AGNICO EAGLE REPORTS THIRD QUARTER 2025 RESULTS - RECORD ADJUSTED NET INCOME WITH ANOTHER QUARTER OF STRONG PRODUCTION; FINANCIAL POSITION FURTHER STRENGTHENED BY REPAYMENT OF LONG-TERM DEBT AND CASH ACCUMULATION

TORONTO, Oct. 29, 2025 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2025.

"We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins. With solid year-to-date performance, we are well on track to meet our full year production and cost guidance, supported by disciplined cost management and a focus on productivity," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "With the record free cash flow generation year-to-date and a strengthened financial position, we continue to advance our five key pipeline projects and create value through the drill bit. We remain disciplined in our approach to capital allocation and we continue to provide strong returns to our shareholders through dividends and share buybacks."

Third quarter 2025 highlights:

• Strong quarterly gold production – Payable gold production¹ was 866,936 ounces at production costs per ounce of $963, total cash costs per ounce² of $994 and all-in sustaining costs ("AISC") per ounce² of $1,373. The strong operational performance in the third quarter of 2025 was led by Meadowbank and LaRonde. In the first nine months of 2025, gold production was approximately 77% of the mid-point of the Company's full-year guidance, with total cash costs per ounce at approximately the mid-point of guidance
• Higher gold prices generate stronger margins, while impacting royalty costs – Royalty costs, which are included in the calculation of total cash costs per ounce and AISC per ounce, are directly linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476 per ounce and in the first nine months of 2025 was $3,221, exceeding the Company's guidance assumption of $2,500 by $976 and $721, respectively. The higher gold prices affected the Company's total cash costs and AISC by approximately $61 per ounce in the third quarter of 2025 and approximately $34 per ounce in the first nine months of 2025, when compared to guidance
• Record quarterly adjusted net income and strong free cash flow generation – The Company reported quarterly net income of $1,055 million or $2.10 per share and record adjusted net income³ of $1,085 million or $2.16 per share. The Company generated cash provided by operating activities of $1,816 million or $3.62 per share ($1,661 million or $3.31 per share of cash provided by operating activities before changes in non-cash components of working capital⁴) and free cash flow⁴ of $1,190 million or $2.37 per share ($1,035 million or $2.06 per share of free cash flow before changes in non-cash components of working capital⁴)
• 2025 gold production and unit cost guidance reiterated – Full year expected payable gold production in 2025 remains unchanged at 3.3 to 3.5 million ounces. If gold prices remain elevated for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to trend towards the top end of the guidance ranges of $915 to $965 and $1,250 to $1,300, respectively, reflecting the strong commodity price environment and associated royalty costs impact. Total capital expenditures (excluding capitalized exploration) for 2025 are expected to remain between $1.75 billion to $1.95 billion and capitalized exploration is expected to remain between $290 and $310 million. Further details are set out in the 2025 Guidance Summary section below
• Financial position further strengthened through cash accumulation and debt repayment – The Company increased its net cash⁵ position to $2,159 million as at September 30, 2025 as a result of the increase in its cash position by $797 million to $2,355 million and the reduction of long-term debt by $400 million to $196 million. On September 29, 2025, the Company repaid its $50 million 4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350 million of the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. In addition, in August 2025, Moody's upgraded the Company's long-term issuer rating to A3 from Baa1
• Increased quarterly share repurchases demonstrate continued focus on shareholder returns – A quarterly dividend of $0.40 per share has been declared. In addition, the Company repurchased 1,005,577 common shares during the quarter under its normal course issuer bid ("NCIB") at an average share price of $149.02 for aggregate consideration of $150 million
• Update on key value drivers and pipeline projects in the third quarter of 2025
  • Canadian Malartic – Excavation of the first loading station between levels 102 and 114 was completed, and conventional shaft sinking resumed. Development of East Gouldie production levels and support infrastructure progressed on schedule for planned production in the second half of 2026. Exploration drilling in the upper eastern extension of the East Gouldie deposit near the current shaft and ramp infrastructure was highlighted by 4.8 grams per tonne ("g/t") gold over 25.4 metres at 884 metres depth and 5.5 g/t gold over 15.4 metres at 907 metres depth, potentially providing a second mining area and potentially utilize excess mill capacity. Drilling also continued to extend the East Gouldie deposit to the east and west in the lower portions of the deposit. Regional exploration continued to prioritize the Marban project, including optimization of a potential open pit and the possible eastern extension of the Marban deposit
  • Detour Lake – Excavation of the exploration ramp commenced with the first blast completed on July 3, 2025. The exploration ramp advanced by 259 metres and reached a depth of 43 metres as at September 30, 2025. 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, with a highlight intercept of 2.7 g/t gold over 55.7 metres at 297 metres depth. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit
  • Upper Beaver – The shaft head frame and installation of the service hoist were completed on schedule, with shaft sinking expected to commence in the fourth quarter of 2025. At the ramp portal, excavation of the exploration ramp began and advanced by 268 metres, reaching a depth of 22 metres as at September 30, 2025
  • Hope Bay – Site infrastructure upgrades advanced, including the addition of two wings at the Doris camp, the completion of the mill dismantling and the jetty expansion at Robert's Bay in time for the 2025 sealift season. Exploration drilling totaled 34,971 metres in the third quarter of 2025 (103,815 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 zone in the Madrid deposit. Highlights including 16.9 g/t gold over 4.6 metres at 865 metres depth and 12.7 g/t gold over 9.3 metres at 834 metres depth in two of the deepest intercepts of the Patch 7 zone to date continue to support the potential for mineral resource expansion at depth and along strike
  • San Nicolas – Minas de San Nicolas continued to advance the feasibility study and execution strategy, with engineering expected to be 30% complete by year-end. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area

Third Quarter 2025 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Thursday, October 30, 2025, at 11:00 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 www.agnicoeagle.com, 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.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 44229#. The conference call replay will expire on November 30, 2025.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Third Quarter 2025 Production and Costs

Gold Production

• Third Quarter of 2025 – Gold production increased when compared to the prior-year period primarily due to higher production from LaRonde (higher grade and throughput), Canadian Malartic (higher grade and throughput) and Macassa (higher grade), partially offset by lower production at Fosterville (lower grade and throughput) and Meliadine (lower grade)
• First Nine Months of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Fosterville (lower grade and throughput), Canadian Malartic (lower throughput) and La India (end of mine life), partially offset by higher production at Macassa and LaRonde (higher grades)

Production Costs per Ounce

• Third Quarter of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices and lower build-up of stockpiles, partially offset by higher gold production and the benefit of the weaker Canadian dollar
• First Nine Months of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar

Total Cash Costs per Ounce

• Third Quarter and First Nine Months of 2025 – 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 in the respective period

AISC per Ounce

• Third Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price), partially offset by lower sustaining capital expenditures, primarily at Detour Lake
• First Nine Months of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)

Refer to the Company's Management Discussion and Analysis for the third quarter of 2025 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Third Quarter 2025 Financial Results

Net Income

• Third Quarter of 2025
  • Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by higher income and mining taxes, higher amortization of property, plant and mine development and losses on derivative financial instruments (compared to gains in the prior-year period)
  • During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. at a price of C$14.75 per common share for total consideration of C$560 million ($405 million). A realized mark-to-market gain on the disposition of shares of $271 million was recognized through Other Comprehensive Income, while a loss on the sale of shares resulting from the discount to the market price of $34 million was recognized in net income
  • Net income of $1,055 million ($2.10 per share) includes the following items (net of tax): discount to market price on the disposition of interest in Orla Mining Ltd. and related transaction costs of $40 million ($0.08 per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $20 million ($0.04 per share), net losses on derivative financial instruments of $7 million ($0.01 per share), foreign exchange gains of $7 million ($0.01 per share), net asset disposal losses of $4 million ($0.01 per share) and debt extinguishment costs, reclamation and other adjustments totalling $6 million ($0.01 per share). Excluding these items results in adjusted net income of $1,085 million or $2.16 per share
• First Nine Months of 2025 – Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes and higher amortization of property, plant and mine development in the current period

Adjusted EBITDA

• Third Quarter of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices and higher gold sales), partially offset by higher production costs (higher royalty costs) and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)
• First Nine Months of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices), partially offset by lower gold sales, higher production costs (higher royalty costs) and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)

Cash Provided by Operating Activities

• Third Quarter and First Nine Months of 2025 – 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. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins

Free Cash Flow Before Changes in Non-cash Working Capital Balances

• Third Quarter and First Nine Months of 2025 – Free cash flow before changes in non-cash working capital balances was a record and 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

In the third quarter of 2025, capital expenditures were $557 million and capitalized exploration expenditures were $87 million, for a total of $644 million. For the first nine months of 2025, capital expenditures were $1,371 million and capitalized exploration expenditures were $230 million, for a total of $1,601 million. Total capital expenditures for 2025 (including capitalized exploration) are expected to remain in line with full year guidance as set out in the 2025 Guidance Summary below.

The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the third quarter of 2025 and the first nine months of 2025.

2025 Guidance Reiterated

In the first nine months of 2025, the Company achieved approximately 77% of the mid-point of its full-year gold production guidance, while achieving total cash costs per ounce at the mid-point of guidance. Based on this performance, the Company expects to meet its gold production guidance for the full year 2025. If gold prices remain elevated for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to trend towards the top end of the guidance ranges of $915 to $965 and $1,250 to $1,300, respectively, reflecting the strong commodity price environment and associated royalty costs impact. Total capital expenditures (including capitalized exploration) guidance for 2025 remains unchanged.

 A summary of the Company's guidance is set out below.

Tariffs

On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs has been postponed or modified and exceptions to such tariffs have been made in respect of certain goods and Canada has now removed many of the counter tariffs it previously announced. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remain 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 are or may become subject to the tariffs 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 further 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 continues 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 this news release does not include any potential impact from such tariffs or trade disputes.

Strengthened Financial Position Driven by Strong Free Cash Flow and Strategic Debt Reduction

Cash and cash equivalents increased by $797 million from the prior quarter primarily due to cash provided by operating activities resulting from strong operating margins (strong operational performance and higher realized gold prices), favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins) and the disposition of the Company's interest in Orla Mining Ltd. for $405 million. The increase was offset by $626 million of capital expenditures and by cash used in financing activities as $400 million of debt was repaid during the third quarter of 2025.

As at September 30, 2025, the Company's total long-term debt was $196 million. On September 29, 2025, the Company repaid the $50 million 4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350 million of the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. The aggregate payments were comprised of $50 million of the current portion of long-term debt and $350 million of long-term debt. The repayment will reduce interest expense, strengthen the balance sheet and enhance financial flexibility going forward. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.

On August 26, 2025, Moody's Ratings upgraded the Company's investment grade credit rating to A3 with a Stable Outlook reflecting the Company's strengthening credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.

The Company increased its net cash position from $963 million as at June 30, 2025 to $2,159 million as at September 30, 2025 as a result of the increase in cash and cash equivalents of $797 million and the reduction of long-term debt of $400 million. The following table sets out the calculation of net cash (debt).

Hedges

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$. The Company has entered into the following hedge positions based on its currency assumptions for 2025 cost estimates:

• Approximately 63% of the 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 1.42 C$/US$;
• Approximately 32% of the remaining estimated Euro exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.10 US$/EUR, while allowing for participation in respect of exchange rate movements down to an average of 1.07 US$/EUR;
• Approximately 53% of the 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 remaining estimated Mexican peso ("MXN") exposure for 2025 is hedged at an average floor price providing protection in respect of exchange rate movements below 19.50 MXP/US$, while allowing for participation in respect of exchange rate movements up to an average of 24.00 MXP/US$.

With the 2025 sealift purchases at the Company's Nunavut operations largely completed, approximately 41% of the Company's remaining estimated diesel exposure for 2025 is hedged at an average benchmark price of $0.70 per litre (excluding transportation and taxes), which is expected 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 Fourth Quarter of 2025

The Company's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on December 15, 2025 to shareholders of record as of December 1, 2025. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2025 Fiscal Year

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 www.investorcentre.com or www.computershare.com/investor.

Normal Course Issuer Bid

The Company believes that its NCIB is a flexible and complementary tool that, together with the quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. Under the NCIB, the Company is authorized to purchase up to $1 billion of its common shares, subject to a maximum of 5% of the issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025. In the third quarter of 2025, the Company repurchased 1,005,577 common shares under the NCIB at an average share price of $149.02 for aggregate consideration of $150 million. In the first nine months of 2025, the Company repurchased 2,330,112 common shares under the NCIB at an average share price of $128.66 for aggregate consideration of $300 million.

Update on Key Value Drivers and Pipeline Projects

Canadian Malartic

The Company continues to advance the transition to underground mining with the construction of the Odyssey mine and is working on several opportunities with the goal to potentially grow annual production at Canadian Malartic to one million ounces per year in the 2030s. These opportunities include the potential for (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) 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 third quarter of 2025, mine development advanced by 4,770 metres, with a focus on the development of the East Gouldie production levels. The breakthrough of the ramp to the mid-shaft loading station at level 102 was completed in the third quarter of 2025, and the main ramp toward shaft bottom progressed to a depth of 1,059 metres as at September 30, 2025.

At East Gouldie, preparatory work, including the installation of the paste distribution infrastructure and essential services, progressed on schedule for the planned production start-up in the second half of 2026. Development of the main ventilation system advanced with the excavation of the main raise ongoing, reaching level 58, where construction of the main exhaust fan rooms began.

Excavation and construction of the first loading station between levels 102 and 114 were completed in July 2025, ahead of schedule. Conventional shaft sinking activities resumed in August, achieving a record monthly average of 2.32 metres per day in September. As at September 30, 2025, the shaft reached a depth of 1,348 metres.

The Company has approved the extension of the shaft #1 by 70 metres to a depth of 1,870 metres, the relocation of the loading station at shaft bottom to level 181 from level 174 and the addition of a loading station at level 146. The engineering for this new layout commenced in the third quarter of 2025 and the excavation of the second loading station is now expected to begin in early 2026. This adjustment is expected to improve operational flexibility and efficiency in the early 2030s, reduce reliance on truck haulage, and further unlock the significant exploration potential at depth.

Construction of key surface infrastructure progressed on schedule and on budget. The shaft ventilation system at the main hoist building was completed and is now being commissioned. Fabrication of the production hoist is underway in Germany, with delivery expected in 2026. Construction progressed on phase two of the paste plant (design capacity of 20,000 tpd) and is expected to be completed in 2027.

In exploration drilling at the Odyssey mine and surrounding near-mine exploration properties during the third quarter of 2025, 13 underground rigs and 16 surface rigs drilled a total of 87,891 metres (239,829 metres year-to-date). The drilling program at Odyssey targeted the upper eastern, lower eastern and lower western extensions of the East Gouldie deposit, the new Eclipse zone and portions of the Odyssey deposit near the Odyssey shaft. Regional exploration was focused on the 16-kilometre long land package around the mine, with additional activities conducted on the Marban land package located immediately northeast of the Canadian Malartic property.

Drilling in the upper eastern extension of East Gouldie near the current shaft and ramp infrastructure was highlighted by hole UGEG-075-056 intersecting 4.8 g/t gold over 25.4 metres at 884 metres depth, including 12.0 g/t gold over 7.0 metres at 881 metres depth and hole UGEG-075-054 intersecting 5.5 g/t gold over 15.4 metres at 907 metres depth, including 8.2 g/t gold over 8.0 metres at 905 metres depth.

The Company believes this area of East Gouldie has the potential to add indicated mineral resources and potentially mineral reserves to East Gouldie by year-end. The drilling success should benefit the ramping up of mining operations and provide additional flexibility in mine development at East Gouldie, including a potential second mining area in the upper part of the mine.

Drilling into the lower eastern extension of the East Gouldie deposit beyond the current mineralized envelope was highlighted by hole MEX24-322WBZA intersecting 2.3 g/t gold over 29.9 metres at 1,991 metres depth including 4.0 g/t gold over 11.3 metres at 2,001 metres depth. These results continue to extend East Gouldie at depth and to the east and are expected to contribute additional inferred mineral resources in this portion of the deposit at year-end 2025.

In the lower western extension of East Gouldie approximately 1.5 kilometres west of hole MEX24-322WBZA, hole MEX25-337 intersected 2.0 g/t over 51.8 metres at 1,531 metres depth and hole MEX25-337W intersected 3.3 g/t gold over 21.6 metres at 1,352 metres depth, including 6.2 g/t Au over 7.7 metres at 1,353 metres depth.

In the sub-parallel Eclipse zone approximately 300 metres to the north of East Gouldie, hole MEX25-309WZ returned 3.9 g/t gold over 10.1 metres at 1,057 metres depth, further increasing the confidence in the geological understanding of the zone and its potential to add significant mineral resources near planned mine infrastructure.

Drilling into the Odyssey deposit returned highlights that included: hole MEV25-304 intersecting 3.6 g/t gold over 14.0 metres at 250 metres depth in the shallow eastern extension of the Odyssey South zone; hole UGOD-075-032 intersecting 3.6 g/t gold over 14.3 metres at 810 metres depth and 10.7 g/t gold over 5.3 metres at 822 metres depth in the Odyssey internal zones; and hole UGOD-075-043 intersecting 3.3 g/t gold over 13.3 metres at 943 metres depth in the Odyssey North zone.

Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in Appendix A.

[Odyssey – Composite Cross and Longitudinal Section s ]

Marban

As part of the Company's "fill-the-mill" strategy at the Canadian Malartic complex, the Marban property, located immediately northeast of the Canadian Malartic property, was acquired in March 2025 as an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operation at Canadian Malartic.

Drilling at the Marban project by the Company began in May 2025 with 96 holes totalling 31,000 metres completed at the end of the third quarter. The objective of the program in 2025 is to confirm and extend the Marban gold deposit both within the Marban property and onto Agnico Eagle's adjacent Callahan property to the north, south and east, so that any future pit design will not be constrained by property boundary considerations.

Recent drilling into the eastern extension of historic mineral resources at the Marban pit produced highlights that included: hole MRB25-038 intersecting 3.3 g/t gold over 11.4 metres (core length) at 80 metres depth and 4.1 g/t gold over 3.4 metres (core length) at 165 metres depth; and hole MRB25-030 intersecting 4.3 g/t gold over 5.5 metres at 309 metres depth and 4.6 g/t gold over 10.9 metres at 384 metres depth.

Selected recent drill intersections from Marban are set out in the composite longitudinal section below and in Appendix A.

[ Ma rban – Composite Longitudinal Section ]

Detour Lake

Excavation of the exploration ramp commenced with the first blast completed on July 3, 2025. The exploration ramp advanced by 259 metres and reached a depth of 43 metres as at September 30, 2025. The Company is focused on advancing the ramp toward the West Extension zone, where a bulk sample is planned from domain 54 at Level 200 in the first half of 2027. In the third quarter of 2025, the underground project engineering advanced with emphasis on the electrical distribution, the portal for the conveyor ramp and major surface and underground infrastructure.

Exploration drilling at Detour Lake during the third quarter of 2025 totalled 60,000 metres (162,500 metres year-to-date) of a planned 223,500 metres in 2025, which includes a supplemental budget of $9.4 million approved in the third quarter of 2025 for an additional 55,000 metres of capitalized drilling. The exploration program continued to focus on 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 exploration ramp currently under development for the underground project. These results 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 third quarter further defined the high-grade domains that could potentially be mined earlier in the underground project within the larger lower grade envelope and further validated the current geological interpretation of the high-grade corridor.

Highlight hole DLM25-1163 intersected multiple mineralized domains in the high-grade corridor including 17.2 g/t gold over 3.3 metres at 486 metres depth, 2.1 g/t gold over 34.5 metres at 518 metres depth, including 4.0 g/t gold over 10.3 metres at 523 metres depth, 10.2 g/t gold over 2.8 metres at 595 metres depth, 8.0 g/t gold over 15.0 metres at 746 metres depth, including 27.0 g/t gold over 4.7 metres at 750 metres depth, 5.4 g/t gold over 13.2 metres at 783 metres depth and 5.3 g/t gold over 4.7 metres at 806 metres depth.

Approximately 1.6 kilometres west of hole DLM25-1163 and within the high-grade corridor, hole DLM25-1164 intersected 2.7 g/t gold over 55.7 metres at 297 metres depth, including 11.8 g/t gold over 9.0 metres at 313 metres depth, and 4.6 g/t gold over 12.4 metres at 381 metres depth.

Drilling into the West Extension zone in the western portion of current underground mineral resources further confirmed the grades and continuity of mineralization in the western plunge of the deposit, with highlights that included hole DLM25-1179B intersecting 7.4 g/t gold over 26.8 metres at 538 metres depth, including 10.3 g/t gold over 3.1 metres at 526 metres depth and 23.6 g/t gold over 6.3 metres at 542 metres depth; and hole DLM25-1162 intersecting 0.8 g/t gold over 108.6 metres at 575 metres depth.

Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in Appendix A.

[Detour Lake – Composite Longitudinal Section]

Upper Beaver

In the third quarter of 2025, the shaft head frame was completed with the final installation of structural steel and cladding. Rope installation for the winches and service hoist in the hoist room is now complete, the service hoist is ready for commissioning and shaft sinking is scheduled to begin in the fourth quarter of 2025. In the advanced exploration phase, the Company plans to sink the shaft to a depth of 760 metres in the first half of 2027 in order to establish underground drilling platforms and to collect a bulk sample.

At the ramp portal, excavation of the exploration ramp commenced with the first blast completed in July 2025. The exploration ramp advanced by 268 metres and reached a depth of 22 metres as at September 30, 2025. The Company intends to advance the exploration ramp to a depth of 160 metres by the second half of 2026 to collect a bulk sample.

At the water treatment plant, piping and electrical installations are completed, with commissioning also expected in the fourth quarter of 2025.

Hope Bay

In the third quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 580 metres and reached a depth of 62 metres as at September 30, 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.

During the quarter, the Company advanced site preparations for potential redevelopment. At Doris, the first new camp wing was completed and delivered and the second new wing is in place, with completion expected in the fourth quarter of 2025. At Robert's Bay, the jetty expansion was finalized ahead of the 2025 sealift season. The mill was fully dismantled, with major components readied for shipment. As part of the dismantling of the mill, 2,442 ounces of gold were recovered and sold in the third quarter of 2025. Additional construction equipment and service infrastructure were mobilized and shipped to site.

The technical evaluation for a larger production scenario and detailed engineering advanced during the quarter, with study completion targeted for the first half of 2026, when engineering progress is expected to reach approximately 40%.

Exploration drilling at Hope Bay during the third quarter of 2025 totalled 34,971 metres (103,815 metres year-to-date) with a continued focus on mineral resource expansion and conversion of the Patch 7 zone in the Madrid deposit. Results continued to demonstrate continuity within the known zones at Madrid and support the potential for mineral resource expansion at depth and along strike in both directions.

Highlights included: HBM25-381 intersecting 16.9 g/t gold over 4.6 metres at 866 metres depth, including 50.0 g/t gold over 0.85 metres at 865 metres depth in one of the deepest intercepts of Patch 7 to date; hole HBM25-364, located 650 metres south of hole HBM25-381, intersecting 12.7 g/t gold over 9.3 metres at 834 metres depth; and hole HBM25-354, located a further 720 metres south of hole HBM25-364, intersecting 10.7 g/t gold over 3.8 metres at 348 metres depth in the southernmost portion of Patch 7, which remains open in this area to the south and at depth.

Drilling into parallel eastern mineralized shear zones within Patch 7 was highlighted by hole HBM25-367 intersecting 6.7 g/t gold over 10.8 metres at 374 metres depth and 8.9 g/t gold over 3.7 metres at 386 metres depth; and hole HBM25-365 intersecting 6.0 g/t gold over 9.8 metres at 486 metres depth.

Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in Appendix A.

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

With helicopter-supported drilling completed for the season, land-based exploration drilling at Madrid is ongoing and will continue through the winter into 2026. This work will further test deeper areas within the Patch 7 and Suluk zones, as well as the southern trend of the Madrid deposit along Patch Lake, including the Patch 14 zone.

San Nicolas Copper Project (50/50 joint venture with Teck Resources Limited)

In the third quarter of 2025, Minas de San Nicolas advanced the feasibility study and execution strategy, with engineering expected to be 30% complete by year end. Engagement with government authorities and stakeholders continued to support the review of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. Engineering of the critical infrastructure remains a priority to continue building confidence in the study, reduce execution risk and prepare for a potential approval decision.

During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.

Third Quarter 2025 Sustainability Highlights

• Triple Platinum Win for the Arctic Edge podcast – The Company is proud to have released a special podcast series, The Arctic Edge: Stories from Canada's Frontier, focused on stories and interviews that celebrate the unique identity of Nunavut and the broader Canadian North. It explores the region's social, economic and environmental opportunities and responsibilities, highlighting the importance of sustainable change with a goal to inspire a deeper appreciation for the North's rich heritage and its immense potential. In recognition of its excellence in quality, creativity and resourcefulness, the podcast won the following three Platinum MarCom Awards administered by the Association of Marketing and Communication Professionals:
  • Outstanding podcast production
  • Web element: podcast
  • Educational podcast series

The Company extends its gratitude to its production collaborators as well as the valued guests who generously shared their stories

• Recipient of the 2025 Silver Helmet Award – The Chamber of Mining of Mexico (CAMIMEX) granted La India the 2025 Silver Helmet Award in the open pit mine category in recognition of its excellence in mine safety standards
• Launch of the Macassa Mining School – The Macassa Mining School is an in-house training program that provides mentorship from experienced industry professionals and hands-on learning to build technical skills for a career in underground mining. The program was launched in September 2025 with an initial cohort of eight participants (38% identifying as First Nations)

Reorganization of Non-Core Investments in Critical Minerals

The development of critical minerals has emerged as a global priority, one which offers Canada a unique opportunity to diversify its mineral resource base and strengthen its economic resilience. Recognizing the significant potential of critical minerals, the Company deployed a small (3-person), dedicated team to evaluate critical mineral projects over the past three years. Consistent with its early-stage investment strategy, the Company has made small, early-stage investments in a number of non-gold and non-copper projects over that period to gain insight into critical mineral projects and potential partners.

The Company believes it is the right time to reorganize these non-core investments under a new entity and has approved the establishment of Avenir Minerals Limited ("Avenir"), which will be a subsidiary of Agnico Eagle. Avenir will be dedicated to evaluating and advancing critical mineral opportunities in the regions in which Agnico Eagle operates, with an initial geographic focus on Canada. This initiative will allow the Company to maintain its disciplined focus on its core operations while exploring opportunities to enhance long-term shareholder value.

The Company expects to contribute its portfolio of non-gold and non-copper strategic investments, which have a current aggregate market value of approximately $80 million, as well as $50 million in cash as funding for Avenir. While the Company is not committed to additional funding of Avenir, it will retain a right of first refusal on future investment opportunities and may contribute additional capital in the future.

Avenir is expected to become an independent and self-sustaining entity with a mandate to pursue strategic partnerships and government support to help fund and advance future opportunities.

By formalizing its critical minerals strategy through the establishment of Avenir, the Company aims to realize value from early-stage assets and opportunities. This initiative reflects the Company's disciplined approach to capital allocation while preserving optionality in the long-term potential of critical minerals.

ABITIBI REGION, QUEBEC

Strong Operational Performance Continues to Drive Gold Production; Record Throughput at Goldex for Second Consecutive Quarter

See the MD&A under the caption "Financial and Operating Results" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Regional Highlights

• Gold production in the quarter was higher than planned primarily as a result of higher throughput at the LaRonde mine and higher grades at the Barnat pit at Canadian Malartic. The higher throughput at LaRonde was primarily due to strong underground hauling and hoisting performance at LaRonde and additional tonnage mined and processed from LZ5. The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit that returned higher grades than anticipated
• At LZ5, the Company continued its automation initiatives and achieved its automation targets. Approximately 20% of the ore hauled to surface was moved using automated scoops and trucks, contributing to the strong overall performance of the site at an average of 3,600 tpd, above the production target of 3,500 tpd for the third quarter of 2025
• At Odyssey, total development during the quarter was approximately 4,770 metres, including record development in September of approximately 1,660 metres. Gold production was slightly ahead of plan at approximately 22,400 ounces driven by higher ore mined of approximately 3,634 tpd compared to the target of 3,500 tpd
• At Goldex, record quarterly tonnage was processed for the second consecutive quarter at approximately 844,000 tonnes, driven by record total tonnage processed from Akasaba West
• Canadian Malartic has a planned shutdown of four to five days for regular maintenance at the mill in the fourth quarter of 2025
• An update on Odyssey and the "fill-the-mill" strategy is set out in the Update on Key Value Drivers and Pipeline Projects section above

ABITIBI REGION, ONTARIO

Record Quarterly Mill Throughput at Detour Lake; Higher Grades Drive Strong Production at Macassa

See the MD&A under the caption "Financial and Operating Results" for a variance analysis by minesite on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Regional Highlights

• Gold production in the quarter was in line with plan at both Macassa and Detour Lake. At Macassa, gold grades were higher than anticipated as a result of positive grade reconciliation and a change in mine sequencing, offsetting lower mill throughput caused by restriction at the mill from an unplanned downtime of the secondary mill in August 2025. The mill returned to normal operating levels by quarter-end
• At Detour Lake, the mill achieved record quarterly throughput of approximately 79,900 tpd, driven by optimization initiatives and record run-time as no major shutdown was planned in the quarter. The higher throughput offset lower gold grades, which resulted from processing supplemental ore from the low-grade stockpile. The open pit mining rate was affected by slower progress around the historical underground workings, which resulted in lower-than-planned run-of-mine ore tonnes. The grade profile is expected to improve in the fourth quarter of 2025 based on the planned mining sequence
• At Macassa, construction of the new paste plant continued during the third quarter of 2025 and is essentially complete. Operational readiness and testing are ongoing with completion expected in December 2025
• Detour Lake completed a major shutdown of seven days for regular mill maintenance in October 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

Gold Production Driven by Record Quarterly Tonnes Processed at Meliadine and Meadowbank; Drilling at IVR and Whale Tail Continues to Demonstrate Continuity of High-Grade Mineralization

See the MD&A under the caption "Financial and Operating Results" for a variance analysis by minesite on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Regional Highlights

• Gold production in the quarter was better than planned as a result of record throughput at both the Meliadine and Meadowbank mills, partially offset by lower than expected grades at Meliadine
• At Meliadine, the mill achieved record quarterly throughput of 6,815 tpd as a result of mill optimization initiatives after the completion of the Phase 2 mill expansion. Gold grades were lower in the quarter as a result of stope sequencing and the processing of stockpiles at an average lower grade than planned
• At Meadowbank, the mill achieved record quarterly throughput of 12,793 tpd. The mill throughput during the quarter benefited from additional ore stockpiled in the previous quarter during the mill shutdowns caused by a longer-than-expected caribou migration
• In the fourth quarter of 2025, Meliadine has a four-day scheduled shutdown for regular mill maintenance. Meadowbank has a five-day scheduled major shutdown to replace the SAG and ball mill liners and complete other regular mill maintenance
• An update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section above

Exploration Highlights at Amaruq

• Exploration drilling totalling 80 holes (28,747 metres) was completed at Amaruq during 2024 and the first three quarters of 2025 to confirm and extend mineral resources near surface at the IVR Zone and at depth in the IVR and Whale Tail zones as part of the evaluation of mining scenarios that could potentially extend the life of mine at Amaruq at relatively low geological risk and low capital outlay
• At shallow depth in the IVR Zone, drilling was completed mostly within the IVR pit footprint to potentially add mineral reserves and mineral resources and investigate a pit pushback that could potentially extend the life of mine. Highlights included hole AMQ24-3190 intersecting 21.0 g/t gold over 4.3 metres at 172 metres depth and hole AMQ24-3191 intersecting 14.8 g/t gold over 5.6 metres at 177 metres depth
• In the deep extensions of the IVR Zone below current mineral resources, the drilling had the objective of potentially adding mineral resources at depth, with highlights that included hole AMQ24-3105A intersecting 9.2 g/t gold over 7.5 metres at 826 metres depth and hole AMQ24-3091B intersecting 6.0 g/t gold over 16.2 metres at 873 metres depth, including 10.2 g/t gold over 4.9 metres at 879 metres depth
• The deep drilling of the Whale Tail Zone had the objective of converting inferred mineral resources and adding inferred mineral resources at greater depths, where the zone remains open laterally and at depth. Highlights included: conversion hole AMQ25-3221B intersecting 12.8 g/t gold over 4.1 metres at 547 metres depth and 4.5 g/t gold over 6.2 metres at 620 metres depth; and, below current mineral resources, hole AMQ25-3215B intersecting 8.4 g/t gold over 7.9 metres at 774 metres depth and hole AMQ24-3157 intersecting 11.8 g/t gold over 4.6 metres at 890 metres depth
• The recent conversion and exploration drilling completed at the IVR and Whale Tail zones has demonstrated the grade and thickness continuity of high-grade mineralization at both shallow and underground depths and improved confidence in the geological model of both zones. The Company anticipates adding mineral reserves at shallow depths and mineral resources at shallow and underground depths in these areas at year-end 2025, and will provide an update on potential mine-life extension for the Amaruq mine in the first quarter of 2026

Selected drill intersections from the Amaruq deposit from 2024 and 2025 are set out in the composite longitudinal section below and in Appendix A.

[ Amaruq – Composite Longitudinal Section]

AUSTRALIA

Quarterly Gold Production on Target; Primary Fans Transition to Underground Substantially Complete

See the MD&A under the caption "Financial and Operating Results" for a variance analysis by minesite on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Highlights

• Gold production for the quarter was in line with plan, with gold grades aligning with annual guidance following stronger than expected performance in the first half of the year
• The Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Construction and equipment installation progressed in the main fan chambers, with civil works completed and major components installed and electrical work underway. Equipment installation and commissioning is expected to be completed in the first quarter of 2026
• Fosterville has scheduled a five-day shutdown for regular mill maintenance in the fourth quarter of 2025

FINLAND

Three Million Ounce Milestone Achieved with Strong Quarterly Gold Production; Optimization Initiatives Continue to Realize Cost Benefits

See the MD&A under the caption "Financial and Operating Results" for a variance analysis by minesite on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Highlights

• Gold production in the quarter was in line with plan, with higher mill throughput driven by improved mill runtime and strong mine performance, offsetting the lower gold grades. The mine continues to realize productivity gains through sustained improvement efforts over the past year. Lower gold grades reflect slight adjustment to the mining sequence
• Minesite costs per tonne continue to improve as the benefits of continuous improvement initiatives are realized. Minesite costs per tonne in the first nine months of 2025 decreased by approximately 6%, from €105 to €99 per tonne, when compared to the prior-year period. This decrease was achieved despite the increase in royalty costs per tonne of approximately €2 due to higher gold prices in the first nine months of 2025 compared to the prior-year period

MEXICO

Gold Production in Line with Target, Driven by Solid Underground Performance at Cubiro

See the MD&A under the caption "Financial and Operating Results" for a variance analysis by minesite on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world. It produces precious metals from operations in Canada, Australia, Finland and Mexico and has 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 cash (debt)", as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS Accounting Standards. 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 Accounting Standards. 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 Accounting Standards.

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 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 Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. 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 Accounting Standards.

The following table sets out the production costs per minesite for the three and nine months ended September 30, 2025 and September 30, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards.