AGNICO EAGLE REPORTS FIRST QUARTER 2025 RESULTS - STRONG QUARTERLY OPERATIONAL AND FINANCIAL PERFORMANCE; BALANCE SHEET FURTHER STRENGTHENED BY STRONG FREE CASH FLOW GENERATION; 16TH ANNUAL SUSTAINABILITY REPORT RELEASED

PR Newswire

TORONTO, April 24, 2025

Stock Symbol: AEM (NYSE and TSX)

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

TORONTO, April 24, 2025 /PRNewswire/ - Agnico Eagle Mines Limited $(AEM)$ (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2025.

"We've had an excellent start to the year with another quarter of strong operating and financial results. This performance has allowed us to further strengthen our balance sheet and has positioned us well for the remainder of the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We remain focused on execution and cost control to continue delivering expanding operating margins in a rising gold price environment. This enables us to reinvest in the business through exploration and the advancement of our five key pipeline projects, while continuing to strengthen our financial position and increase returns to shareholders," added Mr. Al-Joundi.

First quarter 2025 highlights:

   -- Strong quarterly gold production and cost performance -- Payable gold 
      production1 was 873,794 ounces at production costs per ounce of $879, 
      total cash costs per ounce2 of $903 and all-in sustaining costs ("AISC") 
      per ounce2 of $1,183. The strong operational performance in the first 
      quarter of 2025, led by Canadian Malartic, LaRonde, Macassa and the 
      Nunavut operations, positions the Company well for 2025. Full year 
      production and cost guidance remains unchanged 
 
   -- Record quarterly adjusted net income and strong free cash flow generation 
      -- The Company reported quarterly net income of $815 million or $1.62 per 
      share and record adjusted net income3 of $770 million or $1.53 per share. 
      The Company generated cash provided by operating activities of $1,044 
      million or $2.08 per share ($1,209 million or $2.41 per share of cash 
      provided by operating activities before changes in non-cash components of 
      working capital4) and free cash flow4 of $594 million or $1.18 per share 
      ($759 million or $1.51 per share of free cash flow before changes in 
      non-cash components of working capital4) 
 
   -- Strengthening investment grade balance sheet -- The Company increased its 
      cash position by $212 million to $1,138 million and approached a zero net 
      debt position. At the end of the first quarter of 2025, total debt 
      outstanding was $1,143 million and net debt5 was reduced to $5 million. 
      In addition, in February 2025, Moody's revised its rating outlook for the 
      Company to positive from stable and re-affirmed the Company's long-term 
      issuer rating of Baa1 
 
   -- Continued focus on shareholder returns -- A quarterly dividend of $0.40 
      per share has been declared. In addition, the Company repurchased 488,047 
      common shares during the quarter at an average share price of $102.44 for 
      aggregate consideration of $50 million under its normal course issuer bid 
      ("NCIB"). The Company intends to seek approval from the TSX to renew the 
      NCIB for another year on substantially the same terms, and intends to 
      increase the limit of purchases under the NCIB to $1 billion of common 
      shares. Additional details will be provided at the time of the renewal 
 
   -- 2024 Sustainability Report published -- The Company continues to 
      demonstrate its commitment to sustainability and released its 2024 
      Sustainability Report on April 24, 2025 
 
   -- Update on key value drivers and pipeline projects 
 
          -- Canadian Malartic -- In the first quarter of 2025, ramp 
             development reached the bottom of the first mining horizon at East 
             Gouldie. Excavation of the mid-shaft loading station between 
             levels 102 and 114 commenced and the temporary service hoist was 
             commissioned. Exploration drilling continued to extend the East 
             Gouldie deposit to the east and extend the newly discovered, 
             sub-parallel Eclipse zone. The Company also completed the 
             acquisition of O3 Mining Inc. ("O3 Mining") in the first quarter 
             of 2025 -- additional funding of $5.5 million has been allocated 
             for a first phase of exploration in 2025 that will include 24,000 
             metres of drilling at the Marban deposit, which is located 
             immediately northeast of the Canadian Malartic property 
 
          -- Detour Lake -- In the first quarter of 2025, construction of the 
             temporary infrastructure for the underground project advanced and 
             the excavation of overburden for the exploration ramp portal was 
             completed. The permit to take water was received in April 2025 and 
             excavation of the ramp is expected to commence in the coming 
             weeks. Exploration drilling into the high-grade corridor in the 
             West Pit zone further defined the high-grade domains that could 
             potentially be mined early in the underground project. Drilling 
             into the West Extension zone at underground depths near the 
             planned ramp returned highlight intersections of 3.0 grams 
             per tonne ("g/t") gold over 44.5 metres at 585 metres depth and 
             3.9 g/t gold over 17.6 metres at 624 metres depth 
 
          -- Upper Beaver -- In the first quarter of 2025, the box cut for the 
             exploration ramp was completed and installation of the steel 
             structure for the head frame and construction of the hoist room 
             advanced. Work is progressing on schedule, with excavation of the 
             exploration ramp and the sinking of the exploration shaft expected 
             to commence in the fourth quarter of 2025 
 
          -- Patch 7 at Hope Bay -- In the first quarter of 2025, exploration 
             drilling at Hope Bay totalled 29,450 metres with a focus on the 
             Patch 7 and Suluk zones at the Madrid deposit. Recent results 
             continue to demonstrate continuity within the known zones and 
             support the potential for mineral resource expansion at depth and 
             along strike, with a highlight intersection of 24.1 g/t gold over 
             9.5 metres at 636 metres depth in the gap area between Patch 7 and 
             Suluk 
 
          -- San Nicolás project -- In the first quarter of 2025, Minas de 
             San Nicolás continued working on a feasibility study, with 
             completion expected in the second half of 2025 
 
________________________________ 
(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. Payable gold production for the three 
months ended March 31, 2025 excludes payable gold production at La India and 
Creston Mascota of 1,811 and 25 ounces, respectively, which were produced from 
residual leaching. 
(2) Total cash costs per ounce and all-in sustaining costs per ounce or AISC 
per ounce are non-GAAP ratios that are not standardized financial measures 
under IFRS and, in this news release, unless otherwise specified, are reported 
on (i) a per ounce of gold production basis, and (ii) a by-product basis. For 
a description of the composition and usefulness of these non-GAAP ratios and 
reconciliations of total cash costs per ounce and AISC per ounce to production 
costs on both a by-product and a co-product basis, see "Note Regarding Certain 
Measures of Performance" below. 
(3) Adjusted net income and adjusted net income per share are non-GAAP 
measures or ratios that are not standardized financial measures under IFRS. 
For a description of the composition and usefulness of these non-GAAP measures 
and a reconciliation to net income see "Note Regarding Certain Measures of 
Performance" below. 
(4) Cash provided by operating activities before changes in non-cash 
components of working capital, free cash flow and free cash flow before 
changes in non-cash components of working capital and their related per share 
measures are non-GAAP measures or ratios that are not standardized financial 
measures under IFRS. For a description of the composition and usefulness of 
these non-GAAP measures and a reconciliation to cash provided by operating 
activities see "Note Regarding Certain Measures of Performance" below. 
(5) Net debt is a non-GAAP measure that is not a standardized financial 
measure under IFRS. For a description of the composition and usefulness of 
this non-GAAP measure and a reconciliation to long-term debt, see "Note 
Regarding Certain Measures of Performance" below. 
 

First Quarter 2025 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Friday, April 25, 2025, at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.

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