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AGNICO EAGLE REPORTS FIRST QUARTER 2026 RESULTS, INCLUDING RECORD QUARTERLY OPERATING MARGINS AND ADJUSTED NET INCOMEApril 30, 2026 5:00 PM
PR Newswire (Canada)
Stock Symbol: AEM (NYSE and TSX)(All amounts expressed in U.S. dollars unless otherwise noted)TORONTO, April 30, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2026."We delivered a solid start to 2026, achieving record operating margins while production and costs tracked well to plan. With gold production expected to be weighted to a stronger second half of the year, we are managing cost volatility through disciplined execution and asset optimization, supported by our regional operating model. This positions us well to deliver on our full year guidance," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are excited by the strong progress across our industry leading growth pipeline and are beginning to look beyond the 20–30% production growth already expected over the next decade, with our recently announced proposed acquisitions in Finland marking a milestone in our next phase of long-term growth. At the same time, we remain committed to returning value to shareholders, through our dividend and the expansion of our share repurchase program."First quarter 2026 highlights:Solid quarterly performance, in line with plan – Payable gold production1 was 825,109 ounces, representing approximately 24% of the mid-point of the full year production guidance, at production costs per ounce of $1,158, total cash costs per ounce2 of $1,093 and all-in sustaining costs ("AISC") per ounce2 of $1,483. The solid operating performance was led by Detour Lake, Canadian Malartic and FostervilleRecord quarterly operating margins and adjusted net income – Solid production, combined with higher realized gold prices of $4,861 per ounce in the first quarter, resulted in record operating margins and adjusted net income. The Company reported quarterly net income of $1,695 million or $3.39 per share and record adjusted net income3 of $1,706 million or $3.41 per share. The Company generated cash provided by operating activities of $1,346 million or $2.69 per share and free cash flow3 of $732 million or $1.46 per share, which included the impact of a $1.3 billion payment for the remaining cash tax liability related to the 2025 taxation year. Total cash taxes paid in the first quarter were $1.8 billion, approximately 50% of the expected cash taxes for 2026Financial strength continues to grow through robust cash generation – The Company increased its cash balance by $246 million to $3,112 million as at March 31, 2026, resulting in a net cash4 position of $2,915 million with total debt outstanding of $197 million as at March 31, 2026. Reflecting this strong financial profile, Fitch Ratings upgraded the Company's long-term issuer default rating from BBB+ to A- in April 2026Annual gold production and cost guidance reiterated – Full year expected payable gold production in 2026 remains unchanged at 3.3 to 3.5 million ounces, with production now weighted approximately 48% to the first half of the year and 52% to the second half. Full year total cash costs per ounce and AISC per ounce in 2026 remain unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively. While the Company is subject to cost uncertainty, including fuel price volatility as a result of ongoing geopolitical events, the Company's regional operating strategy, focused on local procurement and resilient supply chains, is expected to mitigate potential cost impacts. Further details are set out in the 2026 Guidance Summary section belowContinued commitment to shareholder returns and expected renewal and increase of NCIB – The Company returned a total of $375 million to shareholders during the first quarter of 2026, including the declaration of a quarterly dividend of $0.45 per share and the repurchase of 721,211 common shares under its normal course issuer bid ("NCIB"). Share repurchases were completed at an average price of $207.68 per share for total consideration of $150 million. As previously disclosed, the Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms, with an increase to its internal limit on purchases of common shares to $2 billion. Additional details will be provided at the time of the renewal2025 Sustainability Report published – The Company released its 17th annual Sustainability Report on April 30, 2026, demonstrating its commitment to operating in a safe, sustainable and environmentally responsible mannerUpdate on key value drivers and pipeline projects in the first quarter of 2026Canadian Malartic – Production from the East Gouldie ramp commenced in March 2026. The development and construction activities continued to progress on schedule, with the main ramp and shaft #1 reaching a depth of 1,151 metres and 1,514 metres, respectively. Construction of the first loading station is on schedule for first production through shaft #1 in the second quarter of 2027. Exploration drilling continued to yield positive results in multiple areas of the Odyssey mine, including 6.7 grams per tonne ("g/t") gold over 36.0 metres at 1,089 metres depth in the upper eastern portion of the East Gouldie deposit and 9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth in the internal zones of the Odyssey depositDetour Lake – Development activities for the underground project continued, with the exploration ramp reaching a depth of 147 metres and overburden removal commencing for the conveyor-ramp portal. High-intensity drilling from surface near the exploration ramp was initiated, with a highlight intercept of 8.9 g/t gold over 14.1 metres at 187 metres depth. Drilling into the West Extension zone had highlights of 10.7 g/t gold over 10.1 metres at 497 metres depth, approximately 1.5 kilometres west of the resource-pit outline, and 10.0 g/t gold over 3.1 metres at 922 metres depth, approximately 2.5 kilometres west of the resource-pit outlineUpper Beaver – Development of the exploration ramp and shaft continued to advance ahead of schedule, reaching depths of 108 metres and 382 metres, respectively. During the quarter, the Company initiated a high-intensity drilling program targeting a portion of the Upper Beaver deposit between approximately 500 and 600 metres depth, characterized by intrusion-suite host rocks, to complement the bulk sample planned at the 760 levelHope Bay – Project activities focused on site preparedness for a potential redevelopment, including the addition of a new third wing to the camp, substantial completion of the internal technical evaluation, including advancement of detailed engineering to approximately 55%, and planning for the 2026 sealift season. A construction decision at Hope Bay is expected in May 2026San Nicolás – Minas de San Nicolás, which has the potential for base metal production in Mexico, continued to advance engineering and execution strategy, targeting completion of 50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine areaProposed consolidation of Finland's Central Lapland Greenstone Belt ("CLGB") in three separate transactions – On April 20, 2026, the Company announced a comprehensive consolidation of properties in the CLGB of Northern Finland through the proposed acquisitions of Rupert Resources Ltd. ("Rupert") and Aurion Resources Ltd. ("Aurion") and the acquisition of the 70% interest in Fingold Ventures Ltd. held by B2Gold Corp ("B2Gold"). The Company expects the Rupert and Aurion transactions to be completed late in the second quarter of 2026. The transaction with B2Gold was completed in April 2026Through these transactions, the Company expects to build another multi-asset, multi-decade regional platform within its portfolio, create significant value at the Ikkari gold project by leveraging over 20 years of regional experience and unlock multi-layered exploration potential across the consolidated 2,492 km2 land packageIt establishes a pathway to transform its Finland platform into an approximately 500,000-ounce-per-year gold production hub within the next decade, and contribute beyond the 20-30% Company-wide production growth over that periodThe Company will evaluate opportunities to reduce dilution associated with the Rupert transaction, including potentially returning the proceeds of portfolio investment sales to shareholders through share repurchases under the NCIB______________________________________1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards and in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis and a description of their composition and usefulness, see "Note Regarding Certain Measures of Performance" below.3 Adjusted net income, free cash flow and where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.4 Net cash is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.First Quarter 2026 Results Conference Call and Webcast TomorrowThe Company's senior management will host a conference call on Friday, May 1, 2026, at 8:30 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 437-900-0527 or toll-free 1-888-510-2154 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 72715#. The conference call replay will expire on June 1, 2026.The webcast, along with presentation slides, will be archived for 180 days on the Company's website.Annual MeetingThe Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, May 1, 2026 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.The AGM will be held in person at Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online at: https://meetnow.global/M59UWL4.For details explaining how to attend, communicate and vote virtually at the AGM see the Company's Management Information Circular dated March 19, 2026, filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416-947-1212, by toll-free phone at 1-888-822-6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by calling 1-877-452-7184 (toll-free in Canada and the United States) or 1-416-304-0211 (International), by texting "INFO" to either number, or by e-mail at assistance@laurelhill.com.First Quarter 2026 Production and CostsProduction and Cost Results Summary
Three Months EndedMarch 31,
2026
2025*Gold production** (ounces)
825,109
873,794Gold sales (ounces)***
829,651
842,965Production costs per ounce
$ 1,158
$ 879Total cash costs per ounce
$ 1,093
$ 895AISC per ounce
$ 1,483
$ 1,175* Total cash costs per ounce and AISC per ounce for the three months ended March 31, 2025 have been restated using the Company's revised composition for periods commencing on or after January 1, 2026. Using the Company's composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $903 for the consolidated Company and AISC per ounce was $1,183 for the consolidated Company.** Gold production for the three months ended March 31, 2026 excludes payable gold production at La India and Creston Mascota of 418 and 76 ounces, respectively, which were produced from residual leaching. Gold production for the three months ended March 31, 2025 excludes payable gold production at La India and Creston Mascota of 1,811 ounces and 25 ounces, respectively, which were producing from residual leaching.*** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the three months ended March 31, 2025, payable metals sold excludes 2,500 payable gold ounces sold at La India.Gold ProductionGold production decreased in the first quarter of 2026 when compared to the prior-year period primarily due to lower production at Macassa and Meadowbank (lower grades), partially offset by higher production at Detour Lake (higher grades and recoveries).Production Costs per OunceProduction costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices, lower gold production and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.Total Cash Costs per OunceTotal cash costs per ounce increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above for the increase in production costs per ounce.AISC per OunceAISC per ounce increased in the first quarter of 2026 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 Macassa and Fosterville, higher non-cash reclamation related costs and higher general and administrative expenses.Refer to the Company's Management Discussion & Analysis for the first quarter of 2026 (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 period.First Quarter 2026 Financial ResultsFinancial Results Summary
Three Months EndedMarch 31,
2026
2025Realized gold price (per ounce)5
$ 4,861
$ 2,891Net income (millions)
$ 1,695
$ 815Adjusted net income (millions)
$ 1,706
$ 770EBITDA (millions)6
$ 2,996
$ 1,634Adjusted EBITDA (millions)6
$ 3,011
$ 1,590Cash provided by operating activities (millions)
$ 1,346
$ 1,044Cash provided by operating activities before changes in non-cash components of working capital (millions)6
$ 2,231
$ 1,209Capital expenditures* (millions)6
$ 574
$ 419Free cash flow (millions)
$ 732
$ 594Free cash flow before changes in non-cash components of working capital (millions)6
$ 1,618
$ 759
Net income per share (basic)
$ 3.39
$ 1.62Adjusted net income per share (basic)
$ 3.41
$ 1.53Cash provided by operating activities per share (basic)
$ 2.69
$ 2.08Cash provided by operating activities before changes in non-cash components of working capital per share (basic)
$ 4.46
$ 2.41Free cash flow per share (basic)
$ 1.46
$ 1.18Free cash flow before changes in non-cash components of working capital per share (basic)
$ 3.23
$ 1.51*Includes capitalized exploration _________________________5 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.6 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA, adjusted EBITDA, capital expenditures, cash provided by operating activities before changes in non-cash components of working capital and free cash flow before changes in non-cash components of working capital and, where applicable, their related per share measures, are non-GAAP measures that are not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.Net IncomeNet income increased in the first quarter of 2026 when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by lower gold sales and higher income and mining taxes.Net income in the first quarter of 2026 of $1,695 million ($3.39 per share) includes the following items (net of tax): reclamation adjustments of $9 million ($0.02 per share), net gains on derivative financial instruments of $7 million ($0.01 per share), net asset disposal losses of $7 million ($0.01 per share), foreign currency translation losses on deferred tax liabilities of $5 million ($0.01 per share) and other adjustments totaling $3 million ($0.01 per share). Excluding these items results in adjusted net income of $1,706 million or $3.41 per share for the first quarter of 2026.Adjusted EBITDAAdjusted EBITDA increased in the first quarter of 2026 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), partially offset by higher production costs (higher royalty costs), higher general and administrative expenses and the impact of a stronger Canadian dollar relative to the U.S. dollar between periods.Cash Provided by Operating ActivitiesCash provided by operating activities and cash provided by operating activities before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to higher operating margins, partially offset by lower gold sales and higher income and mining taxes. Cash provided by operating activities was reduced by unfavourable changes in non-cash working capital balances primarily due to approximately $1.3 billion in cash taxes paid in the quarter relating to the 2025 taxation year. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, representing approximately 50% of the expected cash taxes for 2026.Free Cash FlowFree cash flow and free cash flow before changes in non-cash components of working capital both increased in the first quarter of 2026 when compared to the prior-year period primarily due to the reasons described above related to cash provided by operating activities, partially offset by higher development capital expenditures related to Odyssey, Hope Bay and Detour Lake underground pipeline projects.Capital ExpendituresThe table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures by mine, and capitalized exploration in the first quarter of 2026.Summary of Capital Expenditures
(thousands)Three Months Ended
Mar 31, 2026
Capital
Expenditures*
Capitalized
ExplorationSustaining Capital Expenditures**
LaRonde$ 15,661
$ 1,232Canadian Malartic22,761
987Goldex10,105
200Quebec48,527
2,419Detour Lake42,531
—Macassa19,545
827Ontario62,076
827Meliadine16,310
1,425Meadowbank23,155
—Nunavut39,465
1,425Fosterville22,540
496Australia22,540
496Kittila13,167
982Finland13,167
982Pinos Altos8,756
211Mexico8,756
211Other2,061
(973)Total Sustaining Capital Expenditures$ 196,592
$ 5,387
Development Capital Expenditures**
LaRonde$ 20,397
$ —Canadian Malartic85,092
7,519Goldex6,080
1,997Quebec111,569
9,516Detour Lake73,444
6,621Detour Lake underground4,266
12,274Macassa24,510
8,819Upper Beaver7,316
16,595Ontario109,536
44,309Meliadine18,374
4,181Meadowbank9,174
22Hope Bay31,764
13,834Nunavut59,312
18,037Fosterville4,314
3,477Australia4,314
3,477Kittila946
2,600Finland946
2,600Pinos Altos1,821
11San Nicolás (50%)1,326
1,391Mexico3,147
1,402Other3,466
—Total Development Capital Expenditures$ 292,290
$ 79,341Total Capital Expenditures$ 488,882
$ 84,728* Excludes capitalized exploration** Sustaining capital expenditures and development capital expenditure are non-GAAP measures that are not standardized measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.2026 Guidance ReiteratedIn the first three months of 2026, the Company achieved approximately 24% of the mid-point of its full year gold production guidance, while achieving total cash costs per ounce and AISC per ounce within the guidance range. Based on these results, the Company is reiterating its guidance for the full year 2026. Full year expected payable gold production in 2026 at 3.3 to 3.5 million ounces is now weighted approximately 48% to the first half of the year and 52% to the second half. A summary of the Company's guidance is set out below.2026 Guidance Summary
($ millions, unless otherwise stated)
2026
2026
Guidance Range
Mid-PointGold production (thousands of ounces)
3,3003,500
3,400Total cash costs per ounce7
$ 1,020$ 1,120
$ 1,070AISC per ounce7
$ 1,400$ 1,550
$ 1,475
Capital expenditures7 (excluding capitalized exploration)
$ 2,175$ 2,395
$ 2,285Capitalized exploration
$ 290$ 330
$ 310Capital expenditures (including capitalized exploration)
$ 2,465$ 2,725
$ 2,595
Exploration and corporate development*
$ 275$ 305
$ 290Depreciation and amortization expense
$ 1,550$ 1,750
$ 1,650General and administrative expense**
$ 230$ 260
$ 245Other costs***
$ 75$ 95
$ 85NTI Payment8
$ 185$ 195
$ 190Cash taxes
$ 3,400$ 3,600
$ 3,500Effective tax rate (%)
34 %36 %
35 %* 2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate development** 2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million. General and administrative expense is expected to fluctuate based on changes in the Company's share price, which affect the costs related to stock-based compensation.*** 2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs _____________________________7 The Company's guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP information. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have been made by the Company to the composition of certain of these measures, see "Note Regarding Certain Measures of Performance" below.8 The "NTI Payment" is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.Cash TaxesThe Company's effective tax rate continues to be expected to be approximately 34% to 36% for the full year of 2026. Total cash taxes paid in the first quarter of 2026 were $1.8 billion, which included a $1.3 billion payment for the remaining cash tax liability for 2025. This represents approximately 50% of total cash taxes expected for 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million.Cost Considerations Related to Current Market UncertaintyWhile the ongoing conflict in the Middle East introduces uncertainty related to fuel price volatility and the global supply chain, the Company currently anticipates that volatility of fuel and commodity prices and currency exchange rates will be captured within the total cash costs per ounce and AISC per ounce guidance ranges of $1,020 to $1,120 and $1,400 to $1,550, respectively. Supported by the Company's regional operating strategy, with a focus on local procurement and resilient supply chains, the Company does not currently anticipate any significant risk of disruption to fuel, consumables or parts supplies across its operations. While higher transportation and freight costs are expected to persist amid ongoing uncertainty, the Company continues to actively monitor the situation for any potential impacts.The Company's full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes). Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2025 sealift, approximately 54% of the Company's total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.71 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility for the balance of 2026.Diesel represents approximately 10% of the Company's operating costs, comprising approximately 7% related to direct consumption for mobile equipment and on-site power generation, and approximately 3% related to transportation and freight. With respect to direct diesel consumption, the Company estimates that a 10% change in diesel prices would impact total cash costs per ounce by approximately $4 on a net basis after hedges (approximately $8 excluding the impact of diesel hedges) for the full year 2026. For indirect diesel exposure related to transportation, a 10% change in diesel prices is estimated to impact total cash costs per ounce by approximately $2 net of the fuel sealift to Nunavut.Currency HedgesThe Company's full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 42% of its estimated remaining Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.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 2026.TariffsThe international trade disputes set in motion in February 2025 by US tariffs, retaliatory tariffs and other actions remain fluid. The Company continues to believe that 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 monitor 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. The cost guidance provided in this news release does not include any potential impact from such tariffs or trade disputes.Balance Sheet Strength Supported by Strong Net Cash Position; Continued Commitment to Shareholder ReturnsCash and cash equivalents increased by $246 million from the prior quarter, primarily due to cash provided by operating activities resulting from record operating margins (higher realized gold prices partially offset by higher royalty costs). The increase was partially offset by unfavourable changes in non-cash components of working capital (including an approximately $1.3 billion payment of cash taxes related to the 2025 taxation year), $614 million of capital expenditures including working capital adjustments and $375 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.As at March 31, 2026, the Company's total long-term debt was $197 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2026 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.Net cash increased to $2,915 million in the first quarter of 2026 compared to the prior quarter balance of $2,670 million due to the increase in cash and cash equivalents of $246 million. See "Note Regarding Certain Measures of Performance" below for the calculation of net cash.On April 29, 2026, Fitch Ratings upgraded the Company's investment grade credit rating to A- with a Stable Outlook, reflecting the Company's strong operating profile, favorable low cost position and sustained commitment to a strengthening balance sheet. The Company strives to maintain a strong financial position and an investment grade balance sheet.Shareholder ReturnsThe Company remains committed to delivering strong returns to shareholders in 2026 through a combination of the dividend and share repurchases under the NCIB, with a target to return approximately 40% of annual free cash flow to shareholders, assuming current gold prices and subject to operational needs.The Company will evaluate opportunities to reduce the dilution associated with the Rupert transaction, including potentially returning the proceeds of portfolio investment sales to shareholders through share repurchases under the NCIB.Normal Course Issuer BidIn the first quarter of 2026, the Company repurchased 721,211 common shares under the NCIB at an average price of $207.68 per share for aggregate purchases of $150 million.The Company believes that its NCIB is a flexible and effective 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 may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases of common shares to $2 billion. Additional details will be provided at the time of the renewal.Dividend Record and Payment Dates for the Second Quarter of 2026The Company's Board of Directors has declared a quarterly cash dividend of $0.45 per common share, payable on June 15, 2026 to shareholders of record as of June 1, 2026. Agnico Eagle has declared a cash dividend every year since 1983.Expected Dividend Record and Payment Dates for the 2026 Fiscal YearRecord DatePayment DateMarch 2, 2026*March 16, 2026*June 1, 2026**June 15, 2026**September 1, 2026September 15, 2026December 1, 2026December 15, 2026* Paid
** DeclaredDividend Reinvestment PlanFor information on the Company's dividend reinvestment plan, see Dividend Reinvestment Plan.International Dividend Currency ExchangeFor 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.Committed to Sustainability17th Annual Sustainability Report for 2025 ReleasedThe Company released its 2025 Sustainability Report (the "Report") on April 30, 2026, providing an overview of the Company's strategy, practices and risk management approach related to health, safety, environment and sustainability, along with a comprehensive review of sustainability performance.The Report includes mining industry-specific indicators from the Sustainability Accounting Standards Board Metals and Mining disclosures and metrics, and certain indicators in reference to the Global Reporting Initiative standards.The Report's theme, "Together, We Make Mining Work", reflects the Company's belief that responsible mining is achieved through collaboration. For almost 70 years, the Company has recognized that long-term success is built through strong relationships with employees, Indigenous Peoples, communities, partners and stakeholders and the Company remains committed to operating in a way that creates shared value for all stakeholders.Report Highlights:Strong sustainability performance – The Company continued its "Towards Zero Accidents" initiative by focusing on visible felt leadership, employee training, and risk identification and mitigation. Performance was maintained or improved across many key factors including zero significant environmental incidents and increased employee engagement resultsHowever, these positive actions were overshadowed by fatal accidents at Fosterville in December 2025 and Canadian Malartic in April 2026. The Company has taken steps to reset its approach to safety, including immediately calling for safety meetings globally, with all employees and contractors, to emphasize that safe production is core to the sustainability and success of our business and that if a job cannot be done safely, it should not be doneApproach to climate change – The Company's continued efforts in decarbonization are focused on energy efficiency, technology transition and increased use of renewable energy. In 2025, the Company maintained its position among gold industry leaders in greenhouse gas emissions performance with an intensity of 0.39 tonnes of CO2 equivalent per ounce of gold producedCommitment to reconciliation with Indigenous communities – The Company progressed the implementation of its Reconciliation Action Plan, including with the establishment of an Indigenous Advisory Committee, the delivery of over 5,000 hours of Indigenous cultural awareness training to employees and by hosting over 200 Indigenous cultural awareness activities across the Company. This comprehensive approach reinforces the Company's dedication to fostering positive relationships and supporting Indigenous Peoples globallyInvesting in communities – Being a trusted and valued member of the communities associated with the Company's operations remains a fundamental principle and priority for the Company. In 2025, the Company's donations to charitable organizations were approximately $11 million and the Company spent approximately $2.0 billion on locally sourced goods and services, approximately $1.2 billion of which went to Indigenous businessesMining responsibly – The Company is committed to being a responsible miner and contributing to the sustainable development of the regions in which it operates. The Company upholds recognized international sustainability frameworks, including Towards Sustainable Mining (TSM), Responsible Gold Mining Principles (RGMP), the Voluntary Principles on Security and Human Rights (VPSHRs) and the Conflict-Free Gold StandardCommitment to the Development of Inuit EducationInuit Nunangat University – The Company is proud to formalize its commitment of C$10M to support the development of the Inuit Nunangat University. The Company commends the leadership of Inuit Tairiit Kanatami in advancing this important initiative in support of Inuit self-determination, cultural preservation and capacity-building and looks forward to supporting the students and graduates as they pursue future careers and business opportunities within Inuit Nunangat and beyondThe Company's 2025 Sustainability Report can be accessed here.Key Value Drivers – Building the Next Phase of GrowthThe Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with a first step-up in production expected in 2030 and the potential to exceed 4.0 million ounces in the early 2030s. The growth is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as the construction of Upper Beaver, Hope Bay and San Nicolas located in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling risk-adjusted returns.Key Project2026 Gold
Production
Guidance
(000s oz)Anticipated
Production
Ramp-up YearAnticipated
Incremental
Annual Gold
Production*
(000s oz)Anticipated
Incremental
Annual Copper
Production
(tonnes)Canadian Malartic575 — 5902033400 — 500—Detour Lake700 — 7152030300 — 350—Upper Beaver—2030200 — 2253,600Hope Bay—2030400 — 425—San Nicolás (50%)**—2030—50,000 — 60,000* The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see "Notes to Investors Regarding Certain Project Evaluations" below** San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent yearsCanadian Malartic – Potential for 400,000 to 500,000 ounces of incremental annual gold productionThe Company continues to advance the transition to underground mining with the construction of the Odyssey mine, including the development of Odyssey Shaft #1 and is advancing internal evaluations on three projects that, together, have the potential to increase annual gold production, starting in 2033, towards one million ounces. These projects include (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 DevelopmentIn the first quarter of 2026, mine development advanced with a continued focus on the main ramp, which reached a depth of 1,151 metres as of March 31, 2026, and the development of the East Gouldie production levels. Production via ramp from East Gouldie commenced in March 2026, approximately three months ahead of plan. Development remains a priority, with the Company targeting a sustained development rate of approximately 2,000 metres per month, supported by the integration of new development teams and equipment, increased hoisting capacity, optimization of hauling and service activities, and the increased use of automation and autonomous hauling. The excavation of two ventilation raises from surface to level 58 and the construction of the main exhaust fan station also advanced, with commissioning expected in June 2026.Work continued on the development and construction of the first loading station between levels 102 and 111, including the crushing and material-handling circuit, shaft loading pocket and maintenance shop. Development activities continue to progress on schedule in support of the planned start of shaft-hoisted production from East Gouldie in the second quarter of 2027. Shaft sinking activities continued ahead of schedule, with the excavation of the material-handling infrastructure for the second loading station between levels 137 and 146 now expected to be completed in the second quarter of 2026 and the completion of the first phase of shaft sinking to a planned depth of 1,580 metres now expected at year-end 2026. The shaft reached a depth of 1,514 metres as at March 31, 2026. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 172 and 181, is expected to be completed and commissioned in 2031.Construction of key surface infrastructure progressed, with the operational complex expected to be completed in the second quarter of 2026 and phase two of the paste plant (designed for a 20,000 tonnes per day ("tpd") capacity) expected to be completed in the fourth quarter of 2026. The fabrication of the production hoist is complete and delivery of the various components of the hoist is ongoing, with assembly to start in the second quarter of 2026. Commissioning of the production hoist is expected in the second quarter of 2027.Odyssey Shaft #2The Company is advancing an internal technical evaluation of a potential second shaft at the Odyssey mine. Drilling of the geotechnical pilot hole at the planned location has been completed to a depth of 1,800 metres. Current work is focused on mine design and planning, surface layout, headframe design and preparatory activities to support the permitting process. The evaluation is expected to be completed in the fourth quarter of 2026.Exploration at OdysseyDuring the first quarter of 2026, 13 surface rigs and 16 underground rigs were in operation, drilling a total of 56,635 metres supplemented by an additional six surface rigs completing 13,455 metres of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project.Exploration drilling targeted multiple areas of the Odyssey mine, returning positive results in the upper eastern, central, western and deeper areas of the East Gouldie deposit and in the internal zones of the Odyssey deposit.In the upper eastern extension of the East Gouldie deposit, underground drilling was highlighted by hole UGEG-103-005 intersecting 6.7 g/t gold over 36.0 metres at 1,089 metres depth, including 12.6 g/t gold over 15.3 metres at 1,089 metres depth; and hole UGEG-095-014 intersecting 5.5 g/t gold over 10.3 metres at 1,061 metres depth, 5.8 g/t gold over 9.8 metres at 1,153 metres depth, 5.1 g/t gold over 6.3 metres at 1,175 metres depth and 3.0 g/t gold over 15.8 metres at 1,187 metres depth.In the Odyssey deposit, conversion drilling encountered significant mineralization in the lower portion of the porphyry in the internal zones, highlighted by hole UGOD-057-012 intersecting 6.1 g/t gold over 12.9 metres (core length) at 1,017 metres depth, including 12.0 g/t gold over 4.9 metres (core length) at 1,020 metres depth, and 9.0 g/t gold over 53.5 metres (core length) at 1,067 metres depth; and hole UGOD-064-019 intersecting 2.8 g/t gold over 27.6 metres (core length) at 992 metres depth, including 5.6 g/t gold over 8.0 metres (core length) at 992 metres depth. The internal zones in the vicinity of the Odyssey North zone will be further investigated in 2026 to help in planning the future mining infrastructure in this area.Selected recent drill intersections from the Odyssey mine are set out in the composite longitudinal section below and in a table in the Appendix.[Odyssey – Composite Cross and Longitudinal Sections]MarbanAt the Marban deposit, located approximately 12 kilometres from the Canadian Malartic mill, the Company envisions the potential development of a satellite open pit operating at a planned mining rate between 14,000 to 16,000 tpd and producing approximately 120,000 to 150,000 ounces of gold annually over a mine life of approximately 12 years with the potential for initial production as early as 2033.During the first quarter of 2026 at Marban, the second phase of an exploration and conversion drilling program completed 29 holes totalling 7,013 metres. The program mainly targeted the northern and eastern extensions of the Marban deposit near and beyond the newly expanded proposed pit outline.WasamacAt Wasamac, the Company envisions an underground satellite operation with a planned mining rate of approximately 3,200 tpd. Ore is expected to be transported to the Canadian Malartic mill for processing, with an average annual gold production expected to be approximately 90,000 ounces with the potential for initial production as early as 2033. In the first quarter of 2026, the Company advanced optimization and trade-off studies alongside permitting activities and engagement with stakeholders.Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold productionIn the first quarter of 2026, excavation of the exploration ramp advanced by 345 metres to a total length of 823 metres, reaching a depth of 147 metres as of March 31, 2026. The Company is ramping up its workforce and integrating additional equipment in preparation for the commencement of multi-face development expected to begin in the third quarter of 2026. Extension of the exploration ramp to the planned bulk-sampling location at level 200 is expected to be completed in the first half of 2027.Other activities supporting the underground project during the first quarter of 2026 included the commencement of overburden excavation for the conveyor ramp portal near the mill, with underground ramp development planned to begin in the first quarter of 2027. Work also progressed on the construction of the camp extension, and detailed engineering was initiated for the paste plant, ore-handling system and electrical infrastructure.At Detour Lake during the first quarter of 2026, exploration drilling totalled 39,052 metres. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit. The first underground drill was mobilized during the first quarter of 2026 and completed 726 metres of drilling.To complement the planned bulk sample at Level 200, the Company has initiated a high-intensity drill program targeting Domain 54, similar to the investigation of Domain 53 in 2025, to validate the continuity of mineralization and improve the accuracy of the geological model. Highlights from the high-intensity drilling included hole DLM26-1299 intersecting 14.0 g/t gold over 2.5 metres at 84 metres depth and 8.9 g/t gold over 14.1 metres at 187 metres depth; and hole DLM26-1313 intersecting 2.9 g/t gold over 23.2 metres at 210 metres depth, including 8.1 g/t gold over 6.0 metres at 218 metres depth and 14.9 g/t gold over 9.0 metres at 238 metres depth.Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline continued to extend the underground mineral potential to the west with highlights of hole DLM25-1243 intersecting 28.0 g/t gold over 4.4 metres at 734 metres depth and 11.7 g/t gold over 2.6 metres at 794 metres depth; hole DLM25-1255 intersecting 2.6 g/t gold over 27.4 metres at 669 metres depth; hole DLM25-1274 intersecting 14.0 g/t gold over 2.6 metres at 797 metres depth and 3.6 g/t gold over 9.5 metres at 816 metres depth; and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth, including 37.8 g/t gold over 2.6 metres at 501 metres depth.Drilling that tested the West Extension zone approximately 2.5 kilometres west of the resource-pit outline was highlighted by hole DLM25-1240 intersecting 10.0 g/t gold over 3.1 metres at 922 metres depth.Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in the Appendix.[Detour Lake – Composite Longitudinal Section]The Company also has a regional exploration program underway at Detour Lake, with $3.7 million budgeted in 2026 for 10,000 metres of drilling that will include condemnation drilling of planned and proposed infrastructure.Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copperLocated approximately 20 kilometres from the Company's Macassa mine, the Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.Development activities continued to advance ahead of schedule in the first quarter of 2026, with the exploration ramp advancing by 514 metres and reaching a depth of 108 metres, and the shaft reaching a depth of 382 metres as at March 31, 2026.During the first quarter of 2026, a high-intensity exploration drilling program at a 20-metre spacing focused on a portion of the Upper Beaver deposit between approximately 500 to 600 metres depth that is dominated by vein systems that are representative of the larger deposit. The primary objective of the high-intensity drilling is to validate the mineral resource model and assess grade-variability within the most representative geological zones of the Upper Beaver deposit. This high-intensity drilling program is expected to complement the planned bulk sample at the 760-metre level and has the potential to bring forward initial production to early 2030.More than half of the high-intensity drilling program has been completed, starting with Zone 201 and continuing into Zone 107.Recent highlights from Zone 201 include hole KLUB26-913A intersecting 4.5 g/t gold and 1.07% copper over 4.2 metres at 531 metres depth; hole KLUB26-881W3 intersecting 7.9 g/t gold and 0.98% copper over 6.4 metres at 555 metres depth; hole KLUB26-881W5 intersecting 18.3 g/t gold and 1.19% copper over 2.9 metres at 584 metres depth. In Zone 107, highlight hole KLUB26-915A intersected 45.5 g/t gold and 0.21% copper over 0.9 metres at 535 metres depth.Selected recent drill intersections from Upper Beaver are set out in the composite longitudinal section below and in a table in the Appendix.[Upper Beaver – Composite Cross and Longitudinal Sections]Hope Bay – Potential for 400,000 to 425,000 ounces of annual gold productionIn the first quarter of 2026, the Company advanced site preparations to support a potential project redevelopment, including upgrades to camp facilities, with installation of a third camp wing ongoing. During the quarter, the Company focused on completing a technical evaluation for the potential redevelopment, advancing detailed engineering to approximately 55% completion, and progressing planning and procurement activities for the upcoming sealift season, in advance of a potential redevelopment decision expected in May 2026.In the first quarter of 2026, excavation of the Naartok East exploration ramp at Madrid advanced by 638 metres and reached a depth of 111 metres as of March 31, 2026. In 2026, the exploration ramp will continue to advance for a total of 3.3 kilometers to a depth of 185 metres to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, excavation of the portal boxcut for the dedicated exploration ramp was completed and preparation for ground support activities are underway.San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)Regulatory decisions for the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits are pending. In the first quarter of 2026, Minas de San Nicolás continued to advance engineering on critical infrastructure to increase confidence in the feasibility study, further de-risk the execution strategy and position the project for a potential sanction decision, subject to receipt of permits. As at March 31, 2026, more than 40% of engineering had been completed, with progress expected to reach approximately 50% by mid-2026.During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.First Quarter 2026 Operating ResultsRegional operating statistics and highlights for the first quarter of 2026 are set out below. 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 period.ABITIBI REGION, QUEBECFirst Production Achieved at East Gouldie; Strong Operational Performance at Akasaba West; Automation Initiatives Continue to Advance at LaRondeAbitibi Quebec – Operating Statistics
Three Months Ended March 31, 2026
LaRonde
Canadian
Malartic
Goldex
Consolidated
Abitibi
QuebecTonnes of ore milled (thousands)
776
4,707
813
6,296Tonnes of ore milled per day
8,622
52,300
9,033
69,955Gold grade (g/t)
3.55
1.20
1.35
1.51Gold production (ounces)
81,596
166,216
29,372
277,184Production costs per tonne (C$)
C$ 156
C$ 38
C$ 68
C$ 56Minesite costs per tonne (C$)
C$ 175
C$ 50
C$ 64
C$ 67Production costs per ounce
$ 1,079
$ 782
$ 1,362
$ 931Total cash costs per ounce
$ 1,027
$ 998
$ 915
$ 998Regional HighlightsGold production in the quarter was higher than planned primarily as a result of higher grades and ore tonnes at the Barnat pit at Canadian Malartic. The higher gold grades and ore tonnes were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pitAt LaRonde, production was affected by mining sequence adjustments, as delays at the East Mine were offset by higher tonnes from LaRonde Zone 5 ("LZ5") and Zone 11-3, resulting in lower gold grades than planned for the quarterAt LaRonde, the Company continued its automation initiatives with approximately 26% of the ore mucked using automated loaders during the quarter. The Company began testing hauling of ore with autonomous trucks from level 317 to level 290 in the East mineAt Odyssey, East Gouldie first production via ramp was achieved in March 2026, three months ahead of schedule. Gold production was in line with plan at approximately 27,400 ouncesAt Goldex, strong productivity at the Akasaba open pit resulted in higher ore tonnes and a higher percentage of ore from Akasaba processed at the mill during the quarterAt LaRonde, a 10-day shutdown is scheduled in the second quarter of 2026 to replace the liners at the SAG mill and to complete maintenance of the drystack filtration plant and flotation circuit. Canadian Malartic has four-day quarterly shutdowns planned in 2026 for regular maintenance at the mill. Goldex has two to three-day quarterly shutdowns planned for regular maintenance at the mill.An update on Odyssey and the "fill-the-mill" strategy is set out in the Key Value Drivers – Building the Next Phase of Growth section aboveABITIBI REGION, ONTARIOStrong Production at Detour Lake Driven by Higher Grades and Strong Mill Operating Performance; Record Quarterly Mill Throughput at MacassaAbitibi Ontario – Operating Statistics
Three Months Ended March 31, 2026
Detour Lake
Macassa
Consolidated
Abitibi OntarioTonnes of ore milled (thousands)
6,748
149
6,897Tonnes of ore milled per day
74,978
1,656
76,634Gold grade (g/t)
0.90
11.92
1.14Gold production (ounces)
177,019
55,593
232,612Production costs per tonne (C$)
C$ 34
C$ 670
C$ 48Minesite costs per tonne (C$)
C$ 36
C$ 660
C$ 49Production costs per ounce
$ 951
$ 1,303
$ 1,035Total cash costs per ounce
$ 974
$ 1,256
$ 1,041Regional HighlightsGold production for the quarter was in line with plan. Strong production at Detour Lake, driven by a higher grade sequence and a strong mill performance, offset lower tonnes processed at Macassa. Despite milling fewer tonnes than expected at Macassa, the mill achieved record quarterly throughput of 149,000 tonnesAt Detour Lake, a record 29.5 million tonnes of ore and waste were extracted from the open pit, despite seasonal weather interruptions, driven by higher availability and productivity of the hauling fleet. Mill performance remained strong, with runtime reaching a record level for a first quarter of approximately 92.5% and mill recovery of 90.9%, both higher than anticipatedAt Macassa, planned production was affected primarily by challenges with the paste plant and the paste distribution system during the quarter. The reliability of the existing paste plant was insufficient to support the increased mining rate, exacerbated by extreme cold temperatures. These issues are expected to be resolved with the commissioning of the new paste plant, with a design capacity of approximately 3,600 tpd, which remains on track for the second quarter of 2026. The new paste plant and distribution system are required to support the planned ramp-up of the mining and milling rate to 2,040 tpd by the end of 2026The Company received approval during the quarter for a permit amendment allowing ore from the AK deposit to be processed at the LZ5 processing facility at LaRonde. Trucking of ore from the AK deposit to the LZ5 facility commenced in April 2026, with milling expected to begin in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 40,000 ounces of gold in 2026Detour Lake has scheduled shutdowns for regular mill maintenance in the second and fourth quarters of 2026, each lasting seven days. Macassa has scheduled a 5-day shutdown in the third quarter of 2026 for the replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenanceUpdates on the Detour Lake underground and Upper Beaver projects are set out in the Key Value Drivers – Building the Next Phase of Growth section aboveNUNAVUTSolid Performance at Meliadine Despite Weather Conditions; Higher Grade Delivers Strong Gold Production at MeadowbankNunavut – Operating Statistics
Three Months Ended March 31, 2026
Meliadine
Meadowbank
Consolidated
NunavutTonnes of ore milled (thousands)
558
1,099
1,657Tonnes of ore milled per day
6,200
12,211
18,411Gold grade (g/t)
5.48
3.56
4.21Gold production (ounces)
93,831
113,862
207,693Production costs per tonne (C$)
C$ 231
C$ 230
C$ 230Minesite costs per tonne (C$)
C$ 270
C$ 158
C$ 196Production costs per ounce
$ 997
$ 1,613
$ 1,335Total cash costs per ounce
$ 1,162
$ 1,080
$ 1,117Regional HighlightsGold production in the quarter was higher than planned primarily as a result of higher than anticipated grades at Meadowbank, partially offset by lower throughput at Meliadine due to challenging weather conditionsAt Meliadine, open pit operations were temporarily affected by adverse weather conditions. Underground development delivered strong results, with lateral development exceeding plan and achieving a quarterly record of 4,114 metresAt Meadowbank, the mill delivered strong throughput during the quarter, supported by higher than anticipated total tonnes mined from the open pit operations and stockpile processing. Gold grades were higher, reflecting a change in mining sequence and the processing of higher-grade stockpilesMeliadine has scheduled a four to five day shutdown for regular mill maintenance in the third quarter of 2026 . Meadowbank has scheduled shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenanceAn update on Hope Bay is set out in the Key Value Drivers – Building the Next Phase of Growth section aboveAUSTRALIAStrong Performance at the Phoenix Zone Drives Higher Grades and ThroughputFosterville – Operating Statistics
Three Months Ended
March 31, 2026Tonnes of ore milled (thousands)
216Tonnes of ore milled per day
2,400Gold grade (g/t)
6.31Gold production (ounces)
41,443Production costs per tonne (A$)
A$308Minesite costs per tonne (A$)
A$316Production costs per ounce
$ 1,098Total cash costs per ounce
$ 1,123HighlightsGold production in the quarter was higher than planned driven by higher mill throughput and higher gold grades primarily as a result positive grade reconciliation. Higher throughput was also achieved at the mill primarily due to strong underground performance, with additional development metres and ore tonnes than planned from the Phoenix zoneThe Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Major fan components have been installed underground and electrical installation is ongoing. Commissioning is now expected to be completed in the second quarter of 2026Fosterville has scheduled quarterly 5-day shutdowns for regular mill maintenance in 2026FINLANDOptimization Initiatives Continue to Drive Strong Underground Mining Performance; Proposed CLGB Consolidation Envisions a Multi-Decade, Multi-Asset PlatformKittila – Operating Statistics
Three Months Ended
March 31, 2026Tonnes of ore milled (thousands)
448Tonnes of ore milled per day
4,978Gold grade (g/t)
4.19Gold production (ounces)
48,527Production costs per tonne (€)
€129Minesite costs per tonne (€)
€122Production costs per ounce
$ 1,401Total cash costs per ounce
$ 1,313HighlightsGold production in the quarter was below plan, driven primarily by lower mill throughput and recovery, partially offset by higher grades. Mill performance was affected by an external power outage in January and an unplanned three-day shutdown in March related to the mechanical failure of the counter current decantation tank mixer. Higher gold grades reflect positive grade reconciliationMill recovery remained lower than planned at 81%, as the Company continues to advance several improvement initiatives, including the optimization of reagent dosage based on feed blend, the addition of new instrumentation at the autoclave for process optimization and pilot testing of heated leach plantUnderground operations delivered strong performance during the quarter, with development and ore production exceeding plan. The mine continues to achieve productivity gains, reflecting sustained improvement initiatives implemented over the past yearKittila has scheduled a 17-day shutdown for regular maintenance on the mill and autoclave relining in the fourth quarter of 2026On April 20, 2026, the Company announced a comprehensive consolidation of properties in the CLGB of Northern Finland through the announced acquisitions of Rupert and Aurion and the acquisition of the 70% interest in Fingold Ventures Ltd. held by B2Gold (the other 30% is held by Aurion). Through these transactions, the Company expects to consolidate a highly prospective 2,492 km2 land package encompassing the Kittila mine, the advanced Ikkari exploration project, and substantial exploration upside across multiple targets, including several recent discoveriesMEXICOStrong Mill Throughput Driven by Solid Operational Performance at SinterPinos Altos – Operating Statistics
Three Months Ended
March 31, 2026Tonnes of ore milled (thousands)
427Tonnes of ore milled per day
4,744Gold grade (g/t)
1.36Gold production (ounces)
17,650Production costs per tonne
$ 155Minesite costs per tonne
$ 136Production costs per ounce
$ 3,746Total cash costs per ounce
$ 2,311About Agnico EagleCanadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. 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 ReleaseUnless 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 and processing operations at LZ5. 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 PerformanceThis news release discloses certain financial performance measures, 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", "capital expenditures", "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 may not be comparable to similar measures 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 for the three months ended March 31, 2026 (the "First Quarter Financial Statements") prepared in accordance with IFRS Accounting Standards. Adjustments that are not applicable in respect of the periods for which reconciliations are provided are not shown in the quantitative reconciliation.Total Cash Costs per Ounce of Gold Produced and Minesite Costs per TonneTotal Cash Costs per OunceTotal cash costs per ounce is calculated on a per ounce of gold produced basis and is reported either on a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and, where indicated, on a co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce on a by-product basis are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed further below), which adjustment only affects this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company's calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change.The NTI Payment is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin ("NTI Payment"). NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the "Crown royalty") under the Nunavut Mining Regulations (the "NMR"). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Accounting Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics to the payments under the Crown royalty. Accordingly, to ensure comparability across the Company's mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable. In this news release, total cash costs per ounce for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do 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 the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. 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 of by-product metals.Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are helpful 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 of gold produced 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.In this news release, 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) gold is the Company's primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.Minesite Costs per TonneMinesite costs per tonne are calculated by adjusting production costs as recorded in the First Quarter Financial Statements for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed above in "Total Cash Costs per Ounce"), which adjustment only affects minesite costs per tonne at Meadowbank and for the Nunavut region. The Company's calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. In this news release, minesite costs for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.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. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company's mines. 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 months ended March 31, 2026 and March 31, 2025, as presented in the First Quarter Financial Statements in accordance with IFRS Accounting Standards.Total Production Costs by Mine
Three Months EndedMarch 31,(thousands of United States dollars)2026
2025LaRonde88,008
86,644Canadian Malartic129,946
119,289Goldex39,999
34,656Quebec257,953
240,589Detour Lake168,379
134,946Macassa72,465
49,826Ontario240,844
184,772Meliadine93,559
83,822Meadowbank183,615
126,967Nunavut277,174
210,789Fosterville45,493
33,040Australia45,493
33,040Kittila68,009
55,833Finland68,009
55,833Pinos Altos66,114
42,710Mexico66,114
42,710
Production costs per the First Quarter Financial Statements $ 955,587
$ 767,733
The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three months ended March 31, 2026 and March 31, 2025, exclusive of amortization, as presented in the First Quarter Financial Statements in accordance with IFRS Accounting Standards.Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine
Three Months Ended March 31, 2026
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable
gold
production
(ounces)(i)Production
costsProduction
costs per
ounceInventory
adjustments(ii)Realized
(gains)
and losses
on hedges In-kind
royalty
costs and
NTI
Payment(iii)Smelting,
refining
and
marketing
chargesTotal cash
costs per
ounce (co-
product
basis) Impact of
by-product
metalsTotal cash
costs per
ounce (by-
product
basis)LaRonde81,59688,0081,07917,164(323)—3,2711,325(24,299)1,027Canadian Malartic166,216129,9467824,777(705)37,3099451,036(6,462)998Goldex29,37239,9991,362(1,852)(119)—1,0521,331(12,217)915Quebec277,184257,95393120,089(1,147)37,3095,2681,153(42,978)998Detour Lake177,019168,379951(9,663)(1,032)17,369921994(3,531)974Macassa55,59372,4651,303(7,071)(303)5,929591,279(1,264)1,256Ontario232,612240,8441,035(16,734)(1,335)23,2989801,062(4,795)1,041Meliadine93,83193,55999716,333(370)—1361,169(631)1,162Meadowbank113,862183,6151,613(6,070)(460)(51,283)1601,106(3,022)1,080Nunavut207,693277,1741,33510,263(830)(51,283)2961,134(3,653)1,117Fosterville41,44345,4931,0981,781(814)—681,123—1,123Australia41,44345,4931,0981,781(814)—681,123—1,123Kittila48,52768,0091,401(4,052)(11)—(27)1,317(187)1,313Finland48,52768,0091,401(4,052)(11)—(27)1,317(187)1,313Pinos Altos17,65066,1143,746(7,244)(876)—1,1003,348(18,313)2,311Mexico17,65066,1143,746(7,244)(876)—1,1003,348(18,313)2,311Consolidated825,109955,5871,1584,103(5,013)9,3247,6851,178(69,926)1,093
Notes:
(i)Gold production for the period ended March 31, 2026 excludes 418 ounces of payable production of gold at La India and 76 ounces of payable production of gold at Creston Mascota , which were produced from residual leaching.(ii)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended March 31, 2026 is $3.6 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(iii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce as described more fully above. For a discussion of NTI Payments, see "Total Cash Costs per Ounce". Three Months Ended March 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable
gold
production
(ounces)(i)Production
costsProduction
costs per
ounceInventory
adjustments(ii)Realized
(gains)
and losses
on hedgesIn-kind
royalty
costs
and
NTI
Payment(iii)Smelting,
refining and
marketing
chargesTotal cash
costs per
ounce (co-
product
basis)Impact of
by-product
metalsTotal cash
costs per
ounce (by-
product
basis)LaRonde91,49186,644947(4,748)713—2,779933(17,222)745Canadian Malartic159,773119,2897475,3951,13624,588270943(2,589)927Goldex30,01634,6561,155108301—9671,200(7,249)959Quebec281,280240,5898557552,15024,5884,016967(27,060)871Detour Lake152,838134,946883(364)8788,7001,303952(888)946Macassa86,02849,8265791,8647193,53487651(501)645Ontario238,866184,7727741,5001,59712,2341,390844(1,389)838Meliadine98,51283,8228515,859892—84920—920Meadowbank140,126126,967906(1,663)1,158(7,418)35850(750)844Nunavut238,638210,7898834,1962,050(7,418)119879(750)876Fosterville43,61533,0407582,520——16816(114)813Australia43,61533,0407582,520——16816(114)813Kittila54,10455,8331,032(1,106)174—(56)1,014(113)1,012Finland54,10455,8331,032(1,106)174—(56)1,014(113)1,012Pinos Altos17,29142,7102,4702,200114—2592,619(7,762)2,170Mexico17,29142,7102,4702,200114—2592,619(7,762)2,170Consolidated873,794767,73387910,0656,08529,4045,744938(37,188)895
Notes:
(i)Gold production for the three months ended March 31, 2025 excludes 1,811 ounces of payable production of gold at La India and 25 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching.(ii)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended March 31, 2025 is $1.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(iii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce as described more fully above. For a discussion of NTI Payments, see "Total Cash Costs per Ounce". Reconciliation of Production Costs to Minesite Costs per Tonne by Mine
Three Months Ended March 31, 2026
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of
ore milled
(thousands)Production
costs ($)Production
costs in
local
currencyLocal
currency
production
costs per
tonneInventory
adjustments
in local
currency(i)In-kind
royalty and
NTI
Payment in
local
currency(ii)Smelting,
refining and
marketing
charges in
local currencyLocal
currency
minesite
costs per
tonneLaRonde776$ 88,008C$ 121,027C$ 156C$ 23,633C$ —C$ (9,224)C$ 175Canadian Malartic4,707$ 129,946C$ 178,822C$ 38C$ 1,444C$ 51,224C$ 4,986C$ 50Goldex813$ 39,999C$ 55,053C$ 68C$ (2,653)C$ —C$ —C$ 64Quebec6,296$ 257,953C$ 354,902C$ 56C$ 22,424C$ 51,224C$ (4,238)C$ 67Detour Lake6,748$ 168,379C$ 231,062C$ 34C$ (13,326)C$ 23,834C$ —C$ 36Macassa149$ 72,465C$ 99,773C$ 670C$ (9,684)C$ 8,208C$ —C$ 660Ontario6,897$ 240,844C$ 330,835C$ 48C$ (23,010)C$ 32,042C$ —C$ 49Meliadine558$ 93,559C$ 128,710C$ 231C$ 22,173C$ —C$ —C$ 270Meadowbank1,099$ 183,615C$ 252,761C$ 230C$ (8,366)C$ (70,816)C$ —C$ 158Nunavut1,657$ 277,174C$ 381,471C$ 230C$ 13,807C$ (70,816)C$ —C$ 196Fosterville216$ 45,493A$ 66,470A$ 308A$ 1,871A$ —A$ —A$ 316Australia216$ 45,493A$ 66,470A$ 308A$ 1,871A$ —A$ —A$ 316Kittila448$ 68,009€ 57,890€ 129€ (3,365)€ —€ —€ 122Finland448$ 68,009€ 57,890€ 129€ (3,365)€ —€ —€ 122Pinos Altos427$ 66,114$ 66,114$ 155$ (8,119)$ —$ —$ 136Mexico427$ 66,114$ 66,114$ 155$ (8,119)$ —$ —$ 136
Notes:
(i)This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended March 31, 2026 is C$5.0 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce as described more fully above. For a discussion of NTI Payments, see "Minesite Costs per Tonne". Three Months Ended March 31, 2025
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of
ore milled
(thousands)Production
costs ($)Production
costs (local
currency)Production
costs per
tonne
(local
currency)Inventory
adjustments
(local
currency)(i)In-kind
royalty
costs (local
currency)(ii)Smelting,
refining and
marketing
charges
(local
currency)Minesite
costs per
tonne (local
currency)LaRonde675$ 86,644C$ 123,759C$ 183C$ (6,151)C$ —C$ (6,147)C$ 165Canadian Malartic4,865$ 119,289C$ 169,263C$ 35C$ 7,950C$ 35,400C$ —C$ 44Goldex792$ 34,656C$ 49,499C$ 63C$ 331C$ —C$ —C$ 63Quebec6,332$ 240,589C$ 342,521C$ 54C$ 2,130C$ 35,400C$(6,147)C$ 59Detour Lake6,630$ 134,946C$ 191,633C$ 29C$ 13C$ 12,555C$ —C$ 31Macassa148$ 49,826C$ 71,459C$ 483C$ 2,692C$ 5,108C$ —C$ 536Ontario6,778$ 184,772C$ 263,092C$ 39C$ 2,705C$ 17,663C$ —C$ 42Meliadine558$ 83,822C$ 118,780C$ 213C$ 8,727C$ —C$ —C$ 229Meadowbank1,037$ 126,967C$ 179,936C$ 174C$ (2,425)C$ (10,697)C$ —C$ 161Nunavut1,595$ 210,789C$ 298,716C$ 187C$ 6,302C$ (10,697)C$ —C$ 185Fosterville163$ 33,040A$ 51,973A$ 319A$ 4,181A$ —A$ —A$ 345Australia163$ 33,040A$ 51,973A$ 319A$ 4,181A$ —A$ —A$ 345Kittila522$ 55,833€ 53,143€ 102€ (1,362)€ —€ —€ 99Finland522$ 55,833€ 53,143€ 102€ (1,362)€ —€ —€ 99Pinos Altos381$ 42,710$ 42,710$ 112$ 2,314$ —$ —$ 118Mexico381$ 42,710$ 42,710$ 112$ 2,314$ —$ —$ 118
Notes:
(i)This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended March 31, 2025 is C$1.5 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce as described more fully above. For a discussion of NTI Payments, see "Minesite Costs per Tonne".All-in sustaining costs per ounceAll-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. In this news release, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see "Total Cash Costs per Ounce" for a discussion of regarding the Company's use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including "all-in sustaining costs per ounce", to adjust for the NTI Payments, that is, payments made to NTI under the Company's mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of "total cash costs per ounce", discussed above in "Total Cash Costs per Ounce". For the reasons outlined above in respect of the change to the composition of "total cash costs per ounce", the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Company's mines. Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC 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 this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018, except in aspect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as income tax under IFRS Accounting Standards and therefore excluded from the Company's AISC calculations. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three months ended March 31, 2026 and March 31, 2025 on both a by-product basis (deducting the impact of by-product metals from production costs) and a co-product basis (without deducting the impact of by-product metals from production costs).(UnitedStates dollars per ounce, except where noted)Three Months EndedMarch 31,
2026
2025Production costs per the First Quarter Financial Statements (thousands of United States dollars)$ 955,587
$ 767,733Gold production (ounces)(i)825,109
873,794Production costs per ounce$ 1,158
$ 879Adjustments:
Inventory adjustments(ii)6
11In-kind royalty and NTI Payments(iii)11
34Realized gains and losses on hedges of production costs(6)
7Smelting, refining, and marketing charges9
7Total cash costs per ounce (co-product basis)$ 1,178
$ 938Impact of by-product metals(85)
(43)Total cash costs per ounce (by-product basis)$ 1,093
$ 895Adjustments:
Sustaining capital expenditures (including capitalized exploration)243
196General and administrative expenses (including stock option expense)94
69Non-cash reclamation provision and sustaining leases(iv)53
15All-in sustaining costs per ounce (by-product basis)$ 1,483
$ 1,175Impact of by-product metals85
43All-in sustaining costs per ounce (co-product basis)$ 1,568
$ 1,218
Notes:(i) Gold production for the three months ended March 31, 2026 and 2025 excludes 418 ounces and 1,811 ounces of payable production of gold at La India and 76 ounces and 25 ounces of payable production at Creston Mascota, respectively, which were produced from residual leaching(ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic is $3.6 million and $1.1 million for the three months ended March 31 2026 and 2025 respectively, associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold(iii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa related to in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of all-in sustaining costs per ounce. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce as described more fully above. For a discussion of NTI Payments, see "Total Cash Costs per Ounce"(iv) Sustaining leases are lease payments related to sustaining assetsAdjusted net incomeAdjusted net income is calculated by adjusting the net income as recorded in the First Quarter Financial Statements for the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for certain non-recurring, unusual and other items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance, transaction costs related to acquisitions, revaluation gains and losses, environmental remediation charges, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self insurance losses, gains and losses on the sale of non-strategic properties, multi-year donations, disposal of supplies inventory at non-operating sites, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.The following table sets out the calculation of adjusted net income for the three months ended March 31, 2026, and March 31, 2025.
Three Months Ended
March 31,(thousands)2026
2025
Net income for the period $ 1,695,461
$ 814,731Foreign currency translation gain(733)
(60)Gain on derivative financial instruments(4,700)
(68,859)Environmental remediation13,970
7,730Net loss on disposal of property, plant and equipment10,239
5,646Purchase price allocation to inventory(i)(3,641)
1,068Impairment loss(ii)—
10,554Income and mining taxes adjustments(iii)(4,840)
(703)Adjusted net income for the period$ 1,705,756
$ 770,107
Notes:(i) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income(ii) Relates to the Company's ownership percentage of an impairment loss recorded by an associate(iii) Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filingsEBITDA and adjusted EBITDAEBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the First Quarter Financial Statements.Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for certain non-recurring, unusual and other items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance, non-recurring, unusual and other transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self insurance losses, gains and losses on the sale of non-strategic properties, multi-year donations, and disposal of supplies inventory at non-operating sites.The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash-generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash-generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash-generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.The following table sets out the calculation of EBITDA and Adjusted EBITDA for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended
March 31,(thousands)2026
2025
Net income for the period$ 1,695,461
$ 814,731Finance costs15,756
22,444Amortization of property, plant and mine development420,266
416,800Income and mining tax expense864,163
379,840EBITDA2,995,646
1,633,815Foreign currency translation gain(733)
(60)Gain on derivative financial instruments(4,700)
(68,859)Environmental remediation13,970
7,730Net loss on disposal of property, plant and equipment10,239
5,646Purchase price allocation to inventory(i)(3,641)
1,068Impairment loss(ii)—
10,554Adjusted EBITDA$ 3,010,781
$ 1,589,894
Notes:(i) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income(ii) Relates to the Company's ownership percentage of an impairment loss recorded by an associateCash provided by operating activities before changes in non-cash components of working capital and its per share ratioCash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the First Quarter Financial Statements for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards measure is provided below.Free cash flow and free cash flow before changes in non-cash components of working capitalFree cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the First Quarter Financial Statements.Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash-generating ability of the Company.The following table sets out the calculation of free cash flow and free cash flow before changes in non-cash components of working capital for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended March 31,(thousands, except where noted)2026
2025
Cash provided by operating activities$ 1,345,868
$ 1,044,246Additions to property, plant and mine development(613,749)
(450,124)Free cash flow732,119
594,122Changes in income taxes989,080
176,739Changes in inventory(36,800)
(30,917)Changes in other current assets11,014
(31,390)Changes in accounts payable and accrued liabilities(77,800)
50,712Free cash flow before changes in non-cash components of working capital$ 1,617,613
$ 759,266Additions to property, plant and mine development613,749
450,124Cash provided by operating activities before changes in non-cash components of working capital$ 2,231,362
$ 1,209,390
Cash provided by operating activities per share - basic$ 2.69
$ 2.08Cash provided by operating activities before changes in non-cash components of working capital per share - basic $ 4.46
$ 2.41
Free cash flow per share - basic$ 1.46
$ 1.18Free cash flow before changes in non-cash components of working capital per share - basic$ 3.23
$ 1.51Operating marginOperating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the First Quarter Financial Statements, the Company adds the following items to the operating margin: amortization of property, plant and mine development; exploration and corporate development expenses; general and administrative expenses; finance costs; gain (loss) on derivative financial instruments; foreign currency translation (gain) loss; care and maintenance expenses; other income and expenses; income and mining taxes expense; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a helpful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as amortization of property, plant and mine development, exploration and corporate development expenses, general and administrative expenses, finance costs, gains and losses on derivative financial instruments, foreign currency translation gains and losses, care and maintenance expenses, other income and expenses and income and mining taxes expense. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is helpful to investors as it provides them with additional information about the Company's underlying operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards.The following table sets out the calculation of operating margin for the three months ended March 31, 2026 and March 31, 2025.
Three Months Ended
March 31,(thousands)2026
2025
Net income for the period $ 1,695,461
$ 814,731Amortization of property, plant and mine development420,266
416,800Exploration and corporate development52,556
41,805General and administrative77,850
60,709Finance costs15,756
22,444Gain on derivative financial instruments(4,700)
(68,859)Foreign currency translation gain(733)
(60)Care and maintenance22,596
13,901Other income and expenses787
19,204Income and mining taxes expense864,163
379,840Operating margin$ 3,144,002
$ 1,700,515Capital expendituresCapital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the First Quarter Financial Statements.Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the First Quarter Financial Statements for the three months ended March 31, 2026 and March 31, 2025.(thousands)Three Months Ended
March 31,
2026
2025Sustaining capital expenditures$ 196,592
$ 168,076Sustaining capitalized exploration5,387
4,448Development capital expenditures292,290
186,224Development capitalized exploration79,341
60,504Total Capital Expenditures$ 573,610
$ 419,252Working capital adjustments40,139
30,872Additions to property, plant and mine development per the First Quarter Financial Statements $ 613,749
$ 450,124
Net cashNet cash is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt for deferred financing costs, less cash and cash equivalents, as recorded in the First Quarter Financial Statements. Management believes that net cash is a useful measure to help investors assess the Company's overall liquidity position, ability to meet its financial obligations, fund capital expenditures, advance growth projects and return capital to shareholders after considering outstanding debt obligations.The following table sets out a reconciliation of long-term debt per the First Quarter Financial Statements to net cash as at March 31, 2026, and December 31, 2025.
As at
As at(thousands)Mar 31, 2026
Dec 31, 2025Long-term debt$ (196,548)
$ (196,271)Cash and cash equivalents 3,111,869
2,866,053Net cash$ 2,915,321
$ 2,669,782Forward-Looking Non-GAAP MeasuresThis news release contains information regarding estimated future total cash costs per ounce, minesite costs per tonne and AISC per ounce. The estimates are based upon the total cash costs per ounce, minesite costs per tonne and AISC per ounce that the Company expects to incur to mine gold at its mining operations and do not include certain costs that will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.Forward-Looking StatementsThe information in this news release has been prepared as at April 30, 2026. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "envisions", "estimate", "expect", "forecast", "future", "guide", "objective", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production (including the weighting thereof within 2026), estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company's sites, including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's plans at Detour Lake underground, Upper Beaver, Odyssey, Hope Bay and San Nicolás, including the approval, timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic; statements concerning the proposed transactions with Rupert and Aurion, and the acquisition of 70% of Fingold Ventures Ltd., including the potential benefits thereof; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital expenditures and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies and the economic impact thereof; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs, trade restrictions and the effect of geopolitical events on the Company, whether through availability of inputs or inflation; plans with respect to activity under the NCIB and the renewal thereof, including the anticipated increase in the purchase limit; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis for the year ended December 31, 2025 (the "2025 MD&A") and the Company's Annual Information Form (the "AIF") for the year ended December 31, 2025 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2025 (the "Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and 2025 MD&A filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.Notes to Investors Regarding Certain Project EvaluationsThe forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the "fill-the-mill" strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.The basis for the internal evaluations and the qualifications and assumptions made by the qualified persons who undertook the internal evaluations are set out in this news release and the news releases dated June 29, 2024 for Detour Lake underground and dated July 31, 2024 for Upper Beaver. The results of the internal evaluations had no impact on the results of any pre-feasibility or feasibility study. An updated internal evaluation is expected in the second quarter of 2026 for Hope Bay, in the first quarter of 2027 for the "fill-the-mill" strategy at Canadian Malartic and in mid-2027 for Detour Lake and Upper Beaver.Scientific and Technical InformationThe scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; and relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration, each of whom is a "Qualified Person" for the purposes of the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").Additional InformationAdditional information about each of the Company's material mineral projects as at December?31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).APPENDIX A – EXPLORATION DETAILSEast Gouldie and Odyssey deposits at Odyssey mineDrill holeDeposit / zoneFrom
(metres)To (metres)Depth of midpoint below surface
(metres)Estimated true width (metres)Gold grade (g/t) (uncapped)Gold grade
(g/t) (capped)*MEX25-346WZBEast Gouldie2,034.52,056.21,90921.02.02.0MEX25-348ZAEast Gouldie1,875.11,905.61,71122.61.71.7UGEG-016-010East Gouldie777.5795.086914.32.62.6UGEG-071-031East Gouldie641.0665.51,05724.22.82.8UGEG-095-010East Gouldie160.0177.299914.73.03.0UGEG-095-014East Gouldie159.0170.41,06110.35.55.5andEast Gouldie283.0293.61,1539.85.85.8andEast Gouldie315.4322.21,1756.35.15.1andEast Gouldie327.9345.41,18715.83.03.0UGEG-103-005East Gouldie131.0168.41,08936.06.96.7including
141.1157.01,08915.313.112.6MEX25-350ZEast Gouldie1,512.01,522.51,06510.02.22.2UGOD-051-017Odyssey internal495.0535.088440.0**1.91.9UGOD-057-005Odyssey internal555.2561.29786.0**9.89.8UGOD-057-012Odyssey internal538.5551.41,01712.9**7.16.1including
546.5551.41,0204.9**14.712.0andOdyssey internal582.0635.51,06753.5**9.79.0UGOD-057-013Odyssey internal669.5681.01,11811.5**4.64.1including
677.7680.01,1212.4**17.214.8andOdyssey North700.5726.61,14919.73.13.1including
716.5721.01,1533.46.36.3UGOD-064-018Odyssey internal355.5369.089113.5**4.34.3UGOD-064-019Odyssey internal397.8425.499227.6**2.82.8including
408.0416.09928.0**5.65.6andOdyssey North507.5518.01,07710.5**2.12.1andOdyssey North524.0534.51,09110.5**2.12.1*Results from East Gouldie and Odyssey deposits use a capping factor of 20 g/t gold.**Core length. True width undetermined.West Pit and West Extension zones at Detour LakeDrill holeZoneFrom
(metres)To (metres)Depth of
midpoint
below
surface
(metres)Estimated true width
(metres)Gold grade
(g/t)
(uncapped)*DLM25-1240West Extension1,089.01,092.59223.110.0DLM25-1243West Extension837.0842.17344.428.0andWest Extension910.9913.97942.611.7DLM25-1245West Extension592.5604.049710.110.7including
601.0604.05012.637.8DLM25-1246West Extension889.8897.18016.04.3DLM25-1255West Extension774.0805.366927.42.6DLM25-1274West Extension911.0914.07972.614.0andWest Extension930.0941.08169.53.6DLM25-1282AWWest Extension580.8586.05264.96.5DLM25-1282AW1West Extension1,176.21,186.01,0009.25.9DLM26-1299West Pit99.0102.0842.514.0andWest Pit215.4231.718714.18.9including
215.4220.01824.018.3and including
226.8231.71914.211.1DLM26-1313West Pit237.0264.021023.22.9including
257.0264.02186.08.1andWest Pit278.5288.92389.014.9*Results from Detour Lake are uncapped.Upper Beaver depositDrill holeZoneFrom
(metres)To
(metres)Depth of
mid-point
below
surface
(metres)Estimated
true width
(metres)Gold grade (g/t)
(uncapped)Gold
grade (g/t)
(capped)Copper
grade (%)
(uncapped)Copper
grade (%)
(capped)*KLUB25-881W3Zone 201587.6594.45556.47.97.90.980.98includingZone 201591.0592.85551.815.015.00.850.85KLUB25-881W5Zone 201615.9619.25842.918.318.31.191.19includingZone 201618.4619.25850.758.058.01.481.48KLUB26-913AZone 201597.5602.05314.24.54.51.071.07includingZone 201597.5599.05301.410.610.61.291.29KLUB26-913W5Zone 201629.1632.65743.29.79.71.521.52KLUB26-913W6Zone 201647.7653.85996.08.38.30.400.40includingZone 201651.0652.05991.044.344.31.641.64andZone 201656.5663.56076.96.06.00.530.53KLUB26-916W2Zone 201553.0555.45011.82.42.43.172.77KLUB26-915AZone 107595.5596.55350.945.545.50.210.21*At Upper Beaver, results use capping factors of 85 g/t gold and 6.5% copper for Zone 201 and 135 g/t gold and 4.0% copper for Zone 107.Exploration Drill Collar CoordinatesDrill holeUTM East*UTM North*Elevation
(metres above sea level)Azimuth
(degrees)Dip (degrees)Length
(metres)Odyssey mineMEX25-346WZB7174515334739309143-782,221MEX25-348ZA7174405334731310182-753,000UGEG-016-0107188565333901113163-66845UGEG-071-0317177585333977-345143-42711UGEG-095-0107175935333755-619143-27375UGEG-095-0147175915333756-619150-56360UGEG-103-0057175615333797-699214-34370MEX25-350Z7168525334693316199-681,614UGOD-051-0177181025334207-20320-48585UGOD-057-0057180065334110-26114-51700UGOD-057-0127180065334110-26114-57756UGOD-057-0137180065334110-26118-55767UGOD-064-0187179075334312-333344-44435UGOD-064-0197179075334311-3332-59569Detour LakeDLM25-12405848325542449296188-591,176DLM25-12435860375542184295187-66975DLM25-12455861995542065292181-58762DLM25-12465851565542251287188-651,113DLM25-12525861205541916290179-67720DLM25-12555858375542204291192-60951DLM25-12745857965542210291186-65951DLM25-1282AW5865975542188298179-68669DLM25-1282AW15865975542188298179-681,253DLM26-12995871485541601290177-59351DLM26-13135871875541623291178-59402Upper BeaverKLUB25-881W35916675335847304151-74642KLUB25-881W55916675335847304151-74656KLUB26-913A5916875335928305155-71647KLUB26-913W55916875335928305155-71689KLUB26-913W65916875335928305155-71700KLUB26-916W25916675335847304148-70593KLUB26-915A5918445336055303149-69641*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake and Upper Beaver.APPENDIX B – FINANCIAL INFORMATION
AGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of UnitedStates dollars, except where noted)
Three Months EndedMarch 31,
2026
2025
Net income - key line items:
Revenue from mine operations:
LaRonde401,927
279,083Canadian Malartic754,853
422,047Goldex166,536
95,969Quebec1,323,316
797,099Detour Lake944,230
443,886Macassa306,444
235,662Ontario1,250,674
679,548Meliadine376,594
258,289Meadowbank594,426
405,085Nunavut971,020
663,374Fosterville180,676
109,829Australia180,676
109,829Kittila251,898
161,088Finland251,898
161,088Pinos Altos122,272
57,310Mexico122,272
57,310Corporate and Other(267)
—Revenues from mining operations$ 4,099,589
$ 2,468,248Production costs955,587
767,733Amortization of property, plant and mine development420,266
416,800Gross profit2,723,736
1,283,715Exploration, corporate and other164,112
89,144Income before income and mining taxes2,559,624
1,194,571Income and mining taxes expense864,163
379,840Net income for the period$ 1,695,461
$ 814,731Net income per share — basic$ 3.39
$ 1.62Net income per share — diluted$ 3.38
$ 1.62
Cash flows:
Cash provided by operating activities$ 1,345,868
$ 1,044,246Cash used in investing activities$ (764,859)
$ (649,940)Cash used in financing activities$ (334,652)
$ (182,966)
Realized prices:
Gold (per ounce)$ 4,861
$ 2,891Silver (per ounce)$ 83.90
$ 33.07 AGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of UnitedStates dollars, except where noted)
Three Months EndedMarch 31,
2026
2025
Payable production(i):
Gold (ounces):
LaRonde81,596
91,491Canadian Malartic166,216
159,773Goldex29,372
30,016Quebec277,184
281,280Detour Lake177,019
152,838Macassa55,593
86,028Ontario232,612
238,866Meliadine93,831
98,512Meadowbank113,862
140,126Nunavut207,693
238,638Fosterville41,443
43,615Australia41,443
43,615Kittila48,527
54,104Finland48,527
54,104Pinos Altos17,650
17,291Mexico17,650
17,291Total gold (ounces):825,109
873,794
Silver (thousands of ounces)599
602Zinc (tonnes)1,019
1,742Copper (tonnes)1,479
1,384
AGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of UnitedStates dollars, except where noted)
Three Months EndedMarch 31,
2026
2025
Payable metal sold(ii):
Gold (ounces):
LaRonde78,447
90,509Canadian Malartic155,297
144,663Goldex31,756
30,693Quebec265,500
265,865Detour Lake191,349
155,480Macassa62,034
81,000Ontario253,383
236,480Meliadine77,250
89,270Meadowbank121,761
140,350Nunavut199,011
229,620Fosterville38,000
38,000Australia38,000
38,000Kittila52,600
56,000Finland52,600
56,000Pinos Altos21,157
17,000Mexico21,157
17,000Total gold (ounces):829,651
842,965
Silver (thousands of ounces)617
527Zinc (tonnes)1,184
1,812Copper (tonnes)1,509
1,398
Notes:(i) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the three months ended March 31, 2026 and 2025, it excludes 418 payable gold ounces and 1,811 payable gold ounces produced at La India along with 76 payable gold ounces and 25 payable gold ounces produced at Creston Mascota, respectively.(ii) Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the three months ended March 31, 2025, it excludes 2,500 payable gold ounces sold at La India. AGNICO EAGLE MINES LIMITEDCONDENSED INTERIM CONSOLIDATED BALANCE SHEETS(thousands of United States dollars, except share amounts)(Unaudited)
As at
As at
March 31, 2026
December 31, 2025ASSETS
Current assets:
Cash and cash equivalents$ 3,111,869
$ 2,866,053Inventories1,578,848
1,698,830Fair value of derivative financial instruments28,172
34,428Other current assets410,385
394,631Total current assets5,129,274
4,993,942Non-current assets:
Goodwill4,157,672
4,157,672Property, plant and mine development23,027,704
22,850,540Investments1,814,118
1,508,252Other assets1,026,933
960,885Total assets$ 35,155,701
$ 34,471,291
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities$ 1,090,948
$ 1,033,444Share based liabilities36,881
31,722Income taxes payable250,218
1,226,347Reclamation provision195,227
144,537Lease obligations32,573
30,480Fair value of derivative financial instruments23,475
5,676Total current liabilities1,629,322
2,472,206Non-current liabilities:
Long-term debt196,548
196,271Reclamation provision1,291,147
1,318,476Lease obligations90,098
94,719Share based liabilities12,615
23,921Deferred income and mining tax liabilities5,450,784
5,373,013Other liabilities210,041
250,221Total liabilities8,880,555
9,728,827
EQUITY
Common shares:
Outstanding — 500,653,224 common shares issued, less 616,987 shares held in trust18,759,399
18,699,862Stock options164,637
166,775Retained earnings6,814,704
5,463,906Other reserves536,406
411,921Total equity26,275,146
24,742,464Total liabilities and equity$ 35,155,701
$ 34,471,291 AGNICO EAGLE MINES LIMITEDCONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME(thousands of UnitedStates dollars, except per share amounts)(Unaudited)
Three Months EndedMarch 31,
2026
2025
REVENUES
Revenues from mining operations$ 4,099,589
$ 2,468,248
COST OF SALES
Production costs955,587
767,733Amortization of property, plant and mine development420,266
416,800Gross profit2,723,736
1,283,715
EXPENSES (INCOME)
Exploration and corporate development52,556
41,805General and administrative77,850
60,709Finance costs15,756
22,444Gain on derivative financial instruments(4,700)
(68,859)Foreign currency translation gain(733)
(60)Care and maintenance22,596
13,901Other income and expenses787
19,204Income before income and mining taxes2,559,624
1,194,571Income and mining taxes expense864,163
379,840Net income for the period$ 1,695,461
$ 814,731
Net income per share - basic$ 3.39
$ 1.62Net income per share - diluted$ 3.38
$ 1.62Adjusted net income per share - basic(i)$ 3.41
$ 1.53Adjusted net income per share - diluted(i)$ 3.40
$ 1.53
Weighted average number of common shares outstanding (in thousands):
Basic500,240
502,410Diluted501,729
503,773
Notes:(i) Adjusted net income per share is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other companies. SeeNote Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS Accounting Standards measure AGNICO EAGLE MINES LIMITEDCONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS(thousands of UnitedStates dollars)(Unaudited)
Three Months EndedMarch 31,
2026
2025
OPERATING ACTIVITIES
Net income for the period$ 1,695,461
$ 814,731Add (deduct) adjusting items:
Amortization of property, plant and mine development420,266
416,800Deferred income and mining taxes59,537
18,491Unrealized loss (gain) on currency and commodity derivatives24,054
(31,120)Unrealized gain on warrants(18,989)
(54,168)Stock-based compensation34,931
27,393Foreign currency translation gain(733)
(60)Other16,835
17,323Changes in non-cash working capital balances:
Income taxes(989,080)
(176,739)Inventories36,800
30,917Other current assets(11,014)
31,390Accounts payable and accrued liabilities77,800
(50,712)Cash provided by operating activities1,345,868
1,044,246
INVESTING ACTIVITIES
Additions to property, plant and mine development(613,749)
(450,124)Purchase of O3 Mining, net of cash and cash equivalents acquired—
(121,960)Contributions for acquisition of mineral assets(5,280)
(3,825)Purchase of equity securities and other investments(144,702)
(68,057)Other investing activities(1,128)
(5,974)Cash used in investing activities(764,859)
(649,940)
FINANCING ACTIVITIES
Repayment of lease obligations(7,238)
(9,178)Dividends paid(203,165)
(175,567)Repurchase of common shares(167,833)
(60,050)Proceeds on exercise of stock options31,434
52,026Common shares issued12,150
9,803Cash used in financing activities(334,652)
(182,966)Effect of exchange rate changes on cash and cash equivalents(541)
541Net increase in cash and cash equivalents during the period245,816
211,881Cash and cash equivalents, beginning of period2,866,053
926,431Cash and cash equivalents, end of period$ 3,111,869
$ 1,138,312
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$ 563
$ 1,185Income and mining taxes paid$ 1,788,322
$ 536,602
View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-reports-first-quarter-2026-results-including-record-quarterly-operating-margins-and-adjusted-net-income-302759259.htmlSOURCE Agnico Eagle Mines Limited
Original: AGNICO EAGLE REPORTS FIRST QUARTER 2026 RESULTS, INCLUDING RECORD QUARTERLY OPERATING MARGINS AND ADJUSTED NET INCOME
US Market News
5月前
AGNICO EAGLE PROVIDES AN UPDATE ON 2025 EXPLORATION RESULTS AND 2026 EXPLORATION PLANS - YEAR OVER YEAR MINERAL RESERVES INCREASE 2% TO 55.4 MOZ; INDICATED MINERAL RESOURCES INCREASE 10% TO 47.1 MOZ AND INFERRED MINERAL RESOURCES INCREASE 15% TO 41.8 MOZFebruary 12, 2026 5:30 PM
PR Newswire (Canada)
Stock Symbol: AEM (NYSE and TSX)(All amounts expressed in U.S. dollars unless otherwise noted)TORONTO, Feb. 12, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on year-end 2025 mineral reserves and mineral resources, exploration activities at mine sites and select advanced projects in 2025, and the Company's exploration plans and guidance for 2026. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects."I would like to congratulate our exploration team for their performance in 2025 in terms of safety, productivity and cost control with an average of 120 diamond drill rigs in operation drilling 1.4 million metres of core. The exploration program continued to yield exciting results at our mines and key pipeline projects, which drove an increase in our mineral reserves and in our measured, indicated and inferred mineral resources primarily from additions at Detour Lake, Odyssey and Hope Bay," said Guy Gosselin, Agnico Eagle's Executive Vice-President, Exploration. "The success of our 2025 exploration program reinforces our view that we have built the strongest project pipeline in the Company's history, with exceptional exploration upside—arguably the best in the gold mining sector," added Mr. Gosselin.Highlights from 2025 include:Gold mineral reserves increase to record level – Year-end 2025 gold mineral reserves increased by 2.1% to 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is due to a combination of mineral reserve replacement from operating mines and the initial declaration of mineral reserves at the Marban deposit in Malartic. At year-end 2025, measured and indicated mineral resources were up 9.6% to 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources were up 15.5% to 41.8 million ounces (522 million tonnes grading 2.49 g/t gold)Detour Lake – The Company's exploration program continued to de-risk the Detour Lake underground project in the western plunge of the main orebody hosting the producing open pits. Conversion drilling further increased underground indicated mineral resources below the resources open pit to 3.47 million ounces of gold (52.9 million tonnes grading 2.04 g/t gold) at year-end while exploration drilling below and to the west of the open pit increased underground inferred mineral resources to 3.88 million ounces of gold (59.6 million tonnes grading 2.03 g/t gold) at year-endOdyssey – Inferred mineral resources increased by 62% (2.8 million ounces of gold) year over year at the East Gouldie deposit to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold), including the Eclipse zone. The Odyssey mine now hosts a total of 6.03 million ounces of gold in proven and probable mineral reserves (59.7 million tonnes grading 3.14 g/t gold), 3.4 million ounces of gold in measured and indicated mineral resources (57.8 million tonnes grading 1.85 g/t gold) and 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold)Marban – As part of the "fill-the-mill" strategy at Canadian Malartic, a technical evaluation was completed at the Marban deposit during the fourth quarter of 2025 that updated the probable mineral reserves to 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. This is the first declaration of mineral reserves by the Company at Marban since the acquisition of O3 Mining Inc., which includes the Marban deposit, in March 2025Hope Bay – Exploration drilling in 2025 totalled 131,208 metres and focused mainly on mineral resource expansion of the Madrid deposit following the exploration success at the Patch 7 zone during 2024 and 2025. The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by 123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold)Exploration guidance – In 2026, the Company's total exploration expenditures and project expenses are expected to be between $565 million and $635 million, with a mid-point of $600 million. This includes approximately $384 million for capitalized and expensed exploration, and approximately $216 million for advanced exploration project expenses, studies, and other corporate development activities. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope BayGOLD MINERAL RESERVES As at December 31, 2025, the Company's proven and probable mineral reserve estimate totalled 55.4 million ounces of gold (1,330 million tonnes grading 1.30 g/t gold). This represents a 2.1% (1.16 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 54.3 million ounces of gold (1,277 million tonnes grading 1.32 g/t gold) at year-end 2024 (see the Company's news release dated February 13, 2025 for details regarding the Company's December 31, 2024 proven and probable mineral reserve estimate).The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.A technical evaluation of the Marban deposit completed during the fourth quarter of 2025 resulted in new probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. The progress in mineral reserve development at Marban is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the Malartic camp at Canadian Malartic and advance the "fill-the-mill" strategy.Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. For detailed mineral reserves and mineral resources ("MRMR") data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at mines and advanced projects, see "Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)" and "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below.The ore extracted from the Company's mines in 2025 contained 3.74 million ounces of in-situ gold (65.5 million tonnes grading 1.78 g/t gold).The Company's gold mineral reserves as at December 31, 2025 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2024. Data in this table and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.
Proven & Probable Gold Mineral Reserve (000s oz)
Average Mineral Reserve Gold Grade (g/t)
Operation / Project20252024*Change
20252024*Change
LaRonde mine1,9592,081-122
5.736.03-0.30
LaRonde Zone 5889659230
2.092.21-0.12
LaRonde Total2,8482,740-108
3.724.26-0.54
Canadian Malartic mine1,4491,944-495
0.770.81-0.04
Marban deposit1,577n/an/a
0.95n/an/a
Odyssey deposit32731710
2.122.27-0.14
East Gouldie5,6995,236463
3.233.37-0.15
Canadian Malartic Total9,0527,4971,555
1.661.83-0.17
Goldex786789-2
1.601.570.02
Akasaba West112138-26
0.920.900.03
Wasamac1,3771,377—
2.902.90—
Detour Lake (at or above 0.5 g/t)14,95415,636-682
0.930.93—
Detour Lake (below 0.5 g/t)3,6213,415206
0.380.39(0.01)
Detour Lake Total18,57519,051-476
0.720.75-0.02
Macassa1,8831,82954
8.8410.50-1.66
Macassa Near Surface1012-1
3.845.31-1.47
AK deposit30623373
4.534.71-0.19
Macassa Total2,2002,074125
7.779.18-1.42
Upper Beaver2,7682,768—
3.713.71—
Hammond Reef3,3233,323—
0.840.84—
Amaruq1,4541,609-155
2.553.36-0.81
Meadowbank Total1,4541,609-155
2.553.36-0.81
Meliadine3,6223,365257
5.105.29-0.19
Hope Bay3,3963,398-2
6.536.520.01
Fosterville1,6701,65020
4.995.37-0.38
Kittila3,3193,400-81
4.174.160.01
Pinos Altos269433-164
1.801.94-0.14
San Nicolás (50%)**672672—
0.400.40—
Total Mineral Reserves55,44254,2841,158
1.301.32-0.03
*See the Company's news release dated February 13, 2025 for details regarding the metal price and currency assumptions for the Company's December 31, 2024 proven and probable mineral reserve estimate.**Agnico Eagle has committed to earn-in to a 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle's share of the reported MRMR at San Nicolás is reported at a 50% level.The Company estimates that at a gold price 10% higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 9.0% increase in the gold contained in proven and probable mineral reserves. Conversely, the Company estimates that at a gold price 10% lower than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 8.7% decrease in the gold contained in proven and probable mineral reserves.GOLD MINERAL RESOURCESAs at December 31, 2025, the Company's measured and indicated mineral resource estimate totalled a record 47.1 million ounces of gold (1,200 million tonnes grading 1.22 g/t gold). This represents a 9.6% (4.1 million ounce) increase in contained ounces of gold and a 7% increase in grade compared to the measured and indicated mineral resource estimate at year-end 2024 (see the Company's news release dated February 13, 2025 for details regarding the Company's December 31, 2024 measured and indicated mineral resource estimate).The year-over-year increase in measured and indicated mineral resources is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5 ("LZ5") and Meliadine and to gold price-related revisions, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and Fosterville.At Detour Lake, the Company continued to convert inferred mineral resources into indicated mineral resources resulting in the addition of 1.9 million ounces of gold in measured and indicated mineral resources, which totalled 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) at year-end.As at December 31, 2025, the Company's inferred mineral resource estimate totalled a record 41.8 million ounces of gold (522 million tonnes grading 2.49 g/t gold). This represents a 15.5% (5.6 million ounces of gold) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the news release dated February 13, 2025 for details regarding the Company's December 31, 2024 inferred mineral resource estimate).The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at East Gouldie, Hope Bay and Detour Lake underground. The grade of the inferred mineral resources at year-end 2025 remained unchanged at 2.49 g/t gold compared to the prior year.At the East Gouldie deposit, inferred mineral resources increased by 62% (2.8 million ounces of gold) year over year to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold) at year-end. In total, the Odyssey mine hosted 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold) at December 31, 2025.At Hope Bay during 2025, continued exploration success in the Patch 7 zone at the Madrid deposit added 0.9 million ounces of gold of inferred mineral resources for a total of 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold) in inferred mineral resources at the Patch 7 zone at year-end 2025 in addition to 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold). In total at Hope Bay, there were 3.2 million ounces of gold (16.9 million tonnes grading 5.98 g/t gold) in inferred mineral resources at year-end.Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below for more details.The Company's gold mineral resources as at December 31, 2025 are set out in the table below.
Measured & Indicated
Inferred
Gold Mineral Resources
Gold Mineral ResourcesOperation / ProjectContained GoldGold Grade
Contained GoldGold Grade(000 oz)(g/t)
(000 oz)(g/t)LaRonde mine7463.59
2656.03LaRonde Zone 51,5061.93
1,1273.00LaRonde Total2,2512.28
1,3923.32Canadian Malartic mine——
1180.73Marban deposit630.51
3761.56Marban regional6141.27
4101.11Odyssey deposit2361.63
1,4452.23East Malartic2,9761.92
3,8351.89East Gouldie2301.42
7,3722.43Canadian Malartic Total4,1201.67
13,5562.09Goldex1,7271.60
8421.46Akasaba West20.38
501.60Akasaba regional——
3183.24Wasamac6672.19
3122.48Detour Lake17,1570.79
6,1681.73Detour Lake Zone 58N5345.80
1364.35Detour Lake Total17,6910.81
6,3041.75Macassa6566.38
1,2267.00Macassa Near Surface84.02
403.99AK deposit172.53
343.40Macassa Total6816.10
1,2996.66Anoki-McBean3492.77
1073.84Upper Beaver4952.03
3914.12Upper Canada8172.30
2,2112.85Hammond Reef2,2980.54
——Aquarius8562.15
143.59Holt complex1,6994.52
1,3104.48Amaruq1,3363.65
7834.10Meliadine2,2443.39
2,4785.23Hope Bay2,2174.61
3,2465.98Fosterville1,3773.77
1,7954.19Northern Territory1,4552.15
1,5122.47Kittila2,0482.83
9774.62Barsele (55%)*1761.27
1,0051.98Pinos Altos9162.01
931.87La India890.52
——Tarachi3610.58
40.52Chipriona2870.77
260.63El Barqueño Gold3351.24
3491.12San Nicolás (50%)**200.19
100.13Santa Gertrudis5630.91
1,4332.36Total Mineral Resources47,0761.22
41,8152.49*On January 28, 2026, Agnico Eagle entered into an agreement to sell its 55% interest in the Barsele project to Goldsky Resources Corp., with the closing of the transaction expected on or prior to June 30, 2026 (see the Company's news release dated January 28, 2026).**Agnico Eagle has committed to earn-in to a 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle's share of the reported MRMR at San Nicolás is reported at a 50% level.The economic parameters used to estimate mineral reserves and mineral resources for all properties are set out below.Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the CompanyMetal Price for Mineral Reserve Estimation*Gold ($/oz)Silver ($/oz)Copper ($/lb)Zinc ($/lb)$1,600$24.00$3.80$1.20*Exceptions: $1,350 per ounce of gold used for Hammond Reef; $1,500 per ounce of gold used for Detour Lake open pit; $1,650 per ounce of gold used for Wasamac and Marban; $2,000 per ounce of gold for Amaruq; $1,450 per ounce of gold and $3.75 per pound of copper used for Upper Beaver; $2,000 per ounce of gold and $27.00 per ounce of silver used for Pinos Altos; and $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás.Metal Price for Mineral Resource Estimation*Gold ($/oz)Silver ($/oz)Copper ($/lb)Zinc ($/lb)$2,000$25.00$4.00$1.30*Exceptions: $1,200 per ounce of gold used for Holt complex; $1,300 per ounce of gold used for Detour Lake Zone 58N; $1,500 per ounce of gold used for Northern Territory; $1,533 per ounce of gold used for Barsele; $1,600 per ounce of gold used for Canadian Malartic; $1,650 per ounce of gold used for La India; $1,688 per ounce of gold used for Hammond Reef, Anoki-McBean and Tarachi; $1,750 per ounce of gold used for Upper Beaver, Wasamac and Aquarius; $1,800 per ounce of gold used for Marban; $1,900 per ounce of gold used for Marban Regional and Akasaba Regional; $2,400 per ounce of gold used for Amaruq; $1,688 per ounce of gold and $25.00 per ounce of silver used for Santa Gertrudis; $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos.Exchange Rates*C$ per US$1.00MXN per US$1.00A$ per US$1.00€ per US$1.00C$1.34MXN18.00A$1.52€0.91*Exceptions: exchange rate of C$1.25 per US$1.00 used for Holt complex and Detour Lake Zone 58N; US$1.15 per €1.00 used for Barsele; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Anoki-McBean; and A$1.45 per US$1.00 used for Northern Territory.The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately $2,606 per ounce of gold, $30.64 per ounce of silver, $4.32 per pound of copper and $1.26 per pound of zinc.2026 EXPLORATION GUIDANCEIn 2026, the Company's total exploration expenditures and project expenses are expected to be between $565 million and $635 million, with a mid-point of $600 million. The total exploration expenditures include estimated capitalized exploration of $310 million and estimated exploration and corporate development expenses of $290 million, which are comprised of $195.8 million for expensed exploration and $94.2 million for project technical evaluations, technical services and other corporate expenses.The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for 2026 include mineral resource conversion and expansion at the Detour Lake underground project and East Gouldie at Canadian Malartic, and advancing Hope Bay.The Company's exploration and corporate development guidance and plans for individual mines and projects for 2026 are set out below.2026 Exploration Program and Corporate Development Guidance
Expensed Exploration
Capitalized Exploration*
SustainingDevelopment
($ 000s)(000s m)
($ 000s)($ 000s)(000s m)Quebec
LaRonde$ 12,50023.8
$ 3,800$ —20.9Canadian Malartic17,80069.7
3,80022,000166.2Goldex2,30015.8
2,3004,30050.0Quebec regional11,30038.4
———
Ontario
Detour Lake2,90010.0
—31,300165.0Detour Lake Underground——
—7,00035.8Macassa——
2,50034,000202.0Upper Beaver——
—4,10010.5Ontario regional24,50092.3
———
Nunavut
Meliadine——
8,10013,20098.1Meadowbank11,30026.5
—1,3006.4Hope Bay29,00070.0
—14,40040.0Nunavut regional11,20020.0
———
Australia
Fosterville18,70063.0
2,80012,30049.3Northern Territory8,00048.6
———
Europe
Kittila6,90024.2
6,4007,70077.7Europe regional8,10020.8
———
Mexico
Pinos Altos2,2009.0
3,100—16.5Mexico regional19,30022.7
—3,80028.5
Other regions, joint ventures and G&A9,800—
———Total Exploration Drilling$ 195,800554.8
$ 32,800$ 155,400966.9
Upper Beaver——
—52,000—Detour Lake underground——
—62,000—Hope Bay——
—7,800—Other project studies34,700—
———Total corporate development and technical services 59,500—
———Total Exploration Drilling
and Project Expenses$ 290,000554.8
$ 32,800$ 277,200966.9*Capitalized exploration is a subset of capital expenditures which is a non-GAAP measure that is not a standardized financial measure under IFRS. See AEM Fourth Quarter and Full Year 2025 Results News Release dated February 12, 2026 under the caption "Note Regarding Certain Measures of Performance" for a description of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows.ABITIBI REGION – QUEBECCANADIAN MALARTICMRMR HighlightsMineral reserves and mineral resources at the Odyssey mine continued to grow significantly in 2025, further demonstrating the high quality nature of the East Gouldie and Odyssey deposits. In total, the Odyssey mine hosted 6.0 million ounces of gold in proven and probable mineral reserves (59.7 million tonnes grading 3.14 g/t gold), 3.4 million ounces of gold in measured and indicated mineral resources (57.8 million tonnes grading 1.85 g/t gold) and 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold) at December 31, 2025. These substantial mineral reserves and mineral resources continue to support the Company's vision for Canadian Malartic to potentially expand production in the future in combination with the development of satellite orebodies in the surrounding area.At the Odyssey deposit's Odyssey South zone and Odyssey internal zone, positive reconciliation observed in the underground production and improvements to the mineral reserve model contributed to mineral reserves replacement at the Odyssey mine reaching 90%. As a result, the mineral reserves of the Odyssey deposit totalled 0.3 million ounces of gold (4.8 million tonnes grading 2.12 g/t gold) at December 31, 2025, similar to the previous year.At the Canadian Malartic mine, the continued positive reconciliation observed in the open pit and improvements to the mineral reserve model contributed to the addition of 115,000 ounces of gold to mineral reserves in the open pit during 2025. As a result, the mineral reserve decreased by approximately 495,000 ounces of gold while the gold production accounted for 610,000 in-situ ounces of gold.Exploration drilling during 2025 continued to extend the limits of the East Gouldie inferred mineral resource laterally to the west and to the east. As a result, inferred mineral resources at the East Gouldie deposit (including the sub-parallel Eclipse zone) increased by 62% (2.8 million ounces of gold) year over year to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold) at December 31, 2025.Drilling targeting the Eclipse zone in 2025 resulted in the declaration at year-end of initial inferred mineral resources of 0.6 million ounces of gold (6.7 million tonnes grading 2.74 g/t gold) for the Eclipse zone within close proximity to the planned underground infrastructure.At the Marban deposit, located 12 kilometres northeast of the Canadian Malartic mill, a technical evaluation completed during the fourth quarter of 2025 that included pit-design optimization and lateral extension of the deposit resulted in the initial declaration by the Company of open pit probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold), 63 thousands ounces of gold in indicated mineral resources (3.9 million tonnes grading 0.51 g/t gold) and 0.4 million ounces of gold in inferred mineral resources (7.5 million tonnes grading 1.56 g/t gold) at year-end 2025. The rapid progress in mineral reserve development at Marban since its acquisition in March 2025 is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the Malartic camp at Canadian Malartic and advance the "fill-the-mill" strategy.2025 Exploration HighlightsAt Odyssey in 2025, exploration drilling totalled 233,754 metres supplemented by an additional 34,672 metres of drilling dedicated to regional exploration around Canadian Malartic.Exploration drilling targeted multiple areas of the Odyssey mine, returning positive results in the eastern extension of the Odyssey South zone, the central, upper eastern, western and deeper areas of the East Gouldie deposit and in the Sheehan zone located west of the shaft.Underground drilling in the upper eastern extension of the East Gouldie deposit was highlighted by hole UGED-071-029 intersecting 3.5 g/t gold over 19.8 metres at 1,010 metres depth, hole UGED-075-057 intersecting 4.9 g/t gold over 11.9 metres at 929 metres depth and hole UGED-095-004 intersecting 6.8 g/t gold over 9.3 metres at 990 metres depth. The results from this area of the deposit contributed to a large portion of the mineral reserves and inferred mineral resources added to East Gouldie at year-end 2025.Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in a table in the Appendix.[Odyssey – Composite Cross and Longitudinal Sections]2026 Exploration Plan and GuidanceThe Company expects to spend approximately $32.6 million for 190,700 metres of drilling at Canadian Malartic in 2026 with up to 20 drill rigs active at surface and underground to further assess the full potential of the Odyssey mine area and throughout the Canadian Malartic property package. The primary exploration targets remain the lateral extensions of the East Gouldie deposit and the Eclipse zone while at the Odyssey South and North zones infill drilling and the investigation of potential lateral extensions will continue. Studies are ongoing at the East Malartic deposit with the objective of converting mineral resources into mineral reserves as part of the Odyssey underground mine.An additional $11 million for 45,000 metres of drilling will be spent in the Marban area for exploration and condemnation drilling around the Marban deposit under potential mining infrastructure, as well as for the purposes of mineral resource conversion and expansion of the Marban deposit.LARONDEMRMR HighlightsThe LaRonde mine and LZ5 mine hosted a combined 2.8 million ounces of gold in proven and probable mineral reserves (23.8 million tonnes grading 3.72 g/t gold), 2.3 million ounces of gold in indicated mineral resources (30.7 million tonnes grading 2.28 g/t gold) and 1.4 million ounces of gold in inferred mineral resources (13.0 million tonnes grading 3.32 g/t gold) at December 31, 2025.During 2025, positive results from conversion drilling and improvement to the mineral reserve models at LZ5 and the LaRonde mine added 110,000 ounces of gold and 296,000 ounces of gold in mineral reserves, respectively, more than replacing the production of 368,000 ounces of in-situ gold at LaRonde in 2025.Conversion drilling and metal price revisions at LZ5 and the LaRonde mine also resulted in an increase of 48% in indicated mineral resources with the addition of a combined 729,000 ounces of gold while inferred mineral resources at LaRonde increased by 12%.2025 Exploration HighlightsExploration drilling totalled 43,390 metres at LaRonde in 2025, divided between the LZ5 area, the Bousquet 2-Dumagami area and the main LaRonde orebody at depth. The drilling continues to convert mineral resources below the main LZ5 orebody and into Zone 3-4. East of LaRonde shaft No. 1, conversion drilling in the Dumagami area also returned positive results showing potential lateral extension of mineralization. Previously released results also show growth potential laterally and at depth in the LaRonde 3 West mine and East mine areas, and in the 20N Zinc South zone.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $16.3 million for 44,700 metres of drilling at LaRonde in 2026, including $3.7 million for 23,800 metres of expensed drilling and $3.8 million for 20,900 metres of capitalized drilling. Approximately $8.8 million of expensed exploration is budgeted in 2026 to extend the exploration drifts at levels 9 and 215 by a combined 1,000 metres this year to allow for the development of platforms for future exploration drilling programs.GOLDEXMRMR HighlightsGoldex, including Akasaba West, had 0.9 million contained ounces of gold in proven and probable mineral reserves (19.1 million tonnes grading 1.46 g/t gold), 1.7 million ounces of gold in measured and indicated mineral resources (33.7 million tonnes grading 1.59 g/t gold) and 0.9 million ounces of gold in inferred mineral resources (18.9 million tonnes grading 1.47 g/t gold) at December 31, 2025. The Company believes the mineral reserves are sufficient to sustain production until 2032 and provide an opportunity to test new exploration targets along under-explored trends and at depth. In addition, Akasaba West hosted 19,451 tonnes of copper in proven and probable reserves (3.8 million tonnes grading 0.51% copper), 205 tonnes of copper in indicated mineral resources (0.1 million tonnes grading 0.16% copper) and 8,451 tonnes of copper in inferred mineral resources (1.0 million tonnes grading 0.88% copper) at December 31, 2025.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $8.9 million for 65,800 metres of drilling at Goldex in 2026, including $6.6 million on capitalized drilling that will be mainly focused on the conversion and extension of the South and Deep 2 zones. The remaining $2.3 million is for 15,800 metres of exploration drilling, including testing multiple extensional targets laterally and at depth of the main mining areas.Additionally, a regional exploration program will drill a total of 20,000 metres on the new Alpha and Akasaba properties, which were acquired as part of the acquisition of O3 Mining. Programs include validation and conversion drilling on the Bulldog deposit, located approximately 12 kilometres east of Goldex, and validation, conversion and expansion drilling at Akasaba and Akasaba West, located 22 kilometres east of Goldex ABITIBI REGION – ONTARIODETOUR LAKEMRMR HighlightsDetour Lake hosts the Company's largest mineral reserves with 18.6 million ounces of gold (798 million tonnes grading 0.72 g/t gold) in open pit proven and probable mineral reserves at year-end 2025. A year-over-year decline in mineral reserves of 2% (0.5 million ounces of gold) is primarily due to the open pit production that extracted 771,000 ounces of in-situ gold.During 2025, the Company continued to convert inferred mineral resources into indicated mineral resources at Detour Lake, resulting in the addition of 1.9 million ounces of gold to the measured and indicated mineral resources which totalled 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) at December 31, 2025. From this total, 13.7 million ounces of gold (622 million tonnes grading 0.68 g/t gold) are located inside the resource pit and 3.5 million ounces of gold (52.9 million tonnes grading 2.04 g/t gold) are at underground depths below and to the west of the resource pit.Exploration drilling further extended the underground inferred mineral resources to the west to a total of 3.88 million ounces of gold (59.5 million tonnes grading 2.03 g/t gold) at year end, representing a growth of 5% (0.2 million ounces of gold) net of the conversion of 1.6 million ounces of gold from inferred mineral resources to indicated mineral resources.The drilling program in 2025 continued to delineate a subset of the above mineral resources with a gold cut-off grade of 1.20 g/t gold that is amenable to underground mining within, outside and to the west of the pit plunging towards the west at depth. At year-end, this high-grade mineralized corridor contained 5.5 million ounces of gold (86.0 million tonnes grading 2.00 g/t gold) of indicated mineral resources and 5.8 million ounces of gold (89.8 million tonnes grading 2.02 g/t gold) of inferred mineral resources.2025 Exploration HighlightsAt Detour Lake in 2025, exploration drilling totalled 214,668 metres for the full year. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit.In 2025, Domain 53 was tested through a high intensity drilling program from surface. It validated the continuity of the mineralization and improved the accuracy of the geological model. The investigation of Domain 54 is continuing with drilling from surface while the exploration ramp development is being advanced.The development of the Detour Lake underground exploration ramp began in July 2025 and reached a length of 569 metres and a depth of 90 metres by year-end. The ramp will allow for the acceleration of the extraction from underground of the high-grade mineralization currently located to the west and within the mineral resources open pit. The ramp will also provide improved access to drill the mineralization located below and to the west of the open pit that exploration drilling has demonstrated extends laterally several kilometres to the west of the open pit outline and to a depth exceeding 1,200 metres below surface.In the West Pit zone, recent drilling demonstrated the large thickness of the high-grade mineralized corridor at underground depths, highlighted by hole DLM25-1242 intersecting 2.1 g/t gold over 92.4 metres at 444 metres depth including 9.8 g/t gold over 10.7 metres at 431 metres depth; 2.0 g/t gold over 52.7 metres at 554 metres depth; 1.6 g/t gold over 84.7 metres at 617 metres depth; and 2.1 g/t gold over 92.4 metres at 444 metres depth including 4.9 g/t gold over 19.4 metres at 593 metres depth.Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline further extended the underground inferred mineral resources to the west with highlights of hole DLM25-1205 intersecting 6.7 g/t gold over 22.0 metres at 539 metres depth and 2.0 g/t gold over 20.4 metres at 605 metres depth and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth including 37.8 g/t gold over 2.6 metres at 501 metres depth.Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in the Appendix.[Detour Lake – Composite Longitudinal Section]2026 Exploration Plan and GuidanceThe Company expects to spend approximately $34.2 million for 175,000 metres of drilling at Detour Lake in 2026, including $31.3 million for 165,000 metres of capitalized drilling to continue converting the inferred mineral resources into indicated mineral resources as well as the mineral potential in the western extension of the orebody into inferred mineral resources.For the Detour Lake underground project in 2026, an additional $7 million is budgeted for 35,800 metres of capitalized drilling and $62 million is budgeted for advancement of the exploration ramp and related infrastructure.Surface diamond drilling is expected to continue mineral resource conversion in 2026 and the drill program will be augmented by underground drilling from new underground drill stations as they become available.Approximately $2.9 million is budgeted for 10,000 metres of regional drilling in 2026 to explore satellite targets on the Company's large land position on the Detour Lake property.MACASSAMRMR HighlightsThe Macassa mine's Main Break and SMC zones and the adjacent Near Surface and AK deposits together achieved 101% replacement of their mining depletion (a combined 321,000 ounces of in-situ gold mined) in mineral reserves in 2025.The Macassa deposit continues to contain the Company's highest-grade mineral reserves, with an average grade of 8.84 g/t of gold. Proven and probable mineral reserves at the Macassa mine and the Near Surface and AK deposits totalled 2.2 million ounces of gold (8.8 million tonnes grading 7.77 g/t gold) at year-end 2025.2025 Exploration HighlightsAt Macassa in 2025, all exploration drilling was performed from underground and totalled 210,679 metres, mostly testing the SMC and Main Break zones and the AK deposit. The SMC zone, the main source of ore at Macassa, continues to grow to the west towards #3 shaft and at depth in the #2 shaft and #4 shaft areas.The Main Break mineralization is being extended to the east at approximately 2,000 metres below surface. Main Break remains the dominant gold-bearing structure in the Kirkland Lake camp. The mineral reserves and mineral resources at the AK deposit also increased due to positive drilling results.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $36.5 million for 202,000 metres of capitalized drilling at Macassa in 2026 with the objective of increasing and upgrading mineral resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break areas, to the west in the Lower/West SMC area and at shallower depths in the AK deposit.The Company is also initiating a deep exploration program to investigate the potential mineralization down to 3,000 metres depth from a surface exploration drill platform, targeting the Main Break and other potential parallel structures below the former Lake Shore mine located 2,300 metres east of the #4 shaft at Macassa.UPPER BEAVERMRMR HighlightsThe Upper Beaver project hosted 2.8 million ounces of gold and 54,930 tonnes of copper in probable mineral reserves (23.2 million tonnes grading 3.71 g/t gold and 0.24% copper), 0.5 million ounces of gold and 12,118 tonnes of copper in indicated mineral resources (7.6 million tonnes grading 2.03 g/t gold and 0.16% copper) and 0.4 million ounces of gold and 10,649 tonnes of copper in inferred mineral resources (3.0 million tonnes grading 4.12 g/t gold and 0.36% copper) at December 31, 2025.2025 Exploration HighlightsThe Company continued to accelerate project development at Upper Beaver through a phased approach to project de-risking that includes developing an exploration shaft to a depth of 760 metres and an exploration ramp to a depth of 160 metres that will be used to establish underground drilling platforms.Development activities during 2025 continued to advance ahead of schedule. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres at year-end, and shaft sinking began with the first blast completed in November to reach a depth of 155 metres by year-end 2025.A high-intensity drilling program from surface began at Upper Beaver in 2025 and is ongoing. The program is similar in design to the high-intensity drilling program recently completed at Detour Lake that has contributed to improved planning for the potential development of underground mineral resources.The high-intensity drilling program at Upper Beaver is targeting the lower level of the deposit, which is dominated by intrusion-suite host rocks, with the objective of validating the resource model and grade variability at greater depths in the most representative geological zones of the deposit.Depending on the results, this high-intensity drilling program could replace a planned bulk sample at the 760-metre level and has the potential to bring forward initial production to early 2030.2026 Exploration Plan and GuidanceIn 2026, the Company expects to spend approximately $56.1 million at Upper Beaver, including approximately $52 million on the exploration ramp, exploration shaft and the first bulk sample, and approximately $4.1 million for 10,500 metres of high-intensity drilling. The bulk sample will be taken from the ramp at a depth of 160 metres from the upper level of the deposit, which is dominated by basaltic host lithologies, and will provide material for testing selective mining assumptions in this area of the deposit.Exploration results from recent years at Upper Beaver show the potential to increase the mineral resources and to convert inferred mineral resources at depth using underground access via the planned exploration shaft and ramp infrastructure.Regional exploration will continue to develop and advance the pipeline of targets in the Kirkland Lake area.HAMMOND REEFHammond Reef is a large Archean-age, shear-hosted disseminated gold deposit located in the Thunder Bay Mining District of Northwestern Ontario, with potential for development into an open pit operation with conventional milling. The 100%-owned project has received environmental approvals from both federal and provincial governments. Additional federal and provincial permits would be required to begin construction activities.MRMR HighlightsOpen pit probable mineral reserves at Hammond Reef total 3.3 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold), measured mineral resources are 819,000 ounces of gold (47.1 million tonnes grading 0.54 g/t gold) and indicated mineral resources are 1.5 million ounces of gold (86.3 million tonnes grading 0.53 g/t gold) at December 31, 2025.2025 Activity HighlightsStudies during 2025 continued to optimize the project and further advance the permits required for construction and operation. During the year, the Melema Lake property located approximately 9 kilometres east of the main Hammond Reef property was acquired by exercising the Company's option. Exploration activities in 2025 included 6,200 metres of drilling on both the Hammond Reef and Melema Lake properties, complemented by prospecting, mapping and geophysical surveying.2026 Exploration Plan and GuidanceExploration work will continue to leverage the extensive database available on the Hammond Reef property to identify potential satellite mineralization in the vicinity of the main deposit. During 2026, $11.2 million is budgeted for project studies at Hammond Reef, to be potentially supplemented by exploration activities.TIMMINS EASTThe 100%-owned Timmins East land package is a series of properties in northeastern Ontario totalling 53,388 hectares and covering a 100 km strike length. The land package has a complex exploration history dating back to at least the 1930s and hosts past-producing gold mines including Aquarius, Holt, Holloway, Hislop, and Taylor.The Company maintains an active regional exploration office in Timmins that supports ongoing fieldwork, data integration and geological assessment across its Timmins East properties.MRMR HighlightsMineral resources for the Timmins East project are reported for the suspended Holt mine and mill complex and the Aquarius property. At underground depths, the Holt complex hosted 1.7 million ounces of gold in measured and indicated mineral resources (11.7 million tonnes grading 4.52 g/t gold) and 1.3 million ounces of gold in inferred mineral resources (9.1 million tonnes grading 4.48 g/t gold) at December 31, 2025. At open-pit depths, Aquarius hosted 0.9 million ounces of gold in indicated mineral resources (12.3 million tonnes grading 2.15 g/t gold) and 14,000 ounces of gold in inferred mineral resources (0.1 million tonnes grading 3.56 g/t gold) at December 31, 2025.2026 Exploration Plan and GuidanceHistorical mining and exploration data across the property package will continue to be reviewed in 2026, including previously identified high-priority exploration targets at past-producing assets. The review will provide a ranking of exploration targets for potential limited diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment.NUNAVUTMELIADINEMRMR HighlightsMeliadine hosted 3.6 million ounces of gold in proven and probable mineral reserves (22.1 million tonnes grading 5.10 g/t gold), 2.2 million ounces of gold in measured and indicated mineral resources (20.6 million tonnes grading 3.39 g/t gold) and 2.5 million ounces of gold in inferred mineral resources (14.7 million tonnes grading 5.23 g/t gold) at December 31, 2025.Conversion drilling at Meliadine in 2025 added 496,000 ounces of gold to mineral reserves, primarily at the Tiriganiaq, Wesmeg, Wesmeg North and Pump deposits, resulting in an 8% increase in total mineral reserves year over year. This mineral reserve addition and price-related revisions offset the mining of 389,000 ounces of in-situ gold in 2025. Recent exploration results demonstrate that the deposits remain open at depth and laterally, supporting the potential for future growth in mineral resources and mineral reserves at Meliadine.2025 Exploration HighlightsExploration drilling totalled 105,144 metres at Meliadine in 2025, with work focused on exploration and infill drilling of inferred mineral resources at depth in the Wesmeg, Wesmeg North, Pump and Tiriganiaq deposits. Drilling also produced positive results beyond existing mineral resources in the eastern plunge and at depth of the main deposits.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $21.3 million for 98,100 metres of capitalized drilling at Meliadine in 2026. The drilling will be focused on expanding and converting near-mine mineralization and testing multiple mineralized plunges at depth that remain open in the main deposits.MEADOWBANKMRMR HighlightsThe Amaruq deposit at Meadowbank hosted 1.5 million ounces of gold in proven and probable mineral reserves (17.7 million tonnes grading 2.55 g/t gold), 1.3 million ounces of gold in indicated mineral resources (11.4 million tonnes grading 3.65 g/t gold) and 0.8 million ounces of gold in inferred mineral resources (5.9 million tonnes grading 4.10 g/t gold) at December 31, 2025.The Company continued to extend the life-of-mine at Amaruq in 2025 with the addition of 389,000 ounces of gold in mineral reserves partly replacing the production depletion of 544,000 ounces of in-situ gold extracted in 2025.2025 Exploration HighlightsExploration drilling totalled 25,895 metres at Amaruq in 2025. The main objective was to de-risk the deep extensions of the Whale Tail deposit and to add mineral resources in support of a potential enhanced life-of-mine scenario. A conversion drilling program was also completed at the IVR deposit to add mineral resources to the potential enhanced life-of-mine scenario.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $11.3 million for 26,500 metres of expensed exploration drilling and $1.3 million for 6,400 metres of capitalized drilling at Amaruq in 2026, focused on expanding mineral resources in the Kangislulik, Whale Tail and IVR areas and converting mineral resources in the Kangislulik and IVR areas.HOPE BAYMRMR HighlightsThe total mineral reserves and mineral resources at Hope Bay now stand at 3.4 million ounces of gold in proven and probable mineral reserves (16.2 million tonnes grading 6.53 g/t gold), 2.2 million ounces of gold in indicated mineral resources (14.9 million tonnes grading 4.61 g/t gold) and 3.2 million ounces of gold in inferred mineral resources (16.9 million tonnes grading 5.98 g/t gold), as at December 31, 2025. At Hope Bay, the total inferred mineral resources ounces increased year over year by 40% and the gold grade increased by 10%, largely due to exploration success at the Patch 7 zone at the Madrid deposit.The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by 123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold).2025 Exploration HighlightsExploration drilling in 2025 at the Madrid deposit and in the regional program at Hope Bay totalled a combined 131,208 metres and focused mainly on mineral resource expansion of the Madrid deposit following the exploration success in the Patch 7 zone during 2024 and early 2025.The program in 2025 returned multiple positive drill intercepts in the Patch 7 zone, resulting in mineral resource growth and the identification of several mineralized areas remaining open laterally and at depth beyond current mineral resources that will be investigated during follow-up exploration drilling.Mineralization remains open to the north of the Patch 7 zone towards the Suluk zone, as highlighted by hole HBM25-401 returning 4.3 g/t gold over 7.1 metres at 609 metres depth in the Patch 7 zone and 7.7 g/t gold over 4.3 metres at 719 metres depth in the Suluk zone, and by hole HBM25-387A returning 46.1 g/t gold over 2.3 metres at 653 metres depth in the Suluk zone.South of the Patch 7 zone beyond a sub-vertical diabase dike, mineralization remains open in an underexplored area that extends southwards by approximately one kilometre towards the Patch 14 zone. Highlight hole HBM25-395 in this area returned 5.2 g/t gold over 12.3 metres at 363 metres depth approximately 200 metres south of the diabase dike.During the fourth quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 656 metres and reached a depth of 100 metres at year-end. 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. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in a table in the Appendix.[Madrid Deposit at Hope Bay – Composite Longitudinal Section]2026 Exploration Plan and GuidanceThe Company expects to spend approximately $43.4 million for 110,000 metres of drilling at Hope Bay in 2026, including $29.0 million for 70,000 metres of expensed drilling and $14.4 million for 40,000 metres of capitalized drilling for mineral resources conversion.The main objectives in 2026 are to convert inferred mineral resources at Patch 7 into indicated mineral resources and to further test the entire Madrid deposit to expand and upgrade mineral resources. Results will be integrated into the technical evaluation of Hope Bay that is expected to be completed in the second quarter of 2026 and to contribute to a potential construction decision for Hope Bay in May 2026.An additional $7.8 million of capitalized expenses in 2026 will be used to continue the exploration ramp development at the Madrid deposit and for technical evaluation.AUSTRALIAFOSTERVILLEMRMR HighlightsFosterville hosted 1.7 million ounces of gold in proven and probable mineral reserves (10.4 million tonnes grading 4.99 g/t gold), 1.4 million ounces of gold in indicated mineral resources (11.4 million tonnes grading 3.77 g/t gold) and 1.8 million ounces of gold in inferred mineral resources (13.3 million tonnes grading 4.19 g/t gold) at December 31, 2025.Fosterville replaced 101% of mining depletion in 2025 with new mineral reserves. The replacement was achieved mainly through infill drilling in the Robbins Hill and South Phoenix zones. In total 170,000 ounces of gold were added to mineral reserves, offsetting the 168,000 ounces of in-situ gold that were depleted from mineral reserves by 2025 production.The Company added 171,000 ounces of gold in underground indicated mineral resources at Fosterville, mainly due to exploration drilling and metal price revisions at the Robbins Hill and Phoenix zones and inferred mineral resources increased by 5% at year-end 2025.The open-pit measured and indicated mineral resources and open-pit inferred mineral resources at Fosterville were removed from the "Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)" below, as there are no plans to mine the deposit using open pit methods.2025 Exploration HighlightsAt Fosterville in 2025, exploration drilling totalled 74,369 metres split between programs targeting the Cygnet, Swan, Cardinal and Harrier structures. At Robbins Hill, drilling tested the Curie, Ceruti and Wu zones.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $15.1 million for 49,300 metres of capitalized drilling at Fosterville in 2026, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $18.7 million is budgeted for 63,000 metres of underground and surface expensed exploration to test new geological targets, including parallel faults and folds to the main Fosterville host structure, exploring for similar geological context to the Swan Zone structure.The exploration program will include the assessment of the Fosterville tenement acquired from S2 Resources Ltd. on December 22, 2025. This tenement surrounds the Fosterville mine and provides prime exploration ground in the search for additional mineralized structures or the extensions of known gold-bearing structures.NORTHERN TERRITORYAgnico Eagle holds interests across 175,064 hectares in the Northern Territory of Australia, including 62,685 hectares under 100% ownership and a further 112,379 hectares through joint ventures, where the Company's ownership ranges from 85% to 10%. The wholly-owned tenements include the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (operations suspended in 2020) and regional exploration assets within the historic Pine Creek gold district.MRMR HighlightsAt open-pit depths, the Northern Territory assets host measured and indicated mineral resources of 0.8 million ounces of gold (16.5 million tonnes grading 1.45 g/t gold) and inferred mineral resources of 0.7 million ounces of gold (13.3 million tonnes grading 1.75 g/t gold) at December 31, 2025.At underground depth, the Northern Territory assets host indicated mineral resources of 0.7 million ounces of gold (4.5 million tonnes grading 4.75 g/t gold) and inferred mineral resources of 0.8 million ounces of gold (5.8 million tonnes grading 4.11 g/t gold) at December 31, 2025.2025 Activity HighlightsAgnico Eagle has continued to advance the proposed Union Reefs North development project at the Union Reefs site, with ongoing studies evaluating the project economics and potential redevelopment scenarios.For exploration during 2025, the Company spent $4.1 million to complete 11,156 metres of expensed drilling at the Maud Creek, Pine Creek and Burnside projects.2026 Exploration Plan and GuidanceDuring 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth.The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility with a potential upgrade of the processing facility to treat refractory ores.FINLANDKITTILAMRMR HighlightsKittila hosted 3.3 million ounces of gold in proven and probable mineral reserves (24.7 million tonnes grading 4.17 g/t gold), 2.0 million ounces of gold in measured and indicated mineral resources (22.5 million tonnes grading 2.83 g/t gold) and 1.0 million ounces of gold in inferred mineral resources (6.6 million tonnes grading 4.62 g/t) at December 31, 2025.Conversion drilling in the Suuri, Roura Deep and Rimpi areas at Kittila resulted in the addition of 181,000 ounces of gold in mineral reserves before depletion to replace 68% of mining depletion by year-end 2025.Approximately 149,000 ounces of gold, representing an 8% year-over-year increase in gold ounces, were added to the indicated mineral resources mainly due to a revision of cut-off grades.2025 Exploration HighlightsExploration and conversion drilling at Kittila totalled 90,025 metres in 2025 and mainly targeted the Main and Sisar zones in the northern and southern portions of the deposit at approximately 1.0 to 1.4 kilometres depth. The Roura area continued to grow at depth, and both the Suuri and Rimpi zones returned positive drill results between approximately 400 and 600 metres below surface, demonstrating the potential for lateral expansion at shallow depths of the Kittila deposit.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $21.0 million for 101,900 metres of drilling at Kittila in 2026, focused on the Main zone in the Roura, Suuri and Rimpi areas as well as the Sisar zone. The drilling includes 77,700 metres of capitalized drilling.MEXICOPINOS ALTOS2025 Exploration HighlightsAt Pinos Altos in 2025, exploration drilling totalled 16,365 metres, focused on the Pinos Altos Deep project beneath the current underground mine as well as targeting areas beneath the known mineralization at Cubiro, Oberon de Weber, Cerro Colorado and Sinter.2026 Exploration Plan and GuidanceThe Company expects to spend approximately $5.3 million for 25,500 metres of capitalized and expensed exploration drilling at Pinos Altos in 2026.About Agnico EagleCanadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. 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 ReleaseUnless 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 and processing operations at LZ5. 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.Forward-Looking StatementsThe information in this news release has been prepared as at February 12, 2026. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "estimate", "expect", "forecast", "future", "guide", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results and life of mine estimates; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay, Wasamac and San Nicolás; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of exploration (including capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof); estimates of future mineral reserves and mineral resources; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results, studies and evaluations on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, including at Meliadine, Upper Beaver and San Nicolás, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis for the year ended December 31, 2025 ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2024 filed with Canadian securities regulators (and, when available, the Company's AIF for the year ended December 31, 2025) with the U.S. Securities and Exchange Commission (the "SEC"), the Company's news release dated February 12, 2026 announcing its full year 2025 results, as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its exploration, development and mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs and trade disputes will not materially affect the price or availability of the inputs the Company uses in its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF (and, when available, the AIF for the year ended December 31, 2025) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.Notes to Investors Regarding the Use of Mineral ResourcesThe mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian Securities Administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").The SEC's disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS"), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.Investors are cautioned that while the SEC recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable.Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is or will ever be economically or legally mineable.The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.Scientific and Technical InformationThe scientific and technical information contained in this news release relating to exploration activities has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration and Olivier Grondin, P.Geo., Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a "Qualified Person" for the purposes of NI 43-101.Detailed Mineral Reserves and Mineral Resources DataVariances in down-adding and cross-adding are due to roundingMineral Reserves as at December 31, 2025Operation / ProjectProvenProbableProven & ProbableGoldMining
Method*000Tonnesg/t000 Oz
Au000
Tonnesg/t000 Oz
Au000
Tonnesg/t000 Oz
AuRecovery
%**LaRonde mine1U/G2,4694.653698,1586.061,59010,6275.731,95994.4LaRonde Zone 52U/G6,4052.024156,8002.1747413,2052.0988994.5LaRonde Total8,8742.7578414,9594.292,06423,8323.722,848
Canadian Malartic mine3O/P36,8960.5059721,6971.2285258,5940.771,44988.8Marban deposit4O/P———51,6180.951,57751,6180.951,57790.0Odyssey deposit5U/G292.3724,7582.123254,7872.1232795.0East Gouldie6U/G———54,9433.235,69954,9433.235,69994.4Odyssey Mine Total292.37259,7013.146,02459,7303.146,026
Canadian Malartic Total36,9250.50599133,0161.988,453169,9411.669,052
Goldex7U/G6,2551.482989,0651.6848815,3201.6078685.9Akasaba West8O/P9690.82262,8070.96863,7770.9211277.6Goldex Total7,2251.3932411,8721.5157519,0971.46898
WasamacU/G———14,7572.901,37714,7572.901,37789.7Quebec Total
53,0231.001,707174,6032.2212,468227,6261.9414,175
Detour Lake (At or above 0.5 g/t)O/P66,6901.082,313434,4480.9012,641501,1380.9314,95488.4Detour Lake (Below 0.5 g/t)O/P53,6810.42722243,2420.372,899296,9230.383,62188.4Detour Lake Total9120,3710.783,035677,6900.7115,540798,0610.7218,575
Macassa10U/G61210.432056,0138.681,6786,6258.841,88395.9Macassa Near Surface11U/G32.110803.9110843.841093.5AK deposit12U/G1264.35181,9754.542882,1014.5330693.5Macassa Total7429.362238,0687.621,9768,8107.772,200
Upper BeaverO/P———3,2351.821893,2351.8218995.5Upper BeaverU/G———19,9464.022,57919,9464.022,57995.5Upper Beaver Total13
———23,1813.712,76823,1813.712,768
Hammond Reef14O/P———123,4730.843,323123,4730.843,32389.8Ontario Total
121,1130.843,258832,4120.8823,607953,5240.8826,865
AmaruqO/P8,0481.263277,3643.1775015,4122.171,07790.5AmaruqU/G814.22112,2215.123662,3025.0937790.5Meadowbank Total158,1291.293389,5853.621,11617,7142.551,454
MeliadineO/P1,1424.241564,2913.645035,4333.7765896.0MeliadineU/G2,9626.3260213,6805.372,36216,6425.542,96496.0Meliadine Total16
4,1045.7475717,9714.962,86422,0755.103,622
Hope Bay17U/G936.772016,0866.533,37616,1786.533,39687.5Nunavut Total
12,3252.821,11643,6425.247,35655,9674.718,472
Fosterville18U/G8875.411549,5164.951,51610,4034.991,67092.0Australia Total
8875.411549,5164.951,51610,4034.991,670
Kittila19U/G9314.6614023,8184.153,17924,7494.173,31986.0Europe Total
9314.6614023,8184.153,17924,7494.173,319
Operation / ProjectProvenProbableProven & ProbableGoldMining
Method*000Tonnesg/t000 Oz
Au000
Tonnesg/t000 Oz
Au000
Tonnesg/t000 Oz
AuRecovery
%**Pinos AltosO/P260.6011,6291.00531,6561.005393.6Pinos AltosU/G6332.06422,3742.291753,0072.2421694.2Pinos Altos Total20
6592.00424,0031.762274,6621.80269
San Nicolás (50%)21O/P23,8580.4131428,7610.3935852,6190.4067217.6Mexico Total
24,5170.4535732,7640.5658557,2810.51941
Total Gold
212,7960.986,7311,116,7551.3648,7111,329,5511.3055,442
Operation / ProjectProvenProbableProven & ProbableSilverMining
Method*000Tonnesg/t000 Oz
Ag000
Tonnesg/t000 Oz
Ag000
Tonnesg/t000 Oz
AgRecovery
%**LaRonde mineU/G2,46910.468308,15820.755,44310,62718.366,27378.1Pinos AltosO/P268.5771,62934.821,8241,65634.401,83144.5Pinos AltosU/G63345.299222,37427.302,0833,00731.093,00550.0Pinos Altos Total
65943.819294,00330.363,9074,66232.264,836
San Nicolás (50%)O/P23,85823.9318,35628,76120.9119,33352,61922.2837,68938.6Total Silver
26,98623.1820,11640,92321.8028,68267,90922.3548,798
Operation / ProjectProvenProbableProven & ProbableCopperMining
Method*000Tonnes%Tonnes
Cu000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
CuRecovery
%**LaRonde mineU/G2,4690.174,0818,1580.3024,75110,6270.2728,83182.8Akasaba WestO/P9690.484,6402,8070.5314,8103,7770.5119,45179.0Upper BeaverO/P———3,2350.144,4773,2350.144,47779.2Upper BeaverU/G———19,9460.2550,45319,9460.2550,45379.2Upper Beaver Total
———23,1810.2454,93023,1810.2454,930
San Nicolás (50%)O/P23,8581.26299,80928,7611.01291,72152,6191.12591,53078.2Total Copper
27,2961.13308,53062,9080.61386,21390,2040.77694,743
Operation / ProjectProvenProbableProven & ProbableZincMining
Method*000Tonnes%Tonnes
Zn000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
ZnRecovery
%**LaRonde mineU/G2,4690.368,9518,1581.0988,81110,6270.9297,76270.2San Nicolás (50%)O/P23,8581.61383,31328,7611.37394,11552,6191.48777,42880.9Total Zinc
26,3271.49392,26336,9201.31482,92663,2461.38875,190
*Open Pit ("O/P"), Underground ("U/G")**Represents metallurgical recovery percentage
1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$95/t for LP1 (Area 11-3) and not less than C$228/t for LaRonde.2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t.3 Canadian Malartic: Gold cut-off grade is 0.35 g/t.4 Marban deposit: Gold cut-off grade is 0.31 g/t.5 Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.44 g/t.6 East Gouldie: Gold cut-off grade not less than 1.57 g/t.7 Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t.8 Akasaba West: Net smelter value cut-off varies, not less than C$33.28/t.9 Detour Lake: Gold cut-off grade is 0.27 g/t.10 Macassa: Gold cut-off grade varies according to mining type, not less than 3.35 g/t for long hole method and 3.78 g/t for cut and fill method.11 Macassa Near Surface deposit: Gold cut-off grade not less than 2.10 g/t.12 Amalgamated Kirkland ("AK") deposit: Gold cut-off grade not less than 2.10 g/t.13 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit.14 Hammond Reef: Gold cut-off grade is 0.41 g/t.15 Amaruq: Gold cut-off grade varies according to mining type, not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t).16 Meliadine: Gold cut-off grade varies according to mining type, not less than 1.50 g/t for open pit mineral reserves and 3.90 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.50 g/t).17 Hope Bay: Gold cut-off grade not less than 4.00 g/t.18 Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.00 g/t.19 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t.20 Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$25.44/t for open pit mineral reserves and US$85.97/t for the underground mineral reserves.21 San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of $9.71/t and for high zinc/copper ore of $13.15/t. Mineral Resources as at December 31, 2025Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredGoldMining
Method000Tonnesg/t000 Oz
Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz AuLaRonde mineU/G———6,4573.597466,4573.597461,3666.03265LaRonde Zone 5U/G———24,2071.931,50624,2071.931,50611,6773.001,127LaRonde Total———30,6642.282,25130,6642.282,25113,0433.321,392Canadian Malartic mineO/P—————————5,0110.73118Marban depositO/P———3,8750.51633,8750.51632,9560.6663Marban depositU/G—————————4,5442.14313Marban regionalO/P———14,7941.2258214,7941.2258211,2721.08390Marban regionalU/G———2963.36322963.36321833.3720Odyssey depositU/G———4,4931.632364,4931.6323620,1762.231,445East MalarticU/G———48,2161.922,97648,2161.922,97663,2751.893,835East GouldieU/G———5,0481.422305,0481.4223094,2782.437,372Odyssey Mine Total———57,7571.853,44257,7571.853,442177,7292.2112,652Canadian Malartic Total———76,7231.674,12076,7231.674,120201,6942.0913,556GoldexU/G12,3601.8673921,2451.4598833,6041.601,72717,9511.46842Akasaba WestO/P———1300.3821300.382———Akasaba WestU/G—————————9661.6050Goldex Total12,3601.8673921,3741.4498933,7341.591,72818,9171.47892Akasaba regionalU/G—————————3,0523.24318WasamacU/G———9,4792.196679,4792.196673,9112.48312Quebec Total
12,3601.86739138,2411.818,027150,6011.818,766240,6182.1316,469Detour LakeO/P35,3001.161,312587,0070.6612,373622,3070.6813,68551,4421.382,290Detour LakeU/G———52,9242.043,47252,9242.043,47259,5492.033,878Detour Lake Zone 58NU/G———2,8685.805342,8685.805349734.35136Detour Lake Total
35,3001.161,312642,7980.7916,379678,0980.8117,691111,9641.756,304MacassaU/G37910.301252,8185.855303,1976.386565,4487.001,226Macassa Near SurfaceU/G———594.028594.0283093.9940AK depositU/G———2122.53172122.53173083.4034Macassa Total
37910.301253,0905.595553,4696.106816,0666.661,299AquariusO/P———12,3642.1585612,3642.158561223.5914Holt complexU/G5,8064.298005,8844.7589811,6904.521,6999,0974.481,310Anoki-McBeanU/G———3,9192.773493,9192.773498673.84107Upper BeaverO/P———540.872540.872———Upper BeaverU/G———7,5102.044937,5102.044932,9534.12391Upper Beaver Total
———7,5642.034957,5642.034952,9534.12391Upper CanadaO/P———1,4771.66791,4771.66791,4081.4766Upper CanadaU/G———9,5462.407389,5462.4073822,7362.932,145Upper Canada Total
———11,0242.3081711,0242.3081724,1432.852,211Hammond ReefO/P47,0630.5481986,3040.531,478133,3670.542,298———Ontario Total
88,5481.073,057772,9460.8821,829861,4940.9024,885155,2122.3311,636Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredGoldMining
Method000Tonnesg/t000 Oz
Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz AuAmaruqO/P———2,4883.032422,4883.032421902.8718AmaruqU/G———8,8873.831,0948,8873.831,0945,7504.14765Meadowbank Total———11,3743.651,33611,3743.651,3365,9404.10783MeliadineO/P2882.82265,7052.724995,9942.735257104.2296MeliadineU/G1,6623.8020312,9283.651,51514,5903.661,71914,0365.282,382Meliadine Total
1,9513.6622918,6343.362,01520,5843.392,24414,7465.232,478Hope BayU/G———14,9464.612,21714,9464.612,21716,8685.983,246Nunavut Total
1,9513.6622944,9543.855,56746,9053.845,79737,5555.396,507FostervilleU/G6514.068510,7023.761,29311,3533.771,37713,3284.191,795Northern TerritoryO/P3373.724016,2031.4173216,5391.4577213,2551.75745Northern TerritoryU/G———4,4704.756834,4704.756835,8074.11767Northern Territory Total3373.724020,6722.131,41521,0092.151,45519,0622.471,512Australia Total
9873.9412531,3742.682,70732,3622.722,83232,3913.183,307KittilaO/P—————————3733.8947KittilaU/G4,6692.8743117,8742.811,61722,5442.832,0486,2094.66930Kittilä Total
4,6692.8743117,8742.811,61722,5442.832,0486,5824.62977Barsele (55%)O/P———3,1781.081113,1781.081112,2601.2591Barsele (55%)U/G———1,1581.77661,1581.776613,5522.10914Barsele (55%) Total1
———4,3351.271764,3351.2717615,8111.981,005Europe Total
4,6692.8743122,2102.511,79426,8792.572,22422,3932.751,982Pinos AltosO/P———1,5300.90441,5300.90441540.573Pinos AltosU/G———12,6592.1487212,6592.148721,3782.0490Pinos Altos Total
———14,1892.0191614,1892.019161,5331.8993La IndiaO/P4,4780.52748800.53155,3580.5289———San Nicolás (50%)O/P2610.0813,0370.20193,2970.19202,4680.1310TarachiO/P———19,2900.5836119,2900.583612420.524ChiprionaO/P———11,6520.7728711,6520.772871,2840.6326El Barqueño GoldO/P———8,4311.243358,4311.243359,6961.12349Santa GertrudisO/P———19,2670.9156319,2670.915639,8191.36429Santa GertrudisU/G—————————9,0793.441,004Santa Gertrudis Total———19,2670.9156319,2670.9156318,8982.361,433Total Mexico
4,7390.497576,7461.012,49681,4850.982,57134,1201.751,915Total Gold
113,2541.284,6561,086,4701.2142,4201,199,7241.2247,076522,2892.4941,815
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredSilverMining
Method000
Tonnesg/t000 Oz
Ag000
Tonnesg/t000
Oz Ag000 Tonnesg/t000
Oz Ag000
Tonnesg/t000
Oz AgLaRonde mineU/G———6,45714.923,0976,45714.923,0971,36615.50680Pinos AltosO/P———1,53020.289971,53020.2899715413.9069Pinos AltosU/G———12,65954.7722,29412,65954.7722,2941,37848.422,146Pinos Altos Total
———14,18951.0523,29114,18951.0523,2911,53344.952,215La IndiaO/P4,4782.723918802.58735,3582.70464———San Nicolás (50%)O/P2616.40543,03711.861,1583,29711.431,2112,4689.26735ChiprionaO/P———11,652100.6937,72211,652100.6937,7221,28476.973,176El Barqueño SilverO/P—————————4,462121.2817,399El Barqueño GoldO/P———8,4315.151,3968,4315.151,3969,69616.004,989Santa GertrudisO/P———19,2673.662,26919,2673.662,2699,8191.85585Santa GertrudisU/G—————————9,07923.316,803Santa Gertrudis Total———19,2673.662,26919,2673.662,26918,89812.167,389Total Silver
4,7392.9244563,91333.5869,00568,65231.4769,45039,70528.6636,582
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredCopperMining
Method000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
CuLaRonde mineU/G———6,4570.159,3876,4570.159,3871,3660.263,526Akasaba WestO/P———1300.162051300.16205———Akasaba WestU/G—————————9660.888,451Akasaba West Total
———1300.162051300.162059660.888,451Upper BeaverO/P———540.1056540.1056———Upper BeaverU/G———7,5100.1612,0637,5100.1612,0632,9530.3610,649Upper Beaver Total
———7,5640.1612,1187,5640.1612,1182,9530.3610,649San Nicolás (50%)O/P2611.353,5263,0371.1735,4893,2971.1839,0152,4680.9423,144ChiprionaO/P———11,6520.1618,76811,6520.1618,7681,2840.111,377El Barqueño GoldO/P———8,4310.2117,6508,4310.2117,6509,6960.2221,555El Barqueño SilverO/P—————————4,4620.041,852Total Copper
2611.353,52637,2700.2593,61737,5310.2697,14323,1930.3070,555
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredZincMining
Method000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
ZnLaRonde mineU/G———6,4570.9863,0876,4570.9863,0871,3660.435,856San Nicolás (50%)O/P2610.391,0123,0370.7121,6183,2970.6922,6302,4680.6215,355ChiprionaO/P———11,6520.87101,21111,6520.87101,2111,2840.729,178Total Zinc
2610.391,01221,1460.88185,91621,4070.87186,9285,1170.5930,389*Open Pit ("O/P"), Underground ("U/G")The assumptions for metal prices and currency exchange rates used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company are presented in the "Gold Mineral Resources" section earlier in this news release.Mineral reserves reported are not included in mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column or row totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral resources.The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic parameters set the maximum price allowed to be no more than the lesser of the three-year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.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" and "inferred mineral resources". Mineral resources that are not mineral reserves do not have demonstrated economic viability.A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at prefeasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.Additional InformationAdditional information about each of the Company's material mineral projects as at December?31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).APPENDIX – EXPLORATION DETAILSEclipse zone and East Gouldie, East Malartic and Odyssey deposits at OdysseyDrill holeDeposit / ZoneFrom
(metres)To
(metres)Depth of
midpoint
below
surface
(metres)Estimated
true width
(metres)Gold grade
(g/t)
(uncapped)Gold grade
(g/t)
(capped)*MEX25-341Eclipse1,038.11,043.87695.55.65.6MEX25-346WZEclipse1,690.01,704.51,63410.42.22.2andEclipse1,758.51,799.51,70029.51.51.5andEast Gouldie2,084.92,096.91,95610.52.02.0UGEG-071-029East Gouldie650.5670.51,01019.83.53.5including
655.0661.01,0085.96.56.5UGEG-075-057East Gouldie560.7572.792911.94.94.9UGEG-095-004East Gouldie134.0143.49909.36.86.8MEX24-320WCZEast Gouldie1,545.21,569.11,15820.72.02.0MEX25-350East Malartic108.6113.1964.6**7.27.1andEast Malartic222.0234.020412.0**2.12.1MEX25-351East Malartic415.0441.432726.4**2.92.9UGOD-057-001Odyssey North591.2602.19419.33.63.6UGOD-075-046Odyssey North564.5583.589417.23.13.1MEV25-316Odyssey South347.3361.529412.83.13.1UGOD-041-066Odyssey internal73.583.544310.05.05.0UGOD-041-068Odyssey internal37.048.541311.55.94.3andOdyssey internal65.073.14168.18.98.1*Results from Eclipse zone and East Gouldie and Odyssey deposits use a capping factor of 20 g/t gold and results from East Malartic use a capping factor of 40 g/t gold.**Core length. True width undetermined.West Pit and West Extension zones at Detour LakeDrill holeZoneFrom(metres)To(metres)Depth of
midpoint
below surface
(metres)Estimated
true width
(metres)Gold grade
(g/t)
(uncapped)*DLM25-1189AWest Pit567.5585.046716.13.5andWest Pit618.2742.0542115.40.6DLM25-1191West Pit401.0412.931111.12.1andWest Pit430.2491.935057.51.2including
459.0467.53527.94.8andWest Pit535.0567.141430.21.5andWest Pit535.0538.44043.210.4DLM25-1205West Extension586.5613.253922.06.7andWest Extension663.9688.660520.42.0DLM25-1208West Extension977.7981.79123.113.8andWest Extension1,094.11,101.01,0195.310.7DLM25-1210West Pit426.0462.936533.01.7andWest Pit583.0743.0532146.11.5including
623.0626.85033.513.5including
639.9654.052012.95.1DLM25-1217West Pit621.3644.052220.48.0DLM25-1223AWest Pit283.6338.025547.91.0andWest Pit460.0491.038528.01.6andWest Pit560.0613.047048.21.2andWest Pit701.9763.058155.92.1DLM25-1225West Extension713.7750.563930.76.5including
713.7722.26277.125.6andWest Extension815.0818.07102.54.6DLM25-1229West Pit807.0817.659210.16.1DLM25-1240West Extension1,089.01,092.59223.110.0DLM25-1242West Pit519.0618.044492.42.1including
544.5556.043110.79.8andWest Pit694.7750.755452.72.0andWest Pit767.5857.061784.71.6including
767.5788.059319.44.9DLM25-1243West Extension837.0842.17344.428.0andWest Extension910.9913.97942.611.7DLM25-1245West Extension592.5604.049710.110.7including
601.0604.05012.637.8*Results from Detour Lake are uncapped.Madrid deposit at Hope BayDrill holeZoneFrom
(metres)To
(metres)Depth of
midpoint
below
surface
(metres)Estimated
true width
(metres)Gold grade(g/t)
(uncapped)Gold grade(g/t)(capped)*HBM25-385Patch 7697.6706.64918.19.29.2andPatch 7711.6720.75008.66.96.9HBM25-387ASuluk824.0826.76532.389.846.1including
825.7826.76540.9218.0100.0HBM25-388Patch 7788.0805.067515.87.77.7includingPatch 7793.0797.06743.710.14.0HBM25-394Patch 7889.2892.25872.548.935.4includingPatch 7891.2892.25880.8144.0100.0andPatch 7936.0952.061413.87.37.3includingPatch 7948.0948.76160.645.845.8HBM25-395Patch 7479.0494.036312.35.25.2HBM25-396Patch 7701.0705.05383.19.79.7HBM25-400Patch 71041.01050.08428.23.23.2HBM25-401Patch 7734.0745.06097.14.34.3includingPatch 7737.0740.06091.98.58.5andSuluk896.0901.07194.37.77.7P7GM25-010Patch 7553.5562.04418.44.74.7HBM25-384Patch 14467.0472.03754.13.53.5*Results from Madrid deposit at Hope Bay use a capping factor of 100 g/t gold.EXPLORATION DRILL COLLAR COORDINATESDrill holeUTM East*UTM North*Elevation
(metres above
sea level)Azimuth
(degrees)Dip(degrees)Length (metresOdyssey mineMEX25-3417190145334200309172-581,203MEX25-346WZ7174515334739309143-782,183UGEG-071-0297177605333976-346148-37711UGEG-075-0577177135334081-340165-35741UGEG-095-0047175925333756-619190-27342MEX24-320WCZ7168675334696316155-681,628MEX25-3507168525334693316199-68875MEX25-3507168525334693316199-68875MEX25-3517168675334695317149-531,527UGOD-057-0017180065334110-2612-43615UGOD-075-0467180065334110-2614-38615MEV25-3167191195333940334346-66465UGOD-041-0667182605334377-99250-24255UGOD-041-0687182595334378-99258-6245Detour LakeDLM25-1189A5876295541782286172-60909DLM25-11915878075541683286176-54699DLM25-12055861205542020291184-67789DLM25-12085857535542319292186-681,239DLM25-12105894875541609286180-59740DLM25-12175894485541517286180-60819DLM25-1223A5895285541498286180-58900DLM25-12255861195542093293184-65843DLM25-12295893095541517286182-53990DLM25-12405848325542449296188-591,176DLM25-12425894505541487286177-57900DLM25-12435860375542184295187-66975DLM25-12455861995542065292181-58762Hope BayHBM-25-38543494975476793763-55873HBM-25-387A43431075493175084-69987HBM-25-38843494975476793770-66954HBM-25-39443433375488115386-571,148HBM-25-39543506975475633783-57810HBM-25-39643437275490885472-61939HBM-25-40043433375488115380-661,155HBM-25-40143430975493164874-691,036P7GM-25-01043483075481963887-60751HBM-25-38475467304350934575-64852*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake; and NAD 1983 UTM Zone 13N for Hope Bay.
View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-provides-an-update-on-2025-exploration-results-and-2026-exploration-plans--year-over-year-mineral-reserves-increase-2-to-55-4-moz-indicated-mineral-resources-increase-10-to-47-1-moz-and-inferred-mineral-resources--302686928.htmlSOURCE Agnico Eagle Mines Limited
Original: AGNICO EAGLE PROVIDES AN UPDATE ON 2025 EXPLORATION RESULTS AND 2026 EXPLORATION PLANS - YEAR OVER YEAR MINERAL RESERVES INCREASE 2% TO 55.4 MOZ; INDICATED MINERAL RESOURCES INCREASE 10% TO 47.1 MOZ AND INFERRED MINERAL RESOURCES INCREASE 15% TO 41.8 MOZ
CA Market News
5月前
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS - RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCEFebruary 12, 2026 5:00 PM
PR Newswire (US)
Stock Symbol: AEM (NYSE and TSX)(All amounts expressed in U.S. dollars unless otherwise noted)TORONTO, Feb. 12, 2026 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the fourth quarter and full year 2025, as well as future operating guidance."In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns. We've also updated our three-year outlook which reflects stable production at peer-leading costs," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade. What excites me most is the depth and quality of our growth pipeline, which has the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s. These expansion and growth projects offer exceptional returns at current gold prices, and we are assessing opportunities to advance them more quickly. As we build our project pipeline and sustain our exploration momentum, we are well positioned to drive our next phase of growth."Fourth quarter and full year 2025 highlights and the Company's short to medium-term outlook are set out below.1) Record 2025 Financial Results Driven by Strong Operations, Resulting in a Strengthened Balance Sheet and Record Shareholder ReturnsAnnual production guidance achieved with solid cost performance despite higher royalties from higher gold prices – Payable gold production1 in 2025 was 3,447,367 ounces, above the midpoint of the 2025 guidance range, at production costs per ounce of $965. Total cash costs per ounce2 of $979 and all-in sustaining costs ("AISC") per ounce2 of $1,339 were slightly above the top end of 2025 guidance, primarily due to higher royalty costs (approximately $42 per ounce) driven by an average realized gold price of $3,453 per ounce, well above the Company's assumption of $2,500. Under the Company's revised composition of total cash costs per ounce and AISC per ounce, these measures were $953 and $1,313, respectively, in 20252Record annual free cash flow driven by consistent and reliable operational performance – Cash provided by operating activities for the full year 2025 was a record of $6,817 million or $13.58 per share and free cash flow3 was a record of $4,399 million or $8.76 per share. The Company's continued focus on operational efficiencies resulted in several annual throughput and mining rate records during the yearSolid quarterly performance, with record quarterly adjusted net income and free cash flow generation – Payable gold production in the fourth quarter of 2025 was 840,608 ounces at production costs per ounce of $1,113, total cash costs per ounce of $1,089 and AISC per ounce of $1,517. The higher realized gold price of $4,163 per ounce in the fourth quarter resulted in strong margins and cash flows, while increasing royalty costs. The Company reported quarterly net income of $1,523 million or $3.04 per share and record adjusted net income3 of $1,351 million or $2.70 per share. The Company generated cash provided by operating activities of $2,112 million or $4.22 per share and record free cash flow of $1,310 million or $2.62 per shareFinancial position further strengthened through increased cash balances, providing a solid foundation for the next phase of growth – The Company increased its net cash3 position to $2,670 million as at December 31, 2025 as a result of the increase in its cash balance by $511 million to $2,866 million during the quarter and total debt outstanding as at December 31, 2025 of $196 millionRecord shareholder returns of $1.4 billion in 2025 through dividend and share repurchase programsUnder its normal course issuer bid ("NCIB"), the Company repurchased 1,784,038 common shares at an average share price of $168.11 for aggregate purchases of $300 million during the quarter, and 4,114,150 common shares at an average share price of $145.76 for aggregate purchases of $600 million in 2025Quarterly dividend of $0.40 per share paid in the quarter, with total dividend payments of $803 million paid in 2025Quarterly dividend increased by 12.5% and expected renewal of NCIB – A quarterly dividend of $0.45 per share has been declared, reflecting the strength of the business and higher gold price environment. Additionally, at current gold prices, the Company expects to remain active on its share repurchase program. The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases under the NCIB to $2 billion of common shares. Additional details will be provided at the time of the renewal________________________1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of these measures to adjust for costs related to certain payments to Nunavut Tunngavik Inc. at Meadowbank, for consistency and comparability at the Nunavut operations. These revisions only affect such measures insofar as results from Meadowbank are included (that is, for Meadowbank, the Nunavut region and the consolidated Company). In this news release, unless otherwise specified, these non-GAAP measures are reported on (a) a per ounce of gold production basis, (b) a by-product basis, and (c) using the composition for the applicable period (that is, (i) periods ending on or before December 31, 2025, or (ii) periods commencing on or after January 1, 2026). For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis, a description of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see "Note Regarding Certain Measures of Performance" below.3 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital, adjusted net income, net cash (debt) (also referred to as "net debt") and, where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.2) Strong Momentum Continuing Into 2026, Supported by a Stable Three-Year Production Outlook at Peer-Leading Costs, Record Mineral Reserves and a Substantial Increase in Mineral ResourcesThree-year production guidance reflects stable production – Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2026 to 2028. Both 2026 and 2027 gold production guidance is consistent with the prior three-year guidance issued on February 13, 2025 ("Previous Guidance"). The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and potentially beyond, as well as contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset a temporary lower gold grade sequence anticipated at Detour LakePeer-leading total cash costs and AISC – Total cash costs per ounce and AISC per ounce are forecast to be in the range of $1,020 to $1,120 and $1,400 to $1,550, respectively, in 2026. The midpoints of these ranges represent an approximate 12% increase (or $117 per ounce and $157 per ounce, respectively) compared to 2025, with approximately 60% of the increase reflecting higher royalty costs and a strong Canadian dollar, and 40% of the increase reflecting cost inflation of approximately 4% and the mining sequenceInvestment in pipeline projects to support future production growth – Capital expenditures4 in 2025 (excluding capitalized exploration) were $2.1 billion and are expected to be between $2.2 billion and $2.4 billion in 2026. Capitalized exploration in 2025 was $318 million and is forecast to be between $290 million and $330 million in 2026. The anticipated increase reflects additional investment to further advance the construction and ramp-up of the project pipeline, including at Detour Lake underground and Upper Beaver. Total expected development capital expenditures for 2026 include an initial $102 million related to Hope Bay, which could be supplemented by between $300 million and $350 million for the reminder of the year in the event the potential construction announcement expected, in the second quarter of 2026, is madeRecord gold mineral reserves – Year-end 2025 gold mineral reserves increased by 2.1% to a record of 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is attributable to strong mineral reserve replacement from operating mines and the initial declaration of mineral reserves at Marban following the acquisition of O3 Mining. For further details, see the Company's exploration news release dated February 12, 2026Record mineral resources support growth pipeline and potential mine life extensions – At year-end 2025, measured and indicated mineral resources increased by 9.6% to a record of 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources increased by 15.5% to a record of 41.8 million ounces (522 million tonnes grading 2.49 g/t gold), primarily due to exploration drilling success at East Gouldie, Hope Bay, Detour Lake and Meliadine. For further details, see the Company's exploration news release dated February 12, 2026______________________________4 Capital expenditures, sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below.3) Well Positioned for the Next Phase of Growth, Supported by a High-Quality Project Pipeline with Potential to Increase Annual Gold Production by 20-30% Over the Next DecadeAdvancing expansion and growth projects with the potential to deliver between 1.3 to 1.5 Moz of gold production, with initial step-up expected in 2030, which could result in a net addition of 0.7 to 1.0 Moz over the next decade – The Company is advancing a disciplined, phased development strategy that supports a path to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s, while maintaining a strong focus on safety, exploration success, operational excellence and generating attractive returns for shareholders. The Company believes this strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returnsCanadian Malartic, expansion to one million ounces of annual gold production – Drilling continued to expand the mineral reserve and mineral resource base, supporting the potential for a meaningful extension of the mine life at Odyssey and providing a strong foundation for a larger production profile. The transition to underground mining continues to advance ahead of schedule, with production from East Gouldie now expected to begin from the ramp in the first quarter of 2026 and from the shaft in the second quarter of 2027. The Company is evaluating the potential for a second shaft and additional satellite deposits, which may position Canadian Malartic to potentially ramp-up to approximately one million ounces of annual gold production beginning in 20335Detour Lake, expansion to one million ounces of annual gold production – Drilling continued to expand underground mineral resources and reinforce confidence in the geological model. With the exploration ramp advancing on schedule, the Company has allocated additional capital to accelerate construction of service and operational facilities, procure mobile equipment to support a faster development pace and advance work on the conveyor-ramp portal and associated ramp development5Upper Beaver, unlocking potential in the Kirkland Lake camp – Development activities continued to advance ahead of schedule. The headframe and hoist room were commissioned during the year, and shaft sinking began with the first blast completed in early November, reaching a depth of 155 metres by year-end 2025. Based on strong execution to date, the Company has allocated additional capital to accelerate site-readiness for construction and extend the exploration ramp to a depth of 400 metresHope Bay, path to develop next large gold mine in Nunavut – Drilling continued to expand and upgrade mineral resources at Patch?7, confirming its potential to serve as a third mining front alongside Doris and Madrid in support of the planned redevelopment of Hope Bay. A technical evaluation is underway that contemplates an operation similar in scale to the Company's Meliadine mine in Nunavut, with anticipated annual gold production of 400,000 to 425,000 ounces5. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026San Nicolás, potential for base metal production in Mexico – Minas de San Nicolás continued to advance the feasibility study and execution strategy, targeting completion of 50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine areaSeveral initiatives underway to enhance near-term gold production profile – The Company is advancing plans to increase mining and processing rates at Macassa to 2,150 tonnes per day ("tpd") and at Fosterville to 3,300 tpd over the next three years, with both initiatives factored into the 2026 guidance. Additionally, the Company is advancing other optimization initiatives, including the potential to further extend operations at Meadowbank beyond 2030 through an underground-only mine plan and the ongoing deployment of automation and technology upgrades across the Company's operations to support productivity gainsAssessing additional portfolio optionality in high gold price environment – The Company has a number of higher potential portfolio projects (Hammond Reef, Timmins East and Northern Territory) that are being re-evaluated in light of the high gold price environment. These projects are located in safe jurisdictions, where the Company currently operates and, in some cases, in close proximity to existing mining infrastructure and have the potential to provide additional production growth__________________________5 The forecast parameters were based on an internal evaluation which is preliminary in nature and includes inferred mineral resource. For a description see "Notes to Investors Regarding Certain Project Evaluations" below.Fourth Quarter and Full Year 2025 Results Conference Call and Webcast TomorrowThe Company's senior management will host a conference call on Friday, February 13, 2026, at 11:00 AM (E.S.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 437.900.0527 or toll-free 1.888.510.2154 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 38514#. The conference call replay will expire on March 13, 2026.The webcast, along with presentation slides, will be archived for 180 days on the Company's website.Fourth Quarter and Full Year 2025 Production and CostsProduction and Cost Results Summary
Three Months EndedDecember 31,
Year Ended December 31,
2025
2024
2025
2024Gold production* (ounces)
840,608
847,401
3,447,367
3,485,336Gold sales (ounces)**
842,556
824,902
3,400,919
3,434,094Production costs per ounce
$ 1,113
$ 881
$ 965
$ 885Total cash costs per ounce
$ 1,089
$ 923
$ 979
$ 903AISC per ounce
$ 1,517
$ 1,316
$ 1,339
$ 1,239*Gold production for the three months ended December 31, 2025 excludes payable gold production at La India and Creston Mascota of 925 and 70 ounces, respectively, which were produced from residual leaching and 7,026 ounces of gold recovered at Hope Bay. Gold production for the full year 2025 excludes payable gold production at La India and Creston Mascota of 4,539 and 323 ounces, respectively, and 9,468 ounces of gold recovered at Hope Bay.**Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the full year 2025, 2,500 ounces of gold sales are excluded at La India.Gold ProductionFourth Quarter of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Macassa (lower grade and throughput) and LaRonde (lower throughput), partially offset by higher production from Detour Lake (higher grade) and Canadian Malartic (higher grade and throughput)Full Year 2025 – Gold production decreased when compared to the prior year primarily due to lower production from Fosterville (lower grade and throughput) and La India (end of mine life), partially offset by higher production from Macassa and LaRonde (higher grades)Production Costs per OunceFourth 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 pricesFull Year 2025 – Production costs per ounce increased when compared to the prior year primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollarTotal Cash Costs per OunceFourth Quarter and Full Year 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 each respective periodAISC per OunceFourth 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 sustaining capital expenditures, primarily at Meadowbank and LaRonde, partially offset by lower general and administrative expensesFull Year 2025 – AISC per ounce increased when compared to the prior year 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 expensesRefer to the Company's Management Discussion and Analysis for the fourth 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.Fourth Quarter and Full Year 2025 Financial ResultsFinancial Results Summary
Three Months EndedDecember 31,
Year Ended December 31,
2025
2024
2025
2024Realized gold price (per ounce)6
$ 4,163
$ 2,660
$ 3,454
$ 2,384Net income (millions)
$ 1,523
$ 509
$ 4,461
$ 1,896Adjusted net income (millions)
$ 1,351
$ 632
$ 4,169
$ 2,118EBITDA (millions)7
$ 2,756
$ 1,198
$ 8,440
$ 4,462Adjusted EBITDA (millions)7
$ 2,509
$ 1,332
$ 8,090
$ 4,694Cash provided by operating activities (millions)
$ 2,112
$ 1,132
$ 6,817
$ 3,961Cash provided by operating activities before changes in non-
cash working capital balances (millions)
$ 1,810
$ 1,090
$ 6,013
$ 3,881Capital expenditures (millions)8
$ 790
$ 576
$ 2,391
$ 1,841Free cash flow (millions)
$ 1,310
$ 570
$ 4,399
$ 2,143Free cash flow before changes in non-cash working capital
balances (millions)
$ 1,009
$ 528
$ 3,595
$ 2,063
Net income per share (basic)
$ 3.04
$ 1.02
$ 8.89
$ 3.79Adjusted net income per share (basic)
$ 2.70
$ 1.26
$ 8.31
$ 4.24Cash provided by operating activities per share (basic)
$ 4.22
$ 2.26
$ 13.58
$ 7.92Cash provided by operating activities before changes in non-
cash working capital balances per share (basic)
$ 3.61
$ 2.17
$ 11.98
$ 7.76Free cash flow per share (basic)
$ 2.62
$ 1.14
$ 8.76
$ 4.29Free cash flow before changes in non-cash working capital balances per share (basic)
$ 2.01
$ 1.05
$ 7.16
$ 4.13Net IncomeFourth Quarter of 2025Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and an impairment reversal (net of tax) of $156 million related to Macassa, partially offset by higher income and mining taxesNet income of $1,523 million ($3.04 per share) includes the following items (net of tax): Macassa impairment reversal of $156 million ($0.31 per share), net gains on derivative financial instruments of $40 million ($0.08 per share), net asset disposal losses of $17 million ($0.03 per share), reclamation adjustments of $14 million ($0.03 per share) and foreign exchange gains of $7 million ($0.01 per share). Excluding these items results in adjusted net income of $1,351 million or $2.70 per shareFull Year 2025 – Net income increased when compared to the prior year primarily due to record operating margins resulting from higher realized gold prices, gains on derivative financial instruments (compared to losses in the prior year) and an impairment reversal at Macassa, partially offset by higher income and mining taxes, higher royalty costs from higher gold prices and higher amortization of property, plant and mine development___________________________________6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.7 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below.8 Includes capitalized exploration.Macassa Impairment ReversalIn 2023, an impairment loss relating to the Macassa mine was incurred in connection with the annual goodwill impairment test performed in accordance with the requirements of International Financial Reporting Standards ("IFRS"). The impairment loss (net of tax) was $594 million, with $421 million allocated to goodwill and $173 million allocated to non-current assets of the Macassa mine.In 2025, the Company identified indicators of impairment reversal driven by the effect of a significant and sustained increase in long-term gold price assumptions. Based on the impairment reversal assessment, an impairment reversal (net of tax) of $156 million was recognized with a corresponding increase in the value of the mineral properties at Macassa. This impairment reversal represents the full reversal of prior impairment allocated to property, plant and mine development, as adjusted for amortization.Adjusted EBITDAFourth 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)Full Year 2025 – Adjusted EBITDA increased when compared to the prior year 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 expensesCash Provided by Operating ActivitiesFourth Quarter and Full Year 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 marginsFree Cash FlowFourth Quarter and Full Year 2025 – Free cash flow and free cash flow before changes in non-cash working capital balances were 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 developmentCapital ExpendituresThe 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 fourth quarter and the full year 2025.Summary of Capital Expenditures
(thousands)
Capital Expenditures*
Capitalized Exploration
Three Months
Ended
Year Ended
Three Months
Ended
Year Ended
Dec 31, 2025
Dec 31, 2025
Dec 31, 2025
Dec 31, 2025Sustaining Capital Expenditures
LaRonde$ 38,635
$ 93,766
$ 1,394
$ 4,473Canadian Malartic41,870
129,507
432
2,050Goldex6,364
44,085
366
1,889Quebec86,869
267,358
2,192
8,412Detour Lake66,415
225,487
—
—Macassa23,776
55,897
735
1,770Ontario90,191
281,384
735
1,770Meliadine18,328
71,531
2,342
6,916Meadowbank34,453
132,085
—
—Nunavut52,781
203,616
2,342
6,916Fosterville23,206
67,821
665
665Australia23,206
67,821
665
665Kittila23,533
68,835
1,118
3,520Finland23,533
68,835
1,118
3,520Pinos Altos10,429
33,989
279
1,807Mexico10,429
33,989
279
1,807Other1,894
8,195
89
665Total Sustaining Capital Expenditures$ 288,903
$ 931,198
$ 7,420
$ 23,755
Development Capital Expenditures
LaRonde$ 30,739
$ 84,760
$ —
$ 11Canadian Malartic133,223
331,050
5,889
25,678Goldex6,335
17,504
2,285
4,534Quebec170,297
433,314
8,174
30,223Detour Lake96,475
285,441
9,245
35,763Macassa26,695
91,908
7,147
34,942Ontario123,170
377,349
16,392
70,705Meliadine17,095
72,456
3,722
16,439Meadowbank4,846
20,135
—
—Nunavut21,941
92,591
3,722
16,439Fosterville21,323
44,417
805
8,885Australia21,323
44,417
805
8,885Kittila174
520
2,824
7,600Finland174
520
2,824
7,600Pinos Altos2,338
6,255
9
41San Nicolás (50%)4,490
11,103
—
—Mexico6,828
17,358
9
41Other69,097
176,205
49,266
160,787Total Development Capital Expenditures$ 412,830
$ 1,141,754
$ 81,192
$ 294,680Total Capital Expenditures$ 701,733
$ 2,072,952
$ 88,612
$ 318,435* Excludes capitalized explorationRecord Free Cash Flow Drives Further Balance Sheet StrengthCash and cash equivalents increased by $511 million from the prior quarter, primarily due to cash provided by operating activities resulting from strong operating margins (higher realized gold prices) and favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins). The increase was partially offset by $801 million of capital expenditures and $501 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.For the full year 2025, cash and cash equivalents increased by $1,940 million and a total of $950 million of debt was repaid, resulting in a transition from the net debt position of $217 million at the beginning of the year to the net cash position of $2,670 million as at December 31, 2025.As at December 31, 2025, the Company's total long-term debt was $196 million. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at December 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.In 2025, the Company received an upgrade to its credit rating from Moody's Ratings to A3 with a Stable Outlook. This strong investment grade credit rating reflects the Company's strong portfolio of mining assets, continued strengthening of its credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.The following table sets out the calculation of net cash (debt).Net Cash Summary
(millions)
As at
As at
As at
Dec 31, 2025
Sep 30, 2025
Dec 31, 2024Current portion of long-term debt
$ —
$ —
$ (90)Non-current portion of long-term debt
(196)
(196)
(1,053)Long-term debt
$ (196)
$ (196)
$ (1,143)Cash and cash equivalents
2,866
2,355
926Net cash (debt)
$ 2,670
$ 2,159
$ (217)HedgesThe Company's full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 40% of the Company's total estimated Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2025 sealift, approximately 56% of the Company's total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.69 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility for 2026. The Company's full year 2026 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 2026. Current hedging positions are not factored into 2026 or future guidance.Shareholder ReturnsDividend Record and Payment Dates for the First Quarter of 2026The Company's Board of Directors has approved an increase in the quarterly dividend of 12.5% and has declared a quarterly cash dividend of $0.45 per common share (previously $0.40 per share), payable on March 16, 2026 to shareholders of record as of March 2, 2026. Agnico Eagle has declared a cash dividend every year since 1983.Expected Dividend Record and Payment Dates for the 2026 Fiscal YearRecord DatePayment DateMarch 2, 2026*March 16, 2026*June 1, 2026June 15, 2026September 1, 2026September 15, 2026December 1, 2026December 15, 2026* DeclaredDividend Reinvestment PlanFor information on the Company's dividend reinvestment plan, see: Dividend Reinvestment Plan.International Dividend Currency ExchangeFor 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 BidIn the fourth quarter of 2025, the Company repurchased 1,784,038 common shares under the NCIB at an average share price of $168.11 for aggregate purchases of $300 million. During the year ended December 31, 2025, the Company repurchased 4,114,150 common shares under the NCIB at an average share price of $145.76 for aggregate purchases of $600 million.The Company believes that its NCIB is a flexible and effective 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 may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases to $2 billion of common shares. Additional details will be provided at the time of the renewal.Fourth Quarter 2025 Sustainability HighlightsFocus on Strong Health and Safety Standards – The Company is committed to maintaining high standards of health and safety across its operations. In 2025, the Company delivered solid global safety performance, with a Global Combined Injury Frequency Rate ("GCIFR") of 2.6 per million hours worked, including employees and contractors. Overshadowing good safety performance during the year, there was a tragic fatal incident involving a contractor at Fosterville in early December 2025. Health and safety remains a fundamental priority for the Company, which continues to focus on operating a safe and healthy workplace with the objective being injury and fatality-freeTowards Sustainable Mining ("TSM") Leadership Awards – Seven of the Company's operations received a TSM Leadership Award from the Mining Association of Canada, reflecting each operation's excellence across all TSM categories of safety, environmental stewardship and community engagement. This recognition highlights the dedication of our teams to responsible mining practices and continuous improvement across our operationsContinued Improvement in Employee Engagement – The Company continued to see year-over-year increases in employee satisfaction as measured in the annual Great Place to Work ® survey. The survey is driven by employee feedback, reinforcing the Company's shared commitment to creating a positive and collaborative workplace culture, where employee satisfaction and engagement help support strong retention rates across the organizationCommitment to Trusted Community Partnerships – The Company completed an independent perception survey across its Canadian and Australian operations, establishing a measurable baseline for community trust and acceptance. The survey provides insight into how communities view the Company's environmental practices, communications, responsiveness and overall social impact. These findings will be used to develop a practical roadmap to strengthen relationships and track community sentiment over timeRecord Gold Mineral Reserves and Gold Mineral Resources at Year-end 2025The table below sets out the gold mineral reserves and gold mineral resources as at December 31, 2025 and December 31, 2024.
As at December 31, 2025As at December 31, 2024
CategoryTonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Change in
Gold (%)Mineral Reserves
Proven212,7960.986,731215,2490.936,4334.6 %Probable1,116,7551.3648,7111,061,6391.4047,8521.8 %Total Proven & Probable1,329,5511.3055,4421,276,8881.3254,2842.1 %Mineral Resources
Measured113,2541.284,656111,0281.234,3975.9 %Indicated1,086,4701.2142,4201,056,0191.1438,55310.0 %Total Measured & Indicated1,199,7241.2247,0761,167,0471.1442,9509.6 %Total Inferred522,2892.4941,815451,4832.4936,20815.5 %For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at the Company's mines and advanced projects for the December 31, 2025 estimate, see "Detailed Mineral Reserve and Mineral Resource Data" and "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below, as well as the Company's exploration news release dated February 12, 2026, and for the December 31, 2024 estimate, see the Company's news release dated February 13, 2025.Gold Mineral ReservesProven and probable gold mineral reserves increased by 2.1% to a record of 55.4 million ounces as at December 31, 2025. The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. See "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below for more details.Gold Mineral ResourcesMeasured and indicated gold mineral resources increased by 9.6% to a record of 43.0 million ounces as at December 31, 2025. The year-over-year increase in measured and indicated mineral resources is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5 ("LZ5") and Meliadine, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and Fosterville.Inferred gold mineral resources increased by 15.5% to a record of 36.2 million ounces as at December 31, 2025. The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Odyssey, Hope Bay and Detour Lake underground. The grade of the inferred mineral resources at year-end 2025 remained unchanged at 2.49 g/t gold compared to the prior year.Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below for more details.Pipeline Projects Continue to Advance – Building the Next Phase of Growth; Opportunities to Further Enhance Longer-Term ProductionThe Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s. The Company believes that this plan balances responsible, phased investment with a continued focus on exploration success, operational excellence and delivering strong returns to shareholders. The Company believes this growth strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has operating and technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns.Key Project2026 Gold
Production
Guidance(000s oz)Anticipated
ProductionRamp-upYearAnticipated
Incremental Annual
Gold Production*(000s oz)Anticipated
Incremental Annual
Copper Production(tonnes)Canadian Malartic575 — 5902033400 — 500—Detour Lake700 — 7152030300 — 350—Upper Beaver—2030200 — 2253,600Hope Bay—2030400 — 425—San Nicolás (50%)**—2030—50,000 - 60,000*The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see "Notes to Investors Regarding Certain Project Evaluations" below**San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent yearsThe Company's growth strategy includes the potential development of five organic projects that together could add up to an estimated 1.3 to 1.5 million ounces of annual gold production, along with 50,000 to 60,000 tonnes of copper and 150,000 to 160,000 tonnes of zinc per year, with ramp-up expected to begin starting in 2030. Construction activities at Canadian Malartic and the development of the exploration shaft and ramp at Upper Beaver are progressing ahead of schedule, while the development of the exploration ramp remains on schedule at Detour Lake. At Hope Bay, surface infrastructure upgrades have been completed, supporting a potential construction decision in the first half of 2026. At San Nicolás, the joint venture continues to advance the feasibility study and detailed engineering, while supporting the permitting process. Additional details on each of these projects are set out below.Canadian Malartic – Potential for 400,000 to 500,000 ounces of incremental annual gold productionThe Company continues to advance the transition to underground mining with the construction of the Odyssey mine. Once the Barnat pit at Canadian Malartic is depleted in 2029, annual gold production is expected to be in the range of 550,000 to 600,000 ounces, supported by an underground mining rate of approximately 19,000 tpd from four deposits. At that time, the processing plant is expected to have approximately 40,000 tpd of excess capacity. The Company is advancing three projects to potentially utilize a portion of this excess capacity and position Canadian Malartic to ramp-up toward one million ounces of annual gold production starting in 2033. These projects include (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 mineExploration drilling in 2025 continued to expand the mineral reserves and mineral resources at the Odyssey mine, further demonstrating the quality and scale of the East Gouldie and Odyssey deposits. The table below sets out the mineral reserve and mineral resources at the Odyssey mine.Mineral Reserve and Mineral Resources – Odyssey mine (100% basis)
As at December 31, 2025As at December 31, 2022*
CategoryTonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Changein Gold Ounces(000s oz)Mineral Reserves
Proven & Probable59,7303.146,0262,7572.221975,829Mineral Resources
Measured & Indicated57,7571.853,44264,2022.996,165(2,723)Inferred177,7292.2112,652132,4422.179,2333,419*See the Company's news release dated June 20, 2023 for the June 2023 technical update that was based on the December 31, 2022 mineral reserve and mineral resource estimateThe June 2023 technical update incorporated approximately 9.0 million ounces in the mine plan and envisioned a mine life extending to 2042. The significant growth of the mineral reserve and mineral resource base since December 31, 2022 supports the potential for a meaningful extension of the Odyssey mine life and provides a strong foundation for a larger, long-term production profile, with the addition of a new mining front supported by a second shaft. The Company believes this positions Odyssey as a multi-decade, world-class asset.Odyssey Shaft #1Mine development continued to progress ahead of schedule in the fourth quarter of 2025, delivering record quarterly advancement at Odyssey. The focus remains on preparing East Gouldie for the start of ramp-based production, expected in the first quarter of 2026 (three months earlier than planned). Development of the production levels for the first mining area has been completed, with workings now accessing East Gouldie mineralization, and the main ramp has reached the bottom of the second mining sequence at level 111 (a depth of 1,112 metres). Installation of the paste distribution infrastructure and essential services is nearing completion. Ventilation development also advanced, with raise excavations to level 58 ongoing and construction of the main exhaust fan station underway.Development of the material-handling infrastructure for the first shaft loading station between levels 102 and 114 continued to advance on schedule, supporting the expected start of shaft-hoisted production from East Gouldie in the second quarter of 2027. Shaft sinking progressed ahead of plan, reaching a depth of 1,466 metres as at December 31, 2025, reaching the top of the planned second loading station. Excavation of the material-handling infrastructure for the second loading station between levels 146 and 150 is now underway and is expected to continue through the third quarter of 2026. Shaft sinking remains on track to complete the first phase in the first quarter of 2027 at a planned depth of 1,600 metres, with the second loading station targeted for commissioning in 2029. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 181 and 187, is expected to be completed and commissioned in 2031.Construction of key surface infrastructure progressed on schedule and on budget. Fabrication of the production hoist is underway in Germany, with delivery expected in the second quarter of 2026. Construction progressed on phase two of the paste plant (designed for a 20,000 tpd capacity) and is expected to be completed in 2027.Odyssey Shaft #2The Company is advancing a technical evaluation of a potential second shaft at the Odyssey mine, with the preferred shaft location now confirmed near Shaft #1 and close to the centre of gravity of the deposit. Drilling of the geotechnical pilot hole is progressing well, reaching a depth of 831 metres as at December 31, 2025, toward a planned depth of approximately 2,200 metres. The evaluation, which incorporates the year-end 2025 mineral resource update, will assess the potential for developing an 8,000 to 10,000 tpd operation, supported by a second shaft equipped with a friction hoist and dedicated service hoist, a configuration expected to lower operating costs and capital expenditures, accelerate start-up by requiring only one loading station and reduce the surface footprint.The technical evaluation is expected to be completed at the end of 2026, with permitting studies scheduled to begin in the third quarter of 2026 and potential formal permit submission in early 2027. Approval of an amendment to the existing decree is expected to take approximately one year from submission of the application. Subject to permitting and Board approval, construction, shaft sinking and development of the associated underground material-handling and production infrastructure would be expected to take place over a four-year period, positioning the project for potential initial production in 2033.Marban – Satellite Open PitAs 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.In the fourth quarter of 2025, the Company completed an internal evaluation on Marban, removing previous property-boundary constraints on the pit design, which resulted in the Company's initial declaration of estimated probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. Additionally, drilling completed in the quarter confirmed and extended the Marban gold deposit onto the Company's adjacent Callahan property to the east. The results of the drilling were not included in the 2025 mineral reserves and mineral resource estimates.The technical evaluation envisions a 14,000 to 16,000 tpd open pit operation producing between 120,000 to 150,000 ounces of gold annually over a 12 year life of mine. In 2026, the Company will integrate new drilling into an optimized pit design and assess opportunities to redeploy mobile equipment from the Barnat pit at Canadian Malartic to minimize capital expenditures for the project. The results of this evaluation, expected at the end of 2026, will support the permitting process which is expected to be completed in 2030. Project construction could begin in 2031, with the potential for initial production as early as 2033.WasamacThe Wasamac project hosts mineral reserves of 1.38 million ounces of gold (14.8 million tonnes grading 2.9 g/t gold) and is being advanced as a potential satellite operation to support the Company's "fill-the-mill" strategy at Canadian Malartic. The project envisions an underground long-hole stoping operation with cemented rockfill, similar to LZ5 at LaRonde, with a planned mining rate of approximately 3,200 tpd. Ore will be transported to the Canadian Malartic mill for processing. Average annual gold production is expected to be approximately 90,000 ounces from a projected mill feed grade of 2.8 g/t gold. Initial capital expenditures are estimated at $270 million to $300 million, with operating costs of approximately C$115 per tonne, total cash costs per ounce of approximately $1,100 and annual sustaining capital expenditures of approximately $20 million. In 2026, the Company will continue advancing optimization and trade-off studies alongside permitting activities and engagement with stakeholders. Subject to permitting and Board approval, development could begin as early as 2029, with the potential for initial production in 2033 and an estimated mine life of approximately 15 years.Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold productionDetour Lake is Canada's largest gold mine, with gold production of 692,675 ounces at a processing rate of 76,353 tpd in 2025. As at December 31, 2025, Detour Lake hosted 18.6 million ounces of gold (798 million tonnes grading 0.72 g/t gold) in open pit, proven and probable mineral reserves, measured and indicated mineral resources of 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) and inferred mineral resources of 6.2 million ounces of gold (111 million tonnes grading 1.73 g/t gold).In 2025, drilling continued to delineate a subset of the mineral resources with a gold cut-off grade of 1.20 g/t gold, which is amenable to underground mining within and adjacent to the open pit mineral resource. At year-end 2025, the high-grade mineralized corridor increased substantially relative to the June 2024 technical update (see the Company's news release dated June 19, 2024) based on the March 31, 2024 mineral reserve and mineral resource estimate, which incorporated approximately 0.7 million ounces of gold in indicated mineral resources and 3.9 million ounces in gold of inferred mineral resources in the mine plan. The table below sets out the mineral reserve and mineral resources in the Detour Lake high grade mineralized corridor that are amenable to underground mining.Mineral Reserve and Mineral Resources – Detour Lake High-Grade Mineralized Corridor Amenable to Underground Mining
As at December 31, 2025As at March 31, 2024
CategoryTonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Changein Gold Ounces (000s oz)Mineral Resources
Measured & Indicated85,8002.005,50019,0001.941,2004,300Inferred89,8002.025,800107,7002.057,100-1,300The significant expansion in the underground mineral resource base continues to support and de-risk the potential for a meaningful expansion of the Detour Lake operation to annual gold production of approximately one million ounces per year. The Detour Lake expansion envisions the concurrent operation of the open pit with proposed underground mining at a rate of 11,200 tpd, combined with a mill throughput expansion to 79,450 tpd, which is now expected to be reached by 2030.Additionally, the successful completion of the high-intensity surface drilling program on a high-grade mineralized corridor in the West Pit zone has further strengthened confidence in the Detour Lake underground project. The drilling validated the continuity of the mineralization, confirmed the robustness of the geological model (maintaining grade while increasing tonnes and ounces) and improved the ability to mine with additional vertical stope opportunities.Building on the expanding underground-amenable mineral resource and geological confidence, the Company has allocated an additional $200 million, supplementing the $100 million previously approved in June 2024, to continue advancing the Detour Lake underground project through to a potential approval decision in mid-2027. Approximately $45 million was spent in 2024 and 2025 to advance technical studies and drilling, key surface infrastructure and an exploration ramp toward the West Extension zone. The exploration ramp reached a length of 569 metres and a depth of 90 metres as at December 31, 2025. The Company expects to spend approximately $130 million in 2026 and $125 million in 2027, including the extension of the exploration ramp to the planned bulk-sampling location at Level 200 and the collection of the bulk sample, additional service and operational facilities, procurement of mobile equipment to support an accelerated development schedule and the development of the conveyor ramp portal and ramp. These investments are designed to de-risk the project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones.In parallel and not included in 2026 guidance, the Company is assessing the potential to begin underground production from the West Extension zone as early as 2028. Underground ore would be trucked via the exploration ramp to the mill and could contribute approximately 20,000 to 30,000 ounces of gold in 2028 and 2029.Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copperAt Upper Beaver, the Company continues to accelerate project development through a phased approach to de-risking the project that includes developing an exploration ramp to a depth of 160 metres and an exploration shaft to a depth of 760 metres. This work will establish underground drilling platforms and allow for the collection of a bulk sample. The Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.Development activities advanced ahead of schedule in the fourth quarter of 2025. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres as at December 31, 2025. At the shaft, the headframe and hoist room were commissioned and sinking activities began, with the first blast completed in November. By year-end 2025, the shaft had reached a depth of 155 metres. Surface infrastructure construction, including the maintenance shop and water-treatment plant, was also completed, with commissioning underway.Given the strong execution to date, the Company has allocated an additional $100 million, supplementing the $200 million approved in July 2024, to accelerate project advancement to a potential sanction decision in mid-2027. This additional investment will include enhancements to the dewatering infrastructure, a housing strategy at Kirkland Lake for the workforce, the extension of the exploration ramp to Level 400 (from the previously planned Level 160), the acceleration of production-phase engineering and procurement of long-lead items. In parallel, a high-intensity drilling program is underway, similar to the program successfully completed at Detour Lake. Depending on the results of this program, this program could replace the planned bulk sample at the 760-metre level and has the potential to bring initial production forward to 2030.The Upper Beaver project has the potential to unlock significant long-term value across the Company's Kirkland Lake camp. In addition to potential extension of the mineralization at depth, the project could enable future development of nearby satellite deposits, including at Upper Canada and Anoki-McBean, supported by a centralized mill through a hub-and-spoke operating concept.Hope Bay – Potential for 400,000 to 425,000 ounces of annual gold productionTotal mineral reserves and measured and indicated mineral resources at Hope Bay remained consistent year-over-year, while total inferred mineral resource ounces increased by 46%, largely due to the exploration success at the Patch 7 zone at the Madrid deposit.Mineral Reserve and Mineral Resources – Hope Bay
As at December 31, 2025As at December 31, 2024
CategoryTonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Changein Gold Ounces (000s oz)Mineral Reserves
Proven & Probable16,1786.533,39616,2126.523,398-2Mineral Resources
Measured & Indicated14,9464.612,21714,6894.542,14373Inferred16,8685.983,24612,2325.442,312934As at year-end 2025, Patch 7 hosts 1.0 million ounces of gold in measured and indicated mineral resources (4.5 million tonnes grading 6.77 g/t) and 1.7 million ounces of gold in inferred mineral resources (8.0 million tonnes grading 6.57 g/t), a 123% increase in inferred mineral resources when compared to 2024. The substantial growth of mineral resources at Patch 7 provides a potential third mining front, alongside Doris and Madrid North Naartok, to support the redevelopment of Hope Bay, envisioned as an operation similar in scale to the Meliadine mine in Nunavut. A technical evaluation is underway that contemplates annual gold production of 400,000 to 425,000 ounces at a mining and processing rate of 6,000 tpd. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026.In 2025, the Company advanced site preparations for potential redevelopment, including upgrades to camp facilities with the installation of two new camp wings and the construction of a third wing underway, expansion of the port jetty and the dismantling of equipment in the existing mill. Additional construction equipment and service infrastructure were mobilized and shipped to site. Basic engineering has been completed, with detailed engineering expected to reach 50% to 55% prior to a potential construction announcement.In the fourth quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 656 metres and reached the planned depth of 100 metres as at December 31, 2025. The 1.9-kilometre exploration ramp was developed to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)In the fourth quarter of 2025, Minas de San Nicolás continued to advance the feasibility study and execution strategy, while waiting for the resolution from the authorities of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. All actions related to the MIA-R and ETJ permits are complete and a regulatory decision is expected in H1 2026. 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, pending receipt of permits. As at year-end 2025, over 30% of the engineering had been completed, with completion expected to reach approximately 50% by mid-2026.During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.Additional Optionality within the PortfolioIn addition to these projects, the Company continues to assess other opportunities in its exploration and development portfolio. Studies and evaluations are progressing at Hammond Reef near Atikokan in Northwestern Ontario, Timmins East in Ontario, and across the Company's land package in the Northern Territory, Australia. These assets provide flexibility for future production sequencing and capital allocation.The mineral reserves and mineral resources for these projects as at December 31, 2025 are set out in the table below.
Mineral ReservesMeasured & IndicatedInferredCategoryTonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Tonnes(000s)Grade(g/t)Gold(000s oz)Hammond Reef123,4730.843,323133,3670.542,298———Timmins East*———24,0533.302,5559,2194.471,324Northern Territory———21,0092.151,45519,0622.471,512* Timmins East includes the mineral resources reported for Aquarius (open pit) and the Holt complex (underground).Hammond ReefThe Hammond Reef project comprises a high tonnage, low grade gold deposit, with potential for development into an open pit operation with conventional milling. An internal evaluation completed in 2020 (see the Company's news release dated February 11, 2021) outlined a development plan for a 30,000 tpd operation, with average annual gold production of 272,000 ounces over a projected 12-year mine life. While the Company has not approved the project for development, studies to optimize the project, update the costing assumptions and further advance the final permits required for construction and operation are underway. An update on the project is expected in 2027.Timmins East ProjectThe Timmins East land package is a series of properties in northeastern Ontario totalling 53,388 hectares and covering a 100 kilometre strike length. The land package has a complex exploration history dating back to at least the 1930s and hosts past-producing gold mines including Aquarius, Holt, Holloway, Hislop and Taylor, as well as the Holt processing facility, with a capacity of 3,000 tpd (suspended in 2020). Any potential redevelopment of the Timmins East project would require upgrades to the existing processing facility. During 2026, the Company will continue reviewing historical mining and exploration data across the property package, including previously identified high-priority exploration targets at past-producing assets. The review is expected to provide a ranking of exploration targets for potential diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment.Northern TerritoryThe Northern Territory asset package in northern Australia totals 175,064 hectares and comprises the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (suspended in 2020), the proposed Union Reefs North underground development project and regional exploration assets within the historic Pine Creek gold district. During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets, including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth. The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility, with a potential upgrade of the processing plant to treat refractory ores.New Three-Year Guidance – Stable Gold Production Through 2028; Total Cash Costs and AISC for 2026 Remain Peer-Leading; Increased Investment to Support Future GrowthGold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually in 2026 through 2028, consistent with gold production in 2025 and Previous Guidance for 2026 and 2027. The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and possibly beyond and contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset an anticipated lower gold grade sequence at Detour Lake.Under the Company's revised composition of total cash costs per ounce and AISC per ounce, the mid-point of the Company's 2026 guidance for total cash costs per ounce and AISC per ounce is expected to be $1,070 and $1,475, respectively9. This represents an increase of approximately 12% compared to 2025, primarily reflecting higher royalty costs driven by the assumed gold price of $4,500 per ounce, cost inflation, a stronger Canadian dollar assumption and lower grade sequences at Macassa, Meadowbank, Fosterville and Canadian Malartic.The 2026 production and cost guidance summary is set out below.2026 Guidance Summary
($ millions, unless otherwise stated)
2025
2026
2026
Actual
Guidance Range
Mid-PointGold production (thousands of ounces)3,447
3,3003,500
3,400Total cash costs per ounce10$ 979
$ 1,020$ 1,120
$ 1,070AISC per ounce10$ 1,339
$ 1,400$ 1,550
$ 1,475
Capital expenditures10 (excluding capitalized exploration)$ 2,073
$ 2,175$ 2,395
$ 2,285Capitalized exploration$ 318
$ 290$ 330
$ 310Capital expenditures (including capitalized exploration)$ 2,391
$ 2,465$ 2,725
$ 2,595
Exploration and corporate development*$ 207
$ 275$ 305
$ 290Depreciation and amortization expense$ 1,645
$ 1,550$ 1,750
$ 1,650General and administrative expense**$ 236
$ 230$ 260
$ 245Other costs***$ 163
$ 75$ 95
$ 85NTI Payment11$ 56
$ 185$ 195
$ 190Cash taxes$ 1,178
$ 3,400$ 3,600
$ 3,500Effective tax rate (%)33 %
34 %36 %
35 %*2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate development**2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million***2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs, 2025 Actual includes $70 million of care and maintenance costs and $93 million of other income and expenses__________________________9 For a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see "Note Regarding Certain Measures of Performance" below.10 The Company's guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP information. Guidance for total cash costs per ounce and AISC per ounce is forecast using the Company's revised composition of these non-GAAP measures for periods commencing on or after January 1, 2026. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have been made by the Company to the composition of certain of these measures, see "Note Regarding Certain Measures of Performance" below.11 The "NTI Payment" is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.Cash TaxesFor 2026, the Company expects its effective tax rates to be:Canada – 35% to 40%Mexico – 35% to 40%Australia – 30%Finland – 20%The Company's overall effective tax rate is expected to be approximately 34% to 36% for the full year 2026.The Company estimates consolidated cash taxes of approximately $3.4 to $3.6 billion in 2026 at prevailing gold prices, compared to $1.2 billion in 2025. The increase in cash taxes from 2025 reflects both expected higher operating margins and approximately $1.3 billion for the remaining cash tax liability related to the 2025 taxation year, which will be paid in the first quarter of 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million with a mid-point of $550 million.NTI PaymentFor 2026, the Company expects to pay between $185 million and $195 million with respect to the NTI Payment at Amaruq, using a gold price assumption of $4,500 per ounce. The NTI Payment is included in production costs but excluded from total cash costs per ounce and AISC per ounce. For further details refer to "Note Regarding Certain Measures of Performance" below.Updated Production and Cost GuidanceGold production guidance for each mine site from 2026 through 2028 and cost guidance for each mine site for 2026 are set out in the tables below. The Company continues to evaluate opportunities to further optimize and improve gold production and unit cost guidance from 2026 through 2028.Payable Gold Production Guidance
2025
2026
2027
2028(ounces)Actual
Forecast Range
Forecast Range
Forecast RangeLaRonde344,555
330,000350,000
335,000355,000
350,000370,000Canadian Malartic642,612
575,000605,000
640,000670,000
720,000750,000Goldex125,501
115,000125,000
135,000145,000
140,000150,000Quebec1,112,668
1,020,0001,080,000
1,110,0001,170,000
1,210,0001,270,000Detour Lake692,675
700,000730,000
610,000640,000
590,000620,000Macassa312,729
305,000325,000
315,000335,000
320,000340,000Ontario1,005,404
1,005,0001,055,000
925,000975,000
910,000960,000Meliadine376,346
380,000400,000
410,000430,000
420,000440,000Meadowbank493,314
475,000495,000
430,000450,000
265,000285,000Nunavut869,660
855,000895,000
840,000880,000
685,000725,000Fosterville160,522
140,000160,000
140,000160,000
170,000190,000Kittila217,379
210,000230,000
215,000235,000
240,000260,000Pinos Altos81,734
70,00080,000
70,00080,000
85,00095,000Total Gold Production3,447,367
3,300,0003,500,000
3,300,0003,500,000
3,300,0003,500,000Gold production for 2026 and 2027, expected at 3.3 to 3.5 million ounces annually, is consistent with Previous Guidance, with offsetting adjustments between mine sites.The gold production outlook for 2028 has improved and is expected to remain stable at 3.3 to 3.5 million ounces. The improved forecast reflects higher production from Meadowbank following its mine life extension to 2030, along with additional contributions from Canadian Malartic (accelerating production ramp-up at East Gouldie), Fosterville (optimization initiatives increasing mining and milling rates to 1.2 million tonnes per year) and Kittila (optimization of mining sequence and throughput). These gains are expected to offset lower production relative to 2026 and 2027 at Detour Lake, due to lower gold grades in the mining sequence, and at Meadowbank, with operations transitioning from primarily open pit to primarily underground.Cash Cost Guidance
($ per ounce)2025
2025
2026
Actual
Actual
Guidance12
Production Costs per Ounce
Total Cash Costs per Ounce13LaRonde$ 1,045
$ 829
$ 919Canadian Malartic760
946
1,187Goldex1,187
1,002
1,054Quebec896
917
1,085Detour Lake816
879
921Macassa709
793
1,079Ontario783
852
969Meliadine1,069
1,067
1,047Meadowbank131,120
928
930Nunavut131,098
988
982Fosterville912
937
1,374Kittila1,087
1,081
1,267Pinos Altos2,518
2,006
2,092Consolidated Company$ 965
$ 953
$ 1,070Total cash costs per ounce in 2026 are expected to increase by approximately 12% (approximately $117 per ounce) when compared to 2025. The expected increase is mainly driven by:Higher royalty costs (approximately $36 per ounce), reflecting the assumed gold price $4,500 per ounce compared to a realized gold price of $3,435 per ounce in 2025Cost inflation (approximately $33 per ounce), mainly related to labour, electricity, equipment parts and electrical components, net of cost reductions due to efficiency gainsA weaker US dollar (approximately $31 per ounce), primarily reflected by a USD:CAD exchange rate assumption of 1.36 in 2026 compared to 1.40 in 2025; andLower grade sequencing (approximately $17 per ounce): gold grades are expected to be lower at Macassa, Fosterville, Meadowbank and Canadian Malartic, in line with the respective mine plans, with higher throughputs and cost optimization offsetting the impact on gold production and minesite costs per tonne at those sitesAISC Cost Guidance
($ per ounce)2025
2026
Actual
Guidance12Consolidated Company AISC per Ounce13$ 1,313
$ 1,475_______________________12 2026 Guidance for total cash costs per ounce by mine, region and the consolidated Company are based on the mid-point of 2026 production guidance as set out in the table above. 2026 Guidance for AISC per ounce for the consolidated Company is based on the mid-point of 2026 production guidance as set out in the table above.13 Total cash costs per ounce and AISC per ounce for 2025 Actual and 2026 Guidance set out in the tables above have been calculated using the Company's revised composition for periods commencing on or after January 1, 2026. This revised composition affects only total cash costs per ounce for Meadowbank, the Nunavut region and the consolidated Company and AISC per ounce for the consolidated Company. Total cash costs per ounce for other mines and regions are not affected. Using the Company's composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $1,110 for Meadowbank, $1,091 for Nunavut and $979 for the consolidated Company and AISC per ounce was $1,339 for the consolidated Company.AISC per ounce in 2026 is expected to increase by 12% (approximately $162 per ounce) when compared to 2025, driven largely by the same factors contributing to higher total cash costs per ounce, an increase in non-cash reclamation related costs and a slight increase in sustaining capital expenditures as described below. The Company expects unit costs and AISC per ounce to rise in line with an inflation rate of 3% to 5% through 2027 and 2028.The Company remains focused on attempting to reduce costs through productivity improvements and innovation initiatives at all of its operations and the realization of any such additional operational synergies is not currently factored into the cost guidance.Cost guidance provided for total cash costs per ounce is derived from the currency and commodity price assumptions below and are subject to the following sensitivities:2026 Commodity and Currency Price Assumptions
Approximate Impact on Total Cash Costs per Ounce*C$/US$1.36
$0.01 change in C$/US$$ 6Gold ($/oz)$ 4,500
$100/oz change in gold price$ 3Silver ($/oz)$ 70
$5/oz change in silver price$ 3Diesel ($/ltr)$ 0.78
10% change in diesel price$ 8* Excludes the impact of current hedging positions.Tariffs considerationsThe Company expects that the international trade disputes triggered by the introduction of import tariffs by the United States in 2025 and the subsequent retaliatory measures by other countries will remain fluid in 2026. 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 65% 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 measures will be implemented, the quantum of such tariffs, the nature of such measures, 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 assumes there will be no impact from such tariffs, retaliatory measures or trade disputes.Three-Year Production Guidance by MineSince the Previous Guidance, there have been several operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial 2028 guidance are set out below.ABITIBI REGION, QUEBECLaRonde Gold Production (oz)2025202620272028
2025 Guidance (mid-point)310,000320,000350,000 n/a
2026 Guidance (mid-point)344,555 (actual)340,000345,000360,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Silver (g/t)Silver Mill Recovery (%)
2,9513.8293.8 %8.1472.6 %
Production and
Minesite Costs per Tonne14Zinc (%)Zinc Mill Recovery (%)Copper (%)Copper Mill Recovery (%)
C$1680.37 %68.8 %0.11 %85.9 %At LaRonde, the production outlook has improved with 2026 expected to exceed the Previous Guidance and 2027 remaining in-line. Gold production is expected to increase to 340,000 ounces of gold in 2026, driven by higher gold grades at the LaRonde mine, an increase in the mining rate at LZ5 to 3,800 tpd (a year earlier than previously anticipated) and the addition of new production zones. The integration of the Fringe, Dumagami and 11-3 zones into the mine plan are expected to enhance the mine production flexibility and support the Company's strategy to manage seismicity at depth.LaRonde has planned a mill shutdown of 10 days in the second quarter of 2026 in order to replace the liners at the SAG mill and to complete overall maintenance of the drystack filtration plant and flotation circuit. LaRonde also has planned four-day shutdowns in the first, third and fourth quarters of 2026 for regular maintenance.Canadian Malartic Gold Production (oz)20252026202720282025 Guidance (mid-point)590,000560,000650,000 n/a 2026 Guidance (mid-point)642,612 (actual)590,000655,000735,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and
Minesite Costs per Tonne
19,9881.0190.9 %C$49At Canadian Malartic, the production forecast in 2026 has increased, supported by stronger-than-expected gold grades at the Barnat pit, consistent with 2025 performance, and by the continued ramp-up of production at Odyssey, including initial production from the East Gouldie deposit.Production in 2027 remains consistent with Previous Guidance, while 2028 gold production is expected to increase by approximately 80,000 ounces to 735,000 ounces when compared to 2027, which is anticipated to be driven by growing contributions from East Gouldie at Odyssey.From 2026 to 2028, production is expected to be sourced from the Barnat pit and increasingly supplemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026, approximately 240,000 ounces of gold in 2027 and approximately 450,000 ounces of gold in 2028 as mining activities ramp-up.In 2026, Canadian Malartic has planned four-day quarterly shutdowns for regular maintenance at the mill.______________________14 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of this measure, which only affects minesite costs per tonne reported at Meadowbank. For a reconciliation of minesite costs per ounce to production costs per tonne, a description of its composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure, see "Note Regarding Certain Measures of Performance" below. Goldex Gold Production (oz)20252026202720282025 Guidance (mid-point)130,000130,000130,000 n/a 2026 Guidance (mid-point)125,501 (actual)120,000140,000145,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)
3,1511.4184.0 %
Production and Minesite
Costs per TonneCopper (%)Copper Mill
Recovery (%)
C$630.12 %76.5 %
At Goldex, the 2026 production guidance is slightly lower than Previous Guidance, reflecting a planned increase in lower-grade ore sourced from Akasaba West, which is expected to contribute approximately 18,000 ounces of gold and 3,000 tonnes of copper in 2026.Ore feed from Akasaba West is also expected to increase in 2027, with contributions of approximately 25,000 ounces of gold and 4,000 tonnes of copper expected in both 2027 and 2028. At the same time, the Company plans to send approximately 1,500 tpd of higher-grade South Zone ore to the Canadian Malartic mill to benefit from higher recoveries. Together, the Company anticipates that these adjustments support the forecast increase in gold production in 2027 and 2028.In 2026, Goldex has planned quarterly shutdowns of two to three days for regular maintenance at the mill.ABITIBI REGION, ONTARIODetour Lake Gold Production (oz)20252026202720282025 Guidance (mid-point)720,000735,000645,000n/a 2026 Guidance (mid-point)692,675 (actual)715,000625,000605,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne
28,0000.8890.5 %C$32At Detour Lake, production guidance for 2026 and 2027 has been revised modestly lower compared to Previous Guidance. The updated outlook reflects adjustments to the mining sequence following delays encountered in 2025 and to the mining rate to reflect performance in 2025, as well as a decision to slow down the planned mill ramp-up to 79,450 tpd. The Company is advancing additional optimization initiatives to support the increase in throughput, which is now expected to be completed by the end of 2029. With these adjustments, the Company now anticipates a production step-up at Detour Lake in 2030 and reaching annual production of approximately one million ounces of gold in 2031.From 2026 to 2028, gold production is expected to decline year-over-year as the operation transitions into a lower grade and higher strip-ratio phase of the mine plan. Gold grades are expected to average 0.77g/t in 2027 and 0.69 g/t in 2028, with strip-ratios between 4.0 to 4.5, compared to 2.8 in 2025.Building on recent exploration success expanding underground mineralization west of the open pit and near the planned exploration ramp, the Company is assessing the potential to begin ramping-up underground production as early as 2028. Under such a scenario, initial underground ore would be trucked to the mill and could contribute approximately 20,000 to 30,000 ounces of gold per year in 2028 and 2029.Detour Lake has scheduled three major shutdowns, each lasting seven days, for regular mill maintenance in the first, second and fourth quarters of 2026.Macassa Gold Production (oz)20252026202720282025 Guidance (mid-point)310,000325,000335,000 n/a 2026 Guidance (mid-point)312,729 (actual)315,000325,000330,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne
98110.4096.0 %C$475At Macassa, the production guidance in 2026 and 2027 has been revised to be modestly lower when compared to Previous Guidance, primarily due to the deferral of initial production from the AK deposit in 2026 and a lower-than-previously-planned contribution from the AK deposit in 2027. The Company completed modifications to the LZ5 processing facility at LaRonde to accommodate the AK deposit ore in 2025. An amendment to the LZ5 processing facility permit to process ore from the AK deposit is expected to be received in the first quarter of 2026, with trucking and processing at the LZ5 processing facility now planned to begin in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 45,000 ounces of gold in 2026, and approximately 50,000 to 60,000 ounces of gold in 2027 and in 2028.Gold production in 2026 is expected to be in line with 2025 as ongoing mill optimization and the initial contribution from the AK deposit offset the lower gold grades as per the mining sequence. Macassa remains on track to ramp-up mill capacity to 2,040 tpd by the end of 2026, compared to a mill throughput of 1,570 tpd in 2025. The Tertiary 2 mill was rehabilitated in 2025, including upgrades to key grinding ancillary equipment. Additional optimization initiatives continue to advance, targeting improved runtime and throughput through the installation of an ore storage dome and re-feed system, automation and instrumentation enhancements and upgrades to the crushing plant. These improvements are expected to be completed by the end of 2027, supporting a planned throughput of approximately 2,150 tpd. Higher production in 2027 and 2028 relative to 2026 reflects the continued optimization of the Macassa mill.Macassa has scheduled a major shutdown of five days in the third quarter of 2026, for replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenance.NUNAVUTMeliadine Gold Production (oz)20252026202720282025 Guidance (mid-point)385,000410,000420,000n/a 2026 Guidance (mid-point)376,346 (actual)390,000420,000430,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne
2,3735.3296.1 %C$236At Meliadine, the production guidance for 2026 is slightly lower than Previous Guidance, while the outlook for 2027 remains the same. The modest reduction in 2026 reflects adjustments to the mine plan and mining sequence, following the cost improvement initiatives achieved over the past two years. The Company continues to advance mill optimization efforts, achieving throughput of 6,441 tpd in 2025, ahead of the 6,250 tpd target. Mill performance is expected to improve further, with throughput expected to increase to approximately 6,500 tpd in 2027 and 6,700 tpd in 2028, supporting the higher gold production guidance for those years.Meliadine has scheduled quarterly shutdowns lasting four to five days for regular mill maintenance.Meadowbank Gold Production (oz)20252026202720282025 Guidance (mid-point)495,000450,000390,000n/a 2026 Guidance (mid-point)493,314 (actual)485,000440,000275,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne15
4,2303.9191.2 %C$148At Meadowbank, the production guidance has improved in 2026 and 2027 when compared with Previous Guidance. Supported by the stronger gold price environment, the Company has approved a push-back at the open pit, extending mine life by two years to 2030. Combined with additional underground contribution, this extension is expected to add approximately 740,000 ounces of gold (21.2 million tonnes grading 2.65 g/t gold) to the 2026 to 2030 production profile compared to prior forecasts. While these ounces carry a higher cost base, they are still expected to generate strong cash flow at current gold prices. Benefitting from ongoing optimization efforts, the Amaruq underground mine is now expected to contribute approximately 150,000 ounces of gold annually from 2026 to 2028. The Company is also assessing the potential to extend operations beyond 2030 through an underground-only mine plan, with preliminary results expected in early 2027.The Company continues to account for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and the Meadowbank processing facility and between the Meadowbank processing facility and Baker Lake. Wildlife management is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and reduce production disruptions.Meadowbank has scheduled two major shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance._________________________15 For periods commencing on or after January 1, 2026, the Company has revised the composition of this non-GAAP measure. These revisions only affect minesite costs per tonne reported at Meadowbank. In 2025, production costs per tonne at Meadowbank were C$195 and minesite costs per tonne (using the Company's revised composition of such measure) were C$162. Using the Company's composition of this measure for periods ending on or prior to December 31, 2025, minesite costs per tonne were C$194 at Meadowbank in 2025. See "Note Regarding Certain Measures of Performance" below.AUSTRALIAFosterville Gold Production (oz)20252026202720282025 Guidance (mid-point)150,000150,000150,000n/a 2026 Guidance (mid-point)160,522 (actual)150,000150,000180,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne
9855.0793.4 %A$293At Fosterville, production guidance in 2026 and 2027 is in line with Previous Guidance, with production expected to increase to approximately 180,000 ounces of gold in 2028.As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase the mining and milling rate by approximately 65% to 3,300 tpd while reducing costs per tonne by approximately 20% over the next three years when compared to 2025. This strategy is designed to support annual production of 160,000 to 190,000 ounces of gold starting in 2028 and sustain that range in the early 2030s based on the current mineral reserves and mineral resources.On the mining side, the plan includes developing additional mining areas to support more than 12 active production fronts, together with ongoing operational improvements. The commencement of production at Robbins Hill in 2025 added a third mining area, enhancing production flexibility. Continuous improvement initiatives are underway to drive productivity, including stope-cycle optimization and increasing development rates to sustain approximately 12 kilometres of annual development. The ramp-up also relies on the timely execution of key capital projects, including upgrades to the ventilation infrastructure – completion of the underground primary fans (expected in first quarter of 2026), the southern surface ventilation return air raise (expected to be completed in the third quarter of 2026) and the Robbins Hill surface ventilation return air raise (expected in 2027), as well as the expansion of the pastefill system to Harrier (expected in the second quarter of 2026). These projects are expected to total approximately $13 million over the next two years.At the processing plant, achieving the targeted 3,300 tpd throughput will require upgrades to the grinding circuit and related ancillary equipment to maintain current recovery levels. The plan also includes the construction of two new tailings cells, with the first cell expected to be operational by year-end 2027 and the second by year-end 2029. These projects are estimated to total approximately $35 million over the next four years.Through its ongoing exploration program, the Company sees significant upside potential at Fosterville to support continued mine life extensions. Recent expansion and conversion drilling has successfully replaced a substantial portion of mining depletion. The Company will continue to advance drilling on the extensions of the Lower Phoenix and Robbins Hill mineral reserves and mineral resources, while also expanding its drilling footprint onto the prospective land package acquired from S2 Resources in 2025. Gold-bearing structures at Fosterville extend onto these newly consolidated grounds, providing opportunities for near-mine expansion drilling directly from existing underground infrastructure.Fosterville has scheduled five-day quarterly shutdowns for regular mill maintenance in 2026.FINLANDKittila Forecast20252026202720282025 Guidance (mid-point)230,000240,000240,000n/a 2026 Guidance (mid-point)217,379 (actual)220,000225,000250,000
2026 Guidance for Full Year 2026Ore Milled ('000 tonnes)Gold (g/t)Gold Mill Recovery (%)Production and Minesite
Costs per Tonne
2,0373.9984.2 %€ 116At Kittila, the production guidance in 2026 and 2027 is modestly lower than Previous Guidance, reflecting adjustments to stope optimization and mining sequence following the productivity gains and cost improvements achieved over the past two years. Gold production in 2028 is expected to increase, supported by a higher-grade mining sequence and a planned 5% increase in mill throughput compared to 2025.The increase in minesite costs per tonne in 2026 relative to 2025 is primarily driven by the higher royalty costs resulting from the stronger gold prices, as well as changes to Finland's fiscal regime, including an increase in the mining tax from 0.6% to 2.5% of revenue and a higher electricity tax.Kittila has planned major shutdowns in the first and fourth quarters of 2026 lasting 9 days and 15 days, respectively, for regular maintenance on the mill and autoclave and a five-day water treatment plant shutdown in the third quarter of 2026.MEXICOPinos Altos Gold Production (oz)20252026202720282025 Guidance (mid-point)80,00080,00090,000n/a 2026 Guidance (mid-point)81,734 (actual)75,00075,00090,000
2026 Guidance for Full Year 2026Total Ore('000 tonnes)Gold (g/t)Gold Recovery (%)
1,4071.7594.7 %
Production and Minesite
Costs per TonneSilver (g/t)Silver Mill Recovery (%)
$15338.4049.2 %
At Pinos Altos, the production guidance in 2026 and 2027 has been revised modestly lower from Previous Guidance, reflecting a reduced mining rate at the Santo Nino deposit to accommodate more challenging ground conditions and performance observed in 2025. Production is expected to increase in 2028 compared to 2027, supported by the planned start of the Reyna de Plata East open pit in late 2027 and higher grades at Cubiro as per the mining sequence.Capital Expenditures GuidanceIn 2026, estimated capital expenditures (excluding capitalized exploration) are expected to be between $2.2 billion and $2.4 billion, which includes $960 million of sustaining capital expenditures and $1,325 million of development capital expenditures. In 2026, estimated capitalized exploration expenditures are expected to be between $290 million and $330 million.This compares to the full year 2025 capital expenditures of $2.1 billion (which included $931 million of sustaining capital expenditures and $1,142 million of development capital expenditures) and capitalized exploration of $318 million. The overall increase in capital expenditures when compared to 2025 reflects reinvestment in the business to lay the groundwork for future growth through both development capital expenditures and capitalized exploration.Forecast sustaining capital expenditures slightly higher year-over-year, reflecting an increase in deferred costs at Detour Lake related to a higher strip ratio phase in the mine plan, partially offset by lower deferred costs at the Barnat pit at Canadian Malartic and the Whale Tail pit at Meadowbank.The increase in development capital expenditures expected in 2026 when compared to 2025 is primarily related to Meadowbank, the Detour Lake underground project and Macassa. At Meadowbank, underground deferred development increased relating to the life of mine extension to 2030. At Detour Lake, the Company plans to accelerate spending at the underground project, totalling approximately $60 million in 2026, relating to additional service and operational facilities, procurement of mobile equipment and the development of the conveyor-ramp portal and ramp. These investments are designed to further de-risk project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones. At Macassa, the Company is upgrading the crushing circuit to optimize the mill throughput and investing in increasing its tailings storage capacity to support the higher throughput.With the positive exploration results in 2025, the Company continues to be confident in the potential restart of mining operations at Hope Bay. Given the logistics of operating in Nunavut, the Company is planning to continue upgrading existing infrastructure and advance site preparedness for potential redevelopment. Total expected development capital expenditures of $1,325 million in 2026 include an initial $102 million relating to Hope Bay. If the project is approved for redevelopment in the second quarter of 2026, additional development capital expenditures ranging between $300 million and $350 million are expected for the remainder of 2026.The table below sets out the expected capital expenditures (including capitalized exploration) in 2026, broken down between sustaining capital expenditures and development capital expenditures.2026 Capital Expenditures Guidance
($ thousands)
Capital Expenditures
Capitalized Exploration
Sustaining
CapitalDevelopment
Capital
SustainingDevelopment
TotalLaRonde$ 99,200$ 68,600
$ 3,800$ —
$ 171,600Canadian Malartic74,700—
——
74,700Odyssey14,400345,000
3,80022,000
385,200Goldex34,00031,900
2,3004,300
72,500Quebec222,300445,500
9,90026,300
704,000Detour Lake304,500291,200
—31,300
627,000Detour Lake underground—63,500
—69,000
132,500Macassa54,600136,300
2,50034,000
227,400Upper Beaver—62,000
—56,100
118,100Ontario359,100553,000
2,500190,400
1,105,000Meliadine98,10082,000
8,10013,200
201,400Meadowbank69,50085,700
—1,300
156,500Hope Bay—101,500
—22,200
123,700Nunavut167,600269,200
8,10036,700
481,600Fosterville74,20033,500
2,80012,300
122,800Kittila77,900—
6,4007,700
92,000Pinos Altos41,5008,300
3,100—
52,900San Nicolás (50%)—13,600
—3,800
17,400Other regional17,4001,900
——
19,300Total Capital Expenditures$ 960,000$ 1,325,000
$ 32,800$ 277,200
$ 2,595,000Exploration and Corporate Development Expense GuidanceExploration and corporate development expenses in 2026 are expected to be between $275 million and $305 million, based on mid-point guidance of $195 million for expensed exploration and $95 million for corporate development expenses. The guidance for 2026 increased by 40% compared to 2025 exploration and corporate development expenses, driven by higher spending on project studies (approximately $22 million), the extension of exploration drifts at LaRonde and a 50% increase in drilling metres (an additional 188 kilometres) across the portfolio, primarily focused on regional opportunities in Ontario, the Northern Territory in Australia and at Fosterville, Meadowbank and LaRonde.Including capitalized exploration, the Company's total exploration and corporate development program in 2026 is expected to be between $565 million and $635 million, with a mid-point of $600 million. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope Bay.A summary of the Company's exploration and corporate development guidance for 2026 is set out below.Summary of 2026 Exploration and Corporate Development Guidance
Expensed Exploration
Capitalized Exploration
SustainingDevelopment
($ 000s)(000s m)
($ 000s)($ 000s)(000s m)Quebec$ 43,900147.7
$ 9,900$ 26,300237.1Ontario27,400102.3
2,50076,400413.3Nunavut51,500116.5
8,10028,900144.5Australia26,700111.6
2,80012,30049.3Europe15,00045.0
6,4007,70077.7Mexico21,50031.7
3,1003,80045.0Other regions, joint ventures, G&A9,800—
———Total Exploration$ 195,800554.8
$ 32,800$ 155,400966.9Total Corporate Development$ 94,200—
$ —$ ——Projects – Exploration Infrastructure*$ ——
$ —$ 121,800—Total Exploration and Corporate Development Expenses$ 290,000554.8
$ 32,800$ 277,200966.9* Includes $62 million related to Detour Lake underground, $52 million related to Upper Beaver and $8 million related to Hope BayFor further details on the Company's 2026 exploration and corporate development guidance and plans for individual mines and projects, see the Company's exploration news release dated February 12, 2026.Fourth Quarter and Full Year 2025 Operating ResultsRegional operating statistics and highlights for the fourth quarter and full year 2025 are set out below. See the MD&A under the caption "Financial and Operating Results" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.ABITIBI REGION, QUEBECContinued Strong Operational Performance; Record Quarterly and Annual Throughput at GoldexAbitibi Quebec – Operating Statistics
Three Months Ended December 31, 2025
LaRonde
Canadian
Malartic
Goldex
Consolidated
Abitibi
QuebecTonnes of ore milled (thousands)
692
5,204
847
6,743Tonnes of ore milled per day
7,522
56,565
9,207
73,294Gold grade (g/t)
3.85
1.01
1.44
1.36Gold production (ounces)
80,290
153,433
32,992
266,715Production costs per tonne (C$)
C$ 239
C$ 34
C$ 67
C$ 59Minesite costs per tonne (C$)
C$ 177
C$ 43
C$ 67
C$ 60Production costs per ounce
$ 1,480
$ 842
$ 1,232
$ 1,082Total cash costs per ounce
$ 851
$ 1,033
$ 1,015
$ 976
Year Ended December 31, 2025
LaRonde
Canadian
Malartic
Goldex
Consolidated
Abitibi
QuebecTonnes of ore milled (thousands)
2,805
20,123
3,301
26,229Tonnes of ore milled per day
7,685
55,132
9,044
71,861Gold grade (g/t)
4.08
1.08
1.40
1.44Gold production (ounces)
344,555
642,612
125,501
1,112,668Production costs per tonne (C$)
C$ 179
C$ 34
C$ 63
C$ 53Minesite costs per tonne (C$)
C$ 166
C$ 43
C$ 64
C$ 59Production costs per ounce
$ 1,045
$ 760
$ 1,187
$ 896Total cash costs per ounce
$ 829
$ 946
$ 1,002
$ 917Regional HighlightsGold production in the quarter was higher than planned primarily as a result of higher grades at the LaRonde mine and at the Barnat pit at Canadian Malartic. The higher grades at LaRonde were primarily as a result of higher-than-expected grade in the West mine area. 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 anticipatedAt LZ5, the Company continued its automation initiatives and achieved its automation targets. For the full year 2025, approximately 22% of the ore hauled to surface was moved using automated scoops and trucks, exceeding the production target of 3,500 tpdAt Odyssey, total development during both the quarter and the full year 2025 was a record at approximately 5,419 metres and 19,311 metres, respectively. Gold production was slightly below plan at 16,289 ounces resulting from lower ore production resulting from increased waste extraction at East Gouldie. Gold production of 87,812 ounces was a record for the full year 2025At Goldex, record quarterly tonnage (approximately 846,800 tonnes) was processed for the third consecutive quarter, driven by record total tonnage processed from Akasaba West of approximately 229,000 tonnesAn update on Odyssey and the "fill-the-mill" strategy is set out in the Update on Key Value Drivers and Pipeline Projects section aboveABITIBI REGION, ONTARIORecord Annual Mill Throughput at Detour Lake; Higher Grades Drive Record Annual Production at MacassaAbitibi Ontario – Operating Statistics
Three Months Ended December 31, 2025
Detour Lake
Macassa
Consolidated
Abitibi OntarioTonnes of ore milled (thousands)
7,052
149
7,201Tonnes of ore milled per day
76,652
1,620
78,272Gold grade (g/t)
0.96
12.99
1.21Gold production (ounces)
195,026
60,505
255,531Production costs per tonne (C$)
C$ 27
C$ 697
C$ 41Minesite costs per tonne (C$)
C$ 32
C$ 795
C$ 48Production costs per ounce
$ 707
$ 1,239
$ 833Total cash costs per ounce
$ 838
$ 1,417
$ 975
Year Ended December 31, 2025
Detour Lake
Macassa
Consolidated
Abitibi OntarioTonnes of ore milled (thousands)
27,869
573
28,442Tonnes of ore milled per day
76,353
1,570
77,923Gold grade (g/t)
0.86
17.42
1.19Gold production (ounces)
692,675
312,729
1,005,404Production costs per tonne (C$)
C$ 28
C$ 540
C$ 39Minesite costs per tonne (C$)
C$ 30
C$ 604
C$ 42Production costs per ounce
$ 816
$ 709
$ 783Total cash costs per ounce
$ 879
$ 793
$ 852Regional HighlightsGold production in the quarter was in line with plan at both Detour Lake and MacassaAt Detour Lake, gold production increased from the previous quarter due to higher gold grades in and around the historical underground workings in the Phase 4 area. In 2025, gold production at Detour Lake was lower than expected as the mining operations were affected by challenging abnormal weather conditions early in the year and slower progress around the historical underground workings, resulting in lower than planned run-of-mine ore tonnes. The shortfall in volume of ore was supplemented by ore from low grade stockpiles. The updated outlook for 2026 and 2027 reflects adjustments to the mining sequence and mining rate following delays encountered in 2025At Macassa, gold grades were higher than anticipated at three stopes. This partially offset lower mill throughput caused by a planned 5-day mill shutdown and a delay in processing ore from the AK deposit while the Company awaits the approval of a permit amendment to process the ore at the LZ5 processing facility. The Company expects to receive the permit in the first quarter of 2026Updates on the Detour Lake underground and Upper Beaver projects are set out in the Update on Key Value Drivers and Pipeline Projects section aboveNUNAVUTRecord Annual Throughput at Meliadine and Strong Annual Gold Production at MeadowbankNunavut – Operating Statistics
Three Months Ended December 31, 2025
Meliadine
Meadowbank
Consolidated
NunavutTonnes of ore milled (thousands)
621
1,035
1,656Tonnes of ore milled per day
6,750
11,250
18,000Gold grade (g/t)
4.82
3.85
4.21Gold production (ounces)
93,735
115,101
208,836Production costs per tonne (C$)
C$ 267
C$ 210
C$ 231Minesite costs per tonne (C$)
C$ 234
C$ 211
C$ 219Production costs per ounce
$ 1,278
$ 1,356
$ 1,321Total cash costs per ounce
$ 1,117
$ 1,351
$ 1,246
Year Ended December 31, 2025
Meliadine
Meadowbank
Consolidated
NunavutTonnes of ore milled (thousands)
2,351
3,941
6,292Tonnes of ore milled per day
6,441
11,660
18,101Gold grade (g/t)
5.14
4.29
4.61Gold production (ounces)
376,346
493,314
869,660Production costs per tonne (C$)
C$ 238
C$ 195
C$ 211Minesite costs per tonne (C$)
C$ 237
C$ 194
C$ 210Production costs per ounce
$ 1,069
$ 1,120
$ 1,098Total cash costs per ounce
$ 1,067
$ 1,110
$ 1,091Regional HighlightsGold production in the quarter was in line with forecast as a result of stronger throughput at both the Meliadine and Meadowbank mills, partially offset by lower than expected grades. The mills achieved strong performance, with shutdowns of four and five days at Meliadine and Meadowbank, respectively, completed as plannedAt Meliadine, as a result of mill optimization initiatives after the completion of the Phase 2 mill expansion, the mill continued to exceed the targeted annual throughput rate of 6,250 tpd, achieving quarterly throughput of 6,750 tpd in the fourth quarter and 6,441 tpd for the full year. Gold grades were lower in the quarter as a result of a change mining sequenceAt Meadowbank, the mill achieved strong throughput during the quarter driven by more ore tonnes from both the open pit and underground operations. Gold grades were lower in the quarter as a result of a change mining sequence at the underground operationAn update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section aboveAUSTRALIAAnnual Gold Production Strengthened by Higher Grades; Updated Mine Plan Increases Production in 2028Fosterville – Operating Statistics
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025Tonnes of ore milled (thousands)
177
726Tonnes of ore milled per day
1,924
1,989Gold grade (g/t)
6.08
7.20Gold production (ounces)
32,367
160,522Production costs per tonne (A$)
A$ 321
A$ 310Minesite costs per tonne (A$)
A$ 335
A$ 320Production costs per ounce
$ 1,152
$ 912Total cash costs per ounce
$ 1,202
$ 937HighlightsGold production for the quarter was in line with plan, with higher gold grades offset by lower throughput. The higher grades were a result of mine sequencingThe Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Major fan components have been installed and electrical installation is ongoing. Commissioning is expected to be completed in the first quarter of 2026As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase mining and milling rates to support annual production of 170,000 to 190,000 ounces of gold starting in 2028. Further details on this updated mine plan are set out in the Updated Three-Year Operational Guidance Plan aboveFINLANDRecord Mill Throughput in 2025; Costs Continue to Benefit from Cost Optimization InitiativesKittila – Operating Statistics
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025Tonnes of ore milled (thousands)
543
2,105Tonnes of ore milled per day
5,902
5,767Gold grade (g/t)
3.89
3.91Gold production (ounces)
54,964
217,379Production costs per tonne (€)
€ 101
€ 99Minesite costs per tonne (€)
€ 102
€ 100Production costs per ounce
$ 1,157
$ 1,087Total cash costs per ounce
$ 1,146
$ 1,081HighlightsGold production in the quarter was slightly below plan, driven primarily by lower grades, partially offset by higher mill throughput driven by improved mill runtime and strong mine performance. Lower gold grades reflect changes to the mining sequenceThe higher throughput was supported by better than planned ore extracted during the quarter. The mine continues to realize productivity gains through sustained improvement efforts over the past year as demonstrated by record ore extracted in 2025Minesite costs per tonne continue to demonstrate the benefits of continuous improvement initiatives. Minesite costs per tonne for the full year 2025 decreased by approximately 4%, from €103 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 2025 compared to the prior yearMEXICOOperational Performance at Cubiro Drives Solid Gold ProductionPinos Altos – Operating Statistics
Three Months Ended
December 31, 2025
Year Ended
December 31, 2025Tonnes of ore milled (thousands)
467
1,720Tonnes of ore milled per day
5,076
4,712Gold grade (g/t)
1.55
1.55Gold production (ounces)
22,195
81,734Production costs per tonne
$ 122
$ 120Minesite costs per tonne
$ 130
$ 122Production costs per ounce
$ 2,572
$ 2,518Total cash costs per ounce
$ 1,977
$ 2,006About Agnico EagleCanadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. 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 ReleaseUnless 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 and processing operations at LZ5. 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 PerformanceThis news release discloses certain financial performance measures, 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 consolidated financial statements prepared in accordance with IFRS Accounting Standards.Total Cash Costs per Ounce of Gold Produced and Minesite Costs per TonneTotal Cash Costs per OunceTotal cash costs per ounce is reported on a per ounce of gold produced basis on both a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce of gold produced on a by-product basis for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed further below), which adjustment will only affect this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company's calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change. Where this amended composition is used and the change affects the quantum of total cash costs per ounce, this news release indicates this by referring to the non-GAAP measure as "total cash costs per ounce (revised)".For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including "total cash costs per ounce", to adjust for the NTI Payment. The NTI Payment is the payment to Nunavut Tunngavik Inc. under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the "Crown royalty") under the Nunavut Mining Regulations (the "NMR"). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics as the payments under the Crown royalty. Accordingly, to ensure comparability across the Company's mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable.Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do 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 the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. 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 of by-product metals.Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are helpful 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 of gold produced 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.In this news release, 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) gold is the Company's primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.Minesite Costs per TonneMinesite costs per tonne for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed above in "Total Cash Costs per Ounce"), which adjustment will only affect minesite costs per tonne at Meadowbank and for the Nunavut region. The Company's calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. Where this amended composition is used and the change affects the quantum of minesite costs per tonne, this news release indicates this by referring to the non-GAAP measure as "minesite costs per tonne (revised)".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. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company's mines. 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 twelve months ended December 31, 2025 and December 31, 2024, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.Total Production Costs by Mine
Three Months EndedDecember 31,
Year Ended December 31,(thousands of United States dollars)2025
2024
2025
2024LaRonde118,862
67,954
360,025
319,495Canadian Malartic129,135
132,144
488,160
532,037Goldex40,650
29,446
148,952
129,977Quebec288,647
229,544
997,137
981,509Detour Lake137,964
117,713
565,439
497,079Macassa74,974
54,608
221,718
201,371Ontario212,938
172,321
787,157
698,450Meliadine119,808
95,817
402,385
350,280Meadowbank156,061
110,583
552,470
463,464Nunavut275,869
206,400
954,855
813,744Fosterville37,288
32,221
146,382
147,045Australia37,288
32,221
146,382
147,045Kittila63,579
50,799
236,238
227,334Finland63,579
50,799
236,238
227,334Pinos Altos57,085
45,251
205,808
168,231La India—
10,322
—
49,767Mexico57,085
55,573
205,808
217,998
Corporate and Other9,037
—
13,107
—
Production costs per the consolidated statements of income$ 944,443
$ 746,858
$ 3,340,684
$ 3,086,080
The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three and twelve months ended December 31, 2025 and December 31, 2024, exclusive of amortization, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards. Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine
Three Months Ended December 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable gold production (ounces)(i)Production costsProduction costs per ounceInventory adjustments(ii)Realized (gains) and losses on hedgesIn-kind royalty costs(iii)Smelting, refining and marketing chargesTotal cash costs per ounce (co-product basis)Impact of by-product metalsTotal cash costs per ounce (by-product basis)NTI Payment(iv)Total cash costs per ounce (revised) (by-product basis)(v)LaRonde80,290118,8621,480(24,761)248—4,5791,232(30,628)851—851Canadian Malartic153,433129,1358421,41647332,7196251,071(5,886)1,033—1,033Goldex32,99240,6501,232(130)105—1,2431,269(8,366)1,015—1,015Quebec266,715288,6471,082(23,475)82632,7196,4471,144(44,880)976—976Detour Lake195,026137,96470711,49258014,448783847(1,811)838—838Macassa60,50574,9741,2396,5552504,0712211,423(354)1,417—1,417Ontario255,531212,93883318,04783018,5191,004984(2,165)975—975Meliadine93,735119,8081,278(15,290)310—1181,120(236)1,117—1,117Meadowbank115,101156,0611,356787403—1411,367(1,869)1,351(39,765)1,006Nunavut208,836275,8691,321(14,503)713—2591,256(2,105)1,246(39,765)1,056Fosterville32,36737,2881,1521,730(31)—421,206(139)1,202—1,202Australia32,36737,2881,1521,730(31)—421,206(139)1,202—1,202Kittila54,96463,5791,157811(1,066)—(55)1,151(270)1,146—1,146Finland54,96463,5791,157811(1,066)—(55)1,151(270)1,146—1,146Pinos Altos22,19557,0852,5724,239(703)—3882,749(17,131)1,977—1,977Mexico22,19557,0852,5724,239(703)—3882,749(17,131)1,977—1,977Corporate and Other(vi)—9,037—(9,037)————————Consolidated840,608944,4431,113(22,188)56951,2388,0851,168(66,690)1,089(39,765)1,042
Notes:(i)Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 7,026 ounces of gold recovered at Hope Bay.(ii)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 is $3.0 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(iii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.(iv)For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "total cash costs per ounce" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.(v)For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "total cash costs per ounce" and "total cash costs per ounce (revised)" are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $1,022 at Meadowbank, $1,066 for the Nunavut region and $1,121 for the consolidated Company.(vi)Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. Three Months Ended December 31, 2024
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable gold production (ounces)Production costsProduction costs per ounceInventory adjustments(i)Realized (gains) and losses on hedgesIn-kind royalty costs(ii)Smelting, refining and marketing chargesTotal cash costs per ounce (co-product basis)Impact of by-product metalsTotal cash costs per ounce (by-product basis)NTI Payment(iv)Total cash costs per ounce (revised) (by-product basis)(v)LaRonde90,44767,95475119,3521,009—3,9211,020(16,812)834—834Canadian Malartic146,485132,144902(3,273)2,10119,998(60)1,030(2,441)1,014—1,014Goldex32,34129,4469102,920447—1,0501,047(6,093)859—859Quebec269,273229,54485218,9993,55719,9984,9111,029(25,346)935—935Detour Lake179,061117,7136575,9472,3209,626569761(1,046)755—755Macassa76,33654,608715(4,645)9203,248240712(358)708—708Ontario255,397172,3216751,3023,24012,874809747(1,404)741—741Meliadine94,64895,8171,0128221,553—1501,039(210)1,037—1,037Meadowbank117,024110,5839454,0522,122—5998(1,186)988(5,591)940Nunavut211,672206,4009754,8743,675—1551,016(1,396)1,010(5,591)984Fosterville37,13932,221868266216—18881(103)878—878Australia37,13932,221868266216—18881(103)878—878Kittila51,89350,7999792,382289—(51)1,029(194)1,026—1,026Finland51,89350,7999792,382289—(51)1,029(194)1,026—1,026Pinos Altos18,58345,2512,435(1,557)68—3072,371(8,368)1,921—1,921Creston Mascota54———————————La India3,39010,3223,045(4,102)——461,848(47)1,835—1,835Mexico22,02755,5732,523(5,659)68—3532,285(8,415)1,903—1,903Consolidated847,401746,85888122,16411,04532,8726,195966(36,858)923(5,591)916
Notes:(i)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2024 is $5.8 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.(iii)For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "total cash costs per ounce" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.(iv)For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "total cash costs per ounce" and "total cash costs per ounce (revised)" are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $950 at Meadowbank, $990 for the Nunavut region and $959 for the consolidated Company. Year Ended December 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable gold production (ounces)(i)Production costsProduction costs per ounceInventory adjustments(ii)Realized (gains) and losses on hedgesIn-kind royalty costs(iii)Smelting, refining and marketing chargesTotal cash costs per ounce (co-product basis)Impact of by-product metalsTotal cash costs per ounce (by-product basis)NTI Payment(iv)Total cash costs per ounce (revised) (by-product basis)(v)LaRonde344,555360,0251,045(6,001)980—14,2511,072(83,607)829—829Canadian Malartic642,612488,16076019,1221,461112,4641,468969(14,566)946—946Goldex125,501148,9521,1872,288413—4,3821,243(30,280)1,002—1,002Quebec1,112,668997,13789615,4092,854112,46420,1011,032(128,453)917—917Detour Lake692,675565,439816(1,863)1,22644,7145,167887(6,135)879—879Macassa312,729221,71870911,14698715,559492799(2,016)793—793Ontario1,005,404787,1577839,2832,21360,2735,659860(8,151)852—852Meliadine376,346402,3851,069(980)1,038—2201,070(1,091)1,067—1,067Meadowbank493,314552,4701,120(586)1,318—5391,122(6,402)1,110(90,004)928Nunavut869,660954,8551,098(1,566)2,356—7591,100(7,493)1,091(90,004)988Fosterville160,522146,3829124,554(59)—124941(567)937—937Australia160,522146,3829124,554(59)—124941(567)937—937Kittila217,379236,2381,0872,199(2,624)—(214)1,084(703)1,081—1,081Finland217,379236,2381,0872,199(2,624)—(214)1,084(703)1,081—1,081Pinos Altos81,734205,8082,5186,058(1,234)—1,2822,593(47,945)2,006—2,006Mexico81,734205,8082,5186,058(1,234)—1,2822,593(47,945)2,006—2,006Corporate and Other(vi)—13,107—(13,107)————————Consolidated3,447,3673,340,68496522,8303,506172,73727,7111,035(193,312)979(90,004)953
Notes:(i)Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 9,468 ounces of gold recovered at Hope Bay.(ii)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is $9.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(iii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.(iv)For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "total cash costs per ounce" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.(v)For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "total cash costs per ounce" and "total cash costs per ounce (revised)" are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $940 at Meadowbank, $997 for the Nunavut region and $1,009 for the consolidated Company.(vi)Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. Year Ended December 31, 2024
(United States dollars in thousands, except per ounce measures or as otherwise noted)
MinePayable gold production (ounces)Production costsProduction costs per ounceInventory adjustments(i)Realized (gains) and losses on hedgesIn-kind royalty costs(ii)Smelting, refining and marketing chargesTotal cash costs per ounce (co-product basis)Impact of by-product metalsTotal cash costs per ounce (by-product basis)NTI Payment(iii)Total cash costs per ounce (revised) (by-product basis)(iv)LaRonde306,750319,4951,04210,2801,840—15,5521,132(57,287)945—945Canadian Malartic655,654532,0378113,8034,13877,504726943(8,386)930—930Goldex130,813129,9779942,438816—3,0091,041(15,452)923—923Quebec1,093,217981,50989816,5216,79477,50419,2871,008(81,125)933—933Detour Lake671,950497,079740(1,348)4,71432,0725,716801(3,049)796—796Macassa279,384201,371721(3,607)1,67910,082482752(1,020)748—748Ontario951,334698,450734(4,955)6,39342,1546,198787(4,069)782—782Meliadine378,886350,2809243,2793,165—250942(860)940—940Meadowbank504,719463,4649189,4644,624—(41)946(4,138)938(21,435)896Nunavut883,605813,74492112,7437,789—209944(4,998)938(21,435)914Fosterville225,203147,045653(1,011)222—70650(565)647—647Australia225,203147,045653(1,011)222—70650(565)647—647Kittila218,860227,3341,039(1,172)151—(212)1,033(483)1,031—1,031Finland218,860227,3341,039(1,172)151—(212)1,033(483)1,031—1,031Pinos Altos88,433168,2311,90267868—1,2871,925(34,924)1,530—1,530Creston Mascota104———————————La India24,58049,7672,025(1,322)——4011,987(1,038)1,945—1,945Mexico113,117217,9981,927(644)68—1,6881,937(35,962)1,619—1,619Consolidated3,485,3363,086,08088521,48221,417119,65827,240940(127,202)903(21,435)897
Notes:(i)Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is $5.8 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.(iii)For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "total cash costs per ounce" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.(iv)For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "total cash costs per ounce" and "total cash costs per ounce (revised)" are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $904 at Meadowbank, $920 for the Nunavut region and $934 for the consolidated Company. Reconciliation of Production Costs to Minesite Costs per Tonne by Mine
Three Months Ended December 31, 2025
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of ore milled (thousands)Production costs ($)Production costs (local currency)Production costs per tonne (local currency)Inventory adjustments (local currency)(i)In-kind royalty costs (local currency)(ii)Smelting, refining and marketing charges (local currency)Minesite costs per tonne (local currency)NTI Payment (local currency)(iii)Minesite costs per tonne (revised) (local currency)(iv)LaRonde692$ 118,862C$ 165,522C$ 239C$ (34,613)C$ —C$ (8,304)C$ 177C$ —C$ 177Canadian Malartic5,204$ 129,135C$ 178,479C$ 34C$ 2,067C$ 45,492C$ —C$ 43C$ —C$ 43Goldex847$ 40,650C$ 56,502C$ 67C$ (134)C$ —C$ —C$ 67C$ —C$ 67Quebec6,743$ 288,647C$ 400,503C$ 59C$ (32,680)C$ 45,492C$ (8,304)C$ 60C$ —C$ 60Detour Lake7,052$ 137,964C$ 191,204C$ 27C$ 15,844C$ 20,064C$ —C$ 32C$ —C$ 32Macassa149$ 74,974C$ 104,131C$ 697C$ 8,961C$ 5,657C$ —C$ 795C$ —C$ 795Ontario7,201$ 212,938C$ 295,335C$ 41C$ 24,805C$ 25,721C$ —C$ 48C$ —C$ 48Meliadine621$ 119,808C$ 165,888C$ 267C$ (20,784)C$ —C$ —C$ 234C$ —C$ 234Meadowbank1,035$ 156,061C$ 217,208C$ 210C$ 978C$ —C$ —C$ 211C$ (55,345)C$ 158Nunavut1,656$ 275,869C$ 383,096C$ 231C$ (19,806)C$ —C$ —C$ 219C$ (55,345)C$ 186Fosterville177$ 37,288A$ 56,741A$ 321A$ 2,584A$ —A$ —A$ 335A$ —A$ 335Australia177$ 37,288A$ 56,741A$ 321A$ 2,584A$ —A$ —A$ 335A$ —A$ 335Kittila543$ 63,579€ 54,592€ 101€ 668€ —€ —€ 102€ —€ 102Finland543$ 63,579€ 54,592€ 101€ 668€ —€ —€ 102€ —€ 102Pinos Altos467$ 57,085$ 57,085$ 122$ 3,536$ —$ —$ 130$ —$ 130Mexico467$ 57,085$ 57,085$ 122$ 3,536$ —$ —$ 130$ —$ 130
Notes:(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 is C$4.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.(iii) For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "minesite costs per tonne" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.(iv) For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "minesite costs per tonne" and "minesite costs per tonne (revised)" are the same. Three Months Ended December 31, 2024
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of ore milled (thousands)Production costs ($)Production costs (local currency)Production costs per tonne (local currency)Inventory adjustments (local currency)(i)In-kind royalty costs (local currency)(ii)Smelting, refining and marketing charges (local currency)Minesite costs per tonne (local currency)NTI Payment (local currency)(iii)Minesite costs per tonne (revised) (local currency)(iv)LaRonde802$ 67,954C$ 94,608C$ 118C$ 26,811C$ —C$ (4,131)C$ 146C$ —C$ 146Canadian Malartic5,100$ 132,144C$ 183,826C$ 36C$ (3,782)C$ 27,919C$ —C$ 41C$ —C$ 41Goldex812$ 29,446C$ 41,201C$ 51C$ 4,282C$ —C$ —C$ 56C$ —C$ 56Quebec6,714$ 229,544C$ 319,635C$ 48C$ 27,311C$ 27,919C$ (4,131)C$ 55C$ —C$ 55Detour Lake7,086$ 117,713C$ 163,506C$ 23C$ 9,164C$ 13,587C$ —C$ 26C$ —C$ 26Macassa154$ 54,608C$ 76,615C$ 498C$ (6,073)C$ 4,595C$ —C$ 489C$ —C$ 489Ontario7,240$ 172,321C$ 240,121C$ 33C$ 3,091C$ 18,182C$ —C$ 36C$ —C$ 36Meliadine516$ 95,817C$ 133,149C$ 257C$ 2,854C$ —C$ —C$ 263C$ —C$ 263Meadowbank999$ 110,583C$ 154,295C$ 154C$ 6,764C$ —C$ —C$ 161C$ (7,802)C$ 153Nunavut1,515$ 206,400C$ 287,444C$ 190C$ 9,618C$ —C$ —C$ 196C$ (7,802)C$ 191Fosterville158$ 32,221A$ 50,159A$ 319A$ 788A$ —A$ —A$ 325A$ —A$ 325Australia158$ 32,221A$ 50,159A$ 317A$ 788A$ —A$ —A$ 325A$ —A$ 325Kittila476$ 50,799€ 47,910€ 100€ 2,721€ —€ —€ 106€ —€ 106Finland476$ 50,799€ 47,910€ 100€ 2,721€ —€ —€ 106€ —€ 106Pinos Altos381$ 45,251$ 45,251$ 119$ (1,489)$ —$ —$ 115$ —$ 115La India(V)—$ 10,322$ 10,322$ —$ (10,322)$ —$ —$ —$ —$ —Mexico381$ 55,573$ 55,573$ 146$ (11,811)$ —$ —$ 115$ —$ 115
Notes:(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2024 is C$8.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.(iii) For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "minesite costs per tonne" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.(iv) For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "minesite costs per tonne" and "minesite costs per tonne (revised)" are the same.(v) La India's cost calculations per tonne for the three months ended December 31, 2024 exclude approximately $10.3 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. Year Ended December 31, 2025
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of ore milled (thousands)Production costs ($)Production costs (local currency)Production costs per tonne (local currency)Inventory adjustments (local currency)(i)In-kind royalty costs (local currency)(ii)Smelting, refining and marketing charges (local currency)Minesite costs per tonne (local currency)NTI Payment (local currency)(iii)Minesite costs per tonne (revised) (local currency)(iv)LaRonde2,805360,025C$ 502,885C$ 179C$ (8,668) C$ —C$ (28,060)C$ 166C$ —C$ 166Canadian Malartic20,123488,160C$ 677,283C$ 34C$ 26,400C$ 156,954C$ —C$ 43C$ —C$ 43Goldex3,301148,952C$ 207,895C$ 63C$ 3,062 C$ —C$ —C$ 64C$ —C$ 64Quebec26,229997,137C$ 1,388,063C$ 53C$ 20,794 C$ 156,954C$ (28,060)C$ 59C$ —C$ 59Detour Lake27,869565,439C$ 788,172C$ 28C$ (3,108)C$ 62,362C$ —C$ 30C$ —C$ 30Macassa573221,718C$ 309,381C$ 540C$ 15,225C$ 21,718C$ —C$ 604C$ —C$ 604Ontario28,442787,157C$ 1,097,553C$ 39C$ 12,117C$ 84,080C$ —C$ 42C$ —C$ 42Meliadine2,351402,385C$ 560,026C$ 238C$ (2,275)C$ —C$ —C$ 237C$ —C$ 237Meadowbank3,941552,470C$ 768,109C$ 195C$ (1,616)C$ —C$ —C$ 194C$ (125,132)C$ 162Nunavut6,292954,855C$ 1,328,135C$ 211C$ (3,891)C$ —C$ —C$ 210C$ (125,132)C$ 190Fosterville726146,382A$ 225,362A$ 310A$ 6,729A$ —A$ —A$ 320A$ —A$ 320Australia726146,382A$ 225,362A$ 310A$ 6,729A$ —A$ —A$ 320A$ —A$ 320Kittila2,105236,238€ 209,121€ 99€ 867€ —€ —€ 100€ —€ 100Finland2,105236,238€ 209,121€ 99€ 867€ —€ —€ 100€ —€ 100Pinos Altos1,720205,808$ 205,808$ 120$ 4,824$ —$ —$ 122$ —$ 122Mexico1,720205,808$ 205,808$ 120$ 4,824$ —$ —$ 122$ —$ 122
Notes:(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is C$12.9 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.(iii) For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "minesite costs per tonne" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.(iv) For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "minesite costs per tonne" and "minesite costs per tonne (revised)" are the same. Year Ended December 31, 2024
(thousands, except per tonne measures or as otherwise noted)
MineTonnes of
ore milled
(thousands)Production
costs ($)Production
costs
(localcurrency)Production
costs per
tonne (local
currency)Inventory adjustments
(local
currency)(i)In-kind
royalty
costs
(local
currency)(ii)Smelting,
refining and
marketing
charges (local
currency)Minesite
costs per
tonne
(local
currency)NTI
Payment
(local
currency)(iii)Minesite
costs per
tonne (revised)
(local
currency)(iv)LaRonde2,849319,495C$ 436,230C$ 153C$ 15,934 C$ —C$ (12,150)C$ 154C$ —C$ 154Canadian Malartic20,317532,037C$ 726,836C$ 36C$ 6,048C$ 106,163C$ —C$ 41C$ —C$ 41Goldex3,076129,977C$ 177,816C$ 58C$ 3,702C$ —C$ —C$ 59C$ —C$ 59Quebec26,242981,509C$ 1,340,882C$ 51C$ 25,684 C$ 106,163C$ (12,150)C$ 56C$ —C$ 56Detour Lake27,462497,079C$ 678,877C$ 25C$ (458)C$ 44,125C$ —C$ 26C$ —C$ 26Macassa574201,371C$ 276,532C$ 482C$ (4,605)C$ 13,896C$ —C$ 498C$ —C$ 498Ontario28,036698,450C$ 955,409C$ 34C$ (5,063)C$ 58,021C$ —C$ 36C$ —C$ 36Meliadine1,966350,280C$ 478,335C$ 243C$ 6,578C$ —C$ —C$ 247C$ —C$ 247Meadowbank4,143463,464C$ 632,661C$ 153C$ 14,234C$ —C$ —C$ 156C$ (29,261)C$ 149Nunavut6,109813,744C$ 1,110,996C$ 182C$ 20,812C$ —C$ —C$ 185C$ (29,261)C$ 180Fosterville810147,045A$ 224,121A$ 277A$ (1,253)A$ —A$ —A$ 276A$ —A$ 276Australia810147,045A$ 224,121A$ 277A$ (1,253)A$ —A$ —A$ 276A$ —A$ 276Kittila2,026227,334€ 210,285€ 103€ (633)€ —€ —€ 103€ —€ 103Finland2,026227,334€ 210,285€ 103€ (633)€ —€ —€ 103€ —€ 103Pinos Altos1,707168,231$ 168,231$ 99$ 746$ —$ —$ 99$ —$ 99La India(iii)—49,767$ 49,767$ —$ (49,767)$ —$ —$ —$ —$ —Mexico1,707217,998$ 217,998$ 128$ (49,021)$ —$ —$ 99$ —$ 99
Notes:(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is C$8.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.(ii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.(iii) For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "minesite costs per tonne" to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.(iv) For each of the Company's mines other than Meadowbank and its regions other than Nunavut, "minesite costs per tonne" and "minesite costs per tonne (revised)" are the same.(v) La India's cost calculations per tonne for the year ended December 31, 2024 exclude approximately $49.8 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.All-in sustaining costs per ounceAll-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. In this news release, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see "Total cash costs per ounce and Minesite Costs per Tonne – Total cash costs per ounce" for a discussion of regarding the Company's use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including "all-in sustaining costs per ounce", to adjust for the NTI Payments, that is, payments made to NTI under the Company's mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of "total cash costs per ounce", discussed above in "Total Cash Costs Per Ounce and Minesite Costs Per Tonne – Total Cash Costs per Ounce". For the reasons outlined above in respect of the change to the composition of "total cash costs per ounce", the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Company"s mines. Where this new composition is used, this news release will indicate by referring to the non-GAAP measure as "all-in sustaining costs per ounce (revised)".Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC 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 AISC per ounce is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.The Company's revised composition of AISC per ounce remains consistent with the guidance on AISC per ounce released by the World Gold Council ("WGC") in 2018, except in respect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as an income tax under IFRS and therefore excluded from the Company's AISC calculations. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three and twelve months ended December 31, 2025 and December 31, 2024 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).(United States dollars per ounce, except where noted)Three Months EndedDecember 31,
Year Ended December 31,
2025
2024
2025
2024Production costs per the consolidated statements of income (thousands)$ 944,443
$ 746,858
$ 3,340,684
$ 3,086,080Less: Production costs from non-operating minesites(9,037)
—
(13,107)
—Adjusted production costs935,406
746,858
3,327,577
3,086,080Gold production (ounces)(i)840,608
847,401
3,447,367
3,485,336Production costs per ounce$ 1,113
$ 881
$ 965
$ 885Adjustments:
Inventory adjustments(ii)(15)
26
11
7In-kind royalty(iii)61
39
50
34Realized gains and losses on hedges of production costs1
13
1
6Smelting, refining, and marketing charges8
7
8
8Total cash costs per ounce (co-product basis)$ 1,168
$ 966
$ 1,035
$ 940Impact of by-product metals(79)
(43)
(56)
(37)Total cash costs per ounce (by-product basis)$ 1,089
$ 923
$ 979
$ 903Adjustments:
Sustaining capital expenditures (including capitalized exploration)350
302
274
258General and administrative expenses (including stock option expense)59
73
68
60Non-cash reclamation provision and sustaining leases(iv)19
18
18
18All-in sustaining costs per ounce (by-product basis)$ 1,517
$ 1,316
$ 1,339
$ 1,239Impact of by-product metals79
43
56
37All-in sustaining costs per ounce (co-product basis)$ 1,596
$ 1,359
$ 1,395
$ 1,276NTI Payment(v)(47)
(7)
(26)
(6)All-in sustaining costs per ounce (revised) (by-product basis)(v)1,470
1,309
1,313
1,233All-in sustaining costs per ounce (revised) (co-product basis)(v)$ 1,549
$ 1,352
$ 1,369
$ 1,270
Notes:
(i) Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 7,026 ounces of gold recovered at Hope Bay. Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 9,468 ounces of gold recovered at Hope Bay(ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 and December 31, 2024 are $3.0 million, $5.8 million, respectively, in association with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold. Included in inventory adjustments for Canadian Malartic for the years ended December 31, 2025 and December 31, 2024 are $9.2 million, $5.8 million, respectively, in association with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold(iii) In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalty of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production ounces of payable production of gold at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of all-in sustaining costs per ounce(iv) Sustaining leases are lease payments related to sustaining assets(v) For periods commencing on or after January 1, 2026, the Company has adjusted the composition of "all-in sustaining costs per ounce" on both a by-product and co-product basis to adjust for the NTI Payment NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of all-in sustaining costs per ounce. See discussion above under "All-in Sustaining Cost per Ounce"Adjusted net income and adjusted net income per shareAdjusted net income takes the net income as recorded in the consolidated statements of income and adjusts for the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation charges, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self-insurance losses, sale of non-strategic properties, multi-year donations, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.The following table sets out a reconciliation of net income per the consolidated statements of income to adjusted net income for the three and twelve months ended December 31, 2025, and December 31, 2024.
Three Months Ended
December 31,
Year Ended December 31,(thousands)2025
2024
2025
2024
Net income for the period - basic$ 1,523,061
$ 509,255
$ 4,461,461
$ 1,895,581Dilutive impact of cash settling LTIP2,965
—
—
—Net income for the period - diluted$ 1,526,026
$ 509,255
$ 4,461,461
$ 1,895,581Foreign currency translation (gain) loss(7,464)
10,131
(25,654)
9,383(Gain) loss on derivative financial instruments(50,079)
107,429
(223,960)
155,819Environmental remediation18,905
3,518
43,239
14,719Net loss on disposal of property, plant and equipment23,395
11,883
41,219
37,669Purchase price allocation to inventory(i)(2,987)
(5,771)
(9,221)
(5,771)Debt extinguishment costs—
—
8,245
—Impairment reversal(229,000)
—
(229,000)
—Impairment loss(ii)—
—
10,554
—Loss on sale of equity securities—
—
40,175
—Other(iii)—
6,340
2,077
19,555Income and mining taxes adjustments(iv)74,710
(10,329)
50,034
(9,183)Adjusted net income for the period - basic$ 1,350,541
$ 632,456
$ 4,169,169
$ 2,117,772Adjusted net income for the period - diluted$ 1,353,506
$ 632,456
$ 4,169,169
$ 2,117,772
Notes:(i) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income(ii) Relates to the Company's ownership percentage of an impairment loss recorded by an associate(iii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative period(iv) Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filingsEBITDA and adjusted EBITDAEBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated statements of income.Adjusted EBITDA removes the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, impairment loss charges and reversals, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, gains and losses on the sale of equity securities, self-insurance losses, gains on the sale of non-strategic exploration properties, multi-year health care donations, disposals of supplies inventory at non-operating sites and retroactive payments.The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.The following table sets out a reconciliation of net income per the consolidated statements of income to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2025, and December 31, 2024.
Three Months Ended
December 31,
Year Ended
December 31,(thousands)2025
2024
2025
2024
Net income for the period$ 1,523,061
$ 509,255
$ 4,461,461
$ 1,895,581Finance costs17,118
27,473
91,145
126,738Amortization of property, plant and mine development421,594
388,217
1,645,297
1,514,076Income and mining tax expense794,092
273,256
2,242,450
925,974EBITDA2,755,865
1,198,201
8,440,353
4,462,369Foreign currency translation (gain) loss(7,464)
10,131
(25,654)
9,383(Gain) loss on derivative financial instruments(50,079)
107,429
(223,960)
155,819Environmental remediation18,905
3,518
43,239
14,719Net loss on disposal of property, plant and equipment23,395
11,883
41,219
37,669Purchase price allocation to inventory(i)(2,987)
(5,771)
(9,221)
(5,771)Impairment reversal(229,000)
—
(229,000)
—Impairment loss(ii)—
—
10,554
—Loss on sale of equity securities—
—
40,175
—Other(iii)—
6,340
2,077
19,555Adjusted EBITDA$ 2,508,635
$ 1,331,731
$ 8,089,782
$ 4,693,743
Notes:(i) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income(ii) Relates to the Company's ownership percentage of an impairment loss recorded by an associate(iii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative periodCash provided by operating activities before changes in non-cash components of working capital and its per share ratioCash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the condensed interim consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards measure is provided below.Free cash flow and free cash flow before changes in non-cash components of working capitalFree cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the consolidated statements of cash flows.Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets and accounts payable and accrued liabilities.The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.The following table sets out a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before changes in non-cash components of working capital for the three and twelve months ended December 31, 2025, and December 31, 2024.
Three Months Ended
December 31,
Year Ended
December 31,(thousands, except where noted)2025
2024
2025
2024
Cash provided by operating activities$ 2,111,504
$ 1,131,849
$ 6,817,113
$ 3,960,892Additions to property, plant and mine development(801,270)
(562,163)
(2,418,200)
(1,817,949)Free cash flow1,310,234
569,686
4,398,913
2,142,943Changes in income taxes(395,263)
(116,595)
(886,371)
(259,327)Changes in inventory(4,452)
42,573
160,744
208,300Changes in other current assets26,185
(17,403)
43,969
(1,166)Changes in accounts payable and accrued liabilities72,122
49,658
(122,639)
(27,831)Free cash flow before changes in non-cash components of working capital$ 1,008,826
$ 527,919
$ 3,594,616
$ 2,062,919Additions to property, plant and mine development801,270
562,163
2,418,200
1,817,949Cash provided by operating activities before changes in non-cash components of working capital$ 1,810,096
$ 1,090,082
$ 6,012,816
$ 3,880,868
Cash provided by operating activities per share - basic$ 4.22
$ 2.26
$ 13.58
$ 7.92Cash provided by operating activities before changes in non-cash components of working capital per share - basic$ 3.61
$ 2.17
$ 11.98
$ 7.76
Free cash flow per share - basic$ 2.62
$ 1.14
$ 8.76
$ 4.29Free cash flow before changes in non-cash components of working capital per share - basic$ 2.01
$ 1.05
$ 7.16
$ 4.13Operating marginOperating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is helpful to investors as it provides them with additional information about the Company's underlying operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards. For a reconciliation of operating margin to revenue from operations, see "Summary of Operations Key Performance Indicators".Capital expendituresCapital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the consolidated statements of cash flows.Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the consolidated statements of cash flows for the three and twelve months ended December 31, 2025 and December 31, 2024.(thousands)Three Months Ended
December 31,
Year Ended December 31,
2025
2024
2025
2024Sustaining capital expenditures$ 288,903
$ 256,266
$ 931,198
$ 890,051Sustaining capitalized exploration7,420
3,578
23,755
18,702Development capital expenditures412,830
264,442
1,141,754
767,366Development capitalized exploration81,192
51,559
294,680
164,841Total Capital Expenditures$ 790,345
$ 575,845
$ 2,391,387
$ 1,840,960Working capital adjustments10,925
(13,682)
26,813
(23,011)Additions to property, plant and mine development per the
consolidated statements of cash flows$ 801,270
$ 562,163
$ 2,418,200
$ 1,817,949
Net cash (debt)Net cash (debt) is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net cash (debt) is useful to help investors determine the Company's overall cash (debt) position and to evaluate the future debt capacity of the Company. The Company changed the label for this non-GAAP measure from "net debt" to "net cash (debt)" as the Company believes that reporting a positive net cash position is more clear and understandable to readers than a negative net debt position. The Company's method of calculating this non-GAAP measure has not changed.The following table sets out a reconciliation of long-term debt per the consolidated balance sheets to net cash (debt) as at December 31, 2025, and December 31, 2024.
As at
As at(thousands)December 31, 2025
December 31, 2024Current portion of long-term debt per the consolidated balance sheets$ —
$ (90,000)Non-current portion of long-term debt(196,271)
(1,052,956)Long-term debt$ (196,271)
$ (1,142,956)Cash and cash equivalents$ 2,866,053
$ 926,431Net cash (debt)$ 2,669,782
$ (216,525)Forward-Looking Non-GAAP MeasuresThis news release also contains information as to estimated future total cash costs per ounce, minesite costs per tonne and AISC per ounce. The estimates are based upon the total cash costs per ounce, minesite costs per tonne and AISC per ounce that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.Forward-Looking StatementsThe information in this news release has been prepared as at February 12, 2026. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "commit", "could", "envisions", "estimate", "expect", "forecast", "future", "guide", "objective", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company's sites, including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's plans at Detour Lake underground, Upper Beaver, Odyssey, Hope Bay and San Nicolás, including the approval, timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Company's "fill-the-mill" strategy at Canadian Malartic; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital expenditures and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis for the year ended December 31, 2025 (the "MD&A") and the Company's Annual Information Form (the "AIF") for the year ended December 31, 2024 (and, when available, the Company's AIF for the year ended December 31, 2025) filed with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the 2024 AIF (and, when available, the 2025 AIF) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.Notes to Investors Regarding Certain Project EvaluationsThe forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the "fill-the-mill" strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.The basis for the internal evaluations and the qualifications and assumptions made by the qualified persons who undertook the internal evaluations are set out in this news release and the news releases dated June 29, 2024 for Detour Lake underground and dated July 31, 2024 for Upper Beaver. The results of the internal evaluations had no impact on the results of any pre-feasibility or feasibility study. An updated internal evaluation is expected in the second quarter of 2026 for Hope Bay, in the first quarter of 2027 for the 'fill-the-mill" strategy at Canadian Malartic and in mid-2027 for Detour Lake and Upper Beaver.Notes to Investors Regarding the Use of Mineral ResourcesThe mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian Securities Administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").The SEC's disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS"), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.Investors are cautioned that while the SEC recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable.Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is or will ever be economically or legally mineable.The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.Scientific and Technical InformationThe scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a "Qualified Person" for the purposes of NI 43-101.Detailed Mineral Reserve and Mineral Resource Data
Variances in down-adding and cross-adding are due to roundingMineral Reserves as at December 31, 2025Operation / ProjectProvenProbableProven & ProbableGoldMining
Method*000Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz AuRecovery
%**LaRonde mine1U/G2,4694.653698,1586.061,59010,6275.731,95994.4LaRonde Zone 52U/G6,4052.024156,8002.1747413,2052.0988994.5LaRonde Total8,8742.7578414,9594.292,06423,8323.722,848
Canadian Malartic mine3O/P36,8960.5059721,6971.2285258,5940.771,44988.8Marban deposit4O/P———51,6180.951,57751,6180.951,57790.0Odyssey deposit5U/G292.3724,7582.123254,7872.1232795.0East Gouldie6U/G———54,9433.235,69954,9433.235,69994.4Odyssey Mine Total292.37259,7013.146,02459,7303.146,026
Canadian Malartic Total36,9250.50599133,0161.988,453169,9411.669,052
Goldex7U/G6,2551.482989,0651.6848815,3201.6078685.9Akasaba West8O/P9690.82262,8070.96863,7770.9211277.6Goldex Total7,2251.3932411,8721.5157519,0971.46898
WasamacU/G———14,7572.901,37714,7572.901,37789.7Quebec Total
53,0231.001,707174,6032.2212,468227,6261.9414,175
Detour Lake (At or above 0.5 g/t)O/P66,6901.082,313434,4480.9012,641501,1380.9314,95488.4Detour Lake (Below 0.5 g/t)O/P53,6810.42722243,2420.372,899296,9230.383,62188.4Detour Lake Total9120,3710.783,035677,6900.7115,540798,0610.7218,575
Macassa10U/G61210.432056,0138.681,6786,6258.841,88395.9Macassa Near Surface11U/G32.110803.9110843.841093.5AK deposit12U/G1264.35181,9754.542882,1014.5330693.5Macassa Total7429.362238,0687.621,9768,8107.772,200
Upper BeaverO/P———3,2351.821893,2351.8218995.5Upper BeaverU/G———19,9464.022,57919,9464.022,57995.5Upper Beaver Total13
———23,1813.712,76823,1813.712,768
Hammond Reef14O/P———123,4730.843,323123,4730.843,32389.8Ontario Total
121,1130.843,258832,4120.8823,607953,5240.8826,865
AmaruqO/P8,0481.263277,3643.1775015,4122.171,07790.5AmaruqU/G814.22112,2215.123662,3025.0937790.5Meadowbank Total158,1291.293389,5853.621,11617,7142.551,454
MeliadineO/P1,1424.241564,2913.645035,4333.7765896.0MeliadineU/G2,9626.3260213,6805.372,36216,6425.542,96496.0Meliadine Total16
4,1045.7475717,9714.962,86422,0755.103,622
Hope Bay17U/G936.772016,0866.533,37616,1786.533,39687.5Nunavut Total
12,3252.821,11643,6425.247,35655,9674.718,472
Fosterville18U/G8875.411549,5164.951,51610,4034.991,67092.0Australia Total
8875.411549,5164.951,51610,4034.991,670
Kittila19U/G9314.6614023,8184.153,17924,7494.173,31986.0Europe Total
9314.6614023,8184.153,17924,7494.173,319
Operation / ProjectProvenProbableProven & ProbableGoldMining
Method*000Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz AuRecovery
%**Pinos AltosO/P260.6011,6291.00531,6561.005393.6Pinos AltosU/G6332.06422,3742.291753,0072.2421694.2Pinos Altos Total20
6592.00424,0031.762274,6621.80269
San Nicolás (50%)21O/P23,8580.4131428,7610.3935852,6190.4067217.6Mexico Total
24,5170.4535732,7640.5658557,2810.51941
Total Gold
212,7960.986,7311,116,7551.3648,7111,329,5511.3055,442
Operation / ProjectProvenProbableProven & ProbableSilverMining
Method*000Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz AgRecovery
%**LaRonde mineU/G2,46910.468308,15820.755,44310,62718.366,27378.1Pinos AltosO/P268.5771,62934.821,8241,65634.401,83144.5Pinos AltosU/G63345.299222,37427.302,0833,00731.093,00550.0Pinos Altos Total
65943.819294,00330.363,9074,66232.264,836
San Nicolás (50%)O/P23,85823.9318,35628,76120.9119,33352,61922.2837,68938.6Total Silver
26,98623.1820,11640,92321.8028,68267,90922.3548,798
Operation / ProjectProvenProbableProven & ProbableCopperMining
Method*000Tonnes%Tonnes Cu000 Tonnes%Tonnes Cu000 Tonnes%Tonnes CuRecovery
%**LaRonde mineU/G2,4690.174,0818,1580.3024,75110,6270.2728,83182.8Akasaba WestO/P9690.484,6402,8070.5314,8103,7770.5119,45179.0Upper BeaverO/P———3,2350.144,4773,2350.144,47779.2Upper BeaverU/G———19,9460.2550,45319,9460.2550,45379.2Upper Beaver Total
———23,1810.2454,93023,1810.2454,930
San Nicolás (50%)O/P23,8581.26299,80928,7611.01291,72152,6191.12591,53078.2Total Copper
27,2961.13308,53062,9080.61386,21390,2040.77694,743
Operation / ProjectProvenProbableProven & ProbableZincMining
Method*000Tonnes%Tonnes Zn000 Tonnes%Tonnes Zn000 Tonnes%Tonnes ZnRecovery
%**LaRonde mineU/G2,4690.368,9518,1581.0988,81110,6270.9297,76270.2San Nicolás (50%)O/P23,8581.61383,31328,7611.37394,11552,6191.48777,42880.9Total Zinc
26,3271.49392,26336,9201.31482,92663,2461.38875,190
*Open Pit ("O/P"), Underground ("U/G")**Represents metallurgical recovery percentage
1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$95/t for LP1 (Area 11-3) and not less than C$228/t for LaRonde.2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t.3 Canadian Malartic: Gold cut-off grade is 0.35 g/t.4 Marban deposit: Gold cut-off grade is 0.31 g/t.5 Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.44 g/t.6 East Gouldie: Gold cut-off grade not less than 1.57 g/t.7 Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t.8 Akasaba West: Net smelter value cut-off varies, not less than C$33.28/t.9 Detour Lake: Gold cut-off grade is 0.27 g/t.10 Macassa: Gold cut-off grade varies according to mining type, not less than 3.35 g/t for long hole method and 3.78 g/t for cut and fill method.11 Macassa Near Surface deposit: Gold cut-off grade not less than 2.10 g/t.12 Amalgamated Kirkland ("AK") deposit: Gold cut-off grade not less than 2.10 g/t.13 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit.14 Hammond Reef: Gold cut-off grade is 0.41 g/t.15 Amaruq: Gold cut-off grade varies according to mining type, not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t).16 Meliadine: Gold cut-off grade varies according to mining type, not less than 1.50 g/t for open pit mineral reserves and 3.90 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.50 g/t).17 Hope Bay: Gold cut-off grade not less than 4.00 g/t.18 Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.00 g/t.19 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t.20 Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$25.44/t for open pit mineral reserves and US$85.97/t for the underground mineral reserves.21 San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of $9.71/t and for high zinc/copper ore of $13.15/t. Mineral Resources as at December 31, 2025Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredGoldMining
Method000Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz AuLaRonde mineU/G———6,4573.597466,4573.597461,3666.03265LaRonde Zone 5U/G———24,2071.931,50624,2071.931,50611,6773.001,127LaRonde Total———30,6642.282,25130,6642.282,25113,0433.321,392Canadian Malartic mineO/P—————————5,0110.73118Marban depositO/P———3,8750.51633,8750.51632,9560.6663Marban depositU/G—————————4,5442.14313Marban regionalO/P———14,7941.2258214,7941.2258211,2721.08390Marban regionalU/G———2963.36322963.36321833.3720Odyssey depositU/G———4,4931.632364,4931.6323620,1762.231,445East MalarticU/G———48,2161.922,97648,2161.922,97663,2751.893,835East GouldieU/G———5,0481.422305,0481.4223094,2782.437,372Odyssey Mine Total———57,7571.853,44257,7571.853,442177,7292.2112,652Canadian Malartic Total———76,7231.674,12076,7231.674,120201,6942.0913,556GoldexU/G12,3601.8673921,2451.4598833,6041.601,72717,9511.46842Akasaba WestO/P———1300.3821300.382———Akasaba WestU/G—————————9661.6050Goldex Total12,3601.8673921,3741.4498933,7341.591,72818,9171.47892Akasaba regionalU/G—————————3,0523.24318WasamacU/G———9,4792.196679,4792.196673,9112.48312Quebec Total
12,3601.86739138,2411.818,027150,6011.818,766240,6182.1316,469Detour LakeO/P35,3001.161,312587,0070.6612,373622,3070.6813,68551,4421.382,290Detour LakeU/G———52,9242.043,47252,9242.043,47259,5492.033,878Detour Lake Zone 58NU/G———2,8685.805342,8685.805349734.35136Detour Lake Total
35,3001.161,312642,7980.7916,379678,0980.8117,691111,9641.756,304MacassaU/G37910.301252,8185.855303,1976.386565,4487.001,226Macassa Near SurfaceU/G———594.028594.0283093.9940AK depositU/G———2122.53172122.53173083.4034Macassa Total
37910.301253,0905.595553,4696.106816,0666.661,299AquariusO/P———12,3642.1585612,3642.158561223.5914Holt complexU/G5,8064.298005,8844.7589811,6904.521,6999,0974.481,310Anoki-McBeanU/G———3,9192.773493,9192.773498673.84107Upper BeaverO/P———540.872540.872———Upper BeaverU/G———7,5102.044937,5102.044932,9534.12391Upper Beaver Total
———7,5642.034957,5642.034952,9534.12391Upper CanadaO/P———1,4771.66791,4771.66791,4081.4766Upper CanadaU/G———9,5462.407389,5462.4073822,7362.932,145Upper Canada Total
———11,0242.3081711,0242.3081724,1432.852,211Hammond ReefO/P47,0630.5481986,3040.531,478133,3670.542,298———Ontario Total
88,5481.073,057772,9460.8821,829861,4940.9024,885155,2122.3311,636Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredGoldMining
Method000Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz Au000
Tonnesg/t000
Oz AuAmaruqO/P———2,4883.032422,4883.032421902.8718AmaruqU/G———8,8873.831,0948,8873.831,0945,7504.14765Meadowbank Total———11,3743.651,33611,3743.651,3365,9404.10783MeliadineO/P2882.82265,7052.724995,9942.735257104.2296MeliadineU/G1,6623.8020312,9283.651,51514,5903.661,71914,0365.282,382Meliadine Total
1,9513.6622918,6343.362,01520,5843.392,24414,7465.232,478Hope BayU/G———14,9464.612,21714,9464.612,21716,8685.983,246Nunavut Total
1,9513.6622944,9543.855,56746,9053.845,79737,5555.396,507FostervilleU/G6514.068510,7023.761,29311,3533.771,37713,3284.191,795Northern TerritoryO/P3373.724016,2031.4173216,5391.4577213,2551.75745Northern TerritoryU/G———4,4704.756834,4704.756835,8074.11767Northern Territory Total3373.724020,6722.131,41521,0092.151,45519,0622.471,512Australia Total
9873.9412531,3742.682,70732,3622.722,83232,3913.183,307KittilaO/P—————————3733.8947KittilaU/G4,6692.8743117,8742.811,61722,5442.832,0486,2094.66930Kittilä Total
4,6692.8743117,8742.811,61722,5442.832,0486,5824.62977Barsele (55%)O/P———3,1781.081113,1781.081112,2601.2591Barsele (55%)U/G———1,1581.77661,1581.776613,5522.10914Barsele (55%) Total1
———4,3351.271764,3351.2717615,8111.981,005Europe Total
4,6692.8743122,2102.511,79426,8792.572,22422,3932.751,982Pinos AltosO/P———1,5300.90441,5300.90441540.573Pinos AltosU/G———12,6592.1487212,6592.148721,3782.0490Pinos Altos Total
———14,1892.0191614,1892.019161,5331.8993La IndiaO/P4,4780.52748800.53155,3580.5289———San Nicolás (50%)O/P2610.0813,0370.20193,2970.19202,4680.1310TarachiO/P———19,2900.5836119,2900.583612420.524ChiprionaO/P———11,6520.7728711,6520.772871,2840.6326El Barqueño GoldO/P———8,4311.243358,4311.243359,6961.12349Santa GertrudisO/P———19,2670.9156319,2670.915639,8191.36429Santa GertrudisU/G—————————9,0793.441,004Santa Gertrudis Total———19,2670.9156319,2670.9156318,8982.361,433Total Mexico
4,7390.497576,7461.012,49681,4850.982,57134,1201.751,915Total Gold
113,2541.284,6561,086,4701.2142,4201,199,7241.2247,076522,2892.4941,815
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredSilverMining
Method000
Tonnesg/t000
Oz Ag000
Tonnesg/t000
Oz Ag000
Tonnesg/t000
Oz Ag000
Tonnesg/t000
Oz AgLaRonde mineU/G———6,45714.923,0976,45714.923,0971,36615.50680Pinos AltosO/P———1,53020.289971,53020.2899715413.9069Pinos AltosU/G———12,65954.7722,29412,65954.7722,2941,37848.422,146Pinos Altos Total
———14,18951.0523,29114,18951.0523,2911,53344.952,215La IndiaO/P4,4782.723918802.58735,3582.70464———San Nicolás (50%)O/P2616.40543,03711.861,1583,29711.431,2112,4689.26735ChiprionaO/P———11,652100.6937,72211,652100.6937,7221,28476.973,176El Barqueño SilverO/P—————————4,462121.2817,399El Barqueño GoldO/P———8,4315.151,3968,4315.151,3969,69616.004,989Santa GertrudisO/P———19,2673.662,26919,2673.662,2699,8191.85585Santa GertrudisU/G—————————9,07923.316,803Santa Gertrudis Total———19,2673.662,26919,2673.662,26918,89812.167,389Total Silver
4,7392.9244563,91333.5869,00568,65231.4769,45039,70528.6636,582
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredCopperMining
Method000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
Cu000
Tonnes%Tonnes
CuLaRonde mineU/G———6,4570.159,3876,4570.159,3871,3660.263,526Akasaba WestO/P———1300.162051300.16205———Akasaba WestU/G—————————9660.888,451Akasaba West Total
———1300.162051300.162059660.888,451Upper BeaverO/P———540.1056540.1056———Upper BeaverU/G———7,5100.1612,0637,5100.1612,0632,9530.3610,649Upper Beaver Total
———7,5640.1612,1187,5640.1612,1182,9530.3610,649San Nicolás (50%)O/P2611.353,5263,0371.1735,4893,2971.1839,0152,4680.9423,144ChiprionaO/P———11,6520.1618,76811,6520.1618,7681,2840.111,377El Barqueño GoldO/P———8,4310.2117,6508,4310.2117,6509,6960.2221,555El Barqueño SilverO/P—————————4,4620.041,852Total Copper
2611.353,52637,2700.2593,61737,5310.2697,14323,1930.3070,555
Operation / ProjectMeasuredIndicatedMeasured & IndicatedInferredZincMining
Method000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
Zn000
Tonnes%Tonnes
ZnLaRonde mineU/G———6,4570.9863,0876,4570.9863,0871,3660.435,856San Nicolás (50%)O/P2610.391,0123,0370.7121,6183,2970.6922,6302,4680.6215,355ChiprionaO/P———11,6520.87101,21111,6520.87101,2111,2840.729,178Total Zinc
2610.391,01221,1460.88185,91621,4070.87186,9285,1170.5930,3891 On January 28, 2026, Agnico Eagle entered into an agreement to sell its 55% interest in the Barsele project to Goldsky Resources Corp., with the closing of the transaction expected on or prior to June 30, 2026 (see AEM news release dated January 28, 2026).Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the CompanyMetal Price for Mineral Reserve Estimation*Gold ($/oz)Silver ($/oz)Copper ($/lb)Zinc ($/lb)$1,600$24.00$3.80$1.20*Exceptions: $1,350 per ounce of gold used for Hammond Reef; $1,500 per ounce of gold used for Detour Lake open pit; $1,650 per ounce of gold used for Wasamac and Marban; $2,000 per ounce of gold for Amaruq; $1,450 per ounce of gold and $3.75 per pound of copper used for Upper Beaver; $2,000 per ounce of gold and $27.00 per ounce of silver used for Pinos Altos; and $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás.Metal Price for Mineral Resource Estimation*Gold ($/oz)Silver ($/oz)Copper ($/lb)Zinc ($/lb)$2,000$25.00$4.00$1.30*Exceptions: $1,200 per ounce of gold used for Holt complex; $1,300 per ounce of gold used for Detour Lake Zone 58N; $1,500 per ounce of gold used for Northern Territory; $1,533 per ounce of gold used for Barsele; $1,600 per ounce of gold used for Canadian Malartic; $1,650 per ounce of gold used for La India; $1,688 per ounce of gold used for Hammond Reef, Anoki-McBean and Tarachi; $1,750 per ounce of gold used for Upper Beaver, Wasamac and Aquarius; $1,800 per ounce of gold used for Marban; $1,900 per ounce of gold used for Marban Regional and Akasaba Regional; $2,400 per ounce of gold used for Amaruq; $1,688 per ounce of gold and $25.00 per ounce of silver used for Santa Gertrudis; $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos.Exchange Rates*C$ per US$1.00MXN per US$1.00A$ per US$1.00€ per US$1.00C$1.34MXN18.00A$1.52€0.91*Exceptions: exchange rate of C$1.25 per US$1.00 used for Holt complex and Detour Lake Zone 58N; US$1.15 per €1.00 used for Barsele; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Anoki-McBean; and A$1.45 per US$1.00 used for Northern Territory.The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately $2,606 per ounce of gold, $30.64 per ounce of silver, $4.32 per pound of copper and $1.26 per pound of zinc.Mineral reserves reported are not included in mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column or row totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral resources.The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic parameters set the maximum price allowed to be no more than the lesser of the three-year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.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" and "inferred mineral resources". Mineral resources that are not mineral reserves do not have demonstrated economic viability.A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at prefeasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.Additional InformationAdditional information about each of the Company's material mineral projects as at December?31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company's material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).APPENDIX B – FINANCIAL INFORMATIONAGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of United States dollars, except where noted)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Net income - key line items:
Revenue from mine operations:
LaRonde422,047
207,123
1,303,218
770,314Canadian Malartic615,157
399,755
2,078,291
1,492,313Goldex141,534
84,042
460,907
321,346Quebec1,178,738
690,920
3,842,416
2,583,973Detour Lake718,426
442,681
2,360,769
1,582,974Macassa243,651
215,365
1,021,752
670,568Ontario962,077
658,046
3,382,521
2,253,542Meliadine448,623
259,519
1,328,761
890,243Meadowbank483,583
305,085
1,700,214
1,178,132Nunavut932,206
564,604
3,028,975
2,068,375Fosterville131,673
111,723
537,795
545,152Australia131,673
111,723
537,795
545,152Kittila229,397
127,675
748,635
523,550Finland229,397
127,675
748,635
523,550Pinos Altos101,323
61,471
323,322
245,997La India—
9,261
—
65,164Mexico101,323
70,732
323,322
311,161Corporate and Other28,559
—
44,187
—Revenues from mining operations$ 3,563,973
$ 2,223,700
$ 11,907,851
$ 8,285,753Production costs944,443
746,858
3,340,684
3,086,080Total operating margin(i)2,619,530
1,476,842
8,567,167
5,199,673Amortization of property, plant and mine development421,594
388,217
1,645,297
1,514,076Impairment reversal(229,000)
—
(229,000)
—Exploration, corporate and other109,783
306,114
446,959
864,042Income before income and mining taxes2,317,153
782,511
6,703,911
2,821,555Income and mining taxes expense794,092
273,256
2,242,450
925,974Net income for the period$ 1,523,061
$ 509,255
$ 4,461,461
$ 1,895,581Net income per share — basic$ 3.04
$ 1.02
$ 8.89
$ 3.79Net income per share — diluted$ 3.04
$ 1.01
$ 8.86
$ 3.78
Cash flows:
Cash provided by operating activities$ 2,111,504
$ 1,131,849
$ 6,817,113
$ 3,960,892Cash used in investing activities$ (1,049,355)
$ (631,557)
$ (2,598,295)
$ (2,007,114)Cash used in provided by financing activities$ (552,902)
$ (542,518)
$ (2,287,143)
$ (1,356,331)
Realized prices:
Gold (per ounce)$ 4,163
$ 2,660
$ 3,454
$ 2,384Silver (per ounce)$ 60.65
$ 30.31
$ 43.80
$ 28.85 AGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of United States dollars, except where noted)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Payable production(ii):
Gold (ounces):
LaRonde80,290
90,447
344,555
306,750Canadian Malartic153,433
146,485
642,612
655,654Goldex32,992
32,341
125,501
130,813Quebec266,715
269,273
1,112,668
1,093,217Detour Lake195,026
179,061
692,675
671,950Macassa60,505
76,336
312,729
279,384Ontario255,531
255,397
1,005,404
951,334Meliadine93,735
94,648
376,346
378,886Meadowbank115,101
117,024
493,314
504,719Nunavut208,836
211,672
869,660
883,605Fosterville32,367
37,139
160,522
225,203Australia32,367
37,139
160,522
225,203Kittila54,964
51,893
217,379
218,860Finland54,964
51,893
217,379
218,860Pinos Altos22,195
18,583
81,734
88,433Creston Mascota—
54
—
104La India—
3,390
—
24,580Mexico22,195
22,027
81,734
113,117Total gold (ounces):840,608
847,401
3,447,367
3,485,336
Silver (thousands of ounces)658
640
2,501
2,485Zinc (tonnes)2,395
1,860
8,446
6,339Copper (tonnes)1,380
1,278
5,393
3,951
AGNICO EAGLE MINES LIMITEDSUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS(thousands of United States dollars, except where noted)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Payable metal sold(iii):
Gold (ounces):
LaRonde93,892
74,172
350,533
304,694Canadian Malartic146,832
148,753
599,553
624,646Goldex31,961
29,501
124,300
129,397Quebec272,685
252,426
1,074,386
1,058,737Detour Lake173,144
166,057
682,666
663,272Macassa58,445
80,624
299,920
278,464Ontario231,589
246,681
982,586
941,736Meliadine107,353
97,898
381,550
374,776Meadowbank116,205
114,497
495,753
492,620Nunavut223,558
212,395
877,303
867,396Fosterville31,229
41,900
157,029
229,147Australia31,229
41,900
157,029
229,147Kittila55,060
48,100
217,060
219,548Finland55,060
48,100
217,060
219,548Pinos Altos20,604
19,900
80,177
89,410La India—
3,500
—
28,120Mexico20,604
23,400
80,177
117,530Corporate and Other7,831
—
12,378
—Total gold (ounces):842,556
824,902
3,400,919
3,434,094
Silver (thousands of ounces)622
669
2,376
2,483Zinc (tonnes)2,619
1,407
8,799
6,209Copper (tonnes)1,339
1,271
5,337
3,952
Notes:(i) Operating margin is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance – Operating Margin for more information on the Company's calculation and use of operating margin.(ii) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the three months ended December 31, 2025, it excludes 925 ounces of payable gold ounces at La India and 70 ounces of payable gold ounces at Creston Mascota as well as 7,026 ounces of gold recovered at Hope Bay. For the year ended December 31, 2025, it excludes 4,539 payable gold ounces produced at La India and 323 payable gold ounces produced at Creston Mascota as well as 9,468 ounces of gold recovered at Hope Bay.(iii) Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the year ended December 31, 2025, it excludes 2,500 payable gold ounces sold at La India. AGNICO EAGLE MINES LIMITEDCONSOLIDATED BALANCE SHEETS(thousands of United States dollars, except share amounts)
As at
As at
December 31, 2025
December 31, 2024ASSETS
Current assets:
Cash and cash equivalents$ 2,866,053
$ 926,431Inventories1,698,830
1,510,716Income taxes recoverable9,435
26,432Fair value of derivative financial instruments34,428
1,348Other current assets385,196
340,354Total current assets4,993,942
2,805,281Non-current assets:
Goodwill4,157,672
4,157,672Property, plant and mine development22,850,540
21,466,499Investments 1,508,252
612,889Deferred income and mining tax asset17,821
29,198Other assets943,064
915,479Total assets$ 34,471,291
$ 29,987,018
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities$ 1,033,444
$ 823,412Share based liabilities 31,722
27,290Income taxes payable1,226,347
372,197Current portion of long-term debt—
90,000Reclamation provision144,537
58,579Lease obligations30,480
40,305Fair value of derivative financial instruments5,676
100,182Total current liabilities2,472,206
1,511,965Non-current liabilities:
Long-term debt196,271
1,052,956Reclamation provision1,318,476
1,026,628Lease obligations94,719
98,921Share based liabilities 23,921
12,505Deferred income and mining tax liabilities5,373,013
5,162,249Other liabilities250,221
288,894Total liabilities9,728,827
9,154,118
EQUITY
Common shares:
Outstanding - 500,768,400 common shares issued, less 721,800 shares held in trust18,699,862
18,675,660Stock options166,775
172,145Retained earnings5,463,906
2,026,242Other reserves411,921
(41,147)Total equity24,742,464
20,832,900Total liabilities and equity$ 34,471,291
$ 29,987,018 AGNICO EAGLE MINES LIMITEDCONSOLIDATED STATEMENTS OF INCOME(thousands of United States dollars, except per share amounts)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
REVENUES
Revenues from mining operations$ 3,563,973
$ 2,223,700
$ 11,907,851
$ 8,285,753
COSTS, INCOME AND EXPENSES
Production(i)944,443
746,858
3,340,684
3,086,080Exploration and corporate development53,149
52,822
206,684
219,610Amortization of property, plant and mine development421,594
388,217
1,645,297
1,514,076General and administrative49,587
62,014
235,947
207,450Finance costs17,118
27,473
91,145
126,738(Gain) loss on derivative financial instruments(50,079)
107,429
(223,960)
155,819Impairment reversal(229,000)
—
(229,000)
—Foreign currency translation (gain) loss(7,464)
10,131
(25,654)
9,383Care and maintenance22,353
25,496
69,802
60,574Other income and expenses25,119
20,749
92,995
84,468Income before income and mining taxes2,317,153
782,511
6,703,911
2,821,555Income and mining taxes expense794,092
273,256
2,242,450
925,974Net income for the period$ 1,523,061
$ 509,255
$ 4,461,461
$ 1,895,581
Net income per share - basic$ 3.04
$ 1.02
$ 8.89
$ 3.79Net income per share - diluted$ 3.04
$ 1.01
$ 8.86
$ 3.78Adjusted net income per share - basic(ii)$ 2.70
$ 1.26
$ 8.31
$ 4.24Adjusted net income per share - diluted(ii)$ 2.69
$ 1.26
$ 8.28
$ 4.23
Weighted average number of common shares outstanding (in thousands):
Basic500,803
501,585
501,993
499,904Diluted502,732
502,880
503,434
500,861
Notes:(i)Exclusive of amortization, which is shown separately(ii)Adjusted net income per share is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS Accounting Standards measure
AGNICO EAGLE MINES LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS(thousands of United States dollars)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
OPERATING ACTIVITIES
Net income for the period$ 1,523,061
$ 509,255
$ 4,461,461
$ 1,895,581Add (deduct) adjusting items:
Amortization of property, plant and mine development421,594
388,217
1,645,297
1,514,076Deferred income and mining taxes87,817
61,057
162,158
213,845Unrealized (gain) loss on currency and commodity derivatives(28,130)
104,033
(127,585)
142,396Unrealized gain on warrants(24,159)
(16,480)
(111,203)
(20,383)Stock-based compensation10,850
18,447
97,545
77,404Impairment reversal(229,000)
—
(229,000)
—Foreign currency translation (gain) loss (7,464)
10,131
(25,654)
9,383Other55,527
15,422
139,797
48,566Changes in non-cash working capital balances:
Income taxes395,263
116,595
886,371
259,327Inventories4,452
(42,573)
(160,744)
(208,300)Other current assets(26,185)
17,403
(43,969)
1,166Accounts payable and accrued liabilities(72,122)
(49,658)
122,639
27,831Cash provided by operating activities2,111,504
1,131,849
6,817,113
3,960,892
INVESTING ACTIVITIES
Additions to property, plant and mine development(801,270)
(562,163)
(2,418,200)
(1,817,949)Purchase of O3 Mining, net of cash and cash equivalents acquired—
—
(121,960)
—Contributions for acquisition of mineral assets(6,572)
(5,000)
(14,972)
(16,296)Purchase of equity securities and other investments(248,991)
(68,377)
(447,494)
(183,021)Proceeds on sale of equity securities and other investments—
—
402,720
—Other investing activities 7,478
3,983
1,611
10,152Cash used in investing activities(1,049,355)
(631,557)
(2,598,295)
(2,007,114)
FINANCING ACTIVITIES
Proceeds from Credit Facility—
—
—
600,000Repayment of Credit Facility—
—
—
(600,000)Repayment of Term Loan Facility—
(325,000)
—
(600,000)Repayment of Senior Notes—
—
(950,000)
(100,000)Debt financing and extinguishment costs—
—
(8,245)
(3,544)Repayment of lease obligations(9,073)
(9,177)
(36,043)
(47,319)Dividends paid(185,382)
(173,826)
(728,077)
(671,655)Repurchase of common shares(373,047)
(63,236)
(682,890)
(169,357)Proceeds on exercise of stock options3,492
19,797
75,749
198,532Common shares issued11,108
8,924
42,363
37,012Cash used in financing activities(552,902)
(542,518)
(2,287,143)
(1,356,331)Effect of exchange rate changes on cash and cash equivalents2,047
(8,558)
7,947
(9,664)Net increase (decrease) in cash and cash equivalents during the period511,294
(50,784)
1,939,622
587,783Cash and cash equivalents, beginning of period2,354,759
977,215
926,431
338,648Cash and cash equivalents, end of period$ 2,866,053
$ 926,431
$ 2,866,053
$ 926,431
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$ 662
$ 26,919
$ 46,875
$ 103,692Income and mining taxes paid$ 300,219
$ 96,473
$1,177,927
$ 474,028
View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-reports-fourth-quarter-and-full-year-2025-results--record-quarterly-and-annual-free-cash-flow-2025-production-guidance-achieved-total-2025-shareholder-returns-of-1-4-billion-dividend-increased-by-12-5-updated-t-302686829.htmlSOURCE Agnico Eagle Mines Limited
Original: AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS - RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCE
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