Production Summary & Forecast

Delivering on Performance: Agnico Eagle has established a valuable reputation for staying true to our mission, faithfully executing our business strategy, and for delivering measured and responsible growth.

In 2022, payable gold production was a record 3,135,007 ounces at production costs per ounce of $843, total cash costs per ounce of $793 and AISC per ounce of $1,109. Including the full year of production from the legacy Kirkland Lake Gold mines, which were acquired on February 8, 2022, total payable gold production in 2022 was 3,280,731 ounces at production costs per ounce of $821, total cash costs per ounce of $780 and AISC per ounce of $1,090.

Following the completion of the Merger with Kirkland Lake Gold on February 8, 2022, Agnico Eagle has six cornerstone production assets (the LaRonde, Canadian Malartic and Meadowbank complexes and the Detour, Fosterville and Meliadine mines) each with annual production rates in 2023 expected to be in excess of 265,000 ounces of gold.

During 2022, the Detour Lake became the largest operating gold mine in Canada with 732,572 ounces of gold produced for the full year, surpassing the 658,792 ounces produced by the Canadian Malartic mine (100% basis), which now ranks as the second-largest operating gold mine in the country. Agnico Eagle is currently evaluating several projects to further enhance the Detour Lake's site productivity and costs and achieve the Company's objective to produce one million ounces of gold per year at the mine.

In 2022, new annual records for gold production were set at Detour Lake and Meadowbank, and at Goldex since restarting in 2013. Meliadine achieved record quarterly gold production in the fourth quarter of 2022.

Production milestones were also reached in the first quarter of 2023 with the Macassa mine pouring its six millionth ounce of gold and Fosterville pouring its four millionth ounce of gold since the beginning of the sulphide project in 2005.

Gold production for 2023 is forecast to be approximately 3.24 to 3.44 million ounces.  The Company's 2023 production and costs guidance assumes 50% ownership of Canadian Malartic for the first three months of 2023 and 100% ownership for the last nine months of the year, with the acquisition of Yamana Gold's Canadian assets closed on March 31, 2023, including the remaining 50% interest in the Canadian Malartic mine. Total cash costs per ounce in 2023 are expected to be between $840 and $890, and AISC per ounce in 2023 are expected to be between $1,140 and $1,190.

Payable gold production is expected to increase to approximately 3.35 to 3.55 million ounces in 2024 and 3.40 to 3.60 million ounces in 2025. There is potential to add between 30,000 to 80,000 ounces of annual gold production starting in 2023, subject to the resolution of permits and noise restrictions at Kittila and Fosterville, respectively.

In 2023, Agnico Eagle will focus on optimizing its expanded strategic positions in the Abitibi Gold Belt of Ontario and Quebec, with the aim of increasing profitable production.

At Canadian Malartic, the Company expects to have up to 40,000 tonnes per day (“tpd”) of excess mill capacity starting in 2028. At the LaRonde Complex, the Company could have up to 2,000 tpd of excess mill capacity at the LZ5 mill circuit starting in the second quarter of 2023. By maximizing the mill throughput in the region, the Company believes there is potential to increase future gold production at lower capital costs and a reduced environmental footprint. Potential future sources of ore could include: Macassa near surface deposits and the Amalgamated Kirkland ("AK") deposit; Upper Beaver and other Kirkland Lake satellite deposits; and the newly acquired Wasamac project in Quebec.

Full-year 2022 Production Summary and 2023 Guidance