Agnico Eagle Mines : Corporate Update - May 2026

Published: 2026-05-11 16:57:15 ET AEM.TO

Published on 05/11/2026 at 04:57 pm EDT

NYSE & TSX: AEM

May 2026

NUNAVUT

CANADA

FINLAND

Kittilä

Second Largest Gold Producer; Operations in Premier Jurisdictions with Proven Geological Potential

ONTARIO & QUÉBEC

Hope Bay

Meadowbank

MEXICO

Pinos Altos

San Nicolas (50%)

Ontario Québec

Detour Lake

LaRonde

Canadian Malartic

Meliadine

Macassa

Upper Beaver

Goldex

AUSTRALIA

Fosterville

Operations Advanced Projects

Premier Mining Jurisdictions

Highest Quality Senior Gold Producer

Strategic Regional Focus

Strong Financial Returns

NYSE & TSX: AEM

Corporate Update 3

1,200

1,000

800

Gold Production and Total Cash Costs1

2.7

Gold Production

(oz per 1,000 shares)

7.0

~3x

$0.03

Annualized Dividend ($/sh)

$1.60

~50x

$0.93 EBITDA1 ($/sh) $16.81 ~18x

2005

2025

Operating Mines

Operating Countries

240

Gold Production (koz)

3,447

~14x

600

400

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Share Price Performance

2005

2025

CAGR5

Agnico Eagle3

$13.36

$169.53

12.9%

Gold Equity Index (XAU)4

$95.65

$342.28

6.3%

S&P 5004

$1,202.08

$6,845.50

8.6%

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

Adjusted EBITDA1 and AISC Margin1,2

80%

70%

60%

50%

40%

30%

1 These are non-GAAP measures, see Notes to Investors Regarding Certain Measures of Performance in this presentation

2 AISC margin is calculated as realized gold price/oz less AISC/oz, divided by realized gold price/oz.

3 Share price on the New York Stock Exchange as at January 3, 2005 and December 31, 2025.

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

4 Index price on the New York Stock Exchange as at January 3, 2005 and December 31, 2025, based on the weighted average market capitalization of each company included in the index.

5 CAGR represents Compound Annual Growth Rate

NYSE & TSX: AEM

Corporate Update 4

Strengthening Financial Position and Increasing Shareholder Returns

Returned ~$375 million directly to shareholders through dividends and the Normal Course Issuer Bid ("NCIB")

Targeting to return ~40% of annual free cash flow to shareholders*

Detour Lake

Record Financial Results Driven by Solid Operational Performance

Operations - performance in line with plan, production led by Detour Lake, Canadian Malartic and Fosterville

Record financial results -adjusted EBITDA and adjusted net income

Canadian Malartic

Building the

Foundations of Our Future Growth

Advancing construction, development and studies at 5 key value driver projects

Positive exploration results at key value driver projects

Proposed consolidation of the Central Lapland Greenstone Belt in Finland

Hope Bay

On Track to Achieve 2026 Gold Production

Q1 2026

825 koz2

Full Year

Production Guidance

3.3 - 3.5 Moz

Full Year Guidance

* Through the dividend and NCIB

1 These are non-GAAP measures, see Notes to Investors Regarding Certain Measures of Performance in this presentation

2 Gold production excludes gold ounces from La India and Creston Mascota which were produced from residual leaching, see Notes to Investors Regarding Certain Measures of Performance in the appendix

NYSE & TSX: AEM

Corporate Update 5

Shareholder Returns

Targeting to return 40% of annual free cash flow to shareholders Dividend

Q1 2026 Operating Cash Flow Allocation*

* Chart segments are indicative only

Dividends paid since 1983

Quarterly dividend of $0.45 per share Share Buyback

Total share repurchases of $150M in Q1 2026

Renewed the NCIB in May 2026 on substantially the same terms, with an increased internal purchase limit of $2B

Strengthening the Balance Sheet

Net cash1 position increased to ~$2.9B at the end of Q1 2026

Fitch Ratings upgraded the Company's long-term issuer default rating from BBB+ to A- in April 2026

Reinvestment in the Business

Investing in production growth at 5 key value driver projects

Dividend and Share Buyback

Strengthening the Balance Sheet

Sustaining

Capital

Reinvestment in the Business3

Cumulative returns to shareholders (1983 to Q1 2026):

~$6.0 billion2

Returned ~50% of free cash flow4 to shareholders in Q1 2026 through dividends and share buybacks

1 This is a non-GAAP measure, see Notes to Investors Regarding Certain Measures of Performance in the appendix

2 Calculated as $5.0B cumulative dividends declared since 1983 plus $944M cumulative shares repurchased under the NCIB since 2022

3 Includes growth capital and strategic investments

4 Free cash flow is calculated including the effect of changes in non-cash working capital balances; excluding the effect of changes in non-cash working capital balances equates to a return of ~23%

NYSE & TSX: AEM

Corporate Update 6

Meliadine operations

2026 Guidance1

Range

Mid-point

Production Guidance (Moz)

3.3 - 3.5

3.4

Total Cash Costs2($/oz)

$1,020 - $1,120

$1,070

AISC2($/oz)

$1,400 - $1,550

$1,475

Capital Expenditures2,3,4($M)

$2,175 - $2,395

$2,285

Capitalized Exploration ($M)

$290 - $330

$310

Exploration Expense5($M)

$275 - $305

$290

1 See AEM February 12, 2026 news release and appendix for more details on 2026 guidance

2 These are non-GAAP measures, see Notes to Investors Regarding Certain Measures of Performance in the appendix

Canadian Malartic operations

3 Excludes capitalized exploration

4Additional capex between $300M and $350M expected following potential Hope Bay construction decision if approved in Q2 2026

5 Includes corporate development costs

Annual gold production of 3.3M - 3.5M oz through 2028

Production guidance maintained in 2026 and 2027

Outlook improved in 2028

2026 cost guidance increased compared to 2025

Higher royalties and weakening USD (~60%)

Inflation of ~4% and mining sequence (~40%)

Capex guidance reflects accelerated construction of key pipeline projects, including Detour Lake underground and Upper Beaver4

NYSE & TSX: AEM

Corporate Update 7

Strongest Position in Our History - Potential 20% to 30% Production Growth

Detour Lake

(Ontario)

Pathway to 1Moz Annual Producer

Potential for additional 300-350koz per year through development of underground and mill optimization

Canadian Malartic

(Quebec)

Pathway to 1Moz Annual Producer

Potential for additional 400-500koz per year with "fill-the-mill" strategy

Upper Beaver

(Ontario)

Unlocking Potential in the Kirkland Lake Camp

Underground project with potential annual production of ~210koz beginning in 2031

Hope Bay

(Nunavut)

Potential 400-425koz Annual Producer

Continued exploration success at Madrid; upgrading existing infrastructure

San Nicolás

(Mexico, 50%)

Joint Venture with Teck Resources

Cu-Zn-Ag-Au deposit located in Zacatecas, Mexico

Accelerating development with approval expected in 2027

"Fill-the-mill" update in Q3 2026

Accelerating development with approval expected in 2027

Study update and potential project approval decision in May 2026

Advancing feasibility study and detailed engineering

NYSE & TSX: AEM

Corporate Update 8

Low-Risk Mining Jurisdictions

Highest Quality Senior Gold Producer

Strategic Regional Focus

Strong Financial Returns

Multi-mine, multi-decade geologic potential

Multi-decade political stability

Regional focus maintaining a manageable business

High sustainability standards with multi-decade investment horizon

Disciplined capital investments based on technical and regional knowledge

Creating value through the drill bit and technical expertise

High-quality project pipeline in core operating regions with unique potential to leverage existing assets

Competitive advantage from over 60 years of operations in Canada

Unique mining expertise in Nunavut

Emphasis on per share value creation

Strong financial position to fund growth projects, strengthen balance sheet and return capital to shareholders

43 consecutive years of dividend payments

NYSE & TSX: AEM

Corporate Update 9

Macassa operations

Upper Beaver

Hammond Reef

Optimization of Existing Assets

LaRonde - extension of LZ5 and other satellite zones

Macassa mill optimization to 2,150 tpd Meliadine mill optimization to 6,500 tpd

Potential Meadowbank extension beyond 2030 with underground-only

Unlocking value through optimization and mine life extension

High Quality Project Pipeline

Key Project

Production Ramp-up Year

Anticipated Incremental

Annual Production1

Canadian Malartic

2033

400 - 500koz Au

Detour Lake

2030

300 - 350koz Au

Upper Beaver

2030

200 - 225koz Au

Hope Bay

2030

400 - 425koz Au

San Nicolás (50%)2

2030

63,000 tonnes Cu

Potential to increase annual gold production by 20% to 30% over the next decade

Additional Portfolio Optionality

Hammond Reef Timmins East Northern Territory

Canadian Malartic camp exploration

Detour Lake camp exploration, potential expansion of underground and mill

Exploration around operating bases

Ongoing assessment of other opportunities in exploration portfolio

1 The forecast parameters were based on internal evaluations which are preliminary in nature and include inferred mineral resources, see Notes to Investors Regarding Certain Project Evaluations in the appendix

2 San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first 8 years of production and 20,000 to 30,000 tonnes of zinc in subsequent years

NYSE & TSX: AEM

Corporate Update 11

2026 Guidance1

Gold production - 1,030 koz Total cash costs2 - $969/oz

Mineral Reserve Base3 1

P&P: 26.9 Moz

M&I: 24.9 Moz

Inferred: 11.6 Moz

Over 50 years in Abitibi region - strong technical expertise and an established network with employees, contractors, suppliers and government

Detour Lake and the consolidation of the Kirkland Lake camp create a leading position in Ontario

Working closely with governments to shape broader programs in Ontario 3

Secured C$10M funding from Skills Development Fund to support 2

training of apprentices in 2024

~4,400

Employees and Contractors4

~6%

Site Employee Turnover4

~$1.3B

Local Procurement Spend5

Detour Lake - Largest gold mine in Canada with a pathway to become a 1Moz annual producer

Macassa - One of the highest-grade gold mines in the world, with

1 See AEM February 12, 2026, news release for 2026 Guidance

2 Total cash costs per ounce is a non-GAAP measure, see Notes to Investors Regarding Certain Measures of Performance in this presentation

3 See appendix for detailed breakdown of mineral reserves and mineral resources as at December 31, 2025

4 As of March 31, 2026; turnover calculation annualized based on permanent full-time employees at Detour Lake and Macassa

5 Local procurement spend in 2024, including regional offices

over 90 years of operations, optimizing mill to 2,150 tpd

Upper Beaver - Advanced exploration project with low-risk opportunity to grow production in a prolific camp

NYSE & TSX: AEM

Corporate Update 12

West Pit zone - Commenced high-intensity drilling program from surface to test the proposed underground bulk sample area near the planned exploration ramp, to validate the continuity of mineralization and improve the accuracy of the geological model

West Extension zone - Drilling continued to extend the underground mineral potential to the west

Highlights Intercepts

West Pit zone - 8.9 g/t gold over 14.1m at 187m depth

West Extension zone - 10.7 g/t gold over 10.1m at 497m depth West Extension zone - 2.6 g/t gold over 27.4m at 669m depth West Extension zone - 28.0 g/t gold over 4.4m at 734m depth

NYSE & TSX: AEM

Corporate Update 13

Mineral reserves of 2.8Moz as at December 31, 20251

Standalone mine/mill concept at 5ktpd throughput; average annual production of ~210koz Au /

3.6kt Cu over 13 years2

Synergies with Macassa for technical expertise and workforce

Unlocks significant camp potential - potential to develop satellite deposits (i.e. Upper Canada, Anoki-McBean and Bidgood)

1 See appendix for detailed breakdown of mineral reserves and mineral resources as at December 31, 2025

2 As at June 30, 2024, see AEM July 31, 2024 press release for further details

NYSE & TSX: AEM

Corporate Update 14

2026 Guidance1

Gold production - 1,050 koz Total cash costs2 - $1,085/oz

Mineral Reserve Base3

P&P: 14.2 Moz

M&I: 8.8 Moz

Inferred: 16.5 Moz

Over 50 years operating in the region - strong technical expertise and an established network with employees, contractors, suppliers and government

Electricity ~100% from renewable sources

Collaboration agreements with First Nations: Canadian Malartic (2020), LaRonde

(2023)

Good Neighbour guide and monitoring committee in place at every site with

+90% satisfaction from citizens in 2023-2024

2 3

~5,600

Employees and Contractors4

~3%

Site Employee Turnover4

~$1B

Local Procurement Spend5

LaRonde - One of the deepest operating mines in the Western Hemisphere, operating since 1988

Canadian Malartic - Second largest gold mine in Canada with a

1 See AEM February 12, 2026 news release for 2026 Guidance

2 Total cash costs per ounce is a non-GAAP measure, see Notes to Investors Regarding Certain Measures of Performance in this presentation

3 See appendix for detailed breakdown of mineral reserves and mineral resources as at December 31, 2025

4 As of March 31, 2026; turnover calculation annualized based on permanent full-time employees at LaRonde, Goldex and Canadian Malartic

5 Local procurement spend in 2024, including regional offices

pathway to become a 1Moz annual producer

Goldex - Solid and stable gold producer

NYSE & TSX: AEM

Corporate Update 15

East Gouldie deposit - Drilling continues to yield positive results in the upper eastern and deeper areas of the East Gouldie deposit

Odyssey North - Conversion drilling encountered significant mineralization in the lower portion of the porphyry in the internal zones

Highlights Intercepts

East Gouldie - 3.0 g/t gold over 14.7m at 999m depth East Gouldie - 6.7 g/t gold over 36.0m at 1,089m depth

Odyssey internal zone - 9.0 g/t gold over 53.5m (core length) at 1,067m depth

NYSE & TSX: AEM

Corporate Update 16

NYSE & TSX: AEM

Corporate Update 17

Pathway to 1Moz Annual Production Anticipated Production Ramp-Up Year

Anticipated Annual Gold Production1 (koz)

Anticipated Mill Throughput (tpd)

Odyssey first shaft and ramp

2029

~550

19,000

Potential second shaft

2033

~200-250

8,000 - 10,000

Marban

2033

~120-150

15,000

Wasamac

2033

~80-100

3,000

Canadian Malartic Mill Capacity

~60,000tpd

Canadian Malartic mill

2026 Guidance1

Gold production - 875 koz Total cash costs2 - $982/oz

Mineral Reserve Base3

P&P: 8.5 Moz

M&I: 5.8 Moz

Inferred: 6.5 Moz

Agnico represents ~25% of total GDP, with mining activities ~47% of total GDP

Over 17 years of exploration and operations experience in the region - 2

supported by Abitibi and Quebec platforms Integrating Inuit culture and traditional knowledge

11% employees hired locally

386 Inuit employees

~3,700

Employees and Contractors

~6%

Site Employee Turnover4

~$1B

Local Procurement Spend5

Meliadine - Optimizing mill to 6,500 tpd

Meadowbank - Potential mine life extension beyond 2030 with underground only

1 See AEM February 12, 2026 news release for 2026 Guidance

2 Total cash costs per ounce is a non-GAAP measure, see Notes to Investors Regarding Certain Measures of Performance in this presentation

3 See appendix for detailed breakdown of mineral reserves and mineral resources as at December 31, 2025

4 As of March 31, 2026; turnover calculation annualized based on permanent full-time employees at Meadowbank, Meliadine and Hope Bay

5 Local procurement spend in 2024, including regional offices

Hope Bay - Advancing the potential for a larger production scenario with integration of positive exploration results from Patch 7

NYSE & TSX: AEM

Corporate Update 18

Hope Bay - Total gold mineral reserves of 3.4Moz (16.2Mt grading 5.53 g/t)

Patch 7 and Suluk - Positive drilling results drove significant growth in mineral resources and identification of several mineralized areas remaining open laterally and at depth beyond current mineral resources

South of Patch 7 - Mineralization remains open in an underexplored area that extends approximately 1 kilometre towards the Patch 14 zone

Highlights - Mineral Reserves and Mineral Resources

Inferred mineral resources - 40% increase year-over-year, with 10% increase in gold grade, to 3.2 Moz (16.9Mt grading 5.98 g/t), driven by success at Patch 7

Patch 7 - Measured and indicated mineral resources of 1.0Moz (4.5Mt grading 6.77 g/t) and inferred mineral resources of 1.7Moz (8.0Mt grading 6.57 g/t)

NYSE & TSX: AEM

Corporate Update 19

Operations at Hope Bay were suspended in 2021 due to unsustainable operational model

Recent exploration success shows potential for project redevelopment

Upgrading site infrastructure and advancing site preparedness

~55% detailed engineering completed by potential construction decision

Project concept

Growth in Patch 7 deposit provides a third mining front, alongside Doris and Madrid, to support a larger production scenario

Upgrade Doris process plant, with a final design at 6,000 tpd, supporting 400-425koz annual gold production

Conceptual design for Hope Bay surface infrastructure

Project update expected in May 2026, with initial production starting as early as 2030

NYSE & TSX: AEM

Corporate Update 20

Disclaimer

Agnico-Eagle Mines Limited published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 20:49 UTC.