Detour Lake Canada’s Largest Gold Mine

Cont’d from pg. 14 tario and Quebec (“Abitibi Gold Belt”), with the aim of increasing profitable production.

At Detour Lake Mine in Northern Ontario, mill expansion activities progressed as planned in 2022. These activities, combined with strong operational performance, resulted in record annual gold production of 732,572 ounces for the full year 2022, which Agnico Eagle believes makes Detour Lake the largest gold mine in Canada. For 2023, the focus remains on optimizing mill processes and improving runtime to achieve, and potentially surpass, 28.0 million tonnes per year (“Mtpa”) throughput.

Exploration success at Detour Lake in 2022 resulted in the addition of 5.6 million ounces of gold in mineral reserves to 20.7 million ounces of gold (850.4. million tonnes grading 0.76 g/t gold) and 3.2 million ounces in measured and indicated mineral resources to 18.5 million ounces of gold (731.5 million tonnes grading 0.79 g/t gold) compared to December 31, 2021.

In 2023, exploration is expected to focus on extending mineralization to the west and establishing an initial underground mineral resource in order to support potential underground mining operations.

Later in 2023, the Company expects to provide an update on the pathway to potentially increase production to one million ounces of gold per year.

At the Odyssey Project underground development remains on schedule with initial production and start of shaft sinking expected in March 2023. Delineation drilling of the internal zones at Odyssey South in 2022 showed potential to add production in 2024 to 2026.

Exploration in 2023 is expected to focus on further testing of the internal zones, expanding the East Gouldie Zone to the east and west and mineral resource conversion. Drilling will also be carried out to test other near surface and underground opportunities to leverage excess mill capacity and infrastructure

At Canadian Malartic, Agnico Eagle expects to have up to 40,000 tonnes per day (“tpd”) of excess mill capacity starting in 2028 and the LaRonde Complex could have up to 2,000 tpd of excess mill capacity at the LaRonde Zone 5 (“LZ5”) mill circuit starting in the second quarter of 2023.

By maximizing the mill throughput in the region, Agnico Eagle believes there is potential to increase future gold production at lower capital costs and a reduced environmental footprint, which could also be beneficial to facilitating the permitting process. Additional production could begin at approximately 20,000 ounces in 2024 which will use this excess capacity and has the potential to increase up to approximately 500,000 ounces of gold per year by 2030. Potential future sources of ore could include:

• Macassa near surface deposits and the Amalgamated Kirkland (“AK”) deposit;

• Upper Beaver and other Kirkland Lake satellite deposits;

• Wasamac project Pipeline projects continue to advance –

Agnico Eagle has a number of advanced stage projects in the pipeline and the current focus is on how to advance these projects to production in a cost efficient and environmentally friendly manner. Highlights include:

• AK and Near Surface Deposits at Macassa –

These deposits are accessible from an existing surface ramp at Macassa and production from the Near Surface deposits are expected to begin in 2023. Production from the AK deposit could potentially begin in 2024. Alternatives to process these ores at the LaRonde Complex, which is approximately 130 kilometres away, and avoid capital costs associated with a mill expansion at Macassa are under review. Average annual production from these two deposits could potentially be 20,000 to 40,000 ounces of gold, commencing in 2024.

• Upper Beaver Project –Upper Beaver has the potential to be a low-cost mine and scenarios are being modelled with annual production of 150,000 to 200,000 ounces of gold with moderate capital outlays. Agnico Eagle believes initial production could potentially commence in 2029.