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Cision Canada
24-04-2025
- Business
- Cision Canada
AGNICO EAGLE REPORTS FIRST QUARTER 2025 RESULTS - STRONG QUARTERLY OPERATIONAL AND FINANCIAL PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY STRONG FREE CASH FLOW GENERATION; 16TH ANNUAL SUSTAINABILITY REPORT RELEASED
Stock Symbol: AEM (NYSE and TSX) (All amounts expressed in U.S. dollars unless otherwise noted) TORONTO, April 24, 2025 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2025. "We've had an excellent start to the year with another quarter of strong operating and financial results. This performance has allowed us to further strengthen our balance sheet and has positioned us well for the remainder of the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We remain focused on execution and cost control to continue delivering expanding operating margins in a rising gold price environment. This enables us to reinvest in the business through exploration and the advancement of our five key pipeline projects, while continuing to strengthen our financial position and increase returns to shareholders," added Mr. Al-Joundi. First quarter 2025 highlights: Strong quarterly gold production and cost performance – Payable gold production 1 was 873,794 ounces at production costs per ounce of $879, total cash costs per ounce 2 of $903 and all-in sustaining costs ("AISC") per ounce 2 of $1,183. The strong operational performance in the first quarter of 2025, led by Canadian Malartic, LaRonde, Macassa and the Nunavut operations, positions the Company well for 2025. Full year production and cost guidance remains unchanged Record quarterly adjusted net income and strong free cash flow generation – The Company reported quarterly net income of $815 million or $1.62 per share and record adjusted net income 3 of $770 million or $1.53 per share. The Company generated cash provided by operating activities of $1,044 million or $2.08 per share ($1,209 million or $2.41 per share of cash provided by operating activities before changes in non-cash components of working capital 4) and free cash flow 4 of $594 million or $1.18 per share ($759 million or $1.51 per share of free cash flow before changes in non-cash components of working capital 4) Strengthening investment grade balance sheet – The Company increased its cash position by $212 million to $1,138 million and approached a zero net debt position. At the end of the first quarter of 2025, total debt outstanding was $1,143 million and net debt 5 was reduced to $5 million. In addition, in February 2025, Moody's revised its rating outlook for the Company to positive from stable and re-affirmed the Company's long-term issuer rating of Baa1 Continued focus on shareholder returns – A quarterly dividend of $0.40 per share has been declared. In addition, the Company repurchased 488,047 common shares during the quarter at an average share price of $102.44 for aggregate consideration of $50 million under its normal course issuer bid ("NCIB"). The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms, and intends to increase the limit of purchases under the NCIB to $1 billion of common shares. Additional details will be provided at the time of the renewal 2024 Sustainability Report published – The Company continues to demonstrate its commitment to sustainability and released its 2024 Sustainability Report on April 24, 2025 Update on key value drivers and pipeline projects Canadian Malartic – In the first quarter of 2025, ramp development reached the bottom of the first mining horizon at East Gouldie. Excavation of the mid-shaft loading station between levels 102 and 114 commenced and the temporary service hoist was commissioned. Exploration drilling continued to extend the East Gouldie deposit to the east and extend the newly discovered, sub-parallel Eclipse zone. The Company also completed the acquisition of O3 Mining Inc. ("O3 Mining") in the first quarter of 2025 – additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 metres of drilling at the Marban deposit, which is located immediately northeast of the Canadian Malartic property Detour Lake – In the first quarter of 2025, construction of the temporary infrastructure for the underground project advanced and the excavation of overburden for the exploration ramp portal was completed. The permit to take water was received in April 2025 and excavation of the ramp is expected to commence in the coming weeks. Exploration drilling into the high-grade corridor in the West Pit zone further defined the high-grade domains that could potentially be mined early in the underground project. Drilling into the West Extension zone at underground depths near the planned ramp returned highlight intersections of 3.0 grams per tonne ("g/t") gold over 44.5 metres at 585 metres depth and 3.9 g/t gold over 17.6 metres at 624 metres depth Upper Beaver – In the first quarter of 2025, the box cut for the exploration ramp was completed and installation of the steel structure for the head frame and construction of the hoist room advanced. Work is progressing on schedule, with excavation of the exploration ramp and the sinking of the exploration shaft expected to commence in the fourth quarter of 2025 Patch 7 at Hope Ba y – In the first quarter of 2025, exploration drilling at Hope Bay totalled 29,450 metres with a focus on the Patch 7 and Suluk zones at the Madrid deposit. Recent results continue to demonstrate continuity within the known zones and support the potential for mineral resource expansion at depth and along strike, with a highlight intersection of 24.1 g/t gold over 9.5 metres at 636 metres depth in the gap area between Patch 7 and Suluk San Nicolás project – In the first quarter of 2025, Minas de San Nicolás continued working on a feasibility study, with completion expected in the second half of 2025 ________________________________ 1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. Payable gold production for the three months ended March 31, 2025 excludes payable gold production at La India and Creston Mascota of 1,811 and 25 ounces, respectively, which were produced from residual leaching. 2 Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see "Note Regarding Certain Measures of Performance" below. 3 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. 4 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see "Note Regarding Certain Measures of Performance" below. 5 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see "Note Regarding Certain Measures of Performance" below. First Quarter 2025 Results Conference Call and Webcast Tomorrow The Company's senior management will host a conference call on Friday, April 25, 2025, at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results. Via Webcast: To listen to the live webcast of the conference call, you may register on the Company's website at 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 36377#. The conference call replay will expire on May 25, 2025. The webcast, along with presentation slides, will be archived for 180 days on the Company's website. Annual Meeting The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 25, 2025 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities. The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online at: For details explaining how to attend, communicate and vote virtually at the AGM see the Company's Management Information Circular dated March 24, 2025, filed under the Company's profile on SEDAR+ at and on EDGAR at Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone at 1.888.822.6714 or by email at [email protected] or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or by e-mail at [email protected]. First Quarter 2025 Production and Costs Production and Cost Results Summary Three Months Ended March 31, 2025 2024 Gold production* (ounces) 873,794 878,652 Gold sales (ounces) 842,965 879,063 Production costs per ounce** $ 879 $ 892 Total cash costs per ounce** $ 903 $ 901 AISC per ounce** $ 1,183 $ 1,190 *Gold production for the three months ended March 31, 2025 excludes payable gold production at La India and Creston Mascota of 1,811 and 25 ounces, respectively, which were produced from residual leaching. ** Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis. Gold Production Gold production decreased slightly in the first quarter of 2025 when compared to the prior-year period primarily due to lower production at Canadian Malartic, partially offset by higher production at LaRonde and Macassa. Canadian Malartic performed better-than-planned in the first quarter of 2025 – the decrease in gold production when compared to the prior-year period was primarily due to lower gold grades at the Barnat pit. Production Costs per Ounce Production costs per ounce decreased in the first quarter of 2025 when compared to the prior-year period primarily due to higher gold production at LaRonde and Macassa, the timing of inventory sales at LaRonde and Meliadine and the weakening Canadian dollar relative to the U.S. dollar between periods, partially offset by higher royalties arising from higher gold prices and lower gold production at Canadian Malartic. Total Cash Costs per Ounce Total cash costs per ounce increased slightly in the first quarter of 2025 when compared to the prior-year period due to higher royalties arising from higher gold prices and lower gold production at Canadian Malartic, partially offset by higher gold production at LaRonde and Macassa and the impact of a weakening Canadian dollar relative to the U.S. dollar between periods. The Company still expects total cash costs per ounce for the full year 2025 to be in the range of $915 to $965. AISC per Ounce AISC per ounce decreased in the first quarter of 2025 when compared to the prior-year period due to lower sustaining capital expenditures primarily related to lower deferred development costs at Detour Lake, partially offset by higher general and administrative expenses. AISC per ounce in the first quarter of 2025 was lower than planned primarily due to the deferral of certain sustaining capital expenditures at Detour Lake and Canadian Malartic until later in 2025. AISC per ounce is expected to be higher in the remainder of 2025 and the Company still expects consolidated AISC per ounce for the full year 2025 to be in the range of $1,250 to $1,300. First Quarter 2025 Financial Results _____________________________________ 6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. 7"EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. 8 Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below. Net income increased in the first quarter of 2025 when compared to the prior-year period primarily due to record operating margins from higher realized gold prices and lower production costs, partially offset by lower gold sales and higher income and mining taxes expense in the current period. Net income in the first quarter of 2025 of $815 million ($1.62 per share) includes the following items (net of tax): net gains on derivative financial instruments and other investments of $46 million ($0.09 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $11 million ($0.02 per share), net asset disposal losses of $5 million ($0.01 per share), and reclamation and other adjustments totaling $7 million ($0.01 per share). Excluding these items results in adjusted net income of $770 million or $1.53 per share for the first quarter of 2025. Adjusted EBITDA Adjusted EBITDA increased in the first quarter of 2025 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher general and administrative expenses. Cash Provided by Operating Activities Cash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital both increased in the first quarter of 2025 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher income and mining taxes expense in the current period. Free Cash Flow Before Changes in Non-Cash Components of Working Capital Free cash flow before changes in non-cash components of working capital was a record in the first quarter of 2025 and increased when compared to the prior-year period primarily due to the reasons described above with respect to cash provided by operating activities, partially offset by higher capital expenditures. Capital Expenditures The following table sets out a summary of capital expenditures, in each case broken down as between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the first quarter of 2025. Summary of Capital Expenditures* (thousands) Capital Expenditures** Capitalized Exploration Three Months Ended Three Months Ended Mar 31, 2025 Mar 31, 2025 Sustaining Capital Expenditures LaRonde $ 17,503 $ 894 Canadian Malartic 24,802 359 Goldex 13,702 531 Quebec 56,007 1,784 Detour Lake 35,858 — Macassa 8,531 416 Ontario 44,389 416 Meliadine 14,394 855 Meadowbank 23,368 — Nunavut 37,762 855 Fosterville 12,630 — Australia 12,630 — Kittila 9,431 725 Finland 9,431 725 Pinos Altos 6,375 275 Mexico 6,375 275 Other 1,482 393 Total Sustaining Capital Expenditures $ 168,076 $ 4,448 Development Capital Expenditures LaRonde $ 16,943 $ — Canadian Malartic 50,871 5,833 Goldex 1,981 497 Quebec 69,795 6,330 Detour Lake 53,932 8,768 Macassa 21,817 10,474 Ontario 75,749 19,242 Meliadine 11,490 4,601 Meadowbank 1,325 — Nunavut 12,815 4,601 Fosterville 7,470 2,375 Australia 7,470 2,375 Kittila 905 1,227 Finland 905 1,227 Pinos Altos 2,911 12 San Nicolás (50%) 2,085 — Mexico 4,996 12 Other 14,494 26,717 Total Development Capital Expenditures $ 186,224 $ 60,504 Total Capital Expenditures $ 354,300 $ 64,952 *Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below. **Excludes capitalized exploration 2025 Guidance Reiterated The Company is well positioned to achieve its 2025 gold production guidance of approximately 3.3 to 3.5 million ounces, its 2025 total cash costs per ounce guidance of $915 to $965 and its 2025 AISC per ounce guidance of $1,250 to $1,300. Total expected capital expenditures (excluding capitalized exploration) for 2025 are still estimated to be between $1.75 billion to $1.95 billion. Tariffs On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments have announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs have been postponed and exceptions to such tariffs have been made in respect of certain goods. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remains fluid. At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented, or other trade disputes. However, approximately 60% of the Company's cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company's supply chains, the Company will continue to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances. The costs guidance provided in the Company's news release dated February 13, 2025 does not include any potential impact from such tariffs or trade disputes. Net Debt Reduced Through Continued Strong Free Cash Flow Generation Cash and cash equivalents increased by $212 million when compared to the prior quarter primarily due to higher cash provided by operating activities before changes in non-cash components of working capital as a result of higher operating margins from higher realized gold prices and lower production costs as well as less cash used in financing activities as $325 million of debt was repaid in the prior quarter, partially offset by unfavourable changes in non-cash components of working capital in the current period which includes a cash tax payment related to the 2024 taxation year of approximately $400 million. As at March 31, 2025, the Company's total long-term debt was $1,143 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature. In February 2025, Moody's revised its rating outlook for the Company to positive from stable and re-affirmed the Company's long-term issuer rating of Baa1, reflecting the Company's strengthening credit profile and financial position. Net debt decreased in the first quarter of 2025 when compared to the prior quarter due to the increase in cash and cash equivalents of $212 million. The following table sets out the calculation of net debt, which was reduced to $5 million in the first quarter of 2025. Hedges Based on the Company's currency assumptions used for 2025 cost estimates: approximately 57% of the Company's remaining estimated Canadian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.37 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.43 C$/US$, approximately 27% of the Company's remaining estimated Euro exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.09 US$/EUR, while allowing for participation in respect of exchange rate movements down to an average of 1.05 US$/EUR, approximately 60% of the Company's remaining estimated Australian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.50 A$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.70 A$/US$, and approximately 45% of the Company's remaining estimated Mexican peso exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 24.00 MXP/US$. The Company's full year 2025 cost guidance is based on assumed exchange rates of 1.38 C$/US$, 1.08 US$/EUR, 1.50 A$/US$ and 20.00 MXP/US$. Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2024 sealift, approximately 64% of the Company's remaining estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to continue to reduce the Company's exposure to diesel price volatility for 2025. The Company's full year 2025 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes). The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for the balance of 2025. Current hedging positions are not factored into 2025 or future guidance. Shareholder Returns Dividend Record and Payment Dates for the Second Quarter of 2025 The Company's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on June 16, 2025 to shareholders of record as of May 30, 2025. Agnico Eagle has declared a cash dividend every year since 1983. Expected Dividend Record and Payment Dates for the 2025 Fiscal Year Record Date Payment Date February 28, 2025* March 14, 2025* May 30, 2025** June 16, 2025** September 2, 2025 September 15, 2025 December 1, 2025 December 15, 2025 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 In the first quarter of 2025, the Company repurchased 488,047 common shares at an average share price of $102.44 for aggregate consideration of $50 million under the NCIB. The Company believes that its NCIB is a flexible and complementary tool that, together with its quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. The Company can purchase up to $500 million of its common shares under the NCIB, subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2024. The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms, and intends to increase the limit of purchases under the NCIB to $1 billion of common shares. Additional details will be provided at the time of the renewal. Continued Commitment to Strong Sustainability Performance Demonstrated in 2024 Sustainability Report On April 24, 2025, the Company released its 2024 Sustainability Report (the "Report") which provides an update on the Company's strategy, practices and risk management approach in the areas of health, safety and sustainability. This marks the 16th year that the Company has produced a detailed account of its sustainability performance. The Report includes mining industry-specific indicators from the Sustainability Accounting Standards Board (SASB) Metals and Mining disclosures and metrics, and certain indicators in reference to the Global Reporting Initiative (GRI) standards. The theme of the Report, "Global Approach, Regional Focus", reflects the Company's commitment to remain deeply rooted in and supportive of the regions in which it operates as it expands and evolves as a global organization. Having strong sustainability performance – The Company continued its "Towards Zero Accidents" initiative by focusing on visible felt leadership, risk identification and mitigation and employee training. Performance was maintained or improved across many other key factors including zero significant environmental incidents and increased employee engagement results Approach to climate change – The Company's decarbonization efforts are focused on energy efficiency, technology transition and increased use of renewable energy. In 2024, the Company maintained its position among the gold industry leaders in greenhouse gas emissions performance with an intensity of 0.38 tCO2e per ounce of gold Remaining committed to reconciliation with Indigenous communities – The Company launched its inaugural Reconciliation Action Plan in 2024, the first of its kind published by a Canadian mining company, which sets out the Company's approach to reconciliation with Indigenous communities. This comprehensive strategy reinforces the Company's dedication to fostering positive relationships and supporting Indigenous peoples globally Investing in communities – Being a trusted and valued member of the communities associated with the Company's operations remains a fundamental principle and priority for the Company. In 2024, the Company's donations and sponsorships to local organizations were approximately $11 million and the Company spent approximately $1.9 billion on locally sourced goods and services, approximately $1 billion of which went to Indigenous businesses Mining responsibly – The Company is committed to being a responsible miner and contributing to the sustainable development of the regions in which it operates. The Company upholds recognized international sustainability frameworks, including Towards Sustainable Mining (TSM), Responsible Gold Mining Principles (RGMP), the Voluntary Principles on Security and Human Rights (VPSHRs) and the Conflict-Free Gold Standard Being an employer of choice – The Company focused on leadership training, creating growth opportunities for its Indigenous workforce and supporting the next generation of workers with scholarships and training opportunities The Company's 2024 Sustainability Report can be accessed here. Canadian Malartic The Company continues to advance the transition to underground mining with the construction of the Odyssey mine and work on several opportunities with a vision to potentially grow annual production to one million ounces per year in the 2030s. These opportunities include the potential for a second shaft at Odyssey, the development of a satellite open pit at Marban and the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively. Odyssey In the first quarter of 2025, ramp development continued to progress ahead of schedule. The ramp towards the mid-shaft loading station reached a depth of 1,012 metres as at March 31, 2025 and is expected to connect to the mid-shaft loading station at level 102 in the third quarter of 2025. The main ramp towards the shaft bottom reached a depth of 965 metres. In the first quarter of 2025, the shaft reached level 111 at a depth of 1,113 metres on schedule. Excavation of the mid-shaft loading station was initiated and is expected to continue through the remainder of 2025. The level 111 station was excavated and is being prepared for steel installation, while excavation of the loading pocket at level 112 commenced. In the first quarter of 2025, construction progressed on schedule and on budget. Construction of the temporary loading station at level 64 and the commissioning of the service hoist were completed. The service hoist, which will support the transportation of people, materials and waste, is expected to ramp-up to its design capacity of 3,500 tonnes per day ("tpd") in the second quarter of 2025. At the main hoist building, the concrete foundation for the production hoist was poured. The structural steel and exterior cladding of the main office and service building was completed in the quarter and work shifted to the interior and to the mechanical and electrical installation. Construction of the main office building is expected to be completed by the first quarter of 2026. Exploration drilling ramped up at Odyssey during the first quarter of 2025. Thirteen underground rigs and fourteen surface rigs drilled a total of 53,376 metres that targeted the eastern and depth extensions of the East Gouldie deposit, the new Eclipse zone and portions of the Odyssey deposit near the Odyssey shaft. Regional exploration continued to investigate several targets along the 16-kilometre long land package around the mine. Drilling into the lower eastern extension of the East Gouldie deposit at the edge of the current mineralized envelope was highlighted by hole MEX24-322WAZ intersecting 5.3 g/t gold over 27.4 metres at 1,840 metres depth, including 9.9 g/t gold over 8.5 metres at 1,842 metres depth, and hole MEX24-322WA intersecting 6.6 g/t gold over 17.7 metres at 1,886 metres depth. Follow-up drilling at a 300 metre drill spacing is underway to further assess the eastward potential of the deposit between approximately 1,700 and 2,000 metres depth. The drilling program is also investigating the interpreted junction at depth of the East Gouldie mineralized envelope and the Sladen Fault in what has been named the Keel structure, with hole UGEG-075-038 intersecting 2.2 g/t gold over 58.2 metres at 1,948 metres depth within the Keel structure, including 3.2 g/t gold over 21.7 metres at 1,976 metres depth, approximately 200 metres below the current planned maximum depth of the Odyssey shaft. Additional drilling is underway to further test the north-south and east-west continuities of the Keel structure. Follow-up drilling into the newly discovered, sub-parallel Eclipse zone, which is located 50 to 100 metres north of the eastern portion of the East Gouldie mineralized corridor and extends from approximately 1,200 metres to 1,900 metres below surface, was highlighted by hole MEX24-325Z intersecting 3.7 g/t gold over 59.7 metres at 1,413 metres depth, including 6.3 g/t gold over 6.0 metres at 1,384 metres depth and 7.8 g/t gold over 7.8 metres at 1,398 metres depth. Underground conversion drilling into the upper eastern extension of the East Gouldie deposit was highlighted by hole UGEG-071-009 intersecting 3.7 g/t gold over 17.3 metres at 766 metres depth. The Company believes this area has the potential to add indicated mineral resources and potentially mineral reserves to East Gouldie by year-end. Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in Appendix A. Marban On March 18, 2025, the Company completed the acquisition of O3 Mining, consolidating the Marban deposit with the Canadian Malartic property, The Marban deposit is located approximately 13 kilometres northeast of the Canadian Malartic mill. As part of the Company's "fill-the-mill" strategy, additional funding of $5.5 million has been allocated for a first phase of exploration in 2025 that will include 24,000 metres of drilling at the Marban deposit to extend the areas of known mineralization with a focus on mineral reserve and mineral resource expansion. The Marban project is an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operations at Canadian Malartic. Detour Lake In the first quarter of 2025, the Company advanced the construction of the temporary infrastructure for the Detour Lake underground project and completed the excavation of the overburden. The contractor for the excavation of the exploration ramp was selected and started to mobilize. The permit to take water was received in April 2025 and excavation of the ramp is expected to commence in the second quarter of 2025. Exploration drilling at Detour Lake during the first quarter of 2025 totalled 46,900 metres of a planned 168,500 metres in 2025. The exploration program includes infill drilling into the high-grade corridor at underground depths in the West Pit zone and infill drilling into the West Extension zone at underground depths west of the West Pit mineral resources and next to the planned exploration ramp for the underground project. These results are expected to further strengthen the mineralization model supporting the underground project west of and under the open pit at Detour Lake. The drilling into the high-grade corridor in the West Pit zone during the first quarter further defined the high-grade domains that could potentially be mined earlier in the underground project within the larger lower grade envelope and continued to validate the current geological interpretation of the high-grade corridor. Highlights included: hole DLM25-1055 intersecting 8.0 g/t gold over 77.9 metres at 521 metres depth and 3.3 g/t gold over 23.4 metres at 601 metres depth; hole DLM25-1061 intersecting 27.4 g/t gold over 14.5 metres at 390 metres depth and 1.5 g/t gold over 85.3 metres at 583 metres depth; and hole DLM24-1034 intersecting 4.5 g/t gold over 48.9 metres at 575 metres depth and 12.2 g/t gold over 2.8 metres at 699 metres depth. Drilling into the West Extension zone in the western portion of current underground mineral resources near the planned ramp further confirmed the grades and continuity of mineralization in the western plunge of the deposit, with first quarter highlights that include hole DLM24-1029 intersecting 3.0 g/t gold over 44.5 metres at 585 metres depth and hole DLM25-1065 intersecting 3.9 g/t gold over 17.6 metres at 624 metres depth. Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in Appendix A. Upper Beaver A positive internal evaluation was completed in June 2024 for a standalone mine and mill scenario at Upper Beaver (see the Company's news release dated July 31, 2024). In the first quarter of 2025, installation of the structural steel for the exploration shaft head frame commenced. At the hoist room, the steel structure and cladding were completed during the quarter. Sinking of the exploration shaft is expected to commence in the fourth quarter of 2025. Excavation of the box cut for the ramp portal was completed during the quarter and excavation of the exploration ramp is expected to commence in the fourth quarter of 2025. The structure of the final water treatment plant was erected, with the installation of cladding and insulation currently underway. The water treatment plant is expected to be completed and commissioned in the third quarter of 2025. Hope Bay In the first quarter of 2025, the Company completed the site preparation for excavation of the Naartok East exploration ramp at Madrid, including construction of a dome and commissioning of electrical and compressed air systems. Excavation of the ramp progressed on schedule, with 203 metres of advance completed as at March 31, 2025. The 2.1-kilometre exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. The Company commenced dismantling the existing mill in preparation for the processing circuit contemplated in the ongoing technical evaluation. The flotation cells, the thickener and the reagent area were removed during the quarter and the deconstruction of the primary and secondary grinding circuits is ongoing. Exploration drilling at Hope Bay during the first quarter of 2025 totalled 29,450 metres with a focus on mineral resource expansion and conversion of the Patch 7 and Suluk zones within the Madrid deposit as a follow-up to the exploration success at Patch 7 during 2024. Results continued to demonstrate continuity within the known zones at Madrid and support the potential for mineral resource expansion at depth and along strike. Highlights included: hole HBM25-280 intersecting 24.1 g/t gold over 9.5 metres at 636 metres depth within the gap area between the Patch 7 and Suluk zones, demonstrating potential continuity between previously released drill hole HBM23-140 (12.7 g/t gold over 4.6 metres at 677 metres depth) and hole HBM24-183 (14.1 g/t gold over 5.0 metres at 577 metres depth). Further south and at shallow depths in Patch 7, hole HBM25-290 intersected 11.7 g/t gold over 4.6 metres at 172 metres depth and hole HBM25-301 intersected 19.9 g/t gold over 4.2 metres at 244 metres depth. Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in Appendix A. Both land-based and ice-based exploration drilling are ongoing at Madrid as part of the 110,000 metre drill program budgeted for Hope Bay in 2025. By mid-year, the drilling program is expected to be further supported by the completion of the extension of the gravel track that runs south alongside Patch Lake and the trend of gold mineralization. The completed track infrastructure is expected to reduce dependence on helicopter support going forward, reduce costs and improve productivity. San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited) In the first quarter of 2025, Minas de San Nicolás continued working on a feasibility study, with completion expected in the second half of 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study. Strong Production Driven by Higher Grades; Record Quarterly Gold Production and Development at Odyssey Abitibi Quebec – Operating Statistics Three Months Ended March 31, 2025 LaRonde Canadian Malartic Goldex Consolidated Abitibi Quebec Tonnes of ore milled (thousands) 675 4,865 792 6,332 Tonnes of ore milled per day 7,500 54,056 8,800 70,356 Gold grade (g/t) 4.53 1.10 1.41 1.50 Gold production (ounces) 91,491 159,773 30,016 281,280 Production costs per tonne (C$) C$ 183 C$ 35 C$ 63 C$ 54 Minesite costs per tonne (C$) 9 C$ 165 C$ 44 C$ 63 C$ 59 Production costs per ounce $ 947 $ 747 $ 1,155 $ 855 Total cash costs per ounce $ 745 $ 927 $ 959 $ 871 _______________________________ 9 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS and is reported on a per tonne of ore milled basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs see "Note Regarding Certain Measures of Performance" below. See the Company's Management Discussion and Analysis for the first quarter of 2025 (the "MD&A") under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. Regional Highlights Gold production in the quarter was higher than planned as a result of higher grades at LaRonde and the Barnat pit at Canadian Malartic, partially offset by lower volume milled. The higher gold grades at LaRonde were driven by positive grade reconciliation and a change in the mine sequencing. The higher gold grades at Canadian Malartic were a result of mining mineralized zones near historical underground stopes that returned higher grades than estimated At LaRonde Zone 5 ("LZ5"), the Company continued its automation initiatives and achieved its automation target of 30%. Approximately 1,140 tpd were moved during the quarter through automated scoops and trucks, which contributed to the strong overall performance of the site at an average of 3,450 tpd At Canadian Malartic, in-pit tailings deposition resumed in March 2025, and is expected to ramp up to its design capacity in the second quarter of 2025 At Odyssey South, total development during the quarter was a record at approximately 4,377 metres. Gold production was a quarterly record and in line with target at approximately 22,430 ounces of gold driven by higher ore mined of approximately 3,720 tpd compared to the target of 3,500 tpd. The increased use of remote-operated and automated equipment (including scoops, trucks, jumbos and cable bolters) was the main driver for exceeding the development and production targets in the first quarter of 2025. An update on Odyssey is set out in the Update on Key Value Drivers and Pipeline Projects section above At Goldex, record tonnage was processed during March 2025, driven by record tonnage processed from Akasaba West during the month. The target milling rate of 1,750 tpd from Akasaba West was exceeded during the quarter Goldex received a new certificate of authorization, increasing the maximum permitted daily processing throughput to 11,000 tpd from 9,500 tpd. While the guidance for the year remains unchanged, this certificate of authorization is expected to provide additional processing flexibility At LaRonde, a shutdown is scheduled for the second quarter of 2025 for 10 days to replace the liners at the SAG mill and for maintenance of the drystack filtration plant. Canadian Malartic has planned quarterly shutdowns in 2025 of four to five days for regular maintenance at the mill Detour Lake Achieved Seven Million Ounce Milestone Since the Start of the Open Pit; Record Quarterly Production and Development at Macassa Abitibi Ontario – Operating Statistics Three Months Ended March 31, 2025 Detour Lake Macassa Consolidated Abitibi Ontario Tonnes of ore milled (thousands) 6,630 148 6,778 Tonnes of ore milled per day 73,667 1,644 75,311 Gold grade (g/t) 0.81 18.50 1.20 Gold production (ounces) 152,838 86,028 238,866 Production costs per tonne (C$) C$ 29 C$ 483 C$ 39 Minesite costs per tonne (C$) C$ 31 C$ 536 C$ 42 Production costs per ounce $ 883 $ 579 $ 774 Total cash costs per ounce $ 946 $ 645 $ 838 See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. Regional Highlights Gold production in the quarter was on target driven by record quarterly production at Macassa, offsetting lower production at Detour Lake. Gold production at Macassa was higher than planned as a result of higher than anticipated grades from two production stopes. At Detour Lake, challenging and abnormal weather conditions and rope shovel availability affected the open pit operations in March 2025. The mill replaced the shortfall in ore from the pit with ore from low grade stockpiles which were planned to be processed later in the year, resulting in lower gold grades than planned in the quarter At Macassa, construction of the new paste plant was 97% complete at the end of the first quarter of 2025 and is on schedule for commissioning in the second quarter of 2025. In addition, underground development at Macassa achieved a record 5,800 metres in the quarter Detour Lake has scheduled major shutdowns, each lasting seven days, for regular mill maintenance in the second and fourth quarters of 2025. Macassa has scheduled a major shutdown of five days for the primary grinding mill liner replacement, the annual overhaul of the crusher and other regular mill maintenance in the fourth quarter of 2025 Updates on the Detour Lake underground and Upper Beaver projects are set out in the Update on Key Value Drivers and Pipeline Projects section above NUNAVUT Higher Grades Drive Strong Gold Production; Record Mill Throughput and Underground Development at Meliadine Nunavut – Operating Statistics Three Months Ended March 31, 2025 Meliadine Meadowbank Consolidated Nunavut Tonnes of ore milled (thousands) 558 1,037 1,595 Tonnes of ore milled per day 6,200 11,522 17,722 Gold grade (g/t) 5.67 4.63 4.99 Gold production (ounces) 98,512 140,126 238,638 Production costs per tonne (C$) C$ 213 C$ 174 C$ 187 Minesite costs per tonne (C$) C$ 229 C$ 171 C$ 191 Production costs per ounce $ 851 $ 906 $ 883 Total cash costs per ounce $ 920 $ 897 $ 907 See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. Regional Highlights Gold production in the quarter was higher than planned driven by higher gold grades as a result of positive grade reconciliation at Meliadine and Amaruq, as well as a change in mining sequence at Amaruq At Meliadine, multiple operational quarterly records were achieved in the quarter, including record underground development of approximately 4,015 metres and record throughput at the mill at 6,200 tpd At Amaruq, extraction of some higher-grade areas was accelerated to de-risk gold production in the first half of 2025, in anticipation of the caribou migration and potential operational disruptions During the quarter, the Company initiated its annual Caribou Readiness Plan at its Nunavut operations to prepare for the caribou migration expected in the second quarter of 2025. Caribou migration is factored in the production plan as this migration can affect the ability to move materials on the roads serving the Company's Nunavut mine sites. Wildlife management is a priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and reduce production disruptions Meliadine has scheduled quarterly shutdowns lasting three to six days for regular mill maintenance. Meadowbank has scheduled two major shutdowns, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance in the second and fourth quarters of 2025 An update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section above AUSTRALIA Solid Quarterly Gold Production; Upgrade to Primary Ventilation System Substantially Complete Fosterville – Operating Statistics Three Months Ended March 31, 2025 Tonnes of ore milled (thousands) 163 Tonnes of ore milled per day 1,811 Gold grade (g/t) 8.63 Gold production (ounces) 43,615 Production costs per tonne (A$) A$ 319 Minesite costs per tonne (A$) A$ 345 Production costs per ounce $ 758 Total cash costs per ounce $ 813 See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. Highlights Gold production in the quarter was higher than planned as a result of higher grades due to a change in mining sequence at Phoenix and higher than expected grades at Harrier, offset by lower mill throughput During the first quarter of 2025, the Company completed rehabilitation work for the underground infrastructure in the Lower Phoenix area which was affected by a seismic event that occurred in November 2024. The Company has further enhanced seismic protocols and resumed development and production in the Lower Phoenix in a phased approach The Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. The development of the long-term ventilation raises was nearly complete at the end of the quarter with the required power reticulation and commissioning of the primary fans scheduled for completion in the fourth quarter of 2025 Fosterville has scheduled quarterly shutdowns of five days for regular mill maintenance in 2025 Gold Production in Line with Target; Continuous Improvement Initiatives Realizing Benefits Kittila – Operating Statistics Three Months Ended March 31, 2025 Tonnes of ore milled (thousands) 522 Tonnes of ore milled per day 5,800 Gold grade (g/t) 3.88 Gold production (ounces) 54,104 Production costs per tonne (€) € 102 Minesite costs per tonne (€) € 99 Production costs per ounce $ 1,032 Total cash costs per ounce $ 1,012 See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. Highlights Gold production in the quarter was in line with plan as higher throughput offset lower grades resulting from a change in mining sequence The cost performance of the underground mine and mill improved in the first quarter of 2025 when compared to the prior-year period as a result of continuous improvement initiatives implemented, with minesite costs per tonne decreasing approximately 12% from €112 to €99 per tonne. Initiatives that resulted in lower costs included the internalization of work previously completed by contractors and hoisting waste rock via the shaft, which resulted in the reduction in the number of trucks used to haul waste Kittila has scheduled a 12 day shutdown for regular maintenance on the autoclave in the second quarter of 2025 MEXICO Ore Processed Supported by Solid Performance of the Underground Mine Pinos Altos – Operating Statistics Three Months Ended March 31, 2025 Tonnes of ore milled (thousands) 381 Tonnes of ore milled per day 4,233 Gold grade (g/t) 1.48 Gold production (ounces) 17,291 Production costs per tonne $ 112 Minesite costs per tonne $ 118 Production costs per ounce $ 2,470 Total cash costs per ounce $ 2,170 See the MD&A under the caption "Production Costs" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period. About Agnico Eagle Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983. About this News Release Unless otherwise stated, references to "Canadian Malartic", "Goldex", "LaRonde" and "Meadowbank" are to the Company's operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively. The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. References to other operations are to the relevant mines, projects or properties, as applicable. When used in this news release, the terms "including" and "such as" mean including and such as, without limitation. The information contained on any website linked to or referred to herein (including the Company's website) is not part of this news release. Note Regarding Certain Measures of Performance This news release discloses certain financial performance measures and ratios, including "total cash costs per ounce", "minesite costs per tonne", "all-in sustaining costs per ounce" (or "AISC per ounce"), "adjusted net income", "adjusted net income per share", "cash provided by operating activities before changes in non-cash components of working capital", "cash provided by operating activities before changes in non-cash components of working capital per share", "EBITDA" which means earnings before interest, taxes, depreciation and amortization, "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash components of working capital", "operating margin", "sustaining capital expenditures", "development capital expenditures", "sustaining capitalized exploration", "development capitalized exploration" and "net debt", as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS. These measures and ratios may not be comparable to similar measures and ratios reported by other gold producers and should be considered together with other data prepared in accordance with IFRS. See below for a reconciliation of these measures to the most directly comparable financial information reported in the condensed interim consolidated financial statements prepared in accordance with IFRS. Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, realized gains and losses on hedges of production costs and other adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company's operations, the calculation of total cash costs per ounce for Canadian Malartic have been adjusted for the effects of purchase price allocation. Investors should note that total cash costs per ounce is not reflective of all cash expenditures, as it does not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as total cash costs per ounce on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. Total cash costs per ounce is intended to provide investors with information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are useful to investors so investors can, understand and monitor the performance of the Company's mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine's cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates. Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products. Unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) the majority of the Company's revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis. Minesite costs per tonne are calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for inventory production costs and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce can be affected by fluctuations in by–product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. The following table sets out the production costs per minesite for the three months ended March 31, 2025 and March 31, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS. The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three months ended March 31, 2025 and March 31, 2024, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS. Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine Three Months Ended March 31, 2025 (thousands of United States dollars, except as noted) 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 72,369 64,532 892 (3,935) 522 — 1,875 870 (17,180) 633 LZ5 19,122 22,112 1,156 (813) 191 — 904 1,171 (42) 1,169 LaRonde 91,491 86,644 947 (4,748) 713 — 2,779 933 (17,222) 745 Canadian Malartic 159,773 119,289 747 5,395 1,136 24,588 270 943 (2,589) 927 Goldex 30,016 34,656 1,155 108 301 — 967 1,200 (7,249) 959 Quebec 281,280 240,589 855 755 2,150 24,588 4,016 967 (27,060) 871 Detour Lake 152,838 134,946 883 (364) 878 8,700 1,303 952 (888) 946 Macassa 86,028 49,826 579 1,864 719 3,534 87 651 (501) 645 Ontario 238,866 184,772 774 1,500 1,597 12,234 1,390 844 (1,389) 838 Meliadine 98,512 83,822 851 5,859 892 — 84 920 — 920 Meadowbank 140,126 126,967 906 (1,663) 1,158 — 35 903 (750) 897 Nunavut 238,638 210,789 883 4,196 2,050 — 119 910 (750) 907 Fosterville 43,615 33,040 758 2,520 — — 16 816 (114) 813 Australia 43,615 33,040 758 2,520 — — 16 816 (114) 813 Kittila 54,104 55,833 1,032 (1,106) 174 — (56) 1,014 (113) 1,012 Finland 54,104 55,833 1,032 (1,106) 174 — (56) 1,014 (113) 1,012 Pinos Altos 17,291 42,710 2,470 2,200 114 — 259 2,619 (7,762) 2,170 Mexico 17,291 42,710 2,470 2,200 114 — 259 2,619 (7,762) 2,170 Consolidated 873,794 767,733 879 10,065 6,085 36,822 5,744 946 (37,188) 903 Notes: (i) Gold production for the three months ended March 31, 2025 excludes 1,811 ounces of payable production of gold at La India and 25 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching. (ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic is $1.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (iii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Three Months Ended March 31, 2024 (thousands of United States dollars, except as noted) Mine Payable gold production (ounces) Production costs ($) 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 51,815 75,556 1,458 (14,711) 19 — 4,993 1,271 (12,590) 1,028 LZ5 16,549 19,022 1,149 320 6 — 370 1,192 (187) 1,180 LaRonde 68,364 94,578 1,383 (14,391) 25 — 5,363 1,252 (12,777) 1,065 Canadian Malartic 186,906 126,576 677 14,707 52 19,043 447 860 (1,952) 850 Goldex 34,388 33,182 965 457 11 — 370 989 (1,417) 948 Quebec 289,658 254,336 878 773 88 19,043 6,180 968 (16,146) 912 Detour Lake 150,751 131,905 875 (8,186) 58 6,578 1,566 875 (580) 871 Macassa 68,259 47,648 698 (1,089) 23 2,082 75 714 (220) 711 Ontario 219,010 179,553 820 (9,275) 81 8,660 1,641 825 (800) 821 Meliadine 95,725 93,451 976 (3,300) 280 — (58) 944 (235) 942 Meadowbank 127,774 114,162 893 5,905 546 — (59) 944 (866) 937 Nunavut 223,499 207,613 929 2,605 826 — (117) 944 (1,101) 939 Fosterville 56,569 33,654 595 (3,136) 18 — 17 540 (160) 537 Australia 56,569 33,654 595 (3,136) 18 — 17 540 (160) 537 Kittila 54,581 59,038 1,082 (495) (11) — (68) 1,071 (89) 1,070 Finland 54,581 59,038 1,082 (495) (11) — (68) 1,071 (89) 1,070 Pinos Altos 24,725 33,407 1,351 6,655 — — 318 1,633 (7,050) 1,348 Creston Mascota 28 — — — — — — — — — La India 10,582 15,984 1,510 (234) — — 133 1,501 (502) 1,453 Mexico 35,335 49,391 1,398 6,421 — — 451 1,592 (7,552) 1,379 Consolidated 878,652 783,585 892 (3,107) 1,002 27,703 8,104 930 (25,848) 901 Notes: (i) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. (ii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Reconciliation of Production Costs to Minesite Costs per Tonne by Mine Three Months Ended March 31, 2025 (thousands of United States dollars, except as noted) 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 371 $ 64,532 C$ 92,201 C$ 249 C$ (5,137) C$ — C$ (6,147) C$ 218 LZ5 304 $ 22,112 C$ 31,558 C$ 104 C$ (1,014) C$ — C$ — C$ 100 LaRonde 675 $ 86,644 C$ 123,759 C$ 183 C$ (6,151) C$ — C$ (6,147) C$ 165 Canadian Malartic 4,865 $ 119,289 C$ 169,263 C$ 35 C$ 7,950 C$ 35,400 C$ — C$ 44 Goldex 792 $ 34,656 C$ 49,499 C$ 63 C$ 331 C$ — C$ — C$ 63 Quebec 6,332 $ 240,589 C$ 342,521 C$ 54 C$ 2,130 C$ 35,400 C$ (6,147) C$ 59 Detour Lake 6,630 $ 134,946 C$ 191,633 C$ 29 C$ 13 C$ 12,555 C$ — C$ 31 Macassa 148 $ 49,826 C$ 71,459 C$ 483 C$ 2,692 C$ 5,108 C$ — C$ 536 Ontario 6,778 $ 184,772 C$ 263,092 C$ 39 C$ 2,705 C$ 17,663 C$ — C$ 42 Meliadine 558 $ 83,822 C$ 118,780 C$ 213 C$ 8,727 C$ — C$ — C$ 229 Meadowbank 1,037 $ 126,967 C$ 179,936 C$ 174 C$ (2,425) C$ — C$ — C$ 171 Nunavut 1,595 $ 210,789 C$ 298,716 C$ 187 C$ 6,302 C$ — C$ — C$ 191 Fosterville 163 $ 33,040 A$ 51,973 A$ 319 A$ 4,181 A$ — A$ — A$ 345 Australia 163 $ 33,040 A$ 51,973 A$ 319 A$ 4,181 A$ — A$ — A$ 345 Kittila 522 $ 55,833 € 53,143 € 102 € (1,362) € — € — € 99 Finland 522 $ 55,833 € 53,143 € 102 € (1,362) € — € — € 99 Pinos Altos 381 $ 42,710 $ 42,710 $ 112 $ 2,314 $ — $ — $ 118 Mexico 381 $ 42,710 $ 42,710 $ 112 $ 2,314 $ — $ — $ 118 Notes: (i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic is $1.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. (ii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. Three Months Ended March 31, 2024 (thousands of United States dollars, except as noted) 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 413 $ 75,556 C$ 102,025 C$ 247 C$ (20,314) C$ — C$ (336) C$ 197 LZ5 267 $ 19,022 C$ 25,514 C$ 95 C$ 432 C$ — C$ — C$ 97 LaRonde 680 $ 94,578 C$ 127,539 C$ 187 C$ (19,882) C$ — C$ (336) C$ 158 Canadian Malartic 5,173 $ 126,576 C$ 170,853 C$ 33 C$ 20,002 C$ 25,637 C$ — C$ 42 Goldex 760 $ 33,182 C$ 44,745 C$ 59 C$ 649 C$ — C$ — C$ 60 Quebec 6,613 $ 254,336 C$ 343,137 C$ 52 C$ 769 C$ 25,637 C$ (336) C$ 56 Detour Lake 6,502 $ 131,905 C$ 178,209 C$ 27 C$ (10,940) C$ 8,876 C$ — C$ 27 Macassa 134 $ 47,648 C$ 64,672 C$ 483 C$ (1,416) C$ 2,815 C$ — C$ 493 Ontario 6,636 $ 179,553 C$ 242,881 C$ 37 C$ (12,356) C$ 11,691 C$ — C$ 36 Meliadine 496 $ 93,451 C$ 125,926 C$ 254 C$ (4,395) C$ — C$ — C$ 245 Meadowbank 1,071 $ 114,162 C$ 153,594 C$ 143 C$ 8,002 C$ — C$ — C$ 151 Nunavut 1,567 $ 207,613 C$ 279,520 C$ 178 C$ 3,607 C$ — C$ — C$ 181 Fosterville 172 $ 33,654 A$ 51,849 A$ 301 A$ (4,630) A$ — A$ — A$ 275 Australia 172 $ 33,654 A$ 51,849 A$ 301 A$ (4,630) A$ — A$ — A$ 275 Kittila 482 $ 59,038 € 54,479 € 113 € (370) € — € — € 112 Finland 482 $ 59,038 € 54,479 € 113 € (370) € — € — € 112 Pinos Altos 426 $ 33,407 $ 33,407 $ 78 $ 6,655 $ — $ — $ 94 La India (iii) — $ 15,984 $ 15,984 $ — $ (15,984) $ — $ — $ — Mexico 426 $ 49,391 $ 49,391 $ 116 $ (9,329) $ — $ — $ 94 Notes: (i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. (ii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa. (iii) All-in sustaining costs per ounce All-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce on a co-product basis is calculated in the same manner as the AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. Unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see "Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine" for a discussion of regarding the Company's use of by-product basis reporting). Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies. The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three months ended March 31, 2025 and March 31, 2024 on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues). (United States dollars per ounce, except where noted) Three Months Ended March 31, 2025 2024 Production costs per the consolidated statements of income (thousands) $ 767,733 $ 783,585 Gold production (ounces) (i) 873,794 878,652 Production costs per ounce $ 879 $ 892 Adjustments: Inventory adjustments (ii) 11 (4) In-kind royalty (iii) 42 32 Realized gains and losses on hedges of production costs 7 1 Other (iv) 7 9 Total cash costs per ounce (co-product basis) $ 946 $ 930 By-product metal revenues (43) (29) Total cash costs per ounce (by-product basis) $ 903 $ 901 Adjustments: Sustaining capital expenditures (including capitalized exploration) 196 216 General and administrative expenses (including stock option expense) 69 55 Non-cash reclamation provision and sustaining leases (v) 15 18 All-in sustaining costs per ounce (by-product basis) $ 1,183 $ 1,190 By-product metal revenues 43 29 All-in sustaining costs per ounce (co-product basis) $ 1,226 $ 1,219 Notes: (i) Gold production for the three months ended March 31, 2025 excludes 1,811 ounces of payable production of gold at La India and 25 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching (ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic is $1.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold (iii) Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa (iv) Other adjustments consists of smelting, refining and marketing charges to production costs (v) Sustaining leases are lease payments related to sustaining assets Adjusted net income and adjusted net income per share Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the condensed interim consolidated statements of income for the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals, retroactive payments, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis. The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. The following table sets out a reconciliation of net income per the condensed interim consolidated statements of income to adjusted net income for the three months ended March 31, 2025, and March 31, 2024. Three Months Ended March 31, (thousands) 2025 2024 Net income for the period - basic $ 814,731 $ 347,192 Dilutive impact of cash settling LTIP — 364 Net income for the period - diluted $ 814,731 $ 347,556 Foreign currency translation gain (60) (4,547) Realized and unrealized (gain) loss on derivative financial instruments (68,859) 45,935 Environmental remediation 7,730 1,799 Net loss on disposal of property, plant and equipment 5,646 3,547 Purchase price allocation to inventory 1,068 — Impairment loss (i) 10,554 — Income and mining taxes adjustments (ii) (703) (16,455) Adjusted net income for the period - basic $ 770,107 $ 377,471 Adjusted net income for the period - diluted $ 770,107 $ 377,835 Notes: (i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate (ii) Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filings EBITDA and adjusted EBITDA EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the condensed interim consolidated statements of income. Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals, retroactive payments, and income and mining taxes adjustments. The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS. The following table sets out a reconciliation of net income per the condensed interim consolidated statements of income to EBITDA and adjusted EBITDA for the three months ended March 31, 2025, and March 31, 2024. Three Months Ended March 31, (thousands) 2025 2024 Net income for the period $ 814,731 $ 347,192 Finance costs 22,444 36,265 Amortization of property, plant and mine development 416,800 357,225 Income and mining tax expense 379,840 141,856 EBITDA 1,633,815 882,538 Foreign currency translation gain (60) (4,547) Realized and unrealized (gain) loss on derivative financial instruments (68,859) 45,935 Environmental remediation 7,730 1,799 Net loss on disposal of property, plant and equipment 5,646 3,547 Purchase price allocation to inventory 1,068 — Impairment loss (i) 10,554 — Adjusted EBITDA $ 1,589,894 $ 929,272 Notes: (i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate Cash provided by operating activities before changes in non-cash components of working capital and its per share ratio Cash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the condensed interim consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS. A reconciliation of these measures to the nearest IFRS measure is provided below. Free cash flow and free cash flow before changes in non-cash components of working capital Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the condensed interim consolidated statements of cash flows. Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable. The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company. The following table sets out a reconciliation of cash provided by operating activities per the condensed interim consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before changes in non-cash components of working capital for the three months ended March 31, 2025, and March 31, 2024. Three Months Ended March 31, (thousands, except where noted) 2025 2024 Cash provided by operating activities $ 1,044,246 $ 783,175 Additions to property, plant and mine development (450,124) (387,587) Free cash flow 594,122 395,588 Changes in income taxes 176,739 (376) Changes in inventory (30,917) (28,172) Changes in other current assets (31,390) (26,618) Changes in accounts payable and accrued liabilities 62,492 53,990 Changes in interest payable (11,780) (4,931) Free cash flow before changes in non-cash components of working capital $ 759,266 $ 389,481 Additions to property, plant and mine development 450,124 387,587 Cash provided by operating activities before changes in non-cash components of working capital $ 1,209,390 $ 777,068 Cash provided by operating activities per share - basic $ 2.08 $ 1.57 Cash provided by operating activities before changes in non-cash components of working capital per share - basic $ 2.41 $ 1.56 Free cash flow per share - basic $ 1.18 $ 0.79 Free cash flow before changes in non-cash components of working capital per share - basic $ 1.51 $ 0.78 Operating margin Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the condensed interim consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is useful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS. For a reconciliation of operating margin to revenue from operations, see "Summary of Operations Key Performance Indicators". Capital expenditures Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the condensed interim consolidated statements of cash flows. Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS and other companies may classify expenditures in a different manner. The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three months ended March 31, 2025 and March 31, 2024. (thousands) Three Months Ended March 31, 2025 2024 Sustaining capital expenditures $ 168,076 $ 186,485 Sustaining capitalized exploration 4,448 4,122 Development capital expenditures 186,224 154,378 Development capitalized exploration 60,504 27,033 Total Capital Expenditures $ 419,252 $ 372,018 Working capital adjustments 30,872 15,569 Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows $ 450,124 $ 387,587 Net debt Net debt is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the condensed interim consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net debt is useful to help investors to determine the Company's overall debt position and to evaluate the future debt capacity of the Company. The following table sets out a reconciliation of long-term debt per the condensed interim consolidated balance sheets to net debt as at March 31, 2025, and December 31, 2024. As at As at (thousands) March 31, 2025 December 31, 2024 Current portion of long-term debt per the condensed interim consolidated balance sheets $ 90,000 $ 90,000 Non-current portion of long-term debt 1,053,388 1,052,956 Long-term debt $ 1,143,388 $ 1,142,956 Adjustment: Cash and cash equivalents $ (1,138,312) $ (926,431) Net Debt $ 5,076 $ 216,525 Forward-Looking Non-GAAP Measures This news release also contains information as to estimated future total cash costs per ounce and AISC per ounce. The estimates are based upon the total cash costs per ounce and AISC per ounce that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure. Forward-Looking Statements The information in this news release has been prepared as at April 24, 2025. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "estimate", "expect", "forecast", "future", "guide", "objective", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay and San Nicolás; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic, including plans at the Marban project; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to climate change and greenhouse gas emissions reductions and other sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB and the renewal of the NCIB, including the dollar value of the limit on purchases and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis (the "2024 MD&A") and the Company's Annual Information Form (the "AIF") for the year ended December 31, 2024 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2024 (the "Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and 2024 MD&A filed on SEDAR+ at 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 East Gouldie deposit and Eclipse zone 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)* MEX24-322WA East Gouldie 2,133.6 2,153.3 1,886 17.7 6.6 6.6 MEX24-322WAZ East Gouldie 2,067.8 2,096.7 1,840 27.4 5.3 5.3 including 2,081.0 2,090.0 1,842 8.5 9.9 9.9 MEX24-325Z East Gouldie 1,863.0 1,876.0 1,547 11.4 6.0 6.0 UGEG-075-038 East Gouldie 1,389.0 1,493.5 1,948 58.2 2.2 2.2 including 1,451.5 1,490.5 1,976 21.7 3.2 3.2 UGEG-051-010 East Gouldie 680.2 711.5 766 28.3 3.8 3.7 including 702.0 711.5 770 8.6 8.4 8.3 UGEG-051-011 East Gouldie 725.0 735.8 809 10.1 4.1 4.1 UGEG-071-009 East Gouldie 468.5 485.9 766 17.3 3.9 3.7 UGEG-071-011 East Gouldie 453.0 473.5 843 17.8 3.0 3.0 MEX23-309ZB Eclipse 1,621.9 1,632.7 1,217 10.2 6.0 6.0 MEX24-325 Eclipse 1,667.8 1,703.3 1,387 18.7 2.5 2.5 MEX24-325Z Eclipse 1,657.0 1,740.0 1,413 59.7 3.7 3.7 including 1,658.1 1,666.5 1,384 6.0 6.3 6.3 including 1,674.2 1,685.0 1,398 7.8 7.8 7.8 *Results from East Gouldie and Eclipse use a capping factor of 20 g/t gold. West Pit and West Extension zones at Detour Lake Drill hole Zone From (metres) To (metres) Depth of midpoint below surface (metres) Estimated true width (metres) Gold grade (g/t) (uncapped)* DLM24-999 West Extension 548.0 557.5 441 8.7 3.2 and West Extension 607.1 612.0 484 4.5 47.2 DLM24-1029 West Extension 705.1 753.0 585 44.5 3.0 including 709.0 715.1 573 5.7 16.3 DLM24-1034 West Pit Underground 706.7 759.2 575 48.9 4.5 including 706.7 710.0 557 3.1 18.0 including 733.0 738.6 577 5.2 27.4 and West Pit Underground 903.0 906.0 699 2.8 12.2 DLM24-1036 West Pit Underground 860.0 885.0 675 23.5 3.2 including 862.0 866.0 669 3.8 16.5 DLM25-1055 West Pit Underground 591.0 677.9 521 77.9 8.0 including 609.0 612.0 503 2.7 201.2 including 633.0 651.3 527 16.4 1.9 and West Pit Underground 724.0 750.0 601 23.4 3.3 DLM25-1061 West Pit Underground 465.6 482.0 390 14.5 27.4 including 469.0 472.0 387 2.7 145.5 and West Pit Underground 673.8 768.0 583 85.3 1.5 including 699.0 708.0 570 8.1 4.2 including 761.0 768.0 617 6.4 4.0 DLM25-1065 West Extension 736.7 756.0 624 17.6 3.9 including 751.0 756.0 629 4.6 10.5 DLM25-1077 West Pit Underground 591.0 613.0 463 20.7 3.3 including 599.7 605.0 464 5.0 10.5 *Results from Detour Lake are uncapped. Madrid deposit at Hope Bay 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)* HBM23-140** Suluk 874.4 880.0 677 4.6 26.3 12.7 including 875.3 876.3 677 0.8 126.0 50.0 HBM24-183*** Patch 7 684.4 693.5 577 5.0 19.0 14.1 including 684.4 688.6 575 2.3 35.8 25.1 HBM24-273 Suluk 852.6 859.3 695 5.5 4.4 4.4 and Suluk 969.5 979.5 702 9.7 3.0 3.0 HBM24-274 Patch 7 915.5 921.2 615 4.9 25.9 23.9 HBM24-276 Patch 7 676.3 679.5 521 2.6 7.6 7.6 and Patch 7 686.0 692.0 474 5.2 5.6 5.6 and Patch 7 695.9 705.7 482 9.2 4.4 4.4 HBM24-280 Suluk 779.4 789.0 636 9.5 27.9 24.1 including 782.4 785.0 582 1.8 56.4 43.7 HBM25-290 Patch 7 183.0 189.5 172 4.6 13.8 11.7 including 187.0 189.5 148 1.8 29.7 24.2 HBM25-296 Patch 7 767.1 771.1 552 3.1 12.5 12.5 HBM25-301 Patch 7 253.5 259.0 244 4.2 19.9 19.9 including 254.5 255.0 216 0.4 71.3 71.3 *Results from Madrid use a capping factor ranging from 50 g/t gold to 75 g/t gold depending on the zone. **Previously released on February 15, 2024. ***Previously released on July 31, 2024. Exploration Drill Collar Coordinates Drill hole UTM East* UTM North* Elevation (metres above sea level) Azimuth (degrees) Dip (degrees) Length (metres) Odyssey mine MEX23-309ZB 718682 5334767 307 162 -48 1,858 MEX24-325 718631 5334759 308 169 -59 1,959 MEX24-322WA 718617 5334759 309 215 -70 2,350 MEX24-322WAZ 718617 5334759 309 215 -70 2,217 UGEG-075-038 718142 5334118 -255 309 -80 1,867 UGEG-051-010 718360 5334019 -172 200 -28 732 UGEG-051-011 718360 5334019 -172 207 -33 781 UGEG-071-009 717758 5333977 -345 174 -13 640 UGEG-071-011 717758 5333977 -345 173 -30 636 Detour Lake DLM24-999 586601 5541928 293 179 -58 691 DLM24-1029 586642 5542051 299 178 -60 852 DLM24-1034 589366 5541417 283 179 -58 966 DLM24-1036 588122 5541885 288 180 -59 1,032 DLM25-1055 589087 5541601 284 179 -59 750 DLM25-1061 589167 5541635 284 180 -59 788 DLM25-1065 586679 5542051 299 179 -64 912 DLM25-1077 589148 5541573 283 178 -57 627 Hope Bay HBM23-140 434321 7549059 55 65 -62 1,185 HBM24-183 435244 7549203 26 237 -57 857 HBM24-273 434103 7549554 53 -68 80 1,072 HBM24-274 434334 7548811 51 -53 87 1,097 HBM24-276 434372 7549082 54 -61 80 900 HBM24-280 434372 7549081 54 -65 81 993 HBM25-290 435189 7548175 26 -70 77 494 HBM25-296 435549 7548818 26 -50 248 864 HBM25-301 435168 7548204 26 -75 78 544 *Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake; and NAD 1983 UTM Zone 13N for Hope Bay APPENDIX B – FINANCIAL INFORMATION AGNICO EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) Three Months Ended March 31, 2025 2024 Net income - key line items: Revenue from mine operations: LaRonde mine 219,366 143,617 LZ5 59,717 42,615 LaRonde 279,083 186,232 Canadian Malartic 422,047 328,117 Goldex 95,969 72,384 Quebec 797,099 586,733 Detour Lake 443,886 342,957 Macassa 235,662 139,393 Ontario 679,548 482,350 Meliadine 258,289 202,239 Meadowbank 405,085 249,385 Nunavut 663,374 451,624 Fosterville 109,829 121,035 Australia 109,829 121,035 Kittila 161,088 114,063 Finland 161,088 114,063 Pinos Altos 57,310 48,400 La India — 25,618 Mexico 57,310 74,018 Revenues from mining operations $ 2,468,248 $ 1,829,823 Production costs 767,733 783,585 Total operating margin (i) 1,700,515 1,046,238 Amortization of property, plant and mine development 416,800 357,225 Exploration, corporate and other 89,144 199,965 Income before income and mining taxes 1,194,571 489,048 Income and mining taxes expense 379,840 141,856 Net income for the period $ 814,731 $ 347,192 Net income per share — basic $ 1.62 $ 0.70 Net income per share — diluted $ 1.62 $ 0.70 Cash flows: Cash provided by operating activities $ 1,044,246 $ 783,175 Cash used in investing activities $ (649,940) $ (413,048) Cash used in provided by financing activities $ (182,966) $ (183,034) Realized prices: Gold (per ounce) $ 2,891 $ 2,062 Silver (per ounce) $ 33.07 $ 23.80 Zinc (per tonne) $ 2,964 $ 2,453 Copper (per tonne) $ 9,179 $ 8,731 AGNICO EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) Three Months Ended March 31, 2025 2024 Payable production (ii): Gold (ounces): LaRonde mine 72,369 51,815 LZ5 19,122 16,549 LaRonde 91,491 68,364 Canadian Malartic 159,773 186,906 Goldex 30,016 34,388 Quebec 281,280 289,658 Detour Lake 152,838 150,751 Macassa 86,028 68,259 Ontario 238,866 219,010 Meliadine 98,512 95,725 Meadowbank 140,126 127,774 Nunavut 238,638 223,499 Fosterville 43,615 56,569 Australia 43,615 56,569 Kittila 54,104 54,581 Finland 54,104 54,581 Pinos Altos 17,291 24,725 Creston Mascota — 28 La India — 10,582 Mexico 17,291 35,335 Total gold (ounces): 873,794 878,652 Silver (thousands of ounces) 602 615 Zinc (tonnes) 1,742 1,682 Copper (tonnes) 1,384 804 AGNICO EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted) Three Months Ended March 31, 2025 2024 Payable metal sold (iii): Gold (ounces): LaRonde mine 69,618 65,164 LZ5 20,891 20,251 LaRonde 90,509 85,415 Canadian Malartic 144,663 159,548 Goldex 30,693 34,442 Quebec 265,865 279,405 Detour Lake 155,480 167,008 Macassa 81,000 67,500 Ontario 236,480 234,508 Meliadine 89,270 98,540 Meadowbank 140,350 121,110 Nunavut 229,620 219,650 Fosterville 38,000 58,000 Australia 38,000 58,000 Kittila 56,000 55,000 Finland 56,000 55,000 Pinos Altos 17,000 20,300 La India — 12,200 Mexico 17,000 32,500 Total gold (ounces): 842,965 879,063 Silver (thousands of ounces) 527 604 Zinc (tonnes) 1,812 1,507 Copper (tonnes) 1,398 762 Notes: (i) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance – Operating Margin for more information on the Company's calculation and use of operating margin. (ii) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the three months ended March 31, 2025, it excludes 1,811 payable gold ounces produced at La India and 25 payable gold ounces produced at Creston Mascota. (iii) Canadian Malartic payable metal sold excludes the 5.0% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake payable metal sold excludes the 2.0% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the three months ended March 31, 2025, it excludes 2,500 payable gold ounces sold at La India. AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, except share amounts, IFRS basis) (Unaudited) As at As at March 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,138,312 $ 926,431 Inventories 1,446,605 1,510,716 Income taxes recoverable 32,267 26,432 Fair value of derivative financial instruments 4,599 1,348 Other current assets 310,693 340,354 Total current assets 2,932,476 2,805,281 Non-current assets: Goodwill 4,157,672 4,157,672 Property, plant and mine development 21,652,900 21,466,499 Investments 899,902 612,889 Deferred income and mining tax asset 24,672 29,198 Other assets 926,482 915,479 Total assets $ 30,594,104 $ 29,987,018 LIABILITIES Current liabilities: Accounts payable and accrued liabilities $ 731,290 $ 817,649 Share based liabilities 21,012 27,290 Interest payable 18,266 5,763 Income taxes payable 203,793 372,197 Current portion of long-term debt 90,000 90,000 Reclamation provision 60,564 58,579 Lease obligations 40,021 40,305 Fair value of derivative financial instruments 72,312 100,182 Total current liabilities 1,237,258 1,511,965 Non-current liabilities: Long-term debt 1,053,388 1,052,956 Reclamation provision 1,069,584 1,026,628 Lease obligations 97,327 98,921 Share based liabilities 7,789 12,505 Deferred income and mining tax liabilities 5,195,892 5,162,249 Other liabilities 291,014 288,894 Total liabilities 8,952,252 9,154,118 EQUITY Common shares: Outstanding - 503,404,786 common shares issued, less 690,366 shares held in trust 18,772,313 18,675,660 Stock options 165,525 172,145 Retained earnings 2,604,517 2,026,242 Other reserves 99,497 (41,147) Total equity 21,641,852 20,832,900 Total liabilities and equity $ 30,594,104 $ 29,987,018 AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (thousands of United States dollars, except per share amounts, IFRS basis) (Unaudited) Three Months Ended March 31, 2025 2024 REVENUES Revenues from mining operations $ 2,468,248 $ 1,829,823 COSTS, INCOME AND EXPENSES Production (i) 767,733 783,585 Exploration and corporate development 41,805 51,206 Amortization of property, plant and mine development 416,800 357,225 General and administrative 60,709 48,117 Finance costs 22,444 36,265 (Gain) loss on derivative financial instruments (68,859) 45,935 Foreign currency translation gain (60) (4,547) Care and maintenance 13,901 11,042 Other expenses 19,204 11,947 Income before income and mining taxes 1,194,571 489,048 Income and mining taxes expense 379,840 141,856 Net income for the period $ 814,731 $ 347,192 Net income per share - basic $ 1.62 $ 0.70 Net income per share - diluted $ 1.62 $ 0.70 Adjusted net income per share - basic (ii) $ 1.53 $ 0.76 Adjusted net income per share - diluted (ii) $ 1.53 $ 0.76 Weighted average number of common shares outstanding (in thousands): Basic 502,410 497,619 Diluted 503,773 498,807 Notes: (i) Exclusive of amortization, which is shown separately (ii) Adjusted net income per share is not a recognized measure under IFRS and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS measure AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars, IFRS basis) (Unaudited) Three Months Ended March 31, 2025 2024 OPERATING ACTIVITIES Net income for the period $ 814,731 $ 347,192 Add (deduct) adjusting items: Amortization of property, plant and mine development 416,800 357,225 Deferred income and mining taxes 18,491 12,924 Unrealized (gain) loss on currency and commodity derivatives (31,120) 52,484 Unrealized gain on warrants (54,168) (6,877) Stock-based compensation 27,393 18,857 Foreign currency translation gain (60) (4,547) Other 17,323 (190) Changes in non-cash working capital balances: Income taxes (176,739) 376 Inventories 30,917 28,172 Other current assets 31,390 26,618 Accounts payable and accrued liabilities (62,492) (53,990) Interest payable 11,780 4,931 Cash provided by operating activities 1,044,246 783,175 INVESTING ACTIVITIES Additions to property, plant and mine development (450,124) (387,587) Purchase of O3 Mining, net of cash and cash equivalents acquired (121,960) — Contributions for acquisition of mineral assets (3,825) (3,924) Purchases of equity securities and other investments (68,057) (24,007) Other investing activities (5,974) 2,470 Cash used in investing activities (649,940) (413,048) FINANCING ACTIVITIES Proceeds from Credit Facility — 600,000 Repayment of Credit Facility — (600,000) Long-term debt financing costs — (3,544) Repayment of lease obligations (9,178) (13,015) Dividends paid (175,567) (157,260) Repurchase of common shares (60,050) (26,041) Proceeds on exercise of stock options 52,026 7,378 Common shares issued 9,803 9,448 Cash used in financing activities (182,966) (183,034) Effect of exchange rate changes on cash and cash equivalents 541 (1,116) Net increase in cash and cash equivalents during the period 211,881 185,977 Cash and cash equivalents, beginning of period 926,431 338,648 Cash and cash equivalents, end of period $ 1,138,312 $ 524,625 SUPPLEMENTAL CASH FLOW INFORMATION Interest paid $ 1,185 $ 25,252 Income and mining taxes paid $ 536,602 $ 130,777 SOURCE Agnico Eagle Mines Limited For further information regarding Agnico Eagle, contact Investor Relations at [email protected] or call (416) 947-1212.
Yahoo
14-03-2025
- Business
- Yahoo
'A major psychological milestone': Gold surges above US$3000, expected to keep running up
The price of gold surpassed US$3,000 per ounce early on Friday, hitting a symbolic milestone that precious metals mining executives have long thought could rejuvenate investor interest in their sector. 'Gold breaking through US$3,000 is a major psychological milestone,' said Stephen Stewart, chair of Toronto-based Ore Group, which has a long history of starting gold exploration companies. 'While it may test this milestone multiple times before holding, history suggests that once it breaks through barriers decisively, it tends to keep running.' The price of bullion has been steadily rising for more than a year. In 2023, it dipped below US$2,000 per ounce, but has since climbed back and risen more than 38 per cent in the past year alone, spurred by central banks around the world buying bullion and increasingly by investors looking for a safe haven that is disconnected from the volatility of equity markets. Stewart predicted the first impact of gold hitting US$3,000 would be for the so-called majors — industry slang for gold mining companies that are already producing ore — to expect to post larger profits. That will attract more investors, strengthen their balance sheets and grease the wheels for more acquisitions, he said. Eventually, he said, the benefits will 'naturally trickle down' to junior miners, who are exploring for gold, but do not yet have a source of revenue. As a general rule, gold mining and exploration companies have not enjoyed the same bull run during the past few years that has propelled the yellow metal they mine to ever higher peaks, but that's changing. The VanEck Gold Mining ETF, a US$13-billion exchange-traded fund primarily indexed to companies that mine gold and silver, is up 42 per cent in the past year as of Friday morning, which is more than gold itself. The VanEck Junior Gold Miners ETF, a US$4.7-billion fund indexed to precious metal explorers, has risen 50.5 per cent in the same timeframe. 'There's a real disconnect between people's perceptions and reality,' said Ammar Al-Joundi, chief executive of Toronto-based Agnico Eagle Mines Ltd., which in February surpassed Colorado-based Newmont Corp. as the world's largest gold mining company and now has a market cap of more than $74 billion. Since 2000, the price of gold has multiplied 10 times, which Al-Joundi characterized as a greater value appreciation than the stock market, broadly speaking. But he said most gold mining equities have not risen tenfold during that period. 'The (gold mining) equities haven't kept up with gold, so people look at the equities and say gold is a crappy business, but actually gold is quite good,' he said. Al-Joundi said many gold miners have not managed their capital well in the past, having blown holes in their balance sheets during the last bull run between 2010 and 2012, when gold first poked above US$2,000 per ounce, only to settle down to a range between US$1,400 per ounce and US$1,200 per ounce until around 2019. Although gold poked through US$2,000 per ounce in 2020 as the COVID-19 pandemic shook investors, it ultimately dipped below that milestone until after Russia invaded Ukraine. Afterwards, Canada and many other Western countries imposed sanctions to freeze Russian assets. Many analysts say the current rise in gold prices can be attributed to increased purchases by central banks, particularly the People's Bank of China, which is often seen as a preemptive defensive action to preserve economic independence as geopolitical turbulence rises. For example, central banks in 2022 and 2023 purchased 1,082 tonnes and 1,037 tonnes of gold, respectively, compared to average annual purchases of 492 tonnes between 2012 and 2021. On top of that, United States President Donald Trump has stormed back into office and asserted a more aggressive foreign policy and economic strategy, including threatening — if not always imposing — a wide array of tariffs that have spooked equity markets. Since early February, the S&P 500 has declined 7.5 per cent while the Nasdaq composite has declined 10.2 per cent. 'Right now, what's impacting gold is just (market) volatility,' Al-Joundi said, 'and people are looking at what's happening geopolitically, which is causing the craziness in the stock markets, which is causing people to worry.' But he said the longer-term trend underpinning the rise in gold's price is that it is both a monetary asset and a hard asset. As governments, such as the U.S. and Canada, print more fiat currency while running larger deficits, he said gold prices will rise. 'I've never considered myself a gold bug,' he said. 'I've considered myself a hard asset bug … as long as governments are printing money like crazy, it will continue to go up.' Such sentiments are widespread in the industry. Eric Sprott, the Canadian billionaire who widely invests in the precious metal exploration sector, recently predicted gold would rise to US$8,000 per ounce because of the U.S. government's fiscal irresponsibility. 'We've had an incredibly bullish stock market, so everybody in the stock market is making a fortune, so they're all saying, 'What do I need gold for?'' he said. But he said it's been 'a whole new era' since gold poked through US$2,000 per ounce in 2023, and investors are once again realizing that it provides a safe haven from many forms of risk. Still, he said hitting US$3,000 per ounce may be more symbolic than meaningful because gold mining equities continue to be grossly undervalued. Many gold miners and explorers trade at market capitalizations that don't provide full value for the gold deposits they claim to have discovered, suggesting perhaps that investors are skeptical they can actually pull it all out of the ground. Precious metal CEOs hope price surge will boost investor interest Canada gets wakeup call that world 'unstable and dangerous place' Aluminum, steel sectors brace for destructive trade war with U.S. Sprott said many junior miners, which are exploring but not yet producing, trade at prices that value their gold assets at US$10 per ounce, which he called ridiculous. 'Ultimately, it won't be very significant,' he said about the US$3,000 per ounce milestone. 'In reality, gold can get to US$8,000.' • Email: gfriedman@ Sign in to access your portfolio
Yahoo
17-02-2025
- Business
- Yahoo
Agnico to match Barrick's output, may become world's second-largest gold producer
Agnico Eagle Mines is reportedly on track to become the world's second-largest gold producer, challenging Barrick Gold's position. The Canadian mining company is targeting output of 3.3–3.5 million ounces (moz) of gold this year, aligning with Barrick's production, reported Bloomberg. Barrick, currently the second-largest producer, forecasts a decline in output due to the shutdown of its mining complex in Mali. Agnico CEO and former Barrick executive Ammar Al-Joundi emphasised that the company's strategy is not focused on size. Al-Joundi said: 'We have never cared about whether we are bigger than these guys or those guys. We only care about whether we are growing our value per share. If I had less production at double the margins, I would probably do it.' Both Agnico and Barrick, headquartered in Toronto, have competed for market share in recent years. Agnico has rapidly ascended the industry ranks through strategic acquisitions, while Barrick pursues gold and copper projects in South Asia and Africa. The gold industry has seen consolidation as producers seek to replace ageing assets with newer mines. Agnico Eagle, once a small producer in Quebec, is now considered to be Canada's largest mining company by market capitalisation, operating 11 mines across three continents. Recently, Agnico acquired 110,424,431 common shares of O3 Mining, representing approximately 94.1% of the outstanding shares. This acquisition is part of a board-supported takeover bid at $1.67 per share. The company also made an investment of C$55m ($40m) in ATEX Resources, aligning with its strategy to invest in projects with high geological potential. "Agnico to match Barrick's output, may become world's second-largest gold producer" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Associated Press
13-02-2025
- Business
- Associated Press
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS - RECORD ANNUAL GOLD PRODUCTION AND FREE CASH FLOW; BALANCE SHEET STRENGTHENED BY FURTHER DEBT REDUCTION; UPDATED THREE-YEAR GUIDANCE
(All amounts expressed in U.S. dollars unless otherwise noted) Stock Symbol: AEM (NYSE and TSX) TORONTO, Feb. 13, 2025 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) ('Agnico Eagle' or the 'Company') today reported financial and operating results for the fourth quarter and full year 2024, as well as future operating guidance. 'I'm pleased to report another year of record operational and financial performance, achieving our production and cost guidance. We are very proud of our team's work to control costs, which, coupled with a favourable gold price environment, has resulted in record operating margins. This success, along with capital discipline, has enabled us to reduce net debt by $1.3 billion since the beginning of the year and return close to $1.0 billion dollars to our shareholders,' said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. 'Looking ahead, we will remain laser focused on cost control and capital discipline. Our updated three-year production guidance forecasts stable production at peer leading costs. Our exploration program continues to yield positive results, replacing mineral reserves and increasing our mineral resource base. Given our solid track record of execution, we believe we are well positioned to continue to generate strong returns while we advance our pipeline projects and build the foundations for profitable future growth,' added Mr. Al-Joundi. Fourth quarter and full year 2024 highlights: Solid quarterly gold production and cost performance – Payable gold production1 was 847,401 ounces at production costs per ounce of $881, total cash costs per ounce2 of $923 and all-in sustaining costs ('AISC') per ounce2 of $1,316 Record quarterly adjusted net income and strong free cash flow generation – The Company reported quarterly net income of $509 million or $1.02 per share and record adjusted net income3 of $632 million or $1.26 per share. The Company generated record cash provided by operating activities of $1,132 million or $2.26 per share ($1,090 million or $2.17 per share of cash provided by operating activities before changes in non-cash working capital balances4) and free cash flow4 of $570 million or $1.14 per share ($528 million or $1.05 per share of free cash flow before changes in non-cash working capital balances4) Record annual gold production and free cash flow driven by solid operational performance – Payable gold production in 2024 was 3,485,336 ounces at production costs per ounce of $885, total cash costs per ounce of $903 and AISC per ounce of $1,239. Production for 2024 was slightly above the midpoint of the Company's 2024 guidance range of 3.35 million ounces to 3.55 million ounces. Total cash costs per ounce were in-line with the midpoint of the Company's 2024 guidance and AISC per ounce were within the range of the Company's 2024 guidance. Cash provided by operating activities for the full year 2024 was $3,961 million and free cash flow was $2,143 million ($2,063 million before changes in non-cash components of working capital). The Company's continued focus on operational efficiencies resulted in several annual throughput and mining rate records during the year Increase in gold mineral reserves and inferred mineral resources – Year-end 2024 gold mineral reserves increased by 0.9% to a record of 54.3 million ounces of gold (1,277 million tonnes grading 1.32 grams per tonne ('g/t') gold). The year-over-year increase of mineral reserves is in part due to technical evaluations completed for the Upper Beaver project and the declaration of initial mineral reserves at the Wasamac project. At year-end 2024, measured and indicated mineral resources decreased by 2.3% to 43.0 million ounces (1,167 million tonnes grading 1.14 g/t gold) and inferred mineral resources increased by 9.5% to 36.2 million ounces (451 million tonnes grading 2.49 g/t gold). For further details, see the Company's exploration news release dated February 13, 2025 Strengthened financial position with further debt repayment – The Company continued to reduce debt in the fourth quarter of 2024, repaying the $325 million outstanding balance on the $600 million unsecured term loan facility drawn in 2023 as part of the acquisition of Yamana Gold Inc.'s Canadian assets. Total debt outstanding was $1,143 million as at December 31, 2024. Net debt5 was reduced by $1,287 million in 2024, from $1,504 million at the beginning of the year to $217 million as at December 31, 2024 Continued focus on shareholder returns – In the fourth quarter of 2024, the Company's Board of Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased 248,700 common shares at an average share price of $80.39 for an aggregate of $20 million through its normal course issuer bid ('NCIB') New three-year guidance shows stable production outlook – Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2025 to 2027. While the 2025 and 2026 gold production guidance is slightly lower than the prior three-year guidance issued on February 15, 2024 ('Previous Guidance') (primarily as a result of the deferral of processing low margin ore), the outlook for 2027 has improved as expected contributions in 2027 from East Gouldie at Canadian Malartic, LaRonde and Macassa are expected to offset lower gold grade sequences at Detour Lake and a decline in production at Meadowbank Peer leading total cash costs and AISC reflect stabilized rate of inflation – Total cash costs per ounce and AISC per ounce in 2025 are forecast to be in the range of $915 to $965 and $1,250 to $1,300, respectively. When compared to the full year 2024 total cash costs per ounce of $903 and AISC per ounce of $1,239, the midpoints of these ranges represent an approximate 4% and 3% increase, respectively. The expected cost increases in 2025 are mostly related to lower grade sequence at Fosterville, Canadian Malartic and Meadowbank, along with relatively modest forecast cost increases in labour, spare parts and maintenance Increased investment in pipeline projects, with potential to support future production growth – Capital expenditures in 2025 (excluding capitalized exploration) are expected to be between $1.75 billion and $1.95 billion, compared to capital expenditures of $1.66 billion in 2024. Capitalized exploration is forecast to be between $290 million and $310 million, compared to capitalized exploration of $184 million in 2024. The expected increases in 2025 are mostly attributable to additional capital expenditures to advance pipeline projects, including Odyssey, the Detour Lake underground project, the Upper Beaver project and Hope Bay, which the Company believes have the potential to drive profitable growth and generate strong returns in the medium-term Enhancing key value drivers and pipeline projects, with a focus on Detour Lake, Canadian Malartic and Hope Bay – Further details on exploration results in 2024 are included in the Company's exploration news release dated February 13, 2025. The Company expects to provide updates on these initiatives and additional opportunities that are being evaluated throughout 2025 Detour Lake – In the fourth quarter of 2024, the mill successfully achieved the targeted throughput of 77,000 tonnes per day ('tpd') (or an equivalent rate of 28 million tonnes per annum ('Mtpa')), setting a quarterly record for tonnes milled. This success was driven by a stable run-time of 93% and continuous optimization efforts. The Company will continue to advance various optimization initiatives, with a target to increase mill throughput to 79,450 tpd (or an equivalent 29 Mtpa) by 2028. The Company completed site preparation for the excavation of the underground exploration ramp, which is expected to commence in the first half of 2025, following the receipt of the permit to take water. The Company's exploration program continued to attempt to de-risk the underground project, with conversion drilling resulting in an upgrade of the underground mineral resource at year-end 2024 Odyssey – In the fourth quarter of 2024, ramp development, shaft sinking activities and surface construction progressed on schedule. At December 31, 2024, the shaft had reached a depth of 1,026 metres at level 102, the top of the mid-shaft loading station. The Company continues to focus on additional upside potential at Odyssey. A successful exploration program in 2024 resulted in the expansion of the East Gouldie mineral resource, which will be used in the continued technical evaluation of a potential second shaft at Odyssey. In the fourth quarter of 2024, the Company also commenced a take-over bid to acquire all of the issued and outstanding common shares (the 'O3 Shares') of O3 Mining Inc. ('O3 Mining'). As at February 3, 2025, the Company had taken up 115,842,990 O3 Shares for aggregate consideration of C$194 million, representing approximately 96.5% of the outstanding O3 Shares on an undiluted basis. The Company expects to complete the acquisition of 100% of the common shares of O3 Mining in the first quarter of 2025, consolidating its land package at Canadian Malartic. O3 Mining owns the Marban deposit, which has the potential to become a satellite open pit to feed the Canadian Malartic mill in the medium-term as part of the Company's 'fill-the-mill' strategy Patch 7 at Hope Bay – Exploration drilling in 2024 focused mainly on resource expansion and conversion on the Madrid deposit following the strong drilling intercepts obtained at the Patch 7 zone. An initial indicated mineral resource estimate was declared as at December 31, 2024 for Patch 7 of 0.9 million ounces of gold (4.3 million tonnes grading 6.64 g/t gold). The Company believes these results suggest the potential for a larger production scenario and they are being integrated in the internal technical evaluation of the Hope Bay project, which is expected to be completed in the first half of 2026 __________ 1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. 2 Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see 'Note Regarding Certain Measures of Performance' below. 3 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see 'Note Regarding Certain Measures of Performance' below. 4 Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before changes in non-cash working capital balances and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see 'Note Regarding Certain Measures of Performance' below. 5 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see 'Note Regarding Certain Measures of Performance' below. Fourth Quarter and Full Year 2024 Results Conference Call and Webcast Tomorrow Agnico Eagle's senior management will host a conference call on Friday, February 14, 2025, at 11:00 AM (E.S.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 instant automated call back. Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 93737#. The conference call replay will expire on March 14, 2025. The webcast, along with presentation slides, will be archived for 180 days on the Company's website. Fourth Quarter and Full Year 2024 Production and Cost Results Production and Cost Results Summary Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023* Gold production (ounces) 847,401 903,208 3,485,336 3,439,654 Gold sales (ounces) 824,902 874,629 3,434,094 3,364,132 Production costs per ounce** $ 881 $ 861 $ 885 $ 853 Total cash costs per ounce** $ 923 $ 888 $ 903 $ 865 AISC per ounce** $ 1,316 $ 1,227 $ 1,239 $ 1,179 * Production and Cost Results Summary reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter. ** 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 Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower production from Canadian Malartic, La India, Detour Lake and Fosterville, partially offset by higher production at Macassa and Meadowbank Full Year 2024 – Gold production increased when compared to the prior year primarily due to higher production from Meadowbank, Canadian Malartic and Macassa, partially offset by lower production at Fosterville and La India Production Costs per Ounce Fourth Quarter of 2024 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalties arising from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar during the period Full Year 2024 – Production costs per ounce increased when compared to the prior year primarily due to higher royalties arising from higher gold prices and higher production costs at Canadian Malartic related to underground mining operations, partially offset by overall higher production and the benefit of the weaker Canadian dollar during the period Total Cash Costs per Ounce Fourth Quarter and Full Year 2024 – 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 the respective periods AISC per Ounce Fourth Quarter of 2024 – AISC per ounce increased when compared to the prior-year period due to the factors causing higher total cash costs per ounce during the period as well as higher sustaining capital expenditures, primarily at Canadian Malartic and Detour Lake, partially offset by lower general and administrative expenses during the period Full Year 2024 – AISC per ounce increased when compared to the prior year due to the factors causing higher total cash costs per ounce during the year, as well as higher sustaining capital expenditures, primarily at Canadian Malartic, Goldex and Kittila Fourth Quarter and Full Year 2024 Financial Results Financial Results Summary ($ millions, unless otherwise stated) Three Months Ended December 31, Year Ended December 31, 2024 20236 2024 2023 Realized gold price ($/ounce)7 $ 2,660 $ 1,982 $ 2,384 $ 1,946 Net income (loss)8 $ 509 $ (374) $ 1,896 $ 1,941 Adjusted net income $ 632 $ 289 $ 2,118 $ 1,096 EBITDA9 $ 1,198 $ 103 $ 4,462 $ 3,981 Adjusted EBITDA9 $ 1,332 $ 842 $ 4,694 $ 3,236 Cash provided by operating activities $ 1,132 $ 728 $ 3,961 $ 2,602 Cash provided by operating activities before changes in non-cash working capital balances $ 1,090 $ 777 $ 3,881 $ 2,748 Capital expenditures10 $ 576 $ 437 $ 1,841 $ 1,601 Free cash flow $ 570 $ 302 $ 2,143 $ 947 Free cash flow before changes in non-cash working capital balances $ 528 $ 352 $ 2,063 $ 1,094 Net income (loss) per share (basic) $ 1.02 $ (0.75) $ 3.79 $ 3.97 Adjusted net income per share (basic) $ 1.26 $ 0.58 $ 4.24 $ 2.24 Cash provided by operating activities per share (basic) $ 2.26 $ 1.47 $ 7.92 $ 5.32 Cash provided by operating activities before changes in non-cash working capital balances per share (basic) $ 2.17 $ 1.57 $ 7.76 $ 5.62 Free cash flow per share (basic) $ 1.14 $ 0.61 $ 4.29 $ 1.94 Free cash flow before changes in non-cash working capital balances per share (basic) $ 1.05 $ 0.71 $ 4.13 $ 2.24 __________ 6 Certain previously reported line items have been restated to reflect the final purchase price allocation related to the acquisition of the Canadian assets of Yamana Gold Inc. (the 'Yamana Transaction') including the 50% of Canadian Malartic that the Company did not then own. Reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% thereafter. 7 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. 8 For the first quarter of 2023, includes a $1.5 billion revaluation gain on the 50% interest the Company owned in Canadian Malartic prior to the Yamana Transaction on March 31, 2023. 9 'EBITDA' means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see 'Note Regarding Certain Measures of Performance' below. 10 Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see 'Note Regarding Certain Measures of Performance' below. Net Income Fourth Quarter of 2024 Net income was $509 million ($1.02 per share). This result includes the following items (net of tax): derivative losses on financial instruments of $76 million ($0.15 per share), non-recurring tax adjustments and foreign currency translation losses on deferred tax liabilities of $21 million ($0.04 per share), net asset disposal losses of $12 million ($0.02 per share), foreign exchange losses of $10 million (0.02 per share) and other adjustments of $4 million (0.01 per share) Excluding the above items results in adjusted net income of $632 million or $1.26 per share Net income of $509 million in the fourth quarter of 2024 increased compared to net loss of $374 million in the prior-year period primarily due to impairment losses recognized in the prior-year period and stronger mine operating margins resulting from higher realized gold prices in the current period, partially offset by losses on derivative financial instruments and higher income and mining tax expenses in the current period Full Year 2024 – Net income of $1,896 million decreased compared to the prior year net income of $1,941 million primarily due to the remeasurement gain at Canadian Malartic in the prior year and higher income and mining tax expenses and losses on derivative financial instruments in the current period, partially offset by higher operating margins from higher realized gold prices and higher sales volumes in the current period. The remeasurement gain in the prior year is from the application of purchase accounting relating to a business combination attained in stages, which required the remeasurement of the Company's previously held 50% interest in Canadian Malartic to fair value Adjusted EBITDA Fourth Quarter of 2024 – Adjusted EBITDA increased when compared to the prior-year period primarily due to stronger mine operating margins from higher realized gold prices and lower general and administrative expenses Full Year 2024 – Adjusted EBITDA increased when compared to the prior year primarily due to stronger mine operating margins from higher realized gold prices and higher gold sales Cash Provided by Operating Activities Fourth Quarter and Full Year 2024 – 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 Free Cash Flow Before Changes in Non-cash Working Capital Balances Fourth Quarter and Full Year 2024 – 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 The following table sets out a summary of capital expenditures (including sustaining capital expenditures and development capital expenditures) and capitalized exploration in the fourth quarter and the full year 2024. Summary of Capital Expenditures* ($ thousands) Capital Expenditures** Capitalized Exploration Three Months Ended Year Ended Three Months Ended Year Ended Dec 31, 2024 Dec 31, 2024 Dec 31, 2024 Dec 31, 2024 Sustaining Capital Expenditures LaRonde $ 27,134 $ 90,259 $ 578 $ 1,927 Canadian Malartic 35,649 127,536 — — Goldex 11,927 51,839 (789) 1,747 Detour Lake 78,341 267,588 — — Macassa 15,911 44,300 508 1,767 Meliadine 17,184 70,848 2,676 8,824 Meadowbank 20,226 91,944 — — Fosterville 18,015 40,313 — — Kittila 17,234 69,047 873 2,054 Pinos Altos 11,034 29,224 (4) 1,658 La India — 22 — — Other 3,611 7,131 (264) 725 Total Sustaining Capital Expenditures $ 256,266 $ 890,051 $ 3,578 $ 18,702 Development Capital Expenditures LaRonde $ 22,246 $ 83,414 $ — $ — Canadian Malartic 68,461 189,489 2,068 5,770 Goldex 3,970 12,856 1,518 1,518 Detour Lake 83,912 205,185 3,833 29,983 Macassa 29,792 91,800 7,691 32,916 Meliadine 14,156 72,320 1,786 10,480 Meadowbank 3,286 3,266 — — Fosterville 11,054 38,070 2,161 11,658 Kittila 1,591 4,562 1,553 7,283 Pinos Altos 1,572 3,378 7 21 San Nicolás (50%) 3,770 18,847 — — Other 20,632 44,179 30,942 65,212 Total Development Capital Expenditures $ 264,442 $ 767,366 $ 51,559 $ 164,841 Total Capital Expenditures $ 520,708 $ 1,657,417 $ 55,137 $ 183,543 *Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see 'Note Regarding Certain Measures of Performance' below. **Excludes capitalized exploration Strong Free Cash Flow Generation Enabled Debt Repayment Ahead of Maturity to Continue Strengthening the Balance Sheet Cash and cash equivalents decreased by $51 million when compared to the prior quarter primarily due to $325 million repayment of debt and higher cash used in investing activities resulting from higher capital expenditures, partially offset by higher cash provided by operating activities as a result of higher revenues from higher realized gold prices. As at December 31, 2024, the Company's total long-term debt was $1,143 million, a reduction of $324 million from the third quarter of 2024. The outstanding balance of $325 million on the $600 million term loan facility was repaid during the quarter in advance of scheduled maturity in April 2025, further strengthening the Company's investment grade balance sheet. For the full year 2024, a total of $700 million of debt was repaid. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at December 31, 2024, and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature. The following table sets out the calculation of net debt, which decreased by $273 million when compared to the prior quarter as a result of the early debt repayment, partially offset by a decrease in cash and cash equivalents. For the full year 2024, net debt decreased by $1,287 million, from $1,504 million at the beginning of the year to $217 million as at December 31, 2024. Net Debt Summary ($ millions) As at As at As at Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Current portion of long-term debt $ 90 $ 415 $ 100 Non-current portion of long-term debt 1,053 1,052 1,743 Long-term debt $ 1,143 $ 1,467 $ 1,843 Less: cash and cash equivalents (926) (977) (339) Net debt $ 217 $ 490 $ 1,504 Hedges Based on the Company's currency assumptions used for 2025 cost estimates: approximately 54% of the Company's total 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 30% of the Company's total 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 43% of the Company's total estimated Australian dollar exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.49 A$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.62 A$/US$, and approximately 33% of the Company's total estimated Mexican peso exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 23.00 MXP/US$. The Company's full year 2025 cost guidance is based on assumed exchange rates of 1.38 C$/US$, 1.08 US$/EUR, 1.50 A$/US$ and 20.00 MXP/US$. Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2024 sealift, approximately 61% of the Company's estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.73 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility in 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). Based on these 2025 hedge positions, the Company expects to continue to benefit from the positive foreign exchange impact on all its operating currencies when compared to 2025 cost guidance. 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 First Quarter of 2025 Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on March 14, 2025 to shareholders of record as of February 28, 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 *Declared Dividend Reinvestment Plan For information on the Company's dividend reinvestment plan, see: Dividend Reinvestment Plan. International Dividend Currency Exchange For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at 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 can purchase up to $500 million of its common shares under the NCIB, subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2024. In the fourth quarter of 2024, the Company repurchased 248,700 common shares for an aggregate of $20 million through the NCIB. During the year ended December 31, 2024, the Company repurchased 1,749,086 common shares for an aggregate of $120 million under the NCIB and the Company's NCIB for the prior period, at an average share price of $68.54. Fourth Quarter 2024 Sustainability Highlights Sean Boyd Inducted into the Canadian Mining Hall of Fame – In January 2025, Sean Boyd, Chair of the Board and retired long-time CEO, was recognized for his role in growing Agnico Eagle from a market capitalization of C$0.4 billion to C$55 billion, and for his notable contributions to the mining sector and communities Health and Safety – The Company strives to maintain high health and safety standards. In 2024, multiple sites, and the global exploration team, achieved records for safety performance resulting in a strong global safety performance and an annual Global Combined Injury Frequency Rate of 2.45 (employees and contractors per 1 million hours worked) Employee Engagement – The Company continued to see year-over-year increases in employee satisfaction as measured in the Great Place to Work ® survey. The Company believes employee satisfaction and engagement are key drivers of its high employee retention rate across the regions where it operates Province of Ontario's Skills Development Fund – The Company received a C$10 million grant to provide a comprehensive skills development program to support the availability of a qualified workforce in the mining industry. Agnico Eagle will use this funding to continue leading workforce development initiatives in Northern Ontario Matachewan First Nation Health Care Centre Grand Opening – The Company was proud to join the Matachewan First Nation as a sponsor as they celebrated the grand opening of their new health care centre Mino-Bimaadiziwin, meaning 'a good life' Impact Benefit Agreement with Beaverhouse First Nation – The Company signed the Macassa-Amalgamated Kirkland Impact Benefit Agreement with Beaverhouse First Nation, formalizing a sustainable partnership built on collaboration, respect and shared progress. This agreement reflects the Company's commitment by fostering genuine partnerships that benefit both the community and its operations Recognized as a Socially Responsible Company for the 9th consecutive year – The Sonoran Business Foundation honored Agnico Sonora, which operates La India, for achieving the Socially Responsible Company distinction for the ninth consecutive year. The La India mine has been an integral part of the community since 2011 Forbes' Canada's Best Employers – The Company was recognized on the list for the 3rd consecutive year, which is an annual ranking based on employees and other professionals recommending the Company as a desirable employer Gold Mineral Reserves – Up 1% Year-Over-Year to Record 54.3 Moz at Year-End 2024 At December 31, 2024, the Company's proven and probable mineral reserve estimate totalled 54.3 million ounces of gold (1,277 million tonnes grading 1.32 g/t gold). This represents a 0.9% (0.47 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold) at year-end 2023 (see the Company's news release dated February 15, 2024 for details regarding the Company's December 31, 2023 proven and probable mineral reserve estimate). The year-over-year increase in mineral reserves at December 31, 2024 is largely due to a substantial mineral reserve addition at Upper Beaver and Wasamac and an aggregate replacement of approximately 70% of mineral reserves at Fosterville, Macassa, Meliadine, Amaruq and LaRonde. Mineral reserves were calculated using a gold price of $1,450 per ounce for most operating assets, with exceptions that include: Detour Lake open pit using $1,400 per ounce; Amaruq using $1,650 per ounce; Pinos Altos using $1,800 per ounce; and variable assumptions for some other pipeline projects, including Wasamac using $1,650 per ounce. See 'Assumptions used for the December 31, 2024 mineral reserve and mineral resource estimates reported by the Company' below for more details. Gold Mineral Resources – Increase in Inferred Mineral Resources At December 31, 2024, the Company's measured and indicated mineral resource estimate totalled 43.0 million ounces of gold (1,167 million tonnes grading 1.14 g/t gold). This represents a 2.3% (1.0 million ounce) decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-end 2023 (see the Company's news release dated February 15, 2024 for details regarding the Company's December 31, 2023 measured and indicated mineral resource estimate). The year-over-year decrease in measured and indicated mineral resources is primarily due to the upgrade of mineral resources at Upper Beaver and Wasamac to mineral reserves, largely offset by the successful conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, East Malartic, Upper Beaver, Hope Bay and other sites. At December 31, 2024, the Company's inferred mineral resource estimate totalled 36.2 million ounces of gold (451 million tonnes grading 2.49 g/t gold). This represents a 9.5% (3.1 million ounce) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the news release dated February 15, 2024 for details regarding the Company's December 31, 2023 inferred mineral resource estimate). The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Detour Lake underground, East Gouldie, Hope Bay, Meliadine, Fosterville and Macassa. For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources, see 'Detailed Mineral Reserve and Mineral Resource Data (as at December 31, 2024)' and 'Assumptions used for the December 31, 2024 mineral reserve and mineral resource estimates reported by the Company' below, as well as the Company's exploration news release dated February 13, 2025. Update on Key Value Drivers and Pipeline Projects Odyssey In the fourth quarter of 2024, ramp development continued to progress ahead of schedule, and as at December 31, 2024, the main ramp reached a depth of 912 metres and the ramp towards the mid-shaft loading station reached a depth of 945 metres. Additionally, the Company continued to develop the main ventilation system on Level 54 between Odyssey South and East Gouldie and expects to begin excavating the first air raise for East Gouldie in the second quarter of 2025. In the fourth quarter of 2024, shaft sinking activities set a record quarterly performance, progressing at a rate of 2.15 metres per day, and, as at December 31, 2024, the shaft reached level 102, the top of the mid-shaft loading station, at a depth of 1,026 metres. The design of the mid-shaft loading station between levels 102 and 114 is in progress. This station will include a crushing and material handling circuit for ore and waste, along with support infrastructure, including a maintenance shop. Excavation of the mid-shaft loading station is expected to begin in the first quarter of 2025 and continue through the remainder of the year. Construction progressed on schedule and on budget in the fourth quarter of 2024. At the main hoist building, the rope installation for the service hoist was completed in the fourth quarter of 2024. The construction of the temporary loading station on Level 64 progressed according to plan and the service hoist is now expected to be commissioned in the first quarter of 2025, providing a hoisting capacity of 3,500 tpd. In the fourth quarter, the foundations of the main office and service building were completed and the structural steel installation is ongoing. The construction of the main office building is expected to be finished by the first quarter of 2026. At Odyssey, the pace of construction is expected to increase in 2025, with the focus areas including the expansion of the paste plant to 20,000 tpd, the installation of the mid-shaft material handling infrastructure and the construction of the main underground ventilation system. Opportunities for growth at Canadian Malartic Once the Canadian Malartic complex transitions fully to underground, expected in 2029, the mill will have excess capacity of approximately 40,000 tpd. The Company is working on several opportunities to fill the mill, with a vision to potentially reach annual gold production of one million ounces in the 2030s. Some of these opportunities are set out below. At Odyssey, exploration drilling in 2024 continued to infill the Odyssey North and Odyssey South zones and the adjacent Odyssey internal zones. The East Gouldie deposit continued to grow both westward and eastward, resulting in additional inferred mineral resources. New drill intercepts in the Eclipse Zone established continuity of mineralization and the potential for additional future mineral resource growth in the area located between the East Gouldie and Odyssey deposits. Following these positive exploration results, the Company is evaluating the potential for a second shaft at Odyssey. In December 2024, the Company commenced a take-over bid to acquire all of the issued and outstanding common shares of O3 Mining, which owns the Marban project adjacent to Canadian Malartic. As at February 3, 2025, the Company had taken up 115,842,990 O3 Shares for aggregate consideration of C$194 million, representing approximately 96.5% of the outstanding O3 Shares on an undiluted basis. The Company expects to complete the acquisition of 100% of the O3 Shares in the first quarter of 2025. The Marban project is an advanced exploration project that could potentially support an open pit mining operation similar to the Company's Barnat open pit operations at Canadian Malartic. It is expected to contribute approximately 15,000 tpd and an average of approximately 130,000 ounces per year to the Canadian Malartic complex over a span of 9 years, starting as early as 2033. For details on the offer to acquire O3 Mining see the Company's news release dated December 12, 2024. At Wasamac, a technical evaluation was completed during the fourth quarter of 2024, based on a 3,000 tpd underground mine with ore transported to the Canadian Malartic mill for processing. The study resulted in the declaration of initial mineral reserves of 1.38 million ounces of gold (14.8 million tonnes grading 2.9 g/t gold). In 2025, the Company will continue to assess various scenarios regarding optimal mining rates and transportation for possible mine construction at the project, while also advancing permitting and community engagement. Detour Lake In June 2024, the Company released the results of a technical study reflecting the potential for a concurrent underground operation at Detour Lake that would accelerate access to higher grade ore and increase average annual production to approximately one million ounces over 14 years starting in 2030 (see the Company's news release dated June 19, 2024). This project is expected to generate strong returns, combined with significant exploration growth upside. On this basis, in June 2024, the Company approved a 2.0 kilometre exploration ramp to a depth of approximately 270 metres, which will provide access for underground conversion and expansion drilling and to collect a bulk sample from the shallow mineralized zone west of the pit. In the fourth quarter of 2024, the Company completed the site preparation for the excavation of the underground exploration ramp. The permit to take water for this initial phase is now expected to be received in the first half of 2025. Upon receipt of the permit, the Company will commence the excavation of the ramp. The Company's continuing exploration program attempts to de-risk the underground project in the western plunge of the main orebody hosting the producing open pits. Conversion drilling continues to confirm the project with underground indicated mineral resources reaching 1.87 million ounces of gold (27.7 million tonnes grading 2.10 g/t gold) at year end. Underground inferred mineral resources continued to grow in 2024 below and to the west of the open pit, and totalled 3.68 million ounces of gold (59.3 million tonnes grading 1.93 g/t gold) at year end. For further details on exploration results at Detour Lake, see the Company's exploration news release dated February 13, 2025. Upper Beaver A positive internal evaluation was completed in June 2024 for a standalone mine and mill scenario at Upper Beaver (see the Company's news release dated July 31, 2024). This project has the potential to produce an annual average of approximately 210,000 ounces of gold and 3,600 tonnes of copper over a 13-year mine life, with initial production possible as early as 2030. In July 2024, the Company approved a $200.0 million investment over approximately three years to further attempt to de-risk the project. With this investment, the Company intends to develop an exploration ramp and an exploration shaft to depths of 160 metres and 760 metres, respectively, to establish underground drilling platforms and to collect bulk samples from the two most representative geological zones of the Upper Beaver deposit. In the second half of 2024, project construction progressed on schedule. The road access, main earthworks for the site and the temporary infrastructure, including offices and temporary water treatment plant, were completed. The power line was commissioned and energized in October 2024. The shaft collar was excavated, the Galloway was installed and the foundations for the headframe were completed. Sinking of the exploration shaft is expected to commence in the fourth quarter of 2025. At the exploration ramp, the excavation of the box cut for the portal is ongoing and is expected to be completed in the first quarter of 2025. The Upper Beaver technical evaluation was completed during the fourth quarter, bringing the mineral reserves at December 31, 2024 to 2.77 million ounces of gold and 54,930 tonnes of copper (23.2 million tonnes grading 3.71 g/t gold and 0.24% copper). The Company is advancing permitting and conducting several studies for the preparation of the impact assessment. The Company expects to submit the impact assessment late in 2025. Hope Bay – Initial indicated mineral resource declared for Patch 7; advancing the potential for a larger production scenario Exploration drilling in 2024 totalled more than 119,000 metres, focused mainly on mineral resource expansion and conversion on the Madrid deposit following the strong drilling intercepts obtained at the Patch 7 zone during the fourth quarter of 2023. An initial indicated mineral resource estimate was declared as at December 31, 2024 for Patch 7 of 0.9 million ounces of gold (4.3 million tonnes grading 6.64 g/t gold). These evaluation results are being integrated in an internal evaluation for a potential larger production scenario at Hope Bay, which is expected to be completed in the first half of 2026. Following these exploration results in 2024, the Company has gained confidence on the potential for a larger production scenario and, having regard to the logistics of operating in Nunavut, is planning to invest approximately $97 million in 2025 to upgrade existing infrastructure and advance site preparedness for a potential redevelopment, including expanding the existing camp, dismantling the existing mill, extending the air strip and completing early earthworks. The Company has also approved a $20 million investment for an exploration ramp at Madrid. The 2.1-km exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. The exploration ramp is expected to be extended towards Suluk and Patch 7 in 2026 to facilitate infill and expansion drilling along those zones and potentially collect a bulk sample. For further details on exploration results at Hope Bay, see the Company's exploration news release dated February 13, 2025. San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited) In the fourth quarter of 2024, Minas de San Nicolás continued working on a feasibility study and execution strategy development, with completion expected in the second half of 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study. New Three Year Guidance – Stable Gold Production Through 2027; Total Cash Costs and AISC for 2025 Remain Peer Leading; Increased Investment to Build Foundations for Future Growth Gold production is forecast to remain stable at approximately 3.30 to 3.50 million ounces annually in 2025 to 2027, consistent with gold production in 2024, and approximately 3% lower than Previous Guidance in years 2025 and 2026. The outlook for 2027 has improved as contributions in 2027 from East Gouldie at Canadian Malartic, LaRonde and Macassa are expected to offset lower gold grade sequences at Detour Lake and the decline in production at Meadowbank. Total cash costs per ounce and AISC per ounce guidance for 2025 increased by approximately 4% and 3%, respectively, compared to the full year 2024 results. The 2025 production and cost guidance summary and a detailed description of the three-year guidance plan is set out below. On February 1, 2025, an executive order was signed by the President of the United States, which introduced tariffs on imports from countries including Canada. In response, the Canadian government announced retaliatory tariffs on imports from the United States. Subsequently, both countries postponed their previously announced tariffs for 30 days. 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 is reviewing its exposure to the potential tariffs and alternatives to inputs sourced from suppliers that may be subject to the tariffs, if implemented. 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. 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 on the Company's supply chains, the Company will continue to monitor developments and may take steps to limit the impact of any tariffs as may be appropriate in the circumstances. The costs guidance set out below does not factor any potential impact from such tariffs. 2025 Guidance Summary ($ millions, unless otherwise stated) 2025 2025 Range Mid-Point Gold production (ounces) 3,300,000 3,500,000 3,400,000 Total cash costs per ounce11 $ 915 $ 965 $ 940 AISC per ounce11 $ 1,250 $ 1,300 $ 1,275 Exploration and corporate development $ 215 $ 235 $ 225 Depreciation and amortization expense $ 1,550 $ 1,750 $ 1,650 General and administrative expense $ 190 $ 210 $ 200 Other costs $ 105 $ 115 $ 110 Tax rate (%) 33 % 38 % 35 % Cash taxes $ 1,100 $ 1,200 $ 1,150 Capital expenditures (excluding capitalized exploration) $ 1,750 $ 1,950 $ 1,850 Capitalized exploration $ 290 $ 310 $ 300 __________ 11 The Company's guidance for total cash costs per ounce and AISC per ounce is forward-looking non-GAAP information. For a description of the composition and usefulness of these non-GAAP measures and ratios, see 'Note Regarding Certain Measures of Performance' below. Updated Three-Year Guidance Plan Mine by mine production and cost guidance for 2025 and mine by mine gold production forecasts for 2026 and 2027 are set out in the tables below. The Company continues to evaluate opportunities to further optimize and improve gold production and unit cost forecasts from 2025 through 2027. Estimated Payable Gold Production (ounces) 2024 2025 2026 2027 Actual Forecast Range Forecast Range Forecast Range LaRonde 306,750 300,000 320,000 310,000 330,000 340,000 360,000 Canadian Malartic 655,654 575,000 605,000 545,000 575,000 635,000 665,000 Goldex 130,813 125,000 135,000 125,000 135,000 125,000 135,000 Quebec 1,093,217 1,000,000 1,060,000 980,000 1,040,000 1,100,000 1,160,000 Detour Lake 671,950 705,000 735,000 720,000 750,000 630,000 660,000 Macassa 279,384 300,000 320,000 315,000 335,000 325,000 345,000 Ontario 951,334 1,005,000 1,055,000 1,035,000 1,085,000 955,000 1,005,000 Meliadine 378,886 375,000 395,000 400,000 420,000 410,000 430,000 Meadowbank 504,719 485,000 505,000 440,000 460,000 380,000 400,000 Nunavut 883,605 860,000 900,000 840,000 880,000 790,000 830,000 Fosterville 225,203 140,000 160,000 140,000 160,000 140,000 160,000 Kittila 218,860 220,000 240,000 230,000 250,000 230,000 250,000 Pinos Altos* 113,117 75,000 85,000 75,000 85,000 85,000 95,000 Total Gold Production 3,485,336 3,300,000 3,500,000 3,300,000 3,500,000 3,300,000 3,500,000 *2024 actual figure includes production from La India and Creston Mascota mines. Gold production for 2025 and 2026, forecast to be 3.30 to 3.50 million ounces annually, is approximately 3% lower than Previous Guidance, primarily as a result of the deferral of processing low margin ore to later years. The slight decrease in gold production forecast for 2025 compared to Previous Guidance reflects (i) a reduced mining rate at Pinos Altos to accommodate more challenging ground conditions at Santo Nino and increased ore sourcing from satellite deposits, (ii) a deferral of the restart of pre-crushing lower grade ore at Canadian Malartic allowing for a slower ramp-up of in-pit tailings disposal and (iii) a deferral of the processing of Amalgamated Kirkland ('AK') ore at the LaRonde mill to the fourth quarter of 2025. The slight decrease in gold production in 2026 reflects primarily (i) the reduced mining rate at Pinos Altos, (ii) an adjustment to the mining sequence at LaRonde, resulting in increased sourcing from the shallower, lower grade zones combined with a slower mining rate at the deep mine, (iii) an adjustment to the mill ramp-up and mining sequence at Detour Lake, in line with the mining profile update set out in the Company's news release dated June 19, 2024 and (iv) a slight adjustment to the mining sequence at Macassa. The gold production outlook for 2027 has improved and is forecast to remain stable at 3.30 to 3.50 million ounces. This improvement is related to additional production from Canadian Malartic (production ramp-up at East Gouldie), from LaRonde (higher gold grade sequence and increased contributions from new zones) and from Macassa and Meliadine (operational improvements). The additional production in 2027 is expected to offset lower production from Detour Lake (lower gold grades in the mining sequence) and from Meadowbank (operation nearing the end of its mine life). Production Costs per Ounce Total Cash Costs per Ounce on a By-Product Basis of Gold Produced 2024 2024 2025 ($ per ounce) Actual Actual Forecast LaRonde $ 1,042 $ 945 $ 978 Canadian Malartic 811 930 995 Goldex 994 923 971 Quebec 898 933 987 Detour Lake 740 796 775 Macassa 721 748 760 Ontario 734 782 770 Meliadine 924 940 936 Meadowbank 918 938 1,022 Nunavut 921 939 984 Fosterville 653 647 1,015 Kittila 1,039 1,031 1,020 Pinos Altos 1,902 1,530 1,717 Weighted Average Total $ 885 $ 903 $ 940 *Forecast total cash costs per ounce are based on the mid-point of 2025 production guidance as set out in the table above. Total cash costs per ounce in 2025 are expected to increase 4% compared to 2024 and are largely a result of a lower grade sequence at Fosterville, Canadian Malartic and Meadowbank, and modest inflation expected on labour, spare parts and maintenance costs. The increase in costs remains below the rate of inflation for the mining sector. The Company expects stable unit costs through 2026 and 2027, excluding inflation. AISC per ounce in 2025 are expected to increase 3% compared to 2024 costs and are largely a result of the same reasons for the expected higher total cash costs per ounce. AISC per ounce are expected to remain stable through 2026 and 2027, excluding inflation. The Company remains focused on attempting to reduce costs through productivity improvements and innovation initiatives at all of its operations and the realization of additional operational synergies is not currently factored into the cost guidance. Currency and commodity price assumptions used for 2025 cost estimates and sensitivities are set out in the table below. Currency and commodity price assumptions used for 2025 cost estimates and sensitivities Commodity and currency price assumptions Approximate impact on total cash costs per ounce on a by-product basis* C$/US$ 1.38 10% change in C$/US$ $ 50 US$/EUR 1.08 10% change in US$/EUR $ 6 A$/US$ 1.50 10% change in A$/US$ $ 3 Diesel ($/ltr) $ 0.78 10% change in diesel price $ 8 *Excludes the impact of current hedging positions Exploration and Corporate Development Expense Guidance Exploration and corporate development expenses in 2025 are expected to be between $215 million and $235 million, based on a mid-point forecast of $153 million for expensed exploration and $72 million in project technical evaluations and other expenses. The guidance for 2025 is consistent with 2024 exploration and corporate development expenses. Depreciation Expense Guidance Depreciation and amortization expense in 2025 is expected to be between $1.55 and $1.75 billion. General and Administrative Expense Guidance General and administrative expenses in 2025 are expected to be between $190 and $210 million, including share-based compensation, which is expected to be between $55 and $65 million. Other Expenses Guidance Additional other expenses in 2025 are expected to be approximately $105 to $115 million. This includes $82 to $85 million related to site maintenance costs primarily at Hope Bay, La India and Northern Territory in Australia and $23 to $30 million related to remediation expenses and other miscellaneous costs. Tax Guidance For 2025, the Company expects its effective tax rates to be: Canada – 35% to 40% Mexico – 35% to 40% Australia – 30% Finland – 20% The Company's overall effective tax rate is expected to be approximately 33% to 38% for the full year 2025. The Company estimates consolidated cash taxes of approximately $1.1 to $1.2 billion in 2025 at prevailing gold prices, compared to $474 million in 2024. The increase in cash taxes from 2024 reflects both expected higher operating margins and approximately $400 million for the remaining cash tax liability related to the 2024 taxation year, which is to be paid in the first quarter of 2025. The remaining cash taxes in 2025 are expected to be paid equally over the 12 months in the year. Capital Expenditures Guidance In 2025, estimated capital expenditures (excluding capitalized exploration) are expected to be between $1.75 billion and $1.95 billion, with a mid-point of $1.85 billion, which includes approximately $868 million of sustaining capital expenditures at the Company's operating mines and approximately $982 million of development capital expenditures. In 2025, estimated capitalized exploration expenditures are expected to be between $290 million and $310 million. This compares to the full year 2024 capital expenditures of $1.66 billion (which included $890 million of sustaining capital expenditures and $767 million of growth capital expenditures) and capitalized exploration of $184 million. Sustaining capital expenditures remain largely in line year-over-year. The overall increase in capital expenditures when compared to 2024 reflects reinvestment in the business to lay the groundwork for future growth through both development capital expenditures and capitalized exploration. The increase of $215 million in development capital expenditures in 2025 when compared to 2024 is primarily at Canadian Malartic, Hope Bay and Macassa. At Canadian Malartic, 2025 is expected to be the most intensive year for the construction of the Odyssey mine. At Hope Bay, with the exploration results in 2024, the Company has gained confidence in the potential for a larger production scenario and, having regard to the logistics of operating in Nunavut, is planning to upgrade existing infrastructure and advance site preparedness for potential redevelopment. At Macassa, with the operation switching from being mine constrained to mill constrained in 2024, the Company is planning to upgrade the crushing circuit to optimize the mill throughput in coming years. The increase of $116 million in capitalized exploration in 2025 when compared to 2024 is largely a result of the measured investments for the exploration ramp at the Detour Lake underground project and the exploration ramp and shaft at the Upper Beaver project, as announced in mid-2024. The Company has also approved a $20 million investment for an exploration ramp at Madrid. The 2.1-km exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. The exploration ramp is expected to be extended towards Suluk and Patch 7 in 2026 to facilitate infill and expansion drilling along those zones and potentially collect a bulk sample. Estimated 2025 Capital Expenditures ($ thousands) Capital Expenditures Capitalized Exploration Sustaining Capital Development Capital Sustaining Development Total LaRonde $ 110,700 $ 59,500 $ 5,500 $ — $ 175,700 Canadian Malartic 137,300 287,700 2,800 22,300 450,100 Goldex 45,200 12,300 2,200 2,100 61,800 Quebec 293,200 359,500 10,500 24,400 687,600 Detour Lake 205,000 252,900 — — 457,900 Detour Lake underground — 2,700 — 68,000 70,700 Macassa 41,500 106,800 2,600 31,000 181,900 Upper Beaver — 10,300 — 87,100 97,400 Ontario 246,500 372,700 2,600 186,100 807,900 Meliadine 79,600 74,400 7,100 12,100 173,200 Meadowbank 90,800 14,000 — — 104,800 Hope Bay — 97,600 — 33,800 131,400 Nunavut 170,400 186,000 7,100 45,900 409,400 Fosterville 62,800 26,400 800 9,700 99,700 Kittila 59,600 800 3,900 6,900 71,200 Pinos Altos 25,000 12,300 2,100 — 39,400 San Nicolás (50%) — 22,900 — — 22,900 Other regional 10,100 1,800 — — 11,900 Total Capital Expenditures $ 867,600 $ 982,400 $ 27,000 $ 273,000 $ 2,150,000 Updated Three-Year Operational Guidance Plan Since the Previous Guidance, there have been several operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial 2027 guidance are set out below. ABITIBI REGION, QUEBEC LaRonde Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 295,000 310,000 340,000 n.a. Current Guidance (mid-point) (oz) 306,750 (actual) 310,000 320,000 350,000 LaRonde Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Silver (g/t) Silver Mill Recovery (%) 2,789 3.69 93.7 % 8.5 72.6 % Production and Minesite Costs per Tonne12 Zinc (%) Zinc Mill Recovery (%) Copper (%) Copper Mill Recovery (%) C$167 0.40 % 69.1 % 0.12 % 81.1 % At LaRonde, the production forecast aligns with Previous Guidance in 2025 and is slightly lower in 2026, primarily due to an adjustment to the mining sequence resulting in lower gold grades. The Company has integrated new sources of ore to the LaRonde production profile, including the Fringe, Dumagami and 11-3 zones, and has adjusted the mining rate in the deep mine. These new zones enhance mine production flexibility, which is expected to help manage seismicity at depth. Gold production is expected to increase to 350,000 ounces of gold in 2027, primarily due to higher gold grades at the LaRonde mine, an increase in the mining rate at the LaRonde Zone 5 ('LZ5") mine to 3,800 tpd and the addition of the new zones. LaRonde has planned a shutdown of 10 days in the second quarter of 2025 in order to replace the liners at the SAG mill and overall maintenance of the drystack filtration plant. __________ 12 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS and is reported on a per tonne of ore milled basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs see 'Note Regarding Certain Measures of Performance' below. Canadian Malartic Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 630,000 615,000 560,000 n.a. Current Guidance (mid-point) (oz) 655,654 (actual) 590,000 560,000 650,000 Canadian Malartic Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 21,076 0.96 90.7 % C$39 At Canadian Malartic, the production forecast is lower in 2025 when compared to Previous Guidance primarily due to the Company's decision to defer the reintroduction of pre-crushed low-grade ore, to accommodate modifications to the in-pit tailings approach and ramp-up. Production is forecast to be in line with Previous Guidance in 2026 and increase by approximately 95,000 ounces of gold to 650,000 ounces of gold in 2027, with the contribution from East Gouldie at Odyssey. From 2025 to 2027, production is expected to be sourced from the Barnat pit and increasingly complemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 85,000 ounces of gold in 2025, approximately 120,000 ounces of gold in 2026 and approximately 240,000 ounces of gold in 2027. In 2025, Canadian Malartic has planned quarterly shutdowns of four to five days for the regular maintenance at the mill. Goldex Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 130,000 130,000 130,000 n.a. Current Guidance (mid-point) (oz) 130,813 (actual) 130,000 130,000 130,000 Goldex Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) 3,205 1.49 84.7 % Production and Minesite Costs per Tonne Copper (%) Copper Mill Recovery (%) C$61 0.08 % 85.4 % At Goldex, the production forecast is in line with Previous Guidance, with Akasaba West contributing approximately 12,000 ounces of gold and approximately 2,300 tonnes of copper per year. ABITIBI REGION, ONTARIO Detour Lake Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 690,000 725,000 760,000 n.a. Current Guidance (mid-point) (oz) 671,949 (actual) 720,000 735,000 645,000 Detour Lake Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 28,000 0.88 90.9 % C$28 At Detour Lake, the production forecast is lower in 2025 and 2026 when compared to Previous Guidance. The lower production in 2025 and 2026 is primarily due to lower grades from a slight adjustment to the mining sequence and an adjusted mill ramp-up to 29 Mtpa, as described in the June 2024 Detour Lake update (see the Company's news release dated June 19, 2024). In 2027, the production forecast is lower when compared to 2026 as the mine enters into a lower grade phase. From 2025 to 2027, the Detour Lake open pit will enter into a higher strip ratio phase, ranging from 3.0 to 4.0, compared to a strip ratio of 1.3 in 2024. Detour Lake has scheduled three major shutdowns, each lasting seven days, for regular mill maintenance in the first, second and fourth quarters of 2025. Macassa Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 275,000 330,000 340,000 n.a. Current Guidance (mid-point) (oz) 279,385 (actual) 310,000 325,000 335,000 Macassa Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 700 14.15 97.3 % C$464 At Macassa, the production forecast in 2025 and 2026 is lower when compared to Previous Guidance, primarily due to the deferral of production from the AK deposit. The Company initially planned to start trucking and processing ore from AK at the LZ5 processing facility at LaRonde in the fourth quarter of 2024. Due to delays in the modifications at the LZ5 processing facility to accommodate the AK ore, the Company now expects to begin processing the AK ore at the LZ5 mill in the fourth quarter of 2025. Production from the AK deposit is forecast to be approximately 10,000 ounces of gold in 2025, and approximately 50,000 to 60,000 ounces of gold in 2026 and in 2027. The higher production in 2027 when compared to 2026 reflects the optimization of the Macassa mill. The Company continues to see geological potential at Macassa along strike and at depth of the South Mine Complex and Main Break. These geological structures are prospective for ongoing expansion of the mineral resource base at the site. Overall, the Company believes that Macassa has the potential to maintain production in excess of 300,000 ounces of gold per year based on expected exploration results. Macassa has scheduled a major shutdown of five days in the fourth quarter of 2025, for the primary grinding mill liner replacement, the annual overhaul of the crusher and other regular mill maintenance. NUNAVUT Meliadine Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 370,000 385,000 410,000 n.a. Current Guidance (mid-point) (oz) 378,886 (actual) 385,000 410,000 420,000 Meliadine Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 2,280 5.46 96.2 % C$218 At Meliadine, the production forecast for 2025 and 2026 aligns with Previous Guidance. The Processing Plant expansion was completed and commissioned in the second half of 2024. Mill throughput is expected to increase to approximately 6,250 tpd in 2025, then to approximately 6,500 tpd in subsequent years, driving the higher gold production forecast in 2025, 2026 and 2027. Meliadine has scheduled quarterly shutdowns lasting three to six days for regular mill maintenance. Meadowbank Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 490,000 495,000 450,000 n.a. Current Guidance (mid-point) (oz) 504,719 (actual) 495,000 450,000 390,000 Meadowbank Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 4,174 4.05 91.1 % C$167 At Meadowbank, the production forecast in 2025 and 2026 aligns with Previous Guidance. Production in 2027 is expected to decline as the open pit depletes, with Amaruq's end of mine life currently expected to be in 2028. With the operational improvements realized over the last two years, the contribution from Amaruq underground has increased and is now forecast to be approximately 160,000 ounces of gold in 2025, and approximately 130,000 ounces of gold in 2026 and 2027. The Company is exploring the possibility of extending the mine's operational life beyond 2028, focusing solely on underground production. Preliminary findings from this evaluation are expected in the first half of 2026. The Company continues to account for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and the Meadowbank processing facility and between the Meadowbank processing facility and Baker Lake. Wildlife management is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and reduce production disruptions. Meadowbank has scheduled two major shutdowns, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance in the second and fourth quarters of 2025. AUSTRALIA Fosterville Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 210,000 150,000 150,000 n.a. Current Guidance (mid-point) (oz) 225,203 (actual) 150,000 150,000 150,000 Fosterville Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 850 5.83 94.1 % A$268 At Fosterville, the production forecast in 2025 and 2026 is in line with Previous Guidance and is expected to remain stable in 2027. The declining production in 2025 when compared to 2024 reflects the depletion of the high-grade Swan zone in 2024. With the commencement of operations in Robbins Hill and site operational improvements, the mining and milling rate is forecast to increase by approximately 5% in 2025, partially offsetting the lower average gold grade of approximately 5.83 g/t. An initial assessment shows the potential to increase production to an average of approximately 175,000 ounces of gold per year, with a gradual increase in production starting as early as 2027. The Company is conducting further technical evaluations and drilling to confirm the feasibility of this scenario, with a target to incorporate the results as part of its 2025 life of mine update. Fosterville has scheduled quarterly shutdowns of five days for regular mill maintenance in 2025. FINLAND Kittila Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 230,000 230,000 240,000 n.a. Current Guidance (mid-point) (oz) 218,860 (actual) 230,000 240,000 240,000 Kittila Forecast 2025 Ore Milled ('000 tonnes) Gold (g/t) Gold Mill Recovery (%) Production and Minesite Costs per Tonne 2,050 4.15 84.1 % € 106 At Kittila, the production forecast in 2025 and 2026 is in line with Previous Guidance and is expected to remain stable in 2027. Kittila has planned a major shutdown in the second quarter of 2025 lasting 12 days for regular maintenance on the autoclave. MEXICO Pinos Altos Forecast 2024 2025 2026 2027 Previous Guidance (mid-point) (oz) 102,500 130,000 120,000 n.a. Current Guidance (mid-point) (oz) 88,433 (actual) 80,000 80,000 90,000 Pinos Altos Forecast 2025 Total Ore ('000 tonnes) Gold (g/t) Gold Recovery (%) 1,350 1.96 94.0 % Production and Minesite Costs per Tonne Silver (g/t) Silver Mill Recovery (%) $118 44.53 44.8 % At Pinos Altos, the production forecast is lower than the Previous Guidance by 50,000 ounces and 40,000 ounces in 2025 and 2026, respectively. The lower production reflects an adjustment to the mining rate at the Santo Nino deposit to accommodate for more challenging ground conditions, the deferral of the Reyna de Plata East open pit and increased ore sourcing from satellite deposits as the mine nears its end of mine life. Production in 2027 is expected to increase when compared to 2026, driven by the expected start of the Reyna de Plata East open pit in late 2026. 2025 Exploration Program and Budget – Continued Focus on Exploration Programs to Advance Pipeline Projects which are Expected to be Significant Future Contributors to Mineral Reserve Growth In 2025, the Company's total exploration expenditures and project expenses are expected to be between $505 million and $545 million, with a mid-point of $525 million. The total exploration expenditures include estimated capitalized exploration of $300 million and estimated exploration and corporate development expenses of $225 million, which are comprised of $153 million for expensed exploration and $72 million for project technical evaluations, technical services and other corporate expenses. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for 2025 include mineral resource conversion and expansion at the Detour Lake underground project and East Gouldie at Canadian Malartic, and advancing Hope Bay. The Company's exploration and corporate development guidance and plans for individual mines and projects for 2025 are presented in the Company's exploration news release dated February 13, 2025. ABITIBI REGION, QUEBEC LaRonde – Eight Million Ounce Milestone Achieved; Record Gold Production at LZ5 LaRonde – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 802 663 2,849 2,658 Tonnes of ore milled per day 8,717 7,207 7,784 7,282 Gold grade (g/t) 3.78 4.33 3.62 3.83 Gold production (ounces) 90,447 85,765 306,750 306,648 Production costs per tonne (C$) C$ 118 C$ 137 C$ 153 C$ 152 Minesite costs per tonne (C$) C$ 146 C$ 157 C$ 154 C$ 153 Production costs per ounce $ 751 $ 779 $ 1,042 $ 977 Total cash costs per ounce $ 834 $ 845 $ 945 $ 911 Gold Production Fourth Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher volumes of ore mined and milled at LZ5, partially offset by lower gold grades as expected under the planned mining sequence Full Year 2024 – Gold production increased slightly when compared to the prior year due to higher volumes of ore mined and milled at LZ5 as part of the mining plan, offset by lower gold grades as expected from the mining sequence and lower recovery Production Costs Fourth Quarter of 2024 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by increased production costs from the consumption of stockpiles, which results in the incurrence of re-handling costs, and higher underground maintenance and service costs. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold being produced in the period, partially offset by higher production costs as explained in the costs per tonne analysis Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to the consumption of stockpiles, which results in the incurrence of re-handling costs, and higher underground maintenance and service costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior year primarily due to the higher production costs per tonne Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above regarding the decrease in production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period for the same reasons outlined above for the decrease in production costs per ounce. Full Year 2024 – Minesite costs per tonne increased when compared to the prior year primarily due to the reasons outlined above regarding the increase in production costs per tonne. Total cash costs per ounce increased when compared to the prior year primarily for the same reasons as the increase in production costs per ounce. Highlights In November 2024, LaRonde achieved the significant milestone of eight million ounces of gold poured since the mine began production in 1988 Gold production in the fourth quarter of 2024 was positively affected by higher grades from increased production from the deep mine area compared to the prior quarter. Production from the higher-grade West mine area stabilized following the completion of rehabilitation work in the third quarter of 2024 LZ5 achieved record throughput and gold production of approximately 24,300 ounces during the fourth quarter of 2024. The higher throughput was driven by the processing of stockpiles accumulated prior to the restart of the LZ5 mill in August 2024, as well as the Company's continued automation initiatives at the LZ5 mine. Approximately 1,725 tpd were moved in full year 2024 through automated scoops and trucks, which contributed to the strong overall site throughput performance of an average 3,425 tpd At the LaRonde mill, the focus remained on improving mill recoveries by optimizing the blending of ore from the LaRonde mine, 11-3 Zone, LZ5, Goldex and Akasaba West Canadian Malartic – Development of Odyssey Continues to Advance on Schedule; Shaft Sinking Reached the Mid-Shaft Loading Station Level Canadian Malartic – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023* Tonnes of ore milled (thousands of tonnes) 5,100 5,278 20,317 19,595 Tonnes of ore milled per day 55,435 57,370 55,511 53,685 Gold grade (g/t) 0.97 1.08 1.09 1.17 Gold production (ounces) 146,485 168,272 655,654 603,955 Production costs per tonne (C$) C$ 36 C$ 36 C$ 36 C$ 36 Minesite costs per tonne (C$) C$ 41 C$ 40 C$ 41 C$ 39 Production costs per ounce $ 902 $ 825 $ 811 $ 771 Total cash costs per ounce $ 1,014 $ 913 $ 930 $ 824 *Gold production reflects Agnico Eagle's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter. Tonnage of ore milled is reported on a 100% basis for both periods. Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period due to lower grades resulting from a higher portion of ore processed being sourced from the low-grade stockpiles than planned, combined with lower throughput to accommodate adjustments to the in-pit tailings disposal approach Full Year 2024 – Gold production increased when compared to the prior year due to the increase in the Company's ownership of Canadian Malartic between periods from 50% to 100% as a result of the closing of the Yamana Transaction on March 31, 2023 and higher throughput, partially offset by lower gold grades resulting from increased ore sourced from the low-grade stockpile Production Costs Fourth Quarter of 2024 – Production costs per tonne remained the same when compared to the prior-year period primarily due to the decrease in open pit mining costs combined with a higher deferred stripping ratio being offset by the decrease in the volume of ore milled in the period and higher royalty costs. Production costs per ounce increased when compared to the prior-year period due to fewer ounces of gold produced in the current period and higher royalty costs, partially offset by lower open pit mining costs Full Year 2024 – Production costs per tonne remained the same when compared to the prior year as the higher royalty costs and higher underground production costs associated with the ramp-up of operations at the Odyssey mine were offset by a higher volume of ore milled. Production costs per ounce increased when compared to the prior year primarily due to higher royalty costs and higher underground production costs associated with the ramp-up of operations at Odyssey, partially offset by more ounces of gold produced in the current period Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to higher royalty costs during the quarter and a lower volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period primarily due to fewer ounces of gold produced in the current period Full Year 2024 – Minesite costs per tonne increased when compared to the prior year due to higher royalty costs in the current period partially offset by a higher volume of ore milled. Total cash costs per ounce increased when compared to the prior year for the same reasons outlined above for the increased production costs per ounce Highlights At Odyssey South, total development during the quarter was ahead of plan at approximately 3,630 metres. Gold production was in line with target at approximately 21,500 ounces of gold supported by record performance in December at approximately 3,838 tpd. The increased use of tele-operated and automated equipment, including scoops, trucks, jumbos and cable bolters, were the main drivers for exceeding the development and production targets in the fourth quarter of 2024 The Company began in-pit tailings disposal in July 2024. During the ramp-up in the fourth quarter of 2024, the Company made adjustments to the process to address the migration of fine materials through the central berm. The adjustments include installing a filtering layer on the central berm. It is expected that in-pit tailings deposition will resume in the first quarter of 2025 and ramp-up to design capacity in the second quarter of 2025 An update on the Odyssey development and construction highlights is set out in the Update on Key Value Drivers and Pipeline Projects section above. An update on the exploration results is set out in the Company's exploration news release dated February 13, 2025 Goldex – Record Quarterly Tonnes Milled; Exceeded Target Milling Rate from Akasaba West Goldex – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 812 672 3,076 2,887 Tonnes of ore milled per day 8,826 7,304 8,404 7,910 Gold grade (g/t) 1.45 1.79 1.55 1.74 Gold production (ounces) 32,341 33,364 130,813 140,983 Production costs per tonne (C$) C$ 51 C$ 55 C$ 58 C$ 52 Minesite costs per tonne (C$) C$ 56 C$ 58 C$ 59 C$ 53 Production costs per ounce $ 910 $ 816 $ 994 $ 795 Total cash costs per ounce $ 859 $ 877 $ 923 $ 820 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades resulting from increased ore sourced from Akasaba West, partially offset by a higher volume of ore processed Full Year 2024 – Gold production decreased when compared to the prior year primarily due to lower gold grades resulting from increased ore sourced from Akasaba West and lower recovery, partially offset by a higher volume of ore processed Production Costs Fourth Quarter of 2024 – Production costs per tonne decreased when compared to the prior-year period primarily due a higher volume of ore milled in the current period and a build-up in stockpiles, partially offset by a lower stripping ratio associated with Akasaba West. Production costs per ounce increased when compared to the prior-year period due to the same factors that resulted in higher production costs per tonne and lower gold grades Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to a lower deferred stripping ratio associated with Akasaba West, partially offset by a higher volume of ore milled in the current period and a build-up in stockpiles. Production costs per ounce increased when compared to the prior year due to the same factors that resulted in higher production costs per tonne and lower gold grades Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne decreased when compared to the prior-year period mainly due to the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior-year period mainly due to a build-up in stockpiles Full Year 2024 – Minesite costs per tonne increased when compared to the prior year primarily due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per ounce Highlights Quarterly record mill throughput of approximately 8,820 tpd was achieved in the fourth quarter At Akasaba West, through the ramp-up process, the target milling rate of 1,750 tpd was exceeded in the fourth quarter and, beginning in October 2024, the site began hauling ore to Goldex 24 hours per day. Akasaba West is expected to provide increased production flexibility to Goldex going forward ABITIBI REGION, ONTARIO Detour Lake – Record Quarterly Tonnage Milled; Achieved Targeted Milling Rate of 77,000 tpd Detour Lake – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 7,086 6,608 27,462 25,435 Tonnes of ore milled per day 77,022 71,826 75,033 69,685 Gold grade (g/t) 0.87 1.02 0.85 0.91 Gold production (ounces) 179,061 193,475 671,950 677,446 Production costs per tonne (C$) C$ 23 C$ 25 C$ 25 C$ 24 Minesite costs per tonne (C$) C$ 26 C$ 27 C$ 26 C$ 26 Production costs per ounce $ 657 $ 622 $ 740 $ 669 Total cash costs per ounce $ 755 $ 691 $ 796 $ 735 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades, as expected from the mining sequence, and lower recovery and higher solution losses, partially offset by higher throughput from a higher mill run-time and optimized mill equipment Full Year 2024 – Gold production decreased when compared to the prior year primarily due to lower recovery and gold grades, mainly due to abnormal chipping of grinding media affecting grinding efficiency, partially offset by higher throughput from a higher mill run-time and optimized mill performance Production Costs Fourth Quarter of 2024 – Production costs per tonne decreased when compared to the prior-year period mainly due to lower mining and milling costs, partially offset by higher royalty costs and higher open pit maintenance costs and higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the higher royalty and open pit maintenance costs and lower gold grades Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to higher open pit maintenance costs, higher milling costs as a result of lower grinding media efficiency in the SAG mill and higher royalty costs, partially offset by a higher stripping ratio and a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior year due to the same factors resulting in higher production costs per tonne and lower gold grades Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior-year period due to lower grades as expected from the mining sequence Full Year 2024 – Minesite costs per tonne remained the same compared to the prior year with the increased production costs being offset by an increase in volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per ounce Highlights Gold production in the fourth quarter of 2024 was slightly above plan driven by record mill throughput but partially offset by slightly lower recoveries In the fourth quarter of 2024, the mill achieved throughput of 77,000 tpd (equivalent to 28 Mtpa), setting a quarterly record. This success was driven by a stable run-time of 93% and continuous optimization efforts at the plant. The Company will continue to advance various optimization initiatives, with a target to increase mill throughput to 79,450 tpd (equivalent to 29 Mtpa) by 2028 Metallurgical recovery remained stable in the fourth quarter of 2024 when compared to the third quarter of 2024 but was slightly lower than expected in the quarter. Recovery was trending upwards towards the end of 2024 and the Company continues to work on recovery improvement initiatives, including potential changes to grind efficiency, gravity optimization and active carbon management The expansion of the mine maintenance shop to support increased mining rates and a larger production fleet is ongoing. The new mining service facility is expected to be completed in 2025 An update on the underground project is set out in the Update on Key Value Drivers and Pipeline Projects section above. An update on the exploration results is set out in the Company's exploration news release dated February 13, 2025 Macassa – Record Annual and Quarterly Gold Production and Mill Throughput Macassa – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 154 131 574 442 Tonnes of ore milled per day 1,674 1,424 1,568 1,211 Gold grade (g/t) 15.87 14.82 15.55 16.47 Gold production (ounces) 76,336 60,584 279,384 228,535 Production costs per tonne (C$) C$ 498 C$ 445 C$ 482 C$ 475 Minesite costs per tonne (C$) C$ 489 C$ 473 C$ 498 C$ 503 Production costs per ounce $ 715 $ 704 $ 721 $ 678 Total cash costs per ounce $ 708 $ 763 $ 748 $ 731 Gold Production Fourth Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput from increased productivity from a larger workforce, new ventilation infrastructure, improved equipment availability and the addition of ore sourced from the Near Surface deposit and higher gold grades from the mine sequence Full Year 2024 – Gold production increased when compared to the prior year primarily due to higher throughput resulting from increased productivity from a larger workforce, new ventilation infrastructure, improved equipment availability and the addition of ore sourced from the Near Surface deposit, partially offset by lower gold grades Production Costs Fourth Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period due to higher royalty costs and higher site administration costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to increased cost per tonne and the timing of inventory sales, partially offset by the increased gold production in the current period Full Year 2024 – Production costs per tonne increased when compared to the prior year due to higher mining costs resulting from an increased mining rate in the period when compared to the prior period and higher royalty costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior year due to increased cost per tonne, partially offset by the increased gold production in the current period Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to higher royalty costs, partially offset by the higher volume of ore milled in the current period. Total cash costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the current period Full Year 2024 – Minesite costs per tonne decreased when compared to the prior year due to the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior year due to the same reasons as for the higher production costs per ounce Highlights In the fourth quarter of 2024, Macassa achieved record quarterly throughput and gold production. This performance reflects the productivity gains achieved at the mine and mill over several quarters since the completion of the #4 Shaft and the new ventilation infrastructure in 2023. The Company has transitioned its focus from optimizing the mine to the mill and is working on several initiatives such as improving the ore grind classification and load in the grinding circuit to further improve mill throughput The higher gold production than forecast was also driven by higher gold grades in the quarter primarily due to better than expected ore extraction in priority production headings Construction of the new paste plant was 87% complete as at December 31, 2024 and is on schedule for commissioning in the first half of 2025 NUNAVUT Meliadine – Two Million Ounce Milestone Achieved; Strong Quarterly Gold Production Driven by Record Ore Hauling and Strong Mill Throughput Meliadine – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 516 511 1,966 1,918 Tonnes of ore milled per day 5,609 5,554 5,372 5,255 Gold grade (g/t) 5.89 6.03 6.22 6.11 Gold production (ounces) 94,648 96,285 378,886 364,141 Production costs per tonne (C$) C$ 257 C$ 251 C$ 243 C$ 241 Minesite costs per tonne (C$) C$ 263 C$ 249 C$ 247 C$ 249 Production costs per ounce $ 1,012 $ 981 $ 924 $ 944 Total cash costs per ounce $ 1,037 $ 992 $ 940 $ 980 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades from the mining sequence, partially offset by higher throughput as a result of the commissioning of the Phase 2 mill expansion Full Year 2024 – Gold production increased when compared to the prior year primarily due to higher throughput and higher gold grades as expected from the mining sequence Production Costs Fourth Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher underground services and royalty costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne and fewer gold ounces produced in the current period Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to higher underground services and royalty costs, partially offset by a higher volume of ore milled in the current period. Production costs per ounce decreased in the current period due to more ounces of gold being produced in the current period, partially offset by the same reasons outlined above for higher production costs per tonne Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period for the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period for the same reasons outlined above for the production costs per ounce Full Year 2024 – Minesite costs per tonne decreased when compared to the prior year primarily due to the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior year primarily due to the same reasons outlined above for production costs per ounce Highlights In November 2024, Meliadine achieved the significant milestone of two million ounces of gold poured since the mine began production Gold production in the fourth quarter of 2024 was in line with plan as a result of strong underground mine and mill performance but offset by lower grades due to mine sequencing. The underground mine performance was driven by record quarterly hauling and development, as a result of ongoing optimization projects at Meliadine, including the transition from 10-hour to 12-hour shifts underground. At the mill, throughput continued to ramp up during the fourth quarter reaching the target rate of 6,000 tpd in December During the first quarter of 2024, the Company submitted a proposal to the Nunavut Water Board ('NWB') to amend the current Type A Water license to include tailings, water and waste management infrastructure at the Pump, F-zone, Wesmeg and Discovery deposits. The amendment to the water license received a positive recommendation from the NWB in October 2024 and received Ministry approval during the fourth quarter of 2024 Meadowbank – Record Annual Production; Solid Quarterly Gold Production with Ore Tonnes in Line with Plan Despite Challenging Weather Conditions Meadowbank – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 999 938 4,143 3,843 Tonnes of ore milled per day 10,859 10,196 11,320 10,529 Gold grade (g/t) 4.07 3.97 4.18 3.86 Gold production (ounces) 117,024 109,226 504,719 431,666 Production costs per tonne (C$) C$ 154 C$ 206 C$ 153 C$ 183 Minesite costs per tonne (C$) C$ 161 C$ 185 C$ 156 C$ 179 Production costs per ounce $ 945 $ 1,306 $ 918 $ 1,214 Total cash costs per ounce $ 988 $ 1,186 $ 938 $ 1,176 Gold Production Fourth Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput and higher gold grades as expected under the mine sequence, partially offset by lower recovery Full Year 2024 – Gold production increased when compared to the prior year primarily due to higher gold grades as expected under the mine sequence and higher throughput, as the comparative period was affected by unplanned downtime at the SAG mill and unplanned shutdowns of the Amaruq to Meadowbank road due to caribou migration patterns Production Costs Fourth Quarter and Full Year 2024 – Production costs per tonne decreased when compared to the prior-year periods due to a higher volume of ore milled and a build-up in stockpiles, partially offset by higher royalty costs. Production costs per ounce decreased when compared to the prior-year periods due to the same reasons outlined above for lower production costs per tonne and more ounces of gold being produced in the current period Minesite and Total Cash Costs Fourth Quarter and Full Year 2024 – Minesite costs per tonne decreased when compared to the prior-year periods due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year periods due to the same reasons outlined above for the lower production costs per ounce Highlights Gold production was lower quarter-over-quarter primarily due to lower grades as a result of mine sequencing Ore tonnes from both open pit and underground operations were in line with forecast despite challenging conditions with heavy rainfall in October, which affected haulage productivity. The steady mine performance is a result of the productivity gains achieved through the full mining cycle and increased adherence and compliance to plan in 2024. Production also continues to benefit from positive reconciliation on ore tonnage AUSTRALIA Fosterville – Production at Robbins Hill Commences; Record Annual Underground Tonnes Mined Fosterville – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 158 183 810 651 Tonnes of ore milled per day 1,717 1,989 2,213 1,784 Gold grade (g/t) 7.65 8.79 8.96 13.61 Gold production (ounces) 37,139 49,533 225,203 277,694 Production costs per tonne (A$) A$ 319 A$ 259 A$ 277 A$ 304 Minesite costs per tonne (A$) A$ 325 A$ 261 A$ 276 A$ 301 Production costs per ounce $ 868 $ 632 $ 653 $ 473 Total cash costs per ounce $ 878 $ 723 $ 647 $ 488 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower throughput and lower gold grades when compared to the prior period as the ultra-high grade Swan zone is depleting in line with the mine plan Full Year 2024 – Gold production decreased when compared to the prior year primarily due to lower grades as the ultra-high grade Swan zone is depleting in line with the mine plan, partially offset by the higher throughput Production Costs Fourth Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher mining and milling costs and a lower volume of ore milled in the period. Production costs per ounce increased when compared to the prior-year period due to lower gold grades in the period Full Year 2024 – Production costs per tonne decreased when compared to the prior year primarily due to a higher volume of ore milled in the period, partially offset by higher mining and milling costs. Production costs per ounce increased when compared to the prior year due to lower gold grades in the period Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce Full Year 2024 – Minesite costs per tonne decreased when compared to the prior year due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for higher production costs per ounce Highlights Gold production in the fourth quarter of 2024 was affected by a 3.4 Mw (Moment Magnitude) seismic event in November 2024, which caused damage to the underground infrastructure in the Lower Phoenix area. Rehabilitation work is ongoing and a phased approach has been adopted to resume development and production, which is expected to be completed in the first quarter of 2025. The Company continues to adjust the mining methods, ground support and protocols to address seismic activity in the deeper portions of the mine During the fourth quarter, production from Robbins Hill commenced with the first stope mined in November. The Robbins Hill area, along with Cygnet area, are expected to provide increased production flexibility at Fosterville. The Company continues to focus on productivity gains and cost control at the mine and the mill to maximize throughput and reduce unit costs as gold grades continue to decline with the depletion of the Swan zone The Company is currently advancing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. In the fourth quarter of 2024, raise boring was completed and the project is progressing as planned at approximately 92% completion. The Company expects the project to be completed in the first quarter of 2025 FINLAND Kittila – Completion of Autoclave Maintenance; Recovery Improvement Initiatives Ongoing Kittila – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 476 514 2,026 1,954 Tonnes of ore milled per day 5,174 5,587 5,536 5,353 Gold grade (g/t) 4.15 4.55 4.11 4.48 Gold production (ounces) 51,893 61,172 218,860 234,402 Production costs per tonne (€) € 100 € 91 € 103 € 98 Minesite costs per tonne (€) € 106 € 96 € 103 € 99 Production costs per ounce $ 979 $ 828 $ 1,039 $ 878 Total cash costs per ounce $ 1,026 $ 858 $ 1,031 $ 871 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades and lower throughput as the Company completed a 10-day planned maintenance of the autoclave in the fourth quarter of 2024 Full Year 2024 – Gold production decreased when compared to the prior year primarily due to lower gold grades, partially offset by higher throughput Production Costs Fourth Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher mill maintenance and royalty costs and a lower volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above and fewer ounces of gold being produced in the current period Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to higher underground mining and maintenance costs, higher milling and royalty costs, partially offset by a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for higher production costs per tonne and fewer ounces of gold being produced in the current period Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons impacting the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons impacting the higher production costs per ounce Full Year 2024 – Minesite costs per tonne increased when compared to the prior year due to the same reasons impacting the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons impacting the higher production costs per ounce Highlights Gold production in the fourth quarter was affected by a planned 10-day mill shutdown for autoclave and other mill maintenance in October 2024 Gold production was also slightly lower than planned in the fourth quarter of 2024 due to lower recovery from higher carbon and sulphur content in the ore, partially offset by higher grades. Various recovery improvement actions continued to be implemented during the quarter, resulting in an improvement in recovery rates towards year-end 2024 MEXICO Pinos Altos – Production Affected by Completion of Operations at the Reyna de Plata Open Pit Pinos Altos – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) 381 441 1,707 1,656 Tonnes of ore milled per day 4,141 4,793 4,664 4,537 Gold grade (g/t) 1.58 1.91 1.69 1.92 Gold production (ounces) 18,583 25,963 88,433 97,642 Production costs per tonne $ 119 $ 87 $ 99 $ 88 Minesite costs per tonne $ 115 $ 88 $ 99 $ 88 Production costs per ounce $ 2,435 $ 1,470 $ 1,902 $ 1,495 Total cash costs per ounce $ 1,921 $ 1,210 $ 1,530 $ 1,229 Gold Production Fourth Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades as expected from the mining sequence and lower throughput Full Year 2024 – Gold production decreased when compared to the prior year primarily due to lower grades as expected from the mining sequence and lower recovery, partially offset by higher throughput Production Costs Fourth Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher mill maintenance and royalty costs and lower volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period for the same reasons outlined above for production costs per tonne and fewer ounces of gold produced in the current period Full Year 2024 – Production costs per tonne increased when compared to the prior year primarily due to higher underground mining and maintenance costs, and higher milling and royalty costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per tonne and fewer ounces of gold produced in the period Minesite and Total Cash Costs Fourth Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above that resulted in higher production costs per ounce Full Year 2024 – Minesite costs per tonne increased when compared to the prior year due to the same reasons as the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons as the higher production costs per ounce La India – Residual Leaching Activities Completed with Pre-Closure Activities Ongoing La India – Operating Statistics Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands of tonnes) — 500 — 3,010 Tonnes of ore milled per day — 5,435 — 8,247 Gold grade (g/t) — 0.92 — 0.87 Gold production (ounces) 3,390 19,481 24,580 75,904 Production costs per tonne $ — $ 49 $ — $ 32 Minesite costs per tonne $ — $ 45 $ — $ 32 Production costs per ounce $ 3,045 $ 1,254 $ 2,025 $ 1,271 Total cash costs per ounce $ 1,835 $ 1,149 $ 1,945 $ 1,241 Gold Production Fourth Quarter and Full Year 2024 – Gold production decreased when compared to the prior-year periods due to ceasing of mining operations at La India in the fourth quarter of 2023. Gold production in the current periods came only from residual leaching Costs Fourth Quarter and Full Year 2024 – Production costs per ounce and total cash costs per ounce increased when compared to the prior-year periods primarily due to fewer ounces of gold being produced due to the cessation of mining activities About Agnico Eagle Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983. About this News Release Unless otherwise stated, references to 'LaRonde', 'Canadian Malartic', 'Meadowbank' and 'Goldex' are to the Company's operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. 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 Canadian Malartic complex consists of the milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the Amaruq open pit and underground mines. 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. 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. Further Information For further information regarding Agnico Eagle, contact Investor Relations at [email protected] or call (416) 947-1212. 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 working capital balances', 'cash provided by operating activities before changes in non-cash working capital balances 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 working capital balances', 'operating margin', 'sustaining capital expenditures', 'development capital expenditures', 'sustaining capitalized exploration', 'development capitalized exploration' and 'net debt', as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS. These measures may not be comparable to similar measures reported by other gold producers and should be considered together with other data prepared in accordance with IFRS. See below for a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS. Total cash costs per ounce and minesite costs per tonne Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported on both a by-product basis (deducting by-product metal revenues from production costs) and 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 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 has been adjusted for the purchase price allocation in the comparative period data. 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 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, and investors should also consider, using these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates. Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products. Unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) the majority of the Company's revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis. Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of income for inventory production costs and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce can be affected by fluctuations in by‑product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS. The following tables set out a reconciliation of total cash costs per ounce and minesite costs per tonne to production costs, exclusive of amortization, for the three and twelve months ended December 31, 2024 and December 31, 2023, as presented in the consolidated statements of income in accordance with IFRS. Total Production Costs by Mine Three Months Ended December 31, Year Ended December 31, (thousands of United States dollars) 2024 2023 2024 2023 Quebec LaRonde mine $ 45,827 $ 47,867 $ 239,309 $ 218,020 LZ5 22,127 18,922 80,186 81,624 LaRonde 67,954 66,789 319,495 299,644 Canadian Malartic(i) 132,144 138,878 532,037 465,814 Goldex 29,446 27,222 129,977 112,022 Ontario Detour Lake 117,713 120,284 497,079 453,498 Macassa 54,608 42,678 201,371 155,046 Nunavut Meliadine 95,817 94,429 350,280 343,650 Meadowbank 110,583 142,597 463,464 524,008 Australia Fosterville 32,221 31,329 147,045 131,298 Europe Kittila 50,799 50,657 227,334 205,857 Mexico Pinos Altos 45,251 38,158 168,231 145,936 La India 10,322 24,434 49,767 96,490 Production costs per the consolidated statements of income $ 746,858 $ 777,455 $ 3,086,080 $ 2,933,263 Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne by Mine (thousands of United States dollars, except as noted) LaRonde mine (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 66,124 68,520 227,512 235,991 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 45,827 $ 693 $ 47,867 $ 699 $ 239,309 $ 1,052 $ 218,020 $ 924 Inventory adjustments(ii) 18,617 282 16,114 235 5,725 25 13,448 57 Realized gains and losses on hedges of production costs 748 11 801 12 1,364 6 2,966 13 Other adjustments(v) 2,966 45 3,397 49 12,201 54 17,478 73 Total cash costs (co-product basis) $ 68,158 $ 1,031 $ 68,179 $ 995 $ 258,599 $ 1,137 $ 251,912 $ 1,067 By-product metal revenues (16,562) (251) (12,378) (181) (56,265) (248) (53,694) (227) Total cash costs (by-product basis) $ 51,596 $ 780 $ 55,801 $ 814 $ 202,334 $ 889 $ 198,218 $ 840 LaRonde mine (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 405 400 1,554 1,501 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 45,827 $ 113 $ 47,867 $ 120 $ 239,309 $ 154 $ 218,020 $ 145 Production costs (C$) C$ 63,851 C$ 158 C$ 64,965 C$ 162 C$ 326,489 C$ 210 C$ 293,627 C$ 196 Inventory adjustments (C$)(iii) 25,581 63 21,956 55 9,512 6 20,501 14 Other adjustments (C$)(v) (4,131) (10) (3,795) (9) (12,150) (8) (12,990) (9) Minesite costs (C$) C$ 85,301 C$ 211 C$ 83,126 C$ 208 C$ 323,851 C$ 208 C$ 301,138 C$ 201 LZ5 (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 24,323 17,245 79,238 70,657 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 22,127 $ 910 $ 18,922 $ 1,097 $ 80,186 $ 1,012 $ 81,624 $ 1,155 Inventory adjustments(ii) 735 30 (3,367) (195) 4,555 58 (3,494) (49) Realized gains and losses on hedges of production costs 261 11 266 15 476 6 988 14 Other adjustments(v) 955 39 841 49 3,351 42 2,705 38 Total cash costs (co-product basis) $ 24,078 $ 990 $ 16,662 $ 966 $ 88,568 $ 1,118 $ 81,823 $ 1,158 By-product metal revenues (250) (10) (13) (1) (1,022) (13) (711) (10) Total cash costs (by-product basis) $ 23,828 $ 980 $ 16,649 $ 965 $ 87,546 $ 1,105 $ 81,112 $ 1,148 LZ5 (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 397 263 1,295 1,157 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 22,127 $ 56 $ 18,922 $ 72 $ 80,186 $ 62 $ 81,624 $ 71 Production costs (C$) C$ 30,757 C$ 78 C$ 25,644 C$ 98 C$ 109,741 C$ 85 C$ 109,991 C$ 95 Inventory adjustments (C$)(iii) 1,230 3 (4,542) (18) 6,422 5 (4,717) (4) Minesite costs (C$) C$ 31,987 C$ 81 C$ 21,102 C$ 80 C$ 116,163 C$ 90 C$ 105,274 C$ 91 LaRonde (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 90,447 85,765 306,750 306,648 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 67,954 $ 751 $ 66,789 $ 779 $ 319,495 $ 1,042 $ 299,644 $ 977 Inventory adjustments(ii) 19,352 214 12,747 149 10,280 33 9,954 32 Realized gains and losses on hedges of production costs 1,009 11 1,067 12 1,840 6 3,954 13 Other adjustments(v) 3,921 44 4,238 49 15,552 51 20,183 66 Total cash costs (co-product basis) $ 92,236 $ 1,020 $ 84,841 $ 989 $ 347,167 $ 1,132 $ 333,735 $ 1,088 By-product metal revenues (16,812) (186) (12,391) (144) (57,287) (187) (54,405) (177) Total cash costs (by-product basis) $ 75,424 $ 834 $ 72,450 $ 845 $ 289,880 $ 945 $ 279,330 $ 911 LaRonde (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 Tonnes of ore milled (thousands) 802 663 2,849 2,658 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 67,954 $ 85 $ 66,789 $ 101 $ 319,495 $ 112 $ 299,644 $ 113 Production costs (C$) C$ 94,608 C$ 118 C$ 90,609 C$ 137 C$ 436,230 C$ 153 C$ 403,618 C$ 152 Inventory adjustments (C$)(iii) 26,811 33 17,414 26 15,934 5 15,784 6 Other adjustments (C$)(v) (4,131) (5) (3,795) (6) (12,150) (4) (12,990) (5) Minesite costs (C$) C$ 117,288 C$ 146 C$ 104,228 C$ 157 C$ 440,014 C$ 154 C$ 406,412 C$ 153 Canadian Malartic (per ounce)(i) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 146,485 168,272 655,654 603,955 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 132,144 $ 902 $ 138,878 $ 825 $ 532,037 $ 811 $ 465,814 $ 771 Inventory adjustments(ii) (9,044) (62) (2,794) (17) (1,968) (3) 4,738 8 Realized gains and losses on hedges of production costs 2,101 14 — — 4,138 6 — — Purchase price allocation to inventory(iv) 5,771 39 — — 5,771 9 (26,447) (44) In-kind royalties and other adjustments(v) 19,938 137 19,518 117 78,230 120 60,149 100 Total cash costs (co-product basis) $ 150,910 $ 1,030 $ 155,602 $ 925 $ 618,208 $ 943 $ 504,254 $ 835 By-product metal revenues (2,441) (16) (1,974) (12) (8,386) (13) (6,732) (11) Total cash costs (by-product basis) $ 148,469 $ 1,014 $ 153,628 $ 913 $ 609,822 $ 930 $ 497,522 $ 824 Canadian Malartic (per tonne)(i) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 5,100 5,278 20,317 17,333 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 132,144 $ 26 $ 138,878 $ 26 $ 532,037 $ 26 $ 465,814 $ 27 Production costs (C$) C$ 183,826 C$ 36 C$ 187,945 C$ 36 C$ 726,836 C$ 36 C$ 627,946 C$ 36 Inventory adjustments (C$)(iii) (11,855) (2) (3,901) (1) (2,025) — 6,919 — Purchase price allocation to inventory (C$)(iv) 8,073 2 — — 8,073 — (34,555) (2) In-kind royalties and other adjustments (C$)(v) 27,919 5 26,457 5 106,163 5 79,962 5 Minesite costs (C$) C$ 207,963 C$ 41 C$ 210,501 C$ 40 C$ 839,047 C$ 41 C$ 680,272 C$ 39 Goldex (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 32,341 33,364 130,813 140,983 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 29,446 $ 910 $ 27,222 $ 816 $ 129,977 $ 994 $ 112,022 $ 795 Inventory adjustments(ii) 2,920 90 1,666 50 2,438 18 1,650 11 Realized gains and losses on hedges of production costs 447 14 525 16 816 6 1,944 14 Other adjustments(v) 1,050 33 187 5 3,009 23 336 2 Total cash costs (co-product basis) $ 33,863 $ 1,047 $ 29,600 $ 887 $ 136,240 $ 1,041 $ 115,952 $ 822 By-product metal revenues (6,093) (188) (340) (10) (15,452) (118) (378) (2) Total cash costs (by-product basis) $ 27,770 $ 859 $ 29,260 $ 877 $ 120,788 $ 923 $ 115,574 $ 820 Goldex (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 812 672 3,076 2,887 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 29,446 $ 36 $ 27,222 $ 40 $ 129,977 $ 42 $ 112,022 $ 39 Production costs (C$) C$ 41,201 C$ 51 C$ 37,043 C$ 55 C$ 177,816 C$ 58 C$ 151,185 C$ 52 Inventory adjustments (C$)(iii) 4,282 5 2,224 3 3,702 1 2,189 1 Minesite costs (C$) C$ 45,483 C$ 56 C$ 39,267 C$ 58 C$ 181,518 C$ 59 C$ 153,374 C$ 53 Detour Lake (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 179,061 193,475 671,950 677,446 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 117,713 $ 657 $ 120,284 $ 622 $ 497,079 $ 740 $ 453,498 $ 669 Inventory adjustments(ii) 5,947 33 4,695 24 (1,348) (2) 8,232 12 Realized gains and losses on hedges of production costs 2,320 13 302 2 4,714 7 4,867 8 In-kind royalties and other adjustments(v) 10,195 58 9,101 47 37,788 56 33,149 49 Total cash costs (co-product basis) $ 136,175 $ 761 $ 134,382 $ 695 $ 538,233 $ 801 $ 499,746 $ 738 By-product metal revenues (1,046) (6) (598) (4) (3,049) (5) (2,073) (3) Total cash costs (by-product basis) $ 135,129 $ 755 $ 133,784 $ 691 $ 535,184 $ 796 $ 497,673 $ 735 Detour Lake (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 7,086 6,608 27,462 25,435 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 117,713 $ 17 $ 120,284 $ 18 $ 497,079 $ 18 $ 453,498 $ 18 Production costs (C$) C$ 163,506 C$ 23 C$ 163,230 C$ 25 C$ 678,877 C$ 25 C$ 611,244 C$ 24 Inventory adjustments (C$)(iii) 9,164 1 6,291 1 (458) — 11,038 — In-kind royalties and other adjustments (C$)(v) 13,587 2 10,838 1 44,125 1 39,323 2 Minesite costs (C$) C$ 186,257 C$ 26 C$ 180,359 C$ 27 C$ 722,544 C$ 26 C$ 661,605 C$ 26 Macassa (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 76,336 60,584 279,384 228,535 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 54,608 $ 715 $ 42,678 $ 704 $ 201,371 $ 721 $ 155,046 $ 678 Inventory adjustments(ii) (4,645) (61) 985 16 (3,607) (13) 1,382 6 Realized gains and losses on hedges of production costs 920 12 844 14 1,679 6 3,127 14 In-kind royalties and other adjustments(v) 3,488 46 1,908 32 10,564 38 8,041 35 Total cash costs (co-product basis) $ 54,371 $ 712 $ 46,415 $ 766 $ 210,007 $ 752 $ 167,596 $ 733 By-product metal revenues (358) (4) (166) (3) (1,020) (4) (649) (2) Total cash costs (by-product basis) $ 54,013 $ 708 $ 46,249 $ 763 $ 208,987 $ 748 $ 166,947 $ 731 Macassa (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 154 131 574 442 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 54,608 $ 355 $ 42,678 $ 327 $ 201,371 $ 351 $ 155,046 $ 351 Production costs (C$) C$ 76,615 C$ 498 C$ 58,184 C$ 445 C$ 276,532 C$ 482 C$ 209,928 C$ 475 Inventory adjustments (C$)(iii) (6,073) (39) 1,078 9 (4,605) (8) 1,836 4 In-kind royalties and other adjustments (C$)(v) 4,595 30 2,472 19 13,896 24 10,517 24 Minesite costs (C$) C$ 75,137 C$ 489 C$ 61,734 C$ 473 C$ 285,823 C$ 498 C$ 222,281 C$ 503 Meliadine (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 94,648 96,285 378,886 364,141 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 95,817 $ 1,012 $ 94,429 $ 981 $ 350,280 $ 924 $ 343,650 $ 944 Inventory adjustments(ii) 822 9 (620) (6) 3,279 9 11,898 33 Realized gains and losses on hedges of production costs 1,553 16 1,746 17 3,165 8 1,682 4 Other adjustments(v) 150 2 82 1 250 1 128 — Total cash costs (co-product basis) $ 98,342 $ 1,039 $ 95,637 $ 993 $ 356,974 $ 942 $ 357,358 $ 981 By-product metal revenues (210) (2) (153) (1) (860) (2) (630) (1) Total cash costs (by-product basis) $ 98,132 $ 1,037 $ 95,484 $ 992 $ 356,114 $ 940 $ 356,728 $ 980 Meliadine (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 516 511 1,966 1,918 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 95,817 $ 186 $ 94,429 $ 185 $ 350,280 $ 178 $ 343,650 $ 179 Production costs (C$) C$ 133,149 C$ 257 C$ 128,156 C$ 251 C$ 478,335 C$ 243 C$ 462,052 C$ 241 Inventory adjustments (C$)(iii) 2,854 6 (863) (2) 6,578 4 16,188 8 Minesite costs (C$) C$ 136,003 C$ 263 C$ 127,293 C$ 249 C$ 484,913 C$ 247 C$ 478,240 C$ 249 Meadowbank (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 117,024 109,226 504,719 431,666 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 110,583 $ 945 $ 142,597 $ 1,306 $ 463,464 $ 918 $ 524,008 $ 1,214 Inventory adjustments(ii) 4,052 35 (14,484) (133) 9,464 19 (12,021) (28) Realized gains and losses on hedges of production costs 2,122 18 2,297 21 4,624 9 (1,205) (3) Other adjustments(v) 5 — (69) (1) (41) — (19) — Total cash costs (co-product basis) $ 116,762 $ 998 $ 130,341 $ 1,193 $ 477,511 $ 946 $ 510,763 $ 1,183 By-product metal revenues (1,186) (10) (837) (7) (4,138) (8) (2,958) (7) Total cash costs (by-product basis) $ 115,576 $ 988 $ 129,504 $ 1,186 $ 473,373 $ 938 $ 507,805 $ 1,176 Meadowbank (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 999 938 4,143 3,843 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 110,583 $ 111 $ 142,597 $ 152 $ 463,464 $ 112 $ 524,008 $ 136 Production costs (C$) C$ 154,295 C$ 154 C$ 192,897 C$ 206 C$ 632,661 C$ 153 C$ 702,879 C$ 183 Inventory adjustments (C$)(iii) 6,764 7 (19,533) (21) 14,234 3 (15,934) (4) Minesite costs (C$) C$ 161,059 C$ 161 C$ 173,364 C$ 185 C$ 646,895 C$ 156 C$ 686,945 C$ 179 Fosterville (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 37,139 49,533 225,203 277,694 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 32,221 $ 868 $ 31,329 $ 632 $ 147,045 $ 653 $ 131,298 $ 473 Inventory adjustments(ii) 266 7 3,137 64 (1,011) (4) 1,345 5 Realized gains and losses on hedges of production costs 216 6 1,319 27 222 1 3,097 11 Other adjustments(v) 18 — 6 — 70 — 52 — Total cash costs (co-product basis) $ 32,721 $ 881 $ 35,791 $ 723 $ 146,326 $ 650 $ 135,792 $ 489 By-product metal revenues (103) (3) — — (565) (3) (397) (1) Total cash costs (by-product basis) $ 32,618 $ 878 $ 35,791 $ 723 $ 145,761 $ 647 $ 135,395 $ 488 Fosterville (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 158 183 809 651 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 32,221 $ 204 $ 31,329 $ 171 $ 147,045 $ 182 $ 131,298 $ 202 Production costs (A$) A$ 50,159 A$ 319 A$ 47,265 A$ 259 A$ 224,121 A$ 277 A$ 197,921 A$ 304 Inventory adjustments (A$)(ii) 788 6 384 2 (1,253) (1) (2,155) (3) Minesite costs (A$) A$ 50,947 A$ 325 A$ 47,649 A$ 261 A$ 222,868 A$ 276 A$ 195,766 A$ 301 Kittila (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 51,893 61,172 218,860 234,402 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 50,799 $ 979 $ 50,657 $ 828 $ 227,334 $ 1,039 $ 205,857 $ 878 Inventory adjustments(ii) 2,382 46 2,653 43 (1,172) (6) 2,958 13 Realized gains and losses on hedges of production costs 289 5 (653) (11) 151 1 (2,999) (13) Other adjustments(v) (51) (1) (45) — (212) (1) (1,338) (6) Total cash costs (co-product basis) $ 53,419 $ 1,029 $ 52,612 $ 860 $ 226,101 $ 1,033 $ 204,478 $ 872 By-product metal revenues (194) (3) (145) (2) (483) (2) (358) (1) Total cash costs (by-product basis) $ 53,225 $ 1,026 $ 52,467 $ 858 $ 225,618 $ 1,031 $ 204,120 $ 871 Kittila (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 476 514 2,026 1,954 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 50,799 $ 107 $ 50,657 $ 99 $ 227,334 $ 112 $ 205,857 $ 105 Production costs (€) € 47,910 € 100 € 46,950 € 91 € 210,285 € 103 € 191,023 € 98 Inventory adjustments (€)(iii) 2,721 6 2,240 5 (633) — 2,112 1 Minesite costs (€) € 50,631 € 106 € 49,190 € 96 € 209,652 € 103 € 193,135 € 99 Pinos Altos (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 18,583 25,963 88,433 97,642 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 45,251 $ 2,435 $ 38,158 $ 1,470 $ 168,231 $ 1,902 $ 145,936 $ 1,495 Inventory adjustments(ii) (1,557) (84) 1,241 48 678 8 2,979 31 Realized gains and losses on hedges of production costs 68 4 (754) (29) 68 1 (2,819) (29) Other adjustments(v) 307 16 346 13 1,287 14 1,248 12 Total cash costs (co-product basis) $ 44,069 $ 2,371 $ 38,991 $ 1,502 $ 170,264 $ 1,925 $ 147,344 $ 1,509 By-product metal revenues (8,368) (450) (7,585) (292) (34,924) (395) (27,339) (280) Total cash costs (by-product basis) $ 35,701 $ 1,921 $ 31,406 $ 1,210 $ 135,340 $ 1,530 $ 120,005 $ 1,229 Pinos Altos (per tonne) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) 381 441 1,707 1,656 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 45,251 $ 119 $ 38,158 $ 87 $ 168,231 $ 99 $ 145,936 $ 88 Inventory adjustments(iii) (1,489) (4) 487 1 746 — 160 — Minesite costs $ 43,762 $ 115 $ 38,645 $ 88 $ 168,977 $ 99 $ 146,096 $ 88 La India (per ounce) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Gold production (ounces) 3,390 19,481 24,580 75,904 (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) (thousands) ($ per ounce) Production costs $ 10,322 $ 3,045 $ 24,434 $ 1,254 $ 49,767 $ 2,025 $ 96,490 $ 1,271 Inventory adjustments(ii) (4,102) (1,210) (1,782) (91) (1,322) (54) (1,335) (18) Other adjustments(v) 46 13 182 9 401 16 584 8 Total cash costs (co-product basis) $ 6,266 $ 1,848 $ 22,834 $ 1,172 $ 48,846 $ 1,987 $ 95,739 $ 1,261 By-product metal revenues (47) (13) (449) (23) (1,038) (42) (1,566) (20) Total cash costs (by-product basis) $ 6,219 $ 1,835 $ 22,385 $ 1,149 $ 47,808 $ 1,945 $ 94,173 $ 1,241 La India (per tonne)(vi) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Tonnes of ore milled (thousands) — 500 — 3,010 (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) (thousands) ($ per tonne) Production costs $ 10,322 $ — $ 24,434 $ 49 $ 49,767 $ — $ 96,490 $ 32 Inventory adjustments(iii) (10,322) — (1,782) (4) (49,767) — (1,335) — Minesite costs $ — $ — $ 22,652 $ 45 $ — $ — $ 95,155 $ 32 Notes: (i) The information set out in this table reflects the Company's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. (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. (iii) This inventory adjustment reflects production costs associated with the portion of production still in inventory. (iv) On March 31, 2023, the Company closed the Yamana Transaction and this adjustment reflects the fair value allocated to inventory at Canadian Malartic acquired as part of the purchase price allocation. (v) Other adjustments consists of 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 and smelting, refining, and marketing charges to production costs. (vi) La India's cost calculations per tonne for the three months and the year ended December 31, 2024 excludes approximately $10.3 and $49.8 million of production costs incurred during the period, respectively, 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 'Total cash costs per ounce' for a discussion of regarding the Company's use of by-product basis reporting). Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ('WGC') in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies. The following tables set out a reconciliation of production costs to all-in sustaining costs per ounce for the three and twelve months ended December 31, 2024 and December 31, 2023, on both a by-product basis (deducting by-product metals revenue from production costs) and co-product basis (without deducting by-product metal revenues). (United States dollars per ounce, except where noted) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Production costs per the consolidated statements of income (thousands of United States dollars) $ 746,858 $ 777,455 $ 3,086,080 $ 2,933,263 Gold production (ounces) 847,401 903,208 3,485,336 3,439,654 Production costs per ounce $ 881 $ 861 $ 885 $ 853 Adjustments: Inventory adjustments(i) 19 8 5 9 Purchase price allocation to inventory(ii) 7 — 2 (8) Realized gains and losses on hedges of production costs 13 7 6 3 Other(iii) 46 40 42 36 Total cash costs per ounce (co-product basis) $ 966 $ 916 $ 940 $ 893 By-product metal revenues (43) (28) (37) (28) Total cash costs per ounce (by-product basis) $ 923 $ 888 $ 903 $ 865 Adjustments: Sustaining capital expenditures (including capitalized exploration) 302 239 258 235 General and administrative expenses (including stock option expense) 73 82 60 61 Non-cash reclamation provision and sustaining leases(iv) 18 18 18 18 All-in sustaining costs per ounce (by-product basis) $ 1,316 $ 1,227 $ 1,239 $ 1,179 By-product metal revenues 43 28 37 28 All-in sustaining costs per ounce (co-product basis) $ 1,359 $ 1,255 $ 1,276 $ 1,207 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) On March 31, 2023, the Company closed the Yamana Transaction and this adjustment reflects the fair value allocated to inventory at Canadian Malartic acquired as part of the purchase price allocation. (iii) Other adjustments consist of in-kind royalties, smelting, refining and marketing charges to production costs. (iv) 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 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, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals and 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 at the end of the period on a basic and diluted basis. The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. The following tables set out a reconciliation of net income (loss) per the consolidated statements of income (loss) to adjusted net income for the three and twelve months ended December 31, 2024, and December 31, 2023. Three Months Ended December 31, Year Ended December 31, (thousands of United States dollars) 2024 2023 2024 2023 Restated(i) Net income (loss) for the period - basic $ 509,255 $ (374,057) $ 1,895,581 $ 1,941,307 Dilutive impact of cash settling LTIP — — — (4,736) Net income (loss) for the period - diluted $ 509,255 $ (373,962) $ 1,895,581 $ 1,936,571 Foreign currency translation loss (gain) 10,131 1,930 9,383 (328) Realized and unrealized loss (gain) on derivative financial instruments 107,429 (69,470) 155,819 (68,432) Impairment loss — 787,000 — 787,000 Transaction costs related to acquisitions — — — 21,503 Revaluation gain on Yamana Transaction — — — (1,543,414) Environmental remediation 3,518 2,799 14,719 2,712 Net loss on disposal of property, plant and equipment 11,883 17,667 37,669 26,759 Purchase price allocation to inventory(ii) (5,771) — (5,771) 26,477 Other(iii) 6,340 — 19,555 3,262 Income and mining taxes adjustments(iv) (10,329) (76,617) (9,183) (100,910) Adjusted net income for the period - basic $ 632,456 $ 289,252 $ 2,117,772 $ 1,095,936 Adjusted net income for the period - diluted $ 632,456 $ 289,347 $ 2,117,772 $ 1,091,200 Notes: (i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Yamana Transaction. (ii) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. These non-cash fair value adjustments which impacted the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income (loss) in the calculation of adjusted net income. (iii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the current period. (iv) 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 (loss) for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the 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 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, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals and retroactive payments. The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS. The following tables set out a reconciliation of net income (loss) per the consolidated statements of income (loss) to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2024, and December 31, 2023. Three Months Ended December 31, Year Ended December 31, (thousands of United States dollars) 2024 2023 2024 2023 Restated(i) Net income (loss) for the period $ 509,255 $ (374,057) $ 1,895,581 $ 1,941,307 Finance costs 27,473 35,098 126,738 130,087 Amortization of property, plant and mine development 388,217 380,407 1,514,076 1,491,771 Income and mining tax expense 273,256 61,124 925,974 417,762 EBITDA 1,198,201 102,572 4,462,369 3,980,927 Foreign currency translation loss (gain) 10,131 1,930 9,383 (328) Realized and unrealized loss (gain) on derivative financial instruments 107,429 (69,470) 155,819 (68,432) Impairment loss — 787,000 — 787,000 Transaction costs related to acquisitions — — — 21,503 Revaluation gain on Yamana Transaction — — — (1,543,414) Environmental remediation 3,518 2,799 14,719 2,712 Net loss on disposal of property, plant and equipment 11,883 17,667 37,669 26,759 Purchase price allocation to inventory(ii) (5,771) — (5,771) 26,477 Other(iii) 6,340 — 19,555 3,262 Adjusted EBITDA $ 1,331,731 $ 842,498 $ 4,693,743 $ 3,236,466 Notes: (i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Yamana Transaction. (ii) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. These non-cash fair value adjustments which impacted the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income (loss) in the calculation of adjusted EBITDA. (iii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the current period. Cash provided by operating activities before changes in non-cash working capital balances and cash provided by operating activities before changes in non-cash working capital balances per share Cash provided by operating activities before changes in non-cash working capital balances and cash provided by operating activities before changes in non-cash working capital balances per share are calculated by adjusting the cash provided by operating activities as shown in the consolidated statements of cash flows for the effects of changes in non-cash working capital balances such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share amount is calculated by dividing cash provided by operating activities before changes in non-cash working capital balances by the weighted average number of shares outstanding at the end of the period on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS. A reconciliation of these measures to the nearest IFRS measure is provided below. Free cash flow and free cash flow before changes in non-cash working capital balances 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 consolidated statements of cash flows. Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable. The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company. The following tables set out a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash working capital balances and to cash provided by operating activities before changes in non-cash working capital balances for the three and twelve months ended December 31, 2024, and December 31, 2023. Three Months Ended December 31, Year Ended December 31, (thousands of United States dollars) 2024 2023 2024 2023 Cash provided by operating activities $ 1,131,849 $ 727,861 $ 3,960,892 $ 2,601,562 Additions to property, plant and mine development (562,163) (425,742) (1,817,949) (1,654,129) Free Cash Flow 569,686 302,119 2,142,943 947,433 Changes in income taxes (116,595) (21,870) (259,327) (103,850) Changes in inventory 42,573 24,170 208,300 169,168 Changes in other current assets (17,403) (6,016) (1,166) 80,931 Changes in accounts payable and accrued liabilities 37,896 48,649 (36,726) (2,778) Changes in interest payable 11,762 4,685 8,895 2,925 Free cash flow before changes in non-cash working capital balances $ 527,919 $ 351,737 $ 2,062,919 $ 1,093,829 Additions to property, plant and mine development 562,163 425,742 1,817,949 1,654,129 Cash provided by operating activities before changes in non-cash working capital balances $ 1,090,082 $ 777,479 $ 3,880,868 $ 2,747,958 Cash provided by operating activities per share - basic $ 2.26 $ 1.47 $ 7.92 $ 5.32 Cash provided by operating activities before changes in non-cash working capital balances per share - basic $ 2.17 $ 1.57 $ 7.76 $ 5.62 Free cash flow per share - basic $ 1.14 $ 0.61 $ 4.29 $ 1.94 Free cash flow before changes in non-cash working capital balances - basic $ 1.05 $ 0.71 $ 4.13 $ 2.24 Operating margin Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income (loss) as recorded in the consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is useful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS. For a reconciliation of operating margin to revenue from mining operations reported in the Company's financial statements, see 'Summary of Operations Key Performance Indicators' below. Capital expenditures Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the consolidated statements of cash flows. Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS and other companies may classify expenditures in a different manner. The following tables set 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 consolidated statements of cash flows for the three and twelve months ended December 31, 2024 and December 31, 2023. (thousands of United States dollars) Three Months Ended December 31, Year Ended December 31, 2024 2023(i) 2024 2023(i) Sustaining capital expenditures $ 256,266 $ 210,678 $ 890,051 $ 793,818 Sustaining capitalized exploration 3,578 4,079 18,702 13,789 Development capital expenditures 264,442 194,968 767,366 681,257 Development capitalized exploration 51,559 26,936 164,841 112,004 Total Capital Expenditures $ 575,845 $ 436,661 $ 1,840,960 $ 1,600,868 Working capital adjustments (13,682) (10,919) (23,011) 53,261 Additions to property, plant and mine development per the consolidated statements of cash flows $ 562,163 $ 425,742 $ 1,817,949 $ 1,654,129 Note: (i) The information set out in this table reflects the Company's 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. Net debt Net debt is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net debt is useful to help investors to determine the Company's overall debt position and to evaluate the future debt capacity of the Company. The following tables set out a reconciliation of long-term debt per the consolidated balance sheets to net debt as at December 31, 2024, and December 31, 2023. As at As at (thousands of United States dollars) December 31, 2024 December 31, 2023 Current portion of long-term debt per the consolidated balance sheets $ 90,000 $ 100,000 Non-current portion of long-term debt 1,052,956 1,743,086 Long-term debt $ 1,142,956 $ 1,843,086 Adjustment: Cash and cash equivalents $ (926,431) $ (338,648) Net Debt $ 216,525 $ 1,504,438 Forward-Looking Non-GAAP Measures This news release also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based upon the total cash costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure. Forward-Looking Statements The information in this news release has been prepared as at February 13, 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', '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, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay and San Nicolás; statements concerning the potential to increase production at Fosterville to an average of approximately 175,000 ounces of gold per year; statements concerning the Company's 'fill-the-mill' strategy at Canadian Malartic, including the potential for a second shaft at Odyssey and plans at the Wasamac and Marban projects; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; anticipated cost inflation and its effect on the Company's costs and results; 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, including at Meliadine, Upper Beaver and San Nicolás, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to climate change and greenhouse gas emissions reductions; 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; 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 ('MD&A') and the Company's Annual Information Form ('AIF') for the year ended December 31, 2023 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2023 ('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 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 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. Notes to Investors Regarding the Use of Mineral Resources The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian securities administrators' (the 'CSA') National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101"). The SEC's disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ('MJDS'), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies. Investors are cautioned that while the SEC recognizes 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources', investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any 'measured mineral resources', 'indicated mineral resources' or 'inferred mineral resources' that the Company reports in this news release are or will be economically or legally mineable. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Further, 'inferred mineral resources' have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources. Scientific and Technical Information The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, Vice-President, Mineral Resources Management, each of whom is a 'Qualified Person' for the purposes of NI 43-101. Detailed Mineral Reserve and Mineral Resource Data Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Gold Mining Method* 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au Recovery %** LaRonde mine1 U/G 2,398 4.84 373 8,334 6.38 1,709 10,731 6.03 2,081 94.6 LaRonde Zone 52 U/G 5,026 2.10 339 4,241 2.34 319 9,267 2.21 659 94.7 LaRonde Total 7,424 2.98 712 12,574 5.02 2,028 19,998 4.26 2,740 Canadian Malartic mine3 O/P 40,383 0.52 677 34,533 1.14 1,267 74,916 0.81 1,944 89.3 Odyssey deposit4 U/G 36 2.41 3 4,318 2.27 315 4,354 2.27 317 95.0 East Gouldie5 U/G — — — 48,278 3.37 5,236 48,278 3.37 5,236 94.4 Canadian Malartic Total 40,419 0.52 680 87,128 2.43 6,818 127,547 1.83 7,497 Goldex6 U/G 5,472 1.43 251 10,137 1.65 538 15,609 1.57 789 86.9 Akasaba West7 O/P 846 0.82 22 3,948 0.91 116 4,794 0.90 138 77.0 Goldex Total 6,318 1.34 273 14,085 1.44 654 20,403 1.41 927 Wasamac U/G — — — 14,757 2.90 1,377 14,757 2.90 1,377 89.7 Quebec Total 54,161 0.96 1,665 128,545 2.63 10,876 182,706 2.13 12,541 Detour Lake (At or above 0.5 g/t) O/P 75,405 1.08 2,616 447,790 0.90 13,020 523,195 0.93 15,636 92.0 Detour Lake (Below 0.5 g/t) O/P 53,049 0.42 717 218,861 0.38 2,698 271,910 0.39 3,415 92.0 Detour Lake Total8 128,454 0.81 3,333 666,651 0.73 15,718 795,105 0.75 19,051 Macassa9 U/G 325 13.24 138 5,096 10.32 1,691 5,421 10.50 1,829 97.1 Macassa Near Surface10 U/G 4 7.76 1 65 5.15 11 69 5.31 12 95.0 AK deposit11 U/G 23 5.11 4 1,514 4.71 229 1,537 4.71 233 93.7 Macassa Total 352 12.65 143 6,675 9.00 1,931 7,027 9.18 2,074 Upper Beaver12 O/P — — — 3,235 1.82 189 3,235 1.82 189 95.5 Upper Beaver12 U/G — — — 19,946 4.02 2,579 19,946 4.02 2,579 95.5 Upper Beaver Total — — — 23,181 3.71 2,768 23,181 3.71 2,768 Hammond Reef13 O/P — — — 123,473 0.84 3,323 123,473 0.84 3,323 89.2 Ontario Total 128,806 0.84 3,476 819,979 0.90 23,740 948,785 0.89 27,216 Amaruq O/P 3,310 1.81 193 8,657 3.33 928 11,967 2.91 1,121 90.7 Amaruq U/G 45 4.86 7 2,858 5.23 481 2,903 5.23 488 90.7 Meadowbank Total14 3,355 1.86 200 11,516 3.80 1,408 14,871 3.36 1,609 Meliadine O/P 324 3.47 36 5,241 4.10 690 5,565 4.06 726 96.0 Meliadine U/G 1,666 6.93 371 12,557 5.62 2,268 14,223 5.77 2,639 96.0 Meliadine Total15 1,990 6.37 407 17,798 5.17 2,958 19,788 5.29 3,365 Hope Bay16 U/G 93 6.77 20 16,120 6.52 3,378 16,212 6.52 3,398 87.5 Nunavut Total 5,438 3.59 628 45,433 5.30 7,744 50,871 5.12 8,372 *Open Pit ('O/P'), Underground ('U/G') ** Represents metallurgical recovery percentage Operation / Project Proven Probable Proven & Probable Gold Mining Method* 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au Recovery %** Fosterville17 U/G 888 5.77 165 8,666 5.33 1,486 9,553 5.37 1,650 92.0 Australia Total 888 5.77 165 8,666 5.33 1,486 9,553 5.37 1,650 Kittila18 U/G 616 4.33 86 24,782 4.16 3,314 25,398 4.16 3,400 86.4 Europe Total 616 4.33 86 24,782 4.16 3,314 25,398 4.16 3,400 Pinos Altos O/P — — — 1,884 1.04 63 1,884 1.04 63 94.4 Pinos Altos U/G 1,484 2.09 100 3,589 2.35 271 5,072 2.27 370 94.1 Pinos Altos Total19 1,484 2.09 100 5,472 1.90 334 6,956 1.94 433 San Nicolás (50%)20 O/P 23,858 0.41 314 28,761 0.39 358 52,619 0.40 672 17.6 Mexico Total 25,341 0.51 414 34,234 0.63 691 59,575 0.58 1,105 Total Gold 215,249 0.93 6,433 1,061,639 1.40 47,852 1,276,888 1.32 54,284 Silver Mining Method* 000 Tonnes g/t 000 Oz Ag 000 Tonnes g/t 000 Oz Ag 000 Tonnes g/t 000 Oz Ag Recovery %** LaRonde mine U/G 2,398 13.29 1,024 8,334 21.67 5,805 10,731 19.79 6,830 77.4 Pinos Altos O/P — — — 1,884 32.53 1,970 1,884 32.53 1,970 44.5 Pinos Altos U/G 1,484 48.13 2,296 3,589 36.72 4,236 5,072 40.05 6,532 48.1 Pinos Altos Total 1,484 48.13 2,296 5,472 35.28 6,206 6,956 38.02 8,502 San Nicolás (50%) O/P 23,858 23.93 18,356 28,761 20.91 19,333 52,619 22.28 37,689 38.6 Total Silver 27,739 24.31 21,677 42,567 22.90 31,344 70,307 23.46 53,021 Copper Mining Method* 000 Tonnes % Tonnes Cu 000 Tonnes % Tonnes Cu 000 Tonnes % Tonnes Cu Recovery %** LaRonde mine U/G 2,398 0.20 4,808 8,334 0.30 25,224 10,731 0.28 30,033 83.8 Akasaba West O/P 846 0.49 4,144 3,948 0.50 19,851 4,794 0.50 23,995 77.4 Upper Beaver O/P — — — 3,235 0.14 4,477 3,235 0.14 4,477 79.2 Upper Beaver U/G — — — 19,946 0.25 50,453 19,946 0.25 50,453 79.2 Upper Beaver Total — — — 23,181 0.24 54,930 23,181 0.24 54,930 San Nicolás (50%) O/P 23,858 1.26 299,809 28,761 1.01 291,721 52,619 1.12 591,530 78.2 Total Copper 27,102 1.14 308,761 64,224 0.61 391,727 91,326 0.77 700,488 Zinc Mining Method* 000 Tonnes % Tonnes Zn 000 Tonnes % Tonnes Zn 000 Tonnes % Tonnes Zn Recovery %** LaRonde mine U/G 2,398 0.49 11,803 8,334 1.12 93,022 10,731 0.98 104,825 66.9 San Nicolás (50%) O/P 23,858 1.61 383,313 28,761 1.37 394,115 52,619 1.48 777,428 80.9 Total Zinc 26,256 1.50 395,115 37,095 1.31 487,137 63,351 1.39 882,252 1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$87/t for LP1 (Area 11-3) and not less than C$210/t for LaRonde. 2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.44 g/t. 3 Canadian Malartic: Gold cut-off grade is 0.35 g/t. 4 Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.51 g/t. 5 East Gouldie: Gold cut-off grade not less than 1.62 g/t. 6 Goldex: Gold cut-off grade varies according to mining type and depth, not less than 0.90 g/t. 7 Akasaba West: Net smelter value cut-off varies, not less than C$31.96/t. 8 Detour Lake: Gold cut-off grade is 0.30 g/t. 9 Macassa: Gold cut-off grade varies according to mining type, not less than 3.85 g/t for long hole method and 4.24 g/t for cut and fill method. 10 Macassa Near Surface deposit: Gold cut-off grade not less than 2.43 g/t. 11 Amalgamated Kirkland ('AK') deposit: Gold cut-off grade not less than 2.43 g/t. 12 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit. 13 Hammond Reef: Gold cut-off grade is 0.41 g/t. 14 Amaruq: Gold cut-off grade varies according to mining type, not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t). 15 Meliadine: Gold cut-off grade varies according to mining type, not less than 1.60 g/t for open pit mineral reserves and 4.20 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.60 g/t). 16 Hope Bay: Gold cut-off grade not less than 4.00 g/t. 17 Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.10 g/t. 18 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t. 19 Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$11.09/t for open pit mineral reserves and US$63.43/t for the underground mineral reserves. 20 San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t. Mineral Resources as at December 31, 2024 Operation / Project Measured Indicated Measured & Indicated Inferred Gold Mining Method* 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au LaRonde mine U/G — — — 5,851 3.75 705 5,851 3.75 705 1,619 5.39 281 LaRonde Zone 5 U/G — — — 11,094 2.29 817 11,094 2.29 817 7,187 4.15 960 LaRonde Total — — — 16,945 2.79 1,522 16,945 2.79 1,522 8,806 4.38 1,240 Canadian Malartic mine O/P — — — — — — — — — 5,550 0.72 129 Odyssey deposit U/G — — — 1,847 1.77 105 1,847 1.77 105 20,275 2.33 1,520 East Malartic U/G — — — 45,783 1.95 2,869 45,783 1.95 2,869 57,354 1.98 3,651 East Gouldie U/G — — — 5,243 1.52 257 5,243 1.52 257 61,155 2.32 4,557 Odyssey Total — — — 52,873 1.90 3,232 52,873 1.90 3,232 138,784 2.18 9,728 Canadian Malartic Total — — — 52,873 1.90 3,232 52,873 1.90 3,232 144,334 2.12 9,857 Goldex U/G 12,360 1.86 739 18,137 1.48 865 30,496 1.64 1,604 16,946 1.62 885 Akasaba West O/P — — — 4,133 0.68 90 4,133 0.68 90 — — — Goldex Total 12,360 1.86 739 22,270 1.33 955 34,630 1.52 1,694 16,946 1.62 885 Wasamac U/G — — — 9,479 2.19 667 9,479 2.19 667 3,911 2.48 312 Quebec Total 12,360 1.86 739 101,567 1.95 6,376 113,927 1.94 7,115 173,997 2.20 12,294 Detour Lake O/P 33,923 1.10 1,201 630,463 0.60 12,188 664,386 0.63 13,389 65,093 1.40 2,926 Detour Lake U/G — — — 27,738 2.10 1,870 27,738 2.10 1,870 59,269 1.93 3,679 Detour Lake Zone 58N U/G — — — 2,868 5.80 534 2,868 5.80 534 973 4.35 136 Detour Lake Total 33,923 1.10 1,201 661,068 0.69 14,592 694,991 0.71 15,793 125,335 1.67 6,742 Macassa U/G 278 8.46 76 2,716 7.39 645 2,994 7.49 721 5,036 7.77 1,259 Macassa Near Surface U/G — — — 94 5.03 15 94 5.03 15 205 4.74 31 AK deposit U/G — — — 333 4.81 52 333 4.81 52 283 3.52 32 Macassa Total 278 8.46 76 3,144 7.05 712 3,422 7.16 788 5,524 7.44 1,322 Aquarius O/P — — — 12,364 2.15 856 12,364 2.15 856 122 3.59 14 Holt complex U/G 5,806 4.29 800 5,884 4.75 898 11,690 4.52 1,699 9,097 4.48 1,310 Anoki-McBean U/G — — — 3,919 2.77 349 3,919 2.77 349 867 3.84 107 Upper Beaver O/P — — — 54 0.87 2 54 0.87 2 — — — Upper Beaver U/G — — — 7,510 2.04 493 7,510 2.04 493 2,953 4.12 391 Upper Beaver Total — — — 7,564 2.03 495 7,564 2.03 495 2,953 4.12 391 Upper Canada O/P — — — 2,006 1.62 104 2,006 1.62 104 1,020 1.44 47 Upper Canada U/G — — — 8,433 2.28 618 8,433 2.28 618 17,588 3.21 1,816 Upper Canada Total — — — 10,439 2.15 722 10,439 2.15 722 18,608 3.11 1,863 Hammond Reef O/P 47,063 0.54 819 86,304 0.53 1,478 133,367 0.54 2,298 — — — Ontario Total 87,070 1.03 2,896 790,685 0.79 20,104 877,755 0.82 23,000 162,506 2.25 11,748 Amaruq O/P — — — 3,115 3.37 338 3,115 3.37 338 187 2.88 17 Amaruq U/G — — — 6,801 4.30 940 6,801 4.30 940 3,773 4.73 574 Meadowbank Total — — — 9,915 4.01 1,277 9,915 4.01 1,277 3,960 4.65 592 Meliadine O/P 1 3.46 — 4,229 2.98 406 4,231 2.98 406 614 4.43 87 Meliadine U/G 524 4.53 76 9,187 4.17 1,232 9,711 4.19 1,308 11,082 6.00 2,138 Operation / Project Measured Indicated Measured & Indicated Inferred Gold Mining Method* 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au 000 Tonnes g/t 000 Oz Au Meliadine Total 525 4.53 76 13,416 3.80 1,638 13,941 3.82 1,714 11,696 5.92 2,225 Hope Bay U/G — — — 14,689 4.54 2,143 14,689 4.54 2,143 13,232 5.44 2,312 Nunavut Total 525 4.53 76 38,020 4.14 5,058 38,545 4.14 5,135 28,888 5.52 5,129 Fosterville
