Agnico Eagle Mines (AEM) Investor presentation summary

Macro environment and gold price trends

• Gold price cycles have been influenced by inflation, central bank buying, and geopolitical tensions, with current prices reaching $2,448/oz as of July 31, 2024, and a renewed strategic investment thesis for gold emerging due to fiscal deficits and deglobalization trends.

Business model and operational footprint

• Operates in low-risk mining jurisdictions with a focus on Canada, Australia, Finland, and Mexico, leveraging multi-decade geological potential and political stability.

• Maintains a robust project pipeline and emphasizes disciplined capital investments and per-share value creation, with 41 consecutive years of dividend payments.

• 2024 guidance targets gold production of 3.35–3.55 Moz at total cash costs of $875–$925/oz.

Financial and operational performance

• Gold production in H1 2024 was 1.77 Moz, with total cash costs at $885/oz and AISC at $1,179/oz.

• Q2 2024 marked the third consecutive quarter of record operating margin ($1,305M) and free cash flow ($557M).

• Capital expenditures for H1 2024 were $700M, with a stable three-year production outlook and industry-leading costs.