Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — 2025 RBC Capital Markets Precious Metals Conference
43 slides from Agnico Eagle Mines's conference presentation, Nov 11, 2025
Slide 1: Corporate Update November 2025
NYSE & TSX: AEM Corporate Update November 2025
Slide 2: Notes to Investors
Notes to Investors Forward-Looking Statements The information in this presentation has been prepared as at November 5, 2025. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1
Slide 3: Agnico Eagle – A High-Quality, Low-Risk Senior Gold Producer
Agnico Eagle – A High-Quality, Low-Risk Senior Gold Producer FINLAND Second Largest Gold Producer; Kittilä Operations in Premier Jurisdictions with Proven Geological Potential CANADA NUNAVUT ONTARIO & QUÉBEC Hope Bay Pinos Altos Ontario Québec MEXICO San Nicolas (50%) Detour Lake LaRonde Meadowbank
Slide 4: Track Record of Operational Excellence Demonstrates Strength of Business
Track Record of Operational Excellence Demonstrates Strength of Business Increasing shareholder value over the last 20 years Gold Production and Total Cash Costs1 1,200 2005 2024 900 1 Operating Mines 11 600 1 Operating Countries 4 300 240 Gold Production (koz) 3,485 ~14x Gold Production 0 2.7 7.0 ~
Slide 5: A High-Quality, Consistent, Resilient Business
A High-Quality, Consistent, Resilient Business 1 2 3 Record Financial Strengthening On Track to Achieve 2025 Building the Gold Production Results Driven by Financial Position Foundations of Our Strong Operational and Increasing Future Growth Q3 2025 YTD Performance Shareholder Returns 2,607 koz2 Adv
Slide 6: Continued Strengthening of Financial Position
Continued Strengthening of Financial Position Q3 2025 YTD Highlights Record operating cash flow of $4.7B; record free cash flow1 of ~$3.1B Cash position at ~$2.4B with net cash1 position at ~$2.2B as at Sept 30, 2025 Total long-term debt at $196M as at Sept 30, 2025 • Repayment of $90M current debt
Slide 7: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Dividend Distribution Q3 2025 YTD Operating Cash Flow Allocation* * Chart segments are indicative only Dividends paid since 1983 Quarterly dividend currently $0.40 per share Sustaining Capital Share Buyback Dividend and Share Buyback Purchase limit of up to
Slide 8: 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 9: High-Quality Business Generating Strong Returns
High-Quality Business Generating Strong Returns Premier Strategic Highest Quality Strong Mining Jurisdictions Regional Focus Senior Gold Producer Financial Returns Multi-mine, multi-decade High-quality project High sustainability Emphasis on per share geologic potential pipeline in core operating st
Slide 10: Pipeline Projects and Exploration
Pipeline Projects and Exploration
Slide 11: 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 transitioning
Slide 12: Abitibi Ontario – A Long-term Operating Platform with Room to Grow
Abitibi Ontario – A Long-term Operating Platform with Room to Grow Mineral Reserve Base3 2025 Guidance1 1 P&P: 27.2 Moz Gold production – 1,030 koz M&I: 23.0 Moz Total cash costs2 – $770/oz Inferred: 11.7 Moz Over 50 years in Abitibi region – strong technical expertise and an established network wit
Slide 13: Detour Lake – Canada's Largest Gold Mine with Room to Grow
Detour Lake – Canada’s Largest Gold Mine with Room to Grow West Pit zone – Infill drilling in deeper portion of the zone continued to validate Highlight Intercepts the current geological interpretation of the high-grade corridor West Pit – 4.0 g/t gold over 10.3m at 523m depth West Extension zone –
Slide 14: 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 Synergies with Macassa for technical expertise and workforce Unlocks sign
Slide 15: Abitibi Quebec – Surfacing New Potential in Prolific Camp
Abitibi Quebec – Surfacing New Potential in Prolific Camp Mineral Reserve Base3 2025 Guidance1 P&P: 12.5 Moz Gold production – 1,030 koz 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 empl
Slide 16: Odyssey – Growing a World-Class Asset
Odyssey – Growing a World-Class Asset Drilling supported by 29 active drill rigs (13 U/G; 16 surface) Highlight Intercepts East Gouldie deposit – Positive results indicate potential to East Gouldie – 4.8 g/t gold over 25.4m, including 12.0 g/t gold expand mineralisation in lower eastern extension an
Slide 17: Canadian Malartic – Advancing Vision to Become 1Moz Annual Producer
Canadian Malartic – Advancing Vision to Become 1Moz Annual Producer Vision to 1Moz Potential Annual Mill Throughput Description Annual Production Production (koz) (tpd) Odyssey first shaft and ramp Transition to underground – Currently under construction ~550 19,000 Potential second shaft Study unde
Slide 18: Nunavut – Capitalizing on Our Expertise in the North
Nunavut – Capitalizing on Our Expertise in the North Mineral Reserve Base3 2025 Guidance1 P&P: 8.4 Moz Gold production – 880 koz M&I: 5.1 Moz Total cash costs2 – $984/oz Inferred: 5.1 Moz 3 Agnico represents ~25% of total GDP, with mining activities ~47% of total GDP Over 17 years of exploration and
Slide 19: Hope Bay – Potential to Become a 400koz Annual Producer
Hope Bay – Potential to Become a 400koz Annual Producer Conceptual Project Re-development Operations at Hope Bay were suspended in 2021 due to unsustainable operational model Recent exploration success shows potential for project re-development • Upgrading site infrastructure and advancing site prep
Slide 20: Hope Bay – Continued Exploration Success at Madrid
Hope Bay – Continued Exploration Success at Madrid Patch 7 and Suluk – Results continue to demonstrate continuity Highlight Intercepts within the known zones and support the potential for mineral Patch 7 – 10.7 g/t gold over 3.8m at 348m depth resource expansion at depth and along strike Patch 7 – 1
Slide 21: Amaruq – Potential to Extend Mine Life Beyond 2028
Amaruq – Potential to Extend Mine Life Beyond 2028 IVR (near surface) – Drilling tested the shallow mineralized Highlight Intercepts structures for a potential pit push-back IVR (near surface) – 21.0 g/t gold over 4.3m at 172m depth IVR and Whale Tail (at depth) – Conversion and exploration drilling
Slide 22: San Nicolas – World Class VMS Deposit
San Nicolas – World Class VMS Deposit Mexican operations San Nicolas project 50/50 joint venture with Teck Resources Limited Feasibility study and execution strategy development ongoing with engineering expected to be 30% completed by year-end Project approval subject to receipt of permits and the r
Slide 23: Financial and Operations Update
Financial and Operations Update
Slide 24: Financial Highlights – Delivering Upside Leverage to Higher Gold Prices
Financial Highlights – Delivering Upside Leverage to Higher Gold Prices Q3 2025 Q3 2024 Gold Production and Total Cash Costs3 Q3 2025 Q3 2024 YTD YTD 1,000 Realized Gold Price1 ($/oz) $3,476 $2,492 $3,221 $2,297 750 Gold Production2 (koz) 867 863 2,607 2,638 500 Production Costs ($/oz) $963 $908 $91
Slide 25: Operations Highlights – Quebec, Nunavut, Finland
Operations Highlights – Quebec, Nunavut, Finland Q3 2025 Results Strong production led by LaRonde, Meadowbank and Canadian Malartic Record quarterly throughput at Meadowbank, Meliadine and Goldex Three million ounce milestone achieved at Kittila Kittila 3M oz celebration Optimization Initiatives Q3
Slide 26: Operational Excellence Through Continuous Improvement
Operational Excellence Through Continuous Improvement Minesite Costs Development Costs (Euro / tonne) (Euro / metre) Improvement Journey at Kittila 105 3,400 Initiative commenced in 2024, leveraging learnings from a -4% -8% similar initiative at the Nunavut operations in 2023 100 3,200 Focused on pr
Slide 27: Integrating New Technology to Drive Productivity Gains
Integrating New Technology to Drive Productivity Gains LZ5 – Ore Tonnage Hauled to Surface Ore haulage (tonnes per day) 4,000 40% Leadership in Underground Automation Autonomous haulage (%) Expertise developed at LZ5 since 2016 3,000 30% Skillsets leveraged across various operations 2,000 20% Produc
Slide 28: Operations Highlights – Ontario, Australia, Mexico
Operations Highlights – Ontario, Australia, Mexico Q3 2025 Results Gold production in line with plan Record quarterly mill throughput and run-time at Detour Continued to deliver margin expansion, with focus on cost management and continuous improvement efforts Detour Lake operations Macassa operatio
Slide 29: Continuous Improvement Integrated into Operating Model
Continuous Improvement Integrated into Operating Model Haul Truck Utilization Optimization of Haulage Fleet at Detour Lake 83% Multi-faceted strategy 78% to 80% Continuous efforts to improve truck utilization over time 75% • Dispatch optimization, efficient shift change, operational control improvem
Slide 30: Building the Foundations for Sustainable Growth
Building the Foundations for Sustainable Growth Strong Ability to Attract and Train Ontario Workforce Number of new hires or 400 3,000 Proactive Workforce Development Headcount (#) promotions 300 Investing in People Through Creative Initiatives 2,000 200 Macassa Underground Mining School 1,000 100 T
Slide 31: Sustainability
Sustainability 7,
Slide 32: 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 energy
Slide 33: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources
Slide 34: Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources
Replacement of Gold Mineral Reserves; Expansion of Inferred Mineral Resources 2024 Results Mineral Reserves and Mineral Resources1 Exploration team had record annual safety performance while reducing costs Mineral reserves up ~1% from good replacement at several sites and conversion 33 36 of Upper B
Slide 35: 2024 Gold Mineral Reserves and Mineral Resources
2024 Gold Mineral Reserves and Mineral Resources* 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 oz) Mineral Reserves Proven 215,249 0.93 6,433 205,096 0.98 6,430 Probable 1,061,639 1.40
Slide 36: 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 Mining AEM 000 000 Metallurgical 000 000 Metallurgical 000 000 Metallurgical Gold g/t g/t g/t Method Share Tonnes Oz Au Recovery (%) Tonnes Oz Au Recovery (%) To
Slide 37: 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 38: 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 Mesaured & 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 39: 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 Mesaured & 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 40: 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 41: 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 42: 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 43: Investor Relations
NYSE & TSX: AEM Investor Relations 416-947-1212 investor.relations@agnicoeagle.com agnicoeagle.com
Agnico Eagle Mines — 2025 RBC Capital Markets Precious Metals Conference on 6ix