Agnico Eagle Mines (AEM) investor relations material

Strategic overview and operational performance

• Emphasized a disciplined strategy focused on value creation, regional consolidation, and operational excellence, leading to strong historical and expected future growth.

• Achieved record Q1 results with 830,000 oz gold produced, costs below budget, and record realized gold price of $4,881/oz, resulting in record EBITDA and earnings per share.

• Maintained a robust balance sheet with CAD 2.9 billion net cash at March-end, repaid CAD 1 billion debt in 2025, and returned 51% of Q1 free cash flow to shareholders.

• Projected free cash flow to normalize at CAD 1–1.5 billion per quarter, with increased share buybacks and dividends expected.

Growth initiatives and project pipeline

• Consolidated a 2,500 sq km land package in Finland through acquisitions, aiming for 500,000 oz annual production in the region by 2034, with significant exploration underway.

• Five key value driver projects represent 1.5 million oz of potential annual production growth, including expansions at Detour Lake, Canadian Malartic, Upper Beaver, Hope Bay, and the San Nicolas JV.

• Detour Lake and Canadian Malartic targeted to reach 1 million oz each annually by 2030, with further upside potential under study.

• Hope Bay construction decision imminent, with production potential north of 400,000 oz/year and long-term growth in Nunavut to over 1 million oz/year.

• Additional projects like Hammond Reef and Ikkari could add further upside, with blue-sky potential to exceed 4.5 million oz annual production in a decade.

Capital allocation and shareholder returns

• Prioritizes investment in high-IRR organic growth projects, followed by capital returns to shareholders, targeting at least 40% of free cash flow returned in 2025.

• Buybacks are emphasized for flexibility, while dividends are increased sustainably; special dividends are considered if excess cash persists.

• Strong balance sheet expected to reach CAD 5 billion net cash by year-end, enabling increased shareholder returns in future years.