Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2024

Commission File Number 001-13422

AGNICO EAGLE MINES LIMITED

(Translation of registrant’s name into English)

145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)( 1): ¨

Note: Regulation S-T Rule 101 (b)( 1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________.

EXHIBITS

Exhibit No.	Exhibit Description
99.1	Press Release dated February 15, 2024 announcing the Corporation’s Fourth Quarter and Full Year 2023 Results.
99.2	Press Release dated February 15, 2024 providing an update on the Corporation’s exploration results.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AGNICO EAGLE MINES LIMITED
	(Registrant)

Date: 02/20/2024	By:	/s/ Chris Vollmershausen
		Chris Vollmershausen
		Executive Vice-President, Legal, General
		Counsel & Corporate Secretary

Exhibit 99.1

Stock Symbol:	AEM (NYSE and TSX)

For further information:	Investor Relations
	(416) 947-1212

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

AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS – RECORD

QUARTERLY AND ANNUAL GOLD PRODUCTION AND FREE CASH FLOW; RECORD MINERAL

RESERVES INCREASED 10.5%; UPDATED THREE-YEAR GUIDANCE

Toronto (February 15, 2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the fourth quarter and full year of 2023, as well as future operating guidance.

"We had a very strong close to 2023, with our fourth quarter results driving a record year in terms of safety, operating and financial performance. We achieved the top end of our gold production guidance range and the mid-point of our cost guidance ranges despite inflationary pressures throughout the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are extremely pleased with the results that our teams have accomplished with their hard work this year and we have much to look forward to. We are reporting record mineral reserves and a stable production profile at industry leading costs, anchored by the two largest gold operations in Canada, the Detour Lake mine and the Canadian Malartic complex. We continue to advance studies on optimizing our Abitibi platform and we expect to provide additional updates in the first half of 2024. Our track record of executing and delivering results demonstrates the strength of our business and we are well positioned to create long-term value and generate strong returns," added Mr. Al-Joundi.

Fourth quarter and full year 2023 highlights:

Record quarterly gold production – Payable gold production¹ in the fourth quarter of 2023 was 903,208 ounces at production costs per ounce of $861, total cash costs per ounce² of $888 and all-in sustaining costs ("AISC") per ounce³of $1,227. Gold production in the fourth quarter of 2023 was led by strong production at the Detour Lake mine, the LaRonde complex and the Macassa mine, offsetting lower production at the Fosterville mine

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 in this news release, unless otherwise specified, is reported on (i) a per ounce of gold produced basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation of total cash costs to production costs on both a by- product and a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

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

Record quarterly cash provided by operating activities and free cash flow – The Company reported a quarterly net loss of $381.0 million or $0.77 per share and adjusted net income⁴of $282.3 million or $0.57 per share for the fourth quarter of 2023. Included in the quarterly net loss are impairment charges totaling $667 million (net of tax) or $1.35 per share relating to the Macassa and Pinos Altos mines. Cash provided by operating activities was $1.47 per share ($1.57 per share before working capital adjustments⁵) and free cash flow⁵ was $0.61 per share ($0.71 per share before working capital adjustments⁵)

Record annual safety performance, annual gold production and free cash flow driven by solid operational performance – Payable gold production in 2023 was 3,439,654 ounces at production costs per ounce of $853, total cash costs per ounce of $865 and AISC per ounce of $1,179. Production for 2023 was at the very top end of the Company's 2023 guidance range of 3.24 million ounces to 3.44 million ounces. Total cash costs per ounce were at the midpoint of the Company's 2023 guidance and AISC per ounce were in the range of the Company's 2023 guidance. Free cash flow for the full year 2023 was $947.4 million ($1,093.8 million before changes in non-cash components of working capital)

Record gold mineral reserves driven by declaration of initial mineral reserves at East Gouldie – Year-end 2023 gold mineral reserves increased by 10.5% to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining 50% interest in the Canadian Malartic complex and net mineral reserve additions at Macassa. At year-end 2023, measured and indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake. For further details, see the Company's exploration news release dated February 15, 2024

Stable three-year production outlook – Payable gold production is forecast to be approximately 3.35 to 3.55 million ounces in 2024 and approximately 3.40 to 3.60 million ounces in 2025 (unchanged from prior three-year guidance issued on February 16, 2023 ("Previous Guidance")). Payable gold production is forecast to remain stable in 2026 at an expected range of approximately 3.40 to 3.60 million ounces

Unit costs reflect easing rate of inflation – Total cash costs per ounce and AISC per ounce in 2024 are forecast to be $875 to $925 and $1,200 to $1,250, respectively. The midpoints of these ranges each represent an approximate 4% increase when compared to the full year 2023 total cash costs per ounce of $865 and AISC per ounce of $1,179. The expected cost increases in 2024 are mostly related to labour, spare parts and maintenance

Capital expenditures forecast to be approximately $1.65 billion in 2024 – Capital expenditures in 2024 (excluding capitalized exploration) are expected to increase relative to Previous Guidance of $1.40 to 1.60 billion. The expected increase in 2024 is mostly attributable to 100% ownership of Canadian Malartic for the full year, inflation and additional capital expenditures at Detour Lake

Strategic optimization initiatives improve Canadian production base, with further clarity on the medium term potential to be provided through 2024 – Key developments in 2023 included the declaration of commercial production at Canadian Malartic's Odyssey South deposit, a 12% increase in mill throughput at Detour Lake year-over-year and development of the Near Surface ("NSUR") and Amalgamated Kirkland ("AK") deposits at Macassa. The Company expects to provide updates on additional opportunities that are being evaluated in the Abitibi region in the first half of 2024

⁴ 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 "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

⁵ Cash provided by operating activities before working capital adjustments, free cash flow and free cash flow before changes in non-cash components of working capital 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 "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

Odyssey mine at the Canadian Malartic complex – The planned mining rate of 3,500 tonnes per day ("tpd") at Odyssey South was reached earlier than anticipated and sustained through the fourth quarter of 2023. Ramp development has also exceeded target, reaching a depth of 715 metres as at December 31, 2023. The Company is evaluating the potential to accelerate initial production from East Gouldie to 2026 from 2027. Surface construction is progressing as planned, with approximately 65% completed at year-end, and shaft sinking activities continued to ramp up through the quarter. Infill and expansion drilling in 2023 resulted in the declaration of an initial mineral reserve in the central portion of the East Gouldie deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) and the extension of the East Gouldie mineral resource laterally by 870 metres

Detour Lake – The mill delivered a strong performance in the fourth quarter of 2023, operating at a throughput rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2 million tonnes per annum ("Mtpa"). With sustained improvements year-over-year, the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized rate of approximately 28 Mtpa) late in the second half of 2024, previously expected in 2025. At year-end 2023, the Company reported an initial underground inferred mineral resource below and to the west of the existing pit, totaling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) and continues to evaluate the potential for underground mining. Exploration in 2024 is expected to continue to test the west plunge extension of the main deposit. An exploration ramp is also being considered to facilitate drilling that would increase confidence in the continuity of the inferred mineral resource and, potentially, to collect a bulk sample. The Company expects to provide an update on mill optimization efforts, the Detour underground project and ongoing exploration results in the first half of 2024

Abitibi region of Quebec and Ontario – Macassa's NSUR and AK deposits have now been incorporated in the Company's production guidance. At Upper Beaver, the Company is conducting a trade-off analysis comparing transporting and processing ore at the LaRonde mill to a standalone central mill for Upper Beaver and satellite deposits. An exploration ramp and shaft are being considered at Upper Beaver in order to upgrade and further explore the deeper portions of the deposit. At Wasamac, the Company is assessing hauling alternatives and the optimal mining rate for transporting and processing ore at the Canadian Malartic mill. The Company expects to complete internal technical evaluations for Upper Beaver and Wasamac in the first half of 2024

Amaruq mine at the Meadowbank complex – The Company extended Amaruq's mine life to 2028 (previous mine life was to 2026), adding approximately 500,000 ounces of gold to the expected mining profile, as a result of continuous improvement and cost optimization efforts, positive infill drilling and positive reconciliation to the geological model

Hope Bay – At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based on recent exploration success, the Company is evaluating a larger potential production scenario for Hope Bay. The Company expects to report results from this internal technical evaluation in 2025

A quarterly dividend of $0.40 per share has been declared

Fourth Quarter and Full Year 2023 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Friday, February 16, 2024 at 11:00 AM (E.S.T.) to discuss the Company's fourth quarter and full year 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 URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3vf5XBm to receive an instant automated call back.

You can also dial direct to be entered to the call by an Operator (see "Via Telephone" details below).

Via Telephone:

For those preferring to listen by telephone, please dial 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.

Replay Archive:

Please dial 416-764-8677 or toll-free 1-888-390-0541, access code 178426#. The conference call replay will expire on March 16, 2024.

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

Fourth Quarter 2023 Production and Cost Results

Production and Cost Results Summary*

	Three Months Ended				Year Ended
	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Gold production (ounces)		903,208		799,438		3,439,654		3,135,007
Gold sales (ounces)		874,629		788,902		3,364,132		3,148,593
Production costs per ounce	$	861	$	834	$	853	$	843
Total cash costs per ounce	$	888	$	863	$	865	$	793
AISC per ounce	$	1,227	$	1,231	$	1,179	$	1,109

* Production and Cost Results Summary reflect: (i) Agnico Eagle's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% thereafter; and (ii) Agnico Eagle's acquisition of the Detour Lake, Macassa and Fosterville mines on February 8, 2022.

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior year primarily due to additional production from the acquisition of the remaining 50% of the Canadian Malartic complex following the closing of the transaction with Yamana Gold Inc. (the "Yamana Transaction") and higher production from the Macassa and Kittila mines, partially offset by lower production at the Fosterville mine

Full Year 2023 – Gold production increased when compared to the prior year as a result of the additional production from the acquisition of the remaining 50% of the Canadian Malartic complex, a full year of contribution in 2023 from the Detour Lake, Macassa and Fosterville mines (as compared to 326 days during the year-ended 2022 following the closing of the merger (the "Merger") with Kirkland Lake Gold Ltd. on February 8, 2022) and increased production from the Meadowbank complex, partially offset by lower production at the Fosterville mine and LaRonde complex

Production Costs per Ounce

Fourth Quarter of 2023 and Full Year 2023 – Production costs per ounce increased when compared to the prior-year period primarily due to higher production costs at most mine sites resulting from inflation, particularly at the Meliadine mine, where there was also higher consumption of ore stockpiles combined with lower gold production, and at the Canadian Malartic complex, where there were higher open pit mining costs combined with lower gold production

Total Cash Costs per Ounce

Fourth Quarter of 2023 and Full Year 2023 – Total cash costs per ounce increased when compared to the prior-year period primarily due to higher operating costs at most mine sites resulting from inflation and higher royalties arising from higher gold prices and the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by higher production

AISC per Ounce

Fourth Quarter of 2023 – AISC per ounce decreased when compared to the prior-year period due to higher production during the period and lower sustaining capital expenditures during the period, partially offset by higher total cash costs per ounce

Full Year 2023 – AISC per ounce increased when compared to the prior year due to the same reasons affecting the higher total cash costs per ounce in the period and higher sustaining capital expenditures, partially offset by higher production during the period

Fourth Quarter 2023 Financial Results

Financial Results Summary

	Three Months Ended						Year Ended
	Dec 31, 2023			Dec 31, 2022**			Dec 31, 2023		Dec 31, 2022
Realized gold price ($/ounce)⁶	$	1,982		$	1,728		$	1,946	$	1,797
Net (loss) income ($ millions)	$	(381.0	)	$	194.1		$	1,941.3	$	670.2
Adjusted net income ($ millions)	$	282.3		$	174.5		$	1,095.9	$	1,003.6
EBITDA ($ millions)⁷	$	102.6		$	568.6		$	3,980.9	$	2,293.0
Adjusted EBITDA ($ millions)⁷	$	842.5		$	580.6		$	3,236.5	$	2,706.1
Cash provided by operating activities ($ millions)	$	727.9		$	380.5		$	2,601.6	$	2,096.6
Cash provided by operating activities before working capital adjustments ($ millions)	$	777.5		$	485.5		$	2,748.0	$	2,115.9
Capital expenditures*	$	436.7		$	457.2		$	1,600.9	$	1,536.9
Free cash flow ($ millions)	$	302.1		$	(20.3	)	$	947.4	$	558.4
Free cash flow before changes in non-cash components of working capital ($ millions)	$	351.7		$	84.7		$	1,093.8	$	577.6
Net (loss) income per share (basic)	$	(0.77	)	$	0.43		$	3.97	$	1.53
Adjusted net income per share (basic)	$	0.57		$	0.38		$	2.24	$	2.29
Cash provided by operating activities per share (basic)	$	1.47		$	0.84		$	5.32	$	4.79
Cash provided by operating activities before working capital adjustments per share (basic)	$	1.57		$	1.07		$	5.62	$	4.83
Free cash flow per share (basic)	$	0.61		$	(0.04	)	$	1.94	$	1.28
Free cash flow before working capital adjustments per share (basic)	$	0.71		$	0.19		$	2.24	$	1.32

*Includes capitalized exploration

** Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger.

Net Income

Fourth Quarter of 2023

◦

Net loss was $381.0 million ($0.77 per share). This result includes the following items (net of tax): impairment losses of $667.4 million ($1.35 per share), derivative gains on financial instruments of $50.7 million ($0.10 per share), non-recurring tax adjustment and change in tax rate and foreign currency translation losses on deferred tax liabilities of $26.4 million ($0.05 per share), net asset disposals losses of $16.2 million ($0.03 per share) and foreign exchange and other losses of $4.0 million ($0.01 per share)

◦

Excluding the above items results in adjusted net income of $282.3 million or $0.57 per share for the fourth quarter of 2023

◦

Included in the fourth quarter of 2023 net loss, and not adjusted above, is a non-cash stock option expense of $2.4 million ($0.01 per share)

⁶ Realized gold price is calculated as gold revenues from mining operations divided by the volume of gold ounces sold.

⁷ "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA 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 "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

◦

Net loss of $381.0 million in the fourth quarter of 2023 compared to net income of $194.1 million in the prior-year period primarily due to impairment losses and higher amortization related to the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by stronger mine operating margins⁸ from higher realized gold prices and higher sales volumes resulting from the acquisition of the remaining 50% of the Canadian Malartic complex, and lower exploration and corporate development costs

Full Year 2023 – Net income increased compared to the prior year primarily due to a remeasurement gain at the Canadian Malartic complex 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, higher realized gold prices and higher sales volumes, partially offset by impairment losses and higher amortization

Impairments

In the fourth quarter of 2023, an impairment loss (net of tax) of $667 million was incurred in connection with the impairment review performed in accordance with the requirements of International Financial Reporting Standards ("IFRS"), of which $594 million related to the Macassa mine and $73 million related to the Pinos Altos mine. Since acquiring the Macassa mine as a result of the Merger, the Company has taken steps to improve the operational performance of the mine. The Macassa mine realized better operating performance and productivity in 2023 as compared to the pre-Merger period, driven in part, by the completion of the #4 Shaft project that increased the ore hoisting capacity to approximately 4,000 tpd and improvements to the ventilation in the deeper portion of the mine. Despite these improvements, an impairment loss (net of tax) of $594 million was realized in the quarter, with $421 million of the loss relating to goodwill and $173 million relating to non-current assets of the Macassa mine.

Goodwill relating to the Macassa mine was recognized at the date of the Merger as part of the purchase price allocation. Goodwill is not an amortizable asset under IFRS and as such, once recognized is susceptible to future impairment. Continued work on the mineral resource model has resulted in more ore tonnes but at lower grades which, coupled with inflationary pressures on costs and capital expenditures, resulted in a fair value that was lower than Macassa's carrying value as at December 31, 2023. The Macassa mine has produced over 6 million ounces of gold since 1933, and the Company continues to see geological potential at Macassa as demonstrated by the mineral reserves replacement of 171% of its mining depletion in 2023 and encouraging drill results on the property. In addition, the mineralized structures along strike and at depth of the South Mine complex and Main Break are prospective for ongoing expansion of the mineral resource base at the site. Overall, the Company believes that the Macassa mine has the potential to maintain production in excess of 300,000 ounces of gold per year based on expected exploration results.

The Pinos Altos mine has been in operation since 2009 and is approaching the end of its mine life. An impairment loss (net of tax) of $73 million was realized in the quarter due to inflationary pressures on costs and the additional ground support required at the underground mine, and the strengthening of the Mexican peso relative to the U.S. dollar. Exploration is ongoing with the goal of discovering and expanding other satellite zones near the Pinos Altos mine.

Adjusted EBITDA

Fourth Quarter of 2023 – Adjusted EBITDA increased when compared to the prior-year period primarily due to stronger mine operating margins from higher realized gold prices and higher sales volumes resulting from the acquisition of the remaining 50% of the Canadian Malartic complex and lower exploration and corporate development costs

⁸ Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to net income see "Summary of Operations Key Performance Indicators" and "Note Regarding Certain Measures of Performance", respectively, below.

Full Year 2023 – Adjusted EBITDA increased when compared to the prior year primarily due to the reasons set out above, and as a result of a full year of contribution in 2023 from the Detour Lake, Macassa and Fosterville mines (as compared to 326 days during the year-ended 2022 following the closing of the Merger)

Cash Provided by Operating Activities

Fourth Quarter of 2023 – Cash provided by operating activities and cash provided by operating activities before working capital adjustments increased when compared to the prior-year period primarily due to higher revenues from higher sales volumes from the acquisition of the remaining 50% of the Canadian Malartic complex and higher realized gold prices, partially offset by higher production costs

Full Year 2023 – Cash provided by operating activities and cash provided by operating activities before working capital adjustments increased when compared to the prior year primarily due to higher revenues from the acquisition of the remaining 50% of the Canadian Malartic complex, higher sales volumes from a full year of contribution in 2023 from the Detour Lake, Macassa and Fosterville mines (as compared to 326 days during the year-ended December 31, 2022 following the closing of the Merger) and from higher realized gold prices

Free Cash Flow Before Changes in Non-Cash Components of Working Capital

Fourth Quarter of 2023 and Full Year 2023 – Free cash flow before changes in non-cash components of working capital was a record and increased when compared to the prior-year period due to the reasons described above relating to cash provided by operating activities, partially offset by higher additions to property, plant and mine development

Capital Expenditures

The following table sets out a summary of capital expenditures (including sustaining capital expenditures⁹ and development capital expenditures⁹) and capitalized exploration in the fourth quarter of 2023 and the full year 2023.

Summary of Capital Expenditures
(In thousands of U.S. dollars)
	Capital Expenditures*				Capitalized Exploration
	Three Months Ended		Year Ended		Three Months Ended			Year Ended
	Dec 31, 2023		Dec 31, 2023		Dec 31, 2023			Dec 31, 2023
Sustaining Capital Expenditures
LaRonde complex		24,829		81,043		429			2,038
Canadian Malartic complex**		18,809		91,028		—			—
Goldex mine		11,530		25,908		737			1,295
Detour Lake mine		67,123		249,765		—			—
Macassa mine		15,334		43,333		554			1,696
Meliadine mine		19,034		67,947		2,210			7,328
Meadowbank complex		21,297		121,653		—			—
Hope Bay project		—		147		—			—
Fosterville mine		8,978		33,751		344			895
Kittila mine		15,789		47,355		725			2,184
Pinos Altos mine		6,612		28,449		429			1,692
La India mine		—		100		(6	)		—
Total Sustaining Capital Expenditures		209,335	$	790,479	$	5,422		$	17,128

Development Capital Expenditures
LaRonde complex		17,637			68,930		—			—
Canadian Malartic complex**		47,607			160,513		2,902			9,447
Goldex mine		2,808			22,032		42			2,459
Akasaba West project		7,880			34,945		—			—
Detour Lake mine		59,100			140,388		7,571			32,515
Macassa mine		21,322			75,125		4,798			26,105
Meliadine mine		22,571			106,953		3,419			11,927
Meadowbank complex		(277	)		80		—			—
Hope Bay project		128			4,426		—			—
Fosterville mine		11,873			33,575		4,718			19,218
Kittila mine		3,026			26,410		2,151			5,053
Pinos Altos mine		213			4,196		(848	)		1,101
Other		2,423			7,023		840			840
Total Development Capital Expenditures	$	196,311		$	684,596	$	25,593		$	108,665
Total Capital Expenditures	$	405,646		$	1,475,075	$	31,015		$	125,793

* Excludes capitalized exploration

**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.

⁹ Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to additions to property, plant and mine development per the consolidated statements of cash flows, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

Investment Grade Balance Sheet Remains Strong

As at December 31, 2023, the Company's long-term debt was $1,843.1 million, a decrease of $99.5 million when compared to the prior quarter, reflecting a repayment of the Company's unsecured revolving bank credit facility. As at December 31, 2023, no amounts were outstanding under the Credit Facility.

Cash and cash equivalents decreased slightly when compared to the prior quarter primarily due to higher cash used in financing activities related to the repayment of the Company's unsecured revolving bank credit facility.

The following table sets out the calculation of net debt¹⁰, which decreased by $82.6 million when compared to the prior quarter.

Net Debt Summary
(in millions of U.S. dollars)
	As at			As at
	Dec 31, 2023			Sep 30, 2023
Current portion of long-term debt	$	100.0		$	100.0
Non-current portion of long-term debt		1,743.1			1,842.6
Long-term debt	$	1,843.1		$	1,942.6
Less: cash and cash equivalents		(338.6	)		(355.5	)
Net debt	$	1,504.5		$	1,587.1

In addition to the quarterly dividend, the Company believes that its normal course issuer bid ("NCIB") provides a flexible tool as part the Company's overall capital allocation program and objectives and generates value for shareholders. In the fourth quarter of 2023, no purchases were made under the NCIB. In the full year 2023, the Company repurchased 100,000 common shares for an aggregate of $4.8 million under the NCIB. The NCIB permits the Company to purchase up to $500.0 million of its common shares subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2023.

Credit Facility

As at December 31, 2023, available liquidity under the Company's unsecured revolving bank credit facility was approximately $1.2 billion, not including the uncommitted $600.0 million accordion feature.

On February 12, 2024, the Company replaced its $1.2 billion unsecured revolving bank credit facility with a new $2.0 billion unsecured revolving bank credit facility, including an increased uncommitted accordion feature of $1 billion, and having a maturity date of February 12, 2029. In addition to the increased size and extended term of the new unsecured revolving bank credit facility, the new credit facility includes enhancements to its terms and conditions that reinforces the Company's credit profile and improves its financial flexibility while strengthening its financial position. At the same time, the Company’s $600.0 million term loan was amended to reflect the same enhancements to the terms and conditions as are in the new unsecured revolving credit facility. The investment grade credit ratings issued by Moody's of Baa2 with a Positive Outlook and Fitch Ratings at BBB+ with a Stable Outlook 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. The Company remains committed to maintaining strong financial health and an investment grade balance sheet.

¹⁰ 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 "Reconciliation of non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

Hedges

The Company continues to benefit from a stronger U.S. dollar against the currencies in the jurisdictions in which it operates, the Canadian dollar, Euro, Australian dollar and Mexican peso. Approximately 67% of the Company's estimated Canadian dollar exposure for 2024 is hedged at an average floor price above 1.34 C$/US$. Approximately 24% of the Company's estimated Euro exposure for 2024 is hedged at an average floor price of approximately 1.09 US$/EUR. Approximately 63% of the Company's estimated Australian dollar exposure for 2024 is hedged at an average floor price of approximately 1.47 A$/US$. The Company's full year 2024 cost guidance is based on assumed exchange rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45 A$/US$ and 16.50 MXP/US$.

Including the diesel purchased for the Company's Nunavut operations that was delivered in the 2023 sealift, approximately 50% of the Company's diesel exposure for 2024 is hedged at an average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility in 2024. The Company's full year 2024 cost guidance is based on an assumed diesel benchmark price of $0.80 per litre (excluding transportation and taxes).

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 2024 and future guidance.

Dividend Record and Payment Dates for the First Quarter of 2024

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on March 15, 2024 to shareholders of record as of March 1, 2024. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2024 Fiscal Year

Record Date	Payment Date
March 1, 2024*	March 15, 2024*
May 31, 2024	June 14, 2024
August 30, 2024	September 16, 2024
November 29, 2024	December 16, 2024

*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.

Environment, Social and Governance Highlights

Record quarterly and annual safety performance

The Company is committed to maintaining consistently high health and safety standards. In 2020, the Company launched the "Towards Zero Accidents initiative" to reduce workplace injuries and reach its goal of zero accidents. This program has helped the Company to improve its safety performance year over year and to register in 2023 its best quarterly and annual safety performance in its 66-year history, with a Global Injury Frequency¹¹ (employees and contractors) at 1.8 and 2.15, respectively. This represents a 35% improvement to the Company's 2022 safety performance

Community Relations, Governance and People

Reconciliation Action Plan with Indigenous Peoples – The Company expects to publish its first Reconciliation Action Plan and begin implementation in the second half of 2024. This plan aims at responding to, among other things, the United Nations Declaration on the Rights of Indigenous People, builds upon the Company's various Indigenous programs and initiatives, and weaves these activities into a comprehensive strategy. Significant progress was made in 2023 on developing the Reconciliation Action Plan, with more than 200 employees, stakeholders and rights holders being consulted during the year. In addition, employees at the Company's Canadian operations completed over 3,200 hours of cultural awareness training and engaged in over 135 activities aimed at raising awareness of Indigenous Peoples' history and culture

Employee Engagement – The Company continued to see year-over-year increases in employee satisfaction and solicited their input via the Great Place to Work Survey. The Company believes employee satisfaction and engagement are key drivers of its high employee retention rate across the regions where it operates

Forbes' Canada's Best Employers – Recognized this year on Forbes' list, which is an annual ranking based on employees and other professionals recommending the Company as a desirable employer

Dr. Leanne Baker program – 2023 marked the second year of the Dr. Leanne Baker Scholarship and Development Program to support women working for Agnico Eagle and facilitate their advancement into leadership positions. The first cohort of six women completed the program and the second cohort of eight women completed their first year of the two year program

Donations

◦

In the fourth quarter of 2023, the Company committed approximately C$5 million to a multiyear program supporting health and welfare in Nunavut through initiatives like food security and "on the land" traditional activities

◦

In the fourth quarter of 2023, the Company made a 10-year, C$3 million commitment to the Canadian Cancer Society to improve the lives of people affected by cancer living in rural and remote communities in Northern Ontario. The commitment will create the 'Canadian Cancer Society Agnico Eagle Cancer Access and Navigation Hub', which provides improved access for Northern Ontario Indigenous populations to receive culturally appropriate and relevant cancer resources and support

Towards Sustainable Mining

The Company's operating sites successfully completed their Towards Sustainable Mining internal audits. Implementation of the Towards Sustainable Mining program is progressing well at Detour Lake, Macassa and Fosterville

¹¹ Global Injury Frequency is based on per million hours worked

Meliadine Extension Permit

The Company previously submitted an amendment to the existing project certificate for the Meliadine mine which included the extension of the Type A Water license (which expires in 2031), the addition of tailings, water and waste management infrastructure at the Pump, F-Zone, Wesmeg and Discovery deposits, a wind farm project and the potential extension of the mine life at Meliadine by 11 years beyond the current mine life (the "Extension Project")

In November 2023, the Nunavut Impact Review Board ("NIRB") provided a recommendation against the proposed amendment to the Meliadine mine's permit for the Extension Project. The Company was disappointed by the NIRB's recommendation and has withdrawn the amendment to the Meliadine mine's permit for the Extension Project. As most of the current life of mine components were already approved under the existing project certificate (approved in 2015) and in order to avoid further delays, in January 2024, the Company submitted a proposal to the Nunavut Water Board to amend the current Type A Water license to include tailings, water and waste management infrastructure at the Pump, F-Zone, Wesmeg and Discovery deposits

The Company has engaged in positive dialogue with the NIRB since the recommendation against the Extension Project. The Company will consider resubmitting a new proposal for the extension of the mine life at Meliadine in the future

Gold Mineral Reserves Increase 10.5% to Record 53.8 Moz at Year-End 2023

At December 31, 2023, the Company's proven and probable mineral reserve estimate totalled 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold). This represents a 10.5% (5.1 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 48.7 million ounces of gold (1,186 million tonnes grading 1.28 g/t gold) at year-end 2022 (see the Company's news release dated February 16, 2023 for details regarding the Company's December 31, 2022 proven and probable mineral reserve estimate).

The year-over-year increase in mineral reserves at December 31, 2023 is largely due to a substantial new mineral reserve addition of 5.2 million ounces of gold at the East Gouldie deposit at the Odyssey mine. The acquisition of the remaining 50% interest in the Canadian Malartic complex as part of the Yamana Transaction also contributed to adding 1.5 million ounces of gold in mineral reserves.

Mineral reserves were calculated using a gold price of $1,400 per ounce for all operating assets except the Detour Lake open pit for which a gold price of $1,300 per ounce was used, and using variable assumptions for the pipeline projects. (see "Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company" below for more details).

Gold Mineral Resources

At December 31, 2023, the Company's measured and indicated mineral resource estimate totalled 44.0 million ounces of gold (1,189 million tonnes grading 1.15 g/t gold). This represents a 0.6% (0.3 million ounce) decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-end 2022 (see the Company's news release dated February 16, 2023 for details regarding the Company's December 31, 2022 measured and indicated mineral resource estimate).

The year-over-year decrease in measured and indicated mineral resources is primarily due to the upgrade of mineral resources at East Gouldie to mineral reserves, largely offset by the successful conversion of inferred mineral resources into measured and indicated mineral resources and the acquisition of the remaining 50% interest in the Canadian Malartic complex and the Wasamac project as a result of the Yamana Transaction.

At December 31, 2023, the Company's inferred mineral resource estimate totalled 33.1 million ounces of gold (411 million tonnes grading 2.50 g/t gold). This represents a 26% (6.8 million ounce) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the Company's news release dated February 16, 2023 for details regarding the Company's December 31, 2022 inferred mineral resource estimate).

The year-over-year increase in inferred mineral resources is primarily due to the acquisition of the remaining 50% interest in the Canadian Malartic complex and the Wasamac project as part of the Yamana Transaction as well as an initial underground inferred mineral resource at Detour Lake.

For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources, see "Detailed Mineral Reserve and Mineral Resource Data (as at December 31, 2023)" and "Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company" below, as well as the Company's exploration news release dated February 15, 2024.

Update on Key Value Drivers and Pipeline Projects

Highlights on key value drivers (Odyssey project, 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 new ventilation system, Meliadine Phase 2 expansion and Amaruq underground) are set out in the applicable operational sections of this news release.

Odyssey Project

Successful infill drilling in 2023 at the Odyssey mine continued to improve the confidence in the mine plan and resulted in the declaration of initial mineral reserves of 5.2 million ounces of gold (47 million tonnes grading 3.42 g/t gold) in the central portion of the East Gouldie deposit as at December 31, 2023. The aggressive exploration program in 2023 also continued to demonstrate geological upside potential, with expansion drilling resulting in the extension of the East Gouldie inferred mineral resource laterally to the west by approximately 870 metres. Recent drilling results demonstrate that the corridor remains open to the east with high potential to categorize a large area as inferred mineral resources by year-end 2024. Highlight intercepts include 6.2 g/t gold over 6.7 metres at 1,300 metres depth to the west and 6.7 g/t gold over 13.5 metres at 1,470 metres depth to the east of the deposit. In 2024, the Company will continue to test the east and west extensions of the East Gouldie deposit, with the objective of potentially adding a new mining front. For further details on the exploration results at Odyssey, see the Company's exploration news release dated February 15, 2024.

At Odyssey South, the planned mining rate of 3,500 tpd was reached in October 2023 and sustained through the fourth quarter of 2023. Gold production from underground was approximately 20,000 ounces in the fourth quarter of 2023, which is the expected quarterly production rate for 2024 to 2026. Stope reconciliation at Odyssey South remains positive, largely from the contribution of the internal zones. At year-end 2023, an additional 150,000 ounces of gold included in the mineral reserve estimate are attributed to the Odyssey South deposit and internal zones as the understanding of these two mineralized areas improves with ongoing drilling and mine development. The Company continues to advance the delineation drilling to help improve the predictability and modeling of these zones.

Underground development was ahead of plan in the fourth quarter of 2023. A record 1,236 metres of development was achieved in October 2023, which is above with the target rate for 2024 of 1,200 metres per month. Scoops, jumbos and cable bolters are now consistently being operated remotely, which drives improvements in development cycle time and overall development productivity. In the first quarter of 2024, the Company expects to test remotely operated trucks and a battery operated scoop.

Advancing the main ramp remains the key development focus. The Company achieved a lateral development rate of 165 metres per month in 2023, exceeding the target rate of 140 metres per month. As at December 31, 2023, the ramp was at a depth of 715 metres and the Company now expects to reach the first level of the top of the East Gouldie deposit at a depth of 750 metres in the first quarter of 2024. As a result, the Company is evaluating the potential to accelerate initial production from East Gouldie to 2026.

Shaft sinking activities continued to ramp-up through the fourth quarter of 2023. Equipment reliability issues were resolved, with the sinking rate improving to 1.5 metres per day in December 2023 and expected to be approximately at the target of 2.0 metres per day in the first quarter of 2024. As at December 31, 2023, the shaft had reached a depth of approximately 233 metres. To help advance the shaft sinking, the Company has completed pre-sinking of the shaft from Levels 26 to 36 and is now advancing pre-sinking between Levels 54 to 64. The Company still expects to complete excavation of the shaft in 2027.

Surface construction progressed as planned and on budget in the fourth quarter of 2023 and approximately 65% of the project surface construction was completed as at December 31, 2023. The service hoist is expected to be operational to a temporary loading station at Level 102 (1,050 metres below surface) by 2025. The paste backfill plant operated above design capacity of 4,000 tpd in the fourth quarter of 2023 and the conceptual engineering for the second phase of the paste plant has been initiated. In the second phase, which is expected to be completed in 2027, the paste backfill plant will be expanded to a capacity of approximately 20,000 tpd.

In regional exploration during the fourth quarter of 2023, drilling targeted the adjacent Camflo property to the north and potential mineralization analogous to the Odyssey South and Odyssey North deposits on the Rand Malartic property to the east. The Company believes that a long-term exploration strategy of surface and underground drilling on the recently consolidated lands at the Canadian Malartic complex has the potential to lead to significant discoveries.

Detour Lake Mine

In the fourth quarter of 2023, the mill delivered its second best quarterly mill throughput, operating at a rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2 Mtpa), despite a lower than anticipated runtime of 90% related to an unplanned power outage and plugged cyclone feed pump lines. Several initiatives aimed at enhancing runtime and mill throughput are underway. These efforts include a comprehensive review of maintenance practices related to the higher throughput and the optimization of the crusher, SAG mill and ball mill circuits. With sustained improvements year-over-year, the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized rate of approximately 28 Mtpa) in the second half of 2024, compared to 2025 previously. The Company also sees the potential to reach a mill throughput rate of 79,450 tpd (equivalent to an annualized rate of approximately 29 Mtpa) in 2026 through the implementation of advanced process control (expert systems) and further runtime improvements. An internal analysis to better define these opportunities is expected to be completed in 2024.

In 2023, the exploration program at Detour Lake successfully defined continuity of mineralization below and west of the mineral reserves pit. This resulted in the addition of 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) in inferred mineral resources outside the mineral resource pit. Work is ongoing to determine the optimal transition point from open pit to underground mining. This transition point will help determine the mineral resources currently included in the resource pit that could instead be mined from underground. The resulting larger mineable underground mineral resource is expected to form the basis for an underground project at Detour Lake.

The preliminary underground mine concept under evaluation adopts many of the design criteria and parameters of the Company's existing operating mines in the region. The Company is currently evaluating a number of bulk mining scenarios. Mine development and production is envisioned to be done via ramp. Haulage of ore and waste by conveyor is a potential approach given the orebody plunging to the West. The mine could also utilize a combination of conventional and automated production equipment, similar to the equipment currently employed at the Company's Odyssey mine.

In 2024, exploration will continue to test and extend the west plunge of the main deposit. The Company is considering building an exploration ramp to increase confidence in the mineralization's continuity in the inferred resource envelope and to potentially collect a bulk sample. The Company expects to provide an update on mill optimization efforts, the Detour underground project and ongoing exploration results in the first half of 2024.

Optimization of Other Assets and Infrastructure in the Abitibi Region

At Macassa, mining of the NSUR and AK deposits through existing infrastructure was one of the first strategic optimization opportunities identified at the time of the Merger. At year-end 2023, the NSUR and AK deposits contributed approximately 23,000 ounces of gold in mineral reserves (0.12 million tonnes grading 5.93 g/t gold) and approximately 160,000 ounces of gold in mineral reserves (0.74 million tonnes grading 6.69 g/t gold) to the Macassa complex, respectively. Both deposits have now been incorporated into Macassa's production guidance for 2024 to 2026.

The NSUR and AK deposits are accessible from an existing surface ramp at Macassa (the "Portal"). A traditional truck and scoop tram approach has been selected for underground mucking and hauling, similar to the approach at LaRonde Zone 5 ("LZ5"). The deposits will be mined using long-hole open stoping and the stopes will be backfilled using cemented rockfill. At Macassa, the mill is expected to reach its nominal capacity of 1,650 tpd in mid-2024. The LZ5 processing facility at the LaRonde complex, approximately 130 kilometres away, can accommodate the processing of ore from the NSUR and AK deposits starting in the second half of 2024, thus avoiding capital expenditures that would otherwise be required for a mill expansion at Macassa. Production from the NSUR deposit is planned to be processed at the Macassa mill in the first half of 2024 and at the LZ5 processing facility in the second half of 2024. Production from the AK deposit, which is expected to begin in the second half of 2024 with the extraction of a 25,000 tonne bulk sample, is also planned to be processed at the LZ5 processing facility. Ore will be hauled by truck from the NSUR and AK deposits to the LZ5 processing facility. Production from these two deposits is forecast to be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold from 2025 to 2028. The Company believes that the AK area remains prospective for future mineral resource growth.

At Upper Beaver, the Company continued to advance internal studies in the fourth quarter of 2023 to assess potential production opportunities, including comparison of transporting and processing ore at the LaRonde mill to a standalone central mill for Upper Beaver and satellite deposits. The Upper Beaver gold-copper deposit is expected to be mined by conventional underground methods, such as long hole open stoping with stopes to be backfilled with paste and waste rock. The Company is evaluating scenarios with a mining rate of approximately 5,000 tpd and production between 200,000 ounces and 230,000 ounces of gold per year and approximately 9 million to 10 million pounds of copper per year. Under these scenarios, initial production could potentially commence as early as 2030. The Company is also considering the construction of an exploration ramp and shaft in order to be used to upgrade mineral resources and further explore the deeper portions of the deposit. The exploration ramp and shaft would be considered permanent infrastructure and sized accordingly to accommodate the potential production phase in the event the project is approved for development.

At Wasamac, the Company continues to assess various scenarios to define the optimal mining rate and milling strategy for the project. While these evaluations continue, the Company has decided to not include the historical mineral reserve estimate at Wasamac in the Company's mineral reserve estimate. Rather, the Company has classified the Wasamac project entirely as mineral resources. The measured and indicated mineral resource estimate at year-end 2023 for the Wasamac project totalled 2.2 million ounces of gold (27.8 million tonnes grading 2.43 g/t) and inferred mineral resources were 0.8 million ounces of gold (9.2 million tonnes grading 2.66 g/t). Exploration activities in 2024 will focus on testing the eastern extension of the Wasamac deposit in the Wasa shear zone and exploring for Wasamac-style mineralization at Francoeur.

Hope Bay – Step-Out Drilling Continues to Extend Madrid's High-Grade Patch 7 Zone at Depth and Laterally

At Hope Bay, exploration drilling in 2023 totalled more than 125,000 metres with work focused on the Madrid area and Doris gold deposits and resulted in an increase in inferred mineral resources to 2.11 million ounces (12.1 million tonnes grading 5.41 g/t) as at December 31, 2023 from 1.95 million ounces (11.0 million tonnes grading 5.49 g/t) as at December 31, 2022. Exploration drilling added approximately 336,000 ounces of inferred mineral resources mostly from Madrid's Patch 7 zone, which partially offset a reduction of 177,000 ounces of inferred mineral resources by project-wide conversion to indicated mineral resources and improvement of mining parameters.

At Madrid, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results with recent highlights of 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south, which will be a key focus of the 2024 drilling program.

Recent exploration results are expected to support a larger production scenario at Hope Bay. The Company continues to advance the internal evaluation and anticipates reporting results from this internal evaluation in 2025.

San Nicolás Copper Project

In the fourth quarter of 2023, Minas de San Nicolás, which is jointly owned by the Company and Teck Resources Limited, continued to advance the San Nicolás project in Zacatecas State, Mexico, including with respect to stakeholder engagement on the permitting process. The partners also continued to advance the feasibility study, with the intention to initiate detailed engineering and further optimization work later in 2024, and plan to be complete in 2025. Project approval would be expected to follow, subject to receipt of permits and the results of the feasibility study. In January 2024, Minas de San Nicolás submitted its application for an Environmental Impact Assessment permit, which is an important milestone in advancing the development of the San Nicolás project.

2024 to 2026 Guidance Estimates Stable Gold Production; Unit Costs for 2024 Remain Industry Leading

The Company is announcing its detailed production and cost guidance for 2024 and mine by mine production forecasts for 2024 through 2026. The 2024 gold production guidance range remains unchanged from the Previous Guidance, while 2024 total cash costs per ounce and AISC per ounce guidance increased approximately 4% compared to the full year 2023 results, below the rate of inflation. The 2024 production and cost guidance is summarized below and a detailed description of the three-year guidance plan is set below.

2024 Guidance Summary
(In millions other than per ounce measures or as otherwise stated)
	2024						2024
	Range						Mid-Point
Gold Production (ounces)		3,350,000			3,550,000			3,450,000
Total cash costs per ounce¹²	$	875		$	925		$	900
AISC per ounce¹²	$	1,200		$	1,250		$	1,225

Exploration and corporate development	$	220		$	240		$	230
Depreciation and amortization expense	$	1,560		$	1,610		$	1,585
General & administrative expense	$	175		$	195		$	185
Other costs	$	75		$	90		$	83

Tax rate (%)		33	%		38	%		35	%
Cash taxes	$	400		$	500		$	450

Capital expenditures (excluding capitalized exploration)	$	1,600		$	1,700		$	1,650
Capitalized exploration	$	105		$	115		$	110

Updated Three-Year Guidance Plan

Mine by mine production and cost guidance for 2024 and mine by mine gold production forecasts for 2025 and 2026 are set out in the table below. Opportunities to further optimize and improve gold production and unit cost forecasts from 2024 through 2026 continue to be evaluated.

Estimated Payable Gold Production (ounces)

	2023		2024			2025			2026
	Actual		Forecast Range			Forecast Range			Forecast Range
LaRonde complex		306,648		285,000	305,000		300,000	320,000		330,000	350,000
Canadian Malartic complex*		603,955		615,000	645,000		600,000	630,000		545,000	575,000
Goldex		140,983		125,000	135,000		125,000	135,000		125,000	135,000
Detour Lake		677,446		675,000	705,000		710,000	740,000		745,000	775,000
Macassa		228,535		265,000	285,000		320,000	340,000		330,000	350,000
Abitibi Gold Belt		1,957,567		1,965,000	2,075,000		2,055,000	2,165,000		2,075,000	2,185,000
Meliadine		364,141		360,000	380,000		375,000	395,000		400,000	420,000
Meadowbank complex		431,666		480,000	500,000		485,000	505,000		440,000	460,000
Nunavut		795,807		840,000	880,000		860,000	900,000		840,000	880,000
Fosterville		277,694		200,000	220,000		140,000	160,000		140,000	160,000
Kittila		234,402		220,000	240,000		220,000	240,000		230,000	250,000
Pinos Altos		98,280		100,000	105,000		125,000	135,000		115,000	125,000
La India		75,904		25,000	30,000		—	—		—	—
Total Gold Production		3,439,654		3,350,000	3,550,000		3,400,000	3,600,000		3,400,000	3,600,000

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

¹² The Company's guidance for total cash costs per ounce and AISC per ounce is forward-looking non-GAAP information. For a description of the composition and usefulness of this non-GAAP measure, see "Note Regarding Certain Measures of Performance" below.

Gold production for 2024 is forecast to be approximately 3.35 to 3.55 million ounces, unchanged from the Previous Guidance. Additional production from operating improvements at the LaRonde and Meadowbank complexes and the Kittila mine (operating at 2 Mtpa) are expected to be offset by revisions to the mine plans at Canadian Malartic, due to the deferral of the restart of pre-crushing low grade ore, and at Fosterville, due to lower gold grades in the remaining area of the Swan zone.

Gold production is forecast to remain stable through 2026 based on mid-point estimates when compared to 2023 gold production of 3.44 million ounces. Gold production is forecast to be approximately 3.40 to 3.60 million ounces of gold in in 2025 and 2026.

	Production Costs per Ounce		Total Cash Costs per Ounce on a By- Product Basis of Gold Produced
	2023		2023		2024*
($ per ounce)	Actual		Actual		Forecast
LaRonde complex	$	977	$	911	$	931
Canadian Malartic complex		771		824		926
Goldex		795		820		871
Detour Lake		669		735		734
Macassa		678		731		856
Abitibi Gold Belt		759		795		848
Meliadine		944		980		960
Meadowbank complex		1,214		1,176		1,029
Nunavut		1,090		1,086		999
Fosterville		473		488		698
Kittila		878		871		954
Pinos Altos		1,495		1,229		1,268
La India		1,271		1,241		1,365
Weighted Average Total	$	853	$	865	$	900

*Forecast total cash costs per ounce are based on the mid-point of 2024 production guidance as set out in the table above.

Total cash costs per ounce in 2024 are expected to be between $875 and $925. The higher costs, when compared to the full year 2023 total cash costs per ounce of $865, are largely a result of higher labour, spare parts and maintenance costs. The Company expects stable unit costs through 2026, excluding inflation.

AISC per ounce in 2024 are expected to be between $1,200 and $1,250. The higher costs, when compared to the full year 2023 AISC per ounce of $1,179, are largely a result of higher total cash costs per ounce and higher sustaining capital expenditures. AISC per ounce are expected to remain stable through 2026, excluding inflation.

The Company remains focused on reducing costs through productivity improvements and innovation initiatives at all of its operations and the realization of operational synergies not currently factored into the cost guidance.

Currency and commodity price assumptions used for 2024 cost estimates and sensitivities are set out in the table below:

Currency and commodity price assumptions used for 2024 cost estimates and sensitivities

Commodity and currency price assumptions
C$/US$		1.34
US$/EUR		1.10
MXP/US$		16.50
A$/US$		1.45
Diesel ($/ltr)	$	0.80
Silver ($/oz)	$	23.00
Copper ($/lb)	$	3.80
Zinc ($/lb)	$	1.10

Approximate impact on total cash costs per ounce basis*
10% change in C$/US$	$	50
10% change in US$/EUR	$	5
10% change in MXP/US$	$	1
10% change in A$/US$	$	3
10% change in diesel price	$	8
10% change in silver price	$	2
10% change in copper price	$	1
10% change in zinc price	$	<1

*Excludes the impact of current hedging positions

Exploration and Corporate Development

Exploration and corporate development expenses in 2024 are expected to be between $220 million and $240 million, based on a mid-point forecast of $151.1 million for expensed exploration and $77.7 million in project studies and other expenses.

Depreciation Guidance

Depreciation and amortization expense in 2024 is expected to be between $1.56 and $1.61 billion.

General & Administrative Cost Guidance

General and administrative expenses in 2024 are expected to be between $135 and $145 million, excluding share-based compensation. Share based compensation expense in 2024 is expected to be between $40 and $50 million.

Other Cost Guidance

Additional other expenses in 2024 are expected to be approximately $75 to $90 million. This includes $60 to $65 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia, $5 to $10 million related to the ore sorting project at Detour Lake and $10 to $15 million related to sustainable development activities.

Tax Guidance

For 2024, the Company expects its effective tax rates to be:

Canada – 35% to 40%

Mexico – 35% to 40%

Australia – 30%

Finland – 20%

The Company's overall effective tax rate is expected to be approximately 33% to 38% for the full year 2024.

The Company estimates potential consolidated cash taxes of approximately $400 million to $500 million in 2024 at prevailing gold prices. The expected cash taxes for 2024 have increased from prior years as the Company has utilized the majority of its Canadian corporate tax pools that are deductible at a rate of 100% as of year-end 2023.

Capital Expenditures Guidance

In 2024, estimated capital expenditures are expected to be between $1.6 billion and $1.7 billion and capitalized exploration expenditures are expected to be between $105 million and $115 million.

The estimated mid-point for capital expenditures (excluding capitalized exploration) for 2024 is approximately $1.65 billion, which includes approximately $916.0 million of sustaining capital expenditures at the Company's operating mines and approximately $737.0 million of development capital expenditures.

The Company's capital expenditure forecast for 2024 is higher than the full year 2023 capital expenditures of $1.48 billion (which included $790.5 million of sustaining capital expenditures and $684.6 million of development capital expenditures) and capitalized exploration of $125.8 million. The increase in capital expenditures when compared to 2023 is largely due to the increase in ownership of Canadian Malartic to 100% as of the second quarter of 2023 and increased capital expenditures at Detour Lake, primarily due to additional maintenance and mobile equipment purchases and mine infrastructure costs and inflation. While the 2024 capital expenditures includes the advancement of studies and preliminary work for regional pipeline projects, additional spending at these projects will depend on the approval and timing of these projects.

Estimated 2024 Capital Expenditures

(In thousands of US dollars)

	Capital Expenditures				Capitalized Exploration
	Sustaining Capital		Development Capital		Sustaining		Non- Sustaining		Total
LaRonde complex	$	86,100	$	68,200	$	2,300	$	—	$	156,600
Canadian Malartic complex		135,900		167,500		—		7,100		310,500
Goldex mine		52,800		7,700		2,900		—		63,400
Detour Lake mine		274,800		201,100		—		20,300		496,200
Macassa mine		59,400		97,800		2,100		32,900		192,200
Abitibi Gold Belt		609,000		542,300		7,300		60,300		1,218,900
Meliadine mine		70,200		82,400		5,500		13,200		171,300
Meadowbank complex		94,000		—		—		—		94,000
Nunavut		164,200		82,400		5,500		13,200		265,300
Fosterville mine		35,800		41,100		—		11,000		87,900
Kittila mine		87,200		2,900		1,900		5,400		97,400
Pinos Altos mine		19,800		15,400		1,800		500		37,500
San Nicolas project		—		17,000		—		—		17,000
Other		—		35,900		—		1,700		37,600
Total Capital Expenditures	$	916,000	$	737,000	$	16,500	$	92,100	$	1,761,600

The Company is working towards maintaining capital expenditures at similar levels (excluding inflation) through 2026.

Updated Three Year Operational Guidance Plan

Since the Previous Guidance, there have been several operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial 2026 guidance are set out below.

ABITIBI REGION, QUEBEC

LaRonde Complex Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		275,000		280,000		310,000		n.a.
Current Guidance (mid-point) (oz)		306,648 (actual)		295,000		310,000		340,000

LaRonde Complex Forecast 2024	Ore Milled ('000 tonnes)		Gold (g/t)			Gold Mill Recovery (%)			Silver (g/t)			Silver Mill Recovery (%)
		2,686		3.62			94.4	%		10.01			72.6	%

	Production and Minesite Costs per Tonne¹³		Zinc (%)			Zinc Mill Recovery (%)			Copper (%)			Copper Mill Recovery (%)
	C$	154.20		0.46	%		71.0	%		0.12	%		83.1	%

At the LaRonde complex, the production forecast is higher in 2024 when compared to Previous Guidance primarily due to higher productivity achieved than initially anticipated during the transition to pillarless mining at the LaRonde mine. Gold production is expected to increase to 310,000 ounces in 2025 and reach an annual run-rate of approximately 340,000 ounces per year in 2026, primarily due to higher gold grades at the LaRonde mine, an increase in the mining rate at the LZ5 mine to 3,800 tpd and the addition of satellite zones. The Company is also evaluating the potential to bring new sources of ore into production, including the LZ5 deep, Ellison and Fringe zones.

The LZ5 processing facility is expected to be in care and maintenance until the second half of 2024 as the Company completes an upgrade to the CIL tanks. The Company expects to restart the LZ5 processing facility in the second half of 2024 to process ore from the LZ5 mine and the AK deposit at Macassa. The Company continues to assess options to leverage the excess mill capacity at LZ5 as set out in the Update on Key Value Drivers and Pipeline Projects section above.

The LaRonde mine has planned a shutdown of 14 days in the third quarter of 2024 in order to rebuild the loading station at level 206 of the Penna shaft.

Canadian Malartic Complex Forecast	2023		2024		2025			2026
Previous Guidance (mid-point) (oz)		585,000		660,000		610,000			n.a.
Current Guidance (mid-point) (oz)		603,955 (actual)		630,000		615,000			560,000

Canadian Malartic Complex Forecast 2024	Ore Milled ('000 tonnes)		Gold (g/t)		Gold Mill Recovery (%)			Production and Minesite Costs per Tonne
		18,952		1.13		91.5	%	C$	41.80

¹³ Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs see "Reconciliation of Non-GAAP Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

At the Canadian Malartic complex, the production forecast is lower in 2024 when compared to Previous Guidance primarily due to the Company's decision to defer the reintroduction of pre-crushing low grade ore to increase mill throughput to 2025 from 2024. The Company continues to optimize the ore processing plan to enhance the financial metrics and cash flow during the transition to the underground Odyssey project. The mill throughput is now forecast to remain at approximately 52,000 tpd in 2024.

In 2024, production is expected to be sourced from the Barnat pit and the Odyssey mine, complemented by ore from the low grade stockpiles. The Odyssey mine is expected to contribute approximately 80,000 ounces of payable gold to the Canadian Malartic complex in 2024, 2025 and 2026.

Goldex Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		135,000		130,000		125,000		n.a.
Current Guidance (mid-point) (oz)		140,983 (actual)		130,000		130,000		130,000

Goldex Forecast 2024	Ore Milled ('000 tonnes)		Gold (g/t)			Gold Mill Recovery (%)
		3,016		1.58			84.9	%

	Production and Minesite Costs per Tonne		Copper (%)			Copper Mill Recovery (%)
	C$	57.70		0.09	%		87.5	%

At Goldex, the production forecast is in line with Previous Guidance. The development at the Akasaba West project is on schedule and on budget to achieve commercial production in early 2024. Akasaba West is expected to provide additional production flexibility to Goldex and is forecast to contribute approximately 12,000 ounces of gold and approximately 2,300 tonnes of copper per year to Goldex starting in 2024.

ABITIBI REGION, ONTARIO

Detour Lake Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		690,000		700,000		740,000		n.a.
Current Guidance (mid-point) (oz)		677,446 (actual)		690,000		725,000		760,000

Detour Lake Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

27,474

0.85

91.9

24.70

At Detour Lake, the slightly lower production forecast when compared to Previous Guidance is primarily due to lower grades from a slight adjustment to the mining sequence. The production profile reflects expected steady progress on the mill optimization projects, with the mill throughput rate expected to reach and sustain 77,000 tpd (equivalent to an annualized rate of approximately 28 Mtpa) in the second half of 2024, and a higher grade profile in 2025 and 2026.

Macassa Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		215,000		265,000		305,000		n.a.
Current Guidance (mid-point) (oz)		228,535 (actual)		275,000		330,000		340,000

Macassa Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

606

14.50

97.4

521.10

At Macassa, the production forecast is higher in 2024 and 2025 when compared to Previous Guidance primarily due to the addition of production from the AK deposit to the mining profile. With sustained productivity gains at Macassa over the recent quarters, the deep mine (including the South Mine complex and Main Break) is now expected to largely fill the mill at its nominal capacity of 1,650 tpd starting in the second half of 2024. Production from the NSUR and AK deposits is planned to be trucked and processed at the LZ5 processing facility. Production from the NSUR and AK deposits is forecast to be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold in 2025 and 2026. The lower forecast gold grade is largely a result of the inclusion of lower grade AK ore, additional lower grade NSUR ore and continued adjustments to the resource model from additional definition drilling.

The Company continues to see geological potential at Macassa as demonstrated by the mineral reserves replacement of 171% of its mining depletion in 2023 and encouraging drill results. In addition, the mineralized structures along strike and at depth of the South Mine complex and Main Break are prospective for ongoing expansion of the mineral resource base at the site. Overall, the Company believes that the Macassa mine has the potential to maintain production in excess of 300,000 ounces of gold per year based on expected exploration results.

NUNAVUT

Meliadine Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		365,000		370,000		380,000		n.a.
Current Guidance (mid-point) (oz)		364,141 (actual)		370,000		385,000		410,000

Meliadine Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

1,892

6.30

96.5

251.50

At Meliadine, the production forecast in 2024 is in line with Previous Guidance. The Meliadine Phase 2 expansion is progressing as planned and mill throughput is expected to increase to 6,000 tpd late in 2024 and to 6,250 tpd in 2026, driving the higher gold production forecast in 2025 and 2026.

Meadowbank Complex Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		420,000		480,000		495,000		n.a.
Current Guidance (mid-point) (oz)		431,666 (actual)		490,000		495,000		450,000

Meadowbank Complex Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

4,026

4.13

91.7

167.80

At the Meadowbank complex, the production forecast is higher in 2024 when compared to Previous Guidance primarily due to improved grades from positive grade reconciliation. The Company has approved an extension to the Amaruq life of mine to 2028 (compared to 2026 previously), which includes additional stopes from underground, a push-back from the IVR open pit and additional ounces from positive grade reconciliation. Overall approximately 500,000 ounces of gold have been added to the production profile, including approximately 100,000 ounces of gold in 2026. Amaruq underground is forecast to contribute approximately 100,000 ounces of gold in 2024, 2025 and 2026.

In 2023, Meadowbank experienced its longest lasting caribou migration since operations began. The Company continues to adjust for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and Meadowbank and between Meadowbank and Baker Lake. Wildlife management is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and minimize production disruptions.

AUSTRALIA

Fosterville Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		305,000		240,000		210,000		n.a.
Current Guidance (mid-point) (oz)		277,694 (actual)		210,000		150,000		150,000

Fosterville Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

744

9.15

95.9

285.60

At Fosterville, the production forecast is lower in 2024 and 2025 when compared to Previous Guidance. The declining production profile reflects negative grade reconciliation in the remaining area of the high grade Swan zone and the substantial depletion of the zone by late 2024. With the completion of the primary ventilation upgrade planned for late 2024 and the commencement of operations in Robbins Hill, the mining rate is forecast to increase by approximately 10% in 2025 and 2026, partially offsetting the lower average gold grade of approximately 6.50 g/t. Work is ongoing to evaluate the potential to optimize mining and milling through improved productivity to ensure Fosterville remains a sustainable 175,000 ounces to 200,000 ounces producer annually. Preliminary results of this evaluation are expected in the second half of 2024.

In 2023, the Fosterville mine successfully replaced 102% of mining depletion through continued exploration success in the Robbins Hill and Lower Phoenix areas and improved mining parameters. The Company believes that these areas remain prospective for high-grade, sulphide-hosted gold mineralization as well as ultra-high grade, quartz-hosted gold zones similar to the Swan zone.

FINLAND

Kittila Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		200,000		210,000		210,000		n.a.
Current Guidance (mid-point) (oz)		234,402 (actual)		230,000		230,000		240,000

Kittila Forecast 2024

Ore Milled

('000 tonnes)

Gold (g/t)

Gold Mill

Recovery (%)

Production
and Minesite
Costs per
Tonne

2,000

4.15

86.3

€

95.90

At Kittila, the production forecast is higher in 2024 and 2025 when compared to Previous Guidance primarily due to the reinstatement of the 2.0 Mtpa operating permit on October 27, 2023. Previous Guidance assumed a throughput rate of 1.6 Mtpa in 2024 and 2025.

The mine is expecting a planned shutdown in the first quarter of 2024 for 11 days for regular maintenance on the autoclave.

MEXICO

Pinos Altos Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		85,000		97,500		115,000		n.a.
Current Guidance (mid-point) (oz)		97,642 (actual)		102,500		130,000		120,000

Pinos Altos Forecast 2024	Total Ore ('000 tonnes)		Gold (g/t)		Gold Recovery (%)
		1,810		1.86		94.7	%

	Production and Minesite Costs per Tonne		Silver (g/t)		Silver Mill Recovery (%)
	$	88.17		47.25		46.9	%

At Pinos Altos, the production forecast is in line in 2024 and higher in 2025 than the Previous Guidance. The increased production in 2025 reflects increased contribution from the Cubiro satellite deposit, which is expected to start producing in the second half of 2024.

La India Forecast	2023		2024		2025		2026
Previous Guidance (mid-point) (oz)		65,000		17,500		n.a.		n.a.
Current Guidance (mid-point) (oz)		75,904 (actual)		27,500		nil		nil

At La India, the production forecast in 2024 is higher than the Previous Guidance primarily due to higher gold inventory ounces in the heap leach. With the depletion of the open pits in the fourth quarter of 2023, gold production in 2024 is expected to come from the residual leaching of the heap leach pads.

2024 Exploration Program and Budget – Continued Focus on Exploration Programs at Detour Lake and Canadian Malartic which are Expected to be Significant Future Contributors to Mineral Reserve Growth; Large Exploration Programs at LaRonde complex, Macassa, Meliadine, Amaruq, Fosterville, Kittila and Hope Bay

The Company has budgeted $336.7 million for exploration expenditures and project expenses in 2024, comprised of $151.1 million for expensed exploration, $107.9 million for capitalized exploration and $77.7 million for project studies, technical services and other corporate expenses.

The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for 2024 include drilling the western and deep extension of the Detour Lake deposit to assist in the optimization of the open pit operations and to further advance a potential underground mining scenario, growing the underground mineral reserve and mineral resource at the Odyssey mine and continuing large exploration programs at other operating assets and Hope Bay.

The Company's exploration and corporate development budget and plans for individual mines and projects for 2024 are presented in the Company's exploration news release dated February 15, 2024.

ABITIBI REGION, QUEBEC

LaRonde Complex – Transition to Pillarless Mining Yields Higher Productivity than Anticipated

	Three Months Ended				Year Ended
LaRonde Complex – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		663		658		2,658		2,816
Tonnes of ore milled per day		7,207		7,152		7,282		7,715
Gold grade (g/t)		4.33		4.00		3.83		4.17
Gold production (ounces)		85,765		80,169		306,648		356,337
Production costs per tonne (C$)	$	137	$	143	$	152	$	132
Minesite costs per tonne (C$)	$	157	$	144	$	153	$	129
Production costs per ounce of gold produced	$	779	$	871	$	977	$	801
Total cash costs per ounce of gold produced	$	845	$	832	$	911	$	703

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to higher grades

Full Year 2023 – Gold production decreased when compared to the prior-year period due to lower grades and lower volumes processed related to changes in the mining sequence at the LaRonde mine

Production Costs

Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period primarily due to the timing of inventory sales and higher volume of ore milled, partially offset by higher underground maintenance costs. Production costs per ounce decreased when compared to the prior-year period primarily due to higher gold grades and the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period primarily due to higher underground mining costs attributable to higher labour and materials costs and higher milling costs resulting from the transition to dry tailings disposition at the LaRonde mine and a lower volume of ore milled. Production costs per ounce increased when compared to the prior-year period primarily as a result of higher production costs per tonne and fewer ounces of gold produced, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the reasons outlined above regarding the increase in production costs in the quarter. Total cash costs per ounce increased when compared to the prior-year period primarily for the same reasons as the increase in minesite costs per tonne

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the reasons outlined above for production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period primarily due to the reasons outlined above for production costs per ounce

Highlights

Production from the 11-3 Zone at LaRonde continued in the fourth quarter of 2023 at a mining rate of approximately 950 tpd, exceeding the planned mining rate for the quarter. The 11-3 Zone is expected to continue to add additional flexibility to the LaRonde mine production plan

Maintenance of the underground ore handling system continued in the fourth quarter of 2023. The LaRonde mine had partial, planned shutdowns (equivalent in aggregate to approximately a 10-day shutdown) during the fourth quarter of 2023 to update the main underground ore network

During the fourth quarter of 2023, ore from LZ5 was processed at the LaRonde mill to take advantage of its excess capacity. The LZ5 processing facility was placed on care and maintenance during the third quarter of 2023 and is expected to restart in the second half of 2024. During the downtime, the Company will overhaul the facility's leach tanks

Canadian Malartic Complex – Record Quarterly Safety Performance and Solid Quarterly Gold Production; Odyssey Underground Production Reaches Target Rate of 3,500 tpd

	Three Months Ended				Year Ended
Canadian Malartic Complex – Operating Statistics*	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		5,278		4,950		19,595		19,540
Tonnes of ore milled per day		57,370		53,804		53,685		53,534
Gold grade (g/t)		1.08		1.18		1.17		1.15
Gold production* (ounces)		168,272		86,439		603,955		329,396
Production costs per tonne (C$)	$	36	$	34	$	36	$	31
Minesite costs per tonne (C$)	$	40	$	37	$	39	$	35
Production costs per ounce of gold produced	$	825	$	739	$	771	$	716
Total cash costs per ounce of gold produced	$	913	$	789	$	824	$	787

* 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

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period due to the increase in the Company's ownership percentage of the Canadian Malartic complex between periods from 50% to 100% as a result of the closing of the Yamana Transaction on March 30, 2023, higher throughput resulting from softer rock conditions at the Barnat pit and the contribution from Odyssey South, partially offset by lower grades

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to the increase in the Company's ownership percentage of the Canadian Malartic complex between periods from 50% to 100% as a result of the Yamana Transaction

Production Costs

Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period primarily due to higher mining and milling costs in the period, partially offset by a higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to lower gold grades in the current period and higher mining and milling costs

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period primarily due to the recognition of fair value adjustments to inventory resulting from the Yamana Transaction. Production costs per ounce increased when compared to the prior-year period due to fewer ounces of gold being produced in the current period and the recognition of fair value adjustments to inventory resulting from the Yamana Transaction

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period due to higher production costs, partially offset by the higher volume of ore tonnes milled during the quarter. Total cash costs per ounce increased when compared to the prior-year period primarily due to lower gold grades and higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to higher open pit mining costs. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Highlights

At the Barnat pit, good equipment availability and productivity and softer ultramafic ore drove solid operational performance. At Odyssey South, production via ramp reached and sustained the design rate of 3,500 tpd in the quarter. Gold production from underground was approximately 20,000 ounces in the fourth quarter of 2023

Mill throughput continued to be above plan from increased contribution from Odyssey South and softer rock conditions

At the Canadian Malartic pit, the Company continued the construction of the central berm (approximately 60% complete) in preparation for in-pit tailings disposal, which is expected to start in mid-2024

An update on Odyssey project development, construction and exploration highlights is set out in the Update on Key Value Drivers and Pipeline Projects section above

Goldex – Record Annual Safety Performance; First Ore Processed from Akasaba West Project

	Three Months Ended				Year Ended
Goldex Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		672		748		2,887		2,940
Tonnes of ore milled per day		7,304		8,130		7,910		8,055
Gold grade (g/t)		1.79		1.70		1.74		1.68
Gold production (ounces)		33,364		36,291		140,983		141,502
Production costs per tonne (C$)	$	55	$	45	$	52	$	46
Minesite costs per tonne (C$)	$	58	$	46	$	53	$	47
Production costs per ounce of gold produced	$	816	$	683	$	795	$	734
Total cash costs per ounce of gold produced	$	877	$	765	$	820	$	765

Gold Production

Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily due to a lower volume of ore processed, partially offset by higher gold grades

Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due to a lower volume of ore processed, partially offset by higher gold grades

Production Costs

Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period due to higher open pit production costs and lower volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to higher open pit production costs and fewer ounces of gold being produced, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due to higher open pit mining costs, higher underground maintenance costs and lower volume processed in the current period. Production costs per ounce increased when compared to the prior-year period due to higher production costs and fewer ounces of gold being produced, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Highlights

Goldex achieved record safety performance in 2023 with zero lost time accidents and restricted work during the fourth quarter and for the full year

While the mine had lower throughput during the fourth quarter of 2023, Goldex had solid operational performance throughout the year with record annual tonnes hoisted (2.9 million tonnes)

South Zone Sector 3 completed six stopes in 2023, ahead of schedule, and produced approximately 11,000 ounces of gold. South Zone Sector 3 is expected to provide additional flexibility for the mining operations

The Akasaba West project remains on schedule and budget with work on upgrading the mill completed in the fourth quarter of 2023. First ore from the project was processed in November 2023 and achievement of commercial production is on schedule to occur in the first quarter of 2024

ABITIBI REGION, ONTARIO

Detour Lake – Higher Grades Drive Strong Quarterly Production; Advancing Mill Optimization Initiatives to Achieve 76,700 tpd Rate in 2024

	Three Months Ended				Year Ended
Detour Lake Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022*
Tonnes of ore milled (thousands of tonnes)		6,608		6,488		25,435		22,782
Tonnes of ore milled per day		71,826		70,522		69,685		69,670
Gold grade (g/t)		1.02		0.94		0.91		0.97
Gold production (ounces)		193,475		179,737		677,446		651,182
Production costs per tonne (C$)	$	25	$	25	$	24	$	28
Minesite costs per tonne (C$)	$	27	$	25	$	26	$	25
Production costs per ounce of gold produced	$	622	$	660	$	669	$	752
Total cash costs per ounce of gold produced	$	691	$	674	$	735	$	657

*For the Full Year Ended December 31, 2022, the operating statistics are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to a higher volume of ore processed resulting from the ongoing mill optimization initiatives and higher gold grades as per the mining sequence

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to the timing of the closing of the Merger, partially offset by the impact of the transformer failure that occurred during the third quarter of 2023 and lower gold grades

Production Costs

Fourth Quarter of 2023 – Production costs per tonne remained unchanged when compared to the prior-year period despite the higher throughput volumes. Production costs per ounce decreased when compared to the prior-year period due to higher gold grades and the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due to a higher volume of ore milled in the current period and the fair value adjustments to inventory made in the 2022 period, partially offset by the impact of the transformer failure during the third quarter of 2023. Production costs per ounce decreased when compared to the prior-year period due to lower production costs per tonne and the weaker Canadian dollar relative to the U.S. dollar, partially offset by lower gold grades

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to timing of inventory, partially offset by the higher volume of ore processed. Total cash costs per ounce increased when compared to the prior year period due to the timing of inventory, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne increased when compared to the prior year period primarily due to higher maintenance costs for mobile equipment and spare parts during the period. Total cash cost per ounce increased when compared to the prior year period primarily due to higher mining, maintenance and milling costs caused by higher fuel and electricity prices and lower gold grades, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Highlights

In the fourth quarter of 2023, Detour Lake delivered a strong operating performance, producing 193,475 ounces of gold as a result of higher gold grades as per the mining sequence and its strong mill performance with throughput of 71,826 tpd (an annualized rate of approximately 26.2 Mtpa)

Mill runtime, at approximately 90% in the fourth quarter of 2023, was affected by a power outage, plugged cyclone feed pump line and an imbalance between the SAG mill and ball mill circuits. The Company continues its efforts to monitor and resolve higher-than-expected wear, tear and failure of equipment and systems related to the higher throughput rate, with the objective to better optimize and stabilize the throughput

The expansion of the mine maintenance shops to support increased mining rates and a larger production fleet is ongoing, with engineering close to completion. The new mining service facility is expected to be completed in 2025

An upgrade of the 230kV main substation is planned to improve the power quality at the mine. In addition, the upgrade will improve the site readiness for future power expansion for potential projects such as the trolley assist mine haulage system. Approximately 70% of the engineering was completed and all lead items had been ordered as at December 31, 2023. The upgrades related to power quality are expected to be completed in 2024 and those related to improve site readiness for future expansions in 2025

In the fourth quarter of 2023, the construction of the second cell stage four of the tailings management area was completed on schedule and on budget

Macassa – Record Quarterly and Annual Development Metres, Ore Tonnes Skipped and Mill Throughput; Continued Productivity Gains Result in Lowest Minesite Costs per Tonne Since the Merger

	Three Months Ended				Year Ended
Macassa Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022*
Tonnes of ore milled (thousands of tonnes)		131		70		442		280
Tonnes of ore milled per day		1,424		761		1,211		856
Gold grade (g/t)		14.82		19.58		16.47		20.47
Gold production (ounces)		60,584		43,308		228,535		180,833
Production costs per tonne (C$)	$	445	$	594	$	475	$	602
Minesite costs per tonne (C$)	$	473	$	632	$	503	$	577
Production costs per ounce of gold produced	$	704	$	714	$	678	$	718
Total cash costs per ounce of gold produced	$	763	$	758	$	731	$	683

*For the Full Year Ended December 31, 2022, the operating statistics are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to the higher volume of ore processed, partially offset by lower gold grades

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to the timing of the closing of the Merger and higher volume of ore processed, partially offset by lower gold grades

Production Costs

Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the current period, and the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period and the fair value adjustments to inventory made in 2022. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold being produced in the current period and the weaker Canadian dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled, partially offset by higher mining costs resulting from higher input prices. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher mining costs, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily due to the higher volume of ore milled, mainly due to the timing of the closing of the Merger. Total cash costs per ounce increased when compared to the prior year period due to higher mining costs, partially offset by more ounces of gold produced in the period and the weaker Canadian dollar relative to the U.S. dollar

Highlights

During the fourth quarter of 2023, Macassa continued to demonstrate sustained productivity gains and improved compliance to plan, which resulted in record quarterly and annual development metres, tonnes skipped and mill throughput. The robust operational performance drove the lowest minesite costs per tonne since the Merger

In the fourth quarter and full year of 2023, realized gold grades were lower than forecast largely due to the addition to the mine plan of lower grade opportunity ounces as a result of the increased mining rate and available mill capacity

At the Portal (ramp access to the NSUR) production from long hole stopes continued in the fourth quarter of 2023. Gold production from NSUR was approximately 4,800 ounces in the fourth quarter of 2023

The construction of the enclosure of the surface fans continued according to schedule in the fourth quarter of 2023 and both fans were operating at 60%. The overall ventilation system upgrade is currently on track for completion in the first quarter of 2024, when both fans are anticipated to reach full capacity

NUNAVUT

Meliadine Mine – Record Annual Safety Performance and Mill Throughput

	Three Months Ended				For the Year Ended
Meliadine Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		511		475		1,918		1,757
Tonnes of ore milled per day		5,554		5,163		5,255		4,814
Gold grade (g/t)		6.03		7.00		6.11		6.83
Gold production (ounces)		96,285		103,397		364,141		372,874
Production costs per tonne (C$)	$	251	$	226	$	241	$	232
Minesite costs per tonne (C$)	$	249	$	233	$	249	$	234
Production costs per ounce of gold produced	$	981	$	786	$	944	$	853
Total cash costs per ounce of gold produced	$	992	$	855	$	980	$	863

Gold Production

Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades, partially offset by higher volume of ore processed

Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades, partially offset by the higher volume of ore processed

Production Costs

Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles and higher logistics costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne and fewer ounces of gold being produced in the current period, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles, higher underground and open pit mining costs and higher logistics costs, partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne and fewer ounces of gold produced in the current period, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production cost per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above regarding production costs per ounce and fewer ounces of gold being produced, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production cost per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above regarding production costs per ounce and fewer ounces of gold being produced, partially offset by the weaker Canadian dollar relative to the U.S. dollar

Highlights

The processing plant continued to demonstrate overall strong performance, with record tonnes processed in the fourth quarter of 2023 and for the full year 2023 at 511,000 tonnes and 1.9 million tonnes, respectively

The open pit mine performed above plan in the fourth quarter of 2023, partially offsetting lower production from the underground mine which was affected by rehabilitation work on the main haulage ramp

The Phase 2 mill expansion is expected to be completed in mid-2024 and the processing rate ramp-up is expected to increase throughput to 6,000 tpd by year-end 2024. In the fourth quarter of 2023, work on the Phase 2 mill expansion continued as mechanical piping and electrical work was ongoing at the carbon in leach building, the power plant and secondary grinding building, which is now fully enclosed. Commissioning of the filter press began during the fourth quarter of 2023

The waterline installation is underway, with the section from kilometre 15 to kilometre 30 completed. The waterline installation is expected to be completed in 2024, allowing for utilization in the summer of 2025

The Company submitted a proposal to the Nunavut Water Board to amend the current Type A Water license to include tailings, water and waste management infrastructure at the Pump, F-Zone, Wesmeg and Discovery deposits. See “Environment, Social and Governance Highlights – Meliadine Extension Permit” for further details on the Meliadine permit application

Meadowbank Complex – Solid Operational Performance Continued; Record Annual Safety Performance; Extension of Mine Life to 2028 with IVR Pit Pushback Approved

	Three Months Ended				Year Ended
Meadowbank Complex – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		938		923		3,843		3,739
Tonnes of ore milled per day		10,196		10,033		10,529		10,244
Gold grade (g/t)		3.97		3.48		3.86		3.40
Gold production (ounces)		109,226		94,328		431,666		373,785
Production costs per tonne (C$)	$	206	$	191	$	183	$	154
Minesite costs per tonne (C$)	$	185	$	186	$	179	$	157
Production costs per ounce of gold produced	$	1,306	$	1,364	$	1,214	$	1,184
Total cash costs per ounce of gold produced	$	1,186	$	1,418	$	1,176	$	1,210

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to higher grades and higher volume of ore processed

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to higher gold grades and the volume of ore processed

Production Costs

Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period due to a lower deferred stripping adjustment at the open pit and higher milling and underground mining costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period primarily due to more ounces of gold being produced in the current period and the weaker Canadian dollar relative to the U.S. dollar, partially offset by the higher production costs per tonne as outlined above

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles, higher milling underground mining costs, partially offset by a higher stripping ratio at the open pit and the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne, partially offset by more ounces of gold being produced in the current period and the weaker Canadian dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as the higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced and the weaker Canadian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to more gold ounces produced and the weaker Canadian dollar relative to the U.S. dollar

Highlights

The open pit operation continued to deliver solid performance during the fourth quarter of 2023 despite delays related to an extended caribou migration and poor weather conditions. Production at Amaruq also continued to benefit from positive reconciliation on tonnes and grade

The underground operation continued to build on productivity gains demonstrating sustained improvement through the cycle and increased adherence and compliance to plan. The cemented rock fill and ore haulage set quarterly performance records

Based on continuous improvement and cost optimization efforts, positive reconciliation to the geological model and infill drilling, the Company has approved an extension to the Amaruq life of mine to 2028 (previous mine life of 2026). The extension consists of a push-back from the IVR pit, at a stripping ratio of 7.2, and additional stopes from the underground, which, combined, contribute approximately 500,000 of additional gold ounces to the production profile

AUSTRALIA

Fosterville – Higher Mill Throughput Helped Offset Lower Grades; Priority Lateral Development for the Ventilation Upgrade Completed

	Three Months Ended				Year Ended
Fosterville Mine – Operating Statistics*	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022*
Tonnes of ore milled (thousands of tonnes)		183		139		651		524
Tonnes of ore milled per day		1,989		1,511		1,784		1,602
Gold grade (g/t)		8.79		20.29		13.61		20.41
Gold production (ounces)		49,533		88,634		277,694		338,327
Production costs per tonne (A$)	$	259	$	370	$	304	$	561
Minesite costs per tonne (A$)	$	261	$	399	$	301	$	356
Production costs per ounce of gold produced	$	632	$	385	$	473	$	605
Total cash costs per ounce of gold produced	$	723	$	414	$	488	$	378

*For the Full Year Ended December 31, 2022, the operating statistics are reported for the period from February 8, 2022 (the date of the Merger) to December 31, 2022.

Gold Production

Fourth Quarter of 2023 – Gold production decreased when compared to the prior-year period primarily due to lower grade from the mine sequence, partially offset by the higher volume of ore milled

Full Year 2023 – Gold production decreased when compared to the prior-year period primarily due to lower grades from the mine sequence, partially offset by the higher volume of ore milled and the timing of the closing of the Merger

Production Costs

Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period due to lower mining and milling costs and the higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to the lower gold grades, partially offset by the lower mining and milling costs and the weaker Australian dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due to fair value adjustments to inventory on the purchase price allocation recognized in 2022 with no comparative recognition occurring in 2023. Production costs per ounce decreased when compared to the prior-year period for the same reasons above as well as the effect of the weaker Australian dollar relative to the U.S. dollar, partially offset by fewer ounces produced in the period due to lower gold grades

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period due to lower mining and milling costs and the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior-year period due to fewer ounces produced in the period, partially offset by the lower minesite costs per tonne and the weaker Australian dollar relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily due to the higher volume of ore milled and lower mining and milling costs. Total cash costs per ounce increased when compared to the prior year period primarily due to fewer ounces of gold produced in the current period, partially offset by the lower minesite costs per tonne and the weaker Australian dollar relative to the U.S. dollar

Highlights

The Company is currently advancing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. In the fourth quarter of 2023, the Company completed the priority development related to the ventilation upgrade on schedule and commenced the reaming of the first ventilation raise. The Company expects the project to be completed by early 2025

During the fourth quarter of 2023, the Company continued to give priority to the key underground development in Robbins Hill district and the Lower Phoenix exploration drive. Unplanned maintenance on a primary fan transformer in late December affected underground production and resulted in the delayed extraction of a high grade stope from the Swan zone

At the mill, throughput was solid with run of mine and coarse ore stockpiles being drawn down at quarter end to help counter the delay on a high grade Swan stope. As a result, head grades were slightly lower than planned

FINLAND

Kittila – Operating Permit Restored to 2.0 Mtpa; Production Hoist Ramp Up Completed

	Three Months Ended				Year Ended
Kittila Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		514		421		1,954		1,925
Tonnes of ore milled per day		5,587		4,576		5,353		5,274
Gold grade (g/t)		4.55		3.93		4.48		4.13
Gold production (ounces)		61,172		44,724		234,402		216,947
Production costs per tonne (EUR)	€	91	€	129	€	98	€	103
Minesite costs per tonne (EUR)	€	96	€	132	€	99	€	101
Production costs per ounce of gold produced	$	828	$	1,258	$	878	$	971
Total cash costs per ounce of gold produced	$	858	$	1,330	$	871	$	980

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to higher gold grades and the higher volume of ore milled, partially offset by lower metallurgical recovery

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to higher gold grades and higher volume of ore milled, partially offset by lower metallurgical recovery

Production Costs

Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled and lower milling costs in the current period. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold being produced and lower milling costs and the weaker Euro dollar relative to the U.S. dollar

Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period and stockpile adjustments between periods. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold being produced and the weaker Euro dollar relative to the U.S. dollar

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons as for production costs per ounce

Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily due to the same reasons as for production costs per tonne. Total cash costs per ounce decreased when compared to the prior year period due to the same reasons as for production costs per ounce

Highlights

On October 27, 2023, the Supreme Administrative Court of Finland ("SAC") confirmed that the environmental permits granted to Agnico Eagle Finland in 2020 remain valid and production can continue at a rate of 2.0 mtpa in accordance with the permit. The Company operated Kittila at an annualized rate of 2.0 mtpa in the first nine months of 2023 and, following the SAC decision, the Company was able to maintain that production rate uninterrupted for the remainder of the year

During the fourth quarter of 2023, a four day unplanned maintenance shutdown was necessary to clean the autoclave which affected mill throughput

At the mine, the production hoist ramp up was completed and 100% of ore was hoisted via the shaft in December

A decline in input costs for electricity, contractors and explosives, coupled with the commissioning of the production shaft, has led to a continued decrease in minesite costs per tonne during the fourth quarter of 2023 when compared to previous quarters during 2023

The successful implementation of several environmental initiatives, including the nitrogen removal plant, has bolstered Kittila's environmental performance and the mine's emissions remained below 75% of the permitted limits for the full year

MEXICO

Pinos Altos – Strong Performance at Reyna de Plata Pit Drives Quarterly Production

	Three Months Ended				Year Ended
Pinos Altos Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		441		382		1,656		1,510
Tonnes of ore milled per day		4,793		4,152		4,537		4,137
Gold grade (g/t)		1.91		2.14		1.92		2.07
Gold production (ounces)		25,963		25,291		97,642		96,522
Production costs per tonne	$	87	$	98	$	88	$	96
Minesite costs per tonne	$	88	$	97	$	88	$	94
Production costs per ounce of gold produced	$	1,470	$	1,485	$	1,495	$	1,497
Total cash costs per ounce of gold produced	$	1,210	$	1,255	$	1,229	$	1,249

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to the higher volume of ore milled, partially offset by lower gold grades

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to higher volume of ore milled, partially offset by lower gold grades

Production Costs

Fourth Quarter of 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by the increase in milling costs due to higher input prices. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the current period, partially offset by higher milling costs and the strengthening of the Mexican Peso relative to the U.S. dollar

Full Year 2023 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by the increase in open pit mining and milling costs due to higher input prices. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold being produced in the period

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne decreased when compared to the prior-year period due to higher volume of ore processed, partially offset by higher open pit mining and milling costs from higher input prices. Total cash costs per ounce decreased when compared to the prior-year period due to lower underground mining costs and more ounces of gold being produced in the period, partially offset by higher open pit mining and milling costs and the stronger Mexican Peso relative to the U.S. dollar

Full Year 2023 – Minesite costs per tonne decreased when compared to the prior year period primarily due to higher volume of ore processed, partially offset by higher open pit mining and milling costs from higher input prices. Total cash costs per ounce decreased when compared to the prior year period for the same reasons outlined above for production costs per tonne and the stronger Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the period

Highlights

During the fourth quarter of 2023, strong mining performance at the open pit operations offset lower ore tonnes mined from the underground operations due to mining smaller stopes and resulted in stable production quarter-over-quarter

Production from the San Eligio zone continued to ramp up in the fourth quarter of 2023, with seven stopes mined in the quarter, and provides increased production flexibility to the Pinos Altos mine

La India – Mining Activities Completed in the Fourth Quarter; Residual Leaching in 2024

	Three Months Ended				Year Ended
La India Mine – Operating Statistics	Dec 31, 2023		Dec 31, 2022		Dec 31, 2023		Dec 31, 2022
Tonnes of ore milled (thousands of tonnes)		500		1,138		3,010		5,102
Tonnes of ore milled per day		5,435		12,370		8,247		13,978
Gold grade (g/t)		0.92		0.57		0.87		0.59
Gold production (ounces)		19,481		16,669		75,904		74,672
Production costs per tonne	$	49	$	18	$	32	$	15
Minesite costs per tonne	$	45	$	20	$	32	$	16
Production costs per ounce of gold produced	$	1,254	$	1,245	$	1,271	$	1,021
Total cash costs per ounce of gold produced	$	1,149	$	1,369	$	1,241	$	1,056

Gold Production

Fourth Quarter of 2023 – Gold production increased when compared to the prior-year period primarily due to higher gold grades, partially offset by fewer tonnes of ore placed on the heap leach after the depletion of the open pit

Full Year 2023 – Gold production increased when compared to the prior-year period primarily due to higher gold grades, partially offset by fewer tonnes of ore placed on the heap leach after the depletion of the open pit

Production Costs

Fourth Quarter of 2023 – Production costs per tonne increased when compared to the prior-year period primarily due to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the current period

Full Year 2023 – Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit, partially offset by lower open pit mining costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the current period

Minesite and Total Cash Costs

Fourth Quarter of 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the lower volume of ore placed on the heap leach in the current period after the depletion of the open pit. Total cash costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the period, partially offset by the strengthening of the Mexican Peso relative to the U.S. dollar between periods

Full Year 2023 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the lower volume of ore placed on the heap leach in the current period. Total cash costs per ounce increased when compared to the prior year period primarily due to the consumption of heap leach stockpiles with the cessation of mining operations and the strengthening of the Mexican Peso relative to the U.S. dollar, partially offset by more ounces of gold produced in the current period

Highlights

Mining and crushing activities were completed in the fourth quarter of 2023, with residual leaching to continue into 2024

Gold production in the fourth quarter of 2023 was better than planned, primarily as a result of higher gold grades than anticipated at the bottom of the open pit

About Agnico Eagle

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, 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 investor.relations@agnicoeagle.com or call (416) 947-1212.

Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures and ratios, including "total cash costs per ounce", "all-in sustaining costs per ounce", "adjusted net income", "adjusted net income per share", "cash provided by operating activities before working capital adjustments", "cash provided by operating activities before working capital adjustments per share", "earnings before interest, taxes, depreciation and amortization" (also referred to as EBITDA), "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash components of working capital", "operating margin", "sustaining capital expenditures", "development capital expenditures", "net debt" and "minesite costs per tonne" 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.

Total cash costs per ounce of gold produced

Total cash costs per ounce of gold produced (also referred to as "total cash costs 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). 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 (loss) income for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on 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. 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 measures to reflect the cash generating capabilities of the Company's operations, the calculations of total cash costs per ounce for the Detour Lake, Macassa and Fosterville mines have been adjusted for this purchase price allocation in the comparative period data and for the Canadian Malartic complex in year ended December 31, 2023. 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.

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.

Total cash costs per ounce of gold produced is intended to provide investors 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 using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

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 news 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.

All-in sustaining costs per ounce of gold produced

All-in sustaining costs per ounce of gold produced (also referred to as "all-in sustaining costs per ounce" or "AISC 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 on a co-product basis is calculated in the same manner as the AISC per ounce 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. 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, nor does it include noncash expenditures, such as depreciation and amortization. In this news release, unless otherwise indicated, all-in sustaining costs per ounce of gold produced is reported on a byproduct basis (see “—Total cash costs per ounce of gold produced” for a discussion of regarding the Company's use of by-product basis reporting).

Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful information about operating performance. 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 per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. 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.

Adjusted net income and adjusted net income per share

Adjusted net income is calculated by adjusting the net (loss) income as recorded in the consolidated statements of (loss) income 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 (loss) 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, integration costs, purchase price allocations to inventory, self-insurance losses, gains and losses on the disposal of assets, income and mining taxes adjustments as well as other items (which include payments that relate to prior years and disposals of supplies inventory at non-operating sites). Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding at the end of the period on a basic and diluted basis.

The Company believes that adjusted net income and adjusted net income per share are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. These generally accepted industry measures 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 the Company believes 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. Adjusted net income and adjusted net income per share are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Cash provided by operating activities before working capital adjustments and cash provided by operating activities before working capital adjustments per share

Cash provided by operating activities before working capital adjustments and cash provided by operating activities before working capital adjustments per share are calculated by adjusting the cash provided by operating activities as shown in the consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as trade receivables, income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share amount is calculated by dividing cash provided by operating activities before working capital adjustments by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believe they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS.

EBITDA and adjusted EBITDA

EBITDA, or earnings before interest, taxes, depreciation and amortization, is calculated by adjusting the net (loss) income as recorded in the consolidated statements of (loss) income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated statements of (loss) income. EBITDA removes 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 EBITDA is calculated by adjusting the EBITDA calculation for foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, revaluation gains and losses, impairment loss charges and reversals, environmental remediation, severance and transaction costs related to acquisitions, integration costs, purchase price allocations to inventory, self-insurance losses, gains and losses on the disposal of assets, as well as other items (which include payments that relate to prior years and disposals of supplies inventory at non-operating sites).

The Company believes EBITDA and adjusted EBITDA are useful to investors in that they allow for the evaluation of the liquidity generating capability of the Company to fund its working capital, capital expenditure and debt repayments. These generally accepted industry measures are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is helpful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS. EBITDA and adjusted EBITDA are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Free cash flow and Free cash flow before changes in non-cash components of working capital

Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the consolidated statements of cash flows. Free cash flow before changes in non-cash components of working capital is calculated by excluding the effect of changes in non-cash components of working capital from free cash flow such as trade receivables, income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.

The Company believes that free cash flow and free cash flow before changes in non-cash components of working capital are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. These generally accepted industry measures also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS, and believes it is helpful to investors so they can, understand and monitor the cash generating capability of the Company. Free cash flow and free cash flow before changes in non-cash components of working capital are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Operating margin

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 to investors as it reflects 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. Management believes this measure is helpful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS. Operating margin is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Sustaining capital expenditures and development capital expenditures

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 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 represent the spending at new projects and/or expenditures at existing operations that are 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.

Net debt

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. Net debt is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Minesite costs per tonne

Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of (loss) income 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 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 and other data prepared in accordance with IFRS. Minesite costs per tonne is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other gold mining companies.

Forward-Looking Non-GAAP Measures

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 February 15, 2024. 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, 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 the Upper Beaver project and the Company's other sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the potential to optimize mining and milling through improved productivity to ensure Fosterville remains a sustainable 175,000 ounces to 200,000 ounces producer annually; the potential for the Macassa mine to maintain production in excess of 300,000 ounces of gold per year based on expected exploration results; the Company's plans at the Hope Bay project; the Company's plans at the Wasamac project; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts 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 including at Meliadine and the anticipated timing thereof; 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, the term loan facility and other indebtedness; future dividend amounts, record dates 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 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; 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 or its 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 Indigenous 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 current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner to which COVID-19, its variants, and other communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. 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.

Detailed Mineral Reserve and Mineral Resource Data

MINERAL RESERVES

As at December 31, 2023

OPERATION / PROJECT		PROVEN						PROBABLE						PROVEN & PROBABLE
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		Recovery %**
LaRonde mine¹	U/G		2,342		4.98		375		8,568		6.79		1,870		10,910		6.40		2,244		94.7
LaRonde Zone 5²	U/G		4,450		2.11		301		4,523		2.30		334		8,972		2.20		636		94.7
LaRonde complex Total			6,791		3.10		676		13,091		5.24		2,204		19,882		4.51		2,880
Canadian Malartic³	O/P		45,474		0.58		852		45,332		1.09		1,584		90,806		0.83		2,436		89.0
East Gouldie⁴	U/G		—		—		—		47,005		3.42		5,173		47,005		3.42		5,173		94.6
Odyssey deposits⁵	U/G		17		2.25		1		4,422		2.17		308		4,440		2.17		310		95.3
Canadian Malartic complex Total			45,491		0.58		853		96,760		2.27		7,065		142,251		1.73		7,919
Goldex⁶	U/G		797		2.60		66		16,873		1.54		834		17,669		1.59		901		85.8
Akasaba West⁷	O/P		203		0.84		5		4,823		0.89		138		5,025		0.89		143		77.1
Quebec Total			53,282		0.93		1,601		131,546		2.42		10,242		184,828		1.99		11,843
Detour Lake (Above 0.5 g/t)	O/P		70,048		1.14		2,565		484,633		0.90		14,029		554,681		0.93		16,594		91.9
Detour Lake (Below 0.5 g/t)	O/P		48,656		0.43		666		215,712		0.38		2,669		264,368		0.39		3,335		90.0
Detour Lake Total⁸			118,703		0.85		3,230		700,346		0.74		16,698		819,049		0.76		19,928
Macassa mine⁹	U/G		248		16.17		129		3,959		14.34		1,825		4,207		14.45		1,954		97.4
Macassa Near Surface¹⁰	U/G		2		4.23		—		117		5.96		22		119		5.93		23		95.0
AK deposit¹¹	U/G		—		—		—		742		6.69		160		742		6.69		160		95.0
Macassa Total			249		16.10		129		4,818		12.96		2,007		5,067		13.11		2,136
Upper Beaver¹²	U/G		—		—		—		7,992		5.43		1,395		7,992		5.43		1,395		95.0
Hammond Reef¹³	O/P		—		—		—		123,473		0.84		3,323		123,473		0.84		3,323		89.2
Ontario Total			118,952		0.88		3,359		836,629		0.87		23,424		955,581		0.87		26,783
Amaruq	O/P		3,010		1.58		153		9,469		3.76		1,146		12,479		3.24		1,299		91.7
Amaruq	U/G		49		5.96		9		2,829		5.81		528		2,878		5.81		538		91.7
Meadowbank complex Total¹⁴			3,059		1.65		162		12,298		4.23		1,674		15,357		3.72		1,837
Meliadine	O/P		266		4.27		37		4,632		4.46		664		4,898		4.45		700		94.7
Meliadine	U/G		1,514		7.57		369		11,846		6.30		2,398		13,360		6.44		2,767		96.3
Meliadine Total¹⁵			1,780		7.08		405		16,478		5.78		3,062		18,258		5.91		3,467
Hope Bay¹⁶	U/G		93		6.77		20		16,123		6.51		3,377		16,216		6.52		3,397		87.5
Nunavut Total			4,932		3.71		588		44,899		5.62		8,113		49,831		5.43		8,701

OPERATION / PROJECT		PROVEN						PROBABLE						PROVEN & PROBABLE
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		Recovery %**
Fosterville¹⁷	U/G		679		12.52		273		7,897		5.55		1,409		8,576		6.10		1,682		95.0
Australia Total			679		12.52		273		7,897		5.55		1,409		8,576		6.10		1,682
Kittila¹⁸	U/G		984		4.11		130		25,943		4.14		3,454		26,926		4.14		3,584		86.9
Europe Total			984		4.11		130		25,943		4.14		3,454		26,926		4.14		3,584
Pinos Altos	O/P		24		1.21		1		2,363		1.21		92		2,387		1.21		93		94.4
Pinos Altos	U/G		2,386		2.14		164		4,150		2.17		290		6,536		2.16		454		94.2
Pinos Altos Total¹⁹			2,410		2.13		165		6,514		1.82		381		8,924		1.90		546
San Nicolás (50%)²⁰	O/P		23,858		0.41		314		28,761		0.39		358		52,619		0.40		672		17.6
Mexico Total			26,268		0.57		479		35,275		0.65		739		61,543		0.62		1,219
Total Gold			205,096		0.98		6,430		1,082,188		1.36		47,380		1,287,284		1.30		53,811

SILVER	Mining Method*	000 Tonnes	g/t	000 Oz Ag	000 Tonnes	g/t	000 Oz Ag	000 Tonnes	g/t	000 Oz Ag	Recovery %**
LaRonde	U/G	2,342	14.32	1,078	8,568	21.60	5,950	10,910	20.04	7,028	74.9
Pinos Altos	O/P	24	43.30	33	2,363	36.35	2,762	2,387	36.42	2,796	44.5
Pinos Altos	U/G	2,386	40.03	3,070	4,150	47.41	6,326	6,536	44.71	9,396	49.3
Pinos Altos Total		2,410	40.06	3,104	6,514	43.40	9,088	8,924	42.50	12,192
San Nicolás (50%)	O/P	23,858	23.93	18,356	28,761	20.91	19,333	52,619	22.28	37,689	38.2
Total Silver		28,609	24.50	22,538	43,843	24.38	34,371	72,453	24.43	56,909

COPPER	Mining Method*	000 Tonnes	%	tonnes Cu	000 Tonnes	%	tonnes Cu	000 Tonnes	%	tonnes Cu	Recovery %**
LaRonde	U/G	2,342	0.19	4,558	8,568	0.30	25,341	10,910	0.27	29,899	83.6
Akasaba West	O/P	203	0.44	890	4,823	0.50	24,262	5,025	0.50	25,153	83.6
Upper Beaver	U/G	—	—	—	7,992	0.25	19,980	7,992	0.25	19,980	90.0
San Nicolás (50%)	O/P	23,858	1.26	299,809	28,761	1.01	291,721	52,619	1.12	591,530	75.7
Total Copper		26,402	1.16	305,258	50,144	0.72	361,305	76,546	0.87	666,562

ZINC	Mining Method*	000 Tonnes	%	tonnes Zn	000 Tonnes	%	tonnes Zn	000 Tonnes	%	tonnes Zn	Recovery %**
LaRonde	U/G	2,342	0.62	14,424	8,568	1.08	92,164	10,910	0.98	106,588	69.2
San Nicolás (50%)	O/P	23,858	1.61	383,313	28,761	1.37	394,115	52,619	1.48	777,428	65.5
Total Zinc		26,199	1.52	397,736	37,330	1.30	486,280	63,529	1.39	884,016

*Underground (“U/G”), Open Pit ("O/P")

** Represents metallurgical recovery percentage

¹LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$91/t for LP1 and not less than C$192/t for LaRonde.

² LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.56 g/t.

³ Canadian Malartic: Gold cut-off grade not less than 0.34 g/t for Barnat pit.

⁴East Gouldie: Gold cut-off grade not less than 1.67 g/t.

⁵Odyssey deposits: Gold cut-off grade varies according to mining zone and depth, not less than 1.53 g/t.

⁶Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t.

⁷Akasaba West: Net smelter value cut-off varies, not less than C$33/t.

⁸Detour Lake: Gold cut-off grade not less than 0.30 g/t.

⁹Macassa mine: Gold cut-off grade varies according to mining type, not less than 3.71 g/t for long hole method and 4.41 g/t for cut and fill method.

¹⁰Macassa Near Surface: Gold cut-off grade not less than 4.33 g/t.

¹¹Amalgamated Kirkland (AK) deposit: Gold cut-off grade not less than 4.25 g/t.

¹²Upper Beaver: Net smelter value cut-off not less than C$125/t.

¹³Hammond Reef: Gold cut-off grade not less than 0.41 g/t.

¹⁴Amaruq: Gold cut-off grade varies according to mining type, not less than 1.14 g/t for open pit mineral reserves and 3.42 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.14 g/t).

¹⁵Meliadine: Gold cut-off grade varies according to mining type, not less than 1.80 g/t for open pit mineral reserves and 4.40 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.80 g/t).

¹⁶Hope Bay: Gold cut-off grade not less than 4.00 g/t.

¹⁷Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.80 g/t.

¹⁸Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.59 g/t.

¹⁹Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$9.33/t for open pit mineral reserves and US$49.93/t for the underground mineral reserves.

²⁰San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t.

MINERAL RESOURCES

As at December 31, 2023

OPERATION / PROJECT		MEASURED						INDICATED						MEASURED & INDICATED						INFERRED
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au
LaRonde	U/G		—		—		—		6,424		3.06		632		6,424		3.06		632		1,569		5.67		286
LaRonde Zone 5	U/G		—		—		—		10,594		2.27		774		10,594		2.27		774		10,437		3.38		1,134
LaRonde complex Total			—		—		—		17,018		2.57		1,407		17,018		2.57		1,407		12,006		3.68		1,420
Canadian Malartic	O/P		—		—		—		—		—		—		—		—		—		8,171		0.81		214
Odyssey	U/G		—		—		—		1,372		1.71		75		1,372		1.71		75		19,700		2.29		1,453
East Malartic	U/G		—		—		—		11,134		2.04		731		11,134		2.04		731		65,748		2.12		4,480
East Gouldie	U/G		—		—		—		4,853		1.56		244		4,853		1.56		244		45,239		2.29		3,331
Odyssey Project Total			—		—		—		17,358		1.88		1,050		17,358		1.88		1,050		130,687		2.20		9,263
Canadian Malartic Total			—		—		—		17,358		1.88		1,050		17,358		1.88		1,050		138,858		2.12		9,477
Goldex	U/G		12,360		1.86		739		18,837		1.50		907		31,197		1.64		1,646		16,154		1.68		871
Akasaba West	O/P		—		—		—		4,044		0.70		91		4,044		0.70		91		—		—		—
Wasamac	U/G		—		—		—		27,850		2.43		2,173		27,850		2.43		2,173		9,232		2.66		789
Quebec Total			12,360		1.86		739		85,109		2.06		5,628		97,468		2.03		6,367		176,249		2.22		12,558
Detour Lake	O/P		30,861		1.45		1,434		697,821		0.74		16,520		728,681		0.77		17,955		58,317		0.62		1,156
Detour Lake	U/G		—		—		—		—		—		—		—		—		—		21,811		2.23		1,561
Detour Lake Zone 58N	U/G		—		—		—		2,868		5.80		534		2,868		5.80		534		973		4.35		136
Detour Lake Total			30,861		1.45		1,434		700,688		0.76		17,055		731,549		0.79		18,489		81,101		1.09		2,853
Macassa	U/G		258		10.32		86		1,910		8.35		512		2,168		8.58		598		3,692		9.21		1,094
Macassa Near Surface	U/G		—		—		—		65		6.14		13		65		6.14		13		133		6.62		28
AK Project	U/G		—		—		—		163		6.95		37		163		6.95		37		282		5.69		52
Macassa Total			258		10.32		86		2,138		8.17		562		2,396		8.40		647		4,106		8.89		1,173
Aquarius	O/P		—		—		—		23,112		1.49		1,106		23,112		1.49		1,106		502		0.87		14
Holt complex	U/G		5,806		4.29		800		5,884		4.75		898		11,690		4.52		1,699		9,097		4.48		1,310
Anoki-McBean	U/G		—		—		—		3,919		2.77		349		3,919		2.77		349		867		3.84		107
Upper Beaver	U/G		—		—		—		3,636		3.45		403		3,636		3.45		403		8,688		5.07		1,416
Upper Canada	O/P		—		—		—		2,006		1.62		104		2,006		1.62		104		1,020		1.44		47
Upper Canada	U/G		—		—		—		8,433		2.28		618		8,433		2.28		618		17,588		3.21		1,816
Upper Canada Total			—		—		—		10,439		2.15		722		10,439		2.15		722		18,608		3.11		1,863
Hammond Reef	O/P		47,063		0.54		819		86,304		0.53		1,478		133,367		0.54		2,298		—		—		—
Ontario Total			83,988		1.16		3,140		836,119		0.84		22,574		920,107		0.87		25,713		122,968		2.21		8,736
Amaruq	O/P		—		—		—		4,758		2.62		401		4,758		2.62		401		236		2.87		22
Amaruq	U/G		—		—		—		8,544		4.37		1,199		8,544		4.37		1,199		3,938		4.75		602
Amaruq Total			—		—		—		13,302		3.74		1,600		13,302		3.74		1,600		4,173		4.65		623
Meadowbank complex Total			—		—		—		13,302		3.74		1,600		13,302		3.74		1,600		4,173		4.65		623
Meliadine	O/P		3		3.17		—		4,613		3.14		466		4,615		3.14		466		1,135		4.45		162
Meliadine	U/G		422		4.64		63		7,626		4.49		1,100		8,047		4.49		1,163		9,986		6.42		2,060
Meliadine Total			424		4.63		63		12,238		3.98		1,566		12,663		4.00		1,629		11,120		6.22		2,222

OPERATION / PROJECT		MEASURED			INDICATED			MEASURED & INDICATED			INFERRED
GOLD	Mining Method*	000 Tonnes	g/t	000 Oz Au	000 Tonnes	g/t	000 Oz Au	000 Tonnes	g/t	000 Oz Au	000 Tonnes	g/t	000 Oz Au
Hope Bay	U/G	—	—	—	10,734	3.64	1,255	10,734	3.64	1,255	12,110	5.41	2,108
Nunavut Total		424	4.63	63	36,274	3.79	4,421	36,699	3.80	4,485	27,404	5.62	4,953
Fosterville	O/P	820	2.81	74	1,771	3.87	220	2,591	3.53	294	326	2.72	29
Fosterville	U/G	262	3.99	34	8,758	4.20	1,184	9,019	4.20	1,218	9,693	4.60	1,433
Fosterville Total		1,082	3.10	108	10,528	4.15	1,404	11,610	4.05	1,512	10,019	4.54	1,461
Northern Territory	O/P	269	3.65	32	16,416	1.42	749	16,685	1.46	781	13,536	1.75	762
Northern Territory	U/G	—	—	—	5,115	5.39	887	5,115	5.39	887	4,284	4.45	613
Northern Territory Total		269	3.65	32	21,531	2.36	1,636	21,800	2.38	1,668	17,820	2.40	1,376
Australia Total		1,351	3.21	139	32,059	2.95	3,040	33,410	2.96	3,180	27,839	3.17	2,837
Kittilä	O/P	—	—	—	—	—	—	—	—	—	373	3.89	47
Kittilä	U/G	4,299	2.91	402	13,632	2.93	1,285	17,931	2.93	1,687	6,192	5.13	1,020
Kittilä Total		4,299	2.91	402	13,632	2.93	1,285	17,931	2.93	1,687	6,565	5.06	1,067
Barsele	O/P	—	—	—	3,178	1.08	111	3,178	1.08	111	2,260	1.25	91
Barsele	U/G	—	—	—	1,158	1.77	66	1,158	1.77	66	13,552	2.10	914
Barsele Total		—	—	—	4,335	1.27	176	4,335	1.27	176	15,811	1.98	1,005
Europe Total		4,299	2.91	402	17,967	2.53	1,461	22,266	2.60	1,863	22,376	2.88	2,072
Pinos Altos	O/P	—	—	—	1,266	1.03	42	1,266	1.03	42	445	1.27	18
Pinos Altos	U/G	—	—	—	10,394	1.92	643	10,394	1.92	643	1,431	1.87	86
Pinos Altos Total		—	—	—	11,659	1.83	685	11,659	1.83	685	1,876	1.73	104
La India	O/P	4,478	0.52	74	814	0.54	14	5,292	0.52	88	66	0.40	1
San Nicolás (50%)	O/P	261	0.08	1	3,037	0.20	19	3,297	0.19	20	2,468	0.13	10
Tarachi	O/P	—	—	—	19,290	0.58	361	19,290	0.58	361	242	0.52	4
Chipriona	O/P	—	—	—	10,983	0.92	326	10,983	0.92	326	976	0.66	21
El Barqueño Gold	O/P	—	—	—	8,834	1.16	331	8,834	1.16	331	9,628	1.13	351
Santa Gertrudis	O/P	—	—	—	19,267	0.91	563	19,267	0.91	563	9,819	1.36	429
Santa Gertrudis	U/G	—	—	—	—	—	—	—	—	—	9,079	3.44	1,004
Santa Gertrudis Total		—	—	—	19,267	0.91	563	19,267	0.91	563	18,898	2.36	1,433
Total Mexico		4,739	0.49	75	73,884	0.97	2,299	78,623	0.94	2,373	34,154	1.75	1,923
Total Gold		107,161	1.32	4,558	1,081,412	1.13	39,423	1,188,573	1.15	43,981	410,990	2.50	33,080

OPERATION / PROJECT		MEASURED			INDICATED			MEASURED & INDICATED			INFERRED
SILVER	Mining Method*	000 Tonnes	g/t	000 Oz Ag	000 Tonnes	g/t	000 Oz Ag	000 Tonnes	g/t	000 Oz Ag	000 Tonnes	g/t	000 Oz Ag
LaRonde	U/G	—	—	—	6,424	11.98	2,474	6,424	11.98	2,474	1,569	12.25	618
Pinos Altos	O/P	—	—	—	1,266	21.60	879	1,266	21.6	879	445	31.74	454
Pinos Altos	U/G	—	—	—	10,394	50.99	17,040	10,394	50.99	17,040	1,431	36.19	1,665
Pinos Altos Total		—	—	—	11,659	47.80	17,919	11,659	47.8	17,919	1,876	35.13	2,120
La India	O/P	4,478	2.72	391	814	2.61	68	5,292	2.7	460	66	2.18	5
San Nicolás (50%)	O/P	261	6.40	54	3,037	11.86	1,158	3,297	11.43	1,211	2,468	9.26	735
Chipriona	O/P	—	—	—	10,983	100.72	35,566	10,983	100.72	35,566	976	86.77	2,722
El Barqueño Silver	O/P	—	—	—	—	—	—	—	—	—	4,393	124.06	17,523
El Barqueño Gold	O/P	—	—	—	8,834	4.73	1,343	8,834	4.73	1,343	9,628	16.86	5,218
Santa Gertrudis	O/P	—	—	—	19,267	3.66	2,269	19,267	3.66	2,269	9,819	1.85	585
Santa Gertrudis	U/G	—	—	—	—	—	—	—	—	—	9,079	23.31	6,803
Santa Gertrudis Total		—	—	—	19,267	3.66	2,269	19,267	3.66	2,269	18,898	12.16	7,389
Total Silver		4,739	2.92	445	61,018	30.99	60,796	65,757	28.97	61,240	39,874	28.34	36,328

COPPER	Mining Method*	000 Tonnes	%	Tonnes Cu	000 Tonnes	%	Tonnes Cu	000 Tonnes	%	Tonnes Cu	000 Tonnes	%	Tonnes Cu
LaRonde	U/G	—	—	—	6,424	0.13	8,613	6,424	0.13	8,613	1,569	0.28	4,371
Akasaba West	O/P	—	—	—	4,044	0.43	17,270	4,044	0.43	17,270	—	—	—
Upper Beaver	U/G	—	—	—	3,636	0.14	5,135	3,636	0.14	5,135	8,688	0.20	17,284
San Nicolás (50%)	O/P	261	1.35	3,526	3,037	1.17	35,489	3,297	1.18	39,015	2,468	0.94	23,144
Chipriona	O/P	—	—	—	10,983	0.16	17,291	10,983	0.16	17,291	976	0.12	1,174
El Barqueño Gold	O/P	—	—	—	8,834	0.19	16,400	8,834	0.19	16,400	9,628	0.22	21,152
El Barqueño Silver	O/P	—	—	—	—	—	—	—	—	—	4,393	0.04	1,854
Total Copper		261	1.35	3,526	36,958	0.27	100,198	37,218	0.28	103,724	27,721	0.25	68,980

ZINC	Mining Method*	000 Tonnes	%	Tonnes Zn	000 Tonnes	%	Tonnes Zn	000 Tonnes	%	Tonnes Zn	000 Tonnes	%	Tonnes Zn
LaRonde	U/G	—	—	—	6,424	0.74	47,404	6,424	0.74	47,404	1,569	0.36	5,600
San Nicolás (50%)	O/P	261	0.39	1,012	3,037	0.71	21,618	3,297	0.69	22,630	2,468	0.62	15,355
Chipriona	O/P	—	—	—	10,983	0.83	91,637	10,983	0.83	91,637	976	0.73	7,073
Total Zinc		261	0.39	1,012	20,444	0.79	160,659	20,704	0.78	161,671	5,012	0.56	28,029

*Underground (“U/G”), Open Pit ("O/P")

Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company

	Metal Price for Mineral Reserve Estimation*
	Gold (US$/oz)	Silver (US$/oz)		Copper (US$/lb)		Zinc (US$/lb)
$	1,400	$	18.00	$	3.50	$	1.00

^*Exceptions: US$1,300 per ounce of gold used for Detour Lake; US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.

	Metal Price for Mineral Resource Estimation^*
Mines / Projects	Gold (US$/oz)		Silver (US$/oz)		Copper (US$/lb)		Zinc (US$/lb)
Operating mines and pipeline projects	$	1,650	$	22.50	$	3.75	$	1.25

^*Exceptions: US$1,500 per ounce of gold used for Detour Lake, Northern Territory and Holt complex; US$1,300 per ounce of gold used for Detour Zone 58N; US$1,400 per ounce of gold used for Canadian Malartic, US$1,688 per ounce of gold used for Hope Bay, Santa Gertrudis and Hammond Reef; US$1,667 per ounce of gold used for Upper Canada, El Barqueño; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; 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 used for El Barqueño; US$1,687 per ounce of gold used for Anoki-McBean and Tarachi; US$25.00 per ounce of silver used for Santa Gertrudis; US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.

Exchange rates*

C$ per US$1.00

Mexican peso per US$1.00

AUD per US$1.00

US$ per €1.00

1.30

MXP

18.00

AUD

1.36

EUR

1.10

^* Exceptions: exchange rate of CAD$1.25 per US$1.00 used for Upper Beaver, Upper Canada, Holt complex and Detour Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for Barsele; MXP17.00 per US$1.00 used for Tarachi.

The above metal price assumptions are below the three-year historic average (from January 1, 2021 to December 31, 2023) of approximately $1,853 per ounce of gold, $23.50 per ounce of silver, $4.03 per pound of copper and $1.38 per pound of zinc.

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 resources.

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 set 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 applied to a probable mineral reserve is lower than that applied 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 December 31, 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 – FINANCIAL INFORMATION

AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022⁽ⁱ⁾			2023			2022
Net income - key line items:
Revenue from mine operations:
Quebec
LaRonde mine		120,081			118,609			483,065			553,931
LaRonde Zone 5 mine		31,341			32,978			130,711			129,569
Canadian Malartic complex⁽ⁱⁱⁱ⁾		330,491			147,412			1,124,480			575,938
Goldex mine		62,999			60,319			272,801			250,512
Ontario
Detour Lake mine		351,020			303,878			1,262,839			1,188,741
Macassa mine		115,682			74,953			431,827			327,028
Nunavut
Meliadine mine		190,374			176,330			697,431			677,713
Meadowbank complex		241,697			171,094			858,209			645,021
Hope Bay project		—			—			—			144
Australia
Fosterville mine		98,177			139,098			552,468			645,371
Europe
Kittila mine		116,103			80,797			448,719			407,669
Mexico
Pinos Altos mine		56,649			50,960			212,876			199,830
Creston Mascota mine		—			427			—			4,476
La India mine		42,026			27,864			151,483			135,219
Revenues from mining operations	$	1,756,640		$	1,384,719		$	6,626,909		$	5,741,162
Production costs		777,455			666,877			2,933,263			2,643,321
Total operating margin⁽ⁱⁱ⁾		979,185			717,842			3,693,646			3,097,841
Amortization of property, plant and mine development		391,556			285,670			1,491,771			1,094,691
Impairment loss		787,000			55,000			787,000			55,000
Revaluation gain^(iv)		—			—			(1,543,414	)		—
Exploration, corporate and other		124,711			114,260			599,220			832,727
(Loss) Income before income and mining taxes		(324,082	)		262,912			2,359,069			1,115,423
Income and mining taxes expense		56,929			68,807			417,762			445,174
Net (loss) income for the period	$	(381,011	)	$	194,105		$	1,941,307		$	670,249
Net (loss) income per share — basic	$	(0.77	)	$	0.43		$	3.97		$	1.53
Net (loss) income per share — diluted	$	(0.77	)	$	0.43		$	3.95		$	1.53

Cash flows:
Cash provided by operating activities	$	727,861		$	380,500		$	2,601,562		$	2,096,636
Cash used in investing activities	$	(476,170	)	$	(412,685	)	$	(2,760,783	)	$	(710,458	)
Cash used in financing activities	$	(273,801	)	$	(134,703	)	$	(163,958	)	$	(914,853	)

Realized prices:
Gold (per ounce)	$	1,982		$	1,728		$	1,946		$	1,797
Silver (per ounce)	$	23.88		$	21.51		$	23.72		$	21.63
Zinc (per tonne)	$	2,503		$	2,979		$	2,702		$	3,440
Copper (per tonne)	$	7,998		$	8,206		$	8,544		$	8,381

AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Payable production^(v):
Gold (ounces):
Quebec
LaRonde mine		68,520		62,922		235,991		284,780
LaRonde Zone 5 mine		17,245		17,247		70,657		71,557
Canadian Malartic complex⁽ⁱⁱⁱ⁾		168,272		86,439		603,955		329,396
Goldex mine		33,364		36,291		140,983		141,502
Ontario
Detour Lake mine		193,475		179,737		677,446		651,182
Macassa mine		60,584		43,308		228,535		180,833
Nunavut
Meliadine mine		96,285		103,397		364,141		372,874
Meadowbank complex		109,226		94,328		431,666		373,785
Australia
Fosterville mine		49,533		88,634		277,694		338,327
Europe
Kittila mine		61,172		44,724		234,402		216,947
Mexico
Pinos Altos mine		25,963		25,291		97,642		96,522
Creston Mascota mine		88		451		638		2,630
La India mine		19,481		16,669		75,904		74,672
Total gold (ounces):		903,208		799,438		3,439,654		3,135,007

Silver (thousands of ounces)		655		542		2,408		2,292
Zinc (tonnes)		1,384		2,450		7,702		8,195
Copper (tonnes)		682		701		2,617		2,901

AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Payable metal sold^(vi):
Gold (ounces):
Quebec
LaRonde mine		54,043		59,565		226,538		281,495
LaRonde Zone 5 mine		16,042		18,747		68,174		72,184
Canadian Malartic complex⁽ⁱⁱⁱ⁾		165,518		84,697		570,558		317,192
Goldex mine		31,692		34,946		140,240		139,530
Ontario
Detour Lake mine		177,083		174,803		650,405		659,457
Macassa mine		58,100		43,197		222,530		181,516
Nunavut
Meliadine mine		96,320		102,933		358,485		377,711
Meadowbank complex		121,831		99,434		439,415		361,457
Hope Bay mine		—		—		—		98
Australia
Fosterville mine		49,000		81,750		284,250		356,335
Europe
Kittila mine		59,000		46,560		230,060		226,366
Mexico
Pinos Altos mine		25,000		26,080		96,134		99,033
Creston Mascota mine		—		240		—		2,344
La India mine		21,000		15,950		77,343		73,875
Total gold (ounces):		874,629		788,902		3,364,132		3,148,593

Silver (thousands of ounces)		634		585		2,354		2,354
Zinc (tonnes)		1,544		1,915		8,526		6,727
Copper (tonnes)		692		720		2,630		2,916

AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)

	Three Months Ended December 31,				Year Ended December 31,
	2023		2022		2023		2022
Total cash costs per ounce of gold produced — co-product basis^(vii):
Quebec
LaRonde mine	$	995	$	1,009	$	1,067	$	850
LaRonde Zone 5 mine		966		1,170		1,158		1,025
Canadian Malartic complex⁽ⁱⁱⁱ⁾		925		802		835		803
Goldex mine		887		765		822		765
Ontario
Detour Lake mine		695		678		738		663
Macassa mine		766		758		733		684
Nunavut
Meliadine mine		993		856		981		865
Meadowbank complex		1,193		1,424		1,183		1,216
Australia
Fosterville mine		723		415		489		379
Europe
Kittila mine		860		1,331		872		981
Mexico
Pinos Altos mine		1,502		1,471		1,509		1,477
Creston Mascota mine		—		1,098		—		853
La India mine		1,172		1,387		1,261		1,078
Weighted average total cash costs per ounce of gold produced	$	916	$	895	$	893	$	825

Total cash costs per ounce of gold produced — by-product basis^(vii):
Quebec
LaRonde mine	$	814	$	741	$	840	$	623
LaRonde Zone 5 mine		965		1,164		1,148		1,021
Canadian Malartic complex⁽ⁱⁱⁱ⁾		913		789		824		787
Goldex mine		877		765		820		765
Ontario
Detour Lake mine		691		674		735		657
Macassa mine		763		758		731		683
Nunavut
Meliadine mine		992		855		980		863
Meadowbank complex		1,186		1,418		1,176		1,210
Australia
Fosterville mine		723		414		488		378
Europe
Kittila mine		858		1,330		871		980
Mexico
Pinos Altos mine		1,210		1,255		1,229		1,249
Creston Mascota mine		—		1,030		—		793
La India mine		1,149		1,369		1,241		1,056
Weighted average total cash costs per ounce of gold produced	$	888	$	863	$	865	$	793

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 Reconciliation of non-GAAP Financial Performance Measures - Operating Margin and Note Regarding Certain Measures of Performance for more information on the Company's calculation and use of operating margin.
(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 Reconciliation of Non-GAAP Financial Performance Measures — Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne and Note Regarding 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
CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts, IFRS basis)
(Unaudited)

	As at			As at
	December 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	338,648		$	658,625
Trade receivables		8,148			8,579
Inventories		1,418,941			1,209,075
Income taxes recoverable		27,602			35,054
Fair value of derivative financial instruments		50,786			8,774
Other current assets		347,027			259,952
Total current assets		2,191,152			2,180,059
Non-current assets:
Goodwill		4,157,672			2,044,123
Property, plant and mine development		21,221,905			18,459,400
Investments		345,257			332,742
Deferred income and mining tax asset		53,796			11,574
Other assets		715,167			466,910
Total assets	$	28,684,949		$	23,494,808

LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities	$	750,380		$	672,503
Share based liabilities		24,316			15,148
Interest payable		14,226			16,496
Income taxes payable		81,222			4,187
Current portion of long-term debt		100,000			100,000
Reclamation provision		24,266			23,508
Lease obligations		46,394			36,466
Fair value of derivative financial instruments		7,222			78,114
Total current liabilities		1,048,026			946,422
Non-current liabilities:
Long-term debt		1,743,086			1,242,070
Reclamation provision		1,049,238			878,328
Lease obligations		115,154			114,876
Share based liabilities		11,153			17,277
Deferred income and mining tax liabilities		4,973,271			3,981,875
Other liabilities		322,106			72,615
Total liabilities		9,262,034			7,253,463

EQUITY
Common shares:
Outstanding — 497,970,524 common shares issued, less 671,083 shares held in trust		18,334,869			16,251,221
Stock options		201,755			197,430
Contributed surplus		22,074			23,280
Retained earnings (deficit)		963,172			(201,580	)
Other reserves		(98,955	)		(29,006	)
Total equity		19,422,915			16,241,345
Total liabilities and equity	$	28,684,949		$	23,494,808

AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(thousands of United States dollars, except per share amounts, IFRS basis)
(Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
				(Restated)⁽ⁱ⁾
REVENUES
Revenues from mining operations	$	1,756,640		$	1,384,719		$	6,626,909		$	5,741,162

COSTS, INCOME AND EXPENSES
Production⁽ⁱⁱ⁾		777,455			666,877			2,933,263			2,643,321
Exploration and corporate development		45,997			70,922			215,781			271,117
Amortization of property, plant and mine development		391,556			285,670			1,491,771			1,094,691
General and administrative		74,001			54,582			208,451			220,861
Finance costs		35,098			20,043			130,087			82,935
(Gain) loss on derivative financial instruments		(69,470	)		(83,771	)		(68,432	)		90,692
Impairment loss		787,000			55,000			787,000			55,000
Foreign currency translation loss (gain)		1,930			11,680			(328	)		(16,081	)
Care and maintenance		14,375			11,644			47,392			41,895
Revaluation gain⁽ⁱⁱⁱ⁾		—			—			(1,543,414	)		—
Other expenses		22,780			29,160			66,269			141,308
(Loss) income before income and mining taxes		(324,082	)		262,912			2,359,069			1,115,423
Income and mining taxes expense		56,929			68,807			417,762			445,174
Net (loss) income for the period	$	(381,011	)	$	194,105		$	1,941,307		$	670,249

Net (loss) income per share - basic	$	(0.77	)	$	0.43		$	3.97		$	1.53
Net (loss) income per share - diluted	$	(0.77	)	$	0.43		$	3.95		$	1.53
Adjusted net income per share - basic^(iv)	$	0.57		$	0.38		$	2.24		$	2.29
Adjusted net income per share - diluted^(iv)	$	0.57		$	0.38		$	2.23		$	2.28

Weighted average number of common shares outstanding (in thousands):
Basic		496,499			455,558			488,723			437,678
Diluted		497,076			456,439			489,913			438,533

Notes:
⁽ⁱ⁾Certain previously reported line items have been restated to reflect the final purchase price allocation of the Merger.
⁽ⁱⁱ⁾Exclusive of amortization, which is shown separately.
⁽ⁱⁱⁱ⁾Revaluation gain on the 50% interest previously owned in the Canadian Malartic complex.
^(iv)Adjusted net income is not a recognized measure under IFRS and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance and Reconciliation of Non-GAAP Financial Performance Measures in this News Release for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS measure.

AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars, IFRS basis)
(Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023			2022
				(Restated)⁽ⁱ⁾
OPERATING ACTIVITIES
Net (loss) income for the period	$	(381,011	)	$	194,105		$	1,941,307		$	670,249
Add (deduct) adjusting items:
Amortization of property, plant and mine development		391,556			285,670			1,491,771			1,094,691
Revaluation gain⁽ⁱⁱ⁾		—			—			(1,543,414	)		—
Deferred income and mining taxes		(18,948	)		33,156			52,041			168,098
Unrealized (gain) loss on currency and commodity derivatives		(78,016	)		(109,816	)		(112,904	)		59,556
Unrealized loss (gain) on warrants		2,100			(4,674	)		11,198			9,820
Stock-based compensation		33,087			5,558			71,553			48,570
Impairment loss		787,000			55,000			787,000			55,000
Foreign currency translation loss (gain)		1,930			11,680			(328	)		(16,081	)
Other		41,315			23,518			61,345			40,276
Adjustment for settlement of reclamation provision		(1,534	)		(8,660	)		(11,611	)		(14,311	)
Changes in non-cash working capital balances:
Trade receivables		(579	)		(2,430	)		7,458			12,110
Income taxes		21,870			(39,513	)		103,850			(35,010	)
Inventories		(24,170	)		(54,978	)		(169,168	)		(46,236	)
Other current assets		6,595			33,650			(88,389	)		(10,756	)
Accounts payable and accrued liabilities		(48,649	)		(38,490	)		2,778			59,460
Interest payable		(4,685	)		(3,276	)		(2,925	)		1,200
Cash provided by operating activities		727,861			380,500			2,601,562			2,096,636

INVESTING ACTIVITIES
Additions to property, plant and mine development		(425,742	)		(400,831	)		(1,654,129	)		(1,538,237	)
Yamana transaction, net of cash and cash equivalents		—			—			(1,000,617	)		—
Contributions for acquisition of mineral assets		—			—			(10,950	)		—
Cash and cash equivalents acquired in Kirkland acquisition		—			—			—			838,732
Purchases of equity securities and other investments		(52,612	)		(10,574	)		(104,738	)		(47,364	)
Proceeds from loan repayment		—			—			—			40,000
Other investing activities		2,184			(1,280	)		9,651			(3,589	)
Cash used in investing activities		(476,170	)		(412,685	)		(2,760,783	)		(710,458	)

FINANCING ACTIVITIES
Proceeds from Credit Facility		200,000			—			1,300,000			100,000
Repayment of Credit Facility		(300,000	)		—			(1,300,000	)		(100,000	)
Proceeds from Term Loan Facility, net of financing costs		—			—			598,958			—
Repayment of Senior Notes		—			—			(100,000	)		(225,000	)
Repayment of lease obligations		(11,956	)		(8,676	)		(47,589	)		(33,701	)
Dividends paid		(155,962	)		(143,603	)		(638,642	)		(608,307	)
Repurchase of common shares		(30,653	)		(4,999	)		(47,003	)		(109,955	)
Proceeds on exercise of stock options		16,854			17,837			40,377			41,845
Common shares issued		7,916			4,738			29,941			20,265
Cash used in financing activities		(273,801	)		(134,703	)		(163,958	)		(914,853	)
Effect of exchange rate changes on cash and cash equivalents		5,267			3,755			3,202			1,514
Net (decrease) increase in cash and cash equivalents during the period		(16,843	)		(163,133	)		(319,977	)		472,839
Cash and cash equivalents, beginning of period		355,491			821,758			658,625			185,786
Cash and cash equivalents, end of period	$	338,648		$	658,625		$	338,648		$	658,625

SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	$	31,736		$	20,051		$	104,845		$	67,510
Income and mining taxes paid	$	82,856		$	78,526		$	290,525		$	316,743

Notes:

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

⁽ⁱⁱ⁾Revaluation gain on the 50% interest the Company 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 Regarding 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 consolidated statements of (loss) income in accordance with IFRS.

Total Production Costs by Mine

	Three Months Ended December 31,				Year Ended December 31,
(thousands of United States dollars)	2023		2022		2023		2022
Quebec
LaRonde mine	$	47,867	$	49,692	$	218,020	$	213,393
LaRonde Zone 5 mine		18,922		20,164		81,624		72,096
LaRonde complex		66,789		69,856		299,644		285,489
Canadian Malartic complex⁽ⁱ⁾		138,878		63,877		465,814		235,735
Goldex mine		27,222		24,786		112,022		103,830
Ontario
Detour Lake mine		120,284		118,573		453,498		489,703
Macassa mine		42,678		30,926		155,046		129,774
Nunavut
Meliadine mine		94,429		81,246		343,650		318,141
Meadowbank complex		142,597		128,692		524,008		442,681
Australia
Fosterville mine		31,329		34,131		131,298		204,649
Europe
Kittila mine		50,657		56,273		205,857		210,661
Mexico
Pinos Altos mine		38,158		37,567		145,936		144,489
Creston Mascota mine		—		200		—		1,943
La India mine		24,434		20,750		96,490		76,226
Production costs per the consolidated statements of (loss) income	$	777,455	$	666,877	$	2,933,263	$	2,643,321

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 December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					68,520						62,922						235,991						284,780
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	47,867		$	699		$	49,692		$	790		$	218,020		$	924		$	213,393		$	749
Inventory adjustments⁽ⁱⁱ⁾		16,114			235			3,878			62			13,448			57			6,569			23
Realized gains and losses on hedges of production costs		801			12			5,439			86			2,966			13			6,879			24
Other adjustments^(v)		3,397			49			4,504			71			17,478			73			15,331			54
Cash operating costs (co-product basis)	$	68,179		$	995		$	63,513		$	1,009		$	251,912		$	1,067		$	242,172		$	850
By-product metal revenues		(12,378	)		(181	)		(16,877	)		(268	)		(53,694	)		(227	)		(64,654	)		(227	)
Cash operating costs (by-product basis)	$	55,801		$	814		$	46,636		$	741		$	198,218		$	840		$	177,518		$	623

LaRonde mine Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					400						377						1,501						1,670
		(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)
Production costs	$	47,867		$	120		$	49,692		$	132		$	218,020		$	145		$	213,393		$	128
Production costs (C$)	C$	64,965		C$	162		C$	67,121		C$	178		C$	293,627		C$	196		C$	278,014		C$	166
Inventory adjustments (C$)⁽ⁱⁱ⁾		21,956			55			4,988			13			20,501			14			5,360			3
Other adjustments (C$)^(v)		(3,795	)		(9	)		(3,003	)		(8	)		(12,990	)		(9	)		(12,208	)		(7	)
Minesite operating costs (C$)	C$	83,126		C$	208		C$	69,106		C$	183		C$	301,138		C$	201		C$	271,166		C$	162

LaRonde Zone 5 mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					17,245						17,247						70,657						71,557
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	18,922		$	1,097		$	20,164		$	1,169		$	81,624		$	1,155		$	72,096		$	1,008
Inventory adjustments⁽ⁱⁱ⁾		(3,367	)		(195	)		(1,302	)		(75	)		(3,494	)		(49	)		(503	)		(7	)
Realized gains and losses on hedges of production costs		266			15			1,267			73			988			14			1,602			22
Other adjustments^(v)		841			49			54			3			2,705			38			136			2
Cash operating costs (co-product basis)	$	16,662		$	966		$	20,183		$	1,170		$	81,823		$	1,158		$	73,331		$	1,025
By-product metal revenues		(13	)		(1	)		(105	)		(6	)		(711	)		(10	)		(259	)		(4	)
Cash operating costs (by-product basis)	$	16,649		$	965		$	20,078		$	1,164		$	81,112		$	1,148		$	73,072		$	1,021

LaRonde Zone 5 mine Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					263						281						1,157						1,146
		(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)
Production costs	$	18,922		$	72		$	20,164		$	72		$	81,624		$	71		$	72,096		$	63
Production costs (C$)	C$	25,644		C$	98		C$	27,123		C$	97		C$	109,991		C$	95		C$	93,655		C$	82
Inventory adjustments (C$)⁽ⁱⁱ⁾		(4,542	)		(18	)		(1,548	)		(6	)		(4,717	)		(4	)		(289	)		(1	)
Minesite operating costs (C$)	C$	21,102		C$	80		C$	25,575		C$	91		C$	105,274		C$	91		C$	93,366		C$	81

LaRonde complex Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					85,765						80,169						306,648						356,337
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	66,789		$	779		$	69,856		$	871		$	299,644		$	977		$	285,489		$	801
Inventory adjustments⁽ⁱⁱ⁾		12,747			149			2,576			32			9,954			32			6,066			17
Realized gains and losses on hedges of production costs		1,067			12			6,706			84			3,954			13			8,481			24
Other adjustments^(v)		4,238			49			4,558			57			20,183			66			15,467			43
Cash operating costs (co-product basis)	$	84,841		$	989		$	83,696		$	1,044		$	333,735		$	1,088		$	315,503		$	885
By-product metal revenues		(12,391	)		(144	)		(16,982	)		(212	)		(54,405	)		(177	)		(64,913	)		(182	)
Cash operating costs (by-product basis)	$	72,450		$	845		$	66,714		$	832		$	279,330		$	911		$	250,590		$	703

LaRonde complex Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					663						658						2,658						2,816
		(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)
Production costs	$	66,789		$	101		$	69,856		$	106		$	299,644		$	113		$	285,489		$	101
Production costs (C$)	C$	90,609		C$	137		C$	94,244		C$	143		C$	403,618		C$	152		C$	371,669		C$	132
Inventory adjustments (C$)⁽ⁱⁱ⁾		17,414			26			3,440			5			15,784			6			5,071			1
Other adjustments (C$)^(v)		(3,795	)		(6	)		(3,003	)		(4	)		(12,990	)		(5	)		(12,208	)		(4	)
Minesite operating costs (C$)	C$	104,228		C$	157		C$	94,681		C$	144		C$	406,412		C$	153		C$	364,532		C$	129

Canadian Malartic complex Per Ounce of Gold Produced⁽ⁱ⁾	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					168,272						86,439						603,955						329,396
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	138,878		$	825		$	63,877		$	739		$	465,814		$	771		$	235,735		$	716
Inventory adjustments⁽ⁱⁱ⁾		(2,794	)		(17	)		(2,289	)		(26	)		4,738			8			(1,867	)		(6	)
Purchase price allocation to inventory^(iv)		—			—			—			—			(26,447	)		(44	)		—			—
Other adjustments^(v)		19,518			117			7,717			89			60,149			100			30,568			93
Cash operating costs (co-product basis)	$	155,602		$	925		$	69,305		$	802		$	504,254		$	835		$	264,436		$	803
By-product metal revenues		(1,974	)		(12	)		(1,115	)		(13	)		(6,732	)		(11	)		(5,087	)		(16	)
Cash operating costs (by-product basis)	$	153,628		$	913		$	68,190		$	789		$	497,522		$	824		$	259,349		$	787

Canadian Malartic complex Per Tonne⁽ⁱ⁾	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022				Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					5,278					2,475					17,333					9,770
		(thousands)			($ per tonne)			(thousands)		($ per tonne)		(thousands)			($ per tonne)			(thousands)		($ per tonne)
Production costs	$	138,878		$	26		$	63,877	$	26	$	465,814		$	27		$	235,735	$	24
Production costs (C$)	C$	187,945		C$	36		C$	84,510	C$	34	C$	627,946		C$	36		C$	302,734	C$	31
Inventory adjustments (C$)⁽ⁱⁱ⁾		(3,901	)		(1	)		208		—		6,919			—			902		—
Purchase price allocation to inventory (C$)^(iv)		—			—			—		—		(34,555	)		(2	)		—		—
Other adjustments (C$)^(v)		26,457			5			7,048		3		79,962			5			35,981		4
Minesite operating costs (C$)	C$	210,501		C$	40		C$	91,766	C$	37	C$	680,272		C$	39		C$	339,617	C$	35

Goldex mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022					Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					33,364						36,291					140,983						141,502
		(thousands)			($ per ounce)			(thousands)			($ per ounce)		(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	27,222		$	816		$	24,786		$	683	$	112,022		$	795		$	103,830		$	734
Inventory adjustments⁽ⁱⁱ⁾		1,666			50			533			15		1,650			11			1,227			9
Realized gains and losses on hedges of production costs		525			16			2,410			66		1,944			14			3,048			21
Other adjustments^(v)		187			5			44			1		336			2			199			1
Cash operating costs (co-product basis)	$	29,600		$	887		$	27,773		$	765	$	115,952		$	822		$	108,304		$	765
By-product metal revenues		(340	)		(10	)		(17	)		—		(378	)		(2	)		(48	)		—
Cash operating costs (by-product basis)	$	29,260		$	877		$	27,756		$	765	$	115,574		$	820		$	108,256		$	765

Goldex mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022				Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)				672				748				2,887				2,940
		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)		($ per tonne)
Production costs	$	27,222	$	40	$	24,786	$	33	$	112,022	$	39	$	103,830	$	35
Production costs (C$)	C$	37,043	C$	55	C$	33,532	C$	45	C$	151,185	C$	52	C$	135,084	C$	46
Inventory adjustments (C$)⁽ⁱⁱ⁾		2,224		3		802		1		2,189		1		1,818		1
Minesite operating costs (C$)	C$	39,267	C$	58	C$	34,334	C$	46	C$	153,374	C$	53	C$	136,902	C$	47

Detour Lake mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					193,475						179,737						677,446						651,182
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	120,284		$	622		$	118,573		$	660		$	453,498		$	669		$	489,703		$	752
Inventory adjustments⁽ⁱⁱ⁾		4,695			24			(183	)		(1	)		8,232			12			(8,195	)		(13	)
Realized gains and losses on hedges of production costs		302			2			—			—			4,867			8			—			—
Purchase price allocation to inventory^(iv)		—			—			(2,552	)		(14	)		—			—			(74,509	)		(113	)
Other adjustments^(v)		9,101			47			6,095			33			33,149			49			24,483			37
Cash operating costs (co-product basis)	$	134,382		$	695		$	121,933		$	678		$	499,746		$	738		$	431,482		$	663
By-product metal revenues		(598	)		(4	)		(756	)		(4	)		(2,073	)		(3	)		(3,712	)		(6	)
Cash operating costs (by-product basis)	$	133,784		$	691		$	121,177		$	674		$	497,673		$	735		$	427,770		$	657

Detour Lake mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022						Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)				6,608					6,488					25,435					22,782
		(thousands)		($ per tonne)		(thousands)			($ per tonne)			(thousands)		($ per tonne)		(thousands)			($ per tonne)
Production costs	$	120,284	$	18	$	118,573		$	18		$	453,498	$	18	$	489,703		$	21
Production costs (C$)	C$	163,230	C$	25	C$	161,425		C$	25		C$	611,244	C$	24	C$	637,567		C$	28
Inventory adjustments (C$)⁽ⁱⁱ⁾		6,291		1		277			—			11,038		—		(8,782	)		—
Purchase price allocation to inventory(C$)^(iv)		—		—		(3,474	)		(1	)		—		—		(95,791	)		(4	)
Other adjustments (C$)^(v)		10,838		1		8,230			1			39,323		2		31,917			1
Minesite operating costs (C$)	C$	180,359	C$	27	C$	166,458		C$	25		C$	661,605	C$	26	C$	564,911		C$	25

Macassa mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022					Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					60,584						43,308					228,535						180,833
		(thousands)			($ per ounce)			(thousands)			($ per ounce)		(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	42,678		$	704		$	30,926		$	714	$	155,046		$	678		$	129,774		$	718
Inventory adjustments⁽ⁱⁱ⁾		985			16			586			14		1,382			6			38			—
Realized gains and losses on hedges of production costs		844			14			—			—		3,127			14			—			—
Purchase price allocation to inventory^(iv)		—			—			—			—		—			—			(10,326	)		(57	)
Other adjustments^(v)		1,908			32			1,315			30		8,041			35			4,237			23
Cash operating costs (co-product basis)	$	46,415		$	766		$	32,827		$	758	$	167,596		$	733		$	123,723		$	684
By-product metal revenues		(166	)		(3	)		(22	)		—		(649	)		(2	)		(298	)		(1	)
Cash operating costs (by-product basis)	$	46,249		$	763		$	32,805		$	758	$	166,947		$	731		$	123,425		$	683

Macassa mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022				Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)				131				70				442					280
		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)			($ per tonne)
Production costs	$	42,678	$	327	$	30,926	$	442	$	155,046	$	351	$	129,774		$	463
Production costs (C$)	C$	58,184	C$	445	C$	41,578	C$	594	C$	209,928	C$	475	C$	168,400		C$	602
Inventory adjustments (C$)⁽ⁱⁱ⁾		1,078		9		852		12		1,836		4		533			2
Purchase price allocation to inventory(C$)^(iv)		—		—		—		—		—		—		(13,248	)		(47	)
Other adjustments (C$)^(v)		2,472		19		1,791		26		10,517		24		5,538			20
Minesite operating costs (C$)	C$	61,734	C$	473	C$	44,221	C$	632	C$	222,281	C$	503	C$	161,223		C$	577

Meliadine mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					96,285						103,397						364,141						372,874
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	94,429		$	981		$	81,246		$	786		$	343,650		$	944		$	318,141		$	853
Inventory adjustments⁽ⁱⁱ⁾		(619	)		(6	)		2,293			22			11,898			33			653			2
Realized gains and losses on hedges of production costs		1,745			17			4,937			48			1,682			4			3,500			9
Other adjustments^(v)		82			1			70			—			128			—			313			1
Cash operating costs (co-product basis)	$	95,637		$	993		$	88,546		$	856		$	357,358		$	981		$	322,607		$	865
By-product metal revenues		(154	)		(1	)		(181	)		(1	)		(630	)		(1	)		(753	)		(2	)
Cash operating costs (by-product basis)	$	95,483		$	992		$	88,365		$	855		$	356,728		$	980		$	321,854		$	863

Meliadine mine Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022				Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					511					475				1,918				1,757
		(thousands)			($ per tonne)			(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)		($ per tonne)
Production costs	$	94,429		$	185		$	81,246	$	171	$	343,650	$	179	$	318,141	$	181
Production costs (C$)	C$	128,156		C$	251		C$	107,318		C$226	C$	462,052	C$	241	C$	407,871	C$	232
Inventory adjustments (C$)⁽ⁱⁱ⁾		(863	)		(2	)		3,512		7		16,188		8		2,510		2
Minesite operating costs (C$)	C$	127,293		C$	249		C$	110,830		C$233	C$	478,240	C$	249	C$	410,381	C$	234

Meadowbank complex Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					109,226						94,328						431,666						373,785
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	142,597		$	1,306		$	128,692		$	1,364		$	524,008		$	1,214		$	442,681		$	1,184
Inventory adjustments⁽ⁱⁱ⁾		(14,484	)		(133	)		2,505			27			(12,021	)		(28	)		14,807			40
Realized gains and losses on hedges of production costs		2,297			21			3,067			33			(1,205	)		(3	)		(1,691	)		(4	)
Operational care & maintenance due to COVID-19⁽ⁱⁱⁱ⁾		—			—			—			—			—			—			(1,436	)		(4	)
Other adjustments^(v)		(69	)		(1	)		21			—			(19	)		—			34			—
Cash operating costs (co-product basis)	$	130,341		$	1,193		$	134,285		$	1,424		$	510,763		$	1,183		$	454,395		$	1,216
By-product metal revenues		(837	)		(7	)		(558	)		(6	)		(2,958	)		(7	)		(2,127	)		(6	)
Cash operating costs (by-product basis)	$	129,504		$	1,186		$	133,727		$	1,418		$	507,805		$	1,176		$	452,268		$	1,210

Meadowbank complex Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)					938						923						3,843						3,739
		(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)			(thousands)			($ per tonne)
Production costs	$	142,597		$	152		$	128,692		$	139		$	524,008		$	136		$	442,681		$	118
Production costs (C$)	C$	192,897		C$	206		C$	176,450		C$	191		C$	702,879		C$	183		C$	574,895		C$	154
Inventory adjustments (C$)⁽ⁱⁱ⁾		(19,533	)		(21	)		(4,493	)		(5	)		(15,934	)		(4	)		12,203			3
Operational care and maintenance due to COVID-19 (C$)⁽ⁱⁱⁱ⁾		—			—			—			—			—			—			(1,793	)		—
Minesite operating costs (C$)	C$	173,364		C$	185		C$	171,957		C$	186		C$	686,945		C$	179		C$	585,305		C$	157

Fosterville mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)				49,533					88,634						277,694						338,327
		(thousands)		($ per ounce)		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	31,329	$	632	$	34,131		$	385		$	131,298		$	473		$	204,649		$	605
Inventory adjustments⁽ⁱⁱ⁾		3,137		64		2,694			30			1,345			5			(2,691	)		(8	)
Realized gains and losses on hedges of production costs		1,319		27		—			—			3,097			11			—			—
Purchase price allocation to inventory^(iv)		—		—		—			—			—			—			(73,674	)		(218	)
Other adjustments^(v)		6		—		—			—			52			—			—			—
Cash operating costs (co-product basis)	$	35,791	$	723	$	36,825		$	415		$	135,792		$	489		$	128,284		$	379
By-product metal revenues		—		—		(126	)		(1	)		(397	)		(1	)		(527	)		(1	)
Cash operating costs (by-product basis)	$	35,791	$	723	$	36,699		$	414		$	135,395		$	488		$	127,757		$	378

Fosterville mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022				Year Ended December 31, 2023						Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)				183				139					651						524
		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)			($ per tonne)			(thousands)			($ per tonne)
Production costs	$	31,329	$	171	$	34,131	$	246	$	131,298		$	202		$	204,649		$	391
Production costs (A$)	A$	47,265	A$	259	A$	51,995	A$	370	A$	197,921		A$	304		A$	293,875		A$	561
Inventory adjustments (A$)⁽ⁱⁱ⁾		384		2		4,186		29		(2,155	)		(3	)		(3,045	)		(6	)
Purchase price allocation to inventory(A$)^(iv)		—		—		—		—		—			—			(104,507	)		(199	)
Minesite operating costs (A$)	A$	47,649	A$	261	A$	56,181	A$	399	A$	195,766		A$	301		A$	186,323		A$	356

Kittila mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					61,172						44,724						234,402						216,947
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	50,657		$	828		$	56,273		$	1,258		$	205,857		$	878		$	210,661		$	971
Inventory adjustments⁽ⁱⁱ⁾		2,653			43			1,070			24			2,958			13			(5,349	)		(25	)
Realized gains and losses on hedges of production costs		(653	)		(11	)		2,033			45			(2,999	)		(13	)		7,329			34
Other adjustments^(v)		(45	)		—			163			4			(1,338	)		(6	)		274			1
Cash operating costs (co-product basis)	$	52,612		$	860		$	59,539		$	1,331		$	204,478		$	872		$	212,915		$	981
By-product metal revenues		(145	)		(2	)		(76	)		(1	)		(358	)		(1	)		(295	)		(1	)
Cash operating costs (by-product basis)	$	52,467		$	858		$	59,463		$	1,330		$	204,120		$	871		$	212,620		$	980

Kittila mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022				Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore milled (thousands of tonnes)				514				421				1,954					1,925
		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)		($ per tonne)		(thousands)			($ per tonne)
Production costs	$	50,657	$	99	$	56,273	$	134	$	205,857	$	105	$	210,661		$	109
Production costs (€)	€	46,950	€	91	€	54,500	€	129	€	191,023	€	98	€	198,484		€	103
Inventory adjustments (€)⁽ⁱⁱ⁾		2,240		5		1,008		3		2,112		1		(3,853	)		(2	)
Minesite operating costs (€)	€	49,190	€	96	€	55,508	€	132	€	193,135	€	99	€	194,631		€	101

Pinos Altos mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					25,963						25,291						97,642						96,522
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	38,158		$	1,470		$	37,567		$	1,485		$	145,936		$	1,495		$	144,489		$	1,497
Inventory adjustments⁽ⁱⁱ⁾		1,241			48			(499	)		(20	)		2,979			31			(2,295	)		(24	)
Realized gains and losses on hedges of production costs		(754	)		(29	)		(176	)		(7	)		(2,819	)		(29	)		(879	)		(9	)
Other adjustments^(v)		346			13			312			13			1,248			12			1,235			13
Cash operating costs (co-product basis)	$	38,991		$	1,502		$	37,204		$	1,471		$	147,344		$	1,509		$	142,550		$	1,477
By-product metal revenues		(7,585	)		(292	)		(5,467	)		(216	)		(27,339	)		(280	)		(21,983	)		(228	)
Cash operating costs (by-product basis)	$	31,406		$	1,210		$	31,737		$	1,255		$	120,005		$	1,229		$	120,567		$	1,249

Pinos Altos mine Per Tonne	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022						Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore processed (thousands of tonnes)				441					382					1,656					1,510
		(thousands)		($ per tonne)		(thousands)			($ per tonne)			(thousands)		($ per tonne)		(thousands)			($ per tonne)
Production costs	$	38,158	$	87	$	37,567		$	98		$	145,936	$	88	$	144,489		$	96
Inventory adjustments⁽ⁱⁱ⁾		487		1		(499	)		(1	)		160		—		(2,295	)		(2	)
Minesite operating costs	$	38,645	$	88	$	37,068		$	97		$	146,096	$	88	$	142,194		$	94

Creston Mascota mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022						Year Ended December 31, 2023				Year Ended December 31, 2022
Gold production (ounces)				88					451					638					2,630
		(thousands)		($ per ounce)		(thousands)			($ per ounce)			(thousands)		($ per ounce)		(thousands)			($ per ounce)
Production costs	$	—	$	—	$	200		$	443		$	—	$	—	$	1,943		$	739
Inventory adjustments⁽ⁱⁱ⁾		—		—		279			622			—		—		222			84
Other adjustments^(v)		—		—		15			33			—		—		78			30
Cash operating costs (co-product basis)	$	—	$	—	$	494		$	1,098		$	—	$	—	$	2,243		$	853
By-product metal revenues		—		—		(30	)		(68	)		—		—		(158	)		(60	)
Cash operating costs (by-product basis)	$	—	$	—	$	464		$	1,030		$	—	$	—	$	2,085		$	793

Creston Mascota mine Per Tonne^(vi)	Three Months Ended December 31, 2023				Three Months Ended December 31, 2022					Year Ended December 31, 2023				Year Ended December 31, 2022
Tonnes of ore processed (thousands of tonnes)			—					—				—					—
	(thousands)		($ per tonne)		(thousands)			($ per tonne)		(thousands)		($ per tonne)		(thousands)			($ per tonne)
Production costs	$	—	$	—	$	200		$	—	$	—	$	—	$	1,943		$	—
Inventory adjustments⁽ⁱⁱ⁾		—		—		279			—		—		—		222			—
Other adjustments^(v)		—		—		(479	)		—		—		—		(2,165	)		—
Minesite operating costs	$	—	$	—	$	—		$	—	$	—	$	—	$	—		$	—

La India mine Per Ounce of Gold Produced	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022						Year Ended December 31, 2023						Year Ended December 31, 2022
Gold production (ounces)					19,481						16,669						75,904						74,672
		(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)			(thousands)			($ per ounce)
Production costs	$	24,434		$	1,254		$	20,750		$	1,245		$	96,490		$	1,271		$	76,226		$	1,021
Inventory adjustments⁽ⁱⁱ⁾		(1,782	)		(91	)		2,187			131			(1,335	)		(18	)		3,598			48
Other adjustments^(v)		182			9			176			11			584			8			699			9
Cash operating costs (co-product basis)	$	22,834		$	1,172		$	23,113		$	1,387		$	95,739		$	1,261		$	80,523		$	1,078
By-product metal revenues		(449	)		(23	)		(290	)		(18	)		(1,566	)		(20	)		(1,689	)		(22	)
Cash operating costs (by-product basis)	$	22,385		$	1,149		$	22,823		$	1,369		$	94,173		$	1,241		$	78,834		$	1,056

La India mine Per Tonne	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022				Year Ended December 31, 2023					Year Ended December 31, 2022
Tonnes of ore processed (thousands of tonnes)					500					1,138					3,010				5,102
		(thousands)			($ per tonne)			(thousands)		($ per tonne)		(thousands)			($ per tonne)		(thousands)		($ per tonne)
Production costs	$	24,434		$	49		$	20,750	$	18	$	96,490		$	32	$	76,226	$	15
Inventory adjustments⁽ⁱⁱ⁾		(1,782	)		(4	)		2,187		2		(1,335	)		—		3,598		1
Minesite operating costs	$	22,652		$	45		$	22,937	$	20	$	95,155		$	32	$	79,824	$	16

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.

^(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 year ended December 31, 2022 and December 31, 2021 excludes approximately $0.5 and $2.2 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^(iv) and All-in Sustaining Costs per Ounce of Gold Produced^(iv)

Refer to Note Regarding 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 three and twelve months ended December 31, 2023 and December 31, 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 December 31,						Year Ended December 31,
(United States dollars per ounce of gold produced, except where noted)	2023			2022			2023			2022
Production costs per the consolidated statements of (loss) income (thousands of United States dollars)	$	777,455		$	666,877		$	2,933,263		$	2,643,321
Gold production (ounces)		903,208			799,436			3,439,654			3,135,007
Production costs per ounce of adjusted gold production	$	861		$	834		$	853		$	843
Adjustments:
Inventory adjustments⁽ⁱ⁾		8			15			9			2
Purchase price allocation to inventory⁽ⁱⁱ⁾		—			(3	)		(8	)		(51	)
Realized gains and losses on hedges of production costs		7			24			3			6
Other⁽ⁱⁱⁱ⁾		40			25			36			25
Total cash costs per ounce of gold produced (co-product basis)^(iv)	$	916		$	895		$	893		$	825
By-product metal revenues		(28	)		(32	)		(28	)		(32	)
Total cash costs per ounce of gold produced (by-product basis)^(iv)	$	888		$	863		$	865		$	793
Adjustments:
Sustaining capital expenditures (including capitalized exploration)		239			284			235			232
General and administrative expenses (including stock option expense)		82			68			61			70
Non-cash reclamation provision and sustaining leases^(v)		18			16			18			14
All-in sustaining costs per ounce of gold produced (by-product basis)	$	1,227		$	1,231		$	1,179		$	1,109
By-product metal revenues		28			32			28			32
All-in sustaining costs per ounce of gold produced (co-product basis)	$	1,255		$	1,263		$	1,207		$	1,141

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 the 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⁾	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.
^(iv)	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. Note Regarding Certain Measures of Performance for more information on the Company’s use of total cash cost per ounce of gold produced.
^(v)	Sustaining leases are lease payments related to sustaining assets.

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

Refer to Note Regarding 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 sustaining capital expenditures and development capital expenditures.

The following tables set out a reconciliation of sustaining capital expenditures and development capital expenditures to the additions to property, plant and mine development per the consolidated statements of cash flows for the three and twelve months ended December 31, 2023 and December 31, 2022.

	Three Months Ended December 31,						Year Ended December 31,
	2023			2022			2023		2022
Sustaining capital expenditures^(i)(ii)	$	214,757		$	227,040		$	807,607	$	733,546
Development capital expenditures^(i)(ii)		221,904			230,134			793,261		803,354
Total Capital Expenditures	$	436,661		$	457,174		$	1,600,868	$	1,536,900
Working capital adjustments		(10,919	)		(56,343	)		53,261		1,337
Additions to property, plant and mine development per the consolidated statements of cash flows	$	425,742		$	400,831		$	1,654,129	$	1,538,237

Notes:

⁽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 Regarding 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⁽ⁱ⁾

The following tables set out a reconciliation of long-term debt per the consolidated balance sheets to net debt as at December 31, 2023 and December 31, 2022.

	As at			As at
	December 31, 2023			December 31, 2022
Current portion of long-term debt per the consolidated balance sheets	$	100,000		$	100,000
Non-current portion of long-term debt		1,743,086			1,242,070
Long-term debt	$	1,843,086		$	1,342,070
Adjustment:
Cash and cash equivalents	$	(338,648	)	$	(658,625	)
Net Debt⁽ⁱ⁾	$	1,504,438		$	683,445

Note:

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

Reconciliation of Adjusted Net Income⁽ⁱ⁾ to Net Income

The following tables set out a reconciliation of net (loss) income per the consolidated statements of (loss) income to adjusted net income for the three and twelve months ended December 31, 2023 and December 31, 2022.

	Three Months Ended December 31,						Year Ended December 31,
(thousands of United States dollars)	2023			2022⁽ⁱⁱ⁾			2023			2022
Net (loss) income for the period - basic	$	(381,011	)	$	194,105		$	1,941,307		$	670,249
Dilutive impact of cash settling LTIP		—			—			(4,736	)		—
Net (loss) income for the period - diluted	$	(381,011	)	$	194,105		$	1,936,571		$	670,249
Foreign currency translation loss (gain)		1,930			11,680			(328	)		(16,081	)
(Gain) loss on derivative financial instruments		(69,470	)		(83,771	)		(68,432	)		90,692
Impairment loss		787,000			55,000			787,000			55,000
Environmental remediation		2,799			9,634			2,712			10,417
Transaction costs and severance related to acquisitions		—			2,713			21,503			95,035
Integration costs		—			115			—			956
Purchase price allocation to inventory⁽ⁱⁱⁱ⁾		—			2,554			26,477			158,510
Revaluation gain on Yamana Transaction		—			—			(1,543,414	)		—
Penna self-insurance for Meadowbank fire		—			6,500			—			6,500
Net loss on disposal of property, plant and equipment		17,667			4,331			26,759			8,754
Other^(iv)		—			3,258			3,262			3,258
Income and mining taxes adjustments		(76,617	)		(31,641	)		(100,910	)		(79,737	)
Adjusted net income⁽ⁱ⁾ for the period - basic	$	282,298		$	174,478		$	1,095,936		$	1,003,553
Adjusted net income⁽ⁱ⁾ for the period - diluted	$	282,298		$	174,478		$	1,091,200		$	1,003,553

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 Regarding 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 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 (loss) income.

^(iv) Other includes payments that relate to prior years and disposals of supplies inventory at non-operating sites.

EBITDA⁽ⁱ⁾ and Adjusted EBITDA⁽ⁱ⁾

The following tables set out a reconciliation of net (loss) income per the consolidated statements of (loss) income to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2023 and December 31, 2022.

	Three Months Ended December 31,						Year Ended December 31,
(thousands of United States dollars)	2023			2022⁽ⁱⁱ⁾			2023			2022
Net (loss) income for the period	$	(381,011	)	$	194,105		$	1,941,307		$	670,249
Finance costs		35,098			20,043			130,087			82,935
Amortization of property, plant and mine development		391,556			285,670			1,491,771			1,094,691
Income and mining tax expense		56,929			68,807			417,762			445,174
EBITDA⁽ⁱ⁾		102,572			568,625			3,980,927			2,293,049
Foreign currency translation loss (gain)		1,930			11,680			(328	)		(16,081	)
(Gain) loss on derivative financial instruments		(69,470	)		(83,771	)		(68,432	)		90,692
Impairment loss		787,000			55,000			787,000			55,000
Environmental remediation		2,799			9,634			2,712			10,417
Transaction costs and severance related to acquisitions		—			2,713			21,503			95,035
Integration costs		—			115			—			956
Purchase price allocation to inventory⁽ⁱⁱⁱ⁾		—			2,554			26,477			158,510
Revaluation gain on Yamana Transaction		—			—			(1,543,414	)		—
Penna self-insurance for Meadowbank fire		—			6,500			—			6,500
Net loss on disposal of property, plant and equipment		17,667			4,331			26,759			8,754
Other^(iv)		—			3,258			3,262			3,258
Adjusted EBITDA⁽ⁱ⁾	$	842,498		$	580,639		$	3,236,466		$	2,706,090

Notes:

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

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

^(iv)Other includes payments that relate to prior years and disposals of supplies inventory at non-operating sites.

Free Cash Flow⁽ⁱ⁾ and Free Cash Flow Before Changes in Non-Cash Components of Working Capital⁽ⁱ⁾

Refer to Note Regarding 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 free cash flow, free cash flow before changes in non-cash components of working capital and cash provided by operating activities before working capital adjustments.

The following tables set out a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before working capital adjustments for the three and twelve months ended December 31, 2023 and December 31, 2022.

	Three Months Ended December 31,						Year Ended December 31,
(thousands of United States dollars)	2023			2022⁽ⁱⁱ⁾			2023			2022
Cash provided by operating activities	$	727,861		$	380,500		$	2,601,562		$	2,096,636
Additions to property, plant and mine development		(425,742	)		(400,831	)		(1,654,129	)		(1,538,237	)
Free Cash Flow⁽ⁱ⁾		302,119			(20,331	)		947,433			558,399
Changes in trade receivables	$	579		$	2,430		$	(7,458	)	$	(12,110	)
Changes in income taxes		(21,870	)		39,513			(103,850	)		35,010
Changes in inventory		24,170			54,978			169,168			46,236
Changes in other current assets		(6,595	)		(33,650	)		88,389			10,756
Changes in accounts payable and accrued liabilities		48,649			38,490			(2,778	)		(59,460	)
Changes in interest payable		4,685			3,276			2,925			(1,200	)
Free Cash Flow Before Changes in Non-Cash Components of Working Capital⁽ⁱ⁾	$	351,737		$	84,706		$	1,093,829		$	577,631
Additions to property, plant and mine development		425,742			400,831			1,654,129			1,538,237
Cash provided by operating activities before working capital adjustments⁽ⁱⁱⁱ⁾	$	777,479		$	485,537		$	2,747,958		$	2,115,868

Cash provided by operating activities per share - basic	$	1.47		$	0.84		$	5.32		$	4.79
Cash provided by operating activities before working capital adjustments per share - basic⁽ⁱⁱⁱ⁾	$	1.57		$	1.07		$	5.62		$	4.83
Free cash flow per share - basic⁽ⁱ⁾	$	0.61		$	(0.04	)	$	1.94		$	1.28
Free cash flow before changes in non-cash components of working capital - basic⁽ⁱ⁾	$	0.71		$	0.19		$	2.24		$	1.32

Notes:

⁽ⁱ⁾ Free cash flow and free cash flow before changes in non-cash components of working capital are not recognized measures under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of free cash flow and free cash flow before changes in non-cash components of working capital.

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

⁽ⁱⁱⁱ⁾ Cash provided by operating activities before working capital adjustments is not a recognized measure under IFRS and this data may not be comparable to other gold producers. See Note Regarding Certain Measures of Performance for more information on the Company's use of cash provided by operating activities before working capital adjustments.

Exhibit 99.2

Stock Symbol:		AEM (NYSE and TSX)

For further information:		Investor Relations
		(416) 947-1212

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

AGNICO EAGLE PROVIDES AN UPDATE ON 2023 EXPLORATION RESULTS AND 2024 EXPLORATION PLANS – MINERAL RESERVES UP 10.5% YEAR-OVER-YEAR TO 54 MOZ; INITIAL MINERAL RESERVES OF 5.2 MOZ DECLARED AT EAST GOULDIE; INITIAL UNDERGROUND MINERAL RESOURCES DECLARED AT DETOUR LAKE OF 1.6 MOZ

Toronto (February 15, 2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on year-end 2023 mineral reserves and mineral resources, exploration activities at mine sites and select advanced projects in 2023 and the exploration plan and budget for 2024. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects.

"The Company's ambitious exploration program in 2023 and continuing into 2024 is yielding exciting results. At Detour Lake, step-out drilling suggests potential for an underground operation and, together with optimization of the current open pits and mill, bringing the Detour Lake mine to a production rate of one million ounces per year. At Odyssey, step-out drilling continues to significantly extend the East Gouldie deposit to the west and east. At Hope Bay, drill results confirm the expansion of the Madrid deposit at depth with wide high grade intercepts, in line with our expectations for the exploration upside of this project," said Guy Gosselin, Agnico Eagle's Executive Vice-President, Exploration. "In addition, we continue to generate significant exploration results elsewhere across our portfolio, including Fosterville, Amaruq, Macassa and Kittila. These positive results demonstrate the success of our strategy, and we will continue the steady funding of our exploration efforts in 2024 as we aim to grow the deposits at existing operations and to realize the potential of the key projects in the Company's pipeline," added Mr. Gosselin.

Highlights from 2023 include:

Gold mineral reserves increase to record level – Year-end 2023 gold mineral reserves increased by 10.5% to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining 50% interest in the Canadian Malartic complex and mineral reserve replacement at Macassa and Fosterville. At year-end 2023, measured and indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake

Detour Lake – The Company's exploration success outside of the mineral resource open pit continued, with results of up to 24.8 g/t gold over 7.4 metres at 420 metres depth approximately 860 metres west of the mineral resource open pit. An initial underground inferred mineral resource was declared below and to the west of the existing pit, totalling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold). Exploration in 2024 is expected to continue to test and extend the west plunge of the main deposit. The Company expects to provide an update on the Detour underground project and ongoing exploration results in the first half of 2024

Odyssey mine at the Canadian Malartic complex – Initial mineral reserves of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) were declared in the central portion of the East Gouldie deposit at year-end 2023. Successful exploration over the past year has extended the limits of the East Gouldie inferred mineral resource laterally to the west by 870 metres, with results of up to 6.2 g/t gold over 6.7 metres at 1,299 metres depth. Recent drilling continues to return good results towards the east with results of up to 6.7 g/t gold over 13.5 metres at 1,467 metres depth and 140 metres to the east of the current mineral resources outline. Inferred mineral resources at the East Gouldie deposit were 3.3 million ounces of gold (45.2 million tonnes grading 2.29 g/t gold)

Hope Bay – Exploration drilling in 2023 totalled more than 125,000 metres, with work focused on the Madrid and Doris deposits. At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based on recent exploration success, the Company is evaluating a larger potential production scenario for Hope Bay. The Company expects to report results from this internal technical evaluation in 2025

Fosterville – Continued exploration success in the Robbins Hill and Lower Phoenix areas and improved mining parameters led to full replacement of 2023 production. Mineral reserves are stable year-over-year at 1.7 million ounces of gold (8.6 million tonnes grading 6.10 g/t gold). The lower average grade of the mineral reserves compared to year-end 2022 is the result of the depletion of the high grade Swan Zone that has been replaced mostly by lower grade mineral reserves from the Robbins Hill area

Amaruq – Positive grade reconciliation led to adjustments in the ore zone model and mineral reserve estimation parameters, resulting in a new proven and probable mineral reserve estimate of 1.8 million ounces of gold (15.4 million tonnes grading 3.72 g/t gold). Based on these results, the Company has approved an extension to the IVR open pit, which is expected to contribute approximately 70,000 ounces of gold to the 2026 production profile and extend the mine life to 2028 (previous mine life was 2026). Exploration also continued to return significant mineralization at depth, with results up to 11.3 g/t gold over 6.4 metres at 979 metres depth

Macassa – Continued exploration success in the Main Break and the South Mine Complex ("SMC") zones contributed to growth in proven and probable mineral reserves at Macassa to 2.0 million ounces gold (4.2 million tonnes grading 14.45 g/t gold), and in the Amalgamated Kirkland ("AK") deposit to 160,000 ounces of gold (742,000 tonnes grading 6.69 g/t gold), with drill results in AK of up to 25.0 g/t gold over 5.0 metres at 365 metres depth

Kittila – Exploration in 2023 identified an underexplored, parallel mineralized structure named the East Zone located in the Suuri area at shallow depth, approximately 140 metres east of the mine's producing Main Zone and outside current mineral resources. Recent drilling in the East Zone returned an intersection of 11.5 g/t gold over 7.8 metres at 204 metres depth

Exploration budget – The Company has budgeted $259.0 million for expensed and capitalized exploration and $77.7 million for studies and other expenses in 2024. The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2024 include drilling the deeper portions of the Detour Lake deposit, increasing exploration at the Canadian Malartic camp to extend known deposits and identify new mineralized zones to optimize utilization of the Canadian Malartic processing facility in the future, and continuing large exploration programs at other operating assets and Hope Bay

GOLD MINERAL RESERVES

The year-over-year increase in mineral reserves at December 31, 2023 is largely due to a substantial new mineral reserve addition of 5.2 million ounces of gold at the East Gouldie deposit at the Odyssey mine. The acquisition of the remaining 50% interest in the Canadian Malartic complex as part of the acquisition of Yamana Gold Inc.'s Canadian assets on March 31, 2023 (the "Yamana Transaction") also contributed to adding 1.5 million ounces of gold in mineral reserves.

In Zacatecas State in central Mexico, the San Nicolás volcanogenic hosted massive sulphide deposit is jointly owned by the Company and Teck Resources Limited. As at December 31, 2023, the Company has reported 52.6 million tonnes of proven and probable mineral reserves grading 0.40 g/t gold, 22.28 g/t silver, 1.12% copper and 1.48% zinc, containing 0.7 million ounces of gold, 37.7 million ounces of silver, 592,000 tonnes of copper and 777,000 tonnes of zinc (each reported on a 50% basis) at San Nicolás.

Mineral reserves were calculated using a gold price of $1,400 per ounce for all operating assets, except the Detour Lake open pit for which a gold price of $1,300 per ounce was used, and using variable assumptions for the pipeline projects. For detailed mineral reserves and mineral resources ("MRMR") data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at several mines and advanced projects, see "Detailed Mineral Reserve and Mineral Resource Data (as at December 31, 2023)" and "Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company" below.

The ore extracted from the Company's mines in 2023 contained 3.72 million ounces of gold in-situ (61.8 million tonnes grading 1.88 g/t gold). This includes the Company's 50% share of the production up to March 30, 2023 at the Canadian Malartic complex prior to the closing of the Yamana Transaction.

The variance in the Company's proven and probable mineral reserves from December 31, 2022 to December 31, 2023 is set out in the chart below.

The Company's gold mineral reserves as at December 31, 2023 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2022. Data in this table and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.

Gold Mineral Reserves	Proven & Probable Gold Mineral Reserve (000s oz.)						Average Mineral Reserve Gold Grade (g/t)
By Mine / Project*	2023		2022		Change		2023		2022		Change
LaRonde mine		2,244		2,515		-271		6.4		6.36		0.04
LaRonde Zone 5		636		710		-74		2.2		2.12		0.08
LaRonde complex		2,880		3,225		-345		4.51		4.42		0.09
Canadian Malartic mine**		2,436		1,505		931		0.83		0.9		-0.07
Odyssey deposits**		310		98		211		2.17		2.22		-0.05
East Gouldie deposit**		5,173		0		5,173		3.42
Canadian Malartic complex**		7,919		1,603		6,315		1.73		0.93		0.8
Goldex		901		962		-61		1.59		1.62		-0.03
Akasaba West		143		147		-4		0.89		0.84		0.05
Detour Lake (at or above 0.5 g/t)		16,594		17,253		-659		0.93		0.93		0
Detour Lake (below 0.5 g/t)		3,335		3,431		-96		0.39		0.39		0
Detour Lake total		19,928		20,683		-755		0.76		0.76		0
Macassa		1,954		1,797		157		14.45		17.2		-2.75
Macassa Near Surface		23		16		7		5.93		5.31		0.62
AK deposit		160		100		60		6.69		5.2		1.49
Macassa total		2,136		1,913		224		13.11		15.11		-2.00
Upper Beaver		1,395		1,395		—		5.43		5.43		0
Hammond Reef		3,323		3,323		—		0.84		0.84		0
Amaruq		1,837		2,164		-327		3.72		4.05		-0.33
Meadowbank complex		1,837		2,164		-327		3.72		4.05		-0.33
Meliadine		3,467		3,766		-299		5.91		6.02		-0.11
Hope Bay		3,397		3,409		-12		6.52		6.5		0.02
Fosterville		1,682		1,677		4		6.1		7.95		-1.85
Kittila		3,584		3,683		-100		4.14		4.2		-0.06
Pinos Altos		546		665		-118		1.9		2.01		-0.11
San Nicolás (50%)^†		672		0		672		0.4
La India		0		81		-81				0.76
Total Mineral Reserves		53,811		48,697		5,114		1.3		1.28		0.02

* Ownership of mines and projects is 100% unless otherwise indicated. Where Agnico Eagle's interest is less than 100%, the stated mineral reserves reflect the Company's interest.

** Agnico Eagle's ownership of the Canadian Malartic complex increased to 100% on December 31, 2023 from 50% on December 31, 2022 as a result of the Yamana Transaction which closed on March 30, 2023.

^† Agnico Eagle has agreed to subscribe for a 50% interest in the San Nicolás project, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle's share of the reported MRMR at the San Nicolás project is reported at a 50% level.

The Company estimates that at a gold price 10% higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 17% increase in the gold contained in proven and probable mineral reserves. Conversely, the Company estimates that at a gold price 10% lower than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 11% decrease in the gold contained in proven and probable mineral reserves.

GOLD MINERAL RESOURCES

The Company's gold mineral resources as at December 31, 2023 are set out in the table below.

	Measured & Indicated				Inferred
	Gold Mineral Resources				Gold Mineral Resources
	Contained Gold		Gold Grade		Contained Gold		Gold Grade
Operation / Project*	(000 oz.)		(g/t)		(000 oz.)		(g/t)
LaRonde mine		632		3.06		286		5.67
LaRonde Zone 5		774		2.27		1,134		3.38
LaRonde complex		1,407		2.57		1,420		3.68
Canadian Malartic		—		—		214		0.81
Odyssey		75		1.71		1,453		2.29
East Malartic		731		2.04		4,480		2.12
East Gouldie		244		1.56		3,331		2.29
Canadian Malartic complex		1,050		1.88		9,477		2.12
Goldex		1,646		1.64		871		1.68
Akasaba West		91		0.7		—		—
Wasamac		2,173		2.43		789		2.66
Detour Lake		17,955		0.77		2,717		1.05
Detour Lake Zone 58N		534		5.8		136		4.35
Detour Lake total		18,489		0.79		2,853		1.09
Macassa		598		8.58		1,094		9.21
Macassa Near Surface		13		6.14		28		6.62
AK deposit		37		6.95		52		5.69
Macassa total		647		8.4		1,173		8.89
Anoki-McBean		349		2.77		107		3.84
Upper Beaver		403		3.45		1,416		5.07
Upper Canada		722		2.15		1,863		3.11
Hammond Reef		2,298		0.54		—		—
Aquarius		1,106		1.49		14		0.87
Holt complex		1,699		4.52		1,310		4.48
Amaruq		1,600		3.74		623		4.65
Meliadine		1,629		4		2,222		6.22
Hope Bay		1,255		3.64		2,108		5.41
Fosterville		1,512		4.05		1,461		4.54
Northern Territory		1,668		2.38		1,376		2.4
Kittila		1,687		2.93		1.067		5.06
Barsele (55%)		176		1.27		1,005		1.98
Pinos Altos		685		1.83		104		1.73
La India		88		0.52		1		0.4
Tarachi		361		0.58		4		0.52
Chipriona		326		0.92		21		0.66
El Barqueño Gold		331		1.16		351		1.13
San Nicolás (50%)^†		20		0.19		10		0.13
Santa Gertrudis		563		0.91		1,433		2.36
Total Mineral Resources		43,981		1.15		33,080		2.5

* Ownership of mines and projects is 100% unless otherwise indicated. Where Agnico Eagle's interest is less than 100%, the stated mineral resources reflect the Company's interest.

The economic parameters used to estimate mineral reserves and mineral resources for all properties are set out below.

Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company

Metal Price for Mineral Reserve Estimation*
Gold (US$/oz)		Silver (US$/oz)		Copper (US$/lb)		Zinc (US$/lb)
$	1,400	$	18	$	3.50	$	1.00

* Exceptions: US$1,300 per ounce of gold used for Detour Lake; US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; and US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.

Metal Price for Mineral Resource Estimation*

Gold

(US$/oz)

Silver

(US$/oz)

Copper

(US$/lb)

Zinc

(US$/lb)

1,650

22.50

3.75

1.25

* Exceptions: US$1,500 per ounce of gold used for Detour Lake open pit, Northern Territory and Holt complex; US$1,300 per ounce of gold used for Detour Lake Zone 58N; US$1,400 per ounce of gold used for Canadian Malartic, US$1,688 per ounce of gold used for Hope Bay, Santa Gertrudis and Hammond Reef; US$1,667 per ounce of gold used for Upper Canada, El Barqueño; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver; 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 used for El Barqueño; US$1,687 per ounce of gold used for Anoki-McBean and Tarachi; US$25.00 per ounce of silver used for Santa Gertrudis; and US$1,300 per ounce of gold, US$20.00 per ounce of silver, US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicolás.

Exchange rates*

C$ per US$1.00

Mexican peso per US$1.00

AUD per US$1.00

US$ per €1.00

1.30

MXP

18.00

AUD

1.36

EUR

1.10

* Exceptions: exchange rate of CAD$1.25 per US$1.00 used for Upper Beaver, Upper Canada, Holt complex and Detour Lake Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for Barsele; and MXP17.00 per US$1.00 used for Tarachi.

2024 EXPLORATION BUDGET

The Company's exploration and corporate development budget for 2024 is set out below. The exploration plans and more detailed budgets for individual mines and projects are set out further below, organized by region.

2024 Exploration Program and Corporate Development Budget

	Expensed Exploration				Capitalized Exploration
					Sustaining		Non-Sustaining
	(000s $)		(000s m)		(000s $)		(000s $)		(000s m)
Quebec
LaRonde complex	$	8,100		35.4	$	2,300	$	—		14.8
Canadian Malartic complex		13,300		70.6		—		7,100		66.4
Goldex		2,200		18.4		2,900		—		22.0
Quebec regional		7,100		39.7		—		—		—

Ontario
Detour Lake		7,400		40.0		—		20,300		120.0
Macassa		—		—		2,000		32,900		161.9
Ontario regional and projects		13,500		19.4		—		1,600		—

Nunavut
Meliadine		—		—		5,400		13,200		77.7
Meadowbank complex		1,900		6.8		—		—		—
Hope Bay		22,000		50.0		—		—		—
Nunavut regional		12,700		22.0		—		—		—

Australia
Fosterville		11,700		36.5		—		10,900		38.7
Northern Territory		4,600		10.8		—		—		—

Europe
Kittila		4,700		18.5		1,800		5,300		51.5
Europe regional		7,100		12.6		—		—		—

Mexico
Pinos Altos		2,500		10.0		1,800		400		10.7
Mexico regional		13,400		6.0		—		—		—

USA		7,000		5.4		—		—		—
Joint Ventures & Other		5,600		8.4		—		—		—
G&A		6,100		—		—		—		—
Total Exploration	$	151,100		410.5	$	16,200	$	91,700		563.7
Hope Bay - Other Expenditures		12,200
Other Project Studies		20,900				—		—
Total Corporate Development and Technical Services		44,600				—		—
Total Exploration and Project Expenses	$	228,800			$	16,200	$	91,700

ABITIBI REGION – QUEBEC

CANADIAN MALARTIC COMPLEX

MRMR Highlights

The strong growth in mineral reserves at the Odyssey mine at year-end 2023 is largely due to successful conversion drilling in the East Gouldie deposit, the completion of an internal study and infill drilling which increased the proven and probable mineral reserves by 5.2 million ounces of gold (47 million tonnes grading 3.42 g/t gold) as at December 31, 2023. An additional 150,000 ounces of gold in the mineral reserves are attributed to the Odyssey South deposit and the Odyssey internal zones as the understanding of these two mineralized areas continues to improve with ongoing drilling and mine development.

The Canadian Malartic open pit mine saw an increase of approximately 122,000 ounces of gold in proven and probable mineral reserves (reflecting the Company's 100% interest). The increase is due to the completion of the Yamana Transaction combined with a review of the model using the positive reconciliation performance, that was offset by 695,400 ounces of gold mined in situ (100% interest) in the Barnat pit and the now-depleted Canadian Malartic pit.

The acquisition of the remaining 50% interest in the Canadian Malartic complex as a result of the Yamana Transaction also contributed to adding 1.5 million ounces of gold in mineral reserves, 3.1 million ounce of gold in measured and indicated mineral resources and 4.7 million ounces of gold in inferred mineral resources at the Canadian Malartic complex.

At East Gouldie, new inferred mineral resources of 1.7 million ounces of gold were added through exploration drilling, offset by 1 million ounces of gold converted to measured and indicated mineral resources and the alignment of gold prices with the Company's assumptions. At year-end 2023, inferred mineral resources at East Gouldie totalled 3.3 million ounces of gold (45.2 million tonnes grading 2.29 g/t gold).

2023 Exploration Highlights

At the Odyssey mine in 2023, exploration drilling totalled 131,565 metres, which exceeded the budget of 101,500 metres after the program was augmented mid-year by a supplemental budget for 25,000 metres of additional drilling.

Exploration drilling at the Odyssey mine in 2023 continued to focus on three objectives: infill drilling of the Odyssey South deposit and the adjacent Odyssey internal zones; investigating lateral extensions to the west and to the east along the favourable East Gouldie mineralized corridor to grow the inferred mineral resources at East Gouldie; and adding holes in the planned upper mining levels in the East Gouldie deposit to further de-risk the project.

Selected recent drill intercepts from the Odyssey mine are set out in the composite longitudinal section below and in a table in the Appendix.

[Odyssey mine – Composite Longitudinal Section]

[Odyssey mine – Composite Cross Section and Composite Longitudinal Section of Odyssey Deposits]

Recent drilling highlights from Odyssey South and the internal zones include: 4.2 g/t gold over 6.8 metres at 383 metres depth in hole MEV23-293 in the shallow, western portion of Odyssey South; 6.8 g/t gold over 12.6 metres (core length) at 478 metres depth in hole UGOD-016-176 in the Odyssey internal zones; and 3.0 g/t gold over 14.3 metres (core length) at 374 metres depth in hole UGOD-016-199.

The continued positive results from the Odyssey internal zones show the potential with further drilling to add mineral resources at shallow depth near existing underground mine infrastructure.

Hole MEX22-251RWZ intersected 2.2 g/t gold over 50 metres at 1,659 metres depth, demonstrating the thickness of mineralization encountered in the lower portion of the East Gouldie mineral reserves.

In the program to extend the East Gouldie deposit laterally, drilling highlights include 5.0 g/t gold over 15.9 metres at 1,355 metres depth in hole MEX23-304 and 6.2 g/t gold over 6.7 metres at 1,299 metres depth in hole MEX23-304Z, with the intersections located approximately 300 metres and 200 metres laterally to the west, respectively, of the western limit of the current inferred mineral resources at East Gouldie. Drilling in the eastern portion of the East Gouldie corridor intersected 6.7 g/t gold over 13.5 metres at 1,467 metres depth in hole MEX23-305Z, approximately 140 metres east of the inferred mineral resources at East Gouldie. The holes demonstrate the potential to add inferred mineral resources laterally at East Gouldie with further drilling into these extensions of mineralization.

2024 Exploration Plan and Budget

The Company expects to spend approximately $20.4 million for 137,000 metres of drilling at the Canadian Malartic complex in 2024. Exploration at the Odyssey mine includes $12.9 million for 102,500 metres of drilling with five objectives: continued conversion drilling of East Gouldie inferred mineral resources to indicated mineral resources; testing the immediate extensions of East Gouldie; continued conversion drilling of the Odyssey South deposit inferred mineral resources to indicated mineral resources; further investigating the Odyssey internal zones; and converting inferred mineral resources to indicated mineral resources in the Odyssey North deposit.

The remaining $7.5 million is planned to be spent on 34,500 metres of exploration drilling into prospective gold targets along the Barnat and East Gouldie mineralized corridors on the Canadian Malartic, Rand Malartic and Midway properties. The composite longitudinal section below shows the mineral exploration potential at the Company's properties in the Malartic camp, from East Amphi to the historic Malartic Goldfields mine.

Following the consolidation of 100% interests in properties along this prospective 16 kilometre portion of the Cadillac-Larder Lake deformation zone, the Company envisions increasing its exploration efforts along the belt from surface and eventually from underground to test the full potential of this area. The strategy is similar to the one that the Company has employed successfully around the LaRonde mine since the 1980s.

[Malartic Camp – Composite Longitudinal Section Showing Mineral Exploration Potential from East Amphi to to Malartic Goldfields]

WASAMAC

The Wasamac gold project was acquired on March 31, 2023, as part of the Yamana Transaction. The Wasamac deposit is characterized by shear hosted disseminated pyrite mineralization within an albite-sericite-carbonate alteration zone that ranges in thickness from a few metres up to 30 metres within the 50 to 55 degree, north-dipping Wasa Shear.

MRMR Highlights

The measured and indicated mineral resource estimate at year-end 2023 for the Wasamac project totalled 2.2 million ounces of gold (27.8 million tonnes grading 2.43 g/t) and inferred mineral resources were 0.8 million ounces of gold (9.2 million tonnes grading 2.66 g/t).

This is the first estimate of mineral resources at Wasamac published by Agnico Eagle. The Company continues to assess various scenarios regarding optimal mining rates and milling strategies for possible mine construction at the project. While these evaluations continue, the Company has decided to not include the historical mineral reserve estimate at Wasamac into the Company's mineral reserve estimate. Rather, the Company has classified the Wasamac project entirely as mineral resources.

2023 Exploration Highlights

At the Wasamac project in 2023, exploration drilling of 16,600 metres was completed by Agnico Eagle after the closing of the Yamana Transaction. The full-year program, including drilling by the previous owner, was comprised of infill and conversion drilling of the main Wasamac deposit (19,000 metres for 27 holes) and exploration drilling at the Francoeur area (6,400 metres for 15 holes) and the Wildcat area (5,800 metres for 13 holes), for a total of 31,200 metres in 55 holes drilled during the full year.

Selected recent drill intercepts from the Wasamac project are set out in the composite longitudinal section below and in a table in the Appendix.

[Wasamac Project – Plan Map and Composite Longitudinal Section of Wasamac deposit]

Recent highlights from the exploration program at the Wasamac deposit include 4.9 g/t gold over 13.4 metres (core length) at 590 metres depth in hole WS23-666; 2.8 g/t gold over 18.8 metres at 565 metres depth in hole WS23-663 in the Main Zone; and 4.4 g/t gold over 3.9 metres at 484 metres depth in hole WS23-634 in zones 3 and 4.

At Francoeur, hole FS23-129 targeted the eastern extension of the Francoeur shear related to the Horne-Creek fault and returned 4.5 g/t gold over 5.3 metres (core length) at 324 metres depth.

At Wildcat, highlight hole WS23-661 returned 3.6 g/t gold over 20.6 metres (core length) at 44 metres depth and 5.6 g/t gold over 4.1 metres (core length) at 123 metres depth; and hole WS23-653 returned 3.4 g/t gold over 5.4 metres (core length) at 267 metres depth.

2024 Exploration Plan and Budget

The Company expects to spend approximately $2.8 million for 16,700 metres of drilling at the Wasamac project in 2024 as part of a larger Quebec regional exploration budget totalling $7.1 million for 39,700 metres. The program at Wasamac will focus on exploring the eastern extension of the Wasamac deposit in the Wasa shear zone. At Francoeur, drilling will focus on the Francoeur shear to explore for broader zones of mineralization similar to the Wasamac deposit. At Wildcat, the interpreted lateral extensions of the mineralization will be tested to confirm and improve the geological interpretation.

As part of the Company's Abitibi platform optimization program, the Company continues to assess various scenarios regarding the mining rates and milling strategies for the project.

LARONDE COMPLEX

2023 Exploration Highlights

At the LaRonde Zone 5 ("LZ5") and LaRonde mines at the LaRonde complex in 2023, exploration drilling totalled 41,300 metres, with eight drill rigs operating underground and two operating from surface.

Selected recent drill intercepts from the LaRonde complex are set out in the composite longitudinal section below and in a table in the Appendix.

[LaRonde Complex – Composite Longitudinal Section]

Exploration drilling in the western depth extension of the LZ5 deposit on the Ellison property returned highlights of 1.8 g/t gold over 24.8 metres at 686 metres depth in hole BZ-2023-007; 3.0 g/t gold over 26.4 metres at 627 metres depth in hole BZ-2023-007A; and 2.1 g/t gold over 16.8 metres at 857 metres depth in hole BZ-2023-026. These results demonstrate the continuity of mineralization at depth and to the west of the current mineral reserves and mine workings at the LZ5 mine.

Further progress was made in 2023 in rehabilitating Level 9 and extending the exploration drift at Level 215 to provide additional drill platforms to test the vertical extensions of known zones on the Bousquet property and below the LZ5 deposit.

2024 Exploration Plan and Budget

The Company expects to spend approximately $10.4 million for 50,200 metres of drilling at the LaRonde complex in 2024, including $2.3 million for 14,800 metres of capitalized drilling and $8.1 million for exploration drift development and 35,400 metres of exploration drilling into targets, including Zone 20N East and West mines, Zone 3-1, Zone 3-4, Zone 4 and Zone 5, with the aim of adding new mineral reserves and mineral resources to extend expected mine life further into the 2030s.

The planned work program above includes $2.7 million budgeted for further extension of the exploration drift on Level 215 by 450 metres to the west.

GOLDEX

MRMR Highlights

At the Goldex mine, positive results from drilling in the Deep 2, South zones and western part of the Main Zone during 2023 have added 99,000 ounces of gold in mineral reserves, replacing in part the mining of 161,000 ounces of in-situ gold for 2023.

2023 Exploration Highlights

At the Goldex mine in 2023, exploration drilling targeted mainly the W Zone, which is the extension of the Goldex diorite host rock and is located approximately 200 metres west of the main deposit at relatively shallow depths compared to the current mine workings. A total of 13,408 metres were drilled into the W Zone in 2023 with highlights including: 1.2 g/t gold over 35.0 metres at 476 metres depth in hole GD27-053; 1.5 g/t gold over 45.0 metres at 591 metres depth in hole GD27-056; and 1.1 g/t gold over 42.0 metres at 607 metres depth in hole GD27-063.

Exploration at the W Zone could lead to the addition of mineral resources in the near future should exploration drilling continue to be successful.

2024 Exploration Plan and Budget

The Company expects to spend approximately $5.1 million for 40,400 metres of drilling at Goldex in 2024, including $2.9 million on capitalized drilling mainly focused on the conversion and extension of Sector 3 in the South Zone. The remaining $2.2 million is budgeted for 18,400 metres of exploration drilling, including 15,400 metres to test and extend the W Zone mineralization to the west and at depth; 2,000 metres drilled at the nearby Mine École target; and 1,000 metres drilled to the west of the G Zone.

ABITIBI REGION – ONTARIO

DETOUR LAKE

MRMR Highlights

An initial underground inferred mineral resource was declared below and to the west of the existing pit, totalling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold). The Company believes that these inferred mineral resources represent only a portion of the mineralized potential located below the mineral resources pit shell.

2023 Exploration Highlights

At the Detour Lake mine in 2023, exploration drilling totalled 213,000 metres in 306 holes for the full year. The program successfully defined continuity of mineralization below and west of the mineral resources pit, resulting in the initial underground inferred mineral resource estimate described above.

Selected recent drill intercepts from the Detour Lake mine are set out in the plan map and composite longitudinal section below and in a table in the Appendix.

[Detour Lake – Plan Map and Composite Longitudinal Section]

The results below and west of the mineral reserves pit include the following highlights: 11.4 g/t gold over 5.6 metres at 319 metres depth in hole DLM23-730W; 2.7 g/t gold over 47.2 metres at 233 metres depth, including 6.5 g/t gold over 13.3 metres at 220 metres depth, hole DLM23-757; and 5.5 g/t gold over 16.6 metres at 307 metres depth in hole DLM23-775.

The drilling program also demonstrated the continuity of the mineralization outside of the mineral resource footprint over a 2.5 kilometre strike length in the western plunge of the known orebody. Highlight intercepts include: 18.3 g/t gold over 12.6 metres at 545 metres depth in hole DLM23-733A; 7.8 g/t gold over 2.7 metres at 1,030 metres depth in hole DLM23-747; 6.0 g/t gold over 22.4 metres at 236 metres depth in hole DLM23-735; 24.8 g/t gold over 7.4 metres at 420 metres depth in hole DLM23-767; and 19.3 g/t gold over 2.7 metres at 845 metres depth in hole DLM23-773.

Exploration Plan and Budget for 2024

The Company expects to spend approximately $27.7 million for 160,000 metres of drilling at Detour Lake in 2024, including $20.3 million for 120,000 metres of capitalized drilling into the western plunge of the main deposit to increase confidence in the mineralization's continuity, both in the inferred mineral resources for conversion purposes and to continue extending the mineralized trend to the west. An exploration ramp is also being considered to increase confidence in the continuity of the inferred mineral resource and to potentially collect a bulk sample.

In addition, the Company expects to spend approximately $7.4 million for 40,000 metres of regional drilling in 2024, to explore satellite targets on the Company's large 107,400 hectare land position around the Detour Lake and adjacent Detour East properties that could potentially provide mill feed to the Detour Lake operation.

The Company continues to evaluate the potential for underground mining. The Company expects to provide an update the Detour underground project and ongoing exploration results in the first half of 2024.

MACASSA

MRMR Highlights

The Macassa mine achieved a 171% replacement of its mining depletion in 2023, with an underground infill drilling campaign that resulted in a net mineral reserves addition totalling 115,000 ounces of gold. The addition is mainly due to the expansion of mineral reserves in the deep eastern portion of the mine and an optimized mine plan resulting from improved mine infrastructure with the completion of #4 Shaft and new ventilation facilities.

The realized synergies between Macassa and the nearby AK and Near Surface ("NSUR") deposits continued to benefit the Macassa mine, with the addition of 67,000 ounces of gold in mineral reserves at the AK and NSUR deposits, net of production. Total mineral reserves at AK now stand at 160,000 ounces of gold (741,500 tonnes grading 6.69 g/t gold) at year-end 2023 and production is expected to start in 2024, demonstrating the achievement of operational synergies from the Merger.

2023 Exploration Highlights

At the Macassa mine in 2023, exploration drilling totalled metres, including 86,221 metres in the SMC and Main Break zones and 26,946 metres in the NSUR and AK deposits.

Selected recent drill intercepts from the Macassa mine are set out in the composite longitudinal section below and in a table in the Appendix.

[Macassa – Isometric View and Composite Longitudinal Section]

Drilling intersected significant results east of the current mineral resource, further supporting a lateral extension to SMC East, with highlight hole 53-4782 returning 43.0 g/t gold over 1.9 metres at 1,664 metres depth and hole 53-4813A returned 40.4 g/t gold over 1.9 metres at 1,698 metres depth.

In the Lower/West SMC, the drill program was successful in identifying multiple mineralized zones and visible gold, which suggests potential for lateral extensions and localized hanging wall splays. Recent significant results from the program include: 78.9 g/t gold over 1.9 metres at 1,827 metres depth in hole 57-1394; 67.6 g/t over 1.9 metres at 1,846 metres depth in hole 57-1442; and 69.6 g/t gold over 1.5 metres at 1,879 metres depth and 110.4 g/t gold over 1.5 metres at 1,884 metres depth in hole 57-1445.

In the Main Break, results to the east and up-trend of known mineral resources support the extension of mineral resources and confirm the potential for further mineralization to the east. Highlights include: 16.7 g/t gold over 1.3 metres at 2,122 metres depth in hole 58-892; 25.1 g/t gold over 1.3 metres at 2,086 metres depth in hole 58-894; and 39.6 g/t gold over 3.2 metres at 2,000 metres depth and 50.1 g/t gold over 3.3 metres at 2,007 metres depth in hole 58-920.

In the AK and NSUR deposits, drilling also expanded the mineral reserve base by 60% and confirmed the geological interpretation of AK, while providing further opportunities for mineral resource growth at AK where underground development and mining will start in 2024. Highlights from drilling at AK include: 21.8 g/t gold over 4.4 metres at 319 metres depth in hole KLAK-242; 25.0 g/t gold over 5.0 metres at 365 metres depth in hole KLAK-245; and 12.2 g/t gold over 4.3 metres at 318 metres depth in hole KLAK-261.

2024 Exploration Plan and Budget

The Company expects to spend approximately $19.2 million for 161,900 metres of capitalized drilling at Macassa in 2024, aiming to increase and upgrade mineral resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break, and to the west in the Lower/West SMC. Drilling in the AK and NSUR deposits will target mineral resource expansion. In addition, $14.1 million is budgeted for capitalized exploration to further develop exploration drifts that will allow drilling to the east of current mine infrastructure along strike and at depth of the SMC and Main Break towards the historic Lake Shore mine.

As a part of an Ontario regional exploration budget totalling $13.5 million for 19,400 metres, a surface exploration campaign will include drill holes to test the deep extensions of the Main Break east of the underground infrastructure of the SMC and below all historical mining levels of the Kirkland Lake camp to provide support for future underground exploration drifts.

NUNAVUT

MELIADINE

2023 Exploration Highlights

At the Meliadine mine in 2023, exploration drilling totalled 91,579 metres, with work focused on three areas: deep exploration and conversion drilling at the Pump deposit; infill drilling of inferred mineral resources at depth in the Wesmeg and Tiriganiaq deposits; and exploration drilling at the F-Zone deposit. The ongoing development of an exploration drift is providing improved access for new underground drilling platforms to investigate the lateral and depth extensions of the main Tiriganiaq deposit.

Selected recent drill intercepts from the Tiriganiaq deposit at the Meliadine property are set out in the plan map and composite longitudinal section below and in a table in the Appendix.

[Meliadine Mine – Plan Map & Composite Longitudinal Section]

The positive results from exploration drilling at shallow depth into the Pump North Zone include: hole M23-3596 intersecting 10.8 g/t gold over 4.9 metres at 210 metres depth and 4.5 g/t gold over 6.7 metres, at 220 metres depth including 8.3 g/t gold over 3.3 metres at 220 metres depth; hole M23-3577A, drilled on the same section, which returned 16.1 g/t gold over 3.6 metres at 361 metres depth and 10.8 g/t gold over 4.3 metres at 383 metres depth; hole M23-3595, drilled 115 metres to the west of hole M23-3577A, which intersected 10.7 g/t gold over 3.9 metres at 305 metres depth; and hole M23-3580, drilled 25 metres west of hole M23-3595, which returned 5.0 g/t gold over 5.8 metres at 437 metres depth and 4.7 g/t gold over 5.1 metres at 455 metres depth, indicating that the mineralized folded iron formation is still open at depth.

At Tiriganiaq, drilling is converting sectors to the west and exploring outside of the mineral resource limits in the east, and returned results such as hole M23-3760 intersecting 6.0 g/t gold over 3.0 metres at 299 metres depth. This interval is approximatively 200 metres deeper and 100 metres east of the current inferred mineral resource and mineral reserve limits, demonstrating their continuity at depth toward one of the major known Tiriganiaq ore shoots.

At Wesmeg North, recent highlights include hole ML300-10340-D4, which intersected 6.1 g/t gold over 11.7 metres at 467 metres depth, as well as hole ML300-10340-D1, which intersected 7.5 g/t gold over 7.9 metres at 519 metres depth. These intervals are located down plunge of one of the deposit's high-grade ore shoots and demonstrate its continuity. Additionally, hole ML300-10340-D6 returned 11.1 g/t gold over 5.3 metres at 303 metres depth, demonstrating the potential to develop a new ore shoot outside of the mineral resource.

At Wesmeg, hole M23-3659 intersected 9.4 g/t gold over 3.7 metres at 351 metres depth, and on the same section, hole ML400-10200-F1 intersected 15.4 g/t gold over 3.7 metres at 396 metres depth and 12.6 g/t gold over 3.3 metres depth at 402 metres depth. Approximately 100 metres further east, hole ML300-10340-D2 intersected 11.4 g/t over 3.9 metres at 494 metres depth.

2024 Exploration Plan and Budget

The Company expects to spend approximately $18.6 million for 77,700 metres of capitalized drilling at Meliadine in 2024, including $2.6 million for further extension of the exploration drift. The drilling will principally focus on expanding and converting existing mineral resources in the Tiriganiaq, Wesmeg and Pump deposits. As the development of the exploration drift continues at Tiriganiaq, it will provide new access further into the eastern and western extensions of the mineral resource at depth starting in the first quarter of 2024.

AMARUQ AT MEADOWBANK

MRMR Highlights

The Amaruq mine at the Meadowbank complex saw continued positive reconciliation performance during 2023 and, as a result, the estimation parameters and mining assumptions were adjusted which resulted in an increase of 150,000 ounces of gold in mineral reserves that were offset by production depletion.

2023 Exploration Highlights

At Amaruq in 2023, exploration drilling totalled 29,133 metres, including conversion drilling. The main objectives of this exploration program were: to infill Whale Tail underground mineral resources; to confirm IVR open pit mineral resources for an eventual pit pushback; and to extend underground mineral resources at depth in the Whale Tail and IVR deposits.

Selected recent drill intercepts from Amaruq are set out in the composite longitudinal section below and in a table in the Appendix.

[Amaruq – Composite Longitudinal Section]

Exploration drilling in proximity to the underground mineral resources of the Whale Tail deposit intersected significant mineralization from Zone QZ03 and Zone IC with the following highlights: 3.8 g/t gold over 6.8 metres at 503 metres depth in hole AMQ23-3034; 4.9 g/t gold over 6.7 metres at 595 metres depth in hole AMQ23-3043B; and 7.4 g/t gold over 2.4 metres at 554 metres depth in hole AMQ23-3046.

The drilling at depth at the IVR deposit intercepted significant mineralized zones including the following highlights: 5.1 g/t gold over 17.4 metres at 901 metres depth hole AMQ23-3062; and hole AMQ23-3064A intercepting three intersections from a folded zone, including 6.3 g/t gold over 5.2 metres at 967 metres depth, 11.3 g/t gold over 6.4 metres at 979 metres depth and 4.4 g/t gold over 9.2 metres at 1,013 metres depth. These results demonstrate that the IVR deposit remains open at depth and further demonstrate the potential to grow underground mineral resources at Amaruq.

2024 Exploration Plan and Budget

The Company expects to spend approximately $1.9 million for 6,800 metres of expensed exploration drilling at Amaruq in 2024, focused on testing for potential extensions to the open pits and, based on recent exploration success, testing the depth extensions of Whale Tail and IVR high grade gold mineralization. The aim of these programs is to further extend the life of the Amaruq mine.

HOPE BAY

MRMR Highlights

Exploration drilling at Hope Bay added 336,000 ounces of inferred mineral resources at year-end 2023, mostly from the Patch 7 zone, which was partially offset by a reduction of 177,000 ounces of gold in inferred mineral resources due to project-wide conversion to indicated mineral resources and improvement of mining parameters.

2023 Exploration Highlights

At the Hope Bay project in 2023, exploration drilling totalled 125,150 metres in 224 holes, focused on the Madrid and Doris gold deposits, as well as regionally in the Hope Bay gold belt. The program had up to nine drill rigs in operation and was divided between Doris (55,119 metres in 121 holes), Madrid (59,795 metres in 79 holes) and regional exploration (10,236 metres in 24 holes).

Based on the positive results at Madrid and Doris in the first half of 2023, the Company approved a supplemental exploration budget at Hope Bay of $14.5 million for an additional 58,000 metres of drilling during the second half of 2023.

Exploration at Madrid during the second half of 2023 remained focused on drilling wide step-out holes spaced approximately 200 metres apart into the underexplored, 2-kilometre strike extension gap between the Suluk and Patch 7 zones at depths between 300 and 700 metres, as well as to the south of the Patch 7 zone.

Recent results have extended this area of mineralization to a minimum of 2,200 metres in lateral distance and 500 metres in vertical distance, and demonstrated that gold mineralization extends approximately 200 metres south of the Patch 7 deposit.

Selected recent drill intercepts from the Madrid-area deposits are set out in the composite longitudinal section below and in a table in the Appendix.

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

Hole HBM23-143 returned 16.3 g/t gold over 28.6 metres at 385 metres depth in Patch 7 and represents one the best holes drilled to date in the Madrid mineralized corridor. The intercept is 100 metres up-dip of previously reported hole HBM23-086 (13.7 g/t gold over 4.6 metres at 697 metres depth, see the Company's news release dated July 26, 2023) and more than 200 metres from other drill holes above and laterally, highlighting the opportunity to significantly expand this mineralized area.

In the northern extension of the gap target, hole HBM23-140 returned 12.7 g/t gold over 4.6 metres at 677 metres depth in the Suluk zone. This intercept is located 580 metres north of previously reported hole HBM23-105 (10 g/t gold over 14.0 metres at 677 metres depth, see the Company's news release dated July 26, 2023) and 1,100 metres north of hole HBM23-143, further demonstrating the lateral extent of the Suluk-Patch 7 mineralized trend.

Drilling that targeted the southern extension of the Patch 7 zone was highlighted by hole HBM23-132, which returned 5.0 g/t gold over 4.4 metres at 460 metres depth and 5.9 g/t gold over 2.3 metres at 530 metres depth, approximately 200 metres south of the mineral resources at Patch 7. This hole demonstrates the southern extension of the known favourable gold mineralization at Patch 7, and the trend remains open in the 1-kilometre-long underexplored area to the south between the Patch 7 and Patch 14 zones.

At Doris, the planned exploration drilling program for 2023 was completed early in the third quarter and results continued to confirm and expand the known mineralized zones. Drilling at Doris and nearby targets will resume in early 2024.

In regional exploration during 2023, one drill rig tested early-stage targets in the northern part of the Hope Bay greenstone belt and a regional lake sediment survey was completed in the Elu belt. A significant follow-up regional exploration program is planned for 2024.

2024 Exploration Plan and Budget

After a pause in drilling during the transition to winter, the Hope Bay project is ramping back up to full capacity with seven surface drill rigs. The Company expects to spend approximately $22.0 million for 50,000 metres of drilling at the Hope Bay project in 2024. This program will focus on high potential areas at Madrid and Doris, including the wide step-out strategy at Madrid to further assess the mineral resource potential of the gap between Suluk and Patch 7 as well as the area south of Patch 7. This first phase of drilling is expected to be completed before the end of the second quarter and additional drilling will be considered for the third and fourth quarters. The wider objective of the exploration program at Hope Bay remains to grow the mineral reserves and mineral resources at Madrid and Doris to support ongoing project studies and potential mining activities.

AUSTRALIA

FOSTERVILLE

MRMR Highlights

The Fosterville mine successfully replaced 102% of mining depletion in 2023 with new mineral reserves. The replacement was achieved through infill drilling that, combined with the revision of the mine production plan, resulted in an addition of 289,000 ounces of gold in mineral reserves that has offset 285,000 ounces mining depletion in 2023.

Fosterville also saw a net addition of 277,000 ounces of gold in mineral resources year-over-year with a combination of new inferred mineral resources at Phoenix and Robbins Hill through drilling and improved economic parameters, offset by conversion and a model update.

2023 Exploration Highlights

At the Fosterville mine in 2023, exploration drilling totalled 84,310 metres in 309 holes, comprised of 68,687 metres of underground drilling and 15,623 metres of surface drilling drilling, as well as further development of underground drifts to support drill programs.

At the Phoenix/Lower Phoenix area, drilling in Lower Phoenix focused on the mineralized Cardinal, Swan/Lower Phoenix and Cygnet zones and the Cygnet hanging wall structure. At Robbins Hill, drilling tested the Hoffman and Curie zones as well as four structures that link Curie and Hoffman, including the Wu structure.

Selected recent drill intercepts from the Fosterville mine are set out in the composite longitudinal section below and in a table in the Appendix.

[Fosterville – Composite Longitudinal Section]

Recent highlight holes at Fosterville show high gold grades and demonstrate the potential for several zones at Phoenix and Robbins Hill to provide additional mineral reserves and mineral resources.

In the Phoenix area, highlight hole UDH4729B intersected 69.1 g/t gold over 3.7 metres at 1,773 metres depth in the Cardinal structure, including 120.0 g/t gold over 2.1 metres at 1,772 metres depth. The intersection is approximately 115 metres down-plunge of the Cardinal mineral reserves and is within a 200 metre down-plunge extent of visible gold.

Also in the Phoenix area, hole UDH4859 intersected 17.3 g/t gold over 8.3 metres at 1,166 metres depth, approximately 10 metres outside the Cygnet Zone mineral reserves in a newly identified mineralized trend named the Peregrine Zone, where follow-up drilling is planned in 2024.

At Robbins Hill, hole UDR047 intersected 5.0 g/t gold over 6.0 metres at 574 metres depth in the Hoffman Zone in a sulphide intercept located 900 metres south of the current Hoffman mineral reserves.

In the Curie Zone at Robbins Hill, hole UDH4834 intersected 149.6 g/t over 5.6 metres at 566 metres depth within the lower portion of the Curie mineral reserves.

Highlight hole UDH4580A intersected 301.4 g/t gold over 2.0 metres at 636 metres depth in the underexplored Wu Zone, which extends for more than 700 metres in length within the Robbins Hill system.

2024 Exploration Plan and Budget

The Company expects to spend approximately $10.9 million for 38,700 metres of capitalized drilling at Fosterville in 2024, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $11.7 million is budgeted for 36,500 metres of underground and surface expensed exploration to test new geological targets, including underground exploration at Harrier. Up to six underground rigs and one surface rigs are expected to be used during the year.

Regionally at Fosterville, preparation is underway for surface exploration programs to identify favourable structural environments with folding and faulting similar to the Fosterville fault that hosts the Swan Zone, and could potentially host significant gold mineralization, with follow up drilling planned for any new prospective targets.

FINLAND

KITTILA

MRMR Highlights

At the Kittila mine, improved modelling of the deposit and conversion drilling in the Suuri and Roura Deep areas resulted in the addition of 182,000 ounces of gold in mineral reserves, replacing 65% of 2023 mining depletion.

2023 Exploration Highlights

At the Kittila mine in 2023, exploration and conversion drilling totalled 58,000 metres, mainly targeted at 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 intercepts from the Kittila mine are set out in the composite longitudinal section below and in a table in the Appendix.

[Kittila Mine – Composite Longitudinal Section]

To the north in the Rimpi area, highlight hole RIE23-630 intersected 5.1 g/t gold over 4.7 metres at 1,059 metres depth in the Main Zone, representing a 200-metre extension of the Main Zone to the north at moderate depths. Drilling is ongoing in this area.

The exploration and conversion drilling program in the central Roura area near the bottom of the shaft was highlighted by hole RUG23-515, which intersected 7.0 g/t gold over 19.8 metres at 1,133 metres depth in the Sisar Zone, including 18.8 g/t gold over 4.1 metres at 1,129 metres depth; and hole ROD23-7000D, which intersected 7.8 g/t gold over 4.2 metres at 1,154 metres depth in the Main Zone. These intersections are northern extensions of the gold mineralization in the Suuri zone, and they demonstrate the potential to add mineral reserves in this area, which remains open at depth.

In step-out drilling towards the south in the Suuri area, hole SUU23-700C intersected 3.4 g/t gold over 3.8 metres at 935 metres depth in the Main Zone, extending gold mineralization by 250 metres to the south. Approximately 400 metres above hole SUU237-00C, hole SUU23-606 intersected 10.0 g/t gold over 5.9 metres at 506 metres depth in the Main Zone, demonstrating the wide exploration target for continued exploration drilling to the south.

During the second half of 2023, exploration drilling from surface began targeting an underexplored, parallel mineralized structure named the East Zone located in the Suuri area approximately 140 metres east of the mine's producing Main Zone and outside current mineral resources. Following up on the previously announced hole SUU23004 in the East Zone, which intersected 11.8 g/t gold over 9.9 metres at 208 metres depth, including 18.2 g/t gold over 4.8 metres at 206 metres depth (see the Company's news release dated October 25, 2023), two recent holes returned further significant gold mineralization at shallow depths in the East Zone: hole SSU23-008 intersected 11.5 g/t gold over 7.8 metres at 204 metres depth, including 20.5 g/t gold over 3.7 metres at 205 metres depth, with the intersection located 73 metres south of hole SUU23-004; and hole SUU23-001 intersected 4.3 g/t gold over 2.7 metres at 158 metres depth, approximately 200 metres north of hole SUU23-004.

The newly identified East Zone is an attractive, high-grade parallel zone at shallow depth that has the potential to provide an additional source of ore proximal to existing mine infrastructure.

2024 Exploration Plan and Budget

The Company expects to spend approximately $11.8 million for 70,000 metres of drilling at the Kittila mine in 2024, focused on the Main Zone in the Roura and Rimpi areas as well as the Sisar Zone. The drilling includes 16,000 metres of capitalized conversion and 35,500 meters of capitalized exploration as described above. The 18,500 metres of expensed exploration drilling will be focused on targets beyond the current mineral reserve area, including from 1,500 to 2,000 metres depth and in the extension of the central Roura area near the bottom of the shaft. Follow up drilling is also planned in the East Zone in the Suuri area at shallow depths.

MEXICO

PINOS ALTOS

2023 Exploration Highlights

At the Pinos Altos mine in 2023, exploration drilling totalled 21,264 metres in 81 holes, focused on the Pinos Altos Deep project beneath the mine, the advanced Cubiro underground project in the northwest of the property and the Moctezuma and Reyna mineralized trends.

At Pinos Altos Deep, drilling beneath the Oberon de Weber mining zone was highlighted by hole US23-299, which intersected 4.9 g/t gold and 193 g/t silver over 6.9 metres at 254 metres depth, including 10.5 g/t gold and 186 g/t silver over 2.3 metres at 254 metres depth, demonstrating the potential to add mineral resources and mineral reserves approximately 100 metres below current underground mine workings.

The positive results from recent exploration show the potential to continue to add and convert remaining mineral resources into mineral reserves and to extend the life of mine at Pinos Altos.

Exploration Plan and Budget for 2024

The Company expects to spend approximately $4.6 million for 20,700 metres of capitalized and expensed exploration drilling at Pinos Altos in 2024.

About Agnico Eagle

Further Information

For further information regarding Agnico Eagle, please contact Investor Relations at the email address investor.relations@agnicoeagle.com or call (416) 947-1212.

Forward-Looking Statements

The information in this news release has been prepared as at February 15, 2024. 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 project timelines, drilling targets or results, life of mine estimates; the estimated timing and conclusions of the Company's studies and evaluations; the Company's plans at the Hope Bay project; the Company's plans at the Wasamac project; statements concerning other expansion projects, optimization efforts, projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of exploration expenditures and other cash needs; estimates of future mineral reserves, mineral resources, 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; 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; future exploration; the anticipated timing of events with respect to the Company's mine sites; 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"), the Company's news release dated February 15, 2024 announcing its full year 2023 results, 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 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; 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 or its 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 Indigenous 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 current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner to which COVID-19, its variants, and other communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. 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").

Scientific and Technical Information

The scientific and technical information contained in this news release relating to exploration activities has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration and Olivier Grondin, P.Geo., 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.

Detailed Mineral Reserve and Mineral Resource Data

MINERAL RESERVES

As at December 31, 2023

OPERATION / PROJECT		PROVEN						PROBABLE						PROVEN & PROBABLE
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		Recovery %**
LaRonde mine¹	U/G		2,342		4.98		375		8,568		6.79		1,870		10,910		6.40		2,244		94.7
LaRonde Zone 5²	U/G		4,450		2.11		301		4,523		2.30		334		8,972		2.20		636		94.7
LaRonde complex Total			6,791		3.10		676		13,091		5.24		2,204		19,882		4.51		2,880
Canadian Malartic³	O/P		45,474		0.58		852		45,332		1.09		1,584		90,806		0.83		2,436		89.0
East Gouldie⁴	U/G		—		—		—		47,005		3.42		5,173		47,005		3.42		5,173		94.6
Odyssey deposits⁵	U/G		17		2.25		1		4,422		2.17		308		4,440		2.17		310		95.3
Canadian Malartic complex Total			45,491		0.58		853		96,760		2.27		7,065		142,251		1.73		7,919
Goldex⁶	U/G		797		2.60		66		16,873		1.54		834		17,669		1.59		901		85.8
Akasaba West⁷	O/P		203		0.84		5		4,823		0.89		138		5,025		0.89		143		77.1
Quebec Total			53,282		0.93		1,601		131,546		2.42		10,242		184,828		1.99		11,843
Detour Lake (Above 0.5 g/t)	O/P		70,048		1.14		2,565		484,633		0.90		14,029		554,681		0.93		16,594		91.9
Detour Lake (Below 0.5 g/t)	O/P		48,656		0.43		666		215,712		0.38		2,669		264,368		0.39		3,335		90.0
Detour Lake Total⁸			118,703		0.85		3,230		700,346		0.74		16,698		819,049		0.76		19,928
Macassa mine⁹	U/G		248		16.17		129		3,959		14.34		1,825		4,207		14.45		1,954		97.4
Macassa Near Surface¹⁰	U/G		2		4.23		—		117		5.96		22		119		5.93		23		95.0
AK deposit¹¹	U/G		—		—		—		742		6.69		160		742		6.69		160		95.0
Macassa Total			249		16.10		129		4,818		12.96		2,007		5,067		13.11		2,136
Upper Beaver¹²	U/G		—		—		—		7,992		5.43		1,395		7,992		5.43		1,395		95.0
Hammond Reef¹³	O/P		—		—		—		123,473		0.84		3,323		123,473		0.84		3,323		89.2
Ontario Total			118,952		0.88		3,359		836,629		0.87		23,424		955,581		0.87		26,783
Amaruq	O/P		3,010		1.58		153		9,469		3.76		1,146		12,479		3.24		1,299		91.7
Amaruq	U/G		49		5.96		9		2,829		5.81		528		2,878		5.81		538		91.7
Meadowbank complex Total¹⁴			3,059		1.65		162		12,298		4.23		1,674		15,357		3.72		1,837
Meliadine	O/P		266		4.27		37		4,632		4.46		664		4,898		4.45		700		94.7
Meliadine	U/G		1,514		7.57		369		11,846		6.30		2,398		13,360		6.44		2,767		96.3
Meliadine Total¹⁵			1,780		7.08		405		16,478		5.78		3,062		18,258		5.91		3,467
Hope Bay¹⁶	U/G		93		6.77		20		16,123		6.51		3,377		16,216		6.52		3,397		87.5
Nunavut Total			4,932		3.71		588		44,899		5.62		8,113		49,831		5.43		8,701

OPERATION / PROJECT		PROVEN						PROBABLE						PROVEN & PROBABLE
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		Recovery %**
Fosterville¹⁷	U/G		679		12.52		273		7,897		5.55		1,409		8,576		6.10		1,682		95.0
Australia Total			679		12.52		273		7,897		5.55		1,409		8,576		6.10		1,682
Kittila¹⁸	U/G		984		4.11		130		25,943		4.14		3,454		26,926		4.14		3,584		86.9
Europe Total			984		4.11		130		25,943		4.14		3,454		26,926		4.14		3,584
Pinos Altos	O/P		24		1.21		1		2,363		1.21		92		2,387		1.21		93		94.4
Pinos Altos	U/G		2,386		2.14		164		4,150		2.17		290		6,536		2.16		454		94.2
Pinos Altos Total¹⁹			2,410		2.13		165		6,514		1.82		381		8,924		1.90		546
San Nicolás (50%)²⁰	O/P		23,858		0.41		314		28,761		0.39		358		52,619		0.40		672		17.6
Mexico Total			26,268		0.57		479		35,275		0.65		739		61,543		0.62		1,219
Total Gold			205,096		0.98		6,430		1,082,188		1.36		47,380		1,287,284		1.30		53,811

SILVER	Mining Method*	000 Tonnes		g/t		000 Oz Ag		000 Tonnes		g/t		000 Oz Ag		000 Tonnes		g/t		000 Oz Ag		Recovery %**
LaRonde	U/G		2,342		14.32		1,078		8,568		21.60		5,950		10,910		20.04		7,028		74.9
Pinos Altos	O/P		24		43.30		33		2,363		36.35		2,762		2,387		36.42		2,796		44.5
Pinos Altos	U/G		2,386		40.03		3,070		4,150		47.41		6,326		6,536		44.71		9,396		49.3
Pinos Altos Total			2,410		40.06		3,104		6,514		43.40		9,088		8,924		42.50		12,192
San Nicolás (50%)	O/P		23,858		23.93		18,356		28,761		20.91		19,333		52,619		22.28		37,689		38.2
Total Silver			28,609		24.50		22,538		43,843		24.38		34,371		72,453		24.43		56,909

COPPER	Mining Method*	000 Tonnes		%		tonnes Cu		000 Tonnes		%		tonnes Cu		000 Tonnes		%		tonnes Cu		Recovery %**
LaRonde	U/G		2,342		0.19		4,558		8,568		0.30		25,341		10,910		0.27		29,899		83.6
Akasaba West	O/P		203		0.44		890		4,823		0.50		24,262		5,025		0.50		25,153		83.6
Upper Beaver	U/G		—		—		—		7,992		0.25		19,980		7,992		0.25		19,980		90.0
San Nicolás (50%)	O/P		23,858		1.26		299,809		28,761		1.01		291,721		52,619		1.12		591,530		75.7
Total Copper			26,402		1.16		305,258		50,144		0.72		361,305		76,546		0.87		666,562

ZINC	Mining Method*	000 Tonnes		%		tonnes Zn		000 Tonnes		%		tonnes Zn		000 Tonnes		%		tonnes Zn		Recovery %**
LaRonde	U/G		2,342		0.62		14,424		8,568		1.08		92,164		10,910		0.98		106,588		69.2
San Nicolás (50%)	O/P		23,858		1.61		383,313		28,761		1.37		394,115		52,619		1.48		777,428		65.5
Total Zinc			26,199		1.52		397,736		37,330		1.30		486,280		63,529		1.39		884,016

*Underground (“U/G”), Open Pit ("O/P")

** Represents metallurgical recovery percentage

¹LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$91/t for LP1 and not less than C$192/t for LaRonde.

² LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.56 g/t.

³ Canadian Malartic: Gold cut-off grade not less than 0.34 g/t for Barnat pit.

⁴East Gouldie: Gold cut-off grade not less than 1.67 g/t.

⁵Odyssey deposits: Gold cut-off grade varies according to mining zone and depth, not less than 1.53 g/t.

⁶Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t.

⁷Akasaba West: Net smelter value cut-off varies, not less than C$33/t.

⁸Detour Lake: Gold cut-off grade not less than 0.30 g/t.

⁹Macassa mine: Gold cut-off grade varies according to mining type, not less than 3.71 g/t for long hole method and 4.41 g/t for cut and fill method.

¹⁰Macassa Near Surface: Gold cut-off grade not less than 4.33 g/t.

¹¹Amalgamated Kirkland (AK) deposit: Gold cut-off grade not less than 4.25 g/t.

¹²Upper Beaver: Net smelter value cut-off not less than C$125/t.

¹³Hammond Reef: Gold cut-off grade not less than 0.41 g/t.

¹⁶Hope Bay: Gold cut-off grade not less than 4.00 g/t.

¹⁷Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.80 g/t.

¹⁸Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.59 g/t.

¹⁹Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$9.33/t for open pit mineral reserves and US$49.93/t for the underground mineral reserves.

²⁰San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t.

MINERAL RESOURCES

As at December 31, 2023

OPERATION / PROJECT		MEASURED						INDICATED						MEASURED & INDICATED						INFERRED
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au
LaRonde	U/G		—		—		—		6,424		3.06		632		6,424		3.06		632		1,569		5.67		286
LaRonde Zone 5	U/G		—		—		—		10,594		2.27		774		10,594		2.27		774		10,437		3.38		1,134
LaRonde complex Total			—		—		—		17,018		2.57		1,407		17,018		2.57		1,407		12,006		3.68		1,420
Canadian Malartic	O/P		—		—		—		—		—		—		—		—		—		8,171		0.81		214
Odyssey	U/G		—		—		—		1,372		1.71		75		1,372		1.71		75		19,700		2.29		1,453
East Malartic	U/G		—		—		—		11,134		2.04		731		11,134		2.04		731		65,748		2.12		4,480
East Gouldie	U/G		—		—		—		4,853		1.56		244		4,853		1.56		244		45,239		2.29		3,331
Odyssey Project Total			—		—		—		17,358		1.88		1,050		17,358		1.88		1,050		130,687		2.20		9,263
Canadian Malartic Total			—		—		—		17,358		1.88		1,050		17,358		1.88		1,050		138,858		2.12		9,477
Goldex	U/G		12,360		1.86		739		18,837		1.50		907		31,197		1.64		1,646		16,154		1.68		871
Akasaba West	O/P		—		—		—		4,044		0.70		91		4,044		0.70		91		—		—		—
Wasamac	U/G		—		—		—		27,850		2.43		2,173		27,850		2.43		2,173		9,232		2.66		789
Quebec Total			12,360		1.86		739		85,109		2.06		5,628		97,468		2.03		6,367		176,249		2.22		12,558
Detour Lake	O/P		30,861		1.45		1,434		697,821		0.74		16,520		728,681		0.77		17,955		58,317		0.62		1,156
Detour Lake	U/G		—		—		—		—		—		—		—		—		—		21,811		2.23		1,561
Detour Lake Zone 58N	U/G		—		—		—		2,868		5.80		534		2,868		5.80		534		973		4.35		136
Detour Lake Total			30,861		1.45		1,434		700,688		0.76		17,055		731,549		0.79		18,489		81,101		1.09		2,853
Macassa	U/G		258		10.32		86		1,910		8.35		512		2,168		8.58		598		3,692		9.21		1,094
Macassa Near Surface	U/G		—		—		—		65		6.14		13		65		6.14		13		133		6.62		28
AK Project	U/G		—		—		—		163		6.95		37		163		6.95		37		282		5.69		52
Macassa Total			258		10.32		86		2,138		8.17		562		2,396		8.40		647		4,106		8.89		1,173
Aquarius	O/P		—		—		—		23,112		1.49		1,106		23,112		1.49		1,106		502		0.87		14
Holt complex	U/G		5,806		4.29		800		5,884		4.75		898		11,690		4.52		1,699		9,097		4.48		1,310
Anoki-McBean	U/G		—		—		—		3,919		2.77		349		3,919		2.77		349		867		3.84		107
Upper Beaver	U/G		—		—		—		3,636		3.45		403		3,636		3.45		403		8,688		5.07		1,416
Upper Canada	O/P		—		—		—		2,006		1.62		104		2,006		1.62		104		1,020		1.44		47
Upper Canada	U/G		—		—		—		8,433		2.28		618		8,433		2.28		618		17,588		3.21		1,816
Upper Canada Total			—		—		—		10,439		2.15		722		10,439		2.15		722		18,608		3.11		1,863
Hammond Reef	O/P		47,063		0.54		819		86,304		0.53		1,478		133,367		0.54		2,298		—		—		—
Ontario Total			83,988		1.16		3,140		836,119		0.84		22,574		920,107		0.87		25,713		122,968		2.21		8,736
Amaruq	O/P		—		—		—		4,758		2.62		401		4,758		2.62		401		236		2.87		22
Amaruq	U/G		—		—		—		8,544		4.37		1,199		8,544		4.37		1,199		3,938		4.75		602
Amaruq Total			—		—		—		13,302		3.74		1,600		13,302		3.74		1,600		4,173		4.65		623
Meadowbank complex Total			—		—		—		13,302		3.74		1,600		13,302		3.74		1,600		4,173		4.65		623
Meliadine	O/P		3		3.17		—		4,613		3.14		466		4,615		3.14		466		1,135		4.45		162
Meliadine	U/G		422		4.64		63		7,626		4.49		1,100		8,047		4.49		1,163		9,986		6.42		2,060
Meliadine Total			424		4.63		63		12,238		3.98		1,566		12,663		4.00		1,629		11,120		6.22		2,222

OPERATION / PROJECT		MEASURED						INDICATED						MEASURED & INDICATED						INFERRED
GOLD	Mining Method*	000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au		000 Tonnes		g/t		000 Oz Au
Hope Bay	U/G		—		—		—		10,734		3.64		1,255		10,734		3.64		1,255		12,110		5.41		2,108
Nunavut Total			424		4.63		63		36,274		3.79		4,421		36,699		3.80		4,485		27,404		5.62		4,953
Fosterville	O/P		820		2.81		74		1,771		3.87		220		2,591		3.53		294		326		2.72		29
Fosterville	U/G		262		3.99		34		8,758		4.20		1,184		9,019		4.20		1,218		9,693		4.60		1,433
Fosterville Total			1,082		3.10		108		10,528		4.15		1,404		11,610		4.05		1,512		10,019		4.54		1,461
Northern Territory	O/P		269		3.65		32		16,416		1.42		749		16,685		1.46		781		13,536		1.75		762
Northern Territory	U/G		—		—		—		5,115		5.39		887		5,115		5.39		887		4,284		4.45		613
Northern Territory Total			269		3.65		32		21,531		2.36		1,636		21,800		2.38		1,668		17,820		2.40		1,376
Australia Total			1,351		3.21		139		32,059		2.95		3,040		33,410		2.96		3,180		27,839		3.17		2,837
Kittilä	O/P		—		—		—		—		—		—		—		—		—		373		3.89		47
Kittilä	U/G		4,299		2.91		402		13,632		2.93		1,285		17,931		2.93		1,687		6,192		5.13		1,020
Kittilä Total			4,299		2.91		402		13,632		2.93		1,285		17,931		2.93		1,687		6,565		5.06		1,067
Barsele	O/P		—		—		—		3,178		1.08		111		3,178		1.08		111		2,260		1.25		91
Barsele	U/G		—		—		—		1,158		1.77		66		1,158		1.77		66		13,552		2.10		914
Barsele Total			—		—		—		4,335		1.27		176		4,335		1.27		176		15,811		1.98		1,005
Europe Total			4,299		2.91		402		17,967		2.53		1,461		22,266		2.60		1,863		22,376		2.88		2,072
Pinos Altos	O/P		—		—		—		1,266		1.03		42		1,266		1.03		42		445		1.27		18
Pinos Altos	U/G		—		—		—		10,394		1.92		643		10,394		1.92		643		1,431		1.87		86
Pinos Altos Total			—		—		—		11,659		1.83		685		11,659		1.83		685		1,876		1.73		104
La India	O/P		4,478		0.52		74		814		0.54		14		5,292		0.52		88		66		0.40		1
San Nicolás (50%)	O/P		261		0.08		1		3,037		0.20		19		3,297		0.19		20		2,468		0.13		10
Tarachi	O/P		—		—		—		19,290		0.58		361		19,290		0.58		361		242		0.52		4
Chipriona	O/P		—		—		—		10,983		0.92		326		10,983		0.92		326		976		0.66		21
El Barqueño Gold	O/P		—		—		—		8,834		1.16		331		8,834		1.16		331		9,628		1.13		351
Santa Gertrudis	O/P		—		—		—		19,267		0.91		563		19,267		0.91		563		9,819		1.36		429
Santa Gertrudis	U/G		—		—		—		—		—		—		—		—		—		9,079		3.44		1,004
Santa Gertrudis Total			—		—		—		19,267		0.91		563		19,267		0.91		563		18,898		2.36		1,433
Total Mexico			4,739		0.49		75		73,884		0.97		2,299		78,623		0.94		2,373		34,154		1.75		1,923
Total Gold			107,161		1.32		4,558		1,081,412		1.13		39,423		1,188,573		1.15		43,981		410,990		2.50		33,080

OPERATION / PROJECT		MEASURED						INDICATED						MEASURED & INDICATED						INFERRED
SILVER	Mining Method*	000 Tonnes		g/t		000 Oz Ag		000 Tonnes		g/t		000 Oz Ag		000 Tonnes		g/t		000 Oz Ag		000 Tonnes		g/t		000 Oz Ag
LaRonde	U/G		—		—		—		6,424		11.98		2,474		6,424		11.98		2,474		1,569		12.25		618
Pinos Altos	O/P		—		—		—		1,266		21.60		879		1,266		21.6		879		445		31.74		454
Pinos Altos	U/G		—		—		—		10,394		50.99		17,040		10,394		50.99		17,040		1,431		36.19		1,665
Pinos Altos Total			—		—		—		11,659		47.80		17,919		11,659		47.8		17,919		1,876		35.13		2,120
La India	O/P		4,478		2.72		391		814		2.61		68		5,292		2.7		460		66		2.18		5
San Nicolás (50%)	O/P		261		6.40		54		3,037		11.86		1,158		3,297		11.43		1,211		2,468		9.26		735
Chipriona	O/P		—		—		—		10,983		100.72		35,566		10,983		100.72		35,566		976		86.77		2,722
El Barqueño Silver	O/P		—		—		—		—		—		—		—		—		—		4,393		124.06		17,523
El Barqueño Gold	O/P		—		—		—		8,834		4.73		1,343		8,834		4.73		1,343		9,628		16.86		5,218
Santa Gertrudis	O/P		—		—		—		19,267		3.66		2,269		19,267		3.66		2,269		9,819		1.85		585
Santa Gertrudis	U/G		—		—		—		—		—		—		—		—		—		9,079		23.31		6,803
Santa Gertrudis Total			—		—		—		19,267		3.66		2,269		19,267		3.66		2,269		18,898		12.16		7,389
Total Silver			4,739		2.92		445		61,018		30.99		60,796		65,757		28.97		61,240		39,874		28.34		36,328

COPPER	Mining Method*	000 Tonnes		%		Tonnes Cu		000 Tonnes		%		Tonnes Cu		000 Tonnes		%		Tonnes Cu		000 Tonnes		%		Tonnes Cu
LaRonde	U/G		—		—		—		6,424		0.13		8,613		6,424		0.13		8,613		1,569		0.28		4,371
Akasaba West	O/P		—		—		—		4,044		0.43		17,270		4,044		0.43		17,270		—		—		—
Upper Beaver	U/G		—		—		—		3,636		0.14		5,135		3,636		0.14		5,135		8,688		0.20		17,284
San Nicolás (50%)	O/P		261		1.35		3,526		3,037		1.17		35,489		3,297		1.18		39,015		2,468		0.94		23,144
Chipriona	O/P		—		—		—		10,983		0.16		17,291		10,983		0.16		17,291		976		0.12		1,174
El Barqueño Gold	O/P		—		—		—		8,834		0.19		16,400		8,834		0.19		16,400		9,628		0.22		21,152
El Barqueño Silver	O/P		—		—		—		—		—		—		—		—		—		4,393		0.04		1,854
Total Copper			261		1.35		3,526		36,958		0.27		100,198		37,218		0.28		103,724		27,721		0.25		68,980

ZINC	Mining Method*	000 Tonnes		%		Tonnes Zn		000 Tonnes		%		Tonnes Zn		000 Tonnes		%		Tonnes Zn		000 Tonnes		%		Tonnes Zn
LaRonde	U/G		—		—		—		6,424		0.74		47,404		6,424		0.74		47,404		1,569		0.36		5,600
San Nicolás (50%)	O/P		261		0.39		1,012		3,037		0.71		21,618		3,297		0.69		22,630		2,468		0.62		15,355
Chipriona	O/P		—		—		—		10,983		0.83		91,637		10,983		0.83		91,637		976		0.73		7,073
Total Zinc			261		0.39		1,012		20,444		0.79		160,659		20,704		0.78		161,671		5,012		0.56		28,029

*Underground (“U/G”), Open Pit ("O/P")

Assumptions used for the December 31, 2023 mineral reserve and mineral resource estimates reported by the Company

Metal Price for Mineral Reserve Estimation*
Gold (US$/oz)		Silver (US$/oz)		Copper (US$/lb)		Zinc (US$/lb)
$	1,400	$	18.00	$	3.50	$	1.00

	Metal Price for Mineral Resource Estimation^*
	Gold		Silver		Copper		Zinc
Mines / Projects	(US$/oz)		(US$/oz)		(US$/lb)		(US$/lb)
Operating mines and pipeline projects	$	1,650	$	22.50	$	3.75	$	1.25

Exchange rates*
C$ per US$1.00		Mexican peso per US$1.00		AUD per US$1.00		US$ per €1.00
$	1.30	MXP	18.00	AUD	1.36	EUR	1.10

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

Additional Information

APPENDIX

Recent Selected Exploration Drill Results

LZ5 mine at LaRonde complex

Drill hole	Mine / zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
BZ-2023-007	LZ5	865.4	898.0	686	24.8	1.8	1.8
BZ-2023-007A	LZ5	834.0	866.0	627	26.4	3.0	3.0
BZ-2022-026	LZ5	982.9	1009.1	857	16.8	2.1	2.1

*Results from LZ5 mine use a capping factor of 30 g/t gold.

W Zone at Goldex

Drill hole	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
GD27-053	387.0	475.5	476	35.0	1.2	1.2
GD27-056	676.5	777.0	591	45.0	1.5	1.5
GD27-063	516.0	618.0	607	42.0	1.1	1.1

*Results from W Zone at Goldex use a capping factor of 50 g/t gold.

East Gouldie deposit, Odyssey South deposit and Odyssey internal zones at Odyssey mine

Drill hole	Deposit / Zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)		Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
MEV23-269	East Gouldie	489.8	492.8	351	3.0	**	5.1	5.1
MEV23-275RR	East Gouldie	578.0	582.5	497	4.5	**	5.4	5.4
MEV23-281	East Gouldie	444.0	452.0	396	8.0	**	13.7	6.1
MEV23-293	Odyssey South	714.5	722.1	383	6.8		4.2	4.2
MEX22-251RWZ	East Gouldie	1,774.3	1,835.3	1,659	50.0		2.3	2.2
MEX23-285	East Gouldie	973.4	978.8	853	5.4	**	4.7	4.7
MEX23-289	East Gouldie	666.7	679.6	420	12.8	**	5.2	5.2
MEX23-300	East Gouldie	1,138.0	1,146.5	1,067	6.4		4.2	4.2
MEX23-304	East Gouldie	1,564.5	1,581.1	1,355	15.9		5.0	5.0
MEX23-304Z	East Gouldie	1,565.0	1,572.1	1,299	6.7		6.2	6.2
MEX23-305Z	East Gouldie	1,824.7	1,839.0	1,467	13.5		6.7	6.7
MEX23-306	East Gouldie	692.5	696.3	578	3.3		6.1	6.1
and	East Gouldie	724.0	729.0	605	4.5		7.0	6.7
and	East Gouldie	871.3	876.3	725	4.5		12.8	11.7
UGOD-016-176	Odyssey internal	346.5	359.1	478	12.6	**	6.8	6.8
UGOD-016-188	Odyssey S, Odyssey int, EG	271.0	310.6	344	39.6	**	3.4	3.2
UGOD-016-190	Odyssey South	264.0	277.5	307	13.5	**	3.2	3.2
and	East Gouldie	287.5	298.5	315	11.0	**	10.3	7.6
and	Odyssey internal	326.8	331.6	328	4.8	**	5.9	5.9
UGOD-016-198	East Gouldie	325.0	330.5	330	5.4	**	3.9	3.9
UGOD-016-199	Odyssey internal	361.5	375.8	374	14.3	**	3.0	3.0
UGOD-036-002	East Gouldie	101.0	105.4	395	4.3	**	3.1	3.1
and	Odyssey internal	143.0	149.5	410	6.5	**	14.0	4.9
UGOD-036-003	East Gouldie	174.5	200.0	466	25.5	**	3.7	2.9
and	East Gouldie	309.5	328.0	544	18.5	**	2.7	2.7

*Results from East Gouldie, Odyssey internal zones and Odyssey South use a capping factor of 20 g/t gold.

**Core length

Wasamac, Francoeur and Wildcat deposits at Wasamac project

Drill hole	Deposit / Zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)		Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
FS23-129	Francoeur	374.6	379.9	324	5.3	**	4.5	4.5
WS23-634	Wasamac	526.1	530.1	484	3.9		4.4	4.4
WS23-653	Wildcat	387.6	393.0	267	5.4	**	3.4	3.4
WS23-661	Wildcat	44.9	65.5	44	20.6	**	3.6	3.6
and	Wildcat	157.8	162.0	123	4.1	**	5.6	5.6
WS23-663	Wasamac	599.0	620.1	565	18.8		2.8	2.8
WS23-666	Wasamac	620.5	636.0	590	13.4	**	4.9	4.9

*Results from Wasamac project use a capping factor of 30 g/t gold.

**Core length

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)*
DLM23-727W	West Pit Extension	980.0	983.0	896	2.7	5.4
DLM-23-730W	West Pit	393.0	399.1	319	5.6	11.4
DLM-23-733A	West Pit Extension	602.0	617.1	545	12.6	18.3
DLM-23-735	West Pit Extension	260.7	287.0	236	22.4	6.0
and	West Pit Extension	305.5	314.0	265	7.3	6.4
and	West Pit Extension	331.0	334.0	284	2.7	11.7
DLM-23-745	West Pit Extension	317.0	320.0	285	2.7	10.0
and	West Pit Extension	370.0	373.0	332	2.7	32.2
DLM-23-747	West Pit Extension	1,157.0	1,160.0	1,030	2.7	7.8
DLM-23-757	West Pit	283.3	334.2	233	47.2	2.7
including		283.3	297.7	220	13.3	6.5
DLM-23-763A	West Pit Extension	631.0	634.0	559	2.7	21.9
and	West Pit Extension	824.0	835.0	723	9.4	3.7
DLM-23-767	West Pit Extension	464.9	474.0	420	7.4	24.8
DLM-23-773	West Pit Extension	1,010.2	1,013.2	845	2.7	19.3
DLM-23-774A	West Pit Extension	1,188.5	1,192.0	999	3.3	8.7
DLM-23-775	West Pit Extension	343.0	361.0	307	16.6	5.4
DLM-23-779	West Pit Extension	959.0	962.0	855	2.7	5.9
DLM-23-783	West Pit Extension	912.0	915.2	795	2.8	13.2

*Results from Detour Lake are uncapped.

SMC, Main Break and AK zones at Macassa complex

Drill hole	Zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
53-4782	SMC East	123.8	125.8	1,664	1.9	43.0	43.0
53-4813A	SMC East	129.4	131.4	1,698	1.9	40.4	35.6
57-1394	SMC Lower	199.4	201.4	1,827	1.9	78.9	70.3
57-1417	SMC Lower	199.0	201.0	1,783	2.0	37.0	37.0
57-1442	SMC Lower	162.0	164.0	1,846	1.9	101.7	67.6
57-1445	SMC Lower	135.0	137.0	1,879	1.5	90.9	69.6
and	SMC Lower	162.0	164.0	1,884	1.5	110.4	110.4
57-1460	SMC Lower	244.9	246.9	1,964	1.7	43.6	43.6
57-1465A	SMC Lower	222.3	224.3	1,941	2.0	40.3	40.3
58-892	Main Break (110)	320.6	322.7	2,122	1.3	88.1	16.7
58-894	Main Break (110)	268.8	271.0	2,086	1.3	44.8	25.1
58-920	Main Break (110)	192.7	196.8	2,000	3.2	186.3	39.6
and	Main Break (110)	199.0	203.4	2,007	3.3	50.1	50.1
KLAK-239	AK	117.7	120.9	278	3.1	17.9	17.9
KLAK-242	AK	129.8	134.5	319	4.4	21.8	21.8
KLAK-245	AK	155.1	160.6	365	5.0	32.4	25.0
KLAK-249	AK	171.5	174.2	400	1.9	25.1	18.5
KLAK-261	AK	164.6	169.2	318	4.3	17.1	12.2

*Results from the 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.

Pump North, Tiriganiaq, Wesmeg and Wesmeg North deposits at Meliadine

Drill hole	Deposit	Lode / zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
M23-3577A	Pump North	3430	408.1	411.9	361	3.6	16.1	16.1
and	Pump North	3425	435.3	439.8	383	4.3	10.8	10.8
M23-3580	Pump North	3510	492.6	499.0	437	5.8	5.0	5.0
and	Pump North	3430	516.3	521.8	455	5.1	4.7	4.7
M23-3595	Pump North	3520	340.5	345.1	305	3.9	12.1	10.7
M23-3596	Pump North	3510	241.1	246.2	210	4.9	10.8	10.8
and	Pump North	3435	253.5	260.5	220	6.7	4.5	4.5
including			253.5	256.9	220	3.3	8.3	8.3
M23-3615	Tiriganiaq	1025	197.0	204.8	160	7.0	9.0	9.0
M23-3760	Tiriganiaq	1050	323.0	327.0	299	3.0	6.0	6.0
ML425-9563-D3	Tiriganiaq	1360	156	160.0	468	3.7	20.2	8.3
ML425-9563-D21	Tiriganiaq	1000	341	344.5	757	3.1	11.4	11.4
ML425-9740-D29	Tiriganiaq	1000	363.2	367.6	455	3.6	13.4	13.4
M23-3651	Wesmeg	600	420.5	430.8	372	9.3	6.5	6.5
M23-3659	Wesmeg	650	375.6	380.0	351	3.7	9.4	9.4
ML300-10340-D2	Wesmeg	625	328.0	332.0	494	3.9	13.1	11.4
ML400-10200-F1	Wesmeg	650	308.4	312.4	396	3.7	15.4	15.4
and	Wesmeg	625	339.6	343.1	402	3.3	12.6	12.6
M23-3655	Wesmeg North	953	75.8	80.2	63	3.8	12.2	5.2
ML250-9325-U3	Wesmeg North	947	54.8	59.3	206	2.9	261.3	23.3
ML300-10340-D1	Wesmeg North	972	262.8	272.0	519	7.9	9.9	7.5
ML300-10340-D4	Wesmeg North	972	222.1	235.1	467	11.7	6.1	6.1
including			223.6	228.5	465	4.4	11.2	11.2
ML300-10340-D6	Wesmeg North	973	32.9	38.7	303	5.3	462.3	11.1
ML500-8994-D5	Wesmeg North	912	82.6	88.5	545	5.2	8.1	8.1
and	Wesmeg North	930	91.0	98.4	553	6.5	6.5	6.5
including			91.0	96.6	553	4.9	7.9	7.9

*Results from Meliadine use a capping factor ranging from 20 g/t to 90 g/t gold depending on the zone.

Whale Tail and IVR deposits at Amaruq

Drill hole	Deposit	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
AMQ22-2902	Whale Tail	123.7	127.7	95	3.9	49.5	23.1
AMQ22-2911	Whale Tail	99.0	112.0	90	11.2	5.1	5.1
AMQ23-2946A	Whale Tail	585.5	596.7	552	7.1	8.4	8.4
AMQ23-2949	Whale Tail	567.0	575.3	491	5.5	25.3	17.5
AMQ23-2960A	Whale Tail	600.5	606.3	562	2.6	5.3	5.3
AMQ23-2960A	Whale Tail	705.5	715.0	662	6.1	6.9	6.9
AMQ23-2978	Whale Tail	76.5	88.0	61	10.8	7.1	7.1
AMQ23-3023	Whale Tail	91.2	103.5	77	8.7	6.8	6.8
AMQ23-3034	Whale Tail	641.1	650.0	503	6.8	3.8	3.8
AMQ23-3043B	Whale Tail	700.7	707.9	595	6.7	4.9	4.9
AMQ23-3046	Whale Tail	638.2	642.0	554	2.4	7.4	7.4
AMQ-350-006	Whale Tail	160.4	175.5	485	9.0	6.8	5.5
including	Whale Tail	167.4	175.5	491	4.8	11.7	9.4
AMQ23-3062	IVR	993.2	1012.4	901	17.4	5.1	5.1
including	IVR	1001.1	1004.6	901	3.2	10.0	10.0
AMQ23-3064A	IVR	1054.8	1061.6	967	5.2	6.3	6.3
including	IVR	1054.8	1058.2	966	2.6	11.0	11.0
and	IVR	1067.0	1076.1	979	6.4	17.2	11.3
and	IVR	1098.7	1125.7	1013	9.2	7.5	4.4

*Results from Amaruq mine use capping factors ranging from 10 g/t to 100 g/t gold depending on the zone.

Madrid deposits at Hope Bay

Drill hole	Zone	From (metres)	To (metres)	Depth of midpoint below surface (metres)	Estimated true width (metres)	Gold grade (g/t) (uncapped)	Gold grade (g/t) (capped)*
HBM23-074	Madrid North / Naartok	1,012.0	1,015.0	706	3.0	12.1	12.1
HBM23-075	undefined	377.0	377.9	242	0.5	54.2	50.0
HBM23-080	Patch 7	538.0	545.9	423	6.9	5.4	5.4
including		538.9	539.9	423	0.9	13.8	13.8
HBM23-085	Patch 7	413.6	431.0	326	15.8	4.6	4.6
including		421.0	424.0	326	2.0	8.6	8.6
HBM23-092	Patch 7	213.7	225.6	120	9.1	5.1	5.1
HBM23-097A	Patch 7	438.0	451.8	294	12.0	4.8	4.8
HBM23-108	Patch 7	525.7	529.9	387	3.0	30.9	22.5
and	Patch 7	690.4	699.1	515	7.5	7.1	7.1
including		694.0	696.0	515	1.7	16.5	16.5
HBM23-109**	Patch 7	734.0	740.5	609	4.6	15.9	15.9
HBM23-119	Patch 7	888.2	891.5	568	1.4	35.4	33.7
HBM23-120	Patch 7	797.8	802.9	618	4.4	7.6	7.6
HBM23-132	Patch 7	675.0	682.3	460	4.4	5.0	5.0
including		677.3	682.3	460	3.0	5.8	5.8
and	Patch 7	774.0	778.0	530	2.3	5.9	5.9
HBM23-134	Patch 7	1,029.0	1,038.0	632	6.4	5.4	5.4
including		1,033.2	1,037.5	632	3.0	8.8	8.8
HBM23-140	Suluk	874.4	880.0	677	4.6	26.3	12.7
including		875.3	876.3	677	0.8	126.0	50.0
HBM23-143	Patch 7	560.4	594.0	385	28.6	17.6	16.3
including		560.4	587.2	385	22.8	20.8	19.1

*Results from Madrid-area deposits at Hope Bay use a capping factor of 50 g/t gold.

**Previously released.

Fosterville

Drill hole	Zone	From (metres)		To (metres)		Depth of midpoint below surface (metres)		Estimated true width (metres)		Gold grade (g/t) (uncapped)*
RHD520	Hoffman		737.5		744.4		555		6.5		5.5
UDH4490	Hoffman		149.1		158.9		639		9.7		5.2
UDR047	Hoffman		416.6		428.0		574		6.0		5.0
UDH4580A	Wu		228.5		230.5		636		2.0		301.4
UDH4631	Curie		292.6		297.6		837		4.9		11.3
UDH4683	Pen		374.5		376.9		1,592		2.4		10.7
UDH4723	Cardinal		295.5		296.5		1,698		1.0		290.3
UDH4724F	Cardinal		314.8		320.4		1,734		4.6		32.6
UDH4727A	Swan		433.6		436.2		1,862		2.4		8.1
UDH4729B	Cardinal		347.3		351.8		1,773		3.7		69.1
including	Cardinal		347.3		349.8		1,772		2.1		120.0
UDH4761	Cardinal		386.8		398.9		1,828		10.0		10.8
UDH4766A	Curie		413.7		424.1		545		9.2		6.4
UDH4767A	Curie		397.3		415.5		524		11.7		6.2
UDH4767B	Curie		451.5		458.0		517		5.4		9.1
UDH4779	Wu		216.3		223.7		868		6.9		8.3
UDH4781D	Pen		410.9		417.0		1,698		6.1		6.2
UDH4782A	Pen		390.7		392.7		1,631		2.0		21.7
UDH4807	Curie		371.2		384.1		566		10.6		6.7
UDH4834	Curie		89.1		95.6		566		5.6		149.6
UDH4859	Peregrine		229.0		239.1		1,166		8.3		17.3

*Results from the Fosterville mine are uncapped.

Recent selected exploration drill results from Main, Sisar and East 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)*
RIE23-618	Main Rimpi		180.2		195.3		1,089		7.1		3.1
RIE23-619	Main Rimpi		127.9		135.6		1,110		5.8		4.4
RIE23-630	Main Rimpi		430.4		436.0		1,059		4.7		5.1
ROD23-700D	Main Roura		163.6		179.0		1,154		4.2		7.8
and	Main Roura		189.0		216.0		1,181		3.3		3.4
RUG23-515	Sisar Central		236.0		262.0		1,133		19.8		7.0
including			236.0		246.4		1,130		7.8		12.8
including			236.0		241.5		1,129		4.1		18.8
RUG23-527	Sisar Top		134.0		138.5		970		3.8		6.3
SUU23-001	Suuri East		168.9		171.7		158		2.7		4.3
SUU23-004**	Suuri East		221.1		231.6		208		9.9		11.8
including			221.1		226.2		206		4.8		18.2
SUU23-008	Suuri East		277.5		285.4		204		7.8		11.5
including			281.0		284.7		205		3.7		20.5
SUU23-606	Main Suuri		90.0		98.8		506		5.9		10.0
SUU23-700C	Main Suuri		529.0		539.0		935		3.8		3.4

* Results from the Kittila mine are uncapped.

** Previously released in news release dated October 25, 2023.

Pinos Altos Deep project at Pinos Altos

Drill hole		From (m)			To (m)			Depth of midpoint below surface (m)			Estimated true width (m)			Gold grade (g/t) (uncapped)			Gold grade (g/t) (capped)*			Silver grade (g/t) (uncapped)			Silver grade (g/t) (capped)*
US23-299		86.4			94.0			254			6.9			4.9			4.9			228			193

*Results from the Pinos Altos Deep project at Pinos Altos mine use a capping factor of 10 g/t gold and 200 g/t silver.

EXPLORATION DRILL COLLAR COORDINATES

Drill hole	UTM East*		UTM North*		Elevation (metres above sea level)		Azimuth (degrees)		Dip (degrees)		Length (metres)

LaRonde
BZ-2023-007		686850		5346926		310		27		-59		969
BZ-2023-007A		686850		5346926		310		27		-59		984
BZ-2022-026		686853		5346929		310		14		-68		1,119
Goldex
GD27-053		5330643		286120		74		315		-33		770
GD27-056		5330643		286120		74		307		-30		879
GD27-063		5330550		286169		78		314		-42		855
Odyssey mine
MEV23-269		718113		5334737		308		212		-46		617
MEV23-275RR		718114		5334738		308		202		-60		720
MEV23-281		718114		5334738		308		218		-62		745
MEV23-293		717593		5333787		346		356		-46		826
MEX22-251RWZ		717440		5334731		309		180		-73		1,951
MEX23-285		719131		5333940		334		193		-73		1,500
MEX23-289		718764		5333640		325		150		-48		810
MEX23-300		717932		5333791		349		154		-80		1,476
MEX23-304		716873		5334696		316		176		-72		1,650
MEX23-304Z		716873		5334696		316		176		-72		2,235
MEX23-305Z		718665		5334762		307		171		-58		2,238
MEX23-306		717930		5333792		351		162		-69		1,203
UGOD-016-176		718093		5334095		109		29		-52		360
UGOD-016-188		718093		5334095		108		6		-32		345
UGOD-016-190		718092		5334095		109		355		-27		349
UGOD-016-198		718093		5334095		108		343		-27		351
UGOD-016-199		718093		5334095		108		344		-32		390
UGOD-036-002		718297		5334457		-49		233		-19		324
UGOD-036-003		718297		5334457		-49		233		-33		354
Wasamac
FS23-129		630342		5340682		302		208		-63		474
WS23-634		635341		5342130		300		189		-68		639
WS23-653		634200		5340676		302		325		-48		513
WS23-661		633974		5340851		305		120		-50		276
WS23-663		634930		5342212		296		168		-69		705
WS23-666		634929		5342203		295		179		-71		696
Detour Lake
DLM23-727W		585755		5542265		291		186		-70		1,099
DLM-23-730W		588487		5541631		287		179		-56		921
DLM-23-733A		586562		5541903		292		181		-68		1,002
DLM-23-735		587048		5541650		292		177		-62		402
DLM-23-745		586807		5541699		292		176		-65		750
DLM-23-747		584911		5542490		294		186		-65		1,281
DLM-23-757		588406		5541686		288		180		-51		852
DLM-23-763A		586001		5542167		294		187		-66		1,017
DLM-23-767		586565		5541811		288		179		-67		804
DLM-23-773		585251		5542447		292		191		-57		1,260

DLM-23-774A	586798	5542340	297	187	-68	1,401
DLM-23-775	586966	5541687	294	177	-64	923
DLM-23-779	585513	5542400	292	189	-64	1,148
DLM-23-783	584993	5542320	292	186	-62	1,144
Macassa
53-4782	570496	5332202	-1,257	310	-33	457
53-4813A	570532	5332235	-1,257	303	-51	381
57-1394	568634	5331208	-1,405	332	-27	229
57-1417	568634	5331208	-1,405	330	-15	302
57-1442	568508	5331128	-1,404	341	-45	290
57-1445	568592	5331180	-1,406	315	-75	280
57-1460	568508	5331127	-1,404	351	-73	290
57-1465A	568507	5331128	-1,404	329	-56	290
58-892	569895	5332098	-1,517	341	-53	366
58-894	569895	5332098	-1,517	354	-57	411
58-920	569830	5332122	-1,510	4	-51	290
KLAK-239	570185	5331352	49	157	6	165
KLAK-242	570185	5331352	48	166	-12	165
KLAK-245	570185	5331352	48	171	-27	174
KLAK-249	570184	5331352	47	172	-40	244
KLAK-261	570236	5331387	41	166	-13	198
Meliadine
M23-3577A	540061	6987388	10062	205	-68	683
M23-3580	539974	6987573	10062	217	-68	802
M23-3595	539927	6987395	10062	202	-65	426
M23-3596	540033	6987232	10062	202	-65	327
M23-3615	540945	6988519	66	182	-61	222
M23-3760	541085	6988595	10061	152	-76	430
ML425-9563-D3	539563	6988914	-406	202	-25	340
ML425-9563-D21	539563	6988914	-406	221	-64	402
ML425-9740-D29	539732	6988907	-393	130	-48	425
M23-3651	540416	6988218	66	150	-68	501
M23-3659	540325	6988260	68	189	-78	501
ML300-10340-D2	540339	6988412	-213	159	-44	416
ML400-10200-F1	540213	6988459	-317	155	5	411
M23-3655	540415	6988218	60	166	-61	450
ML250-9325-U3	539326	6988357	-163	157	21	120
ML300-10340-D1	540339	6988412	9787	169	-71	470
ML300-10340-D4	540339	6988412	-213	157	-59	429
ML300-10340-D6	540339	6988412	9787	147	-53	450
ML500-8994-D5	538994	6988497	-413	144	-56	126
Meadowbank
AMQ22-2902	606183	7255178	157	184	-51	168
AMQ22-2911	606025	7255091	158	144	-60	158
AMQ23-2946A	607423	7255666	163	336	-70	765
AMQ23-2949	607321	7255574	161	315	-62	639
AMQ23-2960A	607424	7255666	163	353	-72	762
AMQ23-2978	605670	7255055	152	158	-50	183
AMQ23-3023	606012	7255076	158	190	-56	120
AMQ23-3034	606379	7255680	164	150	-52	672
AMQ23-3043B	606266	7255618	171	151	-61	728
AMQ23-3046	606377	7255678	164	136	-63	819
AMQ-350-006	606993	7255569	-179	329	-67	263
AMQ23-3062	607964	7255950	164	319	-72	1,069
AMQ23-3064A	607963	7255947	165	289	-74	1,164
Hope Bay
HBM23-074	434030	7551358	26	254	-55	1,119
HBM23-075	434251	7548686	50	71	-60	1,206

HBM23-080	435172	7547914	26	83	-67	668
HBM23-085	435194	7548007	26	86	-73	617
HBM23-092	435255	7547861	27	75	-55	480
HBM23-097A	435210	7547932	26	76	-59	564
HBM23-108	435013	7547841	37	82	-67	846
HBM23-109	434896	7547948	33	65	-72	987
HBM23-119	434253	7548620	48	73	-54	1,356
HBM23-120	434747	7548286	32	63	-65	999
HBM23-132	435939	7547823	34	246	-53	949
HBM23-134	434251	7548686	50	70	-50.2	1,168
HBM23-140	434321	7549059	55	65	-62.1	1,185
HBM23-143	434835	7548158	33	79	-54.5	855
Fosterville
RHD520	2,995	11,363	5,155	58	-60	782
UDH4490	2,903	12,379	4,521	65	-42	185
UDR047	3,025	11,316	4,670	62	-18	498
UDH4580A	2,907	12,318	4,524	98	-69	375
UDH4631	2,978	12,054	4,556	55	-55	334
UDH4683	1,489	5,753	3,818	44	-48	386
UDH4723	1,547	5,133	3,719	59	-64	368
UDH4724F	1,547	5,132	3,719	74	-70	389
UDH4727A	1,547	5,133	3,719	66	-77	462
UDH4729B	1,547	5,131	3,719	104	-73	419
UDH4761	1,544	5,071	3,710	102	-75	465
UDH4766A	2,999	11,761	4,603	54	1	470
UDH4767A	2,999	11,761	4,603	47	1	461
UDH4767B	2,999	11,761	4,603	47	1	464
UDH4779	2,937	12,241	4,500	53	-72	236
UDH4781D	1,489	5,753	3,818	62	-62	423
UDH4782A	1,487	5,753	3,818	71	-54	395
UDH4807	2,999	11,760	4,603	66	-3	420
UDH4834	3,260	12,505	4,561	220	21	124
UDH4859	1,581	6,140	4,041	118	-15	260
Kittila
RIE23-618	2558692	7539405	-866	27	0	315
RIE23-619	2558692	7539405	-867	55	-10	600
RIE23-630	2558639	7539599	-710	75	-20	582
ROD23-700D	2558703	7537464	-786	90	-60	918
RUG23-515	2558697	7537320	-787	84	-35	281
RUG23-527	2558775	7537865	-725	66	-11	151
SUU23-001	2558898	7536854	208	270	-59	282
SUU23-004	2558935	7536649	207	267	-60	330
SUU23-008	2559042	7536579	206	269	-46	395
SUU23-606	2558532	7536222	-241	60	-31	458
SUU23-700C	2558513	7536218	-241	90	-65	1,023
Pinos Altos
US23-299	765353	3129882	1,966	180	-43	141

*Coordinate Systems: NAD 1983 UTM Zone 18N for Goldex; NAD 83 UTM Zone 17N for Odyssey, LaRonde and Wasamac; NAD 1983 UTM Zone 17N for Detour Lake, Macassa and AK; NAD 1983 UTM Zone 14N for Meliadine and Meadowbank; NAD 1983 UTM Zone 13N for Hope Bay; Mine grid including elevation for Fosterville, which is located in MGA94 Zone 55; Finnish Coordinate System KKJ Zone 2 for Kittila; and UTM NAD 27 for Pinos Altos.

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