Agnico Eagle Mines Limited · TSX:AEM
Agnico Eagle Mines — Mining Forum Europe 2025
50 slides from Agnico Eagle Mines's conference presentation, April 2025
Slide 1: Corporate Update April 2025
Corporate Update April 2025
Slide 2: Notes to Investors
Notes to Investors Forward-Looking Statements The information in this presentation has been prepared as at March 26, 2025. Certain statements contained in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 199
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 Proven Geological Potential in Premier Jurisdictions Low-Risk Mining Highest Quality Senior Jurisdictions Gold Producer Established competitive Disciplined capital advantage in regions with investments based on m
Slide 4: Low Jurisdictional Risk Exposure; Focus on Per Share Metrics
Low Jurisdictional Risk Exposure; Focus on Per Share Metrics INCREASED JURISDICTIONAL MINING-RELEVANT RISK 15 Barrick Number of Operating Countries Newmont INCREASED BUSINESS COMPLEXITY 10 Kinross AEM 5 *Bubble size based on 2024E attributable gold production – 100% 75% 50% 25% – NAV-Weighted Exposu
Slide 5: Track Record of Operational Excellence Demonstrates Strength of Business
Track Record of Operational Excellence Demonstrates Strength of Business 2024 Highlights Per Share Results Delivered record results $2.50 • Gold production $2.00 $1.50 $1.26 • Adjusted net income $1.07 $1.14 $1.00 $0.76 • Cash flows $0.50 • Share price $- Building the foundations of our Q1 Q2 Q3
Slide 6: Balance Sheet Strength and Financial Flexibility
Balance Sheet Strength and Financial Flexibility Record Annual Free Cash Flow Drives Reduction in Net Debt Free Cash Flow1 Strengthening Financial Position $620 $557 $570 Strong liquidity – $926M cash and $2B undrawn credit facility $396 $90M current debt, $1.05B long-term debt as at Dec 31, 202
Slide 7: 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 8: FY2025 and Beyond – Strongest Position in Our History
FY2025 and Beyond – Strongest Position in Our History Updated Three Year Guidance 1) Stable Production Outlook at Peer Leading Costs 2025 Guidance1 Range Midpoint Steady production from 2025-2027 Production Guidance (Moz) 3.3 – 3.5 3.4 Total cash-costs and AISC up 4% and 3%, respectively, vs. 20
Slide 9: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Returned ~43% of Free Cash Flow to Shareholders FY20241,3 FY2024 Operating Cash Flow Dividends paid since 1983 Allocation* Dividend Distribution Quarterly dividend currently $0.40 per share Strengthen Targeting to build net cash position Dividend & Susta
Slide 10: 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 11: Pipeline Projects and Exploration
Pipeline Projects and Exploration
Slide 12: 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 13: 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 14: Ontario Platform – Potential to Grow Production by 50% Beginning in 2030
Ontario Platform – Potential to Grow Production by 50% Beginning in 2030 Detour Lake World-class asset – Largest producing gold mine in Canada; open pit mine life to 2053 and potential underground Outlined pathway to 1Moz annual production beginning in 2030; mill optimization to 29mtpa ongoing
Slide 15: 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 16: 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 High-grade corridor – Drilling the West Pit zone and West Extension Highlight I
Slide 17: 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 18: 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 19: 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 gold production (~550koz/yr) • 2nd shaft – Technical evaluation o
Slide 20: 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 – Extension of East Gouldie inferre
Slide 21: “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 22: 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 23: 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 Significant increase in mineral resources at Patch 7 – Initial indicated mineral resource of 0.9
Slide 24: 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 25: Sustainability
Sustainability
Slide 26: Sustainability Is a Core Building Block in Agnico’s Strategy
Sustainability Is a Core Building Block in Agnico’s Strategy Industry-leading Sustainability Practices to Develop Mineral Resources for the Benefit of All Deeply Rooted in and Committed to the Regions in which we Operate • Develop our people purposefully and respectfully • Prioritize close collabora
Slide 27: Our Sustainability Priorities
Our Sustainability Priorities Sustainability is a Core Building Block in Our Strategy 2024 Reconciliation Action Report Canadian Malartic open pit 2023 Climate Action Report LaRonde Complex control room People & Communities Governance Climate Change Innovation • “Towards Zero Accidents” – our • Iden
Slide 28: Competitive Advantage Shaped by Unique Culture
Competitive Advantage Shaped by Unique Culture Creating a Great Place to Work for Our Workforce 2023 Key Highlights Listening, Engaging and Creating an Inclusive and Providing Opportunities Collaborative Workplace ~16k ~440k Employees & contractors Training hours delivered • Target hiring 100% of ou
Slide 29: Building Strong Relationships with Communities
Building Strong Relationships with Communities Contributing to the Communities in Which We Operate to Make a Positive Difference 2023 Key Highlights $16M $1.9B In community investments In local procurement spend $291M 46% Paid in income & resource Proportion of spending with taxes locally based supp
Slide 30: Our Climate Action Strategy
Our Climate Action Strategy Agnico Eagle is Among the Leaders in Carbon Efficient Gold Mining Emission Reduction Hierarchy Net-Zero Goal of achieving Net-Zero Scope 1 & 2 30% Interim target to reduce absolute Scope 1 We prioritize our emissions reduction investments according to the hierarchy below:
Slide 31: Innovating to Generate Long-term Returns
Innovating to Generate Long-term Returns Increasing Energy Efficiency, Productivity and Worker Safety Through Innovation Electrification Renewable Energy Projects 2023 Electricity by Type • Automated ore handling system at • Solar Power Agreement: Executed a 10% Renewable Electricity Goldex: Rail-Ve
Slide 32: Continued Focus on Environmental Stewardship
Continued Focus on Environmental Stewardship Managing our Facilities to Reduce Effects on the Environment and on our Communities Partnership with the Quebec Government to return Kittila water treatment plant Wildlife crossing at Detour Lake the Manitou site to its natural state Water Management Biod
Slide 33: Corporate Governance
Corporate Governance Oversight and Risk Management through Effective Governance Board of Directors Board of Directors Direct oversight of the business and Company affairs, including through five committees Audit Compensation Corporate HSESD Technical Governance Committee Committee Committee Committe
Slide 34: A History of Transparency and Leadership in Sustainability
A History of Transparency and Leadership in Sustainability 2009-2011 2015-2016 2019-2020 2023-2024 Developed Indigenous Began reporting in accordance with SASB standards Published First Sustainability Started engaging with stakeholders Report Peoples Engagement on water management practices Policy
Slide 35: Sustainability Ratings and Frameworks
Sustainability Ratings and Frameworks Leading Industry Sustainability Practices Recognized by Independent Research Agencies Rating Agency Ranking Scale 2023 2022 2021 Meeting our Commitments Active participation in industry frameworks and disclosure initiatives Leader (AAA, AA); Average (A, BBB, BB)
Slide 36: Financial and Operational Update
Financial and Operational Update
Slide 37: Record 2024 Financial Results
Record 2024 Financial Results Strong Cash Flow Generation Driven by Margin Expansion Q4 2024 Q4 2023 FY 2024 FY 2023 Per Share Results Realized Gold Price1 ($/oz) $ 2,660 $ 1,982 $ 2,384 $ 1,946 $2.50 $2.00 Gold Production (koz) 847 903 3,485 3,440 $1.50 $1.26 $1.07 $1.14 Production Costs ($/oz) $ 8
Slide 38: Operational Highlights – Quebec, Nunavut, Finland
Operational Highlights – Quebec, Nunavut, Finland Strong Operational Execution Resulting in Several Annual Performance Records 2024 Results Outlook Meadowbank, Meliadine and Kittila achieved record Meadowbank – Exploring options to extend mine life safety performance in 2024 beyond 2028 with a f
Slide 39: Operational Highlights – Ontario, Australia, Mexico
Operational Highlights – Ontario, Australia, Mexico Continued Productivity Improvements Drive Record Performance at Several Sites 2024 Results Outlook Macassa and La India achieved record safety Macassa – Focusing on mill optimization performance in 2024 Fosterville – Focusing on exploration a
Slide 40: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: Notes to Investors Regarding Certain Measures of Performance (continued)
Notes to Investors Regarding Certain Measures of Performance (continued) Breakdown of Mine Site Operating Statistics Q4 2024 FY 2024 Gold Production Total Cash Operating Gold Production Total Cash Operating Mine Site Production Costs Costs1 Margin1 Production Costs Costs1 Margin1 (koz) ($/oz) ($/oz)
Slide 50: agnicoeagle.com
Trading Symbol: AEM on TSX & NYSE Investor Relations: 416-947-1212 info@agnicoeagle.com agnicoeagle.com