Agnico Eagle’s Pipeline Projects continue to advance

Cont’d from pg. 16

Processing scenarios with the potential to reduce initial capital costs are being evaluated, including transporting the ore to the Canadian Malartic mill for processing. An updated technical evaluation of the project is expected to be completed in late 2023.

• Wasamac Project –

The Wasamac property was acquired as part of the Yamana Transaction and contains historical mineral reserves of 2.2 million ounces of gold. Agnico Eagle believes this has the potential to be an underground bulk mining operation with production of up to 200,000 ounces of gold per year. Technical aspects of the project with a focus on ore processing at the Canadian Malartic mill are being reviewed and are expected to reduce the project footprint and capital cost. An internal evaluation of the project is expected in the fourth quarter of 2023.

• Hope Bay Project –

Drilling in 2022 confirmed the potential to upgrade and expand mineral resources at Doris. Exploration in 2023 will primarily shift to the Madrid deposit to further expand the mineral resources with a focus on defining areas of higher-grade mineralization and work continues on evaluating larger production scenarios (targeting 350,000 to 400,000 ounces of gold per year).

“2022 was another strong year from a safety and operational standpoint. The company had its best safety performance in our 66-year history, we met production forecasts and managed our costs in a highly inflationary environment,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer.

“It was a transformational year for Agnico Eagle. The merger with Kirkland Lake Gold and the acquisition of Yamana’s Canadian assets will result in the consolidation of the Abitibi Gold Belt, one of the best gold regions in the world, and positions us well to continue to grow and create value for all our stakeholders for years to come. In 2023, our focus will be on optimizing and growing Detour Lake and Canadian Malartic and on establishing a plan to capitalize on existing infrastructure, including our excess mill capacity, in the Abitibi region of Quebec, with the potential to produce up to 500,000 ounces of gold per year by the end of the decade,” added Mr. Al-Joundi.