Agnico Eagle Mines Reports Second Quarter 2023 Results

Aug 14, 2023

Mr. Ammar Al-Joundi reports:

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, July 26, 2023 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2023.

"Agnico Eagle delivered another strong operational quarter, with record quarterly gold production and better than expected costs driving solid financial results. With this excellent start to the year, we are tracking very well to meet our annual production and cost guidance. I would also like to commend our team for one of the best quarterly safety performances in the Company's history," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "In June we released an update on the Odyssey project at Canadian Malartic, which highlighted an improved production profile, a mine life extension to 2042 and a significant geological upside. We continue to advance the various studies of our key pipeline projects in the Abitibi Gold Belt, with the objective of leveraging our existing infrastructure and generating value for our shareholders. We expect to report the results of these ongoing studies through the first half of 2024. Finally, in the second quarter, we had strong exploration results from Detour, Meliadine, Kittila and at Hope Bay, with the intersection of higher grade mineralization at the Madrid deposit," added Mr. Al-Joundi.

Second quarter 2023 highlights

_____________________________

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 is a non-GAAP ratio that is not a standardized financial measure under IFRS and, unless otherwise specified, is reported on a by-product basis in this news release. For the detailed calculation of production costs per ounce, the reconciliation of total cash costs to production costs and information about total cash costs per once on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and, unless otherwise specified, is reported on a by-product basis in this news release. For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

4 Adjusted net income and adjusted net income per share are non-GAAP measures that are not standardized financial measures under IFRS. For a reconciliation to net income and net income per share see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

5 Net debt is a non-GAAP measure that is not a standardized measure under IFRS. For a reconciliation to long-term debt, see "Reconciliation of non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

Second Quarter 2023 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Thursday, July 27, 2023 at 11:00 AM (E.D.T.) to discuss the Company's second quarter 2023 financial and operating results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company's website www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 1-416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Via URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number at https://bit.ly/3CqLElb to receive an instant automated call back.

Replay Archive:

Please dial 1-416-764-8677 or toll-free 1-888-390-0541, access code 008251#. The conference call replay will expire on August 27, 2023.

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

Second Quarter 2023 Financial and Production Results

In the second quarter of 2023, net income was $326.8 million ($0.66 per share). This result includes the following items (net of tax): derivative gains on financial instruments of $20.1 million ($0.04 per share), a non-cash fair value adjustment on inventory sold during the quarter related to the acquisition of the remaining 50% of Canadian Malartic included in production costs of $13.7 million ($0.03 per share), foreign currency translation gains on deferred tax liabilities of $9.6 million ($0.02 per share), non-cash foreign currency translation losses of $4.0 million ($0.01 per share) and various other adjustment losses of $7.5 million ($0.01 per share).

Excluding the above items results in adjusted net income of $322.4 million or $0.65 per share for the second quarter of 2023. For the second quarter of 2022, the Company reported net income of $290.4 million ($0.64 per share).

Included in the second quarter of 2023 net income, and not adjusted above, is a non-cash stock option expense of $2.5 million ($0.01 per share).

In the first six months of 2023, the Company reported net income of $2,143.7 million ($4.45 per share) compared to the first six months of 2022, when net income was $409.5 million ($0.97 per share).

The increase in net income in the second quarter of 2023 compared to the prior-year period is due to a gain on derivative financial instruments, higher mine operating margins6 from higher sales volumes resulting from the acquisition of the remaining 50% of Canadian Malartic and lower income and mining tax expenses, partially offset by higher amortization.

The increase in net income in the first six months of 2023 is primarily due to a remeasurement gain resulting from the application of purchase accounting relating to a business combination attained in stages, which requires the remeasurement of the Company's previously held 50% interest in the Canadian Malartic complex to fair value. The fair value of the Company's previously held 50% interest and the resulting gain on remeasurement, along with the fair values allocated to assets acquired and liabilities assumed are preliminary, and are subject to adjustment based on further analysis and evaluation over the course of the measurement period which may not exceed 12 months from the acquisition date.

In the second quarter of 2023, cash provided by operating activities was $722.0 million ($693.0 million before changes in non-cash components of working capital), compared to the second quarter of 2022 when cash provided by operating activities was $633.3 million ($706.0 million before changes in non-cash components of working capital). Cash provided by operating activities (before changes in non-cash components of working capital) was slightly lower in the second quarter of 2023 when compared to the prior-year period as higher revenues from higher sales volumes and metals prices was more than offset by higher production costs and higher financing costs.

In the first six months of 2023, cash provided by operating activities was $1,371.6 million ($1,301.8 million before changes in non-cash components of working capital), compared to the first six months of 2022 when cash provided by operating activities was $1,140.7 million ($1,072.0 million before changes in non-cash components of working capital). Cash provided by operating activities (before changes in non-cash components of working capital) increased when compared to the prior-year period primarily due to higher sales volumes from a full six months contribution in 2023 from the Detour Lake, Macassa and Fosterville mines as opposed to 149 days in the first six months of 2022 following the closing of the merger (the "Merger") with Kirkland Lake Gold Ltd. and higher sales volumes from the acquisition of the remaining 50% of the Canadian Malartic complex.

_____________________________

6 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

In the second quarter of 2023, the Company's payable gold production was a record 873,204 ounces. This compares to quarterly payable gold production of 858,170 ounces in the prior-year period as the additional production from the acquisition of the remaining 50% of the Canadian Malartic complex was partially offset by lower production at the Detour Lake and LaRonde mines.

In the first six months of 2023, the Company's payable gold production was 1,686,017 ounces compared to the first six months of 2022 when payable gold production was 1,518,774 ounces. The increase in payable gold production is a result of additional days of production in 2023 at the Detour Lake, Macassa and Fosterville mines as described above and the additional production from the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by lower production at the Detour Lake and LaRonde mines.

In the second quarter of 2023, production costs per ounce were $851, compared to $766 in the prior-year period and total cash costs per ounce were $840, compared to $726 in the prior-year period. Production costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne related to inflation. A detailed description of the minesite costs per tonne at each mine is set out below. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne related to inflation, higher royalties resulting from the acquisition of the remaining 50% of the Canadian Malartic complex and a lower fair value adjustment impacting inventory in the second quarter of 2023.

In the first six months of 2023, production costs per ounce were $828, compared to $869 in the prior-year period and total cash costs per ounce were $836, compared to $763 in the prior-year period. Production costs per ounce decreased when compared to the prior-year period primarily due to the increase in payable gold production during the period. Total cash costs per ounce increased when compared to the prior-year period primarily due to the lower fair value adjustment impacting inventory in the current year.

In the second quarter of 2023, AISC per ounce were $1,150, compared to $1,026 in the prior-year period. AISC per ounce increased in the second quarter of 2023 when compared to the prior-year period primarily due to the same reasons that caused higher total cash costs per ounce.

In the first six months of 2023, AISC per ounce were $1,138, compared to $1,051 in the prior-year period. AISC per ounce increased when compared to the prior-year period primarily due to the same reasons that caused higher total cash costs and higher sustaining capital expenditures per ounce.

Solid Cash Flow Generation Continues to Support Investment Grade Balance Sheet; Financial Flexibility Strengthened with Increased Liquidity

With the strong cash-flow generation during the second quarter, the Company used cash on hand to repay $300 million of the $1.0 billion drawn from its unsecured revolving bank credit facility used to fund the cash consideration paid in connection with the acquisition of Yamana's Canadian assets on March 31, 2023 (the "Yamana Transaction"). On April 20, 2023, the Company entered into a credit agreement with a group of financial institutions that provides the $600 million Term Loan Facility. The Company drew down in full on the Term Loan Facility on April 28, 2023 and used the proceeds to partially repay the amounts drawn on the unsecured revolving bank credit facility. The Term Loan Facility matures and all indebtedness thereunder is due and payable on April 21, 2025. The Term Loan Facility is available as a single advance in US dollars through SOFR and base rate advances, priced at the applicable rate plus a margin that ranges from 0.00% to 2.00% depending on the Company's credit rating. The Term Loan Facility may be prepaid without penalty.

As of June 30, 2023, the outstanding balance on the Company's unsecured revolving bank credit facility was $100 million, and available liquidity under this facility was approximately $1.1 billion, not including the uncommitted $600 million accordion feature. Additionally on June 30, 2023, the Company repaid out of available cash the $100 million 4.54% Series A senior notes at maturity, further reducing the Company's indebtedness.

Cash and cash equivalents decreased to $432.5 million at June 30, 2023, from the March 31, 2023 balance of $744.6 million, primarily due to debt repayment, partially offset by higher cash flow from operations (higher sales volumes and realized gold prices). At June 30, 2023 the Company's long term debt was $1,942.0 million and net debt decreased to $1,509.5 million from the March 31, 2023 balance of $1,597.9 million.

On April 7, 2023, Moody's upgraded its credit rating outlook for the Company to "positive" from "stable", while affirming the credit rating at Baa2. On June 20, 2023, Fitch Ratings affirmed its credit rating for Agnico Eagle at BBB+ with a Stable Outlook. These investment grade credit ratings reflect the Company's strong business and credit profile, while maintaining low leverage and conservative financial policies and recognizing the benefits of the Company's size and scale and operations in favourable mining jurisdictions.

In May 2023, the Company received approval from the TSX to renew its normal course issuer bid ("NCIB") pursuant to which the Company is permitted to purchase up to the lesser of (i) 5% of its issued and outstanding common shares and (ii) the number of common shares that may be purchased by the Company for an aggregate purchase price, excluding commissions, of $500.0 million. Purchases under the NCIB may continue for up to one year from the commencement date of May 4, 2023. Purchases under the NCIB will be made through the facilities of the TSX, the NYSE or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled.

Agnico Eagle believes that the NCIB provides a flexible tool as part the Company's overall capital allocation program and objectives and generates value for shareholders. In the second quarter of 2023, no purchases were made under the NCIB.

Approximately 55% of the Company's estimated Canadian dollar exposure for the remainder of the year is hedged at an average floor price above 1.32 C$/US$. Approximately 29% of the Company's estimated Euro exposure for the remainder of the year is hedged at an average floor price of approximately 1.03 US$/EUR. Approximately 58% of the Company's estimated Australian dollar exposure for the remainder of the year is hedged at an average floor price above 1.45 A$/US$. Approximately 33% of the Company's estimated Mexican peso exposure for the remainder of the year is hedged at an average floor price above 20.70 MXP/US$. The Company's full year 2023 cost guidance is based on assumed exchange rates of 1.32 C$/US$, 1.10 US$/EUR, 1.40 A$/US$ and 20.00 MXP/US$.

With the completion of the initial diesel purchase for the Company's Nunavut operations on the 2023 sealift, approximately 64% of the Company's diesel exposure for the remainder of the year is hedged at an average price of $0.69 per litre, compared to the 2023 cost guidance assumption of $0.93 per litre. The sea-lift purchase, along with financial hedges, will continue to help mitigate operating cost risks and they are expected to provide protection against diesel price inflation for the remainder of the year.

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. Current hedging positions are not factored into 2023 and future guidance.

Capital Expenditures

In the second quarter of 2023, capital expenditures were $382.4 million and capitalized exploration expenditures were $33.6 million, for a total of $416.0 million. Total expected capital expenditures (including capitalized exploration) remain in line with guidance for the full year 2023.

The following table sets out capital expenditures (including sustaining capital expenditures7 and development capital expenditures7) and capitalized exploration in the second quarter of 2023.

___________________________________

7 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS. See "Note Regarding Certain Measures of Performance" and "Reconciliation of Non-GAAP Performance Measures – Reconciliation of Sustaining Capital Expenditures to Consolidated Statements of Cash Flow".

Capital Expenditures

(In thousands of U.S. dollars)

Capital Expenditures*

Capitalized Exploration

Three Months Ended

Six Months Ended

Three Months Ended

Six Months Ended

June 30, 2023

Sustaining Capital Expenditures

LaRonde complex

19,788

35,527

641

896

Canadian Malartic complex

34,086

50,670

—

Goldex mine

3,428

8,166

210

294

Detour Lake mine

60,678

113,962

—

Macassa mine

8,646

15,036

250

508

Meliadine mine

13,839

26,916

1,865

3,874

Meadowbank complex

35,624

71,255

—

Hope Bay project

145

147

—

Fosterville mine

7,252

14,921

346

Kittila mine

12,310

21,220

(352)

1,073

Pinos Altos mine

8,062

16,059

345

598

La India mine

Total Sustaining Capital

$ 203,903

$ 373,950

$ 3,011

$ 7,595

Development Capital Expenditures

LaRonde complex

17,813

33,107

—

Canadian Malartic complex

46,548

76,366

2,370

3,573

Goldex mine

8,064

16,075

774

2,052

Akasaba West project

8,706

—

Detour Lake mine

24,775

47,383

8,815

17,282

Macassa mine

16,108

37,158

7,552

14,915

Meliadine mine

33,622

49,695

3,652

5,459

Amaruq underground project

(21)

310

—

Hope Bay project

2,724

3,199

—

Fosterville mine

8,573

11,714

4,727

10,690

Kittila mine

8,353

19,049

2,193

Pinos Altos mine

1,175

3,374

518

1,112

Other

2,092

2,455

—

Total Development Capital

$ 178,532

$ 318,960

$ 30,601

$ 57,276

Total Capital Expenditures

$ 382,435

$ 692,910

$ 33,612

$ 64,871

* Excludes capitalized exploration

2023 Guidance Unchanged

The Company is on track to meet its 2023 gold production guidance of between 3.24 and 3.44 million ounces, which is based on the assumption that the Kittila mill operates at an annual rate of 1.6 Mtpa. Through the first half of 2023, Kittila has maintained operational flexibility to process 2.0 Mtpa in 2023. The SAC is expected to provide its final decision on Kittila's operating permit in the third quarter of 2023. If the SAC reverses the lower court ruling and reinstates the operating permit at 2.0 Mtpa, then the Company expects Kittila to produce up to 30,000 ounces of additional gold in the second half of 2023 as compared to the current guidance, however, the Company can provide no assurance that the SAC will reverse the lower court decision. If the SAC upholds the lower court decision and maintains the current operating permit of 1.6 Mtpa, the Company would be required to scale back operations during the fourth quarter of 2023 to remain within the permitted annual rate.

The Company is also on track to meet its 2023 guidance for total cash costs per ounce and AISC per ounce of between $840 and $890 and between $1,140 and $1,190, respectively. Total expected capital expenditures (excluding capitalized exploration) for 2023 remain at approximately $1.42 billion.

The closing of the Yamana Transaction on March 31, 2023 resulted in a remeasurement of the Company's previously-held 50% ownership of Canadian Malartic. This remeasurement will continue to affect the Company's depreciation and amortization for the remainder of the year as 100% of the assets are re-measured to fair value. The 2023 depreciation and amortization expense guidance is now expected to be between $1.50 to $1.55 billion for the full year 2023 (versus previous guidance of $1.36 and $1.41 billion).

Update on Key Value Drivers and Pipeline Projects

Highlights on the key value drivers (Odyssey mine, Detour Lake mine and optimization of assets and infrastructure in the Abitibi region of Quebec), the Hope Bay project and the San Nicolás project are set out below. Details on certain mine expansion projects (Macassa shaft and new ventilation system, Kittila shaft, Meliadine Phase 2 and Amaruq underground) are set out in the applicable operational sections of this news release.

Odyssey Project

The Company released the results of a new internal study on the Odyssey project (the "2023 Odyssey Study") in June 2023, reflecting significant project advancements and the new economic environment (refer to the news release dated June 20, 2023). The forecast parameters for the 2023 Odyssey Study 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. Key highlights of the 2023 Odyssey Study and work completed in the second quarter of 2023 include:

The Company believes the potential for further conversion of inferred mineral resources at Odyssey is significant and is expected to add mine life and continue to increase value. Up to 16 drill rigs were active on the Canadian Malartic property during the second quarter, including: five underground drills in the Odyssey South and internal zones; four surface drills focused on expanding and infilling the East Gouldie mineralization; four drill rigs investigating new regional targets around the Odyssey mine and Canadian Malartic mines; and three drill rigs investigating near-surface targets at the Camflo property, located 4.0 kilometres northeast of the Odyssey mine infrastructure, where a first phase of 60 drill holes was completed early in the second quarter.

During the second quarter of 2023, 32,285 metres of capitalized and expensed drilling were completed. Drilling targeted several areas that are part of the Odyssey mine, including the infill of the East Gouldie deposit from surface, and of the Odyssey South and Odyssey internal zones from the exploration ramp.

Exploration drilling also continued to investigate the broader East Gouldie mineralized zone and extended the zone laterally to the east and to the west. Regional exploration drilling totaled 3,000 metres during the second quarter, with work resuming on the Rand Malartic property to test the extension of the Odyssey mine's different zones and the launch at quarter-end of the Phase 2 drilling program around the Camflo mine to further investigate its near-surface potential.

Detour Lake Mine

In the second quarter of 2023, the Detour Lake mine established a new quarterly record for mill throughput (74,725 tpd), reflecting an improved mill availability of 92.8% and a continued effort to optimize mill processes. The Company is advancing several projects to improve runtime and sustain throughput of 28.0 Mtpa. Areas of focus include modifications to the 610 re-feed chutes, improvements to secondary crusher liner profiles to extend wear life and optimization of the secondary crusher.

The Company is also assessing several projects to potentially exceed the mill throughput of 28.0 Mtpa, including ore sorting and the implementation of advanced process control utilizing artificial intelligence or expert systems. Building on positive results in 2022, the Company initiated an ore sorting pilot test with the objective to process approximately 1.5 million tonnes of low-grade material to establish the key design criteria of a full-size sorting plant. The pilot project will also help determine the economic viability of a full-size sorting operation at Detour Lake.

Ten drill rigs were active in exploration drilling at Detour Lake during the second quarter of 2023, completing 63,326 metres of drilling for a total of 128,539 metres completed during the first six months of 2023.

Drilling during the second quarter targeted specific gold mineralized horizons within and below the West Pit mineral reserve to examine gold continuity between existing drill holes, and targeted the western plunge extension of the open-pit mineralization to firm up the mineralized zones potentially amenable to underground mining, with the following highlights:

Additional selected results from the second quarter drilling at Detour Lake are provided in the plan map, composite longitudinal section and table below.

With the ongoing exploration drilling success at Detour Lake, the Company has approved a supplemental exploration budget of $5.2 million for an additional 35,000 metres of drilling at Detour Lake during the remainder of 2023. This additional drilling is expected to accelerate the identification of underground mineral resources in the western pit extension. The previous budget at Detour Lake for the full year 2023 was comprised of $33 million for 171,000 metres of expensed and capitalized drilling.

With continued positive drilling results in the higher grade zones investigated for underground mining potential, the Company has decided to integrate additional drill data from the first half of 2023 into a maiden underground mineral resource model that will be used to evaluate potential underground mining scenarios. Results of an internal evaluation of the underground mining potential are now expected to be reported in the first half of 2024.

[Detour Lake – Plan Map and Composite Longitudinal Section]

Recent selected exploration drill results from West Pit and West Pit Extension zones at Detour Lake

Drill hole

Zone

From(metres)

To(metres)

Depth of midpoint below surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)

DLM23-598W

West Pit

1,169.0

1,181.0

964

11.3

3.3

DLM23-604

West Pit

268.0

287.0

250

15.1

3.8

and

West Pit

304.8

339.0

289

27.5

1.9

and

West Pit

538.0

564.0

487

21.8

2.0

and

West Pit

604.0

607.0

533

2.5

9.9

DLM23-612

West Pit

616.0

676.0

538

53.4

1.4

including

625.0

644.0

529

16.9

2.8

and

West Pit

696.1

744.7

596

43.5

1.5

DLM23-616

West Pit

599.0

625.2

439

25.3

2.9

and

West Pit

656.0

677.0

474

20.3

3.2

DLM23-620

West Pit Extension

495.0

498.0

445

2.5

81.4

and

West Pit Extension

737.0

743.8

647

6.0

3.2

DLM23-628

West Pit

26.2

43.0

14.2

6.8

including

26.2

29.8

3.0

30.6

DLM23-629

West Pit

306.0

374.0

279

60.7

7.2

including

316.0

319.0

262

2.7

137.0

and

West Pit

467.0

504.0

392

33.7

2.5

including

468.0

471.0

379

2.7

21.6

and

West Pit

620.5

635.9

498

14.2

3.4

DLM23-632

West Pit

376.7

389.3

309

11.4

2.5

and

West Pit

496.0

510.0

400

12.9

and

West Pit

521.0

583.0

436

57.4

1.0

DLM23-633

West Pit

247.0

272.0

203

22.7

4.6

and

West Pit

423.0

509.0

355

80.2

1.0

DLM23-644

West Pit

372.9

397.2

326

21.5

2.2

and

West Pit

416.0

434.0

357

16.1

2.7

and

West Pit

513.0

516.0

426

2.7

10.1

and

West Pit

545.0

576.0

460

28.5

2.5

and

West Pit

702.0

767.0

588

60.2

1.2

DLM23-646

West Pit

632.0

646.3

565

11.8

2.4

DLM23-648

West Pit

309.0

317.0

259

7.0

10.0

and

West Pit

487.0

512.2

406

22.8

2.3

and

West Pit

525.0

529.0

427

3.6

10.6

and

West Pit

637.0

653.7

516

15.3

4.1

including

641.7

647.7

515

5.5

9.8

and

West Pit

784.0

826.0

633

38.9

0.9

DLM23-652A

West Pit

227.0

251.0

205

20.4

2.4

DLM23-654A

West Pit Extension

479.0

496.0

424

14.9

2.7

and

West Pit Extension

608.0

611.0

521

2.7

7.6

and

West Pit Extension

668.3

686.0

573

16.1

2.5

DLM23-662A

West Pit

959.0

972.0

868

11.1

3.1

DLM23-665

West Pit Extension

1,225.6

1,242.0

1061

14.4

2.8

DLM23-666

West Pit Extension

339.0

357.1

291

15.8

3.0

and

West Pit Extension

385.0

411.0

331

22.8

3.7

and

West Pit Extension

428.0

436.0

359

7.1

10.6

DLM23-667CW

West Pit Extension

783.0

803.0

704

17.2

1.4

including

West Pit Extension

797.0

801.0

709

3.4

4.0

and

West Pit Extension

1,009.0

1,013.2

879

3.8

5.1

and

West Pit Extension

1,061.7

1,067.7

920

5.4

7.1

DLM23-670CW

West Pit

713.8

753.0

616

35.5

0.9

and

West Pit

858.6

892.0

722

30.9

1.2

including

868.0

871.0

718

2.8

6.6

and

West Pit

944.0

960.5

778

15.4

4.3

DLM23-678

West Pit Extension

226.0

229.0

198

2.5

15.0

and

West Pit Extension

313.1

317.0

271

3.3

6.3

and

West Pit Extension

559.0

586.1

481

23.9

2.0

and

West Pit Extension

624.0

642.0

529

16.0

2.4

DLM23-689

West Pit Extension

1,090.7

1,093.7

981

2.5

17.3

DLM23-690

West Pit Extension

882.8

889.0

754

5.8

2.9

and

West Pit Extension

934.0

965.0

799

29.2

2.4

DLM23-693

West Pit Extension

834.0

837.0

752

2.4

26.7

Optimization of Assets and Infrastructure in the Abitibi Region

During the second quarter of 2023, the Company advanced internal studies to assess potential production opportunities at the Macassa Near Surface and AK deposits, and the Upper Beaver and Wasamac projects. Among the alternatives considered, the Company is evaluating the potential to transport ore via rail or truck to the LaRonde and Canadian Malartic processing facilities, which are expected to have excess mill capacity in the future. Leveraging existing regional infrastructure has the potential to result in regional production growth at lower capital costs and with a reduced environmental footprint, which could also be beneficial to future permitting activities.

The Macassa Near Surface and AK deposits are accessible from an existing surface ramp at Macassa. Production from the Near Surface deposits commenced in the second quarter of 2023, with processing of the ore at the Macassa mill. Production from the AK deposit could potentially begin in 2024. With the commissioning of the Shaft #4 and increased productivity from the Macassa deep mine, the Macassa mill is expected to reach its full capacity of 1,650 tpd by mid-2024. The Company is evaluating the opportunity to process the near surface and AK ores at the LaRonde complex, which is approximately 130 kilometres away, and avoid capital costs associated with a mill expansion at Macassa. Average annual production from these two deposits could potentially be between 20,000 and 40,000 ounces of gold, commencing in 2024. The Company expects to report results on this evaluation in early 2024.

Drilling on the AK Zone close to surface continues to convert and expand the current mineral resources, and the results show good continuity of mineralization in this zone, which is characterized by disseminated pyrite in a sheared structure. Recent results include 11.1 g/t gold over 5.1 metres at 250 metres depth in hole KLAK-206 and 10.4 g/t gold over 2.5 metres at 240 metres depth in hole KLAK-186.

The Company is updating the studies that were previously completed at the Upper Beaver and Wasamac projects to reflect the current gold price and cost environment. Alternative processing scenarios at either the LaRonde or Canadian Malartic processing facilities are also being evaluated. Both mill complexes are close to existing road and rail infrastructure and the Company is evaluating operational feasibility, operating costs and additional infrastructure that would be required to load, transport and unload ore for processing and the tailings required for paste backfill. Both Upper Beaver and Wasamac have the potential to be low-cost mines with annual production of 150,000 to 200,000 ounces of gold with moderate capital outlays and initial production potentially commencing in 2030 and in 2029, respectively.

The Company expects to consolidate the results of these various internal evaluations early in 2024 and report results through the first half of 2024.

Hope Bay – Extensive Exploration Drilling at Doris and Madrid in Second Quarter of 2023; Step-Out Drilling Extends Madrid's High-Grade Patch 7 Zone at Depth and Laterally

Exploration drilling continued at Hope Bay during the second quarter with six drill rigs at surface testing the Doris and Madrid deposits as well as regional targets, and three drill rigs underground at Doris completing combined totals of 48,840 metres in 89 holes during the second quarter and 88,698 metres in 168 holes during the first half of the year.

The objective is to grow the mineral resources at both deposits to support future project studies and potentially resume mining at Hope Bay.

At Doris, drilling into the extensions of the main fold hinge of the BCO Zone returned 15.0 g/t gold over 6.4 metres at 422 metres depth in hole HBBCO23-153, 5.5 g/t gold over 5.1 metres at 585 metres depth in hole HBBCO23-154 from underground drilling and 17.1 g/t gold over 4.8 metres at 607 metres depth in hole HBD23-071, demonstrating the potential to continue growing the mineral resource laterally beyond the areas of historical mining.

Wide step-out drilling at Madrid at depth below the current mineral resources has encountered gold mineralization with gold grades that are greater than the known Naartok, Suluk and Patch-7 zones in an under-explored 1.5-kilometre gap in historical drilling between 400 and 700 metres depth. Within this gap, hole HBM23-086 returned 13.7 g/t gold over 4.6 metres at 697 metres depth and follow-up hole HBM23-105 returned 10.0 g/t gold over 14.0 metres at 677 metres depth. At shallower depths, hole HBM23-095 returned 3.1 g/t gold over 21.4 metres at 580 metres depth and hole HBM23-091 returned 5.3 g/t gold over 13.9 metres at 352 metres depth in the Patch 7 Zone.

This drilling has extended the high-grade Patch 7 Zone by 500 metres vertically and by 900 metres laterally at depth, and follow-up drilling will continue testing the gap between Suluk and Patch 7 at 200-metre step-outs to evaluate the potential of this zone.

Selected recent drill intercepts from the Doris and Madrid deposits are set out in the composite longitudinal sections and table below.

[Doris Deposit at Hope Bay – Composite Longitudinal Section]

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

Recent selected drill results from Doris and Madrid deposits at Hope Bay

Drill hole

Deposit / zone

From (metres)

To (metres)

Depth of midpointbelow surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)

Gold grade(g/t) (capped)*

HBBCO23-153

Doris / BCO WL

205.0

213.3

422

6.4

24.0

15.0

including

210.0

213.3

422

2.6

55.1

32.4

HBBCO23-154

Doris / BCO WL

221.0

230.1

585

5.1

5.5

including

227.3

230.1

587

1.6

12.7

HBD23-071

Doris / BCO WL

731.5

737.3

607

4.8

17.1

HBM23-086

Madrid / Patch 7-Suluk Gap

832.5

840.5

697

4.6

15.1

13.7

HBM23-091

Madrid / Patch 7

394.0

410.0

352

13.9

5.3

including

395.0

406.5

351

10.0

6.6

HBM23-095

Madrid / Patch 7-Suluk Gap

723.5

757.0

580

21.4

3.1

including

730.0

744.0

577

9.0

5.3

HBM23-105

Madrid / Patch 7-Suluk Gap

815.0

839.5

677

14.0

14.5

10.0

including

830.5

838.0

682

4.3

42.3

27.6

*Results from the Doris and Madrid deposits at Hope Bay use a capping factor of 50 g/t gold.

Based on the positive results at Doris and Madrid in the first half of the year, the Company has approved a supplemental exploration budget at Hope Bay of $14.5 million for an additional 58,000 metres of drilling during the remainder of 2023. The previous exploration budget at Hope Bay for the full year 2023 was $30.6 million for 72,000 metres of drilling.

A regional exploration program is also underway, with field work commencing in May. One drill rig has been mobilized to test anomalies identified during the 2022 and 2023 field seasons with a focus on targets near the Koignuk fault, located four kilometres northwest of the Madrid deposit, and targets outside of the main Madrid mineralized trend.

In the meantime, technical studies continue to progress while larger production scenarios for Hope Bay are being evaluated.

San Nicolás Project

On April 6, 2023, the Company and Teck Resources Limited ("Teck") entered into a joint venture shareholders agreement in respect of the San Nicolás copper-zinc development project located in Zacatecas, Mexico. During the second quarter, Agnico Eagle and Teck began to implement the joint operation through Minera San Nicolás S.A.P.I. de C.V. ("MSN"). The Environmental Impact Assessment for the project is expected to be submitted to the Mexican regulator in the third quarter of 2023 and MSN is targeting completion of the feasibility study in the first half of 2024.

Impact on Operations from Ongoing Wildfires in Quebec and Caribou Migration in Nunavut

In June 2023, the Company's operations in Quebec and Ontario were affected by wildfires in the region. High levels of smoke from the wildfires caused poor air quality and low visibility, as well as two significant power outages disrupting regular activities. Throughout this period, the Company monitored in real time the air quality in its underground operations to ensure the safety of the workers. Several shifts at the Company's Quebec and Ontario operations were cancelled, affecting mostly underground activities. Ore stockpiles were processed to sustain mill operations and lessen the overall impact on production. The Company has continued to prioritize the safety and well-being of its people. Despite the downtime, the operations in Ontario and Quebec continued to perform well.

In Nunavut, the Company experienced the earliest and longest caribou migration since it began operations in the region. Caribou migration impacted operations during the quarter with higher-than planned surface and underground operations delays. Details on the production stoppage are set out below. Given the unpredictability of the seasonal migration, the Company continues to work with government and local stakeholders to assure caribou protection while continuously adapting and improving protection measures.

Environment, Social and Governance Performance Summary

Health and Safety

Environment and Permitting

Community Relations, Governance and People

Dividend Record and Payment Dates for the Third Quarter of 2023

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on September 15, 2023 to shareholders of record as of September 1, 2023. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2023 Fiscal Year

Record Date

Payment Date

March 1, 2023*

March 15, 2023*

June 1, 2023*

June 15, 2023*

September 1, 2023**

September 15, 2023**

December 1, 2023

December 15, 2023

*Paid

**Declared

Dividend Reinvestment Plan

See the following link for information on the Company's dividend reinvestment plan: Dividend Reinvestment Plan

International Dividend Currency Exchange

For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.

ABITIBI REGION, QUEBEC

LaRonde Complex – Solid Production, Mill Throughput, Hoisting and Development Performance in the Second Quarter of 2023

LaRonde Complex – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

660

714

1,368

1,447

Tonnes of ore milled per day

7,253

7,824

7,558

7,994

Gold grade (g/t)

3.82

4.08

3.77

4.41

Gold production (ounces)

76,780

88,510

156,387

193,547

Production costs per tonne (C$)

$ 174

$ 92

$ 145

$ 100

Minesite costs per tonne (C$)8

$ 151

$ 124

$ 154

$ 122

Production costs per ounce of gold produced

$ 1,117

$ 577

$ 944

$ 587

Total cash costs per ounce of gold produced

$ 884

$ 649

$ 922

$ 601

___________________________

8 Minesite costs per tonne is a non-GAAP measure that does not have a standardized meaning under IFRS. For a reconciliation to production costs see "Reconciliation of Non-GAAP Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Canadian Malartic Complex – Seven Millionth Ounce Poured; Production from Odyssey Underground Ramping-up

Canadian Malartic Complex – Operating Statistics*

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

4,882

4,798

9,406

9,622

Tonnes of ore milled per day

53,648

52,725

51,967

53,160

Gold grade (g/t)

1.22

1.23

1.21

1.19

Gold production* (ounces)

177,755

87,186

258,440

167,695

Production costs per tonne (C$)

$ 40

$ 30

$ 38

$ 30

Minesite costs per tonne (C$)

$ 39

$ 35

$ 39

$ 35

Production costs per ounce of gold produced

$ 811

$ 647

$ 780

$ 676

Total cash costs per ounce of gold produced

$ 772

$ 753

$ 779

$ 772

* Gold production reflects Agnico Eagle's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% thereafter.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Goldex – Record Quarterly Gold Production and Mill Throughput Since Re-start; Best Development Quarter in Zone Deep 2

Goldex Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

761

738

1,459

1,482

Tonnes of ore milled per day

8,363

8,121

8,061

8,188

Gold grade (g/t)

1.74

1.69

Gold production (ounces)

37,716

36,877

71,739

71,322

Production costs per tonne (C$)

$ 50

$ 46

$ 52

$ 45

Minesite costs per tonne (C$)

$ 51

$ 46

$ 51

$ 46

Production costs per ounce of gold produced

$ 747

$ 719

$ 781

$ 740

Total cash costs per ounce of gold produced

$ 776

$ 718

$ 792

$ 746

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

ABITIBI REGION, ONTARIO

Detour Lake – Record Quarterly Mill Performance; Continued Focus on Mill Optimization to Achieve 28.0 Mtpa by 2025

Detour Lake Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022*

Tonnes of ore milled (thousands of tonnes)

6,800

6,519

13,197

9,789

Tonnes of ore milled per day

74,725

71,638

72,912

68,455

Gold grade (g/t)

0.85

1.01

0.85

1.02

Gold production (ounces)

169,352

195,515

331,209

295,958

Production costs per tonne (C$)

$ 22

$ 27

$ 23

$ 33

Minesite costs per tonne (C$)

$ 26

$ 24

$ 26

$ 24

Production costs per ounce of gold produced

$ 666

$ 703

$ 685

$ 870

Total cash costs per ounce of gold produced

$ 731

$ 640

$ 750

$ 626

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Macassa – Record Quarterly Mill Throughput, Skipped Tonnes and Underground Development Underscore a Solid Production Result

Macassa Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022*

Tonnes of ore milled (thousands of tonnes)

112

199

135

Tonnes of ore milled per day

1,231

970

1,099

945

Gold grade (g/t)

16.16

22.02

19.29

20.15

Gold production (ounces)

57,044

61,262

121,159

85,750

Production costs per tonne (C$)

$ 464

$ 479

$ 519

$ 615

Minesite costs per tonne (C$)

$ 503

$ 519

$ 539

$ 520

Production costs per ounce of gold produced

$ 676

$ 539

$ 631

$ 762

Total cash costs per ounce of gold produced

$ 747

$ 582

$ 672

$ 641

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Macassa during the second quarter of 2023 targeted the Main Break, the eastern extension of the South Mine Complex ("SMC") and the western and deeper extension of the AK deposit.

Selected recent drill results from Macassa and AK are set out in the composite longitudinal section and the table below.

[Macassa Mine and AK Zone – Composite Longitudinal Section]

Recent selected exploration drill results from Macassa and AK deposit

Drill hole

Deposit / Zone

From (metres)

To (metres)

Depth of midpointbelow surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)

Gold grade (g/t) (capped)*

53-4732

Macassa - SMC East

142.2

145.9

1,615

3.7

14.7

and

Macassa - Main Break

627.8

629.8

1,743

1.4

25.9

10.7

and

Macassa - Main Break

645.6

648.2

1,760

1.8

4.7

53-4733

Macassa - SMC East

127.6

129.6

1,601

2.0

25.6

57-1386

Macassa - SMC West

113.6

116.3

1,734

1.3

23.6

and

Macassa - SMC West

124.3

128.0

1,730

1.6

13.9

57-1387

Macassa - SMC West

85.0

87.2

1,721

1.3

9.9

and

Macassa - SMC West

94.5

96.5

1,723

1.1

29.3

and

Macassa - SMC West

105.9

107.9

1,718

1.1

11.6

58-833

Macassa - Main Break

168.2

170.4

1,875

2.0

25.4

15.5

58-839

Macassa - Main Break

162.3

165.1

1,870

2.7

17.9

10.8

KLAK-206

AK - Ramp

137.9

147.4

250

5.1

11.1

KLAK-186

AK - Ramp

121.5

125.2

240

2.5

10.4

and

AK - Ramp

126.9

128.9

244

1.3

8.5

*Results from Macassa mine use a capping factor ranging from 68.6 g/t to 445.7 g/t gold depending on the zone. Results from AK use a capping factor of 70 g/t gold.

NUNAVUT

Meliadine Mine – Record Monthly Mill Throughput in May; Record Quarterly Health and Safety Performance

Meliadine Mine – Operating Statistics

Three Months Ended

Six Months Ended

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Tonnes of ore milled (thousands of tonnes)

461

449

937

881

Tonnes of ore milled per day

5,066

4,934

5,177

4,867

Gold grade (g/t)

6.14

6.97

6.13

6.51

Gold production (ounces)

87,682

97,572

178,149

178,276

Production costs per tonne (C$)

$ 230

$ 244

$ 229

$ 237

Minesite costs per tonne (C$)

$ 261

$ 234

$ 250

$ 237

Production costs per ounce of gold produced

$ 899

$ 885

$ 898

$ 926

Total cash costs per ounce of gold produced

$ 1,019

$ 837

$ 978

$ 912

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling during the second quarter at Meliadine was carried out from both surface and the new exploration ramp that provides a platform at approximately 460 metres depth and extends deeper towards the west. Highlight results from the first half of 2023 include:

In light of the favourable exploration drilling results at Meliadine, the Company has approved a supplemental budget of $7.0 million for the remainder of 2023 for an additional 25,000 metres of drilling and the extension of the exploration ramp towards the east at Tiriganiaq.

Selected recent exploration drill intercepts from the Tiriganiaq, Wesmeg, Wesmeg North and F-Zone deposits at the Meliadine property are set out in the plan map, composite longitudinal section and table below.

[Meliadine Mine – Plan Map & Composite Longitudinal Section]

Recent selected exploration drill results from Tiriganiaq, Wesmeg, Wesmeg North and F-Zone deposits at Meliadine

Drill hole

Deposit / Lode

From(metres)

To(metres)

Depth of midpoint below surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)

Gold grade(g/t) (capped)

M22-3246

Tiriganiaq / 1000

260.5

265.0

204

4.1

9.6

ML425-9740-D28

Tiriganiaq / 1015

336.9

341.1

742

3.7

8.0

ML400-10030-D8

Wesmeg N / 950

182.6

191.8

558

7.4

25.0

6.3

including

183.5

186.2

556

2.2

79.6

15.8

ML450-9290-D9

Wesmeg N / 922

67.1

76.3

484

8.2

6.4

including

70.8

76.3

484

4.9

9.2

ML450-9290-D15

Wesmeg N / 922

97.1

103.8

530

4.3

7.6

ML400-10200-D2

Wesmeg / 650

260.4

267.4

453

6.8

6.4

including

260.4

263.1

453

2.6

12.3

ML400-10200-D8

Wesmeg / 650

278.4

282.0

531

3.6

18.2

M22-3477

F-Zone / 4130

432.4

435.6

383

3.1

6.4

M22-3473

F-Zone / 4135

459.4

464.4

426

4.6

9.3

M23-3583A

F-Zone / 4120

169.8

187.2

167

16.0

7.2

6.4

*Results from the Meliadine mine use capping factors of 250 g/t gold for Tiriganiaq Lode 1000, 40 g/t gold for iron formations at Wesmeg, 20 to 90 g/t gold at Wesmeg North, and 25 g/t gold at F-Zone.

Meadowbank Complex – Solid Operational Performance; Modifications Complete to Cemented Rockfill Plant

Meadowbank Complex – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

845

930

1,828

1,785

Tonnes of ore milled per day

9,286

10,220

10,099

9,862

Gold grade (g/t)

3.79

3.49

3.85

2.94

Gold production (ounces)

94,775

96,698

205,885

156,463

Production costs per tonne (C$)

$ 186

$ 147

$ 181

$ 145

Minesite costs per tonne (C$)

$ 178

$ 135

$ 176

$ 149

Production costs per ounce of gold produced

$ 1,240

$ 1,110

$ 1,202

$ 1,304

Total cash costs per ounce of gold produced

$ 1,156

$ 993

$ 1,144

$ 1,305

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

AUSTRALIA

Fosterville – Noise Prohibition Lifted; Fosterville Returns to Normal Operations in June

Fosterville Mine – Operating Statistics*

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

176

122

324

213

Tonnes of ore milled per day

1,934

1,331

1,790

1,486

Gold grade (g/t)

14.77

22.24

16.49

24.76

Gold production (ounces)

81,813

86,065

168,371

167,892

Production costs per tonne (A$)

$ 308

$ 597

$ 335

$ 890

Minesite costs per tonne (A$)

$ 304

$ 370

$ 321

$ 369

Production costs per ounce of gold produced

$ 438

$ 561

$ 430

$ 812

Total cash costs per ounce of gold produced

$ 436

$ 351

$ 416

$ 331

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Fosterville during the second quarter of 2023 totaled 20,565 metres and mainly targeted the Lower Phoenix deep extension from the 3912 drill drive and the Robbins Hill area. Exploration results will be reported later in the year.

FINLAND

Kittila – Strong Operational Performance from Underground Mine; Major Projects Nearing Completion

Kittila Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

417

556

913

1,017

Tonnes of ore milled per day

4,582

6,110

5,044

5,619

Gold grade (g/t)

4.42

4.35

4.59

4.01

Gold production (ounces)

50,130

64,814

113,822

110,322

Production costs per tonne (EUR)

€ 101

€ 89

€ 100

€ 92

Minesite costs per tonne (EUR)

€ 104

€ 88

€ 101

€ 89

Production costs per ounce of gold produced

$ 864

$ 823

$ 849

$ 932

Total cash costs per ounce of gold produced

$ 899

$ 828

$ 847

$ 915

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Kittila during the second quarter of 2023 totaled 21,206 metres 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.

Selected recent drill results from Kittila are set out in the composite longitudinal section and the table below.

[Kittila Mine – Composite Longitudinal Section]

Recent selected exploration drill results from Main and Sisar zones at Kittila

Drill hole

Zone / Area

From(metres)

To(metres)

Depth of midpoint below surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)*

RIE23-603

Main Rimpi

159.0

166.0

1,094

5.4

5.7

RIE23-607

Main Rimpi

156.2

163.8

1,098

4.9

6.0

and

Main Rimpi

176.0

182.8

1,102

4.5

7.2

ROD23-700

Main Roura

160.0

175.4

1,152

7.3

7.7

ROU23-602

Main Roura

189.5

200.0

1,174

4.8

6.0

Main Roura

212.0

223.0

1,194

5.5

8.5

STEC22-005

Sisar Top

150.0

156.0

142

4.5

3.1

* Results from the Kittila mine are uncapped.

MEXICO

Pinos Altos – Production and Development Higher Than Planned

Pinos Altos Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

401

366

765

750

Tonnes of ore milled per day

4,407

4,022

4,227

4,144

Gold grade (g/t)

1.80

2.02

1.97

2.08

Gold production (ounces)

22,159

23,020

46,293

48,190

Production costs per tonne

$ 87

$ 109

$ 88

$ 97

Minesite costs per tonne

$ 90

$ 101

$ 91

$ 94

Production costs per ounce of gold produced

$ 1,566

$ 1,732

$ 1,461

$ 1,503

Total cash costs per ounce of gold produced

$ 1,282

$ 1,383

$ 1,196

$ 1,224

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

La India – Production in Line With Targets in the Second Quarter of 2023; Work Continues to Reduce Cyanide Consumption and Improve Leach Kinetics

La India Mine – Operating Statistics

Three Months Ended

Six Months Ended

Jun 30, 2023

Jun 30, 2022

Jun 30, 2023

Jun 30, 2022

Tonnes of ore milled (thousands of tonnes)

880

1,356

1,540

2,919

Tonnes of ore milled per day

9,670

14,901

8,508

16,127

Gold grade (g/t)

0.74

0.52

0.72

0.55

Gold production (ounces)

17,833

20,016

34,154

41,718

Production costs per tonne

$ 27

$ 13

$ 28

$ 12

Minesite costs per tonne

$ 28

$ 14

$ 30

$ 13

Production costs per ounce of gold produced

$ 1,326

$ 872

$ 1,281

$ 844

Total cash costs per ounce of gold produced

$ 1,385

$ 936

$ 1,348

$ 876

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

About Agnico Eagle

Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Further Information

For further information regarding Agnico Eagle, contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it.document.getElementById('cloak558ac83509058d37eb2d58f48a997236').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy558ac83509058d37eb2d58f48a997236 = 'investor.relations' + '@'; addy558ac83509058d37eb2d58f48a997236 = addy558ac83509058d37eb2d58f48a997236 + 'agnicoeagle' + '.' + 'com'; var addy_text558ac83509058d37eb2d58f48a997236 = 'investor.relations' + '@' + 'agnicoeagle' + '.' + 'com';document.getElementById('cloak558ac83509058d37eb2d58f48a997236').innerHTML += ''+addy_text558ac83509058d37eb2d58f48a997236+''; or call (416) 947-1212.

Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures, including "total cash costs per ounce", "all-in sustaining costs per ounce", "minesite costs per tonne", "net debt", "adjusted net income", "adjusted net income per share", "sustaining capital expenditures", "development capital expenditures" and "operating margin" that are not standardized measures under IFRS. These measures may not be comparable to similar measures reported by other gold mining companies. For a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS, other than adjusted net income, see "Reconciliation of Non-GAAP Financial Performance Measures" below.

The total cash costs per ounce of gold produced also referred to as "total cash cost per ounce" is reported on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues). The total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the consolidated statements of income (loss) for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions to inventory accounting, realized gains and losses on hedges of production costs, operational care and maintenance costs due to COVID-19 and other adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Certain line items such as operational care and maintenance costs due to COVID-19 and realized gains and losses on hedges of production costs were previously classified as "other adjustments" and are now disclosed separately to provide additional detail on the reconciliation, allowing investors to better understand the impacts of such events on the cash operating costs per ounce and minesite costs per tonne. In addition, given the extraordinary nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measure to reflect the cash generating capabilities of the Company's operations, the calculation of total cash costs per ounce for the Detour, Macassa and Fosterville mines have been adjusted for this purchase price allocation in the comparative period data and for the Canadian Malartic complex in the three and six months ended June 30, 2023. The total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as the total cash costs per ounce of gold produced on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The total cash costs per ounce of gold produced is intended to provide 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 of gold produced 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, these measures in conjunction with minesite costs per tonne as well as other data prepared in accordance with IFRS. Management also performs sensitivity analysis in order to quantify the effects of fluctuating metal prices and exchange rates. 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. These measures also do not include depreciation or amortization.

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 press release, unless otherwise indicated, total cash costs per ounce of gold produced is reported on a by-product basis. Total cash costs per ounce of gold produced is reported on a by-product basis because (i) the majority of the Company's revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis. Investors should also consider these measures in conjunction with other data prepared in accordance with IFRS.

In this press release, unless otherwise indicated, all-in sustaining costs per ounce of gold produced is reported on a by-product basis. All-in sustaining costs per ounce of gold produced (also referred to as "all-in sustaining costs per ounce") on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce of gold produced on a co-product basis is calculated in the same manner as the AISC per ounce of gold produced on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. AISC per ounce seeks to reflect total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations. 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 total cash costs per ounce and AISC of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with minesite costs per tonne as well as other data prepared in accordance with IFRS. 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. This measure also does not include depreciation or amortization.

The World Gold Council ("WGC") is a non-regulatory market development organization for the gold industry. Although the WGC is not a mining industry regulatory organization, it has worked closely with its member companies to develop relevant non-GAAP measures. The Company follows the guidance on all-in sustaining costs released by the WGC in November 2018. Adoption of the AISC metric is voluntary and, notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce of gold produced reported by the Company may not be comparable to data reported by other gold mining companies. The Company believes that this measure provides helpful information about operating performance. However, this non-GAAP measure should be considered together with other data prepared in accordance with IFRS as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of income (loss) for inventory production costs, operational care and maintenance costs due to COVID-19, and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce of gold produced can be affected by fluctuations in by‑product metal prices and foreign exchange rates, management believes, and investors should note, that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs prepared in accordance with IFRS.

Net 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 sheet for deferred financing costs and cash and cash equivalents. Management believes the measure of net debt is useful to help investors to determine the Company's overall debt position and to evaluate future debt capacity of the Company.

Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the consolidated statements of income (loss) 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 foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, revaluation gain, impairment loss charges and reversals, environmental remediation, severance and transaction costs related to acquisitions, purchase price allocations to inventory, income and mining taxes adjustments as well as other items (which includes changes in estimates of asset retirement obligations at closed sites and gains and losses on the disposal of assets, self-insurance losses, multi-year donations and integration costs). Adjusted net income per share is calculated by dividing adjusted net income by the number of shares outstanding on a basic and diluted basis. The Company believes that these generally accepted industry measures are useful 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 are not reflective of operational performance. Management uses this measure to, and believes it is helpful 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.

Operating 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 that represents 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, including 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. This measure is intended to provide investors with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS.

Capital expenditures are classified into sustaining capital expenditures and development capital expenditures. Sustaining capital expenditures are expenditures incurred during the production phase to sustain and maintain the existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures represents the spending at new projects and/or expenditure at existing operations that is 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 and other companies may classify expenditures in a different manner.

This news release also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based upon the total cash costs per ounce, AISC per ounce and minesite costs per tonne 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 measure.

Forward-Looking Statements

The information in this news release has been prepared as at July 26, 2023. 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", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "schedule", "target", "tracking", "will", and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation: the Company's forward-looking guidance, including metal production, estimated ore grades, statements regarding or relating to recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at Kittila, the AK deposit and Upper Beaver; the estimated timing and conclusions of technical studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour, Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and commissioning thereof and production therefrom; the Company's plans at the Hope Bay project; statements about the Company's plans at the Wasamac project; statements concerning other expansion projects, recovery rates, mill throughput, optimization 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 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; anticipated cost inflation and its effect on the Company's costs and results; estimates of mineral reserves and mineral resources and the effect of drill results 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 thereof; operations at and expansion of the Kitilla mine following the decision of the Finish courts and administrative bodies; future exploration; the anticipated timing of events with respect to the Company's mine sites; 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 the Term Loan Facility; the NCIB; future dividend amounts and payment dates; 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 ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2022 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2022 ("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 environmental and water permits granted for the Kittila mine are restored by the SAC in its final decision and the decisions of the Finish courts and administrative bodies have no material impact on the Kittila mine's operations; 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; the ability to realize the anticipated benefits of the Merger or implementing the business plan for the combined company, including as a result of difficulty in integrating the businesses of the companies involved; the ability to realize synergies from the Merger and Yamana Transaction and cost savings at the times, and to the extent, anticipated; 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 and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations 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 additional measures in response to the COVID-19 pandemic or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business; that cautionary measures taken in connection with the COVID-19 pandemic do not affect productivity; and that measures taken relating to, or other effects of, the COVID-19 pandemic 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 the LaRonde complex and Goldex mine; mining risks; community protests, including by First Nations groups; risks associated with foreign operations; 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 ability to realize the anticipated benefits of the Merger or implementing the business plan for Agnico Eagle following the Merger, including as a result of a delay or difficulty in integrating the businesses of the companies involved; the ability to realize the anticipated benefits of the Yamana Transaction; the ability to realize the anticipated benefits of the San Nicolás transaction; the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19 may affect the Company, whether directly or through effects on employee health, workforce productivity and availability (including the ability to transport personnel to fly-in/fly-out camps), travel restrictions, contractor availability, supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for the Company's operations and projects or other aspects of the Company's business; and uncertainties with respect to the effect on the global economy associated with the COVID-19 pandemic and measures taken to reduce the spread of COVID-19, any of which could negatively affect financial markets, including the trading price of the Company's shares and the price of gold, and could adversely affect the Company's ability to raise capital. 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 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 the Use of Mineral Resources

The 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").

Effective February 25, 2019, the SEC's disclosure requirements and policies for mining properties were amended to 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 now 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. 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 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.

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 and mineral reserves are not reported as a subset of mineral resources.

Scientific and Technical Information

The 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, 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.

Assumptions used for the December 31, 2022 mineral reserve and mineral resource estimates reported by the Company

Metal Price for Mineral Reserve Estimation1

Gold (US$/oz)

Silver (US$/oz)

Copper (US$/lb)

Zinc (US$/lb)

$1,300

$18

$3.00

$1.00

1 Exceptions: US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,250 per ounce of gold used for Akasaba West; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver

Mines / Projects

Metal Price for Mineral Resource Estimation5

Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Zinc

(US$/lb)

Operating mines held by Kirkland Lake Gold before the Merger1

$1,500

Operating mines held by Agnico Eagle Mines before the Merger2

$1,625

$22.50

$3.75

$1.25

Pipeline projects

$1,6883

$25.004

$3.75

$1.25

1 Detour, Macassa, Fosterville, Northern Territory

2 LaRonde, LZ5, Goldex, Amaruq, Meliadine, Kittila, La India, Pinos Altos

3 Hope Bay, Anoki-McBean, Hammond Reef, Chipriona, Tarachi, Santa Gertrudis

4 Chipriona, Santa Gertrudis

5 Exceptions: US$1,667 per ounce of gold used for Canadian Malartic, Odyssey, Akasaba West, Upper Canada, El Barqueno Gold; US$1,533 per ounce of gold used for Barsele; US$500 per ounce of gold used for Aquarius. US$22.67 per ounce of silver El Barqueno Silver

Exchange rates1

C$ per US$1.00

Mexican peso per US$1.00

AUD per US$1.00

US$ per €1.00

$1.30

MXP18.00

AUD1.36

EUR1.10

1 Exceptions: exchange rate of CAD$1.25 per US$1.00 used for Upper Beaver, Upper Canada and Holt complex, Detour Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for Barsele

The above metal price assumptions are below the three-year historic gold and silver price averages (from January 1, 2020 to December 31, 2022) of approximately $1,790 per ounce and $22.48 per ounce, respectively.

Mineral reserves are reported exclusive of 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 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 reserves.

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 follow the method accepted by the SEC by setting 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 pre-feasibility 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 applying to a probable mineral reserve is lower than that applying 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 Information

Additional information about each of the Company's material mineral projects as at June 30, 2023, 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 MD&A filed on SEDAR each of which forms a part of the Company's Form 40-F filed with the SEC on EDGAR and in the following technical reports filed on SEDAR in respect of the Company's material mineral properties: NI 43-101 Technical Report of the LaRonde complex in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, 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); the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015); the Detour Lake Operation, Ontario, Canada NI 43-101 Technical Report as at July 26, 2021 (October 15, 2021); and the Updated NI 43-101 Technical Report Fosterville Gold Mine in the State of Victoria, Australia as at December 31, 2018 (April 1, 2019).

APPENDIX

Recent selected exploration drill results from South Zone and W Zone at Goldex

Drill hole

Location

From (metres)

To (metres)

Depth of midpoint below surface (metres)

Estimated true width (metres)

Gold grade(g/t) (uncapped)

Gold grade(g/t) (capped)*

GD135-052

South Zone - Sector 3

174.0

189.0

1,284

7.0

5.4

GD135-065

South Zone - Sector 3

155.0

172.0

1,376

8.0

19.4

12.9

GD138-009

South Zone - Sector 3

221.0

235.0

1,427

6.0

5.4

GD27-056

W Zone

529.5

574.5

496

25.0

1.2

and

W Zone

702.0

718.5

575

9.0

7.3

GD27-057

W Zone

288.0

301.5

320

6.0

3.7

*Results from South Zone and W Zone at Goldex use capping factors of 60 g/t gold and 50 g/t gold, respectively.

EXPLORATION DRILL COLLAR COORDINATES

Drill hole

UTM East*

UTM North*

Elevation (metres above sea level)

Azimuth (degrees)

Dip(degrees)

Length(metres)

Goldex

GD135-052

285873

5331634

-1,056

213

GD135-065

285872

5331633

-1,056

-12

231

GD138-009

285849

5331512

-1,066

-19

348

GD27-056

286120

5330643

307

-30

879

GD27-057

286120

5330643

311

-20

633

Detour Lake

DLM23-598W

586875

5542118

303

173

-66

1,302

DLM23-604

589309

5541462

283

181

-66

675

DLM23-612

589227

5541591

283

180

-59

750

DLM23-616

589267

5541626

283

180

-52

695

DLM23-620

586560

5541975

293

184

-68

1,152

DLM23-628

589227

5541550

283

179

-58

675

DLM23-629

588609

5541481

285

178

-58

687

DLM23-632

588128

5541642

287

177

-56

801

DLM23-633

588327

5541610

287

178

-54

675

DLM23-644

587843

5541810

286

175

-61

792

DLM23-646

587551

5542302

291

181

-64

1,335

DLM23-648

587965

5541885

286

175

-61

1,002

DLM23-652A

587483

5541875

286

173

-59

255

DLM23-654A

587351

5542074

289

175

-66

951

DLM23-662A

587203

5541839

301

177

-73

1,058

DLM23-665

585309

5542525

295

190

-61

1,458

DLM23-666

586885

5541753

297

175

-59

801

DLM23-667CW

586954

5542188

297

186

-69

1,500

DLM23-670CW

587281

5541950

298

171

-64

1,076

DLM23-678

587003

5541858

307

176

-63

702

DLM23-689

585993

5542344

299

190

-69

1,260

DLM23-690

586477

5542144

296

185

-68

1,137

DLM23-693

586159

5542015

291

183

-68

972

Macassa

53-4732

567236

5332944

-1258

303

-59

716

53-4733

567235

5332944

-1256

314

-42

594

57-1386

568426

5331284

-1405

183

235

57-1387

568427

5331284

-1405

191

317

58-833

567802

5332584

-1510

349

-29

274

58-839

567803

5332584

-1510

336

-22

259

KLAK-186

567487

5331787

108

199

-29

155

KLAK-206

567486

5331787

108

192

-36

171

Meliadine

M22-3246

541050

6988544

198

-61

319

ML425-9740-D28

539732

6988907

-394

174

-64

355

ML400-10030-D8

539971

6988460

-29

183

-63

418

ML450-9290-D9

539290

6988466

-372

206

-44

164

ML450-9290-D15

539291

6988466

-371

120

-78

252

ML400-10200-D2

540223

6988459

-318

169

-14

336

ML400-10200-D8

540224

6988459

-318

162

-33

375

M22-3477

543080

6986524

10,057

206

-65

498

M22-3473

542520

6986738

10,064

212

-73

544

Hope Bay

HBBCO23-153

433490

7559620

406

112

417

HBBCO23-154

433555

7559740

388

127

-48

504

HBD23-071

433113

7558515

-61

1,068

HBM23-086

435581

7548394

240

-58

992

HBM23-091

435183

7547960

-66

666

HBM23-095

435564

7548420

231

-54

871

HBM23-105

435438

7548956

240

-58

912

Kittila

RIE23-603

2558675

7539402

-842

-12

561

RIE23-607

2558673

7539402

-842

-13

286

ROD23-700

2558703

7537464

-786

-60

732

ROU23-602

2558712

7537565

-790

-58

566

STEC22-005

2558662

7538959

130

-10

181

*Coordinate Systems: NAD 1983 UTM Zone 18N for Goldex; NAD 1983 UTM Zone 17N for Detour Lake, Macassa and AK deposit; NAD 1983 UTM Zone 14N for Meliadine; NAD 1983 UTM Zone 13N for Hope Bay; Finnish Coordinate System KKJ Zone 2 for Kittila.

APPENDIX – FINANCIAL INFORMATION

AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022(i)

2023

2022

Operating margin(ii):

Revenues from mining operations

$ 1,718,197

$ 1,581,058

$ 3,227,858

$ 2,906,746

Production costs

743,253

657,636

1,396,397

1,319,371

Total operating margin(ii)

974,944

923,422

1,831,461

1,587,375

Operating margin(ii) by mine:

Quebec

LaRonde mine

69,896

90,877

132,409

194,441

LaRonde Zone 5 mine

14,795

7,866

22,093

24,522

Canadian Malartic complex(iii)

191,681

104,461

272,464

183,763

Goldex mine

45,112

41,656

85,340

78,774

Ontario

Detour Lake mine

204,272

214,841

396,845

342,899

Macassa mine

74,334

74,778

154,234

98,933

Nunavut

Meliadine mine

78,362

96,740

166,702

181,019

Meadowbank complex

78,368

68,044

158,177

62,846

Hope Bay project

—

144

Australia

Fosterville mine

132,243

125,442

264,945

232,298

Europe

Kittila mine

59,532

67,611

122,256

113,722

Mexico

Pinos Altos mine

15,680

11,487

34,206

30,918

Creston Mascota mine

—

642

—

1,819

La India mine

10,669

18,977

21,790

41,277

Total operating margin(ii)

974,944

923,422

1,831,461

1,587,375

Amortization of property, plant and mine development

381,262

269,891

685,221

525,535

Revaluation gain(iv)

—

(1,543,414)

—

Exploration, corporate and other

127,342

196,680

277,815

425,318

Income before income and mining taxes

466,340

456,851

2,411,839

636,522

Income and mining taxes expense

139,519

166,462

268,127

227,057

Net income for the period

$ 326,821

$ 290,389

$ 2,143,712

$ 409,465

Net income per share — basic

$ 0.66

$ 0.64

$ 4.45

$ 0.97

Net income per share — diluted

$ 0.66

$ 0.63

$ 4.43

$ 0.97

Cash flows:

Cash provided by operating activities

$ 722,000

$ 633,266

$ 1,371,613

$ 1,140,698

Cash used in investing activities

$ (450,202)

$ (394,129)

$ (1,848,947)

$ 141,523

Cash used in financing activities

$ (582,351)

$ (294,307)

$ 254,082

$ (462,165)

Realized prices:

Gold (per ounce)

$ 1,975

$ 1,866

$ 1,935

$ 1,872

Silver (per ounce)

$ 24.43

$ 22.21

$ 23.72

$ 23.20

Zinc (per tonne)

$ 2,343

$ 3,947

$ 2,685

$ 3,769

Copper (per tonne)

$ 7,898

$ 8,953

$ 8,590

$ 9,591

AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Payable production(v):

Gold (ounces):

Quebec

LaRonde mine

58,635

70,736

118,168

158,285

LaRonde Zone 5 mine

18,145

17,774

38,219

35,262

Canadian Malartic complex(iii)

177,755

87,186

258,440

167,695

Goldex mine

37,716

36,877

71,739

71,322

Ontario

Detour Lake mine

169,352

195,515

331,209

295,958

Macassa mine

57,044

61,262

121,159

85,750

Nunavut

Meliadine mine

87,682

97,572

178,149

178,276

Meadowbank complex

94,775

96,698

205,885

156,463

Australia

Fosterville mine

81,813

86,065

168,371

167,892

Europe

Kittila mine

50,130

64,814

113,822

110,322

Mexico

Pinos Altos mine

22,159

23,020

46,293

48,190

Creston Mascota mine

165

635

409

1,641

La India mine

17,833

20,016

34,154

41,718

Total gold (ounces):

873,204

858,170

1,686,017

1,518,774

Silver (thousands of ounces):

619

588

1,164

1,197

Zinc (tonnes)

2,567

2,568

4,854

3,637

Copper (tonnes)

721

778

1,251

1,547

AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Payable metal sold(vi):

Gold (ounces):

Quebec

LaRonde mine

61,920

61,296

110,082

132,263

LaRonde Zone 5 mine

18,923

13,538

34,384

31,133

Canadian Malartic complex(iii)

168,257

85,160

240,066

157,428

Goldex mine

37,114

36,681

73,031

70,565

Ontario

Detour Lake mine

160,281

188,517

323,575

320,354

Macassa mine

57,102

58,050

120,030

87,580

Nunavut

Meliadine mine

79,153

97,354

168,739

185,126

Meadowbank complex

98,980

93,737

209,005

142,492

Hope Bay mine

—

Australia

Fosterville mine

85,500

93,177

174,500

195,127

Europe

Kittila mine

51,800

64,378

112,520

115,993

Mexico

Pinos Altos mine

22,355

24,730

46,591

49,517

Creston Mascota mine

—

599

—

1,454

La India mine

17,463

19,306

33,883

40,315

Total gold (ounces):

858,848

836,523

1,646,406

1,529,445

Silver (thousands of ounces):

597

559

1,149

1,171

Zinc (tonnes)

2,743

1,679

4,874

2,713

Copper (tonnes)

713

783

1,281

1,549

AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Total cash costs per ounce of gold produced — co-product basis(vii):

Quebec

LaRonde mine

$ 1,046

$ 829

$ 1,091

$ 744

LaRonde Zone 5 mine

1,213

983

1,189

981

Canadian Malartic complex(iii)

783

767

791

789

Goldex mine

777

718

793

747

Ontario

Detour Lake mine

734

645

754

634

Macassa mine

750

584

675

643

Nunavut

Meliadine mine

1,020

839

979

914

Meadowbank complex

1,164

999

1,152

1,311

Australia

Fosterville mine

437

352

417

331

Europe

Kittila mine

901

829

848

917

Mexico

Pinos Altos mine

1,582

1,604

1,460

1,459

Creston Mascota mine

—

906

—

683

La India mine

1,408

959

1,369

904

Weighted average total cash costs per ounce of gold produced

$ 870

$ 758

$ 866

$ 800

Total cash costs per ounce of gold produced — by-product basis(vii):

Quebec

LaRonde mine

$ 787

$ 566

$ 840

$ 517

LaRonde Zone 5 mine

1,198

982

1,175

978

Canadian Malartic complex(iii)

772

753

779

772

Goldex mine

776

718

792

746

Ontario

Detour Lake mine

731

640

750

626

Macassa mine

747

582

672

641

Nunavut

Meliadine mine

1,019

837

978

912

Meadowbank complex

1,156

993

1,144

1,305

Australia

Fosterville mine

436

351

416

331

Europe

Kittila mine

899

828

847

915

Mexico

Pinos Altos mine

1,282

1,383

1,196

1,224

Creston Mascota mine

—

899

—

598

La India mine

1,385

936

1,348

876

Weighted average total cash costs per ounce of gold produced

$ 840

$ 726

$ 836

$ 763

Notes:

(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger

(ii) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of operating margin and Reconciliation of Non-GAAP Financial Performance Measures - Reconciliation of Operating Margin to Net Income for a reconciliation of this measure to the recent IFRS measure

(iii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

(iv) Revaluation gain on the 50% interest the Company owned in Canadian Malartic complex prior to the Yamana Transaction

(v) 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

(vi) The Canadian Malartic complex's payable metal sold excludes the 5.0% net smelter return royalty held by Osisko Gold Royalties Ltd. The Detour Lake mine's payable metal sold excludes the 2% net smelter royalty held by Franco-Nevada Corporation. The Macassa mine's payable metal sold excludes the 1.5% net smelter royalty held by Franco-Nevada Corporation

(vii) The total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Non-GAAP Financial Performance Measures — Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne and Note to Investors Concerning Certain Measures of Performance for more information on the Company's calculation and use of total cash cost per ounce of gold produced

AGNICO EAGLE MINES LIMITED

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

(thousands of United States dollars, except share amounts, IFRS basis)

(Unaudited)

As at

June 30, 2023

December 31, 2022

ASSETS

Current assets:

Cash and cash equivalents

$ 432,526

$ 658,625

Trade receivables

10,141

8,579

Inventories

1,253,112

1,209,075

Income taxes recoverable

25,696

35,054

Fair value of derivative financial instruments

14,792

8,774

Other current assets

372,984

259,952

Total current assets

2,109,251

2,180,059

Non-current assets:

Goodwill

4,574,777

2,044,123

Property, plant and mine development

21,223,554

18,459,400

Investments

340,974

332,742

Deferred income and mining tax asset

12,603

11,574

Other assets

1,050,493

466,910

Total assets

$ 29,311,652

$ 23,494,808

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities

$ 806,687

$ 672,503

Share based liabilities

11,310

15,148

Interest payable

8,151

16,496

Income taxes payable

70,870

4,187

Current portion of long-term debt

—

100,000

Reclamation provision

42,818

23,508

Lease obligations

47,964

36,466

Fair value of derivative financial instruments

18,156

78,114

Total current liabilities

1,005,956

946,422

Non-current liabilities:

Long-term debt

1,942,019

1,242,070

Reclamation provision

986,813

878,328

Lease obligations

125,460

114,876

Share based liabilities

10,377

17,277

Deferred income and mining tax liabilities

4,928,181

3,981,875

Other liabilities

359,643

72,615

Total liabilities

9,358,449

7,253,463

EQUITY

Common shares:

Outstanding — 495,442,295 common shares issued, less 578,087 shares held in trust

18,224,982

16,251,221

Stock options

200,300

197,430

Contributed surplus

22,074

23,280

Retained earnings (deficit)

1,558,021

(201,580)

Other reserves

(52,174)

(29,006)

Total equity

19,953,203

16,241,345

Total liabilities and equity

$ 29,311,652

$ 23,494,808

AGNICO EAGLE MINES LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME

(thousands of United States dollars, except per share amounts, IFRS basis)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Restated(i)

REVENUES

Revenues from mining operations

$ 1,718,197

$ 1,581,058

$ 3,227,858

$ 2,906,746

COSTS, INCOME AND EXPENSES

Production(ii)

743,253

657,636

1,396,397

1,319,371

Exploration and corporate development

54,422

70,352

108,190

136,194

Amortization of property, plant and mine development

381,262

269,891

685,221

525,535

General and administrative

47,312

49,275

95,520

116,817

Finance costs

35,837

20,961

59,285

43,614

(Gain) loss on derivative financial instruments

(26,433)

40,753

(32,972)

12,089

Foreign currency translation loss (gain)

4,014

(13,492)

4,234

(12,282)

Care and maintenance

9,411

9,257

20,656

19,713

Revaluation gain(iii)

—

(1,543,414)

—

Other expenses

2,779

19,574

22,902

109,173

Income before income and mining taxes

466,340

456,851

2,411,839

636,522

Income and mining taxes expense

139,519

166,462

268,127

227,057

Net income for the period

$ 326,821

$ 290,389

$ 2,143,712

$ 409,465

Net income per share - basic

$ 0.66

$ 0.64

$ 4.45

$ 0.97

Net income per share - diluted(iv)

$ 0.66

$ 0.63

$ 4.43

$ 0.97

Adjusted net income per share - basic(iv)

$ 0.65

$ 0.79

$ 1.23

$ 1.44

Adjusted net income per share - diluted(iv)

$ 0.65

$ 0.79

$ 1.22

$ 1.44

Weighted average number of common shares outstanding (in thousands):

Basic

494,138

455,285

481,553

419,997

Diluted

495,509

456,787

482,978

421,533

Notes:

(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Kirkland Merger.

(ii) Exclusive of amortization, which is shown separately.

(iii) Revaluation gain on the 50% interest previously owned in the Canadian Malartic complex.

(iv) Refer to Reconciliation of Adjusted Net Income to Net Income in this News Release for calculations supporting adjusted net income.

AGNICO EAGLE MINES LIMITED

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(thousands of United States dollars, IFRS basis)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Restated(i)

OPERATING ACTIVITIES

Net income for the period

$ 326,821

$ 290,389

2,143,712

$ 409,465

Add (deduct) adjusting items:

Amortization of property, plant and mine development

381,262

269,891

685,221

525,535

Revaluation gain(ii)

—

(1,543,414)

—

Deferred income and mining taxes

7,469

87,488

43,572

82,611

Unrealized (gain) loss on currency and commodity derivatives

(50,088)

33,569

(65,976)

9,514

Unrealized loss on warrants

6,959

21,095

2,296

20,182

Stock-based compensation

13,380

6,959

26,527

29,207

Foreign currency translation loss (gain)

4,014

(13,492)

4,234

(12,282)

Other

3,207

10,056

5,651

7,735

Changes in non-cash working capital balances:

Trade receivables

(2,930)

(233)

5,465

38,835

Income taxes

65,428

(3,461)

89,405

(43,331)

Inventories

(28,815)

(10,110)

(26,747)

168,042

Other current assets

(99,880)

(78,258)

(88,885)

(117,865)

Accounts payable and accrued liabilities

108,128

32,689

100,859

25,045

Interest payable

(12,955)

(13,316)

(10,307)

(1,995)

Cash provided by operating activities

722,000

633,266

1,371,613

1,140,698

INVESTING ACTIVITIES

Additions to property, plant and mine development

(423,621)

(408,596)

(808,555)

(701,747)

Yamana transaction, net of cash and cash equivalents

—

(1,000,617)

—

Cash and cash equivalents acquired in Kirkland acquisition

—

838,732

Purchases of equity securities and other investments

(29,427)

(18,411)

(44,164)

(31,854)

Proceeds from loan repayment

—

40,000

—

40,000

Other investing activities

2,846

(7,122)

4,389

(3,608)

Cash (used in) provided by investing activities

(450,202)

(394,129)

(1,848,947)

141,523

FINANCING ACTIVITIES

Proceeds from Credit Facility

—

1,000,000

100,000

Repayment of Credit Facility

(900,000)

—

(900,000)

(100,000)

Proceeds from Term Loan Facility, net of financing costs

598,958

—

598,958

—

Repayment of Senior Notes

(100,000)

(125,000)

(100,000)

(125,000)

Repayment of lease obligations

(12,420)

(8,476)

(22,168)

(16,786)

Disbursements to associates

(21,899)

—

(21,899)

—

Dividends paid

(165,258)

(149,801)

(321,421)

(304,583)

Repurchase of common shares

(1,786)

(22,258)

(16,350)

(50,147)

Proceeds on exercise of stock options

12,750

6,104

23,052

23,945

Common shares issued

7,304

5,124

13,910

10,406

Cash (used in) provided by financing activities

(582,351)

(294,307)

254,082

(462,165)

Effect of exchange rate changes on cash and cash equivalents

(1,566)

(2,847)

1,013

Net (decrease) increase in cash and cash equivalents during the period

(312,119)

(55,140)

(226,099)

821,069

Cash and cash equivalents, beginning of period

744,645

1,061,995

658,625

185,786

Cash and cash equivalents, end of period

$ 432,526

$ 1,006,855

$ 432,526

$ 1,006,855

SUPPLEMENTAL CASH FLOW INFORMATION

Interest paid

$ 43,437

$ 33,219

$ 56,488

$ 41,422

Income and mining taxes paid

$ 74,828

$ 84,678

$ 139,765

$ 188,078

Notes:

(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Kirkland Merger.

(ii) Revaluation gain on the 50% interest previously owned in the Canadian Malartic complex.

AGNICO EAGLE MINES LIMITED

RECONCILIATION OF NON-GAAP FINANCIAL PERFORMANCE MEASURES

(thousands of United States dollars, except where noted)

Refer to Note to Investors Concerning Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measures total cash costs per ounce of gold produced and minesite costs per tonne

The following tables set out a reconciliation of total cash costs per ounce of gold produced (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS

Total Production Costs by Mine

Three Months Ended

June 30,

Six Months Ended

June 30,

(thousands of United States dollars)

2023

2022

2023

2022

Quebec

LaRonde mine

$ 63,969

$ 33,949

$ 103,676

$ 79,790

LaRonde Zone 5 mine

21,763

17,133

43,987

33,866

LaRonde complex

85,732

51,082

147,663

113,656

Canadian Malartic complex(i)

144,190

56,405

201,481

113,342

Goldex mine

28,160

26,530

55,995

52,747

Ontario

Detour Lake mine

112,796

137,429

226,818

257,394

Macassa mine

38,545

33,001

76,504

65,315

Nunavut

Meliadine mine

78,817

86,386

160,011

165,065

Meadowbank complex

117,488

107,373

247,492

204,084

Australia

Fosterville mine

35,831

48,303

72,430

136,304

Europe

Kittila mine

43,336

53,315

96,631

102,766

Mexico

Pinos Altos mine

34,709

39,873

67,631

72,409

Creston Mascota mine

—

484

—

1,099

La India mine

23,649

17,455

43,741

35,190

Production costs per the condensed interim consolidated statements of income

$ 743,253

$ 657,636

$ 1,396,397

$ 1,319,371

Reconciliation of Production Costs to Total Cash Costs per Ounce of Gold Produced by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne by Mine

(thousands of United States dollars, except as noted)

LaRonde mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

58,635

70,736

118,168

158,285

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 63,969

$ 1,091

$ 33,949

$ 480

$ 103,676

$ 877

$ 79,790

$ 504

Inventory adjustments(ii)

(8,971)

(153)

20,746

293

13,534

115

31,673

200

Realized gains and losses on hedges of production costs

770

(127)

(2)

1,848

(612)

(4)

Other adjustments(v)

5,555

4,079

9,903

6,841

Cash operating costs (co-product basis)

$ 61,323

$ 1,046

$ 58,647

$ 829

$ 128,961

$ 1,091

$ 117,692

$ 744

By-product metal revenues

(15,157)

(259)

(18,643)

(263)

(29,689)

(251)

(35,861)

(227)

Cash operating costs (by-product basis)

$ 46,166

$ 787

$ 40,004

$ 566

$ 99,272

$ 840

$ 81,831

$ 517

LaRonde mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Tonnes of ore milled (thousands of tonnes)

347

423

736

877

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 63,969

$ 185

$ 33,949

$ 80

$ 103,676

$ 141

$ 79,790

$ 91

Production costs (C$)

$ 85,861

$ 247

$ 43,317

$ 103

$ 139,434

$ 189

$ 101,332

$ 115

Inventory adjustments (C$)(ii)

(11,297)

(33)

25,856

18,426

38,213

Other adjustments (C$)(v)

(3,302)

(8)

(3,371)

(8)

(6,443)

(8)

(6,877)

(8)

Minesite operating costs (C$)

$ 71,262

$ 206

$ 65,802

$ 156

$ 151,417

$ 206

$ 132,668

$ 151

LaRonde Zone 5 mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

18,145

17,774

38,219

35,262

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 21,763

$ 1,199

$ 17,133

$ 964

$ 43,987

$ 1,151

$ 33,866

$ 960

Inventory adjustments(ii)

(784)

(43)

350

(261)

(7)

815

Realized gains and losses on hedges of production costs

257

(30)

(2)

616

(143)

(4)

Other adjustments(v)

775

1,111

Cash operating costs (co-product basis)

$ 22,011

$ 1,213

$ 17,472

$ 983

$ 45,453

$ 1,189

$ 34,587

$ 981

By-product metal revenues

(271)

(15)

(28)

(1)

(546)

(14)

(119)

(3)

Cash operating costs (by-product basis)

$ 21,740

$ 1,198

$ 17,444

$ 982

$ 44,907

$ 1,175

$ 34,468

$ 978

LaRonde Zone 5 mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

313

291

632

570

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 21,763

$ 70

$ 17,133

$ 59

$ 43,987

$ 70

$ 33,866

$ 59

Production costs (C$)

$ 29,277

$ 94

$ 21,854

$ 75

$ 59,265

$ 94

$ 43,027

$ 75

Inventory adjustments (C$)(ii)

(1,147)

(4)

523

(409)

(1)

1,099

Minesite operating costs (C$)

$ 28,130

$ 90

$ 22,377

$ 77

$ 58,856

$ 93

$ 44,126

$ 77

LaRonde complex

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months EndedJune 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

76,780

88,510

156,387

193,547

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 85,732

$ 1,117

$ 51,082

$ 577

$ 147,663

$ 944

$ 113,656

$ 587

Inventory adjustments(ii)

(9,755)

(127)

21,096

238

13,273

32,488

168

Realized gains and losses on hedges of production costs

1,027

(157)

(2)

2,464

(755)

(4)

Other adjustments(v)

6,330

4,098

11,014

6,890

Cash operating costs (co-product basis)

$ 83,334

$ 1,085

$ 76,119

$ 860

$ 174,414

$ 1,115

$ 152,279

$ 787

By-product metal revenues

(15,428)

(201)

(18,671)

(211)

(30,235)

(193)

(35,980)

(186)

Cash operating costs (by-product basis)

$ 67,906

$ 884

$ 57,448

$ 649

$ 144,179

$ 922

$ 116,299

$ 601

LaRonde complex

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

660

714

1,368

1,447

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 85,732

$ 130

$ 51,082

$ 72

$ 147,663

$ 108

$ 113,656

$ 79

Production costs (C$)

$ 115,138

$ 174

$ 65,171

$ 92

$ 198,699

$ 145

$ 144,359

$ 100

Inventory adjustments (C$)(ii)

(12,444)

(19)

26,379

18,017

39,312

Other adjustments (C$)(v)

(3,302)

(4)

(3,371)

(5)

(6,443)

(4)

(6,877)

(5)

Minesite operating costs (C$)

$ 99,392

$ 151

$ 88,179

$ 124

$ 210,273

$ 154

$ 176,794

$ 122

Canadian Malartic complex

Per Ounce of Gold Produced(i)

Three Months EndedJune 30, 2023

Three Months EndedJune 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

177,755

87,186

258,440

167,695

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 144,190

$ 811

$ 56,405

$ 647

$ 201,481

$ 780

$ 113,342

$ 676

Inventory adjustments(ii)

—

2,139

538

2,867

Purchase price allocation to inventory(iv)

(22,821)

(128)

—

(22,821)

(88)

—

Other adjustments(v)

17,835

100

8,332

25,217

16,114

Cash operating costs (co-product basis)

$ 139,247

$ 783

$ 66,876

$ 767

$ 204,415

$ 791

$ 132,323

$ 789

By-product metal revenues

(2,069)

(11)

(1,243)

(14)

(3,207)

(12)

(2,905)

(17)

Cash operating costs (by-product basis)

$ 137,178

$ 772

$ 65,633

$ 753

$ 201,208

$ 779

$ 129,418

$ 772

Canadian Malartic complex

Per Tonne(i)

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

4,882

2,399

7,144

4,811

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 144,190

$ 30

$ 56,405

$ 24

$ 201,481

$ 28

$ 113,342

$ 24

Production costs (C$)

$ 194,997

$ 40

$ 71,080

$ 30

$ 271,662

$ 38

$ 142,709

$ 30

Inventory adjustments (C$)(ii)

511

—

2,664

1,251

—

3,674

Purchase price allocation to inventory (C$)(iv)

(30,651)

(6)

—

(30,651)

(4)

—

Other adjustments (C$)(v)

23,599

10,581

33,424

20,228

Minesite operating costs (C$)

$ 188,456

$ 39

$ 84,325

$ 35

$ 275,686

$ 39

$ 166,611

$ 35

Goldex mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

37,716

36,877

71,739

71,322

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 28,160

$ 747

$ 26,530

$ 719

$ 55,995

$ 781

$ 52,747

$ 740

Inventory adjustments(ii)

582

(22)

(1)

(455)

(6)

688

Realized gains and losses on hedges of production costs

505

(56)

(1)

1,212

(271)

(5)

Other adjustments(v)

102

Cash operating costs (co-product basis)

$ 29,287

$ 777

$ 26,493

$ 718

$ 56,854

$ 793

$ 53,259

$ 747

By-product metal revenues

(11)

(1)

(5)

—

(25)

(1)

(21)

(1)

Cash operating costs (by-product basis)

$ 29,276

$ 776

$ 26,488

$ 718

$ 56,829

$ 792

$ 53,238

$ 746

Goldex mine

Per Tonne

Three Months EndedJune 30, 2023

Three Months EndedJune 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

761

738

1,459

1,482

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 28,160

$ 37

$ 26,530

$ 36

$ 55,995

$ 38

$ 52,747

$ 36

Production costs (C$)

$ 37,859

$ 50

$ 33,951

$ 46

$ 75,486

$ 52

$ 67,171

$ 45

Inventory adjustments (C$)(ii)

730

—

(660)

(1)

915

Minesite operating costs (C$)

$ 38,589

$ 51

$ 33,974

$ 46

$ 74,826

$ 51

$ 68,086

$ 46

Detour Lake mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

169,352

195,515

331,209

295,958

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 112,796

$ 666

$ 137,429

$ 703

$ 226,818

$ 685

$ 257,394

$ 870

Inventory adjustments(ii)

(474)

(3)

3,988

(168)

—

(12,633)

(43)

Realized gains and losses on hedges of production costs

2,541

—

6,095

—

Purchase price allocation to inventory(iv)

—

(22,690)

(116)

—

(68,837)

(233)

Other adjustments(v)

9,410

7,304

16,985

11,589

Cash operating costs (co-product basis)

$ 124,273

$ 734

$ 126,031

$ 645

$ 249,730

$ 754

$ 187,513

$ 634

By-product metal revenues

(505)

(3)

(1,015)

(5)

(1,187)

(4)

(2,220)

(8)

Cash operating costs (by-product basis)

$ 123,768

$ 731

$ 125,016

$ 640

$ 248,543

$ 750

$ 185,293

$ 626

Detour Lake mine

Per Tonne

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

6,800

6,519

13,197

9,789

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 112,796

$ 17

$ 137,429

$ 21

$ 226,818

$ 17

$ 257,394

$ 26

Production costs (C$)

$ 151,645

$ 22

$ 175,421

$ 27

$ 305,553

$ 23

$ 327,239

$ 33

Inventory adjustments (C$)(ii)

12,357

5,205

12,872

(15,867)

(2)

Purchase price allocation to inventory(C$)(iv)

—

(29,108)

(5)

—

(87,508)

(9)

Other adjustments (C$)(v)

11,381

9,349

20,146

14,749

Minesite operating costs (C$)

$ 175,383

$ 26

$ 160,867

$ 24

$ 338,571

$ 26

$ 238,613

$ 24

Macassa mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

57,044

61,262

121,159

85,750

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 38,545

$ 676

$ 33,001

$ 539

$ 76,504

$ 631

$ 65,315

$ 762

Inventory adjustments(ii)

(178)

(3)

953

(1,473)

(11)

(1,147)

(13)

Realized gains and losses on hedges of production costs

812

—

1,949

—

Purchase price allocation to inventory(iv)

—

501

—

(10,326)

(120)

Other adjustments(v)

3,613

1,332

4,757

1,288

Cash operating costs (co-product basis)

$ 42,792

$ 750

$ 35,787

$ 584

$ 81,737

$ 675

$ 55,130

$ 643

By-product metal revenues

(168)

(3)

(114)

(2)

(376)

(3)

(187)

(2)

Cash operating costs (by-product basis)

$ 42,624

$ 747

$ 35,673

$ 582

$ 81,361

$ 672

$ 54,943

$ 641

Macassa mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

112

199

135

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 38,545

$ 344

$ 33,001

$ 374

$ 76,504

$ 384

$ 65,315

$ 483

Production costs (C$)

$ 51,994

$ 464

$ 42,211

$ 479

$ 103,236

$ 519

$ 83,041

$ 615

Inventory adjustments (C$)(ii)

(359)

(3)

1,278

(2,076)

(10)

(1,366)

(10)

Purchase price allocation to inventory(C$)(iv)

—

450

—

(13,128)

(97)

Other adjustments (C$)(v)

4,775

1,725

6,291

1,657

Minesite operating costs (C$)

$ 56,410

$ 503

$ 45,664

$ 519

$ 107,451

$ 539

$ 70,204

$ 520

Meliadine mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

87,682

97,572

178,149

178,276

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 78,817

$ 899

$ 86,386

$ 885

$ 160,011

$ 898

$ 165,065

$ 926

Inventory adjustments(ii)

11,228

128

(3,671)

(38)

14,852

(39)

—

Realized gains and losses on hedges of production costs

(451)

(5)

(884)

(9)

(363)

(2)

(2,195)

(13)

Other adjustments(v)

(118)

(2)

(13)

—

163

Cash operating costs (co-product basis)

$ 89,476

$ 1,020

$ 81,899

$ 839

$ 174,487

$ 979

$ 162,994

$ 914

By-product metal revenues

(139)

(1)

(188)

(2)

(339)

(1)

(405)

(2)

Cash operating costs (by-product basis)

$ 89,337

$ 1,019

$ 81,711

$ 837

$ 174,148

$ 978

$ 162,589

$ 912

Meliadine mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Tonnes of ore milled (thousands of tonnes)

461

449

937

881

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 78,817

$ 171

$ 86,386

$ 192

$ 160,011

$ 171

$ 165,065

$ 187

Production costs (C$)

$ 105,834

$ 230

$ 109,488

$ 244

$ 214,715

$ 229

$ 208,925

$ 237

Inventory adjustments (C$)(ii)

14,556

(4,241)

(10)

19,606

284

—

Minesite operating costs (C$)

$ 120,390

$ 261

$ 105,247

$ 234

$ 234,321

$ 250

$ 209,209

$ 237

Meadowbank complex

Per Ounce of Gold Produced

Three Months EndedJune 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

94,775

96,698

205,885

156,463

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 117,488

$ 1,240

$ 107,373

$ 1,110

$ 247,492

$ 1,202

$ 204,084

$ 1,304

Inventory adjustments(ii)

(5,048)

(54)

(9,132)

(94)

(6,702)

(32)

6,071

Realized gains and losses on hedges of production costs

(2,118)

(22)

(1,631)

(17)

(3,617)

(18)

(3,674)

(23)

Operational care & maintenance due to COVID-19(iii)

—

(1,436)

(9)

Other adjustments(v)

—

(26)

—

(51)

—

Cash operating costs (co-product basis)

$ 110,326

$ 1,164

$ 96,584

$ 999

$ 237,122

$ 1,152

$ 205,085

$ 1,311

By-product metal revenues

(723)

(8)

(587)

(6)

(1,548)

(8)

(882)

(6)

Cash operating costs (by-product basis)

$ 109,603

$ 1,156

$ 95,997

$ 993

$ 235,574

$ 1,144

$ 204,203

$ 1,305

Meadowbank complex

Per Tonne

Three Months EndedJune 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

845

930

1,828

1,785

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 117,488

$ 139

$ 107,373

$ 116

$ 247,492

$ 135

$ 204,084

$ 114

Production costs (C$)

$ 157,407

$ 186

$ 136,663

$ 147

$ 330,385

$ 181

$ 259,128

$ 145

Inventory adjustments (C$)(ii)

(6,632)

(8)

(10,911)

(12)

(8,858)

(5)

7,897

Operational care and maintenance due to COVID-19 (C$)(iii)

—

(1,793)

(1)

Minesite operating costs (C$)

$ 150,775

$ 178

$ 125,752

$ 135

$ 321,527

$ 176

$ 265,232

$ 149

Fosterville mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

81,813

86,065

168,371

167,892

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 35,831

$ 438

$ 48,303

$ 561

$ 72,430

$ 430

$ 136,304

$ 812

Inventory adjustments(ii)

(522)

(6)

(970)

(12)

(2,885)

(17)

(6,809)

(41)

Realized gains and losses on hedges of production costs

489

—

677

—

Purchase price allocation to inventory(iv)

—

(16,997)

(197)

—

(73,674)

(439)

Other adjustments(v)

(7)

(1)

—

Cash operating costs (co-product basis)

$ 35,791

$ 437

$ 30,336

$ 352

$ 70,261

$ 417

$ 55,821

$ 332

By-product metal revenues

(121)

(1)

(125)

(1)

(278)

(1)

(313)

(1)

Cash operating costs (by-product basis)

$ 35,670

$ 436

$ 30,211

$ 351

$ 69,983

$ 416

$ 55,508

$ 331

Fosterville mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore milled (thousands of tonnes)

176

122

324

213

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 35,831

$ 204

$ 48,303

$ 396

$ 72,430

$ 224

$ 136,304

$ 641

Production costs (A$)

A$ 54,280

A$ 308

A$ 71,814

A$ 597

A$ 108,462

A$ 335

A$ 189,040

A$ 890

Inventory adjustments (A$)(ii)

(756)

(4)

(1,204)

(9)

(4,357)

(14)

(9,409)

(43)

Purchase price allocation to inventory(A$)(iv)

—

(26,678)

(218)

—

(102,178)

(478)

Minesite operating costs (A$)

A$ 53,524

A$ 304

A$ 43,932

A$ 370

A$ 104,105

A$ 321

A$ 77,453

A$ 369

Kittila mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

50,130

64,814

113,822

110,322

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 43,336

$ 864

$ 53,315

$ 823

$ 96,631

$ 849

$ 102,766

$ 932

Inventory adjustments(ii)

2,784

(1,164)

(19)

2,744

(3,955)

(36)

Realized gains and losses on hedges of production costs

(925)

(18)

1,542

(1,558)

(14)

2,220

Other adjustments(v)

(50)

(1)

(1,273)

(11)

Cash operating costs (co-product basis)

$ 45,145

$ 901

$ 53,732

$ 829

$ 96,544

$ 848

$ 101,124

$ 917

By-product metal revenues

(93)

(2)

(78)

(1)

(162)

(1)

(167)

(2)

Cash operating costs (by-product basis)

$ 45,052

$ 899

$ 53,654

$ 828

$ 96,382

$ 847

$ 100,957

$ 915

Kittila mine

Per Tonne

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months EndedJune 30, 2022

Tonnes of ore milled (thousands of tonnes)

417

556

913

1,017

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 43,336

$ 104

$ 53,315

$ 96

$ 96,631

$ 106

$ 102,766

$ 101

Production costs (€)

€ 42,251

€ 101

€ 49,550

€ 89

€ 91,002

€ 100

€ 93,458

€ 92

Inventory adjustments (€)(ii)

946

(655)

(1)

832

(2,929)

(3)

Minesite operating costs (€)

€ 43,197

€ 104

€ 48,895

€ 88

€ 91,834

€ 101

€ 90,529

€ 89

Pinos Altos mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months Ended June 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

22,159

23,020

46,293

48,190

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 34,709

$ 1,566

$ 39,873

$ 1,732

$ 67,631

$ 1,461

$ 72,409

$ 1,503

Inventory adjustments(ii)

761

(2,955)

(128)

513

(2,156)

(45)

Realized gains and losses on hedges of production costs

(690)

(31)

(313)

(14)

(1,143)

(25)

(547)

(11)

Other adjustments(v)

286

322

578

625

Cash operating costs (co-product basis)

$ 35,066

$ 1,582

$ 36,927

$ 1,604

$ 67,579

$ 1,460

$ 70,331

$ 1,459

By-product metal revenues

(6,653)

(300)

(5,082)

(221)

(12,227)

(264)

(11,345)

(235)

Cash operating costs (by-product basis)

$ 28,413

$ 1,282

$ 31,845

$ 1,383

$ 55,352

$ 1,196

$ 58,986

$ 1,224

Pinos Altos mine

Per Tonne

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months EndedJune 30, 2022

Tonnes of ore processed (thousands of tonnes)

401

366

765

750

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 34,709

$ 87

$ 39,873

$ 109

$ 67,631

$ 88

$ 72,409

$ 97

Inventory adjustments(ii)

1,905

(2,955)

(8)

1,657

(2,156)

(3)

Minesite operating costs

$ 36,614

$ 90

$ 36,918

$ 101

$ 69,288

$ 91

$ 70,253

$ 94

Creston Mascota mine

Per Ounce of Gold Produced

Three Months EndedJune 30, 2023

Three Months Ended June 30, 2022

Six Months EndedJune 30, 2023

Six Months EndedJune 30, 2022

Gold production (ounces)

165

635

409

1,641

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ —

$ 484

$ 762

$ —

$ 1,099

$ 670

Inventory adjustments(ii)

—

(27)

(16)

Other adjustments(v)

—

Cash operating costs (co-product basis)

$ —

$ 574

$ 906

$ —

$ 1,120

$ 683

By-product metal revenues

—

(5)

(7)

—

(140)

(85)

Cash operating costs (by-product basis)

$ —

$ 569

$ 899

$ —

$ 980

$ 598

Creston Mascota mine

Per Tonne(vi)

Three Months EndedJune 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore processed (thousands of tonnes)

—

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ —

$ 484

$ —

$ 1,099

$ —

Inventory adjustments(ii)

—

(27)

—

Other adjustments(v)

—

(544)

—

(1,072)

—

Minesite operating costs

$ —

La India mine

Per Ounce of Gold Produced

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months EndedJune 30, 2023

Six Months Ended June 30, 2022

Gold production (ounces)

17,833

20,016

34,154

41,718

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

(thousands)

($ per ounce)

Production costs

$ 23,649

$ 1,326

$ 17,455

$ 872

$ 43,741

$ 1,281

$ 35,190

$ 844

Inventory adjustments(ii)

1,318

1,564

2,766

2,132

Other adjustments(v)

134

177

263

373

Cash operating costs (co-product basis)

$ 25,101

$ 1,408

$ 19,196

$ 959

$ 46,770

$ 1,369

$ 37,695

$ 904

By-product metal revenues

(407)

(23)

(451)

(23)

(722)

(21)

(1,159)

(28)

Cash operating costs (by-product basis)

$ 24,694

$ 1,385

$ 18,745

$ 936

$ 46,048

$ 1,348

$ 36,536

$ 876

La India mine

Per Tonne

Three Months Ended June 30, 2023

Three Months EndedJune 30, 2022

Six Months Ended June 30, 2023

Six Months Ended June 30, 2022

Tonnes of ore processed (thousands of tonnes)

880

1,356

1,540

2,919

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

(thousands)

($ per tonne)

Production costs

$ 23,649

$ 27

$ 17,455

$ 13

$ 43,741

$ 28

$ 35,190

$ 12

Inventory adjustments(ii)

1,318

1,564

2,766

2,132

Minesite operating costs

$ 24,967

$ 28

$ 19,019

$ 14

$ 46,507

$ 30

$ 37,322

$ 13

Notes:

(i) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

(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

(iii) This adjustment reflects the costs associated with the temporary suspension of mining activities at the Company's mine sites in response to the COVID-19 pandemic and includes primarily payroll and other incidental costs associated with maintaining the sites and properties, and payroll costs associated with employees who were not working during the period of reduced or suspended operations. These expenses also include payroll costs of employees who could not work following the period of temporary suspension or reduced operations due to the Company's effort to prevent or curtail community transmission of COVID-19. These costs were previously classified as "other adjustments" and have now been disclosed separately to provide additional detail on the reconciliation, allowing investors to better understand the impact of such events on the total cash costs per ounce and minesite cost per tonne

(iv) On February 8, 2022, the Company completed the Merger and this adjustment reflects the fair value allocated to inventory at the Detour Lake, Macassa, and Fosterville mines as part of the purchase price allocation. On March 31, 2023, the Company completed Yamana Transaction and this adjustment reflects the fair value allocated to inventory at the Canadian Malartic complex as part of the purchase price allocation

(v) Other adjustments consists of costs associated with a 5% in-kind royalty paid in respect of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, smelting, refining, and marketing charges to production costs

(vi) The Creston Mascota mine's cost calculations per tonne for the three and six months ended June 30, 2022 excludes approximately $0.5 and $1.1 million of production costs incurred during the period, respectively, following the ceasing of mining activities at the Bravo pit during the third quarter of 2020

Reconciliation of Production Costs to Total Cash Costs per Ounce Produced(vii) and All-in Sustaining Costs per Ounce of Gold Produced(vii)

Refer to Note to Investors Concerning Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measure all-in sustaining costs per ounce of gold produced

The following tables set out a reconciliation of production costs to the Company's use of the non-GAAP measure all-in sustaining costs per ounce of gold produced for the six months ended June 30, 2023 and June 30, 2022 on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues)

Three Months Ended

June 30,

Six Months Ended

June 30,

(United States dollars per ounce of gold produced, except where noted)

2023

2022

2023

2022

Production costs per the condensed interim consolidated statements of income

(thousands of United States dollars)

$ 743,253

$ 657,636

$ 1,396,397

$ 1,319,371

Gold production (ounces)

873,204

858,170

1,686,017

1,518,774

Production costs per ounce of adjusted gold production

$ 851

$ 766

$ 828

$ 869

Adjustments:

Inventory adjustments(i)

Purchase price allocation to inventory(ii)

(26)

(46)

(13)

(101)

Realized gains and losses on hedges of production costs

(2)

(3)

Operational care and maintenance costs due to COVID-19(iii)

—

(1)

Other(iv)

Total cash costs per ounce of gold produced (co-product basis)(v)

$ 870

$ 758

$ 866

$ 800

By-product metal revenues

(30)

(32)

(30)

(37)

Total cash costs per ounce of gold produced (by-product basis)(v)

$ 840

$ 726

$ 836

$ 763

Adjustments:

Sustaining capital expenditures (including capitalized exploration)

237

231

226

197

General and administrative expenses (including stock option expense)

Non-cash reclamation provision and sustaining leases(vi)

All-in sustaining costs per ounce of gold produced (by-product basis)

$ 1,150

$ 1,026

$ 1,138

$ 1,051

By-product metal revenues

All-in sustaining costs per ounce of gold produced (co-product basis)

$ 1,180

$ 1,058

$ 1,168

$ 1,088

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 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

(ii) On February 8, 2022, the Company completed the Merger and this adjustment reflects the fair value allocated to inventory at the Detour Lake, Macassa and Fosterville mines as part of the purchase price allocation. On March 31, 2023, the Company completed Yamana Transaction and this adjustment reflects the fair value allocated to inventory at the Canadian Malartic complex as part of the purchase price allocation

(iii) This adjustment reflects the costs associated with the temporary suspension of mining activities at the Company's mine sites in response to the COVID-19 pandemic which primarily includes payroll and other incidental costs associated with maintaining the sites and properties, and payroll costs associated with employees who were not working during the period of reduced or suspended operations. These costs were previously classified as "other adjustments" and, as of 2022, have been disclosed separately to provide additional detail on the reconciliation, allowing investors to better understand the impact of such events on the total cash costs per ounce and minesite cost per tonne

(iv) Other adjustments consists of costs associated with a 5% in-kind royalty paid in respect of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, smelting, refining and marketing charges to production costs

(v) The total cash costs per ounce of gold produced is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Non-GAAP Financial Performance Measures — Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne for more information on the Company's use of total cash cost per ounce of gold produced

(vi) Sustaining leases are lease payments related to sustaining assets

Reconciliation of Operating Margin(i) to Net Income

Refer to Note to Investors Concerning Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's disclosure of the non-GAAP measure operating margin

The following table sets out a reconciliation of net income to operating margin for the six months ended June 30, 2023 and June 30, 2022

Three Months Ended June 30, 2023

Revenues from

Mining

Production

Operating

Operations

Costs

Margin

LaRonde mine

$ 133,865

$ (63,969)

$ 69,896

LaRonde Zone 5 mine

36,558

(21,763)

14,795

Canadian Malartic complex(ii)

335,871

(144,190)

191,681

Goldex mine

73,272

(28,160)

45,112

Detour Lake mine

317,068

(112,796)

204,272

Macassa mine

112,879

(38,545)

74,334

Meliadine mine

157,179

(78,817)

78,362

Meadowbank complex

195,856

(117,488)

78,368

Fosterville mine

168,074

(35,831)

132,243

Kittila mine

102,868

(43,336)

59,532

Pinos Altos mine

50,389

(34,709)

15,680

La India mine

34,318

(23,649)

10,669

Segment totals

$ 1,718,197

$ (743,253)

$ 974,944

Corporate and other:

Exploration and corporate development

54,422

Amortization of property, plant, and mine development

381,262

General and administrative

47,312

Finance costs

35,837

Gain on derivative financial instruments

(26,433)

Environmental remediation

(1,420)

Foreign currency translation loss

4,014

Care and maintenance

9,411

Other expenses

4,199

Income and mining taxes expense

139,519

Net income per condensed interim consolidated statements of income

$ 326,821

Notes:

(i) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See "Note Regarding Certain Measures of Performance" for more information on the Company's use of operating margin

(ii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

Reconciliation of Operating Margin(i) to Net Income

Six Months Ended June 30, 2023

Revenues from

Mining

Production

Operating

Operations

Costs

Margin

LaRonde mine

$ 236,085

$ (103,676)

$ 132,409

LaRonde Zone 5 mine

66,080

(43,987)

22,093

Canadian Malartic complex(ii)

473,945

(201,481)

272,464

Goldex mine

141,335

(55,995)

85,340

Detour Lake mine

623,663

(226,818)

396,845

Macassa mine

230,738

(76,504)

154,234

Meliadine mine

326,713

(160,011)

166,702

Meadowbank complex

405,669

(247,492)

158,177

Fosterville mine

337,375

(72,430)

264,945

Kittila mine

218,887

(96,631)

122,256

Pinos Altos mine

101,837

(67,631)

34,206

La India mine

65,531

(43,741)

21,790

Segment totals

$ 3,227,858

$ (1,396,397)

$ 1,831,461

Corporate and other:

Exploration and corporate development

108,190

Amortization of property, plant, and mine development

685,221

General and administrative

95,520

Finance costs

59,285

Gain on derivative financial instruments

(32,972)

Environmental remediation

(1,977)

Foreign currency translation loss

4,234

Care and maintenance

20,656

Revaluation gain

(1,543,414)

Other expenses

24,879

Income and mining taxes expense

268,127

Net income per condensed interim consolidated statements of income

$ 2,143,712

Notes:

(i) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of operating margin

(ii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

Reconciliation of Operating Margin(i) to Net Income

Three Months Ended June 30, 2022(ii)

Revenues from

Mining

Production

Operating

Operations

Costs

Margin

LaRonde mine

$ 124,826

$ (33,949)

$ 90,877

LaRonde Zone 5 mine

24,999

(17,133)

7,866

Canadian Malartic complex(iii)

160,866

(56,405)

104,461

Goldex mine

68,186

(26,530)

41,656

Detour Lake mine

352,270

(137,429)

214,841

Macassa mine

107,779

(33,001)

74,778

Meliadine mine

183,126

(86,386)

96,740

Meadowbank complex

175,417

(107,373)

68,044

Fosterville mine

173,745

(48,303)

125,442

Kittila mine

120,926

(53,315)

67,611

Pinos Altos mine

51,360

(39,873)

11,487

Creston Mascota mine

1,126

(484)

642

La India mine

36,432

(17,455)

18,977

Segment totals

$ 1,581,058

$ (657,636)

$ 923,422

Corporate and other:

Exploration and corporate development

70,352

Amortization of property, plant, and mine development

269,891

General and administrative

49,275

Finance costs

20,961

Loss on derivative financial instruments

40,753

Environmental remediation

(319)

Foreign currency translation gain

(13,492)

Care and maintenance

9,257

Other expenses

19,893

Income and mining taxes expense

166,462

Net income per condensed interim consolidated statements of income

$ 290,389

Notes:

(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger

(iii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

Reconciliation of Operating Margin(i) to Net Income

Six Months Ended June 30, 2022(ii)

Revenues from

Mining

Production

Operating

Operations

Costs

Margin

LaRonde mine

$ 274,231

$ (79,790)

$ 194,441

LaRonde Zone 5 mine

58,388

(33,866)

24,522

Canadian Malartic complex(iii)

297,105

(113,342)

183,763

Goldex mine

131,521

(52,747)

78,774

Detour Lake mine

600,293

(257,394)

342,899

Macassa mine

164,248

(65,315)

98,933

Meliadine mine

346,084

(165,065)

181,019

Meadowbank complex

266,930

(204,084)

62,846

Hope Bay mine

144

—

144

Fosterville mine

368,602

(136,304)

232,298

Kittila mine

216,488

(102,766)

113,722

Pinos Altos mine

103,327

(72,409)

30,918

Creston Mascota mine

2,918

(1,099)

1,819

La India mine

76,467

(35,190)

41,277

Segment totals

$ 2,906,746

$ (1,319,371)

$ 1,587,375

Corporate and other:

Exploration and corporate development

136,194

Amortization of property, plant, and mine development

525,535

General and administrative

116,817

Finance costs

43,614

Loss on derivative financial instruments

12,089

Environmental remediation

(2,618)

Foreign currency translation gain

(12,282)

Care and maintenance

19,713

Other expenses

111,791

Income and mining taxes expense

227,057

Net income per condensed interim consolidated statements of income

$ 409,465

Notes:

(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger

(iii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter

Reconciliation of Sustaining Capital Expenditures(i) and Development Capital Expenditures(i) to the Consolidated Statements of Cash Flows

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Sustaining capital expenditures(i)(ii)

$ 206,914

$ 198,024

$ 381,545

$ 299,750

Development capital expenditures(i)(ii)

209,133

203,546

376,236

351,905

Total Capital Expenditures

$ 416,047

$ 401,570

$ 757,781

$ 651,655

Working capital adjustments

7,574

7,026

50,774

50,092

Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows

$ 423,621

$ 408,596

$ 808,555

$ 701,747

Note:

(i) Sustaining capital expenditures and development capital expenditures are not recognized measures under IFRS and this data may not be comparable to other gold producers. See Note on Certain Measures of Performance for more information on the Company's use of the measures sustaining capital expenditures and development capital expenditures

(ii) Sustaining capital expenditures and development capital expenditures include capitalized exploration

Reconciliation of Long-Term Debt to Net Debt

As at

June 30, 2023

December 31, 2022

Current portion of long-term debt per the consolidated balance sheets

$ —

$ 100,000

Non-current portion of long-term debt

1,942,019

1,242,070

Long-term debt

$ 1,942,019

$ 1,342,070

Adjustments:

Cash and cash equivalents

$ (432,526)

$ (658,625)

Net Debt

$ 1,509,493

$ 683,445

Reconciliation of Adjusted Net Income(i) to Net Income

(thousands of United States dollars)

Three Months Ended

June 30,

Six Months Ended

June 30,

2023

2022

2023

2022

Restated(ii)

Net income for the period - basic

$ 326,821

$ 290,389

$ 2,143,712

$ 409,465

Dilutive impact of cash settling LTIP

(1,140)

(2,745)

(2,916)

398

Net income for the period - diluted

$ 325,681

$ 287,644

$ 2,140,796

$ 409,863

Foreign currency translation loss (gain)

4,014

(13,492)

4,234

(12,282)

Realized and unrealized (gain) loss on derivative financial instruments

(26,433)

40,753

(32,972)

12,089

Transaction costs and severance related to acquisitions

1,674

11,372

16,912

92,139

Revaluation gain on Yamana Transaction

—

(1,543,414)

—

Environmental remediation

(1,420)

(319)

(1,977)

(2,618)

Integration costs

—

457

—

457

Net loss on disposal of property,plant and equipment

1,058

2,828

3,601

3,914

Purchase price allocation to inventory(iii)

22,821

39,185

22,821

152,836

Income and mining taxes adjustments

(6,121)

(9,516)

(19,223)

(49,398)

Adjusted net income for the period - basic

$ 322,414

$ 361,657

$ 593,694

$ 606,602

Adjusted net income for the period - diluted

$ 321,274

$ 358,912

$ 590,778

$ 607,000

Notes:

(i) Adjusted net income is not a recognized measure under IFRS and this data may not be comparable to other gold producers. See Note on Certain Measures of Performance for more information on the Company's use of adjusted net income

(ii) Certain previously reported line items have been restated to reflect the final purchase price allocation of the Kirkland Merger

(iii) As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. These non-cash fair value adjustments which increased the cost of inventory sold during the period and are not representative of ongoing operations, were normalized from net income

Drill holeZoneFrom(metres)To(metres)Depth of midpoint below surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)Drill holeDeposit / zoneFrom (metres)To (metres)Depth of midpointbelow surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)Gold grade(g/t) (capped)*Drill holeDeposit / ZoneFrom (metres)To (metres)Depth of midpointbelow surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)Gold grade (g/t) (capped)*Drill holeDeposit / LodeFrom(metres)To(metres)Depth of midpoint below surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)Gold grade(g/t) (capped)Drill holeZone / AreaFrom(metres)To(metres)Depth of midpoint below surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)*Drill holeLocationFrom (metres)To (metres)Depth of midpoint below surface (metres)Estimated true width (metres)Gold grade(g/t) (uncapped)Gold grade(g/t) (capped)*Drill holeUTM East*UTM North*Elevation (metres above sea level)Azimuth (degrees)Dip(degrees)Length(metres)

Previous: Georgia teen, athlete, drowned Monday in Little River Next: Governor Hochul Advises New Yorkers to Use Caution as Extreme Heat Impacts the State This Afternoon

Send inquiry

Send