Agnico Eagle Mines (AEM) investor relations material

Strategic overview and regional focus

• Operates as the second largest gold producer globally, with a market cap exceeding $70 billion and annual production near 3.5 million ounces, 85% of which is from Canada.

• Emphasizes a regional cluster strategy, focusing on consolidation in Northern Ontario, Quebec, and Nunavut to leverage operational synergies and cost advantages.

• Maintains low employee turnover and strong supplier relationships, supporting cost control and operational efficiency.

• Majority of production and net asset value are concentrated in Canada, with selective international presence in Finland, Australia, and Mexico.

• Regional consolidation enables sharing of technical resources and purchasing power, contributing to industry-leading cost performance.

M&A and growth strategy

• Growth has been driven by both organic development and significant M&A, notably the 2022 merger with Kirkland Lake Gold.

• Five key internal projects could add 1.5 million ounces of production, supporting 20–30% growth over 5–10 years.

• External M&A is approached with discipline, requiring opportunities to surpass internal project returns.

• Australia remains a potential expansion region, but current focus is on maximizing value from the Fosterville mine and being selective about further investments.

• Commodity strategy is metal-agnostic, considering non-gold projects only if they align with regional strengths and offer competitive returns.

Operational highlights and project pipeline

• Canadian Malartic is transitioning from open pit to Canada’s largest underground mine, with significant exploration upside and mill capacity for future growth.

• Satellite deposits like Wassamac and Marban, along with a potential second shaft at Odyssey, could lift production to over 1 million ounces annually.

• Detour mine is a major asset, with plans to increase production to 1 million ounces per year and ongoing exploration to accelerate and extend this target.

• Hope Bay in Nunavut is being redeveloped, targeting 400,000 ounces per year, with a construction decision expected in the first half of next year.

• Exploration budget is approximately $300 million annually, with the majority allocated to Canadian Malartic, Detour, and Hope Bay.