Northern Ontario & Quebec benefit from Agnico Eagle’s pipeline of projects

2.63 g/t gold).

On March 31, 2023, the company announced the successful completed the acquisition of Yamana Gold Inc.’s interests in its Canadian assets, including the Canadian Malartic mine.

As part of the Arrangement, Pan American Silver Corp. has acquired all the issued and outstanding common shares of Yamana. With the completion of the Arrangement, Agnico Eagle now owns 100% of the Canadian Malartic mine, 100% of the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba.

Throughout 2022, Agnico Eagle Mines Limited delivered solid operating performance in a challenging cost and workforce environment with strong production and cost control, increasing mineral reserves and mineral resources, progressing expansion projects and delivering the best safety performance in the Company’s 66-year history.

The year also saw important strategic acquisitions aimed at furthering Agnico Eagle’s core strategy of consolidating positions in premier mining jurisdictions, with the integration of Kirkland Lake Gold, and the acquisition of Yamana Gold’s Canadian assets (including the other half of the world-class Canadian Malartic mine).

The company finished the year strong despite a challenging cost environment – Payable gold production in the fourth quarter of 2022 was 799,438 ounces at production costs per ounce of $834, total cash costs per ounce of $863 and all-in sustaining costs (“AISC”) per ounce of $1,231.

Record annual gold production and operating cash flow resulted from solid operational performance across the recently integrated asset portfolio –Payable gold production in 2022 was

3,135,007 ounces at production costs per ounce of $843, total cash costs per ounce of $793 and AISC per ounce of $1,109. Including the full year of production from the legacy Kirkland Lake Gold mines, which were acquired on February 8, 2022, total payable gold production in 2022 was 3,280,731 ounces at production costs per ounce of $821, total cash costs per ounce of $780 and AISC per ounce of $1,090, in line with the mid-point of 2022 production guidance and slightly above the top end of the cost guidance announced in February 2022.

Gold mineral reserves increased to a record level – Year-end 2022 gold mineral reserves increased by 9% to 48.7 million ounces of gold (1,186 million tonnes grading 1.28 grams per tonne (“g/t”) gold). The yearover-year increase in mineral reserves is largely due to significant additions at Detour Lake as well as successful conversion of mineral resources at several other operations.

Over the last 18 months, Agnico Eagle has solidified its presence in the Abitibi gold belt, a region of low political risk and high geological potential, and where it has a strong competitive advantage from having operated there for more than 50 years. Agnico Eagle’s production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year through 2025. In addition, the Company has the unique ability to monetize future additional mill capacity at the Canadian Malartic mine, given its extensive operations and strategic land position in the region.

Agnico Eagle’s 2023 production and costs guidance, which assumed 50% ownership of Canadian Malartic for the first three months of 2023 and 100% ownership for the last nine months of the year, is in line with the actual completion date of the Arrangement.

For additional details on the 2023 guidance please see Agnico Eagle’s news release dated February 16, 2023.

In 2023, Agnico Eagle will focus on optimizing its expanded strategic positions in the Abitibi region of On-

At year-end 2022, measured and indicated mineral resources were 44.2 million ounces (1,178 million tonnes grading 1.17 g/t gold) and inferred mineral resources were 26.3 million ounces (311 million tonnes grading Cont’d on pg. 16

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