Agnico Eagle Mines (AEM) investor relations material

Strategic priorities and capital allocation

• Generating about $4 billion in free cash flow in 2024, after $3 billion in capital spending and $600 million in exploration, while maintaining a disciplined approach to capital allocation.

• Dividend payments represent about 25% of free cash flow, with a focus on maintaining stability and avoiding cuts.

• Five key organic growth projects are prioritized, offering 30%-60% returns and relatively low risk due to regional expertise.

• Over $1.5 billion in debt paid down in two years, with net cash expected to reach up to $4 billion by early next year.

• Approximately $2 billion returned to shareholders in 2024 through dividends and share buybacks.

Operational efficiency and cost management

• Regional mining strategy in Canada leverages clean energy sources, reducing diesel reliance and costs.

• Diesel accounts for about 7% of total costs, with a 10% price change impacting costs by $4-$5/oz.

• Partnership with Inuit groups and the Canadian government to build wind farms at Hope Bay aims to further reduce diesel use.

Growth projects and exploration

• Hope Bay project sanctioned with 400,000-450,000 oz annual production, supported by extensive exploration and high engineering completion.

• Canadian Malartic transitioning from open pit to underground mining by 2029, targeting up to 1 million oz annual production by 2033/2034.

• Detour Lake plans to integrate underground mining, aiming for 1 million oz annual production by 2030, with potential for further expansion.

• Regional focus and leveraging existing infrastructure reduce capital and operating costs, de-risking growth.