redbird are progressing well, including engineering related to the heap leach pad expansion, technical studies and mine plan optimization work. Exploration drilling and technical studies are also progressing, targeting satellite pit opportunities on the large Bald Mountain property, which could potentially augment the production profile from Redbird 2. Lobo-Marte Kinross is progressing baseline studies to support the Environmental Impact Assessment (EIA) for the Lobo-Marte project. Lobo-Marte continues to be a potential large, low-cost mine and Kinross is committed to progressing next steps to advance the project. Sustainability Following the publication of Kinross' 2024 Sustainability Report and summary, below are several water-related highlights, a material sustainability topic for the Company and its stakeholders. Kinross' water management standard prioritizes water supply security, water conservation and stewardship, and prevention of downstream environmental impacts. There is a strong focus on water efficiency, with a high water recycling rate of 75%, as well as maintaining water quality at locations both near and far from sites. Kinross also maintained its conformance with the Responsible Gold Mining Principles, which include principles for water efficiency and quality. In Chile, La Coipa contributed to this efficiency through an optimization program of the main processing circuits which resulted in lower water loss going to the dry stack tailings. Near Maricunga, wetland restoration resulted in the resurgence of ecosystem services and the return of native plant species. At all of the Company's development projects, science-based methods are utilized to ensure strong baseline information, including environmental DNA studies for the Great Bear project and watershed groundwater modeling for the Lobo-Marte project. At Fort Knox in Alaska, fish populations continue to thrive at Fish Creek based on continuous monitoring by the Alaska department of Fish and Game since the late 1990s. Fish Creek was a historic placer mining area, reclaimed by Kinross in the early 1990s for the benefit of the local communities. Also in Alaska, Kinross continued its long-standing partnership with Trout Unlimited and the Alaska Abandoned Mine Restoration Initiative, with sustained progress in the recovery of fish populations in Resurrection Creek, south of Anchorage, also a placer mining area. Conference call details In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, July 31, 2025, at 8:00 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial: Canada & US toll-free – 1 (888) 596-4144; Passcode: 9425112 Outside of Canada & US – 1 (646) 968-2525; Passcode: 9425112 Replay (available up to 14 days after the call): Canada & US toll-free – 1 (800) 770-2030; Passcode: 9425112 Outside of Canada & US – 1 (609) 800-9909; Passcode: 9425112 You may also access the conference call on a listen-only basis via webcast at our website The audio webcast will be archived on About Kinross Gold Corporation Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC). Media Contact Samantha Sheffield Director, Corporate Communications phone: 416-365-3034 Investor Relations Contact David Shaver Senior Vice-President, Investor Relations & Communications phone: 416-365-2854 InvestorRelations@ Review of operations Consolidated balance sheets Consolidated statements of operations Consolidated statements of cash flows Reconciliation of non-GAAP financial measures and ratios The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers. Adjusted Net Earnings and Adjusted Net Earnings per Share Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS. The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented: Attributable Free Cash Flow Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company's underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company's underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS. The following table provides a reconciliation of attributable free cash flow for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable Adjusted Operating Cash Flow Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital can be volatile due to numerous factors, including the timing of tax payments. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS. The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable Average Realized Gold Price per Ounce Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable Production Cost of Sales per Equivalent Ounce Sold Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the interim condensed consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production. Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company's attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders. The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company's non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross' production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting. The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council ('WGC'). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross. All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations. All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations. Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows: See pages 21 and 22 for details of the footnotes referenced within the table above. Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company's production of silver is converted into gold equivalent ounces and credited to total production. Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the interim condensed consolidated statements of operations, as follows: See pages 21 and 22 for details of the footnotes referenced within the table above. Capital Expenditures and Attributable Capital Expenditures Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the interim condensed consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the interim condensed consolidated statements of cash flows. Additions to property, plant and equipment per the interim condensed consolidated statements of cash flows includes 100% of capital expenditures for Manh Choh. Attributable capital expenditures is a non-GAAP financial measure and includes Kinross' 70% share of capital expenditures for Manh Choh. Management believes this to be a useful indicator of Kinross' cash resources utilized for capital expenditures. The following table provides a reconciliation of the classification of capital expenditures for the periods presented: See pages 21 and 22 for details of the footnotes referenced within the tables above. Appendix A Figure 1: At Round Mountain Phase X, drilling continues to confirm good grades and widths in the primary target zones. Further, extension drilling is showing continuation of down dip mineralization outside of the original target zone. A photo accompanying this announcement is available at Figure 2: At Curlew, drill results continued to demonstrate wide, high-grade intercepts. A photo accompanying this announcement is available at Cautionary statement on forward-looking information All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute 'forward-looking information' or 'forward-looking statements' within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for 'safe harbor' under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) '2025 second-quarter highlights', 'Return of Capital to shareholders', 'Operations highlights', 'Development and exploration projects' and 'CEO commentary', as well as statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures; anticipated returns of capital to shareholders, including the declaration, payment and sustainability of the Company's dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company's statement targeting share buybacks for 2025 of at least $500 million; identification of additional resources and reserves or the conversion of resources to reserves; the Company's liquidity; the Company's debt levels; the schedules budgets, and forecast economics for the Company's development projects; budgets for and future plans for exploration, development and operation at the Company's operations and projects, including the Great Bear project; potential mine life extensions at the Company's operations; the Company's balance sheet and liquidity outlook, as well as references to other possible events including, the future price of gold and silver, costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending litigation. The words 'advance', 'continue', 'expects', 'focus', 'goal', 'guidance', 'on plan', 'on schedule', 'on track', 'opportunity', 'plan', 'potential', 'priority', 'progress', 'target', 'upside', or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management's Discussion and Analysis ('MD&A') for the year ended December 31, 2024, and the Annual Information Form dated March 27, 2025 as well as: (1) there being no significant disruptions affecting the operations of the Company, whether due to extreme weather events and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Company's operations and development projects being consistent with Kinross' current expectations including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for construction and operations; water and power supply and continued operation of the tailings reprocessing facility at Paracatu; permitting of the Great Bear project (including the consultation process with Indigenous groups), permitting and development of the Lobo-Marte project; in each case in a manner consistent with the Company's expectations; and the successful completion of exploration consistent with the Company's expectations at the Company's projects; (3) political regulatory and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws, and potential power rationing and tailings facility regulations in Brazil (including those related to financial assurance requirements), potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, new dam safety regulations, potential amendments to minerals and mining laws and energy levies laws, new regulations relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), substantial changes to the federal and/or provincial regulatory and permitting regimes in Canada, potential third party legal challenges to existing permits, and the impact of any trade tariffs being consistent with Kinross' current expectations; (4) the completion of studies and the results of those studies being consistent with Kinross' current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian ouguiya and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver which includes, as it relates to share repurchases, assumptions that prices for gold and silver remain approximately consistent with current levels; (7) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with the Company's expectations; (8) attributable production and cost of sales forecasts for the Company meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Company and Kinross' analysis thereof being consistent with expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Company, mine plans for the Company's current and future mining operations, and the Company's internal models; (10) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (11) the terms and conditions of the legal and fiscal stability agreements for Tasiast being interpreted and applied in a manner consistent with their intent and Kinross' expectations and without material amendment or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining, electricity production and transmission (including rules related to power tariffs) in Brazil being consistent with Kinross' current expectations; (14) access to capital markets, including but not limited to maintaining our current credit ratings consistent with the Company's current expectations; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions, including the Canadian federal impact assessment regime; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Company's expectations (including without limitation litigation in Chile relating to the alleged damage of wetlands and the scope of any remediation plan or other environmental obligations arising therefrom); (18) the Company's financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; (19) the impacts of potential geotechnical instability being consistent with the Company's expectations; and (20) the impacts of groundwater inflows at the La Coipa pits being consistent with the Company's expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, tariffs, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Mauritania or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the 'Risk Analysis' section of our MD&A for the year ended December 31, 2024, and the 'Risk Factors' set forth in the Company's Annual Information Form dated March 27, 2025. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Key Sensitivities Approximately 70%-80% of the Company's costs are denominated in U.S. dollars. A 10% change in foreign currency exchange rates would be expected to result in an approximate $25 impact on attributable production cost of sales per equivalent ounce sold 1, 11. Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $45 impact on Brazilian attributable production cost of sales per equivalent ounce sold 1. Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Chilean attributable production cost of sales per equivalent ounce sold 1. A $10 per barrel change in the price of oil would be expected to result in an approximate $3 impact on attributable production cost of sales per equivalent ounce sold 1. A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of sales per equivalent ounce sold 1 as a result of a change in royalties. Other information Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable. The technical information about the Company's mineral properties contained in this news release has been prepared under the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a 'qualified person' within the meaning of National Instrument 43-101. Source: Kinross Gold Corporation __________________________________ 1 Unless otherwise stated, production figures in this news release are on an attributable basis. 'Attributable' includes Kinross' 70% share of Manh Choh production, costs, cash flows and capital expenditures. Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 6. 2 'Production cost of sales per equivalent ounce sold' is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold. 3 Operating cash flow figures in this release represent 'Net cash flow provided from operating activities,' as reported on the interim condensed consolidated statements of cash flows. 4 'Margins' per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold. 5 Earnings, net earnings, and reported net earnings figures in this news release represent 'Net earnings attributable to common shareholders,' as reported on the interim condensed consolidated statements of operations. 6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 16 to 21 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards ('IFRS') and therefore, may not be comparable to similar measures presented by other issuers. 7 'Total liquidity' is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company's credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross' MD&A for the three and six months ended June 30, 2025). 8 'Average realized gold price per ounce' is defined as gold revenue divided by total gold ounces sold. 9 Net debt is calculated as long-term debt of $1,236.4 million less cash and cash equivalents of $1,136.5 million, as reported on the Company's consolidated balance sheet as at June 30, 2025. 10 'Available credit' is defined as available credit under the Company's credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross' MD&A for the three and six months ended June 30, 2025. 11 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.
Cision Canada
20 minutes ago
- Cision Canada
Markel Group reports 2025 second quarter and six-months results
RICHMOND, Va., July 30, 2025 /CNW/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the second quarter of 2025. The Company also announced today it filed its Form 10-Q for the quarter ended June 30, 2025 with the Securities and Exchange Commission. "We've made meaningful changes across our business in recent years, all with the goal of consistently compounding your capital," said Tom Gayner, Chief Executive Officer of Markel Group. "Our results included $1.4 billion in operating income through the first half of the year. Also, this quarter, we took another step to simplify the structure of our insurance business by placing reinsurance into run-off. That decision enables the team to focus more clearly on the core underwriting activities where we have distinct strengths." The following table presents the Company's summary financial data, by engine, for the quarters and six months ended June 30, 2025 and 2024. Quarter Ended June 30, Six Months Ended June 30, (dollars in thousands, except per share amounts) 2025 2024 2025 2024 Operating revenues: Insurance $ 2,232,067 $ 2,148,268 $ 4,419,880 $ 4,333,986 Investments: Net investment income 228,126 220,454 463,727 437,658 Net investment gains (losses) 580,223 (130,017) 431,152 772,264 Other 14,064 9,357 9,454 30,203 Total Investments 822,413 99,794 904,333 1,240,125 Markel Ventures 1,548,286 1,453,781 2,677,658 2,594,387 Total operating revenues $ 4,602,766 $ 3,701,843 $ 8,001,871 $ 8,168,498 Operating income: Insurance (1) $ 128,412 $ 176,925 $ 273,448 $ 312,750 Investments: Net investment income 228,126 220,454 463,727 437,658 Net investment gains (losses) 580,223 (130,017) 431,152 772,264 Other 14,064 9,357 9,454 30,203 Total Investments 822,413 99,794 904,333 1,240,125 Markel Ventures 207,728 177,498 310,238 281,413 Consolidated segment operating income (2) 1,158,553 454,217 1,488,019 1,834,288 Amortization of acquired intangible assets (51,213) (44,237) (98,155) (88,522) Total operating income $ 1,107,340 $ 409,980 $ 1,389,864 $ 1,745,766 Comprehensive income to shareholders $ 867,511 $ 244,356 $ 1,215,181 $ 1,152,741 Diluted net income per common share $ 49.67 $ 18.62 $ 61.60 $ 94.24 Markel Insurance combined ratio 96.9 % 93.8 % 96.5 % 94.5 % (1) See "Supplemental Financial Information" for the components of our Insurance engine operating income. (2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. Highlights of results from the quarter and six months: The changes in operating revenues and operating income for both the quarter and six months ended June 30, 2025 were largely driven by market value movements within our equity portfolio. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance. Net investment income increased 3% and 6% for the quarter and six months ended June 30, 2025, respectively, reflecting a higher yield and higher average holdings of fixed maturity securities in 2025. Markel Ventures operating revenues and operating income for the quarter and six months ended June 30, 2025 increased, reflecting contributions from the acquisitions of Valor and EPI, as well as improved performance at our construction services businesses. The increase in Markel Insurance's combined ratio for the quarter ended June 30, 2025 was primarily driven by adverse development in 2025 on our run-off risk-managed directors and officers product lines and on the Global Reinsurance division, which we announced is being placed into run-off. This adverse development in the second quarter of 2025 resulted in less overall net favorable development on prior accident years loss reserves in the second quarter of 2025 compared to the second quarter of 2024. Underwriting results for the first half of 2025 included $60.9 million of net losses and loss adjustment expenses, or one-and-a-half points on the Markel Insurance combined ratio, attributed to the January 2025 wildfires in southern California (California Wildfires) compared to no catastrophe losses in the first half of 2024. Excluding losses attributed to the California Wildfires, the Markel Insurance combined ratio in the first half of 2025 was consistent with the same period of 2024. We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance. Six Months Ended June 30, Years Ended December 31, (dollars in thousands) 2025 2024 2023 2022 2021 Operating income (loss): Insurance (1) $ 273,448 $ 601,002 $ 348,145 $ 928,709 $ 718,800 Investments (2) 904,333 2,772,950 2,241,419 (1,167,548) 2,353,124 Markel Ventures 310,238 520,082 519,878 404,281 330,120 Consolidated segment operating income (3) 1,488,019 3,894,034 3,109,442 165,442 3,402,044 Amortization and impairment (98,155) (181,472) (180,614) (258,778) (160,539) Total operating income (loss) $ 1,389,864 $ 3,712,562 $ 2,928,828 $ (93,336) $ 3,241,505 Net investment gains (losses) (2) $ 431,152 $ 1,807,219 $ 1,524,054 $ (1,595,733) $ 1,978,534 Compound annual growth rate in closing stock price per share from December 31, 2020 to June 30, 2025 16 % (1) See "Supplemental Financial Information" for the components of our Insurance engine operating income. (2) Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities. (3) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. ******** A copy of our Form 10-Q is available on our website at under Investor Relations-Financials, or on the SEC website at Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, July 31, 2025, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call via live webcast at The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at [email protected]. Supplemental Financial Information The following table presents the components of our Insurance engine operating income. Non-GAAP Financial Measures Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income. About Markel Group Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit to learn more. Cautionary Statement Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
Cision Canada
20 minutes ago
- Cision Canada
AGNICO EAGLE REPORTS SECOND QUARTER 2025 RESULTS - RECORD FREE CASH FLOW WITH ANOTHER QUARTER OF STRONG PRODUCTION AND COST PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY TRANSITION TO NET CASH POSITION AND LONG-TERM DEBT REPAYMENT
Stock Symbol: AEM (NYSE and TSX) (All amounts expressed in U.S. dollars unless otherwise noted) TORONTO, July 30, 2025 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2025. "Our portfolio of high-quality assets continued to deliver exceptional results this quarter, generating record free cash flow, more than doubling the prior quarter. This performance reflects the strength of the gold price environment, our disciplined cost management and the consistency of our operational execution," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "While delivering record free cash flow, we remained disciplined in our capital allocation – reinvesting in our business, strengthening our balance sheet and returning capital to shareholders. We ended the quarter with a significant net cash position and returned approximately $300 million to shareholders through dividends and share repurchases this quarter. We remain focused on executing on our 2025 guidance and advancing our key growth projects to drive long-term value creation." Second quarter 2025 highlights: Strong quarterly gold production and cost performance – Payable gold production 1 was 866,029 ounces at production costs per ounce of $911, total cash costs per ounce 2 of $933 and all-in sustaining costs ("AISC") per ounce 2 of $1,289. The strong operational performance in the second quarter of 2025 was led by Canadian Malartic, LaRonde, Macassa and Fosterville. At mid-year, the Company has achieved approximately 51% of the mid-point of its full-year gold production guidance, while achieving total cash costs per ounce below the mid-point of guidance, despite higher royalty costs resulting from higher gold prices Record quarterly adjusted net income and free cash flow – The Company reported quarterly net income of $1,069 million or $2.13 per share and record adjusted net income 3 of $976 million or $1.94 per share. The Company generated cash provided by operating activities of $1,845 million or $3.67 per share ($1,332 million or $2.65 per share of cash provided by operating activities before changes in non-cash components of working capital 4) and record free cash flow 4 of $1,305 million or $2.60 per share ($792 million or $1.58 per share of free cash flow before changes in non-cash components of working capital 4) 2025 gold production and cost guidance reiterated – Full year expected payable gold production in 2025 remains unchanged at 3.3 to 3.5 million ounces, with total cash costs per ounce and AISC per ounce in 2025 unchanged at $915 to $965 and $1,250 to $1,300, respectively. Total capital expenditures (excluding capitalized exploration) for 2025 remain estimated to be between $1.75 billion to $1.95 billion and capitalized exploration remains expected to be between $290 and $310 million. Further details are set out in the 2025 Guidance Summary section below Balance sheet strengthened by transition to net cash position and debt redemption – The Company transitioned to a net cash 5 position of $963 million as at June 30, 2025 as a result of the increase in its cash position by $419 million to $1,558 million and the reduction of long-term debt by $550 million to $595 million. On June 30, 2025, the Company repaid $40 million of the 2017 Series A 4.42% senior notes at maturity and also redeemed the remaining outstanding principal of $260 million of the 2017 senior notes and $250 million of the 2016 senior notes with interest rates ranging from 4.64% to 4.94%. The aggregate payments were comprised of $40 million of the current portion of long-term debt and $510 million of long-term debt Increased quarterly share repurchases demonstrate continued focus on shareholder returns – A quarterly dividend of $0.40 per share has been declared. In addition, the Company repurchased 836,488 common shares during the quarter at an average share price of $119.47 for aggregate consideration of $100 million under its normal course issuer bid ("NCIB"). The NCIB was renewed in May 2025 with an increased purchase limit of up to $1 billion of common shares Update on key value drivers and pipeline projects Canadian Malartic – In the second quarter of 2025, total development reached a quarterly record of 4,850 metres. This included the ramp reaching the mid-shaft loading station at level 102, advancement of the ramp toward shaft bottom at a depth of 1,179 metres, and continued development of the East Gouldie production levels in preparation for initial production in the second half of 2026. Excavation of the mid-shaft loading station between levels 102 and 114 progressed, with steel installation underway and completion expected in the third quarter of 2025. The temporary service hoist ramped up to its design hoisting capacity of 3,500 tonnes per day ("tpd"). Exploration drilling continued to extend the East Gouldie deposit to the east in both the upper and lower portions of the deposit. Regional exploration is prioritizing the newly acquired Marban project including pit design optimization and potential lateral extension of the Marban deposit Detour Lake – In the second quarter of 2025, the Company initiated development of the exploration ramp with the mobilization of the contractor, completion of the ramp portal and the first blast for the exploration ramp that occurred on July 4, 2025. 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, with highlight intercepts of 3.4 grams per tonne ("g/t") gold over 67.2 metres at 416 metres depth and 2.3 g/t gold over 42.6 metres at 525 metres depth. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit Upper Beaver – In the second quarter of 2025, structural steel installation for the shaft head frame progressed and cladding installation began. In addition, installation of the hoists for service and potential production commenced. At the ramp portal, supporting infrastructure was completed, with excavation of the exploration ramp now expected to begin in the third quarter of 2025 Hope Bay – In the second quarter of 2025, site infrastructure upgrades advanced, including dismantling major components of the existing mill and the refurbishment of the first wing at the Doris camp. In the second quarter of 2025, exploration drilling at Hope Bay totalled 39,390 metres (68,800 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 and Suluk zones in the Madrid deposit. Recent drilling results, including 25.7 g/t gold over 8.4 metres at 754 metres depth in one of the deepest intercepts of the Patch 7 zone to date, continue to support the potential for mineral resource expansion at depth and along strike San Nicolas project – In the second quarter of 2025, Minas de San Nicolas continued working on a feasibility study, with completion expected late in 2025. Minas de San Nicolas received an exploration permit authorizing additional drill pads across the property and the joint venture approved supplemental drilling activities focused on geotechnical, hydrological, 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. Payable gold production for the three months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 858 and 39 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® 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 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 Accounting Standards. 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 Accounting Standards. 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 cash (debt), that is, a negative "net debt" position, and net debt 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 long-term debt, see "Note Regarding Certain Measures of Performance" below. Second Quarter 2025 Results Conference Call and Webcast Tomorrow The Company's senior management will host a conference call on Thursday, July 31, 2025, at 11:00 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 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. Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 68663#. The conference call replay will expire on August 31, 2025. The webcast, along with presentation slides, will be archived for 180 days on the Company's website. Second Quarter 2025 Production and Costs Production and Cost Results Summary Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Gold production* (ounces) 866,029 895,838 1,739,823 1,774,490 Gold sales (ounces)** 846,835 874,230 1,689,800 1,753,293 Production costs per ounce*** $ 911 $ 862 $ 895 $ 877 Total cash costs per ounce*** $ 933 $ 870 $ 918 $ 885 AISC per ounce*** $ 1,289 $ 1,169 $ 1,235 $ 1,179 *Gold production for the three months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 858 and 39 ounces, respectively, which were produced from residual leaching. Gold production for the six months ended June 30, 2025 excludes payable gold production at La India and Creston Mascota of 2,669 and 64 ounces, respectively. **Canadian Malartic's payable metal sold excludes the 5% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake's payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa's payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the six months ended June 30, 2025, 2,500 payable gold ounces sold are excluded at La India. ***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 Second Quarter and First Six Months of 2025 – Gold production decreased when compared to the prior-year periods primarily due to lower production from Meadowbank (longer than expected Caribou migration affecting both mining and milling operations), Fosterville (lower grade and throughput) and Canadian Malartic (lower throughput), partially offset by higher production at Macassa and LaRonde (higher grades) Production Costs per Ounce Second Quarter and First Six Months of 2025 – Production costs per ounce increased when compared to the prior-year periods primarily due to higher royalties resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar during both periods Total Cash Costs per Ounce Second Quarter and First Six Months of 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce during both periods AISC per Ounce Second Quarter and First Six Months of 2025 – AISC per ounce increased when compared to the prior-year periods due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures primarily at Meadowbank and Fosterville and higher general and administrative expenses during both periods See the Company's Management Discussion and Analysis for the second quarter of 2025 (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 periods. Second Quarter 2025 Financial Results Financial Results Summary Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Realized gold price (per ounce) 6 $ 3,288 $ 2,342 $ 3,090 $ 2,202 Net income (millions) $ 1,069 $ 472 $ 1,883 $ 819 Adjusted net income (millions) $ 976 $ 535 $ 1,746 $ 913 EBITDA (millions) 7 $ 2,021 $ 1,123 $ 3,655 $ 2,006 Adjusted EBITDA (millions) 7 $ 1,914 $ 1,176 $ 3,504 $ 2,105 Cash provided by operating activities (millions) $ 1,845 $ 961 $ 2,890 $ 1,745 Cash provided by operating activities before changes in non-cash working capital balances (millions) $ 1,332 $ 986 $ 2,541 $ 1,763 Capital expenditures (millions) 8 $ 538 $ 407 $ 957 $ 779 Free cash flow (millions). $ 1,305 $ 557 $ 1,899 $ 953 Free cash flow before changes in non-cash working capital balances (millions) $ 792 $ 582 $ 1,551 $ 972 Net income per share (basic $ 2.13 $ 0.95 $ 3.75 $ 1.64 Adjusted net income per share (basic) $ 1.94 $ 1.07 $ 3.47 $ 1.83 Cash provided by operating activities per share (basic) $ 3.67 $ 1.92 $ 5.75 $ 3.50 Cash provided by operating activities before changes in non-cash working capital balances per share (basic) $ 2.65 $ 1.97 $ 5.06 $ 3.54 Free cash flow per share (basic) $ 2.60 $ 1.12 $ 3.78 $ 1.91 Free cash flow before changes in non-cash working capital balances per share (basic) $ 1.58 $ 1.17 $ 3.09 $ 1.95 ____________________________________ 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 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 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 Accounting Standards. 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. Second Quarter of 2025 Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes expense in the current period Net income of $1,069 million ($2.13 per share) includes the following items (net of tax): net gains on derivative financial instruments of $83 million ($0.17 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $18 million ($0.04 per share), foreign exchange gains of $12 million ($0.02 per share per share), net asset disposal losses of $4 million ($0.01 per share), debt extinguishment costs of $4 million ($0.01 per share) and reclamation and other adjustments totalling $12 million (0.02 per share). Excluding these items results in adjusted net income of $976 million or $1.94 per share First Six Months of 2025 – Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes expense in the current period Adjusted EBITDA Second Quarter and First Six Months of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher mine operating margins from higher realized gold prices, partially offset by lower gold sales, higher production costs and higher general and administrative expenses Cash Provided by Operating Activities Second Quarter and First Six Months of 2025 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins Free Cash Flow Before Changes in Non-cash Working Capital Balances Second Quarter and First Six Months of 2025 – Free cash flow before changes in non-cash working capital balances increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development Capital Expenditures In the second quarter of 2025, capital expenditures were $460 million and capitalized exploration expenditures were $78 million, for a total of $538 million. For the first six months of 2025, capital expenditures were $815 million and capitalized exploration expenditures were $143 million, for a total of $957 million. Total capital expenditures for 2025 (including capitalized exploration) are expected to remain in line with full year guidance as set out in the 2025 Guidance Summary below. 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 second quarter of 2025 and the first six months of 2025. Summary of Capital Expenditures* (thousands) Capital Expenditures** Capitalized Exploration Three Months Ended Six Months Ended Three Months Ended Six Months Ended Jun 30, 2025 Jun 30, 2025 Jun 30, 2025 Jun 30, 2025 Sustaining Capital Expenditures LaRonde $ 20,402 $ 37,905 $ 1,105 $ 1,999 Canadian Malartic 28,235 53,037 954 1,313 Goldex 12,558 26,260 641 1,172 Quebec 61,195 117,202 2,700 4,484 Detour Lake 63,741 99,599 — — Macassa 10,199 18,730 331 747 Ontario 73,940 118,329 331 747 Meliadine 16,075 30,469 1,178 2,033 Meadowbank 34,160 57,528 — — Nunavut 50,235 87,997 1,178 2,033 Fosterville 15,985 28,615 — — Australia 15,985 28,615 — — Kittila 19,568 28,999 884 1,609 Finland 19,568 28,999 884 1,609 Pinos Altos 9,969 16,344 577 852 Mexico 9,969 16,344 577 852 Other 2,708 4,190 (156) 237 Total Sustaining Capital Expenditures $ 233,600 $ 401,676 $ 5,514 $ 9,962 Development Capital Expenditures LaRonde $ 18,139 $ 35,082 $ 11 $ 11 Canadian Malartic 68,090 118,961 6,973 12,806 Goldex 3,650 5,631 578 1,075 Quebec 89,879 159,674 7,562 13,892 Detour Lake 58,734 112,666 8,628 17,396 Macassa 20,058 41,875 8,569 19,043 Ontario 78,792 154,541 17,197 36,439 Meliadine 14,961 26,451 4,553 9,154 Meadowbank 1,356 2,681 — — Nunavut 16,317 29,132 4,553 9,154 Fosterville 7,303 14,773 3,025 5,400 Australia 7,303 14,773 3,025 5,400 Kittila (968) (63) 1,782 3,009 Finland (968) (63) 1,782 3,009 Pinos Altos 5 2,916 11 23 San Nicolas (50%) 1,962 4,047 — — Mexico 1,967 6,963 11 23 Other 33,356 47,850 38,045 64,762 Total Development Capital Expenditures $ 226,646 $ 412,870 $ 72,175 $ 132,679 Total Capital Expenditures $ 460,246 $ 814,546 $ 77,689 $ 142,641 *Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. 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 Based on the operational performance in the first six months of 2025, the Company expects to meet its gold production guidance for the full year 2025. The Company's total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2025 remain unchanged. At mid-year, the Company has achieved approximately 51% of the mid-point of its full-year gold production guidance, while achieving total cash costs per ounce below the mid-point of guidance, despite higher royalty costs resulting from higher gold prices. A summary of the Company's guidance is set out below. Tariffs On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs has been postponed or modified 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 remain 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 are or may become subject to the tariffs 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 continues 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 this news release does not include any potential impact from such tariffs or trade disputes. Transition to Net Cash Position and Repayment of Long-term Debt Cash and cash equivalents increased by $419 million when compared to the prior quarter primarily due to higher cash provided by operating activities resulting from higher operating margins due to higher realized gold prices and favourable changes in non-cash components of working capital in the current period. The increase was partially offset by cash used in financing activities in the current period as $550 million of debt was repaid in the second quarter of 2025. As at June 30, 2025, the Company's total long-term debt was $595 million. On June 30, 2025, the Company repaid $40 million of the 2017 Series A 4.42% senior notes at maturity and also redeemed the remaining outstanding principal of $260 million of the 2017 senior notes and $250 million of the 2016 senior notes with interest rates ranging from 4.64% to 4.94%. The aggregate payments were comprised of $40 million of the current portion of long-term debt and $510 million of long-term debt. The repayment of debt demonstrates the Company's continued commitment to financial discipline and balanced approach to capital allocation. The repayment will reduce interest expense, strengthen the balance sheet and enhance financial flexibility going forward. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at June 30, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature. The Company transitioned from a net debt position of $5 million as at March 31, 2025 to a net cash position of $963 million as at June 30, 2025 as a result of the increase in cash and cash equivalents of $419 million and the reduction of long-term debt of $550 million. The following table sets out the calculation of net cash (debt). Hedges The Company's full year 2025 cost guidance is based on assumed exchange rates of 1.38 C$/US$, 1.08 US$/EUR, 1.50 A$/US$ and 20.00 MXP/US$. The Company has set up the following hedge positions based on its currency assumptions for 2025 cost estimates: Approximately 55% of the remaining estimated Canadian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.37 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$; Approximately 25% of the remaining estimated Euro exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.09 US$/EUR, while allowing for participation in respect of exchange rate movements down to an average of 1.05 US$/EUR; Approximately 51% of the remaining estimated Australian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.50 A$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.70 A$/US$; and Approximately 37% of the remaining estimated Mexican peso ("MXN") exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 24.00 MXP/US$. Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2024 sealift, approximately 54% of the Company's remaining estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.74 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 Third Quarter of 2025 The Company's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on September 15, 2025 to shareholders of record as of September 2, 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. 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 or Normal Course Issuer Bid 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 renewed the NCIB in May 2025, increasing the maximum value of its common shares authorized for purchase to $1 billion, subject to a maximum of 5% of the issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025. In the second quarter of 2025, the Company repurchased 836,488 common shares under the NCIB at an average share price of $119.47 for aggregate consideration of $100 million. In the first six months of 2025, the Company repurchased 1,324,535 common shares under the NCIB at an average share price of $113.20 for aggregate consideration of $150 million. 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 at Canadian Malartic 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 Mine development continued to advance ahead of schedule in the second quarter of 2025, with a record 4,850 metres completed. A key milestone was achieved as the ramp reached the mid-shaft loading station at level 102. The breakthrough to the shaft is scheduled for the third quarter of 2025, following the completion of the fresh air ventilation doors at level 102. The main ramp toward shaft bottom progressed to a depth of 1,019 metres as at 30 June 2025. Development of the East Gouldie production levels also advanced, with preparatory work underway for the planned production start-up in the second half of 2026. This includes installation of the ventilation system, paste distribution infrastructure, and essential services. In the second quarter of 2025, excavation and construction of the mid-shaft loading station advanced, with excavation of the ore grizzly at level 102 and the loading pocket at level 112 completed. Steel installation between levels 102 and 112 is progressing well, with completion expected in the third quarter of 2025. Ramp excavation connecting level 102 to the crusher room (level 106) and loading station (level 112) is underway, with completion expected in the fourth quarter of 2025. As at June 30, 2025, the shaft reached a depth of 1,179 metres, with conventional shaft sinking expected to resume in the third quarter of 2025, ahead of schedule. Construction activities of key surface infrastructure progressed on schedule and on budget. At the operational complex, expected to be completed in the first quarter of 2026, interior architectural, mechanical, and electrical installations are underway. Shaft ventilation system installation at the main hoist building is progressing on schedule, with completion expected in the third quarter of 2025. The fabrication of the production hoist is underway in Germany, with delivery expected in 2026. The construction of the second phase of the paste plant has commenced, which is expected to increase capacity to 20,000 tpd. Building on continued exploration success at depth and the expansion of the mineral resource at East Gouldie, the Company is evaluating opportunities to enhance operational efficiency over the medium to long term. One option under consideration is a 70-metre extension of Shaft #1 to a depth of 1,870 metres. This would involve relocating the loading station at shaft bottom to level 181 from level 174 and adding a loading station at level 146. This potential optimization could improve operational flexibility and efficiency in the early 2030s, reduce reliance on truck haulage, and further unlock the significant exploration potential at depth. This initiative is being assessed in parallel with the potential development of a second shaft at Odyssey. In exploration drilling at the Odyssey mine and surrounding near-mine exploration properties during the second quarter of 2025, 13 underground rigs and 13 surface rigs drilled a total of 78,640 metres (132,016 metres year-to-date). The drilling program 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 was focused on the 16-kilometre long land package around the mine, with additional activities conducted on the recently acquired Marban land package located immediately northeast of the Canadian Malartic property. Drilling into the Lower East extension of the East Gouldie deposit beyond the current mineralized envelope was highlighted by hole MEX24-322WAZA intersecting 3.4 g/t gold over 36.2 metres at 1,947 metres depth and hole MEX24-322WBZ intersecting 3.5 g/t gold over 12.9 metres at 1,993 metres depth and 3.5 g/t gold over 19.2 metres at 2,013 metres depth, representing the deepest intersection of East Gouldie reported to date. These results extend East Gouldie at depth and to the east and are expected to contribute additional inferred mineral resources in this portion of the deposit at year-end 2025. Hole MEX25-329 intersected the sub-parallel Eclipse zone approximately 300 metres to the north of East Gouldie, returning 4.3 g/t gold over 7.2 metres at 1,507 metres depth and 3.8 g/t gold over 14.0 metres at 1,519 metres depth, including 10.3 g/t gold over 2.5 metres at 1,518 metres depth. Further drilling targeting the Eclipse zone is ongoing to improve the geological understanding of the zone and its potential to add significant mineral resources near planned mine infrastructure. Drilling in the Upper East extension of East Gouldie near the current shaft and ramp infrastructure was highlighted by hole UGEG-075-046 intersecting 5.7 g/t gold over 17.7 metres at 882 metres depth, including 8.9 g/t gold over 7.7 metres at 882 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. Drilling into the Odyssey deposit during the second quarter returned highlights that included: hole UGOD-046-017 intersecting 4.6 g/t gold over 13.1 metres at 408 metres depth in the Odyssey North zone; hole UGOD-041-060 intersecting 9.1 g/t gold over 10.5 metres (core length) at 394 metres depth and hole UGOD-041-063 intersecting 13.8 g/t gold over 6.0 metres (core length) at 387 metres depth, both within the Odyssey internal zones; and, in the eastern extension of the Odyssey South zone, hole UGOD-016-311 intersecting 4.8 g/t gold over 16.1 metres at 403 metres depth, including 8.0 g/t gold over 6.9 metres at 402 metres depth, and hole MEV25-301 intersecting 4.9 g/t gold over 27.0 metres (core length) at 396 metres depth. In regional exploration, testing for the potential extension of the Keel structure at depth in the East Gouldie deposit was highlighted by hole CHL25-2949 intersecting 2.8 g/t gold over 17.0 metres at 1,756 metres depth, approximately 150 metres below the East Gouldie mineralized envelope. Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in Appendix A. Marban The Marban deposit is located approximately 12 kilometres northeast of the Canadian Malartic mill. The Marban project is an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operation at Canadian Malartic. Drilling by the Company began at Marban in early May 2025 with two drill rigs completing 10,800 metres in 33 drill holes during the second quarter of 2025. This initial phase of conversion drilling is expected to be complete by the end of August 2025, with the remainder of the year focused on additional conversion drilling, condemnation drilling and testing for the potential extension of the Marban deposit towards the east onto the Company's neighbouring Callahan property. Detour Lake Following the receipt of the permit to take water for the exploration phase in April 2025, the Company commenced development of the exploration ramp during the second quarter. The excavation contractor was mobilized, the portal of the exploration ramp was successfully completed and the first blast for the exploration ramp occurred on July 3, 2025. The Company is now focused on advancing the ramp toward the West Extension zone, where a bulk sample is planned from domain 54 at Level 200 in the first half of 2027. Exploration drilling at Detour Lake during the second quarter of 2025 totalled 55,610 metres (102,500 metres year-to-date) of a planned 168,500 metres in 2025. The exploration program continued to focus on 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 continue to 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 second quarter further defined the high-grade domains that could potentially be mined early in the underground project within the larger lower grade envelope and further validated the current geological interpretation of the high-grade corridor. Highlights included: hole DLM25-1142C intersecting 3.4 g/t gold over 67.2 metres at 416 metres depth; hole DLM25-1079A intersecting 1.8 g/t gold over 73.2 metres at 537 metres depth and 2.2 g/t gold over 46.9 metres at 599 metres depth; hole DLM25-1095 intersecting 1.8 g/t gold over 59.2 metres at 368 metres depth and 13.7 g/t gold over 3.5 metres at 468 metres depth; and hole DLM25-1101 intersecting 2.3 g/t gold over 42.6 metres at 525 metres depth. Drilling into the West Extension zone in the western portion of current underground mineral resources further confirmed the grades and continuity of mineralization in the western plunge of the deposit, with highlights that included hole DLM25-1103A intersecting 1.4 g/t gold over 99.7 metres at 554 metres depth and hole DLM25-1094 intersecting 1.7 g/t gold over 113.6 metres at 595 metres depth. Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in Appendix A. Upper Beaver In the second quarter of 2025, structural steel installation for the shaft head frame continued to advance, and cladding installation commenced. Completion of the head frame is expected in the third quarter of 2025. Installation of the hoists for service and potential production began. The shaft sinking winch house was completed during the quarter and is now ready for rope installation, scheduled for the third quarter. Shaft sinking activities are expected to commence in the fourth quarter of 2025. At the ramp portal, supporting infrastructure for ramp development was finalized, including the cold storage dome, maintenance shop, and temporary air and water installations. Excavation of the exploration ramp is now expected to begin in the third quarter of 2025. Construction of the water treatment plant building was completed, including insulation, cladding and pouring the concrete floor. The water treatment plant remains on schedule for completion and commissioning in the third quarter of 2025. Hope Bay In the second quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 482 metres and reached a depth of 38 metres as at June 30, 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. During the quarter, major components of the existing mill were dismantled and removed in preparation for a potential new processing circuit under consideration as part of the ongoing technical evaluation. At Doris, the camp upgrade remains on schedule, with the first newly constructed wing expected to be completed in the third quarter of 2025. Exploration drilling at Hope Bay during the second quarter of 2025 totalled 39,390 metres (68,800 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 and Suluk zones within the Madrid deposit. 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 HBM25-345 intersecting 25.7 g/t gold over 8.4 metres at 754 metres depth in one of the deepest intercepts of the Patch 7 zone to date and beyond current mineral resources; hole HBM25-325 intersecting 5.7 g/t gold over 12.2 metres at 312 metres depth in the upper portion of the Patch 7 zone; and hole HBM25-311 intersecting 16.1 g/t gold over 4.4 metres at 284 metres depth in the Patch 7 zone. Within the gap area between the Patch 7 and Suluk zones, hole HBM25-324 intersected 4.4 g/t gold over 10.8 metres at 302 metres depth and hole HBM25-348 intersected 6.3 g/t gold over 3.5 metres at 404 metres depth, further demonstrating potential continuity between previously released holes in this under-explored area that is beyond current mineral resources. 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] The southern extension of the gravel track that runs south alongside Patch Lake was completed early in the second quarter of 2025, significantly reducing helicopter costs for future drilling in the Madrid area and improving access to the Patch 14 and Wolverine target areas. Both land-based and helicopter-supported exploration are ongoing at Madrid with a budgeted 110,000-metre drill program in 2025. Drilling of high-priority regional exploration targets south of the Madrid deposit and north of the Doris mine is expected to begin in August 2025. San Nicolas Copper Project (50/50 joint venture with Teck Resources Limited) In the second quarter of 2025, Minas de San Nicolas advanced its feasibility study, which remains on schedule for completion by year-end. Engagement with government authorities and stakeholders is ongoing to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study. During the quarter, Minas de San Nicolas received an exploration permit authorizing additional drill pads across the property. Minas de San Nicolas also approved a supplemental exploration program totalling $8.8 million to support expanded drilling activities focused on geotechnical, hydrological, and geological evaluation in proximity to the projected mine area. Second Quarter 2025 Sustainability Highlights Recognition in health and safety performance and leadership ELSSA Distinction at Pinos Altos – In April 2025, Pinos Altos was awarded the Entornos Laborales Seguros y Saludables – Healthy and Safe Work Environments distinction by the Mexican Social Security Institute. Pinos Altos continues to demonstrate leadership in the region and was also awarded the Socially Responsible Company distinction for the 10 th consecutive year by the CEMEFI (Centro Mexicano para la Filantropía) John T. Ryan Regional Safety Trophy at Meliadine – Meliadine received the John T. Ryan Regional Safety Trophy for the third consecutive year, highlighting exceptional dedication to workplace safety Supporting the Nunavut Housing Corporation's Nunavut 3000 initiative – In April 2025, a memorandum of understanding was signed with the Nunavut Housing Corporation at the Nunavut Mining Symposium in Iqaluit to ship approximately 20 new modular homes to Rankin Inlet and Baker Lake in 2025 with the potential to extend the arrangement for future years. The Company is proud to be part of a meaningful initiative to support housing needs in Nunavut Towards Sustainable Mining® (TSM) Community Engagement Excellence Award – The Company's inaugural Reconciliation Action Plan with Indigenous Peoples was awarded the 2025 TSM Community Engagement Excellence Award by the Mining Association of Canada, recognizing exceptional efforts in community stewardship and sustainability Execution of collaboration agreement in Quebec – In June 2025, the Company signed a collaboration agreement with Lac Simon and Kitcisakik First Nations for the Akasaba West open pit mine. The agreement will support First Nations participation in the mine's activities through training, employment and advancement opportunities, business opportunities, environmental protection measures and financial commitments Strong placement of mine rescue teams at regional competitions – LaRonde, Goldex and LaRonde Zone 5 ("LZ5") placed first, second and third, respectively, at the 61 st Annual Quebec Provincial Mine Rescue Competition in Val-d'Or and will proceed to the international competition in May 2026. Macassa won the Kirkland Lake District Mine Rescue Competition and the Fosterville emergency response team secured first place at the 2025 Victorian Mine Rescue Competition. These results demonstrate the value of training, planning and working together to face high-pressure challenges and be prepared to protect lives in emergency situations Higher Grades and Operational Performance Continue to Drive Strong Production; Second Consecutive Quarter of Record Gold Production and Development at Odyssey; Goldex Achieved Two Million Ounce Milestone Abitibi Quebec – Operating Statistics Three Months Ended June 30, 2025 LaRonde Canadian Malartic Goldex Consolidated Abitibi Quebec Tonnes of ore milled (thousands) 674 4,963 819 6,456 Tonnes of ore milled per day 7,407 54,538 9,000 70,945 Gold grade (g/t) 4.47 1.17 1.47 1.55 Gold production (ounces) 91,252 172,531 33,118 296,901 Production costs per tonne (C$) C$ 172 C$ 32 C$ 64 C$ 51 Minesite costs per tonne (C$) 9 C$ 166 C$ 42 C$ 63 C$ 58 Production costs per ounce $ 918 $ 669 $ 1,138 $ 798 Total cash costs per ounce $ 807 $ 876 $ 962 $ 864 Six Months Ended June 30, 2025 LaRonde Canadian Malartic Goldex Consolidated Abitibi Quebec Tonnes of ore milled (thousands) 1,349 9,828 1,611 12,788 Tonnes of ore milled per day 7,453 54,298 8,901 70,652 Gold grade (g/t) 4.50 1.14 1.44 1.53 Gold production (ounces) 182,743 332,304 63,134 578,181 Production costs per tonne (C$) C$ 178 C$ 33 C$ 63 C$ 52 Minesite costs per tonne (C$) C$ 166 C$ 43 C$ 63 C$ 59 Production costs per ounce $ 932 $ 706 $ 1,146 $ 826 Total cash costs per ounce $ 776 $ 900 $ 961 $ 868 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 periods. Regional Highlights Gold production in the quarter was higher than planned primarily as a result of higher grades at the LaRonde mine and the Barnat pit at Canadian Malartic, partially offset by slightly lower volume milled. The higher gold grades at LaRonde were driven by positive grade reconciliation in three stopes, each mined in a distinct area (East mine, West mine and the 11-3 zone). The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit that returned higher grades than anticipated At LaRonde, a planned shutdown of approximately 10 days was completed to replace the liners at the SAG mill and for maintenance of the drystack filtration plant. Concurrently, maintenance work was also carried out on the underground rock handling network At LZ5, the Company continued its automation initiatives and achieved its automation targets. Approximately 24% of the ore hauled to surface was moved using automated scoops and trucks, contributing to the strong overall performance of the site at an average of 3,630 tpd, above the production target of 3,500 tpd for the second quarter of 2025 At Canadian Malartic, in-pit tailings deposition ramped up to its design capacity in the second quarter of 2025 At Odyssey, total development during the quarter was a record at approximately 4,850 metres. Gold production was a quarterly record at approximately 26,600 ounces driven by higher grades and ore mined of approximately 3,970 tpd compared to the target of 3,500 tpd. The ramp-up of the service hoist to its design hoisting capacity of 3,500 tpd and the increased use of remote-operated and automated equipment (including scoops, trucks, jumbos and cable bolters) were the main drivers for exceeding the development and production targets in the second quarter of 2025 At Goldex, record tonnage was processed during the second quarter of 2025 at approximately 819,000 tonnes, driven by record tonnage processed from Akasaba West during April 2025. The target milling rate of 1,750 tpd from Akasaba West was exceeded, averaging 2,864 tpd for the quarter Canadian Malartic has planned quarterly shutdowns in 2025 of four to five days for regular maintenance at the mill An update on Odyssey and the "fill-the-mill" strategy is set out in the Update on Key Value Drivers and Pipeline Projects section above Strong Mill Throughput and Run-time at Detour Lake; Second Consecutive Quarter of Record Gold Production at Macassa Abitibi Ontario – Operating Statistics Three Months Ended June 30, 2025 Detour Lake Macassa Consolidated Abitibi Ontario Tonnes of ore milled (thousands) 6,836 143 6,979 Tonnes of ore milled per day 75,121 1,571 76,692 Gold grade (g/t) 0.85 19.50 1.23 Gold production (ounces) 168,272 87,364 255,636 Production costs per tonne (C$) C$ 29 C$ 462 C$ 38 Minesite costs per tonne (C$) C$ 31 C$ 529 C$ 41 Production costs per ounce $ 840 $ 552 $ 742 Total cash costs per ounce $ 914 $ 626 $ 816 Six Months Ended June 30, 2025 Detour Lake Macassa Consolidated Abitibi Ontario Tonnes of ore milled (thousands) 13,466 291 13,757 Tonnes of ore milled per day 74,398 1,608 76,006 Gold grade (g/t) 0.83 18.99 1.21 Gold production (ounces) 321,110 173,392 494,502 Production costs per tonne (C$) C$ 29 C$ 472 C$ 38 Minesite costs per tonne (C$) C$ 31 C$ 531 C$ 41 Production costs per ounce $ 860 $ 566 $ 757 Total cash costs per ounce $ 929 $ 636 $ 826 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 periods. Gold production in the quarter was in line with plan driven by strong quarterly production at Macassa, offsetting lower production at Detour Lake. Gold production at Macassa was higher than planned as a result of positive grade reconciliation and a change in mine sequencing. At Detour Lake, gold production was affected by lower gold grades than anticipated. Mining during the first half of 2025 took place within a low-grade domain, occasionally resulting in localized negative ore tonnes reconciliation. To offset this shortfall in ore tonnes, the mill feed was supplemented with the low-grade stockpile. Mining will remain in this low-grade domain through the third quarter, with the grade profile expected to improve in the fourth quarter of 2025 At Detour Lake, gold production for first half of 2025 was lower than planned and as a result, the Company expects gold production for the full year 2025 to be around the lower end of the production guidance range of 705,000 to 735,000 ounces At Macassa, construction of the new paste plant continued during the second quarter of 2025 and is scheduled to be commissioned in the third quarter of 2025 Detour Lake has scheduled a major shutdown of seven days for regular mill maintenance in the fourth quarter 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 Quarterly Gold Production Affected by Caribou Migration; Positive Step-out Drilling Results at Depth and Laterally at Meliadine Nunavut – Operating Statistics Three Months Ended June 30, 2025 Meliadine Meadowbank Consolidated Nunavut Tonnes of ore milled (thousands) 545 692 1,237 Tonnes of ore milled per day 5,989 10,813 16,802 Gold grade (g/t) 5.32 5.00 5.14 Gold production (ounces) 90,263 101,935 192,198 Production costs per tonne (C$) C$ 290 C$ 211 C$ 246 Minesite costs per tonne (C$) C$ 254 C$ 207 C$ 228 Production costs per ounce $ 1,253 $ 1,040 $ 1,140 Total cash costs per ounce $ 1,112 $ 1,018 $ 1,062 Six Months Ended June 30, 2025 Meliadine Meadowbank Consolidated Nunavut Tonnes of ore milled (thousands) 1,103 1,729 2,832 Tonnes of ore milled per day 6,094 11,227 17,321 Gold grade (g/t) 5.50 4.78 5.06 Gold production (ounces) 188,775 242,061 430,836 Production costs per tonne (C$) C$ 251 C$ 188 C$ 213 Minesite costs per tonne (C$) C$ 241 C$ 185 C$ 207 Production costs per ounce $ 1,043 $ 963 $ 998 Total cash costs per ounce $ 1,012 $ 948 $ 976 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 periods. Regional Highlights Gold production in the quarter was lower than planned as a result of a longer than expected caribou migration. Both the mining and milling operations at Meliadine and Meadowbank were affected by the extended migration despite typical migration patterns being incorporated in the production plans. Wildlife management is a priority for the Company and it continues to work with stakeholders in Nunavut to optimize solutions to safeguard wildlife and reduce production disruptions At Meliadine, gold production was affected by the extended caribou migration of 11 days compared to a plan of 7 days and an unplanned mill shutdown, in addition to the scheduled mill shutdown. Ore hauling during the quarter was lower than planned due to the extended caribou migration, while record development in April resulted in total quarterly development of approximately 3,890 metres, which was approximately 18% above plan At Meadowbank, gold production was affected by the extended caribou migration, which led to road closures between Amaruq and Meadowbank for 41 days and a mill shutdown lasting 27 days — both significantly longer than the 27-day and 9-day durations planned, respectively — reducing the volume of material hauled from the pit and between sites, resulting in lower volume processed during the quarter Despite the weaker than planned gold production during the second quarter of 2025, guidance for both Meliadine and Meadowbank remains unchanged During the second quarter of 2025, the Company revised its estimate of the Meadowbank asset retirement obligation ("ARO"), recognized on the financial statements as a result of the completion of an internal evaluation. The ARO increased by approximately $198 million with a corresponding adjustment to the Meadowbank mining asset on the Company's balance sheet. The increase in the ARO is primarily driven by revised estimates for dismantling infrastructure, transportation and fuel costs, and expected operating costs during the closure period. These updates reflect the scale of the operational footprint and logistical requirements at Meadowbank. The ARO-related costs are expected to be tax-deductible at an estimated rate of approximately 26%. As at June 30, 2025, the ARO liability was approximately $433 million. The Company continues to evaluate opportunities to optimize and reduce the Meadowbank ARO estimate, including the potential to integrate a life of mine extension beyond 2028 Meliadine has scheduled quarterly shutdowns lasting three to six days for regular mill maintenance. Meadowbank has a scheduled major shutdown, lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance in the fourth quarter of 2025 An update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section above Exploration Highlights at Meliadine Exploration drilling during the second quarter of 2025 totalled 27,100 metres (49,840 metres year-to-date), with results from a larger step-out drill program showing promising indications at depth and laterally Highlights from the first half of 2025 from drilling into extensions of the Tiriganiaq deposit include: hole M25-4274A intersecting 20.3 g/t gold over 1.5 metres at 1,086 metres depth approximately 500 metres down-plunge from current mineral resources in the eastern portion of the deposit; hole ML425-9085-D19 intersecting 14.5 g/t gold over 5.2 metres at 790 metres depth and approximately 200 metres below current mineral resources in the western portion of the deposit; and hole ML425-9204-D22 intersecting 26.4 g/t gold over 4.7 metres at 696 metres depth and approximately 50 metres beyond current mineral resources in the middle portion of the deposit The exploration drilling program is being accelerated for the remainder of the year to further investigate the deep extensions of the Tiriganiaq deposit to assist in long-term scenario analysis Selected recent drill intersections from the Tiriganiaq, Wesmeg and Wesmeg North deposits are set out in the composite longitudinal section below and in Appendix A Strong Quarterly Gold Production Driven by Higher Grades; Fosterville Celebrates 20 th Anniversary Since the Start of Operations Fosterville – Operating Statistics Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Tonnes of ore milled (thousands) 188 351 Tonnes of ore milled per day 2,066 1,939 Gold grade (g/t) 8.52 8.57 Gold production (ounces) 49,574 93,189 Production costs per tonne (A$) A$ 309 A$ 314 Minesite costs per tonne (A$) A$ 315 A$ 329 Production costs per ounce $ 767 $ 763 Total cash costs per ounce $ 783 $ 797 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 periods. 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 anticipated grades at Robbins Hill and Harrier, partially offset by lower mill throughput 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 primary fan chambers was completed in the second quarter of 2025 with the work required for the power connection and construction ongoing in the third and fourth quarters of 2025. Commissioning of the primary fans is expected to be completed in the fourth quarter of 2025 Fosterville has scheduled quarterly shutdowns of five days for regular mill maintenance in 2025 FINLAND Solid Underground Operational Performance with Gold Production in Line with Target; Optimization Initiatives Continue to Deliver Cost Benefits Kittila – Operating Statistics Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Tonnes of ore milled (thousands) 482 1,004 Tonnes of ore milled per day 5,297 5,547 Gold grade (g/t) 3.96 3.92 Gold production (ounces) 50,357 104,461 Production costs per tonne (€) € 100 € 101 Minesite costs per tonne (€) € 104 € 102 Production costs per ounce $ 1,093 $ 1,062 Total cash costs per ounce $ 1,134 $ 1,071 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 periods. Highlights Gold production in the quarter was in line with plan as Kittila completed an 11-day scheduled shutdown for regular maintenance on the autoclave in the second quarter of 2025 The cost performance of the underground mine and mill continued to realize the benefits of continuous improvement initiatives, with minesite costs per tonne in the first half of 2025 decreasing by approximately 4%, from €106 to €102 per tonne, when compared to the prior-year period. This decrease was achieved despite the increase in royalty costs per tonne of approximately €2 due to higher gold prices in the first half of 2025 compared to the prior-year period. Initiatives that resulted in lower costs included the internalization of work previously done by contractors and hoisting waste rock through the shaft, which resulted in the reduction in the number of trucks used to haul waste Exploration Highlights Exploration drilling at Kittila during the second quarter of 2025 totalled 18,100 metres (34,300 metres year-to-date) and intersected wide, high-grade mineralization at the bottom of the Main zone in the Rimpi Deep area, with highlights from the first half of 2025 including hole ROD24-700G intersecting 11.5 g/t gold over 15.9 metres at 1,464 metres depth; hole ROD24-700B intersecting 12.2 g/t gold over 12.9 metres at 1,457 metres depth; and hole ROD24-700C intersecting 10.4 g/t gold over 10.8 metres at 1,444 metres depth The Company expects these results to have a positive impact on mineral reserve replacement at year-end 2025 Selected recent drill intersections from the first half of 2025 from the Main and Sisar zones at Kittila are set out in the composite longitudinal section below and in Appendix A [ Kittila – Composite Longitudinal Section] Stable Gold Production Driven by Solid Underground Performance at Cubiro Pinos Altos – Operating Statistics Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Tonnes of ore milled (thousands) 441 822 Tonnes of ore milled per day 4,846 4,541 Gold grade (g/t) 1.58 1.53 Gold production (ounces) 21,363 38,654 Production costs per tonne $ 115 $ 113 Minesite costs per tonne $ 118 $ 118 Production costs per ounce $ 2,367 $ 2,413 Total cash costs per ounce $ 2,002 $ 2,077 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 periods. Highlights In early July 2025, a disagreement among local communities regarding the distribution of hauling work at Cubiro led to a short-term blockage of road access to Pinos Altos. In response, the Company suspended operations for four days in accordance with its safety protocols to protect personnel and infrastructure. Operations have been fully restored About Agnico Eagle Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world. It produces precious metals from operations in Canada, Australia, Finland and Mexico and has 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 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 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 Accounting Standards. The Company has changed the label for the non-GAAP measure "net debt" to "net cash (debt)" as the Company believes that reporting a positive net cash position is more clear and understandable to readers than a negative net debt position. The Company's method of calculating this non-GAAP measure has not changed. 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 Accounting Standards. 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 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. 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 Accounting Standards. The following table sets out the production costs per minesite for the three and six months ended June 30, 2025 and June 30, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards. 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 and six months ended June 30, 2025 and June 30, 2024, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards. Notes: (i) Gold production for the three months ended June 30, 2025 excludes 858 ounces of payable production of gold at La India and 39 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 for the three months ended June 30, 2025 is $1.4 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (iii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Three Months Ended June 30, 2024 (thousands, except as noted) Mine Payable gold production (ounces) Production costs ($) Production costs per ounce ($) Inventory adjustments ($) (i) Realized gains and losses on hedges ($) In-kind royalty ($) (ii) Smelting, refining and marketing charges ($) Total cash costs per ounce (co- product basis) ($) By- product metal revenues ($) Total cash costs per ounce (by- product basis) ($) LaRonde mine 62,260 43,682 702 16,244 351 — 3,227 1,020 (17,016) 747 LZ5 20,074 20,121 1,002 (252) 123 — 996 1,046 (311) 1,030 LaRonde 82,334 63,803 775 15,992 474 — 4,223 1,026 (17,327) 816 Canadian Malartic 180,871 144,333 798 (5,041) 988 19,653 (120) 884 (2,216) 871 Goldex 33,750 33,084 980 222 210 — 827 1,018 (5,199) 864 Quebec 296,955 241,220 812 11,173 1,672 19,653 4,930 938 (24,742) 855 Detour Lake 168,247 120,302 715 3,617 1,089 7,116 1,607 795 (666) 791 Macassa 64,062 51,029 797 (441) 432 2,292 64 833 — 833 Ontario 232,309 171,331 738 3,176 1,521 9,408 1,671 805 (666) 803 Meliadine 88,675 85,913 969 (7,455) 827 — 93 895 (280) 892 Meadowbank 126,419 123,014 973 (6,610) 1,275 — 14 931 (1,108) 922 Nunavut 215,094 208,927 971 (14,065) 2,102 — 107 916 (1,388) 910 Fosterville 65,963 36,824 558 3,382 68 — 12 611 (167) 608 Australia 65,963 36,824 558 3,382 68 — 12 611 (167) 608 Kittila 55,671 57,529 1,033 (649) 30 — (52) 1,021 (98) 1,020 Finland 55,671 57,529 1,033 (649) 30 — (52) 1,021 (98) 1,020 Pinos Altos 23,754 43,109 1,815 (872) — — 345 1,793 (8,989) 1,414 Creston Mascota 13 — — — — — — — — — La India 6,079 13,044 2,146 381 — — 131 2,230 (356) 2,171 Mexico 29,846 56,153 1,881 (491) — — 476 1,881 (9,345) 1,568 Consolidated 895,838 771,984 862 2,526 5,393 29,061 7,144 911 (36,406) 870 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. Six Months Ended June 30, 2025 (thousands, except as noted) Mine Payable gold production (ounces) (i) Production costs ($) Production costs per ounce ($) Inventory adjustments ($) (ii) Realized (gains) and losses on hedges ($) In-kind royalty ($) (iii) Smelting, refining and marketing charges ($) Total cash costs per ounce (co- product basis) ($) By- product metal revenues ($) Total cash costs per ounce (by- product basis) ($) LaRonde mine 142,147 125,186 881 (1,157) 577 — 4,719 910 (33,121) 677 LZ5 40,596 45,192 1,113 (1,132) 212 — 1,811 1,135 (460) 1,124 LaRonde 182,743 170,378 932 (2,289) 789 — 6,530 960 (33,581) 776 Canadian Malartic 332,304 234,672 706 16,236 1,294 51,720 837 917 (5,529) 900 Goldex 63,134 72,346 1,146 (314) 332 — 2,121 1,180 (13,842) 961 Quebec 578,181 477,396 826 13,633 2,415 51,720 9,488 959 (52,952) 868 Detour Lake 321,110 276,276 860 2,065 1,077 18,083 3,000 936 (2,119) 929 Macassa 173,392 98,092 566 4,775 794 7,610 161 643 (1,175) 636 Ontario 494,502 374,368 757 6,840 1,871 25,693 3,161 833 (3,294) 826 Meliadine 188,775 196,915 1,043 (6,396) 998 — 228 1,016 (697) 1,012 Meadowbank 242,061 233,006 963 (3,011) 1,304 — 299 957 (2,132) 948 Nunavut 430,836 429,921 998 (9,407) 2,302 — 527 983 (2,829) 976 Fosterville 93,189 71,058 763 3,421 — — 53 800 (270) 797 Australia 93,189 71,058 763 3,421 — — 53 800 (270) 797 Kittila 104,461 110,897 1,062 1,803 (431) — (119) 1,074 (294) 1,071 Finland 104,461 110,897 1,062 1,803 (431) — (119) 1,074 (294) 1,071 Pinos Altos 38,654 93,280 2,413 3,523 29 — 568 2,520 (17,123) 2,077 Mexico 38,654 93,280 2,413 3,523 29 — 568 2,520 (17,123) 2,077 Consolidated 1,739,823 1,556,920 895 19,813 6,186 77,413 13,678 962 (76,762) 918 Notes: (i) Gold production for the six months ended June 30, 2025 excludes 2,669 ounces of payable production of gold at La India and 64 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 for the six months ended June 30, 2025 is $2.5 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (iii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Six Months Ended June 30, 2024 (thousands, except as noted) Mine Payable gold production (ounces) Production costs ($) Production costs per ounce ($) Inventory adjustments ($) (i) Realized (gains) and losses on hedges ($) In-kind royalty ($) (ii) Smelting, refining and marketing charges ($) Total cash costs per ounce (co- product basis) ($) By- product metal revenues ($) Total cash costs per ounce (by- product basis) ($) LaRonde mine 114,075 119,238 1,045 1,533 370 — 8,220 1,134 (29,606) 874 LZ5 36,623 39,143 1,069 68 129 — 1,366 1,111 (498) 1,098 LaRonde 150,698 158,381 1,051 1,601 499 — 9,586 1,129 (30,104) 929 Canadian Malartic 367,777 270,909 737 9,666 1,040 38,696 327 872 (4,168) 860 Goldex 68,138 66,266 973 679 221 — 1,197 1,003 (6,616) 906 Quebec 586,613 495,556 845 11,946 1,760 38,696 11,110 953 (40,888) 883 Detour Lake 318,998 252,207 791 (4,569) 1,147 13,694 3,173 833 (1,246) 829 Macassa 132,321 98,677 746 (1,530) 455 4,374 139 772 (220) 770 Ontario 451,319 350,884 777 (6,099) 1,602 18,068 3,312 815 (1,466) 812 Meliadine 184,400 179,364 973 (10,755) 1,107 — 35 921 (515) 918 Meadowbank 254,193 237,176 933 (705) 1,821 — (45) 937 (1,974) 930 Nunavut 438,593 416,540 950 (11,460) 2,928 — (10) 930 (2,489) 925 Fosterville 122,532 70,478 575 246 86 — 29 578 (327) 575 Australia 122,532 70,478 575 246 86 — 29 578 (327) 575 Kittila 110,252 116,567 1,057 (1,144) 19 — (120) 1,046 (187) 1,044 Finland 110,252 116,567 1,057 (1,144) 19 — (120) 1,046 (187) 1,044 Pinos Altos 48,479 76,516 1,578 5,783 — — 663 1,711 (16,039) 1,380 Creston Mascota 41 — — — — — — — — — La India 16,661 29,028 1,742 147 — — 264 1,767 (858) 1,715 Mexico 65,181 105,544 1,619 5,930 — — 927 1,724 (16,897) 1,465 Consolidated 1,774,490 1,555,569 877 (581) 6,395 56,764 15,248 920 (62,254) 885 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 June 30, 2025 (thousands, except as noted) Mine Tonnes of ore milled (thousands) Production costs ($) Production costs in local currency Local currency production costs per tonne Inventory adjustments in local currency (i) In-kind royalty in local currency (ii) Smelting, refining and marketing charges in local currency Local currency minesite costs per tonne LaRonde mine 338 $ 60,654 C$ 84,042 C$ 248 C$ 3,618 C$ — C$ (7,056) C$ 238 LZ5 336 $ 23,080 C$ 31,993 C$ 95 C$ (652) C$ — C$ — C$ 93 LaRonde 674 $ 83,734 C$ 116,035 C$ 172 C$ 2,966 C$ — C$ (7,056) C$ 166 Canadian Malartic 4,963 $ 115,383 C$ 159,348 C$ 32 C$ 14,254 C$ 37,270 C$ — C$ 42 Goldex 819 $ 37,690 C$ 52,257 C$ 64 C$ (895) C$ — C$ — C$ 63 Quebec 6,456 $ 236,807 C$ 327,640 C$ 51 C$ 16,325 C$ 37,270 C$ (7,056) C$ 58 Detour Lake 6,836 $ 141,330 C$ 196,403 C$ 29 C$ 2,328 C$ 12,887 C$ — C$ 31 Macassa 143 $ 48,266 C$ 66,005 C$ 462 C$ 3,954 C$ 5,584 C$ — C$ 529 Ontario 6,979 $ 189,596 C$ 262,408 C$ 38 C$ 6,282 C$ 18,471 C$ — C$ 41 Meliadine 545 $ 113,093 C$ 158,074 C$ 290 C$ (19,587) C$ — C$ — C$ 254 Meadowbank 692 $ 106,039 C$ 145,678 C$ 211 C$ (2,682) C$ — C$ — C$ 207 Nunavut 1,237 $ 219,132 C$ 303,752 C$ 246 C$ (22,269) C$ — C$ — C$ 228 Fosterville 188 $ 38,018 A$ 58,194 A$ 309 A$ 1,135 A$ — A$ — A$ 315 Australia 188 $ 38,018 A$ 58,194 A$ 310 A$ 1,135 A$ — A$ — A$ 315 Kittila 482 $ 55,064 € 48,363 € 100 € 1,996 € — € — € 104 Finland 482 $ 55,064 € 48,363 € 100 € 1,996 € — € — € 104 Pinos Altos 441 $ 50,570 $ 50,570 $ 115 $ 1,238 $ — $ — $ 118 Mexico 441 $ 50,570 $ 50,570 $ 115 $ 1,238 $ — $ — $ 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 for the three months ended June 30, 2025 is C$2.0 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (ii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Three Months Ended June 30, 2024 (thousands, except as noted) Mine Tonnes of ore milled (thousands) Production costs ($) Production costs in local currency Local currency production costs per tonne Inventory adjustments in local currency (i) In-kind royalty in local currency (ii) Smelting, refining and marketing charges in local currency Local currency minesite costs per tonne LaRonde mine 381 $ 43,682 C$ 59,392 C$ 156 C$ 23,045 C$ — C$ (3,264) C$ 208 LZ5 299 $ 20,121 C$ 27,730 C$ 93 C$ (312) C$ — C$ — C$ 92 LaRonde 680 $ 63,803 C$ 87,122 C$ 128 C$ 22,733 C$ — C$ (3,264) C$ 157 Canadian Malartic 5,182 $ 144,333 C$ 196,695 C$ 38 C$ (6,517) C$ 26,930 C$ — C$ 42 Goldex 765 $ 33,084 C$ 45,174 C$ 59 C$ 390 C$ — C$ — C$ 60 Quebec 6,627 $ 241,220 C$ 328,991 C$ 50 C$ 16,606 C$ 26,930 C$ (3,264) C$ 56 Detour Lake 6,792 $ 120,302 C$ 164,189 C$ 24 C$ 5,253 C$ 9,748 C$ — C$ 26 Macassa 152 $ 51,029 C$ 69,756 C$ 459 C$ (524) C$ 3,138 C$ — C$ 476 Ontario 6,944 $ 171,331 C$ 233,945 C$ 34 C$ 4,729 C$ 12,886 C$ — C$ 36 Meliadine 421 $ 85,913 C$ 116,869 C$ 278 C$ (9,818) C$ — C$ — C$ 254 Meadowbank 990 $ 123,014 C$ 167,525 C$ 169 C$ (8,768) C$ — C$ — C$ 160 Nunavut 1,411 $ 208,927 C$ 284,394 C$ 202 C$ (18,586) C$ — C$ — C$ 188 Fosterville 234 $ 36,824 A$ 55,526 A$ 237 A$ 4,995 A$ — A$ — A$ 259 Australia 234 $ 36,824 A$ 55,526 A$ 237 A$ 4,995 A$ — A$ — A$ 259 Kittila 524 $ 57,529 € 53,377 € 102 € (515) € — € — € 101 Finland 524 $ 57,529 € 53,377 € 102 € (515) € — € — € 101 Pinos Altos 454 $ 43,109 $ 43,109 $ 95 $ (872) $ — $ — $ 93 La India (iii) — $ 13,044 $ 13,044 $ — $ (13,044) $ — $ — $ — Mexico 454 $ 56,153 $ 56,153 $ 124 $ (13,916) $ — $ — $ 93 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 June 30, 2024 exclude approximately $13.0 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. Six Months Ended June 30, 2025 (thousands, except as noted) Mine Tonnes of ore milled (thousands) Production costs ($) Production costs in local currency Local currency production costs per tonne Inventory adjustments in local currency (i) In-kind royalty in local currency (ii) Smelting, refining and marketing charges in local currency Local currency minesite costs per tonne LaRonde mine 709 125,186 C$ 176,243 C$ 249 C$ (1,519) C$ — C$ (13,203) C$ 228 LZ5 640 45,192 C$ 63,551 C$ 99 C$ (1,666) C$ — C$ — C$ 97 LaRonde 1,349 170,378 C$ 239,794 C$ 178 C$ (3,185) C$ — C$ (13,203) C$ 166 Canadian Malartic 9,828 234,672 C$ 328,611 C$ 33 C$ 22,204 C$ 72,670 C$ — C$ 43 Goldex 1,611 72,346 C$ 101,756 C$ 63 C$ (565) C$ — C$ — C$ 63 Quebec 12,788 477,396 C$ 670,161 C$ 52 C$ 18,454 C$ 72,670 C$ (13,203) C$ 59 Detour Lake 13,466 276,276 C$ 388,036 C$ 29 C$ 2,341 C$ 25,442 C$ — C$ 31 Macassa 291 98,092 C$ 137,464 C$ 472 C$ 6,646 C$ 10,692 C$ — C$ 531 Ontario 13,757 374,368 C$ 525,500 C$ 38 C$ 8,987 C$ 36,134 C$ — C$ 41 Meliadine 1,103 196,915 C$ 276,854 C$ 251 C$ (10,860) C$ — C$ — C$ 241 Meadowbank 1,729 233,006 C$ 325,614 C$ 188 C$ (5,107) C$ — C$ — C$ 185 Nunavut 2,832 429,921 C$ 602,468 C$ 213 C$ (15,967) C$ — C$ — C$ 207 Fosterville 351 71,058 A$ 110,167 A$ 314 A$ 5,316 A$ — A$ — A$ 329 Australia 351 71,058 A$ 110,167 A$ 314 A$ 5,316 A$ — A$ — A$ 329 Kittila 1,004 110,897 € 101,506 € 101 € 634 € — € — € 102 Finland 1,004 110,897 € 101,506 € 101 € 634 € — € — € 102 Pinos Altos 822 93,280 $ 93,280 $ 113 $ 3,552 $ — $ — $ 118 Mexico 822 93,280 $ 93,280 $ 113 $ 3,552 $ — $ — $ 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 for the six months ended June 30, 2025 is C$3.6 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (ii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Six Months Ended June 30, 2024 (thousands, except as noted) Mine Tonnes of ore milled (thousands) Production costs ($) Production costs in local currency Local currency production costs per tonne Inventory adjustments in local currency (i) In-kind royalty in local currency (ii) Smelting, refining and marketing charges in local currency Local currency minesite costs per tonne LaRonde mine 794 119,238 C$ 161,417 C$ 203 C$ 2,731 C$ — C$ (3,600) C$ 202 LZ5 566 39,143 C$ 53,244 C$ 94 C$ 120 C$ — C$ — C$ 94 LaRonde. 1,360 158,381 C$ 214,661 C$ 158 C$ 2,851 C$ — C$ (3,600) C$ 157 Canadian Malartic 10,355 270,909 C$ 367,548 C$ 35 C$ 13,485 C$ 52,567 C$ — C$ 42 Goldex 1,525 66,266 C$ 89,919 C$ 59 C$ 1,039 C$ — C$ — C$ 60 Quebec 13,240 495,556 C$ 672,128 C$ 51 C$ 17,375 C$ 52,567 C$ (3,600) C$ 56 Detour Lake 13,294 252,207 C$ 342,398 C$ 26 C$ (5,687) C$ 18,624 C$ — C$ 27 Macassa 286 98,677 C$ 134,428 C$ 470 C$ (1,940) C$ 5,953 C$ — C$ 484 Ontario 13,580 350,884 C$ 476,826 C$ 35 C$ (7,627) C$ 24,577 C$ — C$ 36 Meliadine 917 179,364 C$ 242,795 C$ 265 C$ (14,213) C$ — C$ — C$ 249 Meadowbank 2,061 237,176 C$ 321,119 C$ 156 C$ (766) C$ — C$ — C$ 155 Nunavut 2,978 416,540 C$ 563,914 C$ 189 C$ (14,979) C$ — C$ — C$ 184 Fosterville 406 70,478 A$ 107,375 A$ 264 A$ 365 A$ — A$ — A$ 265 Australia 406 70,478 A$ 107,375 A$ 264 A$ 365 A$ — A$ — A$ 265 Kittila 1,006 116,567 € 107,856 € 107 € (885) € — € — € 106 Finland 1,006 116,567 € 107,856 € 107 € (885) € — € — € 106 Pinos Altos 880 76,516 $ 76,516 $ 87 $ 5,783 $ — $ — $ 94 La India (iii) — 29,028 $ 29,028 $ — $ (29,028) $ — $ — $ — Mexico 880 105,544 $ 105,544 $ 120 $ (23,245) $ — $ — $ 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 six months ended June 30, 2024 exclude approximately $29.0 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 Accounting Standards and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. 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 and six months ended June 30, 2025 and June 30, 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 where noted) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Production costs per the consolidated statements of income (thousands) $ 789,187 $ 771,984 $ 1,556,920 $ 1,555,569 Gold production (ounces) (i) 866,029 895,838 1,739,823 1,774,490 Production costs per ounce $ 911 $ 862 $ 895 $ 877 Adjustments: Inventory adjustments (ii) 12 3 11 — In-kind royalty (iii) 47 32 44 32 Realized gains and losses on hedges of production costs — 6 4 4 Other (iv) 9 8 8 7 Total cash costs per ounce (co-product basis) $ 979 $ 911 $ 962 $ 920 By-product metal revenues (46) (41) (44) (35) Total cash costs per ounce (by-product basis) $ 933 $ 870 $ 918 $ 885 Adjustments: Sustaining capital expenditures (including capitalized exploration) 273 227 234 221 General and administrative expenses (including stock option expense) 67 54 68 55 Non-cash reclamation provision and sustaining leases (v) 16 18 15 18 All-in sustaining costs per ounce (by-product basis) $ 1,289 $ 1,169 $ 1,235 $ 1,179 By-product metal revenues 46 41 44 35 All-in sustaining costs per ounce (co-product basis) $ 1,335 $ 1,210 $ 1,279 $ 1,214 Notes: (i) Gold production for the three and six months ended June 30, 2025 excludes 858 and 2,669 ounces of payable production of gold at La India and 39 and 64 ounces of payable production of gold at Creston Mascota, respectively, 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 for the three and six months ended June 30, 2025 is $1.4 and $2.5 million, respectively, 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 50% of the 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 Accounting Standards. 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 and six months ended June 30, 2025, and June 30, 2024. Three Months Ended June 30, Six Months Ended June 30, (thousands) 2025 2024 2025 2024 Net income for the period - basic $ 1,068,711 $ 472,016 $ 1,883,442 $ 819,208 Dilutive impact of cash settling LTIP 2,939 — — 2,062 Net income for the period - diluted $ 1,071,650 $ 472,016 $ 1,883,442 $ 821,270 Foreign currency translation (gain) loss (11,571) 363 (11,631) (4,184) Realized and unrealized (gain) loss on derivative financial instruments (125,264) 19,608 (194,123) 65,543 Environmental remediation 14,234 3,108 21,965 4,907 Net loss on disposal of property, plant and equipment 6,459 16,819 12,105 20,366 Purchase price allocation to inventory 1,466 — 2,534 — Impairment loss (i) — — 10,554 — Debt extinguishment costs 5,407 — 5,407 — Other (ii) 2,077 13,215 2,077 13,215 Income and mining taxes adjustments (iii) 14,261 10,139 13,558 (6,316) Adjusted net income for the period - basic $ 975,780 $ 535,268 $ 1,745,888 $ 912,739 Adjusted net income for the period - diluted $ 978,719 $ 535,268 $ 1,745,888 $ 914,801 Notes: (i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate. (ii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative period. (iii) 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 Accounting Standards. 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 and six months ended June 30, 2025, and June 30, 2024. Three Months Ended June 30, Six Months Ended June 30, (thousands) 2025 2024 2025 2024 Net income for the period $ 1,068,711 $ 472,016 $ 1,883,442 $ 819,208 Finance costs 27,429 34,473 49,873 70,738 Amortization of property, plant and mine development 376,956 378,389 793,756 735,614 Income and mining tax expense 547,908 238,190 927,748 380,046 EBITDA 2,021,004 1,123,068 3,654,819 2,005,606 Foreign currency translation (gain) loss (11,571) 363 (11,631) (4,184) Realized and unrealized (gain) loss on derivative financial instruments (125,264) 19,608 (194,123) 65,543 Environmental remediation 14,234 3,108 21,965 4,907 Net loss on disposal of property, plant and equipment 6,459 16,819 12,105 20,366 Purchase price allocation to inventory 1,466 — 2,534 — Impairment loss (i) — — 10,554 — Debt extinguishment costs 5,407 — 5,407 — Other (ii) 2,077 13,215 2,077 13,215 Adjusted EBITDA $ 1,913,812 $ 1,176,181 $ 3,503,707 $ 2,105,453 Notes: (i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate. (ii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative period. 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 Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards 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 Accounting Standards 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 and six months ended June 30, 2025, and June 30, 2024. Three Months Ended June 30, Six Months Ended June 30, (thousands, except where noted) 2025 2024 2025 2024 Cash provided by operating activities $ 1,845,488 $ 961,336 $ 2,889,734 $ 1,744,511 Additions to property, plant and mine development (540,476) (404,098) (990,600) (791,685) Free cash flow 1,305,012 557,238 1,899,134 952,826 Changes in income taxes (478,106) (46,426) (301,367) (46,802) Changes in inventory 53,061 37,028 22,144 8,856 Changes in other current assets 38,152 84,118 6,762 57,500 Changes in accounts payable and accrued liabilities (139,082) (47,908) (76,590) 6,082 Changes in interest payable 12,573 (1,900) 793 (6,831) Free cash flow before changes in non-cash components of working capital $ 791,610 $ 582,150 $ 1,550,876 $ 971,631 Additions to property, plant and mine development 540,476 404,098 990,600 791,685 Cash provided by operating activities before changes in non-cash components of working capital $ 1,332,086 $ 986,248 $ 2,541,476 $ 1,763,316 Cash provided by operating activities per share - basic $ 3.67 $ 1.92 $ 5.75 $ 3.50 Cash provided by operating activities before changes in non-cash components of working capital per share - basic $ 2.65 $ 1.97 $ 5.06 $ 3.54 Free cash flow per share - basic $ 2.60 $ 1.12 $ 3.78 $ 1.91 Free cash flow before changes in non-cash components of working capital per share - basic $ 1.58 $ 1.17 $ 3.09 $ 1.95 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 Accounting Standards. 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 Accounting Standards 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 and six months ended June 30, 2025 and June 30, 2024. (thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sustaining capital expenditures $ 233,600 $ 199,538 $ 401,676 $ 386,023 Sustaining capitalized exploration 5,514 5,802 9,962 9,924 Development capital expenditures 226,646 173,366 412,870 327,744 Development capitalized exploration 72,175 28,596 132,679 55,629 Total Capital Expenditures $ 537,935 $ 407,302 $ 957,187 $ 779,320 Working capital adjustments 2,541 (3,204) 33,413 12,365 Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows $ 540,476 $ 404,098 $ 990,600 $ 791,685 Net cash (debt) Net cash (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 cash (debt) is useful to help investors determine the Company's overall cash (debt) position and to evaluate the future debt capacity of the Company. The Company has changed the label for this non-GAAP measure "net debt" to "net cash (debt)" as the Company believes that reporting a positive net cash position is more clear and understandable to readers than a negative net debt position. The Company's method of calculating this non-GAAP measure has not changed. The following table sets out a reconciliation of long-term debt per the condensed interim consolidated balance sheets to net cash (debt) as at June 30, 2025, and December 31, 2024. As at As at (thousands) June 30, 2025 December 31, 2024 Current portion of long-term debt per the condensed interim consolidated balance sheets $ (50,000) $ (90,000) Non-current portion of long-term debt (544,614) (1,052,956) Long-term debt $ (594,614) $ (1,142,956) Cash and cash equivalents $ 1,557,565 $ 926,431 Net cash (debt) $ 962,951 $ (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 Accounting Standards measure. Forward-Looking Statements The information in this news release has been prepared as at July 30, 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 Nicolas; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic; 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, production, closure and other capital costs and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; 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 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 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 and included in the Form 40-F filed on EDGAR at 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 Eclipse zone and East Gouldie and Odyssey deposits at Odyssey mine Drill hole Deposit / zone From (metres) To (metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped) Gold grade (g/t) (capped)* MEX25-329 Eclipse 1,700.0 1,707.7 1,507 7.2 4.3 4.3 and Eclipse 1,711.0 1,726.0 1,519 14.0 3.8 3.8 including 1,716.4 1,719.0 1,518 2.5 10.3 10.3 MEX24-322WAZA East Gouldie 2,128.0 2,177.9 1,947 36.2 3.4 3.4 including 2,141.0 2,148.4 1,940 5.3 8.1 8.1 MEX24-322WBZ East Gouldie 2,235.5 2,252.5 1,993 12.9 3.5 3.5 and East Gouldie 2,258.6 2,284.0 2,013 19.2 3.5 3.5 UGEG-075-046 East Gouldie 552.5 570.5 882 17.7 5.7 5.7 including East Gouldie 557.1 565.0 882 7.7 8.9 8.9 CHL25-2949 East Gouldie 1,893.0 1,939.2 1,756 17.0 2.8 2.8 UGOD-054-056 Odyssey internal 336.4 371.5 751 29.9 2.6 2.6 MEV25-301 Odyssey internal 457.5 484.4 396 27.0** 7.0 4.9 UGOD-016-311 Odyssey South 265.7 283.0 403 16.1 4.8 4.8 including 270.0 277.4 402 6.9 8.0 8.0 UGOD-041-060 Odyssey internal 10.0 20.5 394 10.5** 9.2 9.1 UGOD-041-063 Odyssey internal 12.0 18.0 387 6.0** 16.1 13.8 UGOD-046-017 Odyssey North 140.5 153.9 408 13.1 4.6 4.6 *Results from Eclipse, East Gouldie and Odyssey use a capping factor of 20 g/t gold. **Core length. True width undetermined. West Pit and West Extension zones at Detour Lake Drill hole Zone From (metres) To (metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped)* DLM24-1030 West Pit 169.1 206.7 157 32.3 2.9 DLM25-1073 West Extension 640.9 670.0 525 26.5 2.0 DLM25-1079A West Pit Underground 620.0 700.8 537 73.2 1.8 and West Pit Underground 716.0 767.4 599 46.9 2.2 including 761.9 767.4 616 5.0 10.7 DLM25-1094 West Extension 611.8 742.0 595 113.6 1.7 including 705.0 711.5 620 5.7 8.2 DLM25-1095 West Pit Underground 444.0 507.7 368 59.2 1.8 including 455.0 461.0 355 5.6 8.4 and West Pit Underground 615.1 618.8 468 3.5 13.7 DLM25-1101 West Pit Underground 640.0 686.3 525 42.6 2.3 including 646.8 660.6 518 12.7 4.9 DLM25-1103A West Extension 572.0 689.0 554 99.7 1.4 including 619.0 625.0 547 5.1 10.8 DLM25-1142C West Pit Underground 492.0 565.0 416 67.2 3.4 including 492.0 495.0 390 2.7 65.4 *Results from Detour Lake are uncapped. Madrid deposit at Hope Bay Drill hole Zone From (metres) To (metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped) Gold grade (g/t) (capped)* HBM25-300 Patch 7 378.4 387.2 285 6.2 7.3 7.3 HBM25-311 Patch 7 285.5 292.0 284 4.4 16.1 16.1 including 289.2 290.0 285 0.5 66.9 66.9 HBM25-314A Patch 7 972.5 977.0 766 3.2 7.4 7.4 including 975.9 977.0 767 0.8 22.0 22.0 HBM25-324 Patch 7 394.0 405.5 302 10.8 4.4 4.4 HBM25-325 Patch 7 356.2 375.2 312 12.2 5.7 5.7 HBM25-337 Patch 7 723.0 728.0 592 4.7 8.0 8.0 including 726.0 726.5 592 0.5 29.7 29.7 HBM25-339 Suluk 661.0 669.0 510 6.9 8.5 8.5 including 663.0 664.0 509 0.9 21.8 21.8 HBM25-345 Patch 7 954.0 964.0 735 8.7 3.3 3.3 and Patch 7 987.6 997.0 754 8.4 53.3 25.7 including 988.5 991.4 753 2.6 105.9 38.4 HBM25-348 Patch 7 445.0 450.5 404 3.5 6.3 6.3 *Results from Madrid use a capping factor ranging from 50 g/t gold to 75 g/t gold depending on the zone. Tiriganiaq, Wesmeg and Wesmeg North deposits at Meliadine Drill hole Deposit Lode / zone From (metres) To (metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped) Gold grade (g/t) (capped)* M25-4274A Tiriganiaq 1015 1,136.0 1,138.0 1,086 1.5 20.3 20.3 ML425-9085-D3 Tiriganiaq 1350 208.6 220.3 710 10.3 8.8 5.8 including 208.6 212.7 710 3.6 21.1 12.5 ML425-9085-D7 Tiriganiaq 1000 285.9 289.7 795 2.8 20.7 20.7 ML425-9950-D11 Tiriganiaq 1000 508.5 515.4 955 6.0 6.2 6.2 ML425-9085-D19 Tiriganiaq 1000 297.0 303.0 790 5.2 14.5 14.5 ML425-9085-D21A Tiriganiaq 1360 204.0 209.2 695 4.7 12.0 10.3 including 204.0 206.0 694 1.8 25.6 21.0 and Tiriganiaq 1050 293.0 297.6 760 4.3 11.6 11.6 ML425-9204-D22 Tiriganiaq 1050 219.0 224.4 696 4.7 27.0 26.4 including 220.0 221.0 695 0.9 103.0 100.0 ML425-9858-D11 Tiriganiaq 1015 376.0 381.0 791 4.3 13.3 13.3 ML425-10300-D2 Wesmeg 650 451.0 458.0 756 6.8 6.2 6.2 ML425-10352-D6 Wesmeg N 953 195.8 202.0 532 6.1 10.1 8.3 including 195.8 196.8 532 1.0 51.0 40.0 ML575-9027-D3 Wesmeg N 930 68.0 75.0 573 6.1 5.0 5.0 *Results from Meliadine use a capping factor ranging from 20 g/t to 100 g/t gold depending on the zone. Main and Sisar zones at Kittila Drill hole Zone From (metres) To metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped) RIE24-700K Main / Seuru 535.1 541.3 1,410 2.3 8.4 ROD24-700B Main / Rimpi 341.0 370.0 1,457 12.9 12.2 ROD24-700C Main / Rimpi 332.0 348.9 1,444 10.8 10.4 ROD24-700E Main / Roura 342.0 381.0 1,465 16.5 7.3 including 344.0 354.7 1,465 4.5 13.1 including 370.0 380.0 1,465 4.3 8.8 and Sisar Deep / Roura 885.0 903.3 1,854 10.5 4.7 ROD24-700G Main / Roura 341.2 376.3 1,464 15.9 11.5 ROU25-601 Main / Roura 334.8 344.0 1,457 4.4 6.0 * Results from Kittila are uncapped. Exploration Drill Collar Coordinates Drill hole UTM East* UTM North* Elevation (metres above sea level) Azimuth (degrees) Dip (degrees) Length (metres) Odyssey mine MEX25-329 718603 5334758 308 213 -64 2,121 MEX24-322WAZA 718617 5334759 309 215 -70 2,333 MEX24-322WBZ 718617 5334759 309 215 -70 2,415 UGEG-075-046 717717 5334079 -341 164 -30 750 CHL25-2949 717261 5335235 308 173 -69 2,406 UGOD-054-056 717998 5334290 -229 351 -40 454 MEV25-301 719132 5333939 334 4 -64 675 UGOD-016-311 718856 5333907 113 41 -50 357 UGOD-041-060 718363 5334465 -73 148 -47 327 UGOD-041-063 718364 5334465 -72 138 -19 231 UGOD-046-017 718077 5334259 -146 356 17 192 Detour Lake DLM24-1030 587489 5541475 285 176 -57 324 DLM25-1073 586362 5542050 292 179 -61 801 DLM25-1079A 589167 5541620 284 178 -58 789 DLM25-1094 586842 5541908 304 176 -70 900 DLM25-1095 589066 5541581 283 178 -54 651 DLM25-1101 589068 5541621 283 178 -57 801 DLM25-1103A 586923 5541890 306 176 -69 825 DLM25-1142C 589290 5541647 284 180 -56 810 Hope Bay HBM25-300 435530 7548424 25 253 -50 744 HBM25-311 435171 7548309 26 93 -81 532 HBM25-314A 435586 7548826 26 248 -53 1,143 HBM25-324 434632 7548972 26 83 -54 811 HBM25-325 435190 7548130 26 101 -68 564 HBM25-337 434981 7547864 37 93 -67 906 HBM25-339 434013 7549817 47 72 -62 1,053 HBM25-345 434334 7548811 51 77 -64 1,127 HBM25-348 434871 7548717 39 54 -75 760 Meliadine M25-4274A 540074 6989206 66 170 -85 1,230 ML425-9085-D3 539085 6988949 -464 195 -62 582 ML425-9085-D7 539085 6988949 -464 207 -70 396 ML425-9950-D11 539950 6989006 -421 198 -77 531 ML425-9085-D19 539085 6988949 -464 204 -66 351 ML425-9085-D21A 539085 6988949 -464 209 -58 351 ML425-9204-D22 539203 6988938 -451 189 -57 339 ML425-9858-D11 539861 6988955 -404 204 -63 424 ML425-10300-D2 540300 6988596 -339 175 -62 552 ML425-10352-D6 539085 6988949 -464 205 -21 339 ML575-9027-D3 539027 6988523 -493 141 -13 171 Kittila RIE24-700K 2558637 7539598 -711 90 -59 541 ROD24-700B 2558696 7538459 -949 91 -60 892 ROD24-700C 2558696 7538459 -949 91 -60 772 ROD24-700E 2558696 7538459 -949 91 -60 1,062 ROD24-700G 2558696 7538459 -949 91 -60 1,113 ROU25-601 2558699 7538359 -963 106 -56 450 *Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake; NAD 1983 UTM Zone 13N for Hope Bay; NAD 1983 UTM Zone 14N for Meliadine; and Finnish Coordinate System KKJ Zone 2 for Kittila. 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income - key line items: Revenue from mine operations: LaRonde mine 238,043 132,888 457,409 276,505 LZ5 73,034 37,414 132,751 80,029 LaRonde 311,077 170,302 590,160 356,534 Canadian Malartic 497,217 418,472 919,264 746,589 Goldex 115,280 83,536 211,249 155,920 Quebec 923,574 672,310 1,720,673 1,259,043 Detour Lake 545,174 359,416 989,060 702,373 Macassa 260,231 153,476 495,893 292,869 Ontario
