Agnico Eagle Mines (AEM) Corporate presentation summary

Strategic positioning and operational highlights

• Operates in low-risk, stable jurisdictions with a focus on Canada, Finland, Mexico, and Australia, leveraging decades of geological potential and political stability.

• Maintains a disciplined capital allocation strategy, emphasizing per share value creation and consistent dividend payments for 41 consecutive years.

• Demonstrates strong operational performance, with H1 2024 gold production at 1.77 Moz and total cash costs of $885/oz, on track to meet 2024 guidance of 3.35–3.55 Moz at $875–$925/oz.

• Advances key projects, including Detour Lake underground and Upper Beaver, with positive exploration results supporting a $50M supplemental exploration budget.

Financial performance and balance sheet

• Achieved record operating margin and free cash flow for three consecutive quarters, with Q2 2024 free cash flow at $557M and AISC margin leading the peer group.

• Strong liquidity position with $922M cash and $2B undrawn credit facility as of June 30, 2024; net debt reduced to $920M.

• Moody’s upgraded credit rating to Baa1 (Stable Outlook) and Fitch affirmed BBB+ (Stable Outlook) in 2024.

• Over $3B cumulative dividends paid to date; $70M of common shares repurchased in H1 2024.

Project pipeline and regional growth

• Short-term focus on Canadian Malartic’s transition to underground, Detour Lake mill optimization, and Meliadine mill expansion.

• Medium-term growth from Detour Lake underground, Upper Beaver, and Hope Bay projects; long-term exploration and expansion in Abitibi and Nunavut.

• Detour Lake positioned as one of the world’s largest gold mines, targeting 1 Moz/year production with a mine life to 2054 and strong returns from underground expansion.

• Canadian Malartic complex transitioning to Canada’s largest underground gold mine, with Odyssey mine life to 2042 and significant mill capacity for future growth.