Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — 2025 RBC Capital Markets Global Mining and Materials Conference
40 slides from Agnico Eagle Mines's conference presentation, Jun 12, 2025
Slide 1: Corporate Update
Corporate Update June 2025
Slide 2: Notes to Investors
Notes to Investors Forward-Looking Statements The information in this presentation has been prepared as at June 10, 2025. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995
Slide 3: Agnico Eagle: A High-Quality, Low-Risk Senior Gold Producer
Agnico Eagle: A High-Quality, Low-Risk Senior Gold Producer Third Largest Gold Producer Increasing Shareholder Value Proven Geological Potential in Premier Jurisdictions 2005 2024 1 Operating Mines 11 1 Operating Countries 4 240 Gold Production (koz) 3,485 ~14x Gold Production 2.7 7.0 ~3x (oz per 1,
Slide 4: Track Record of Operational Excellence Demonstrates Strength of Business
Track Record of Operational Excellence Demonstrates Strength of Business 2024 Highlights Per Share Results Net Debt1 Position ($M) Delivered record results $2.50 $1,316 • Gold production $2.00 $1.53 $1.50 $1.14 $1.26 • Adjusted net income $1.07 $920 $1.00 $0.76 • Cash flow $0.50 $490 • Share price
Slide 5: Balance Sheet Strength and Financial Flexibility
Balance Sheet Strength and Financial Flexibility Net Debt Further Reduced Through Continued Strong Free Cash Flow Generation Free Cash Flow1 ($M) Strengthening Financial Position $620 $594 $557 $570 Strong liquidity – $1.1B cash and $2B undrawn credit facility $90M current debt, $1.05B long-term
Slide 6: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Returned ~42% of Free Cash Flow to Shareholders in Q1 20251,2 Q1 2025 Dividend Distribution Operating Cash Flow Allocation* • Dividends paid since 1983 • Quarterly dividend currently $0.40 per share Share Buyback • NCIB renewed in May 2025 with purchase li
Slide 7: High-Quality Business Positioned to Generate Strong Returns
High-Quality Business Positioned to Generate Strong Returns Low-Risk Mining Highest Quality Senior Uniquely Positioned Strong Financial Returns Jurisdictions Gold Producer High-quality project pipeline in Emphasis on per share value Multi-mine, multi-decade High sustainability standards core operati
Slide 8: Pipeline Projects and Exploration
Pipeline Projects and Exploration
Slide 9: Creating Value Through Asset Optimization and Exploration
Creating Value Through Asset Optimization and Exploration Robust Pipeline to Support Profitable Production in the Regions in Which We Operate Odyssey shaft at the Canadian Malartic Complex Upper Beaver project Drill rig at Detour Lake Short-term Medium-term Long-term Canadian Malartic transitionin
Slide 10: Pipeline Projects – Strongest Position in Our History
Pipeline Projects – Strongest Position in Our History Detour Lake Canadian Malartic Upper Beaver Hope Bay San Nicolás (Ontario) (Quebec) (Ontario) (Nunavut) (Mexico, 50%) Pathway to 1Moz Annual Vision to 1Moz Annual Unlocking Potential in Potential 400koz Annual Joint Venture with Teck Producer Prod
Slide 11: Abitibi Ontario – A Long-term Operating Platform with Room to Grow
Abitibi Ontario – A Long-term Operating Platform with Room to Grow 2025 Guidance1 Mineral Reserve Base3 1 Gold production – 1,030 koz P&P: 27.2 Moz Total cash costs2 – $770/oz M&I: 23.0 Moz Inferred: 11.7 Moz Over 50 years in Abitibi region – strong technical expertise and an established network w
Slide 12: Advancing Pipeline Projects – Ontario
Advancing Pipeline Projects – Ontario Detour Lake World-class asset – mine life until 2050s, including potential underground operation Outlined pathway to 1Moz annual production beginning in 2030; mill optimization to 29mtpa ongoing Development of 2km exploration ramp for drilling access and b
Slide 13: Detour Lake – Pathway to Million Ounce Producer
Detour Lake – Pathway to 1 Million Ounce Producer Largest gold producing open pit mine in Canada with 19.1M oz of mineral reserves and mine life with potential underground until 20541 Potential underground project starting in 2030 provides strong risk-adjusted return on capital1 at an NPV of $88
Slide 14: Detour Lake – Continue to Expand Underground Mineralization
Detour Lake – Continue to Expand Underground Mineralization Detour Lake (Moz) Inferred 7 M&I* P&P** Mined Since 16 Acquisition 1 4 19 15 4 At Acquisition Dec. 31, 2024 2020 * Measured and indicated ** Proven and probable Highlight Intercepts: West Pit zone – High intensity drilling in deeper portion
Slide 15: Upper Beaver – Open at Depth with Potential Parallel Zones
Upper Beaver – Open at Depth with Potential Parallel Zones Mineral reserves of 2.8Moz as at December 31, 20241 Standalone mine/mill concept at 5ktpd throughput; average annual production of ~210koz Au / 3.6kt Cu over 13 years2 Initial CAPEX of $890M; total cash costs of $592/oz2 Synergies wi
Slide 16: Abitibi Quebec – Surfacing New Potential in Prolific Camp
Abitibi Quebec – Surfacing New Potential in Prolific Camp 2025 Guidance1 Mineral Reserve Base3 Gold production – 1,030 koz P&P: 12.5 Moz Total cash costs2 – $987/oz M&I: 7.1 Moz Inferred: 12.3 Moz Over 50 years operating in the region – strong technical expertise and an established network with em
Slide 17: Canadian Malartic – Vision to One Million Ounce Annual Producer
Canadian Malartic – Vision to One Million Ounce Annual Producer Odyssey – Transition to Underground Mine “Fill-the-Mill” – Opportunities for Future Growth Expected to be Canada’s largest underground gold mine Vision to 1Moz annual production: (~550koz/yr) • Transition to underground Developmen
Slide 18: Odyssey – Potential to Expand a World-Class Asset
Odyssey – Potential to Expand a World-Class Asset Canadian Malartic (Moz) Inferred M&I* 10 P&P** Mined Since Acquisition 3 1 7 2 9 7 At Acquisition Dec. 31, 2024 2014 (100%) * Measured and indicated ** Proven and probable Highlight Intercepts: East Gouldie deposit – Conversion drilling of upper east
Slide 19: “Fill-the-Mill” – Regional Potential
“Fill-the-Mill” – Regional Potential Agnico Land Package within the Abitibi Region Regional potential: • Marban project – potential for up to ~130koz/yr production beginning as early as 2033 • Wasamac project – potential for ~100koz/yr beginning as early as 2033 • Regional exploration success and
Slide 20: Nunavut – Capitalizing on Our Expertise in the North
Nunavut – Capitalizing on Our Expertise in the North 2025 Guidance1 Mineral Reserve Base3 Gold production – 880 koz P&P: 8.4 Moz Total cash costs2 – $984/oz M&I: 5.1 Moz Inferred: 5.1 Moz 3 Agnico represents ~25% of total GDP, with mining activities ~47% of total GDP 2 Over 17 years of explorati
Slide 21: Hope Bay – Continued Exploration Success at Madrid
Hope Bay – Continued Exploration Success at Madrid Hope Bay (Moz) Inferred M&I* P&P** Mined Since Acquisition 2 2 2 1 3 3 At Acquisition Dec. 31, 2024 2021 * Measured and indicated ** Proven and probable Highlight Intercepts: Patch 7 – Shallow drilling supports potential for mineral resource expansi
Slide 22: San Nicolas – World Class VMS Deposit
San Nicolas – World Class VMS Deposit Mexican operations San Nicolas Project 50/50 joint venture with Teck Resources Limited Feasibility study and execution strategy development ongoing – study completion expected in H2 2025 Project approval is expected to follow, subject to receipt of permits
Slide 23: Financial and Operational Update
Financial and Operational Update
Slide 24: Financial Highlights
Financial Highlights Strong Cash Flow Generation Driven by Record Operating Margins Per Share Results Q1 2025 Q1 2024 $2.50 Realized Gold Price1 ($/oz) $ 2,891 $ 2,062 $2.00 $1.53 Gold Production2 (koz) 874 879 Adjusted Net $1.50 $1.26 $1.14 Income per $1.07 Production Costs ($/oz) $ 879 $ 892 Share
Slide 25: Operational Highlights – Quebec, Nunavut, Finland
Operational Highlights – Quebec, Nunavut, Finland Strong Operational Performance Driven by Higher Grades Q1 2025 Results Strong Q1 2025 production led by LaRonde and Canadian Malartic primarily due to higher grades Record quarterly production at Odyssey and record throughput at Meliadine, achiev
Slide 26: Operational Highlights – Ontario, Australia, Mexico
Operational Highlights – Ontario, Australia, Mexico Seven Million Ounce Milestone Achieved at Detour Lake; Record Performance at Macassa Q1 2025 Results Gold production on target for Ontario platform Macassa achieved multiple records on safety, quarterly production and development Detour Lake
Slide 27: Sustainability
Sustainability
Slide 28: Sustainability – Global Approach, Regional Focus
Sustainability – Global Approach, Regional Focus 2024 Sustainability Report Highlights: “Towards Zero Accidents" – Continued journey towards zero accidents by focusing on visible felt leadership, risk identification and mitigation Approach to climate change – Decarbonization efforts focused on e
Slide 29: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources
Slide 30: Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources
Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources Mineral Reserves and Mineral 2024 Results Resources1 Exploration team had record annual safety performance while reducing costs 33 36 Mineral reserves up ~1% from good replacement at several sites and 26 conversion of
Slide 31: 2024 Gold Mineral Reserves and Mineral Resources
2024 Gold Mineral Reserves and Mineral Resources Replacement of Gold Mineral Reserves and Expansion of Inferred Mineral Resources in 2024 As at December 31, 2024 As at December 31, 2023 Category Tonnes Grade Contained Gold Tonnes Grade Contained Gold (000s) (g/t Au) (000s oz) (000s) (g/t Au) (000s o
Slide 32: 2024 Mineral Reserves and Mineral Resources
2024 Mineral Reserves and Mineral Resources* Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Metallurgical Metallurgical Metallurgical Gold Mining Method AEM Share 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/t 000 Oz Au Recovery (%) 000 Tonnes g/
Slide 33: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Reserves as at December 31, 2024 Operation / Project Proven Probable Proven & Probable Silver Mining Method* AEM Share 000 Tonnes g/t 000 Oz Ag Metallurgical 000 Tonnes g/t 000 Oz Ag Metallurgical 000 Tonnes g/t 000 Oz Ag Metallurgical
Slide 34: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Resources as at December 31, 2024 Operation / Project Measured Indicated Measured & Indicated Inferred Gold Mining Method AEM Share 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 LaRo
Slide 35: 2024 Mineral Reserves and Mineral Resources (continued)
2024 Mineral Reserves and Mineral Resources (continued) Mineral Resources as at December 31, 2024 Operation / Project Measured Indicated Measured & Indicated Inferred Gold Mining Method AEM Share 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 Pino
Slide 36: Notes to Investors Regarding the Use of Mineral Resources
Notes to Investors Regarding the Use of Mineral Resources The mineral reserve and mineral resource estimates contained in this presentation have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Proje
Slide 37: Notes to Investors Regarding the Use of Mineral Resources (continued)
Notes to Investors Regarding the Use of Mineral Resources (continued) NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources"
Slide 38: Notes to Investors Regarding Certain Measures of Performance
Notes to Investors Regarding Certain Measures of Performance This presentation discloses certain financial performance measures and ratios, including "total cash costs per ounce", "all-in sustaining costs per ounce", "adjusted net income", "EBITDA" which means earnings before interest, taxes, deprec
Slide 39: Notes to Investors Regarding Certain Measures of Performance (continued)
Notes to Investors Regarding Certain Measures of Performance (continued) Breakdown of Mine Site Operating Statistics Q1 2025 Gold Production Total Cash Operating Mine Site Production1 Costs Costs2 Margin2 (koz) ($/oz) ($/oz) ($ millions) LaRonde 91 $947 $745 $192 Canadian Malartic 160 $747 $927 $303
Slide 40: agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-947-1212 investor.relations@agnicoeagle.com agnicoeagle.com
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