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They're like an ExxonMobil or Shell, but their business is mining for gold and other precious metals instead of drilling for oil.

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• Gold: The primary precious metal Agnico Eagle Mines extracts and sells from its global mining operations.
• Silver: A precious metal often produced and sold as a significant by-product of their gold mining activities.
• Zinc: A base metal produced and sold as a by-product from some of their polymetallic deposits.
• Copper: A base metal produced and sold as a by-product, primarily from polymetallic operations.

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Agnico Eagle Mines (AEM) sells primarily to other companies within the global commodity markets, rather than directly to individuals.

AEM produces gold and silver in the form of doré bars (an unrefined alloy), and also zinc and copper in the form of mineral concentrates. These products are commodities traded on international markets. Due to the nature of the commodity business, Agnico Eagle Mines typically sells its products to a diversified group of intermediaries rather than having a few specific "major customers" that account for a significant portion of its revenue. Consequently, specific customer companies are not identified or disclosed as major customers in their public filings.

The primary categories of corporate customers that Agnico Eagle Mines serves include:

• Metal Refiners: These companies purchase gold and silver doré bars from mining operations like Agnico Eagle. They then process these into pure, investment-grade bullion, which is subsequently sold to banks, industrial users, jewelry manufacturers, and other market participants.
• Metal Smelters: These companies purchase zinc and copper concentrates from Agnico Eagle. They process these concentrates to extract and refine the base metals, which are then used in various industrial applications worldwide.
• Commodity Traders and Banks: These entities facilitate the buying and selling of physical commodities on global markets. They often act as intermediaries, purchasing metals and concentrates from producers and selling them to end-users, refiners, smelters, or other market participants.

Because gold, silver, zinc, and copper are widely traded commodities, Agnico Eagle Mines' sales are typically made at prevailing market prices to various buyers, ensuring broad market access rather than reliance on a concentrated customer base.

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Ammar Al-Joundi, President & Chief Executive Officer

Mr. Al-Joundi has served as the President and CEO of Agnico Eagle Mines Limited since February 2022. He was previously President of Agnico Eagle from 2015 to 2022, and Senior Vice President and Chief Financial Officer from 2010 to 2012. Prior to rejoining Agnico Eagle in 2015, Mr. Al-Joundi held various roles at Barrick Gold Corporation, including Chief Financial Officer from July 2012 to February 2015, Senior Executive Vice President from July 2014 to February 2015, and Executive Vice President from July 2012 to July 2014. His experience at Barrick also encompassed senior financial roles such as Senior Vice President of Capital Allocation and Business Strategy, Senior Vice President of Finance, and Executive Director and Chief Financial Officer of Barrick South America. Before entering the mining industry, he was Vice President, Structured Finance at Citibank, Canada.

Jamie Porter, Executive Vice President, Finance & Chief Financial Officer

Mr. Porter was appointed Executive Vice President, Finance & Chief Financial Officer of Agnico Eagle Mines Limited in May 2023. He leads the company's Finance & Accounting, Investor Relations, Treasury, and Information Technology teams. With over 20 years of experience in the mining industry, Mr. Porter previously served as the Chief Financial Officer of Alamos Gold Inc. from 2011, having joined Alamos Gold in 2005. Earlier in his career, he was the Controller and Corporate Secretary for a Central American-based gold producer and began his career at PwC.

Carol Plummer, Executive Vice President, Sustainability, People & Culture

Ms. Plummer is the Executive Vice President – Sustainability, People & Culture, where she provides leadership in Health, Safety and Security, Environmental Management and Critical Infrastructures, Sustainability and People. Her previous roles at Agnico Eagle include Executive Vice President – Operational Excellence (2022-2024), Senior Vice President – Sustainability, People and Culture (2021-2022), Senior Vice President, Sustainability (2020), and Vice President – Corporate Development (2017-2019). Since joining Agnico Eagle in 2004, she has held several key positions, including General Manager at the Lapa, Kittilä, and LaRonde mines. Before joining Agnico Eagle, Ms. Plummer worked for Noranda Inc. for 16 years in various positions, including underground supervisor, planning engineer, chief engineer, and mine superintendent.

Natasha Vaz, Executive Vice President, Chief Operating Officer – Ontario, Australia & Mexico

Ms. Vaz serves as Executive Vice President, Chief Operating Officer – Ontario, Australia & Mexico, leading the operations and project development teams for these regions. Prior to her current role, she was Chief Operating Officer (2021-2022), Senior Vice President, Technical Services and Innovation (2020-2021), and Vice President, Technical Services (2019-2020) for Kirkland Lake Gold. Earlier in her career, she also held the position of Vice President, Technical Services for Tahoe Resources Inc.

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The key risks to Agnico Eagle Mines' business are primarily driven by external market forces, geopolitical and regulatory environments, and operational challenges inherent to the mining industry.

1. Market Volatility and Gold Price Dependency: Agnico Eagle Mines' profitability is highly sensitive to fluctuations in gold prices. A sustained downturn in gold prices could significantly impact the company's operating margins and undermine the long-term viability of its mining projects. While recent periods of high gold prices have boosted revenue and earnings, the company remains vulnerable to the inherent volatility of the precious metals market.
2. Geopolitical and Regulatory Risks: The company operates in various jurisdictions, some of which are politically sensitive. This exposes Agnico Eagle to risks such as Indigenous rights and land use disputes, which can disrupt operations. Additionally, increasing scrutiny over environmental, social, and governance (ESG) practices, including allegations of data manipulation or violations of free, prior, and informed consent (FPIC) protocols, could lead to regulatory fines, reputational damage, or project suspensions.
3. Operational Risks, Cost Overruns, and Inflationary Pressures: Agnico Eagle's ambitious production expansion plans and ongoing capital investments across its operations carry the inherent risk of cost overruns and project delays. Furthermore, persistent inflationary pressures, particularly in areas like labor, energy, and consumables, can lead to increased All-In Sustaining Costs (AISC), thereby eroding profit margins despite competitive cost structures. The substantial investments required for new projects can also affect cash flow and pose execution challenges.

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Agnico Eagle Mines Limited (AEM) is a gold producer, and its primary product is gold. The addressable market for their main product is the global gold market.

The global gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach around USD 457.91 billion by 2032. Another estimate indicates the global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030.

In terms of volume, the global gold market size is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030, with a Compound Annual Growth Rate (CAGR) of 7.38% during the forecast period.

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Agnico Eagle Mines Limited (AEM) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Gold Production from Key Development Projects: Agnico Eagle is advancing several key value driver projects, including Odyssey, Detour Lake Underground, Upper Beaver, Hope Bay, and San Nicolas. These projects are anticipated to provide additional growth in gold production and cash flows. The company's full-year production guidance stands at 3.4 million ounces of gold.
2. Sustained Favorable Gold Prices: The company's financial performance is strongly linked to gold prices. Recent earnings have benefited from higher gold prices, contributing to record revenues and operating margins. Continued strength in gold prices is expected to boost profitability and cash flow generation, which indirectly supports revenue growth.
3. Operational Efficiency and Cost Management: Agnico Eagle has demonstrated strong operational performance and effective cost control, leading to improved margins. Operational efficiency programs, including innovation in underground fleet management and digitalization, have resulted in measurable productivity gains and cost savings, contributing to overall financial strength and the capacity to invest in growth.
4. Aggressive Exploration and Pipeline Development: The company maintains an extensive pipeline of development and exploration projects aimed at driving sustainable growth. Agnico Eagle is committed to investing in organic growth projects and expects potential reserve and resource growth of 0.25-0.5 million ounces. This ongoing exploration effort ensures a robust future production profile.

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Share Repurchases

• Agnico Eagle received approval in May 2025 to renew its Normal Course Issuer Bid (NCIB), authorizing the repurchase of up to $1 billion or 5% of its outstanding common shares (approximately 25.17 million shares) until May 2026.
• Under the previous NCIB, which ended in May 2025, the company repurchased 1,862,133 shares at an average price of approximately $80.56.
• In Q2 2025, Agnico Eagle repurchased $100 million in common shares, and an additional $149.9 million (1,005,577 shares) were repurchased between July 1 and September 30, 2025.

Outbound Investments

• Agnico Eagle completed the acquisition of Kirkland Lake Gold in September 2021 for $10.7 billion.
• The company acquired O3 Mining in December 2024 for $144 million to expand its Canadian Malartic Complex.
• Agnico Eagle made strategic investments in critical minerals projects, including $180 million in Perpetua Resources in October 2025, a $93 million investment in Foran Mining in 2024 followed by $90 million in 2025, and contributed $50 million in cash to fund its new subsidiary Avenir Minerals Limited, focused on early-stage critical minerals.

Capital Expenditures

• Expected capital expenditures for 2025 are between $1.75 billion and $1.95 billion, with an additional $290 million to $310 million allocated for capitalized exploration.
• Capital expenditures totaled $2.614 billion in 2024, $2.192 billion in 2023, and $2.083 billion in 2022.
• The primary focus of these expenditures includes sustaining long-term production growth, advancing key development projects, extending mine life at existing operations, developing new production sources, and improving infrastructure.