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AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

This Management’s Discussion and Analysis (“MD&A”) dated October 29, 2025 of Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 (the “Third Quarter Financial Statements”) prepared in accordance with International Financial Reporting Standards (“IFRS® Accounting Standards”), International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). This MD&A should also be read in conjunction with the Company’s annual Management’s Discussion and Analysis (“Annual MD&A”) and annual consolidated financial statements prepared in accordance with IFRS Accounting Standards (“Annual Financial Statements”). The condensed interim consolidated financial statements and this MD&A are presented in United States dollars (“US dollars”, “$” or “US$”) and all units of measurement are expressed using the metric system, unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars (“C$”), Australian dollars (“A$”) or European Union euros (“Euros” or “€”). Additional information relating to the Company is included in the Company’s Annual Information Form for the year ended December 31, 2024 (the “AIF”). The AIF, Annual MD&A and Annual Financial Statements are available on the Canadian Securities Administrators’ (the “CSA”) SEDAR+ website at www.sedarplus.ca and included in the Company’s Annual Report on Form 40-F for the year ended December 31, 2024 (the “Form 40-F”) filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov/edgar.

Certain statements contained in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking information” under the provisions of Canadian provincial securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. See Forward-Looking Statements in this MD&A.

This MD&A discloses certain financial performance measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce” (also referred to as “AISC per ounce”), “minesite costs per tonne”, “adjusted net income”, “adjusted net income per share”, “earnings before interest, taxes, depreciation and amortization” (also referred to as “EBITDA”), “adjusted earnings before interest, taxes, depreciation and amortization” (also referred to as “adjusted EBITDA”), “free cash flow”, “free cash flow before changes in non-cash components of working capital”, “sustaining capital expenditures”, “sustaining capitalized exploration”, “development capital expenditures”, “development capitalized exploration” and “operating margin” that are not standardized measures under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures or ratios reported by other gold producers. Each of “total cash costs per ounce” and “all-in sustaining costs per ounce” are reported on a per ounce of gold produced basis and, unless otherwise indicated, are reported on a by-product basis (deducting by-product metal revenues from production costs). Minesite costs per tonne is reported on a per tonne of ore milled basis. For a discussion of the composition and usefulness of these measures and ratios and reconciliation of each of them to the most directly comparable financial information presented in the condensed interim consolidated financial statements prepared in accordance with IFRS Accounting Standards, see Non-GAAP Financial Performance Measures in this MD&A.

This MD&A also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. These estimates are based upon the total cash costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to below under Non-GAAP Financial Performance Measures, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.

Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that have been or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Unless otherwise stated, references to “LaRonde”, “Canadian Malartic”, “Meadowbank” and “Goldex” are to the Company’s operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine (“LZ5”). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine (“Akasaba West”). References to other operations are to the relevant mines, projects or properties, as applicable.

Meaning of “include” “including” and “such as”: When used in this MD&A the terms “include”, “including” and “such as” mean including and such as, without limitation, respectively.

Business Overview

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since its formation in 1972. The Company’s mines are located in Canada, Australia, Finland and Mexico with exploration and development activities in Canada, Australia, Europe, Latin America and the United States. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.

Agnico Eagle earns a significant proportion of its revenue and cash flow from the production and sale of gold in both doré bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of by-product metals, primarily silver, zinc and copper.

Agnico Eagle’s operating mines and development projects are located in what the Company believes to be politically stable countries that are generally supportive of the mining industry. The political stability of the regions in which Agnico Eagle operates helps to provide confidence in its current and future prospects and profitability. This is important for Agnico Eagle as it believes that many of its current mines and projects have long-term mining potential.

2025 Developments

Tariffs

On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs have been postponed or modified and exceptions to such tariffs have been made in respect of certain goods. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remain fluid. At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs, or other trade disputes. However, approximately 60% of the Company’s cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company’s supply chains, the Company continues to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances.

Acquisition of O3 Mining Inc.

On December 12, 2024, the Company announced that it had entered into a definitive support agreement with O3 Mining Inc. (“O3 Mining”), pursuant to which the Company agreed to offer to acquire, by way of take-over bid, all of the outstanding common shares of O3 Mining at C$1.67 per share in cash directly or indirectly

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

(the “O3 Offer”). On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting in an aggregate of 114,785,237 O3 Shares being taken up and acquired under the O3 Offer, representing approximately 95.6% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$191.7 million. On March 18, 2025, O3 Mining and one of the Company’s wholly-owned subsidiaries amalgamated under the Business Corporations Act (Ontario), which resulted in the Company owning 100% of the O3 Shares.

O3 Mining’s primary asset is its 100%-owned Marban Alliance property located near Val d’Or, in the Abitibi region of Québec, adjacent to Canadian Malartic. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project with potential to support an open pit mining operation similar to those at the Barnat open pit at Canadian Malartic.

Repayment of Long-term Debt

During the nine months ended September 30, 2025, the Company repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% notes at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity.

During the nine months ended September 30, 2025, the Company also elected to repay in full the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates. The repayment totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes.

The Company incurred debt extinguishment costs of $8.2 million relating to the repayment of the 2016, 2017 and 2018 Notes prior to their respective maturity dates.

Normal Course Issuer Bid

On May 1, 2025, the Company received approval from the Toronto Stock Exchange (“TSX”), to renew its normal course issuer bid (the “NCIB”) pursuant to which the Company may purchase up to a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation during the period commencing May 4, 2025 and ending on May 3, 2026. The Company intends to repurchase its common shares through the facilities of the TSX, the New York Stock Exchange or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled. Under the Company’s prior NCIB, which commenced on May 4, 2024 and ended on May 3, 2025, the Company obtained approval to purchase up to a total of 24,961,914 common shares of which 1,862,133 were purchased through the facilities of the TSX and NYSE at a weighted average price of approximately $80.5585 per common share.

Disposition of interest in Orla Mining Ltd.

During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. (“Orla”) at a price of C$14.75 per common share for total consideration of C$560.5 million ($404.8 million). An after tax gain of $230.4 million was recognized through other comprehensive income, while a loss on the sale of shares resulting from the discount to market price of $34.1 million was recognized in net income.

Financial and Operating Results

Operating Results

Agnico Eagle reported net income of $1,055.0 million, or $2.10 per share, in the third quarter of 2025, compared with net income of $567.1 million, or $1.13 per share, in the third quarter of 2024.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Agnico Eagle reported adjusted net income1 of $1,085.2 million, or $2.16 per share1, in the third quarter of 2025, compared with adjusted net income of $572.6 million, or $1.14 per share, in the third quarter of 2024. Agnico Eagle reported EBITDA1 of $2,029.7 million in the third quarter of 2025 compared with $1,258.6 million in the third quarter of 2024. Adjusted EBITDA1 increased in the third quarter of 2025 to $2,098.2 million compared to $1,256.6 million in the third quarter of 2024. The Company reported higher adjusted net income, EBITDA and adjusted EBITDA primarily due to higher operating margins in the current period.

Agnico Eagle reported net income of $2,938.4 million, or $5.85 per share, in the first nine months of 2025, compared with net income of $1,386.3 million, or $2.78 per share, in the first nine months of 2024.

Agnico Eagle reported adjusted net income of $2,831.1 million, or $5.64 per share, in the first nine months of 2025, compared with adjusted net income of $1,485.3 million, or $2.97 per share, in the first nine months of 2024. Agnico Eagle reported EBITDA of $5,684.5 million in the first nine months of 2025 compared with $3,264.2 million in the first nine months of 2024. Adjusted EBITDA in the first nine months of 2025 increased to $5,601.9 million compared to $3,362.0 million in the first nine months of 2024. The Company reported higher adjusted net income, EBITDA and adjusted EBITDA primarily due to higher operating margin in the current period.

In the third quarter of 2025, operating margin1 increased by 61.8% to $2,220.2 million, compared with $1,372.0 million in the third quarter of 2024, primarily due to a 41.9% increase in revenues from mining operations resulting from a 39.5% higher realized price of gold between periods combined with a 1.5% increase in sales volume, mainly from Canadian Malartic, Macassa and Detour, partially offset by higher production costs mainly due to higher royalty costs. Royalty costs, which are included production costs, are directly linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476 per ounce, compared to $2,492 per ounce in the third quarter of 2024, resulting in increased revenues from mining operations and higher royalty costs in the current period.

In the first nine months of 2025, operating margin increased by 59.8% to $5,947.6 million, compared with $3,722.8 million in the first nine months of 2024, primarily due to a 37.6% increase in revenues from mining operations as a result of a 40.2% higher average realized price of gold between periods, partially offset by a 1.9% lower sales volume, mainly from Fosterville, Canadian Malartic and La India, and higher production costs mainly due to higher royalty costs. Royalty costs, which are included production costs, are directly linked to gold prices. The average realized gold price in the first nine months of 2025 was $3,221 per ounce, compared to $2,297 per ounce in the first nine months of 2024, resulting in increased revenues from mining operations and higher royalty costs in the current period.

Gold production increased to 866,936 ounces in the third quarter of 2025 compared with 863,445 ounces in the third quarter of 2024, primarily due to increased production at Canadian Malartic, LaRonde and Macassa, partially offset by decreased production at Fosterville and Meliadine.

Gold production decreased to 2,606,759 ounces in the first nine months of 2025, compared with 2,637,935 ounces in the first nine months of 2024, primarily due to decreased production at Fosterville, Canadian Malartic, La India and Pinos Altos, partially offset by increased production at Macassa and LaRonde.

Cash provided by operating activities increased to $1,815.9 million in the third quarter of 2025 compared with $1,084.5 million in the third quarter of 2024, primarily due to higher operating margin and more favourable working capital movements between periods.

Adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, operating margin, free cash flow and free cash flow before changes in non-cash components of working capital are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For reconciliation of these measures to the most directly comparable financial measure under IFRS Accounting Standards and a discussion of their composition and usefulness, see Non-GAAP Financial Performance Measures.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Cash provided by operating activities increased to $4,705.6 million in the first nine months of 2025 compared with $2,829.0 million in the first nine months of 2024, primarily due to the same reasons discussed above for the third quarter.

Free cash flow1 increased to $1,189.5 million in the third quarter of 2025 compared with $620.4 million in the third quarter of 2024, primarily due to higher operating margins and more favourable working capital movements between periods. Free cash flow before changes in non-cash components of working capital1 increased to $1,034.9 million in the third quarter of 2025 compared with $563.4 million in the third quarter of 2024, due to higher operating margin in the current period.

Free cash flow increased to $3,088.7 million in the first nine months of 2025 compared with $1,573.3 million in the first nine months of 2024. Free cash flow before changes in non-cash components of working capital increased to $2,585.8 million in the first nine months of 2025 compared with $1,535.0 million in the first nine months of 2024. The Company reported higher free cash flow and higher free cash flow before changes in non-cash components of working capital due to the same reasons discussed above for the third quarter.

The table below sets out variances in the key drivers of net income for the three and nine months ended September 30, 2025, compared with the three and nine months ended September 30, 2024:

(millions of United States dollars)	Three Months Ended September 30, 2025 vs. Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024
Increase in revenues from mining operations		$	903.9		$	2,281.8
(Increase) decrease in production costs due to effects of foreign currencies			(2.8)			41.7
Increase in production costs			(52.8)			(98.7)
Decrease in exploration and corporate development expenses			0.8			13.3
Increase in amortization of property, plant and mine development			(39.7)			(97.8)
Increase in general and administrative expenses			(19.2)			(40.9)
Decrease in finance costs			4.3			25.2
Change in derivative financial instruments			(37.4)			222.3
Change in non-cash foreign currency translation			10.0			17.4
Increase in care and maintenance			(4.1)			(12.4)
Increase in other expenses			(27.2)			(4.2)
Increase in income and mining taxes			(247.9)			(795.6)
Total net income variance		$	487.9		$	1,552.1

Three Months Ended September 30, 2025 vs. Three Months Ended September 30, 2024

Revenues from mining operations increased to $3,059.5 million in the third quarter of 2025, compared with $2,155.6 million in the third quarter of 2024, primarily due to a 39.5% increase in realized gold prices and higher sales volume from Canadian Malartic, Macassa and Detour Lake partially offset by lower sales volume from Fosterville and Meliadine.

Production costs were $839.3 million in the third quarter of 2025, a 7.1% increase compared with $783.7 million in the third quarter of 2024, as increased production costs at Meadowbank, Detour Lake and Meliadine were partially offset by decreased production costs at LaRonde. Overall production costs at all sites were affected by higher royalty costs resulting from higher gold prices.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Total cash costs per ounce2 increased to $994 on a by-product basis and $1,051 on a co-product basis in the third quarter of 2025, compared with $921 on a by-product basis and $953 on a co-product basis in the third quarter of 2024, primarily due to higher cash costs at Meadowbank, Fosterville and Meliadine, partially offset by lower cash costs at LaRonde, Canadian Malartic and Macassa.

Amortization of property, plant and mine development increased by $39.7 million to $429.9 million between the third quarter of 2024 and the third quarter of 2025 as higher amortization at Meadowbank, Detour Lake and Meliadine was partially offset by lower amortization at Macassa, Fosterville and Kittila.

General and administrative expenses increased to $67.8 million during the third quarter of 2025, compared with $48.5 million during the third quarter of 2024 primarily due to an increase in employee compensation costs as a result of the appreciation of the share price between periods.

Loss on derivative financial instruments amounted to $20.2 million during the third quarter of 2025, compared with a gain of $17.2 million during the third quarter of 2024, primarily due to unfavourable movements in foreign exchange rates between periods.

Other expenses increased to $31.6 million during the third quarter of 2025, compared with $4.5 million during the third quarter of 2024, primarily due to the loss on the sale of equity securities in the current period, partially offset by higher levels of interest income on cash balances between periods.

In the third quarter of 2025, the Company recorded income and mining taxes expense of $520.6 million on income before income and mining taxes of $1,575.6 million, resulting in an effective tax rate of 33.0%. In the third quarter of 2024, the Company recorded income and mining taxes expense of $272.7 million on income before income and mining taxes of $839.8 million, resulting in an effective tax rate of 32.5%. The increase in the effective tax rate between the third quarter of 2025 and the third quarter of 2024 is primarily due to a larger proportion of taxable income being earned in jurisdictions with higher statutory tax rates.

There are several factors that can significantly affect the Company’s effective tax rate including varying rates in different jurisdictions, the non-recognition of certain tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws, the impact of specific transactions and assessments and the relative distribution of income in the Company’s operating jurisdictions. As a result of these factors, the Company’s effective tax rate is expected to fluctuate significantly in future periods.

Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024

Revenues from mining operations increased to $8,343.9 million during the nine months ended September 30, 2025, compared with $6,062.1 million in the nine months ended September 30, 2024, primarily due to a 40.2% increase in realized gold prices and higher sales volume from Macassa, LaRonde and Detour Lake partially offset by lower sales volume from Fosterville, Canadian Malartic and La India.

Production costs were $2,396.2 million in the nine months ended September 30, 2025, a $57.0 million increase compared with $2,339.2 million in the nine months ended September 30, 2024, as increased production costs at Detour Lake, Meadowbank and Meliadine were partially offset by lower production costs at Canadian Malartic and LaRonde. Overall production costs at all sites were affected by higher royalty costs resulting from higher gold prices.

Total cash costs per ounce increased to $943 on a by-product basis and $992 on a co-product basis in the nine months ended September 30, 2025, compared with $897 on a by-product basis and $931 on a co-product basis in the nine months ended September 30, 2024, primarily due to higher cash costs at Fosterville, Meadowbank, Detour Lake and Meliadine, partially offset by lower cash costs at LaRonde and Macassa.

Total cash cost per ounce is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a reconciliation of this measure on a by-product and co-product basis to production costs and a discussion of the composition and usefulness of this measure, see Non-GAAP Financial Performance Measures.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Amortization of property, plant and mine development increased by $97.8 million to $1,223.7 million between the nine months ended September 30, 2024 and the nine months ended September 30, 2025, primarily due to higher amortization at Canadian Malartic, Detour Lake, Meliadine and Meadowbank partially offset by lower amortization at Macassa and Fosterville.

General and administrative expenses increased to $186.4 million during the nine months ended September 30, 2025, compared with $145.4 million during the nine months ended September 30, 2024, primarily due to an increase in employee compensation costs as a result of the appreciation of the share price between periods.

Finance costs decreased to $74.0 million during the nine months ended September 30, 2025, compared with $99.3 million during the nine months ended September 30, 2024, primarily due to repayments of the Company’s long term debt between periods.

Gain on derivative financial instruments amounted to $173.9 million during the nine months ended September 30, 2025, compared with a loss of $48.4 million during the nine months ended September 30, 2024, primarily due to favourable movements in foreign exchange rates between periods.

In the nine months ended September 30, 2025, the Company recorded income and mining taxes expense of $1,448.4 million on income before income and mining taxes of $4,386.8 million, resulting in an effective tax rate of 33.0%. During the nine months ended September 30, 2024, the Company recorded income and mining taxes expense of $652.7 million on income before income and mining taxes of $2,039.0 million, resulting in an effective tax rate of 32.0%. The increase in the effective tax rate between the nine months ended September 30, 2025 and the nine months ended September 30, 2024 is primarily due to a larger proportion of taxable income being earned in jurisdictions with higher statutory tax rates.

LaRonde mine

	Three Months Ended						Nine Months Ended
LaRonde mine — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			394			355			1,103			1,149
Tonnes of ore milled per day			4,283			3,859			4,040			4,193
Gold grade (g/t)			4.99			4.45			6.07			4.72
Gold production (ounces)			59,172			47,313			201,319			161,388
Production costs per tonne (C$)		C$	164		C$	285		C$	218		C$	229
Minesite costs per tonne (C$)		C$	216		C$	220		C$	224		C$	208
Production costs per ounce		$	794		$	1,569		$	855		$	1,199
Total cash costs per ounce		$	839		$	1,078		$	725		$	934

Gold production

Third Quarter of 2025 — At the LaRonde mine, gold production increased by 25.1% to 59,172 ounces in the third quarter of 2025, compared with 47,313 ounces in the third quarter of 2024, primarily due to higher gold grades, as expected under the mining sequence, combined with higher throughput levels.

First Nine Months of 2025 — Gold production at the LaRonde mine increased by 24.7% to 201,319 ounces in the first nine months of 2025, compared with 161,388 ounces in the first nine months of 2024 primarily due to higher gold grades as expected under the mining sequence, partially offset by lower throughput levels.

Production costs

Third Quarter of 2025 — Production costs at the LaRonde mine were $47.0 million in the third quarter of 2025, a decrease of 36.7% compared with production costs of $74.2 million in the third quarter of 2024, primarily due to the timing of inventory sales, partially offset by higher mining, milling and royalty costs, from higher gold prices, incurred in the current period.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and the higher volume of ore tonnes processed in the current period. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and higher gold production in the current period.

First Nine Months of 2025 — Production costs at the LaRonde mine were $172.1 million in the first nine months of 2025, a decrease of 11.0% compared with production costs of $193.5 million in the first nine months of 2024, primarily due to the timing of inventory sales and a stockpile build-up in the current period compared to the consumption of stockpiles in the prior-year period, partially offset by higher mining, milling and royalty costs in the current period.

Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs, partially offset by the lower volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and higher gold production in the current period from higher gold grades.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne decreased when compared to the prior-year period due to the higher volume of ore tonnes processed in the current period, partially offset by higher mining, milling and royalty costs. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for the lower minesite cost per tonne and higher gold grades.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher mining, milling and royalty costs and a lower volume of ore milled in the current period. Total cash costs per ounce decreased due to higher gold production in the current period from higher gold grades, partially offset by the higher minesite costs per tonne.

LaRonde Zone 5 mine

	Three Months Ended						Nine Months Ended
LaRonde Zone 5 mine — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			370			332			1,010			898
Tonnes of ore milled per day			4,022			3,609			3,700			3,277
Gold grade (g/t)			2.00			1.86			2.06			2.06
Gold production (ounces)			22,350			18,292			62,946			54,915
Production costs per tonne (C$)		C$	89		C$	78		C$	95		C$	88
Minesite costs per tonne (C$)		C$	95		C$	93		C$	96		C$	94
Production costs per ounce		$	1,066		$	1,034		$	1,096		$	1,057
Total cash costs per ounce		$	1,157		$	1,285		$	1,136		$	1,160

Gold production

Third Quarter of 2025 — At the LaRonde Zone 5 mine, gold production increased by 22.2% to 22,350 ounces in the third quarter of 2025 compared with 18,292 ounces in the third quarter of 2024, primarily due to higher throughput levels achieved from increased productivity from automation initiatives and the re-start of the LZ5 processing facility in August 2024 after a planned shutdown for the Carbon-in-Leach tanks upgrade in the prior-year period, combined with higher gold grades.

First Nine Months of 2025 — Gold production increased by 14.6% to 62,946 ounces in the first nine months of 2025 from 54,915 ounces in the first nine months of 2024 at the LaRonde Zone 5 mine primarily due to

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

higher throughput levels from increased productivity from automation initiatives and the re-start of the LZ5 processing facility in August 2024 after a planned shutdown for the Carbon-in-Leach tanks upgrade in the prior-year period.

Production costs

Third Quarter of 2025 — Production costs at the LaRonde Zone 5 mine were $23.8 million in the third quarter of 2025, an increase of 26.0% compared with production costs of $18.9 million in the third quarter of 2024, primarily due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, the timing of inventory sales and higher royalty costs in the current period.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher gold production in the current period.

First Nine Months of 2025 — Production costs at the LaRonde Zone 5 mine were $69.0 million in the first nine months of 2025, an increase of 18.9% compared with production costs of $58.1 million in the first nine months of 2024, primarily due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, the timing of inventory sales and higher royalty costs in the current period.

Production costs per tonne increased when compared to the prior-year period, for the same reasons outlined above for higher production costs, partially offset by the higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, and higher royalty costs in the current period, partially offset by the higher volume of ore milled in the current period. Total cash costs per ounce decreased when compared to the prior-year period due higher gold production in the current period, partially offset by higher minesite cost per tonne.

First Nine Months of 2025 — Minesite costs per tonne increased as compared to the prior-year period due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, and higher royalty costs in the current period. Total cash costs per ounce decreased when compared to the prior-year period due higher gold production in the current period, partially offset by minesite cost per tonne.

LaRonde complex

	Three Months Ended						Nine Months Ended
LaRonde complex — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			764			687			2,113			2,047
Tonnes of ore milled per day			8,304			7,467			7,740			7,471
Gold grade (g/t)			3.54			3.20			4.15			3.55
Gold production (ounces)			81,522			65,605			264,265			216,303
Production costs per tonne (C$)		C$	128		C$	185		C$	160		C$	167
Minesite costs per tonne (C$)		C$	157		C$	158		C$	163		C$	158
Production costs per ounce		$	868		$	1,420		$	913		$	1,163
Total cash costs per ounce		$	926		$	1,135		$	822		$	991

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Gold production

Third Quarter of 2025 — Gold production at the LaRonde complex increased when compared to the prior-year period primarily due to higher throughput levels and higher grades.

First Nine Months of 2025 — Gold production at the LaRonde complex increased when compared to the prior-year period primarily due to higher throughput levels and higher grades.

Production costs

Third Quarter of 2025 — Production costs at the LaRonde complex decreased by 24.0% in the third quarter of 2025 when compared with the third quarter of 2024, primarily due to the timing of inventory sales, partially offset by higher milling, royalty and mining costs in the current period.

Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year for the same reasons outlined above for lower production costs and higher gold production ounces in the current period.

First Nine Months of 2025 — Production costs at the LaRonde complex decreased by 4.1% in the first nine months of 2025 compared with the first nine months of 2024 primarily due to the timing of inventory sales, partially offset by higher milling and royalty costs in the current period.

Production costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for lower production costs and the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year for the same reasons outlined above for lower production costs, and the increased gold production in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne decreased slightly when compared to the prior-year period due to the higher volume of ore milled in the current period. Total cash costs per ounce decreased when compared to the prior-year due to the higher gold production and the lower minesite costs per tonne in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due to higher milling, royalty and mining costs in the current period, partially offset by the higher volume of ore milled in the period. Total cash costs per ounce decreased when compared to the prior-year period primarily due to higher gold production, partially offset by higher minesite costs per tonne.

Canadian Malartic

	Three Months Ended						Nine Months Ended
Canadian Malartic — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			5,091			4,862			14,919			15,217
Tonnes of ore milled per day			55,337			52,848			54,648			55,536
Gold grade (g/t)			1.05			0.98			1.11			1.12
Gold production (ounces)			156,875			141,392			489,179			509,169
Production costs per tonne (C$)		C$	33		C$	36		C$	33		C$	36
Minesite costs per tonne (C$)		C$	41		C$	41		C$	43		C$	41
Production costs per ounce		$	793		$	912		$	734		$	785
Total cash costs per ounce		$	959		$	1,025		$	919		$	906

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Gold production

Third Quarter of 2025 — At Canadian Malartic, gold production increased by 11.0% to 156,875 ounces in the third quarter of 2025 compared with 141,392 ounces in the third quarter of 2024, primarily due to higher gold grades from the Barnat pit and higher throughput.

First Nine Months of 2025 — At Canadian Malartic, gold production decreased by 3.9% to 489,179 ounces in the first nine months of 2025 compared with 509,169 ounces in the first nine months of 2024, due to lower throughput and lower gold grades per the mining sequence and an increased volume of ore sourced from the low-grade stockpiles in the current period.

Production costs

Third Quarter of 2025 — Production costs at Canadian Malartic were $124.4 million in the third quarter of 2025, a decrease of 3.6% compared with production costs of $129.0 million in the third quarter of 2024, primarily due to lower mining costs and lower stockpile re-handling costs in the current period, partially offset by higher milling and royalty costs.

Production costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for the lower production costs as well as a higher volume of ore milled. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for the lower production costs and higher gold production in the current period.

First Nine Months of 2025 — Production costs at Canadian Malartic were $359.0 million in the first nine months of 2025, a decrease of 10.2% compared with production costs of $399.9 million in the first nine months of 2024, due to lower mining costs and lower stockpile re-handling costs in the current period, partially offset by higher milling and royalty costs.

Production costs per tonne decreased as compared to the prior-year period primarily due to the same reasons outlined above for the lower production costs, partially offset by the lower volume of ore milled. Production costs per ounce decreased when compared to the prior-year period primarily due to the same reasons outlined above for the lower production costs, partially offset by lower gold production in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne remained the same when compared to the prior-year period due to higher milling and royalty costs during the quarter being offset by lower mining costs and stockpile re-handling costs combined with the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior-year period due to higher gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher milling and royalty costs during the quarter and the lower volume of ore milled in the current period, partially offset by lower mining and stockpile re-handling costs in the current period. Total cash costs per ounce increased when compared to the prior-year period due to the higher minesite costs per tonne and lower gold production in the current period.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Goldex

	Three Months Ended						Nine Months Ended
Goldex — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			843			739			2,454			2,264
Tonnes of ore milled per day			9,163			8,033			8,989			8,263
Gold grade (g/t)			1.26			1.51			1.38			1.59
Gold production (ounces)			29,375			30,334			92,509			98,472
Production costs per tonne (C$)		C$	59		C$	63		C$	62		C$	60
Minesite costs per tonne (C$)		C$	63		C$	61		C$	63		C$	60
Production costs per ounce		$	1,224		$	1,130		$	1,171		$	1,021
Total cash costs per ounce		$	1,076		$	1,031		$	997		$	945

Commercial production was achieved at Akasaba West in February 2024 and the comparative information set out below for the nine months ended September 30, 2024 only includes seven months of production from Akasaba West.

Gold production

Third Quarter of 2025 — Gold production at Goldex slightly decreased to 29,375 ounces in the third quarter of 2025, compared with 30,334 ounces in the third quarter of 2024, primarily due to increased ore sourced from lower-grade Akasaba West, partially offset by higher throughput.

First Nine Months of 2025 — Gold production decreased by 6.1% to 92,509 ounces in the first nine months of 2025, compared with 98,472 ounces in the first nine months of 2024 at Goldex due to increased ore sourced from lower-grade Akasaba West, partially offset by higher throughput.

Production costs

Third Quarter of 2025 — Production costs at Goldex were $36.0 million in the third quarter of 2025, an increase of 4.9% compared with production costs of $34.3 million in the third quarter of 2024, primarily due to the consumption of stockpiles resulting in associated re-handling costs and higher underground mining, milling and royalty costs, partially offset by the timing of inventory sales.

Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled, partially offset by the same reasons outlined above for higher production costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and slightly lower gold production in the current period.

First Nine Months of 2025 — Production costs at Goldex were $108.3 million in the first nine months of 2025, an increase of 7.7% compared with production costs of $100.5 million in the first nine months of 2024, primarily due to higher mining costs associated with Akasaba West, higher stockpile re-handling costs and higher milling and royalty costs, partially offset by the timing of inventory sales.

Production costs per tonne increased when compared to the prior-year period for the same reasons outlined above for higher production costs, partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs combined with lower gold production in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles, resulting in associated re-handling costs, higher underground mining, milling

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

and royalty costs, partially offset by the higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period due to higher minesite costs per tonne and lower gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due to higher mining costs associated with Akasaba West, higher stockpile re-handling costs and higher milling and royalty costs. Total cash costs per ounce increased when compared to the prior-year period due to higher minesite costs per tonne and lower gold production in the current period.

Detour Lake

	Three Months Ended						Nine Months Ended
Detour Lake — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			7,351			7,082			20,817			20,376
Tonnes of ore milled per day			79,902			76,978			76,253			74,365
Gold grade (g/t)			0.82			0.85			0.83			0.84
Gold production (ounces)			176,539			173,891			497,649			492,889
Production costs per tonne (C$)		C$	28		C$	24		C$	29		C$	25
Minesite costs per tonne (C$)		C$	28		C$	26		C$	30		C$	26
Production costs per ounce		$	856		$	731		$	859		$	770
Total cash costs per ounce		$	831		$	779		$	894		$	812

Gold production

Third Quarter of 2025 — At Detour Lake, gold production increased by 1.5% to 176,539 ounces in the third quarter of 2025 compared with 173,891 ounces produced in the third quarter of 2024 primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by slightly lower gold grades from an increased volume of ore sourced from lower grade stockpiles in the current period.

First Nine Months of 2025 — Gold production at Detour Lake increased by 1.0% to 497,649 ounces in the first nine months of 2025 compared with 492,889 ounces in the first nine months of 2024, primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by slightly lower gold grades from an increased volume of ore sourced from lower grade stockpiles in the current period.

Production costs

Third Quarter of 2025 — Production costs at Detour Lake were $151.2 million in the third quarter of 2025, an increase of 18.9% compared with production costs of $127.2 million in the third quarter of 2024, primarily due to the consumption of stockpiles, resulting in associated re-handling costs, combined with higher mining, maintenance and royalty costs, partially offset by a higher deferred stripping ratio between periods and lower milling costs.

Production costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for higher production costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher ounces of gold produced in the current period.

First Nine Months of 2025 — Production costs at Detour Lake were $427.5 million in the first nine months of 2025, an increase of 12.7% compared to production costs of $379.4 million during the first nine months of 2024, primarily due to the consumption of stockpiles, resulting in associated re-handling costs, combined with higher mining and royalty costs, partially offset by a higher deferred stripping ratio between periods.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Production costs per tonne and production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher volume of ore milled and higher gold production, respectively, in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior period due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased compared to the prior-year period due to the same reasons outlined above for the higher production costs per tonne. Total cash cost per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.

Macassa

	Three Months Ended						Nine Months Ended
Macassa — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			133			134			424			420
Tonnes of ore milled per day			1,446			1,457			1,553			1,533
Gold grade (g/t)			18.95			16.84			18.98			15.43
Gold production (ounces)			78,832			70,727			252,224			203,048
Production costs per tonne (C$)		C$	510		C$	489		C$	484		C$	476
Minesite costs per tonne (C$)		C$	547		C$	539		C$	537		C$	502
Production costs per ounce		$	617		$	680		$	582		$	723
Total cash costs per ounce		$	659		$	750		$	643		$	763

Gold production

Third Quarter of 2025 — At Macassa, gold production increased by 11.5% to 78,832 ounces in the third quarter of 2025 compared with 70,727 ounces in the third quarter of 2024, primarily due to higher gold grades resulting from the mining sequence.

First Nine Months of 2025 — Gold production at Macassa increased by 24.2% to 252,224 ounces in the first nine months of 2025 compared with 203,048 ounces in the first nine months of 2024, primarily due to higher gold grades resulting from the mining sequence.

Production costs

Third Quarter of 2025 — Production costs were $48.7 million in the third quarter of 2025, an increase of 1.2% compared with production costs of $48.1 million in the third quarter of 2024, primarily due to higher royalty and milling costs, partially offset by a stockpile build-up in the current period.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the period from higher gold grades, partially offset by the same factors outlined above for higher production costs.

First Nine Months of 2025 — Production costs were $146.7 million in the first nine months of 2025, slightly lower production costs of $146.8 million during the first nine months of 2024, primarily due to stockpile build-up in the period and the timing of inventory sales, being partially offset by higher royalty, milling and mining costs in the current period.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Production costs per tonne increased when compared to the prior-year period primarily due to higher royalty, milling and mining costs, partially offset by a stockpile build-up in the period. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs per ounce.

Meliadine

	Three Months Ended						Nine Months Ended
Meliadine — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			627			533			1,730			1,450
Tonnes of ore milled per day			6,815			5,793			6,337			5,292
Gold grade (g/t)			4.83			6.08			5.26			6.34
Gold production (ounces)			93,836			99,838			282,611			284,238
Production costs per tonne (C$)		C$	187		C$	192		C$	228		C$	238
Minesite costs per tonne (C$)		C$	234		C$	226		C$	239		C$	241
Production costs per ounce		$	913		$	752		$	1,000		$	895
Total cash costs per ounce		$	1,128		$	889		$	1,050		$	908

Gold production

Third Quarter of 2025 — At Meliadine, gold production decreased by 6.0% to 93,836 ounces in the third quarter of 2025 compared with 99,838 ounces in the third quarter of 2024, primarily due to lower gold grades resulting from an increased sourcing of ore from the open pit, a change in mine sequencing and processing of low grade stockpiles in the current period, partially offset by higher throughput.

First Nine Months of 2025 — Gold production decreased by 0.6% to 282,611 ounces in the first nine months of 2025 compared with 284,238 ounces in the first nine months of 2024, primarily due to lower gold grades resulting from an increased sourcing of ore from the open pit, a change in mine sequencing and processing of low grade stockpiles in the current period, partially offset by higher throughput.

Production costs

Third Quarter of 2025 — Production costs at Meliadine were $85.7 million in the third quarter of 2025, an increase of 14.1% compared with production costs of $75.1 million in the third quarter of 2024, primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mine, maintenance, consumables and royalty costs in the current period, partially offset by the timing of inventory sales.

Production costs per tonne decreased when compared to the prior-year period due to a higher volume of ore milled, partially offset by the same factors outlined above for higher production costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs and lower gold production in the current period.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

First Nine Months of 2025 — Production costs at Meliadine were $282.6 million during the first nine months of 2025, an increase of 11.0% compared to production costs of $254.5 million during the first nine months of 2024, primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mining, maintenance, consumables and royalty costs in the current period, partially offset by the timing of inventory sales and lower open pit mining costs.

Production costs per tonne decreased when compared to the prior-year period due to a higher volume of ore milled in the current period, partially offset by the same reasons outlined above for higher production costs. Production costs per ounce increased for the same factors outlined above for higher production costs.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mine, maintenance, consumables and royalty costs in the current period, partially offset by the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior-year period due to the higher minesite costs per tonne and lower gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due the higher volume of ore milled in the current period, partially offset by the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mining, maintenance, consumables and royalty costs in the current period, partially offset by lower open pit mining costs. Total cash costs per ounce increased when compared to the prior-year period primarily due to the higher minesite costs per tonne and lower gold production in the current period.

Meadowbank

	Three Months Ended						Nine Months Ended
Meadowbank — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			1,177			1,083			2,906			3,144
Tonnes of ore milled per day(i)			12,793			11,772			11,813			11,474
Gold grade (g/t)			3.96			4.19			4.45			4.21
Gold production (ounces)			136,152			133,502			378,213			387,695
Production costs per tonne (C$)		C$	191		C$	145		C$	190		C$	152
Minesite costs per tonne (C$)		C$	194		C$	153		C$	189		C$	155
Production costs per ounce		$	1,200		$	867		$	1,048		$	910
Total cash costs per ounce		$	1,192		$	910		$	1,036		$	923

Note:

(i)

The daily milling rate for the nine months ended September 30, 2025 excludes 27 days in which the mill was not operating as a result of Caribou migration patterns during the second quarter of 2025, preventing the transport of ore from Amaruq.

Gold production

Third Quarter of 2025 — At Meadowbank, gold production increased by 2.0% to 136,152 ounces in the third quarter of 2025, compared with 133,502 ounces in the third quarter of 2024, primarily due to higher throughput, partially offset by lower gold grades from the mining sequence, as planned.

First Nine Months of 2025 — Gold production decreased by 2.4% to 378,213 ounces in the first nine months of 2025 compared with 387,695 ounces in the first nine months of 2024, primarily due to lower throughput as a result of a longer than expected caribou migration period which forced mill shutdowns during the second quarter of 2025, partially offset by planned higher gold grades from the mining sequence.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Production costs

Third Quarter of 2025 — Production costs at Meadowbank were $163.4 million in the third quarter of 2025, an increase of 41.2% compared with production costs of $115.7 million in the third quarter of 2024, primarily due to higher royalty costs and the consumption of stockpiles, resulting in associated re-handling costs.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by the higher volume of ore milled in the period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher gold production in the current period.

First Nine Months of 2025 — Production costs at Meadowbank were $396.4 million in the first nine months of 2025, an increase of 12.3% compared with production costs of $352.9 million in the first nine months of 2024, primarily due to higher royalty costs and the consumption of stockpiles, resulting in associated re-handling costs.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, and the lower volume of ore milled in the period resulting from mill shutdowns during the second quarter, due to a longer than expected caribou migration period. Production costs per ounce increased when compared to the prior-year period primarily due to the same reasons outlined above for higher production costs and lower gold production in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

Asset Retirement Obligation

At June 30, 2025, the Company revised its estimate of the Meadowbank Asset Retirement Obligation (“ARO”). The revision was based on an updated internal analysis completed in the period which resulted in the ARO liability related to Meadowbank being increased by $198.2 million to a total liability of $427.4 million, with a corresponding adjustment to the related ARO asset. The increase in the ARO was primarily driven by revised estimates for dismantling infrastructure, transportation and fuel costs and expected operating costs during the closure period. These updates reflect the scale of the operational footprint and logistical requirements at Meadowbank.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Fosterville

	Three Months Ended						Nine Months Ended
Fosterville — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			198			246			549			652
Tonnes of ore milled per day			2,152			2,674			2,011			2,380
Gold grade (g/t)			5.76			8.61			7.56			9.28
Gold production (ounces)			34,966			65,532			128,155			188,064
Production costs per tonne (A$)		A$	295		A$	271		A$	307		A$	267
Minesite costs per tonne (A$)		A$	289		A$	261		A$	315		A$	264
Production costs per ounce		$	1,088		$	677		$	851		$	611
Total cash costs per ounce		$	1,066		$	651		$	870		$	602

Gold production

Third Quarter of 2025 — At Fosterville, gold production decreased by 46.6% to 34,966 ounces in the third quarter of 2025 compared with 65,532 ounces in the third quarter of 2024, due to lower gold grades and throughput resulting from the mining sequence as planned.

First Nine Months of 2025 — Gold production at Fosterville decreased by 31.9% to 128,155 ounces in the first nine months of 2025, compared with 188,064 ounces in the first nine months of 2024, due to lower gold grades and throughput resulting from the mining sequence as planned.

Production costs

Third Quarter of 2025 — Production costs were $38.0 million in the third quarter of 2025, a decrease of 14.2% compared with production costs of $44.3 million in the third quarter of 2024, primarily due to lower mining and mill milling costs and a stockpile build-up in the period.

Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled, partially offset by the same factors outlined above that resulted in lower production costs. Production costs per ounce increased when compared to the prior-year period due to lower gold production in the period, partially offset by the same factors outlined that resulted in lower production costs.

First Nine Months of 2025 — Production costs were $109.1 million in the first nine months of 2025, a decrease of 5.0% compared to production costs of $114.8 million during the first nine months of 2024, primarily due to lower mining costs, partially offset by higher royalty costs.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above that resulted in higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above that resulted in higher production costs per ounce.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Kittila

	Three Months Ended						Nine Months Ended
Kittila — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			558			544			1,562			1,550
Tonnes of ore milled per day			6,065			5,913			5,722			5,657
Gold grade (g/t)			3.91			3.94			3.91			4.10
Gold production (ounces)			57,954			56,715			162,415			166,967
Production costs per tonne (€)		€	95		€	100		€	99		€	105
Minesite costs per tonne (€)		€	94		€	96		€	99		€	103
Production costs per ounce		$	1,066		$	1,057		$	1,063		$	1,057
Total cash costs per ounce		$	1,036		$	1,010		$	1,058		$	1,032

Gold production

Third Quarter of 2025 — At Kittila, gold production increased by 2.2% to 57,954 ounces in the third quarter of 2025, compared with 56,715 ounces in the third quarter of 2024, primarily due to higher throughput and recovery rates in the current period, partially offset by lower gold grades resulting from the mining sequence.

First Nine Months of 2025 — Gold production decreased by 2.7% to 162,415 ounces in the first nine months of 2025, compared with 166,967 ounces in the first nine months of 2024 at Kittila, primarily due to lower grades resulting from the mining sequence, partially offset by higher throughput and recovery rates in the current period.

Production costs

Third Quarter of 2025 — Production costs at Kittila were $61.8 million in the third quarter of 2025, an increase of 3.0% compared with production costs of $60.0 million in the third quarter of 2024, primarily due to the strengthening of the Euro relative to the US dollar between periods and higher milling and royalty costs in the current period, partially offset by lower mining costs.

Production costs per tonne decreased when compared to the prior-year period due to lower mining costs and higher volume of ore milled in the current period, partially offset by higher milling and royalty costs in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher gold production in the current period.

First Nine Months of 2025 — Production costs at Kittila were $172.7 million in the first nine months of 2025, a decrease of 2.2% compared with production costs of $176.5 million in the first nine months of 2024, primarily due to a build-up in stockpiles and lower underground production costs, partially offset by higher royalty costs and the strengthening of the Euro relative to the US dollar in the current period.

Production costs per tonne decreased when compared to the prior-year period primarily due to a build-up in stockpiles and lower underground production costs and higher volume of ore milled in the current period, partially offset by higher royalty costs. Production costs per ounce increased when compared to the prior-year period due to lower gold production, higher royalty costs and the strengthening of the Euro relative to the US dollar in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for lower production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

First Nine Months of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for lower production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

Pinos Altos

	Three Months Ended						Nine Months Ended
Pinos Altos — Operating Statistics	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Tonnes of ore milled (thousands of tonnes)			431			446			1,252			1,326
Tonnes of ore milled per day			4,685			4,848			4,586			4,839
Gold grade (g/t)			1.57			1.58			1.55			1.72
Gold production (ounces)			20,885			21,371			59,539			69,850
Production costs per tonne		$	129		$	104		$	119		$	93
Minesite costs per tonne		$	123		$	96		$	120		$	94
Production costs per ounce		$	2,655		$	2,174		$	2,498		$	1,761
Total cash costs per ounce		$	1,906		$	1,531		$	2,017		$	1,426

Gold production

Third Quarter of 2025 — At Pinos Altos, gold production decreased by 2.3% to 20,885 ounces in the third quarter of 2025, compared with 21,371 ounces in the third quarter of 2024, primarily due to lower throughput.

First Nine Months of 2025 — Gold production decreased by 14.8% to 59,539 ounces in the first nine months of 2025, compared with 69,850 ounces in the first nine months of 2024 at Pinos Altos, primarily due to lower gold grades and lower throughput between periods.

Production costs

Third Quarter of 2025 — Production costs at Pinos Altos were $55.4 million in the third quarter of 2025, an increase of 19.3% compared with production costs of $46.5 million in the third quarter of 2024, primarily due to higher underground mining and maintenance costs, partially offset by lower milling costs.

Production costs per tonne increased when compared to the prior-year period for the same reasons outlined above for higher production costs and a lower volume of tonnes milled in the period. Production costs per ounce increased when compared to the prior-year period for the same reasons outlined above for higher production costs and lower gold production in the current period.

First Nine Months of 2025 — Production costs at Pinos Altos were $148.7 million in the first nine months of 2025, an increase of 20.9% compared with production costs of $123.0 million in the first nine months of 2024, primarily due higher underground mining and maintenance costs, partially offset by lower milling costs.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

Balance Sheet Review

(thousands of United States dollars)	As at September 30, 2025			As at December 31, 2024
Current assets		$	4,468,353		$	2,805,281
Non-current assets			28,218,560			27,181,737
Total assets		$	32,686,913		$	29,987,018
Current liabilities		$	2,107,730		$	1,511,965
Non-current liabilities			7,071,726			7,642,153
Total liabilities		$	9,179,456		$	9,154,118

Total assets of $32.7 billion as at September 30, 2025 increased by $2.7 billion, compared with total assets of $30.0 billion as at December 31, 2024. The increase in total assets is primarily due to an increase in cash and cash equivalents, investments and inventories. The Company’s total assets are primarily comprised of non-current assets such as property, plant and mine development and goodwill.

Total liabilities of $9.2 billion at September 30, 2025 is comparable with total liabilities at December 31, 2024. This is due to repayments of long term debt, partially offset by an increase in income taxes payable, reclamation provision and accounts payable and accrued liabilities between periods. The Company’s total liabilities are primarily comprised of non-current liabilities such as deferred income and mining tax liabilities and reclamation provision.

While the Company occasionally enters into contracts to limit the risk associated with decreased by-product metal prices, increased foreign currency costs (including where used for capital expenditures) and input costs, the contracts act as economic hedges of underlying exposures and are not held for speculative purposes. Agnico Eagle does not use complex derivative contracts to hedge exposures. As at September 30, 2025, the Company had outstanding currency derivative contracts related to $4,374.0 million of 2025, 2026 and 2027 expenditures (December 31, 2024 — $4,006.5 million) and diesel fuel derivative contracts related to 7.0 million gallons of heating oil (December 31, 2024 — 28.0 million).

Liquidity and Capital Resources

As at September 30, 2025, the Company’s cash and cash equivalents totaled $2,354.8 million compared with $926.4 million as at December 31, 2024. The Company’s policy is to invest excess cash in what the Company believes to be highly liquid investments of high credit quality to attempt to reduce risks associated with these investments. Investments with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. The Company’s decisions regarding the length of maturities it holds are based on anticipated cash flow requirements, rates of return and other factors.

Working capital (current assets less current liabilities) increased to $2,360.6 million as at September 30, 2025, compared with $1,293.3 million as at December 31, 2024, primarily due to a $1,428.3 million increase in cash and cash equivalents as a result of higher operating margins and the sale of investments, partially offset by a $469.5 million increase in income taxes payable.

In August 2025, Moody’s revised its rating outlook for the Company to stable from positive and upgraded the Company’s long-term issuer rating to A3 from Baa1, reflecting the Company’s strengthening credit profile and financial position.

Subject to various risks and uncertainties, including those set out in this MD&A, in the Annual MD&A and in the Company’s AIF, the Company believes it will generate sufficient cash flow from operations and has

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

adequate cash and debt facilities available to finance its current operations, working capital requirements, contractual obligations, debt maturities, planned capital expenditure and exploration programs. While the Company believes its capital resources will be sufficient to satisfy all its mandatory and discretionary commitments, the Company may choose to decrease certain of its discretionary expenditure commitments, which include certain capital expenditures and exploration and corporate development expenses, should unexpected financial circumstances arise in the future. See “Risk Profile” in this MD&A for further details.

Operating Activities

Cash provided by operating activities increased to $1,815.9 million in the third quarter of 2025 compared with $1,084.5 million in the third quarter of 2024 primarily due to an increase in revenues from mining operations as a result of a 39.5% increase in the average realized price of gold between periods and favourable working capital movements between periods.

Cash provided by operating activities increased to $4,705.6 million in the first nine months of 2025 compared with $2,829.0 million in the first nine months of 2024 primarily due to a 40.2% increase in the average realized price of gold between periods and more favourable working capital movements between periods.

Investing Activities

Cash used in investing activities in the third quarter of 2025 of $288.1 million decreased compared with $537.9 million of cash used in the third quarter of 2024, primarily due to $402.7 million of net proceeds on the sale of equity securities, partially offset by higher capital expenditures between periods.

In the third quarter of 2025, the Company purchased $60.1 million in equity securities and other investments compared with $73.3 million in the third quarter of 2024. The Company’s equity securities and other investments consist primarily of investments in common shares and share purchase warrants of entities in the mining industry.

Cash used in investing activities in the first nine months of 2025 of $1,548.9 million increased compared to $1,375.6 million of cash used in investing activities in the first nine months of 2024, primarily due to higher capital expenditures, the purchase of O3 Mining in the first quarter of 2025 and purchases of equity investments between periods, partially offset by proceeds received from the sale of equity securities.

In the first nine months of 2025, the Company purchased $198.5 million in equity securities and other investments compared with $114.6 million in the first nine months of 2024. The Company’s equity securities and other investments consist primarily of investments in common shares and share purchase warrants of entities in the mining industry.

Financing Activities

Cash used in financing activities increased to $732.1 million in the third quarter of 2025, compared with $493.5 million of cash used in financing activities in the third quarter of 2024 primarily due to the $400.0 million repayment of the 2015 and 2018 guaranteed unsecured senior notes in the current period and an increase in share repurchases between periods.

The Company issued common shares for net proceeds of $21.0 million in the third quarter of 2025, compared with $100.3 million in the third quarter of 2024, attributable to issuances under the employee stock option plan, the incentive share purchase plan and the dividend reinvestment plan.

During the third quarter of 2025, the Company repurchased 1,005,577 common shares for $149.9 million at an average price of $149.02 under the NCIB. During the third quarter of 2024, the Company repurchased 362,343 common shares for $30.0 million at an average price of $82.86 under the NCIB.

Cash used in financing activities was $1,734.2 million in the first nine months of 2025, compared with $813.8 million of cash used in financing activities in the first nine months of 2024, primarily due to the

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

$950.0 million repayment of the guaranteed senior notes in the current period and an increase in the number of shares repurchased between periods under the NCIB.

The Company issued common shares for net proceeds of $103.5 million in the first nine months of 2025, compared with $206.8 million in the first nine months of 2024, attributable to issuances under the employee stock option plan, the incentive share purchase plan and the dividend reinvestment plan.

During the first nine months of 2025, the Company repurchased 2,330,112 common shares for $299.8 million at an average price of $128.66 under the NCIB. During the first nine months of 2024, the Company repurchased 1,500,386 common shares for $99.9 million at an average price of $66.58 under the NCIB.

On July 30, 2025, Agnico Eagle declared a quarterly cash dividend of $0.40 per common share paid on September 15, 2025 to holders of record of the common shares of the Company as of September 2, 2025. Agnico Eagle has declared a cash dividend every year since 1983. In the third quarter of 2025, the Company paid dividends of $186.4 million compared to $176.3 million paid in the third quarter of 2024. In the first nine months of 2025, the Company paid dividends of $542.7 million compared to $497.8 million paid in the first nine months of 2024. Although the Company expects to continue paying dividends, future dividends will be at the discretion of the Board and will be subject to factors such as income, financial condition and capital requirements.

In the first nine months of 2025, the Company did not draw on its Credit Facility. In the first nine months of 2024, the Company drew down and repaid $600.0 million on its Credit Facility. As at September 30, 2025, the Company’s outstanding balance under the Credit Facility was nil. Credit Facility availability is reduced by outstanding letters of credit at that date, which were $23.9 million as at September 30, 2025, resulting in $1,976.1 million available for future drawdown.

The Company has six uncommitted letter of credit facilities with certain Canadian financial institutions (the “LC Facilities”). At September 30, 2025, amounts available under these letter of credit facilities are as follows; C$400.0 million, C$320.0 million, $200.0 million, C$200.0 million. C$200.0 million and $150.0 million. As at September 30, 2025, the aggregate undrawn face amount of letters of credit under the LC Facilities was $754.8 million. As at September 30, 2025, the Company has indemnity agreements with three companies (“Surety Agreements”) for the issuance of surety bonds under which $349.4 million of such surety bonds have been issued.

The Company was in compliance with all covenants contained in the Credit Facility, the LC Facilities, the Surety Agreements and the remaining $200.0 million of its guaranteed senior unsecured notes as at September 30, 2025.

Risk Profile

The Company is subject to significant risks, including fluctuations in commodity prices, foreign exchange rates and other risks due to the inherent nature of the business of exploration, development and mining of properties with precious metals. Changes in economic conditions and volatile financial markets may have a significant impact on Agnico Eagle’s cost and availability of financing and overall liquidity. The volatility in gold prices directly affects Agnico Eagle’s revenues, earnings and cash flow. Volatile energy, commodity and consumables prices and currency exchange rates impact production costs. For a more comprehensive discussion of these and other risks, see “Risk Factors” in the AIF filed on the CSA’s SEDAR+ website and with the SEC as part of the Form 40-F.

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DC&P”).

ICFR is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Standards. Management has used the Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in order to assess the effectiveness of the Company’s ICFR.

DC&P form a broader framework designed to provide reasonable assurance that information required to be disclosed by the Company in its annual and interim filings and other reports filed under securities legislation is recorded, processed, summarized and reported within the time frame specified in securities legislation and includes controls and procedures designed to ensure that information required to be disclosed by the Company in its annual and interim filings and other reports submitted under securities legislation is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.

Together, the ICFR and DC&P frameworks provide internal control over financial reporting and disclosure. The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information which is required to be disclosed in the Company’s annual and interim filings and other reports filed under securities legislation is accumulated and communicated in a timely fashion. Due to their inherent limitations, the Company acknowledges that, no matter how well designed, ICFR and DC&P can provide only reasonable assurance of achieving the desired control objectives and as such may not prevent or detect all misstatements. Further, the effectiveness of ICFR is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There have been no significant changes in our internal controls during the three and nine months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Non-GAAP Financial Performance Measures

This MD&A discloses certain financial performance measures and ratios, including adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, free cash flow, free cash flow before changes in working capital, total cash costs per ounce (on both a by-product and co-product basis), minesite costs per tonne, all-in sustaining costs per ounce (on both a by-product and co-product basis), operating margin, sustaining capital expenditures, development capital expenditures, sustaining capitalized exploration, development capitalized exploration, that are not recognized measures or ratios under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures or ratios reported by other gold producers. Non-GAAP financial performance measures and ratios should be considered together with other data prepared in accordance with IFRS Accounting Standards.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the condensed interim consolidated statements of income for the effects of certain items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.

The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company’s continuing income generating capabilities from its core mining business, excluding the

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.

The following table sets out the calculation of adjusted net income and adjusted net income per share for the three and nine months ended September 30, 2025 and September 30, 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Foreign currency translation (gain) loss			(6,559)			3,436			(18,190)			(748)
Realized and unrealized loss (gain) on derivative financial instruments			20,242			(17,153)			(173,881)			48,390
Environmental remediation			2,370			6,294			24,334			11,201
Net loss on disposal of property, plant and equipment			5,719			5,420			17,824			25,786
Purchase price allocation to inventory			3,700			—			6,234			—
Debt extinguishment costs			2,838			—			8,245			—
Impairment loss(i)			—			—			10,554			—
Loss on sale of equity securities			40,175			—			40,175			—
Other(ii)			—			—			2,077			13,215
Income and mining taxes adjustments(iii)			(38,234)			7,462			(24,676)			1,146
Adjusted net income for the period		$	1,085,209		$	572,577		$	2,831,096		$	1,485,316
Net income per share — basic		$	2.10		$	1.13		$	5.85		$	2.78
Net income per share — diluted		$	2.10		$	1.13		$	5.83		$	2.77
Adjusted net income per share — basic		$	2.16		$	1.14		$	5.64		$	2.97
Adjusted net income per share — diluted		$	2.16		$	1.14		$	5.62		$	2.97

Notes:

(i)

Relates to the Company’s ownership percentage of an impairment loss recorded by an associate.

(ii)

Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period.

(iii)

Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filings.

EBITDA and Adjusted EBITDA

EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the condensed interim consolidated statements of income.

Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments and income and mining taxes adjustments.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company’s continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.

The following table sets out the calculation of EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025 and September 30, 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Finance costs			24,154			28,527			74,027			99,265
Amortization of property, plant and mine development			429,947			390,245			1,223,703			1,125,859
Income and mining tax expense			520,610			272,672			1,448,358			652,718
EBITDA			2,029,669			1,258,562			5,684,488			3,264,168
Foreign currency translation (gain) loss			(6,559)			3,436			(18,190)			(748)
Realized and unrealized loss (gain) on derivative financial instruments			20,242			(17,153)			(173,881)			48,390
Environmental remediation			2,370			6,294			24,334			11,201
Net loss on disposal of property, plant and equipment			5,719			5,420			17,824			25,786
Purchase price allocation to inventory			3,700			—			6,234			—
Debt extinguishment costs			2,838			—			8,245			—
Impairment loss(i)			—			—			10,554			—
Loss on sale of equity securities			40,175			—			40,175			—
Other(ii)			—			—			2,077			13,215
Adjusted EBITDA		$	2,098,154		$	1,256,559		$	5,601,860		$	3,362,012

Notes:

(i)

Relates to the Company’s ownership percentage of an impairment loss recorded by an associate.

(ii)

Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period.

Free Cash Flow and Free Cash Flow before Changes in Non-Cash Components of Working Capital

Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the condensed interim consolidated statements of cash flows.

Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company’s ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

working capital also provide investors with information about the Company’s financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.

The following table sets out the calculation of free cash flow and free cash flow before changes in non-cash components of working capital for the three and nine months ended September 30, 2025 and September 30, 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
Cash provided by operating activities		$	1,815,875		$	1,084,532		$	4,705,609		$	2,829,043
Additions to property, plant and mine development			(626,330)			(464,101)			(1,616,930)			(1,255,786)
Free cash flow			1,189,545			620,431			3,088,679			1,573,257
Changes in income taxes			(189,741)			(95,930)			(491,108)			(142,732)
Changes in inventory			143,052			156,871			165,196			165,727
Changes in other current assets			11,022			(41,263)			17,784			16,237
Changes in accounts payable and accrued liabilities			(122,303)			(80,704)			(198,893)			(74,622)
Changes in interest payable			3,339			3,964			4,132			(2,867)
Free cash flow before changes in non-cash components of working capital		$	1,034,914		$	563,369		$	2,585,790		$	1,535,000

Total Cash Costs per Ounce and Minesite Costs per Tonne

Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, realized gains and losses on hedges of production costs and other adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company’s operations, the calculation of total cash costs per ounce for Canadian Malartic have been adjusted for the effects of purchase price allocation. Investors should note that total cash costs per ounce is not reflective of all cash expenditures, as it does not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as total cash costs per ounce on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals.

Total cash costs per ounce is intended to provide investors with information about the cash-generating capabilities of the Company’s mining operations. Management also uses these measures to, and believes they are useful to investors so investors can, understand and monitor the performance of the Company’s mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine’s cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

Agnico Eagle’s primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.

Unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) the majority of the Company’s revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for inventory production costs and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS Accounting Standards.

The following table sets out the production costs per minesite for the three and nine months ended September 30, 2025 and September 30, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Total Production Costs by Mine

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
LaRonde mine		$	46,960		$	74,244		$	172,146		$	193,482
LZ5			23,825			18,916			69,017			58,059
LaRonde			70,785			93,160			241,163			251,541
Canadian Malartic			124,353			128,984			359,025			399,893
Goldex			35,956			34,265			108,302			100,531
Quebec			231,094			256,409			708,490			751,965
Detour Lake			151,199			127,159			427,475			379,366
Macassa			48,652			48,086			146,744			146,763
Ontario			199,851			175,245			574,219			526,129
Meliadine			85,662			75,099			282,577			254,463
Meadowbank			163,403			115,705			396,409			352,881
Nunavut			249,065			190,804			678,986			607,344
Fosterville			38,036			44,346			109,094			114,824
Australia			38,036			44,346			109,094			114,824
Kittila			61,762			59,968			172,659			176,535
Finland			61,762			59,968			172,659			176,535
Pinos Altos			55,443			46,464			148,723			122,980
La India			—			10,417			—			39,445
Mexico			55,443			56,881			148,723			162,425
Corporate and Other			4,070			—			4,070			—
Production costs per the condensed interim consolidated statements of income		$	839,321		$	783,653		$	2,396,241		$	2,339,222

The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three and nine months ended September 30, 2025 and September 30, 2024, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine

Three Months Ended September 30, 2025

(thousands of United States dollars, except as noted)

Mine	Payable gold production (ounces)(i)		Production costs ($)		Production costs per ounce ($)		Inventory adjustments ($)(ii)		Realized (gains) and losses on hedges ($)		In-kind royalty ($)(iii)		Smelting, refining and marketing charges ($)		Total cash costs per ounce (co-product basis) ($)		By-product metal revenues ($)		Total cash costs per ounce (by-product basis) ($)
LaRonde mine		59,172		46,960		794		19,432		(41)		—		2,316		1,160		(19,003)		839
LZ5		22,350		23,825		1,066		1,617		(16)		—		826		1,175		(395)		1,157
LaRonde		81,522		70,785		868		21,049		(57)		—		3,142		1,164		(19,398)		926
Canadian Malartic		156,875		124,353		793		1,470		(306)		28,025		6		979		(3,151)		959
Goldex		29,375		35,956		1,224		2,732		(24)		—		1,018		1,351		(8,072)		1,076
Quebec		267,772		231,094		863		25,251		(387)		28,025		4,166		1,076		(30,621)		962
Detour Lake		176,539		151,199		856		(15,420)		(431)		12,183		1,384		844		(2,205)		831
Macassa		78,832		48,652		617		(184)		(57)		3,878		110		665		(487)		659
Ontario		255,371		199,851		783		(15,604)		(488)		16,061		1,494		788		(2,692)		778
Meliadine		93,836		85,662		913		20,706		(270)		—		(126)		1,129		(158)		1,128
Meadowbank		136,152		163,403		1,200		1,638		(389)		—		99		1,210		(2,401)		1,192
Hope Bay		—		302		—		(302)		—		—		—		—		—		—
Nunavut		229,988		249,065		1,083		22,344		(659)		—		(27)		1,177		(2,559)		1,166
Fosterville		34,966		38,036		1,088		(597)		(28)		—		29		1,071		(158)		1,066
Australia		34,966		38,036		1,088		(597)		(28)		—		29		1,071		(158)		1,066
Kittila		57,954		61,762		1,066		(415)		(1,127)		—		(40)		1,038		(139)		1,036
Finland		57,954		61,762		1,066		(415)		(1,127)		—		(40)		1,038		(139)		1,036
Pinos Altos		20,885		55,443		2,655		(1,704)		(560)		—		326		2,562		(13,691)		1,906
Mexico		20,885		55,443		2,655		(1,704)		(560)		—		326		2,562		(13,691)		1,906
Corporate and Other(iv)		—		4,070		—		(4,070)		—		—		—		—		—		—
Consolidated		866,936		839,321		963		25,205		(3,249)		44,086		5,948		1,051		(49,860)		994

Notes:

(i)

(ii)

Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended September 30, 2025 is $3.7 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

(iv)

Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Three Months Ended September 30, 2024

(thousands of United States dollars, except as noted)

Mine	Payable gold production (ounces)		Production costs ($)		Production costs per ounce ($)		Inventory adjustments ($)(i)		Realized (gains) and losses on hedges ($)		In-kind royalty ($)(ii)		Smelting, refining and marketing charges ($)		Total cash costs per ounce (co-product basis) ($)		By-product metal revenues ($)		Total cash costs per ounce (by-product basis) ($)
LaRonde mine		47,313		74,244		1,569		(14,425)		246		—		1,015		1,291		(10,097)		1,078
LZ5		18,292		18,916		1,034		3,752		86		—		1,030		1,300		(274)		1,285
LaRonde		65,605		93,160		1,420		(10,673)		332		—		2,045		1,294		(10,371)		1,135
Canadian Malartic		141,392		128,984		912		(2,590)		997		18,810		459		1,037		(1,777)		1,025
Goldex		30,334		34,265		1,130		(1,161)		148		—		762		1,121		(2,743)		1,031
Quebec		237,331		256,409		1,080		(14,424)		1,477		18,810		3,266		1,119		(14,891)		1,056
Detour Lake		173,891		127,159		731		(2,726)		1,247		8,752		1,974		784		(757)		779
Macassa		70,727		48,086		680		2,568		304		2,460		103		757		(442)		750
Ontario		244,618		175,245		716		(158)		1,551		11,212		2,077		776		(1,199)		772
Meliadine		99,838		75,099		752		13,212		505		—		65		890		(135)		889
Meadowbank		133,502		115,705		867		6,117		681		—		(1)		918		(978)		910
Nunavut		233,340		190,804		818		19,329		1,186		—		64		906		(1,113)		901
Fosterville		65,532		44,346		677		(1,523)		(80)		—		23		653		(135)		651
Australia		65,532		44,346		677		(1,523)		(80)		—		23		653		(135)		651
Kittila		56,715		59,968		1,057		(2,410)		(157)		—		(41)		1,011		(102)		1,010
Finland		56,715		59,968		1,057		(2,410)		(157)		—		(41)		1,011		(102)		1,010
Pinos Altos		21,371		46,464		2,174		(3,548)		—		—		317		2,023		(10,517)		1,531
Creston Mascota		9		—		—		—		—		—		—		—		—		—
La India		4,529		10,417		2,300		2,633		—		—		91		2,902		(133)		2,872
Mexico		25,909		56,881		2,195		(915)		—		—		408		2,176		(10,650)		1,765
Consolidated		863,445		783,653		908		(101)		3,977		30,022		5,797		953		(28,090)		921

Notes:

(i)

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2025

(thousands of United States dollars, except as noted)

Mine	Payable gold production (ounces)(i)		Production costs ($)		Production costs per ounce ($)		Inventory adjustments ($)(ii)		Realized (gains) and losses on hedges ($)		In-kind royalty ($)(iii)		Smelting, refining and marketing charges ($)		Total cash costs per ounce (co-product basis) ($)		By-product metal revenues ($)		Total cash costs per ounce (by-product basis) ($)
LaRonde mine		201,319		172,146		855		18,275		536		—		7,035		983		(52,124)		725
LZ5		62,946		69,017		1,096		485		196		—		2,637		1,149		(855)		1,136
LaRonde		264,265		241,163		913		18,760		732		—		9,672		1,023		(52,979)		822
Canadian Malartic		489,179		359,025		734		17,706		988		79,745		843		937		(8,680)		919
Goldex		92,509		108,302		1,171		2,418		308		—		3,139		1,234		(21,914)		997
Quebec		845,953		708,490		838		38,884		2,028		79,745		13,654		996		(83,573)		897
Detour Lake		497,649		427,475		859		(13,355)		646		30,266		4,384		903		(4,324)		894
Macassa		252,224		146,744		582		4,591		737		11,488		271		650		(1,662)		643
Ontario		749,873		574,219		766		(8,764)		1,383		41,754		4,655		818		(5,986)		810
Meliadine		282,611		282,577		1,000		14,310		728		—		102		1,053		(855)		1,050
Meadowbank		378,213		396,409		1,048		(1,373)		915		—		398		1,048		(4,533)		1,036
Nunavut		660,824		678,986		1,027		12,937		1,643		—		500		1,050		(5,388)		1,042
Fosterville		128,155		109,094		851		2,824		(28)		—		82		874		(428)		870
Australia		128,155		109,094		851		2,824		(28)		—		82		874		(428)		870
Kittila		162,415		172,659		1,063		1,388		(1,558)		—		(159)		1,061		(433)		1,058
Finland		162,415		172,659		1,063		1,388		(1,558)		—		(159)		1,061		(433)		1,058
Pinos Altos		59,539		148,723		2,498		1,819		(531)		—		894		2,535		(30,814)		2,017
Mexico		59,539		148,723		2,498		1,819		(531)		—		894		2,535		(30,814)		2,017
Corporate and Other(iv)		—		4,070		—		(4,070)		—		—		—		—		—		—
Consolidated		2,606,759		2,396,241		918		45,018		2,937		121,499		19,626		992		(126,622)		943

Notes:

(i)

Gold production for the nine months ended September 30, 2025 excludes 3,614 ounces of payable production of gold at La India and 253 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay.

(ii)

Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the nine months ended September 30, 2025 is $6.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

(iv)

Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

(thousands of United States dollars, except as noted)

Mine	Payable gold production (ounces)		Production costs ($)		Production costs per ounce ($)		Inventory adjustments ($)(i)		Realized (gains) and losses on hedges ($)		In-kind royalty ($)(ii)		Smelting, refining and marketing charges ($)		Total cash costs per ounce (co-product basis) ($)		By-product metal revenues ($)		Total cash costs per ounce (by-product basis) ($)
LaRonde mine		161,388		193,482		1,199		(12,892)		616		—		9,235		1,180		(39,703)		934
LZ5		54,915		58,059		1,057		3,820		215		—		2,396		1,174		(772)		1,160
LaRonde		216,303		251,541		1,163		(9,072)		831		—		11,631		1,179		(40,475)		991
Canadian Malartic		509,169		399,893		785		7,076		2,037		57,506		786		918		(5,945)		906
Goldex		98,472		100,531		1,021		(482)		369		—		1,959		1,040		(9,359)		945
Quebec		823,944		751,965		913		(2,478)		3,237		57,506		14,376		1,001		(55,779)		933
Detour Lake		492,889		379,366		770		(7,295)		2,394		22,446		5,147		816		(2,003)		812
Macassa		203,048		146,763		723		1,038		759		6,834		242		766		(662)		763
Ontario		695,937		526,129		756		(6,257)		3,153		29,280		5,389		801		(2,665)		798
Meliadine		284,238		254,463		895		2,457		1,612		—		100		910		(650)		908
Meadowbank		387,695		352,881		910		5,412		2,502		—		(46)		930		(2,952)		923
Nunavut		671,933		607,344		904		7,869		4,114		—		54		922		(3,602)		916
Fosterville		188,064		114,824		611		(1,277)		6		—		52		604		(462)		602
Australia		188,064		114,824		611		(1,277)		6		—		52		604		(462)		602
Kittila		166,967		176,535		1,057		(3,554)		(138)		—		(161)		1,034		(289)		1,032
Finland		166,967		176,535		1,057		(3,554)		(138)		—		(161)		1,034		(289)		1,032
Pinos Altos		69,850		122,980		1,761		2,235		—		—		980		1,807		(26,556)		1,426
Creston Mascota		50		—		—		—		—		—		—		—		—		—
La India		21,190		39,445		1,861		2,780		—		—		355		2,009		(991)		1,963
Mexico		91,090		162,425		1,783		5,015		—		—		1,335		1,853		(27,547)		1,550
Consolidated		2,637,935		2,339,222		887		(682)		10,372		86,786		21,045		931		(90,344)		897

Notes:

(i)

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Reconciliation of Production Costs to Minesite Costs per Tonne by Mine

Three Months Ended September 30, 2025

(thousands of United States dollars, except as noted)

Mine	Tonnes of ore milled (thousands)		Production costs ($)		Production costs in local currency			Local currency production costs per tonne			Inventory adjustments in local currency(i)			In-kind royalty in local currency(ii)			Smelting, refining and marketing charges in local currency			Local currency minesite costs per tonne
LaRonde mine		394		46,960		C$	64,713		C$	164		C$	26,889		C$	—		C$	(6,553)		C$	216
LZ5		370		23,825		C$	32,856		C$	89		C$	2,241		C$	—		C$	—		C$	95
LaRonde		764		70,785		C$	97,569		C$	128		C$	29,130		C$	—		C$	(6,553)		C$	157
Canadian Malartic		5,091		124,353		C$	170,193		C$	33		C$	2,129		C$	38,792		C$	—		C$	41
Goldex		843		35,956		C$	49,637		C$	59		C$	3,761		C$	—		C$	—		C$	63
Quebec		6,698		231,094		C$	317,399		C$	47		C$	35,020		C$	38,792		C$	(6,553)		C$	57
Detour Lake		7,351		151,199		C$	208,932		C$	28		C$	(21,293)		C$	16,856		C$	—		C$	28
Macassa		133		48,652		C$	67,786		C$	510		C$	(382)		C$	5,369		C$	—		C$	547
Ontario		7,484		199,851		C$	276,718		C$	37		C$	(21,675)		C$	22,225		C$	—		C$	37
Meliadine		627		85,662		C$	117,284		C$	187		C$	29,369		C$	—		C$	—		C$	234
Meadowbank		1,177		163,403		C$	225,287		C$	191		C$	2,513		C$	—		C$	—		C$	194
Nunavut		1,804		249,065		C$	342,571		C$	190		C$	31,882		C$	—		C$	—		C$	208
Fosterville		198		38,036		A$	58,454		A$	295		A$	(1,171)		A$	—		A$	—		A$	289
Australia		198		38,036		A$	58,454		A$	295		A$	(1,171)		A$	—		A$	—		A$	289
Kittila		558		61,762		€	53,023		€	95		€	(435)		€	—		€	—		€	94
Finland		558		61,762		€	53,023		€	95		€	(435)		€	—		€	—		€	94
Pinos Altos		431		55,443		$	55,443		$	129		$	(2,264)		$	—		$	—		$	123
Mexico		431		55,443		$	55,443		$	129		$	(2,264)		$	—		$	—		$	123

Notes:

(i)

This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended September 30, 2025 is C$5.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Three Months Ended September 30, 2024

(thousands of United States dollars, except as noted)

Mine	Tonnes of ore milled (thousands)		Production costs ($)		Production costs in local currency			Local currency production costs per tonne			Inventory adjustments in local currency(i)			In-kind royalty in local currency(ii)			Smelting, refining and marketing charges in local currency			Local currency minesite costs per tonne
LaRonde mine		355		74,244		C$	101,221		C$	285		C$	(18,800)		C$	—		C$	(4,419)		C$	220
LZ5		332		18,916		C$	25,740		C$	78		C$	5,072		C$	—		C$	—		C$	93
LaRonde		687		93,160		C$	126,961		C$	185		C$	(13,728)		C$	—		C$	(4,419)		C$	158
Canadian Malartic		4,862		128,984		C$	175,462		C$	36		C$	(3,655)		C$	25,677		C$	—		C$	41
Goldex		739		34,265		C$	46,696		C$	63		C$	(1,619)		C$	—		C$	—		C$	61
Quebec		6,288		256,409		C$	349,119		C$	56		C$	(19,002)		C$	25,677		C$	(4,419)		C$	56
Detour Lake		7,082		127,159		C$	172,973		C$	24		C$	(3,935)		C$	11,914		C$	—		C$	26
Macassa		134		48,086		C$	65,489		C$	489		C$	3,408		C$	3,348		C$	—		C$	539
Ontario		7,216		175,245		C$	238,462		C$	33		C$	(527)		C$	15,262		C$	—		C$	35
Meliadine		533		75,099		C$	102,391		C$	192		C$	17,937		C$	—		C$	—		C$	226
Meadowbank		1,083		115,705		C$	157,247		C$	145		C$	8,236		C$	—		C$	—		C$	153
Nunavut		1,616		190,804		C$	259,638		C$	161		C$	26,173		C$	—		C$	—		C$	177
Fosterville		246		44,346		A$	66,587		A$	271		A$	(2,406)		A$	—		A$	—		A$	261
Australia		246		44,346		A$	66,587		A$	271		A$	(2,406)		A$	—		A$	—		A$	261
Kittila		544		59,968		€	54,519		€	100		€	(2,469)		€	—		€	—		€	96
Finland		544		59,968		€	54,519		€	100		€	(2,469)		€	—		€	—		€	96
Pinos Altos		446		46,464		$	46,464		$	104		$	(3,548)		$	—		$	—		$	96
La India(iii)		—		10,417		$	10,417		$	—		$	(10,417)		$	—		$	—		$	—
Mexico		446		56,881		$	56,881		$	128		$	(13,965)		$	—		$	—		$	96

Notes:

(i)

This inventory adjustment reflects production costs associated with the portion of production still in inventory.

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

(iii)

La India’s cost calculations per tonne for the three months ended September 30, 2024 exclude approximately $10.4 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2025

(thousands of United States dollars, except as noted)

Mine	Tonnes of ore milled (thousands)		Production costs ($)		Production costs in local currency			Local currency production costs per tonne			Inventory adjustments in local currency(i)			In-kind royalty in local currency(ii)			Smelting, refining and marketing charges in local currency			Local currency minesite costs per tonne
LaRonde mine		1,103		172,146		C$	240,956		C$	218		C$	25,370		C$	—		C$	(19,756)		C$	224
LZ5		1,010		69,017		C$	96,407		C$	95		C$	575		C$	—		C$	—		C$	96
LaRonde		2,113		241,163		C$	337,363		C$	160		C$	25,945		C$	—		C$	(19,756)		C$	163
Canadian Malartic		14,919		359,025		C$	498,804		C$	33		C$	24,333		C$	111,462		C$	—		C$	43
Goldex		2,454		108,302		C$	151,393		C$	62		C$	3,196		C$	—		C$	—		C$	63
Quebec		19,486		708,490		C$	987,560		C$	51		C$	53,474		C$	111,462		C$	(19,756)		C$	58
Detour Lake		20,817		427,475		C$	596,968		C$	29		C$	(18,952)		C$	42,298		C$	—		C$	30
Macassa		424		146,744		C$	205,250		C$	484		C$	6,264		C$	16,061		C$	—		C$	537
Ontario		21,241		574,219		C$	802,218		C$	38		C$	(12,688)		C$	58,359		C$	—		C$	40
Meliadine		1,730		282,577		C$	394,138		C$	228		C$	18,509		C$	—		C$	—		C$	239
Meadowbank		2,906		396,409		C$	550,901		C$	190		C$	(2,594)		C$	—		C$	—		C$	189
Nunavut		4,636		678,986		C$	945,039		C$	204		C$	15,915		C$	—		C$	—		C$	207
Fosterville		549		109,094		A$	168,621		A$	307		A$	4,145		A$	—		A$	—		A$	315
Australia		549		109,094		A$	168,621		A$	307		A$	4,145		A$	—		A$	—		A$	315
Kittila		1,562		172,659		€	154,529		€	99		€	199		€	—		€	—		€	99
Finland		1,562		172,659		€	154,529		€	99		€	199		€	—		€	—		€	99
Pinos Altos		1,252		148,723		$	148,723		$	119		$	1,288		$	—		$	—		$	120
Mexico		1,252		148,723		$	148,723		$	119		$	1,288		$	—		$	—		$	120

Notes:

(i)

This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the nine months ended September 30, 2025 is C$8.7 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

(thousands of United States dollars, except as noted)

Mine	Tonnes of ore milled (thousands)		Production costs ($)		Production costs in local currency			Local currency production costs per tonne			Inventory adjustments in local currency(i)			In-kind royalty in local currency(ii)			Smelting, refining and marketing charges in local currency			Local currency minesite costs per tonne
LaRonde mine		1,149		193,482		C$	262,638		C$	229		C$	(16,069)		C$	—		C$	(8,019)		C$	208
LZ5		898		58,059		C$	78,984		C$	88		C$	5,192		C$	—		C$	—		C$	94
LaRonde		2,047		251,541		C$	341,622		C$	167		C$	(10,877)		C$	—		C$	(8,019)		C$	158
Canadian Malartic		15,217		399,893		C$	543,010		C$	36		C$	9,830		C$	78,244		C$	—		C$	41
Goldex		2,264		100,531		C$	136,615		C$	60		C$	(580)		C$	—		C$	—		C$	60
Quebec		19,528		751,965		C$	1,021,247		C$	52		C$	(1,627)		C$	78,244		C$	(8,019)		C$	56
Detour Lake		20,376		379,366		C$	515,371		C$	25		C$	(9,622)		C$	30,538		C$	—		C$	26
Macassa		420		146,763		C$	199,917		C$	476		C$	1,468		C$	9,301		C$	—		C$	502
Ontario		20,796		526,129		C$	715,288		C$	34		C$	(8,154)		C$	39,839		C$	—		C$	36
Meliadine		1,450		254,463		C$	345,186		C$	238		C$	3,724		C$	—		C$	—		C$	241
Meadowbank		3,144		352,881		C$	478,366		C$	152		C$	7,470		C$	—		C$	—		C$	155
Nunavut		4,594		607,344		C$	823,552		C$	179		C$	11,194		C$	—		C$	—		C$	182
Fosterville		652		114,824		A$	173,962		A$	267		A$	(2,041)		A$	—		A$	—		A$	264
Australia		652		114,824		A$	173,962		A$	267		A$	(2,041)		A$	—		A$	—		A$	264
Kittila		1,550		176,535		€	162,375		€	105		€	(3,354)		€	—		€	—		€	103
Finland		1,550		176,535		€	162,375		€	105		€	(3,354)		€	—		€	—		€	103
Pinos Altos		1,326		122,980		$	122,980		$	93		$	2,235		$	—		$	—		$	94
La India(iii)		—		39,445		$	39,445		$	—		$	(39,445)		$	—		$	—		$	—
Mexico		1,326		162,425		$	162,425		$	122		$	(37,210)		$	—		$	—		$	94

Notes:

(i)

This inventory adjustment reflects production costs associated with the portion of production still in inventory.

(ii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

(iii)

La India’s cost calculations per tonne for the nine months ended September 30, 2024 exclude approximately $39.4 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

All-in Sustaining Costs per Ounce

All-in sustaining costs per ounce (also referred to as “AISC per ounce”) on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce on a co-product basis is calculated in the same manner as the AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. Unless otherwise indicated,

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

all-in sustaining costs per ounce is reported on a by-product basis (see “Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine” for a discussion of regarding the Company’s use of by-product basis reporting).

Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.

The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council (“WGC”) in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company’s adoption of the WGC’s guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.

The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three and nine months ended September 30, 2025 and September 30, 2024 on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues).

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Reconciliation of Production Costs to All-in Sustaining Costs per Ounce

	Three Months Ended September 30,						Nine Months Ended September 30,
(United States dollars per ounce, except where noted)	2025			2024			2025			2024
Production costs per the condensed interim consolidated statements of income (thousands of United States dollars)		$	839,321		$	783,653		$	2,396,241		$	2,339,222
Less: Production costs from non-operating minesites			(4,070)			—			(4,070)			—
Adjusted production costs			835,251			783,653			2,392,171			2,339,222
Gold production (ounces)(i)			866,936			863,445			2,606,759			2,637,935
Production costs per ounce		$	963		$	908		$	918		$	887
Adjustments:
Inventory adjustments(ii)			33			—			18			—
In-kind royalty(iii)			51			—			47			—
Realized gains and losses on hedges of production costs			(4)			5			1			4
Other(iv)			8			40			8			40
Total cash costs per ounce (co-product basis)		$	1,051		$	953		$	992		$	931
By-product metal revenues			(57)			(32)			(49)			(34)
Total cash costs per ounce (by-product basis)		$	994		$	921		$	943		$	897
Adjustments:
Sustaining capital expenditures (including capitalized exploration)			282			292			250			244
General and administrative expenses (including stock option expense)			78			56			71			55
Non-cash reclamation provision and sustaining leases(v)			19			17			17			18
All-in sustaining costs per ounce (by-product basis)		$	1,373		$	1,286		$	1,281		$	1,214
By-product metal revenues			57			32			49			34
All-in sustaining costs per ounce (co-product basis)		$	1,430		$	1,318		$	1,330		$	1,248

Notes:

(i)

Gold production for the three months ended September 30, 2025 excludes 945 ounces of payable production of gold at La India and 189 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay. Gold production for the nine months ended September 30, 2025 excludes 3,614 ounces of payable production of gold at La India and 253 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay.

(ii)

Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three and nine months ended September 30, 2025 is $3.7 and $6.2 million, respectively, associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii)

Relates to costs associated with a 5% in-kind royalty paid in respect of Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa.

(iv)

Other adjustments consist of smelting, refining and marketing charges to production costs.

(v)

Sustaining leases are lease payments related to sustaining assets.

Operating Margin

Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the condensed interim consolidated financial

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; loss (gain) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is useful to investors as it provides them with additional information about the Company’s underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards. For a reconciliation of operating margin to revenue from operations, see “Summary of Operations Key Performance Indicators”.

Capital Expenditures

Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the condensed interim consolidated statements of cash flows.

Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.

The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
Sustaining capital expenditures		$	240,619		$	247,762		$	642,295		$	633,785
Sustaining capitalized exploration			6,373			5,200			16,335			15,124
Development capital expenditures			316,054			189,406			728,924			502,924
Development capitalized exploration			80,809			43,427			213,488			113,282
Total Capital Expenditures		$	643,855		$	485,795		$	1,601,042		$	1,265,115
Working capital adjustments			(17,525)			(21,694)			15,888			(9,329)
Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows		$	626,330		$	464,101		$	1,616,930		$	1,255,786

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

The following table sets out a reconciliation of sustaining capital expenditures and development capital expenditures per minesite to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

Sustaining Capital Expenditures and Development Capital Expenditures

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
LaRonde mine		$	13,868		$	14,706		$	45,840		$	51,752
LZ5			4,438			5,069			12,370			12,722
LaRonde			18,306			19,775			58,210			64,474
Canadian Malartic			34,905			36,789			89,255			91,887
Goldex			11,812			17,258			39,244			42,448
Quebec			65,023			73,822			186,709			198,809
Detour Lake			59,473			77,638			159,072			189,247
Macassa			13,679			12,651			33,156			29,648
Ontario			73,152			90,289			192,228			218,895
Meliadine			25,275			22,037			57,777			59,812
Meadowbank			40,104			30,216			97,632			71,718
Nunavut			65,379			52,253			155,409			131,530
Fosterville			16,000			9,509			44,615			22,298
Australia			16,000			9,509			44,615			22,298
Kittila			17,096			17,853			47,704			52,994
Finland			17,096			17,853			47,704			52,994
Pinos Altos			7,892			7,841			25,088			19,852
La India			—			—			—			22
Mexico			7,892			7,841			25,088			19,874
Other(i)			2,450			1,395			6,877			4,509
Sustaining capital expenditures		$	246,992		$	252,962		$	658,630		$	648,909
LaRonde mine		$	14,188		$	11,746		$	39,485		$	38,954
LZ5			4,751			4,696			14,547			22,214
LaRonde			18,939			16,442			54,032			61,168
Canadian Malartic			85,849			43,334			217,616			124,730
Goldex			6,712			1,830			13,418			8,886
Quebec			111,500			61,606			285,066			194,784
Detour Lake			85,422			61,250			215,484			147,423
Macassa			32,090			35,071			93,008			87,233
Ontario			117,512			96,321			308,492			234,656
Meliadine			32,473			22,958			68,078			66,858
Meadowbank			12,608			7			15,289			(20)
Nunavut			45,081			22,965			83,367			66,838
Fosterville			11,001			10,933			31,174			36,513
Australia			11,001			10,933			31,174			36,513
Kittila			2,176			1,946			5,122			8,701

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars)	2025			2024			2025			2024
Finland			2,176			1,946			5,122			8,701
Pinos Altos			1,010			365			3,949			1,820
San Nicolás			2,566			3,422			6,613			15,077
Mexico			3,576			3,787			10,562			16,897
Other(i)			106,017			35,275			218,629			57,817
Development capital expenditures		$	396,863		$	232,833		$	942,412		$	616,206
Total capital expenditures		$	643,855		$	485,795		$	1,601,042		$	1,265,115
Working capital adjustments			(17,525)			(21,694)			15,888			(9,329)
Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows		$	626,330		$	464,101		$	1,616,930		$	1,255,786

Note:

(i)

Other projects are not segregated by region and can include projects in Canada, Australia, Finland, Mexico and other countries.

Commitments and Contingencies

Material contractual commitments and contingencies have been set out in note 27 to the Company’s annual audited consolidated financial statements for the year ended December 31, 2024 and in note 19 of the condensed interim consolidated financial statements.

Accounting Policies

The condensed interim consolidated financial statements follow the same accounting policies and methods of their application as the December 31, 2024 annual audited consolidated financial statements.

Significant Judgments, Estimates and Assumptions

The preparation of the condensed interim consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and accompanying notes. Management believes that the estimates used in the preparation of the condensed interim consolidated financial statements are reasonable; however, actual results may differ materially from these estimates. The areas involving significant judgments, estimates and assumptions have been set out in Note 4 to the Company’s annual audited consolidated financial statements for the year ended December 31, 2024.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

NOTE TO INVESTORS CONCERNING FORWARD-LOOKING INFORMATION

Certain statements in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and constitute “forward-looking information” under the provisions of Canadian provincial securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. These statements relate to, among other things, the Company’s plans, objectives, expectations, estimates, beliefs, strategies and intentions and can generally be identified by the use of words such as “anticipate”, “believe”, “budget”, “could”, “estimate”, “expect”, “forecast”, “likely”, “may”, “plan”, “project”, “schedule”, “should”, “target”, “will”, “would” or other variations of these terms or similar words.

Forward-looking statements in this MD&A include the following: the Company’s forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at the Company’s sites; the estimated timing and conclusions of the Company’s studies and evaluations; the methods by which ore will be extracted or processed; the Company’s expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company’s plans at Hope Bay and San Nicolás; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital costs and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company’s ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company’s mine sites; the Company’s plans and strategies with respect to sustainability initiatives; the sufficiency of the Company’s cash resources; the Company’s plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company’s unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effects of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; the Company’s estimate of the Meadowbank ARO liability; and anticipated trends with respect to the Company’s operations, exploration and the funding thereof. Such statements reflect the Company’s views as at the date of this MD&A and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein, and in management’s discussion and analysis (the “2024 MD&A”) and in the Company’s most recent Annual Information Form (“AIF”) for the year ended December 31, 2024, filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F (“Form 40-F”) for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle’s properties proceeds on a basis consistent with current expectations and plans; that the Company’s plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

consistent with Agnico Eagle’s expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle’s current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company’s operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company’s efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company’s current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company’s current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company’s ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company’s ability to obtain necessary supplies and deliver them to its mine sites.

Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company’s operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company’s stock price; risks associated with the Company’s currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company.

For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A, see the AIF filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

	Three Months Ended September 30,						Nine Months Ended September 30,
(thousands of United States dollars, except where noted)	2025			2024			2025			2024
Net income — key line items:
Revenue from operations
LaRonde mine		$	221,527		$	159,294		$	678,936		$	435,799
LZ5			69,484			47,363			202,235			127,392
LaRonde			291,011			206,657			881,171			563,191
Canadian Malartic			543,870			345,969			1,463,134			1,092,558
Goldex			108,124			81,384			319,373			237,304
Quebec			943,005			634,010			2,663,678			1,893,053
Detour Lake			653,283			437,920			1,642,343			1,140,293
Macassa			282,208			162,334			778,101			455,203
Ontario			935,491			600,254			2,420,444			1,595,496
Meliadine			267,332			208,209			880,138			630,724
Meadowbank			476,831			315,047			1,216,631			873,047
Nunavut			744,163			523,256			2,096,769			1,503,771
Fosterville			142,448			167,368			406,122			433,429
Australia			142,448			167,368			406,122			433,429
Kittila			190,208			148,652			519,238			395,875
Finland			190,208			148,652			519,238			395,875
Pinos Altos			88,586			68,336			221,999			184,526
La India			—			13,733			—			55,903
Mexico			88,586			82,069			221,999			240,429
Corporate and Other			15,628			—			15,628			—
Revenues from mining operations			3,059,529			2,155,609			8,343,878			6,062,053
Production costs			839,321			783,653			2,396,241			2,339,222
Total operating margin(i)			2,220,208			1,371,956			5,947,637			3,722,831
Amortization of property, plant and mine development			429,947			390,245			1,223,703			1,125,859
Exploration, corporate and other			214,693			141,921			337,176			557,928
Income before income and mining taxes			1,575,568			839,790			4,386,758			2,039,044
Income and mining taxes expense			520,610			272,672			1,448,358			652,718
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Net income per share — basic		$	2.10		$	1.13		$	5.85		$	2.78
Net income per share — diluted		$	2.10		$	1.13		$	5.83		$	2.77
Cash flows:
Cash provided by operating activities		$	1,815,875		$	1,084,532		$	4,705,609		$	2,829,043
Cash used in investing activities		$	(288,064)		$	(537,933)		$	(1,548,940)		$	(1,375,557)
Cash used in financing activities		$	(732,120)		$	(493,545)		$	(1,734,241)		$	(813,813)
Realized prices:
Gold (per ounce)		$	3,476		$	2,492		$	3,221		$	2,297
Silver (per ounce)		$	43.43		$	30.69		$	37.80		$	28.31
Zinc (per tonne)		$	2,694		$	2,822		$	2,728		$	2,697
Copper (per tonne)		$	10,190		$	8,254		$	9,696		$	9,304

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Payable production(ii):
Gold (ounces):
LaRonde mine		59,172		47,313		201,319		161,388
LZ5		22,350		18,292		62,946		54,915
LaRonde		81,522		65,605		264,265		216,303
Canadian Malartic		156,875		141,392		489,179		509,169
Goldex		29,375		30,334		92,509		98,472
Quebec		267,772		237,331		845,953		823,944
Detour Lake		176,539		173,891		497,649		492,889
Macassa		78,832		70,727		252,224		203,048
Ontario		255,371		244,618		749,873		695,937
Meliadine		93,836		99,838		282,611		284,238
Meadowbank		136,152		133,502		378,213		387,695
Nunavut		229,988		233,340		660,824		671,933
Fosterville		34,966		65,532		128,155		188,064
Australia		34,966		65,532		128,155		188,064
Kittila		57,954		56,715		162,415		166,967
Finland		57,954		56,715		162,415		166,967
Pinos Altos		20,885		21,371		59,539		69,850
Creston Mascota		—		9		—		50
La India		—		4,529		—		21,190
Mexico		20,885		25,909		59,539		91,090
Total gold (ounces)		866,936		863,445		2,606,759		2,637,935
Silver (thousands of ounces)		630		602		1,843		1,845
Zinc (tonnes)		1,924		914		6,051		4,479
Copper (tonnes)		1,468		797		4,013		2,673
Payable metal sold(iii):
Gold (ounces):
LaRonde mine		57,650		58,357		194,191		175,086
LZ5		19,574		18,920		62,450		55,436
LaRonde		77,224		77,277		256,641		230,522
Canadian Malartic		157,228		139,694		452,721		475,893
Goldex		28,479		31,671		92,339		99,896
Quebec		262,931		248,642		801,701		806,311
Detour Lake		188,008		176,585		509,522		497,215
Macassa		81,330		65,000		241,475		197,840
Ontario		269,338		241,585		750,997		695,055
Meliadine		76,739		83,900		274,197		276,878
Meadowbank		136,974		126,010		379,548		378,123
Nunavut		213,713		209,910		653,745		655,001
Fosterville		41,300		67,198		125,800		187,247
Australia		41,300		67,198		125,800		187,247
Kittila		55,000		59,464		162,000		171,448
Finland		55,000		59,464		162,000		171,448
Pinos Altos		21,734		23,700		59,573		69,510
La India		—		5,400		—		24,620
Mexico		21,734		29,100		59,573		94,130
Corporate and Other		4,547		—		4,547		—
Total gold (ounces)		868,563		855,899		2,558,363		2,609,192
Silver (thousands of ounces)		653		573		1,754		1,814
Zinc (tonnes)		1,977		1,748		6,180		4,802
Copper (tonnes)		1,438		806		3,998		2,681

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

Notes:

(i)

Operating margin is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. See Non-GAAP Financial Performance Measures — Operating Margin for more information on the Company’s use of operating margin.

(ii)

Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the three months ended September 30, 2025, it excludes 945 payable gold ounces produced at La India and 198 payable gold ounces produced at Creston Mascota as well as 2,442 ounces of gold recovered at Hope Bay. For the nine months ended September 30, 2025, it excludes 3,614 payable gold ounces produced at La India and 253 payable gold ounces produced at Creston Mascota as well as 2,442 ounces of gold recovered at Hope Bay.

(iii)

Canadian Malartic’s payable metal sold excludes the 5.0% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake’s payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa’s payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the nine months ended September 30, 2025, it excludes 2,500 payable gold ounces sold at La India.

AGNICO EAGLE MINES LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Nine Months Ended September 30, 2025

SUMMARIZED QUARTERLY DATA

	Three Months Ended
(thousands of United States dollars, except where noted)	December 31, 2023(i)			March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025
Operating margin(ii):
Revenues from mining operations		$	1,756,640		$	1,829,823		$	2,076,621		$	2,155,609		$	2,223,700		$	2,468,248		$	2,816,101		$	3,059,529
Production costs			777,455			783,585			771,984			783,653			746,858			767,733			789,187			839,321
Total operating margin(ii)			979,185			1,046,238			1,304,637			1,371,956			1,476,842			1,700,515			2,026,914			2,220,208
Impairment loss			787,000			—			—			—			—			—			—			—
Amortization of property, plant and mine development			380,407			357,225			378,389			390,245			388,217			416,800			376,956			429,947
Exploration, corporate and other			124,711			199,965			216,042			141,921			306,114			89,144			33,339			214,693
Income (loss) before income and mining taxes			(312,933)			489,048			710,206			839,790			782,511			1,194,571			1,616,619			1,575,568
Income and mining taxes expense			61,124			141,856			238,190			272,672			273,256			379,840			547,908			520,610
Net income (loss) for the period		$	(374,057)		$	347,192		$	472,016		$	567,118		$	509,255		$	814,731		$	1,068,711		$	1,054,958
Net income (loss) per share — basic		$	(0.75)		$	0.70		$	0.95		$	1.13		$	1.02		$	1.62		$	2.13		$	2.10
Net income (loss) per share — diluted		$	(0.75)		$	0.70		$	0.94		$	1.13		$	1.01		$	1.62		$	2.12		$	2.10
Cash flows:
Cash provided by operating activities		$	727,861		$	783,175		$	961,336		$	1,084,532		$	1,131,849		$	1,044,246		$	1,845,488		$	1,815,875

Notes:

(i)

Certain previously reported line items have been restated to reflect the final purchase price allocation of the 50% of Canadian Malartic on March 31, 2023.

(ii)

AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts)
(Unaudited)

	As at September 30, 2025			As at December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	2,354,759		$	926,431
Inventories			1,716,135			1,510,716
Income taxes recoverable			15,509			26,432
Fair value of derivative financial instruments (Notes 6 and 16)			19,815			1,348
Other current assets (Note 7A)			362,135			340,354
Total current assets			4,468,353			2,805,281
Non-current assets:
Goodwill			4,157,672			4,157,672
Property, plant and mine development (Note 8)			22,172,275			21,466,499
Investments (Notes 6, 9 and 16)			952,346			612,889
Deferred income and mining tax asset			24,784			29,198
Other assets (Note 7B)			911,483			915,479
Total assets		$	32,686,913		$	29,987,018
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities		$	1,064,013		$	817,649
Share based liabilities			36,299			27,290
Interest payable			2,719			5,763
Income taxes payable			841,710			372,197
Current portion of long-term debt (Note 10)			—			90,000
Reclamation provision (Note 11)			104,102			58,579
Lease obligations			39,694			40,305
Fair value of derivative financial instruments (Notes 6 and 16)			19,193			100,182
Total current liabilities			2,107,730			1,511,965
Non-current liabilities:
Long-term debt (Note 10)			195,994			1,052,956
Reclamation provision (Note 11)			1,236,085			1,026,628
Lease obligations			99,856			98,921
Share based liabilities			19,843			12,505
Deferred income and mining tax liabilities			5,259,773			5,162,249
Other liabilities			260,175			288,894
Total liabilities			9,179,456			9,154,118
EQUITY
Common shares (Note 12):
Outstanding — 502,544,235 common shares issued, less 497,673 shares held in trust			18,812,225			18,675,660
Stock options (Notes 12 and 13)			165,569			172,145
Retained earnings			4,368,424			2,026,242
Other reserves (Note 14)			161,239			(41,147)
Total equity			23,507,457			20,832,900
Total liabilities and equity		$	32,686,913		$	29,987,018
Commitments and contingencies (Note 19)

See accompanying notes

AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME
(thousands of United States dollars, except per share amounts)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
REVENUES
Revenues from mining operations (Note 15)		$	3,059,529		$	2,155,609		$	8,343,878		$	6,062,053
COSTS, INCOME AND EXPENSES
Production(i)			839,321			783,653			2,396,241			2,339,222
Exploration and corporate development			59,630			60,335			153,535			166,788
Amortization of property, plant and mine development			429,947			390,245			1,223,703			1,125,859
General and administrative			67,761			48,500			186,360			145,436
Finance costs			24,154			28,527			74,027			99,265
Loss (gain) on derivative financial instruments (Note 16)			20,242			(17,153)			(173,881)			48,390
Foreign currency translation (gain) loss			(6,559)			3,436			(18,190)			(748)
Care and maintenance			17,866			13,810			47,449			35,078
Other expenses (Note 17)			31,599			4,466			67,876			63,719
Income before income and mining taxes			1,575,568			839,790			4,386,758			2,039,044
Income and mining taxes expense			520,610			272,672			1,448,358			652,718
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Net income per share — basic (Note 12)		$	2.10		$	1.13		$	5.85		$	2.78
Net income per share — diluted (Note 12)		$	2.10		$	1.13		$	5.83		$	2.77
Cash dividends declared per common share		$	0.40		$	0.40		$	1.20		$	1.20

Note:

(i)

Exclusive of amortization, which is shown separately.

See accompanying notes

AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(thousands of United States dollars)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Other comprehensive income:
Items that may be subsequently reclassified to net income:
Derivative financial instruments:
Reclassified from the cash flow hedge reserve to net income			294			294			882			882
			294			294			882			882
Items that will not be subsequently reclassified to net income:
Pension benefit obligations:
Remeasurement loss on pension benefit obligations			(43)			(161)			(129)			(481)
Income tax impact			11			42			33			124
Equity securities:
Net change in fair value of equity securities			247,802			39,396			496,678			43,229
Income tax impact			(36,221)			(5,260)			(67,975)			(5,260)
			211,549			34,017			428,607			37,612
Other comprehensive income for the period			211,843			34,311			429,489			38,494
Comprehensive income for the period		$	1,266,801		$	601,429		$	3,367,889		$	1,424,820

See accompanying notes

AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY
(thousands of United States dollars, except share and per share amounts)
(Unaudited)

	Common Shares Outstanding					Stock Options			Contributed Surplus			Retained Earnings			Other Reserves			Total Equity
	Shares		Amount			Stock Options			Contributed Surplus			Retained Earnings			Other Reserves			Total Equity
Balance at December 31, 2023		497,299,441		$	18,334,869		$	201,755		$	22,074		$	963,172		$	(98,955)		$	19,422,915
Net income		—			—			—			—			1,386,326			—			1,386,326
Other comprehensive (loss) income		—			—			—			—			(357)			38,851			38,494
Total comprehensive income		—			—			—			—			1,385,969			38,851			1,424,820
Transfer of gain on disposal of equity securities to retained earnings		—			—			—			—			312			(312)			—
Transactions with owners:
Shares issued under employee stock option plan (Notes 12 and 13)		3,077,468			214,143			(35,408)			—			—			—			178,735
Stock options (Notes 12 and 13)		—			—			8,310			—			—			—			8,310
Shares issued under incentive share purchase plan		630,628			42,099			—			—			—			—			42,099
Shares issued under dividend reinvestment plan		1,730,118			102,081			—			—			—			—			102,081
Normal Course Issuer Bid (“NCIB”) (Note 12)		(1,500,386)			(55,628)			—			(22,074)			(22,193)			—			(99,895)
Dividends declared ($1.20 per share)		—			—			—			—			(599,881)			—			(599,881)
Restricted Share Unit plan (“RSU”), Performance Share Unit plan (“PSU”) and Long Term Incentive Plan (“LTIP”) (Notes 12 and 13)		279,803			25,787			—			—			—			—			25,787
Balance at September 30, 2024		501,517,072		$	18,663,351		$	174,657		$	—		$	1,727,379		$	(60,416)		$	20,504,971
Balance at December 31, 2024		501,729,505		$	18,675,660		$	172,145		$	—		$	2,026,242		$	(41,147)		$	20,832,900
Net income		—			—			—			—			2,938,400			—			2,938,400
Other comprehensive (loss) income		—			—			—			—			(96)			429,585			429,489
Total comprehensive income		—			—			—			—			2,938,304			429,585			3,367,889
Transfer of gain on disposal of equity securities to retained earnings, net of tax (Note 9)		—			—			—			—			227,199			(227,199)			—
Transactions with owners:
Shares issued under employee stock option plan (Notes 12 and 13)		1,312,067			87,065			(14,808)			—			—			—			72,257
Stock options (Notes 12 and 13)		—			—			8,232			—			—			—			8,232
Shares issued under incentive share purchase plan		372,149			46,848			—			—			—			—			46,848
Shares issued under dividend reinvestment plan		516,115			59,356			—			—			—			—			59,356
NCIB (Note 12)		(2,096,432)			(80,626)			—			—			(221,293)			—			(301,919)
Dividends declared ($1.20 per share)		—			—			—			—			(602,028)			—			(602,028)
RSU, PSU and LTIP (Notes 12 and 13)		213,158			23,922			—			—			—			—			23,922
Balance at September 30, 2025		502,046,562		$	18,812,225		$	165,569		$	—		$	4,368,424		$	161,239		$	23,507,457

See accompanying notes

AGNICO EAGLE MINES LIMITED
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
OPERATING ACTIVITIES
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Add (deduct) adjusting items:
Amortization of property, plant and mine development			429,947			390,245			1,223,703			1,125,859
Deferred income and mining taxes			64,616			58,641			74,341			152,788
Unrealized loss (gain) on currency and commodity derivatives (Note 16)			50,343			(24,169)			(99,455)			38,363
Unrealized gain on warrants (Note 16)			(25,613)			(53)			(87,044)			(3,903)
Stock-based compensation (Note 13)			37,913			21,242			86,695			58,957
Foreign currency translation (gain) loss			(6,559)			3,436			(18,190)			(748)
Other			55,639			11,010			84,270			33,144
Changes in non-cash working capital balances:
Income taxes			189,741			95,930			491,108			142,732
Inventories			(143,052)			(156,871)			(165,196)			(165,727)
Other current assets			(11,022)			41,263			(17,784)			(16,237)
Accounts payable and accrued liabilities			122,303			80,704			198,893			74,622
Interest payable			(3,339)			(3,964)			(4,132)			2,867
Cash provided by operating activities			1,815,875			1,084,532			4,705,609			2,829,043
INVESTING ACTIVITIES
Additions to property, plant and mine development (Note 8)			(626,330)			(464,101)			(1,616,930)			(1,255,786)
Purchase of O3 Mining, net of cash and cash equivalents acquired (Note 5)			—			—			(121,960)			—
Contributions for acquisition of mineral assets			—			(4,197)			(8,400)			(11,296)
Purchase of equity securities and other investments			(60,142)			(73,341)			(198,503)			(114,644)
Proceeds on sale of equity securities and other investments			402,720			—			402,720			—
Other investing activities			(4,312)			3,706			(5,867)			6,169
Cash used in investing activities			(288,064)			(537,933)			(1,548,940)			(1,375,557)
FINANCING ACTIVITIES
Proceeds from Credit Facility (Note 10)			—			—			—			600,000
Repayment of Credit Facility (Note 10)			—			—			—			(600,000)
Repayment of Term Loan Facility (Note 10)			—			(275,000)			—			(275,000)
Repayment of Senior Notes (Note 10)			(400,000)			(100,000)			(950,000)			(100,000)
Debt financing and extinguishment costs (Note 10)			(8,245)			—			(8,245)			(3,544)
Repayment of lease obligations			(8,620)			(12,461)			(26,970)			(38,142)
Dividends paid			(186,350)			(176,314)			(542,695)			(497,829)
Repurchase of common shares (Notes 12 and 13)			(149,855)			(30,080)			(309,843)			(106,121)
Proceeds on exercise of stock options (Note 13)			10,411			90,923			72,257			178,735
Common shares issued			10,539			9,387			31,255			28,088
Cash used in financing activities			(732,120)			(493,545)			(1,734,241)			(813,813)
Effect of exchange rate changes on cash and cash equivalents			1,503			2,172			5,900			(1,106)
Net increase in cash and cash equivalents during the period			797,194			55,226			1,428,328			638,567
Cash and cash equivalents, beginning of period			1,557,565			921,989			926,431			338,648
Cash and cash equivalents, end of period		$	2,354,759		$	977,215		$	2,354,759		$	977,215
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid		$	7,795		$	26,870		$	46,213		$	76,773
Income and mining taxes paid		$	261,403		$	119,178		$	877,708		$	377,555

See accompanying notes

AGNICO EAGLE MINES LIMITED
NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
(Unaudited)
September 30, 2025

CORPORATE INFORMATION

Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development. The Company’s mining operations are located in Canada, Australia, Finland and Mexico and the Company has exploration activities in Canada, Europe, Latin America, Australia and the United States. Agnico Eagle is a public company incorporated under the laws of the Province of Ontario, Canada with its head and registered office located at 145 King Street East, Suite 400, Toronto, Ontario, M5C 2Y7. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). Agnico Eagle sells its gold production into the world market.

These condensed interim consolidated financial statements (the “interim financial statements”) were authorized for issuance by the Board of Directors of the Company on October 29, 2025.

BASIS OF PREPARATION

Unless otherwise stated, references to “LaRonde”, “Canadian Malartic”, “Meadowbank” and “Goldex” are to the Company’s operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine (“LZ5”). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the Amaruq mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. References to other operations are to the relevant mines, projects or properties, as applicable.

Statement of Compliance

The accompanying interim financial statements of Agnico Eagle have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) in United States (“US”) dollars. These interim financial statements do not include all of the disclosures required by International Financial Reporting Standards (“IFRS® Accounting Standards”) for annual audited consolidated financial statements.

These interim financial statements should be read in conjunction with the Company’s 2024 annual audited consolidated financial statements, including the accounting policies and notes thereto, filed with the Canadian Securities Administrators on the SEDAR+ website and included in the Annual Report on Form 40-F for the year ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards.

In the opinion of management, these interim financial statements reflect all adjustments, which consist of normal and recurring adjustments necessary to present fairly the financial position as at September 30, 2025 and December 31, 2024 and the results of operations and cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Basis of Presentation

These interim financial statements were prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are measured at fair value. The interim financial statements are presented in US dollars and all values are rounded to the nearest thousand, except where otherwise indicated.

MATERIAL ACCOUNTING POLICIES

These interim financial statements follow the same material accounting policies and methods of their application as the December 31, 2024 annual audited consolidated financial statements.

New Accounting Standards Issued But Not Yet Adopted

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in the Financial Statements (“IFRS 18”) replacing IAS 1. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company is currently assessing the impact of the standard on its consolidated financial statements.

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of these interim financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. Management believes that the estimates used in the preparation of the interim financial statements are reasonable; however, actual results may differ materially from these estimates. The areas involving significant judgments, estimates and assumptions have been set out in Note 4 to the Company’s annual audited consolidated financial statements for the year ended December 31, 2024.

ACQUISITION

Acquisition of O3 Mining Inc.

On December 12, 2024, the Company entered into a definitive support agreement with O3 Mining Inc. (“O3 Mining”), pursuant to which the Company agreed to offer to acquire, by way of take-over bid all of the outstanding common shares of O3 Mining at C$1.67 per share in cash directly or indirectly (the “O3 Offer”). On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting in an aggregate of 114,785,237 O3 Shares being taken up and acquired under the O3 Offer, representing approximately 95.6% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$191.7 million. On March 18, 2025, O3 Mining and one of the Company’s wholly-owned subsidiaries amalgamated under the Business Corporations Act (Ontario) which resulted in the Company owning 100% of the O3 Shares.

The acquisition was accounted for by the Company as an asset acquisition and transaction costs associated with the acquisition totaling $2.5 million are capitalized to the mining properties acquired separately from the purchase price allocation set out below. The aggregate purchase consideration for the acquired assets, net of the assumed liabilities is as follows:

	Cash paid for acquisition				$	138,272
	Total purchase price to allocate				$	138,272

In an asset acquisition, the purchase consideration is allocated to the assets acquired and liabilities assumed based on their relative fair values. The following table sets out the allocation of the purchase price to the assets acquired and liabilities assumed.

Cash and cash equivalents	$	16,312
Other current assets		1,213
Property, plant and mine development		123,810
Investments		11,597
Accounts payable, accruals and other liabilities		(8,767)
Long-term debt		(4,760)
Lease obligations		(1,069)
Other liabilities		(64)
Total assets acquired, net of liabilities assumed	$	138,272

FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the interim financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 — Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

FAIR VALUE MEASUREMENT (Continued)

Assets and Liabilities Measured at Fair Value on a Recurring Basis

For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period.

During the three and nine months ended September 30, 2025, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

The fair values of cash and cash equivalents and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.

The following table sets out the Company’s financial assets and liabilities measured at fair value on a recurring basis as at September 30, 2025 using the fair value hierarchy:

	Level 1			Level 2			Level 3			Total
Financial assets:
Trade receivables (Note 7A)		$	—		$	15,614		$	—		$	15,614
Equity securities (FVOCI) (Note 9)			876,608			44,226			—			920,834
Share purchase warrants (FVPL) (Note 9)			—			31,512			—			31,512
Fair value of derivative financial instruments (Note 16)			—			19,815			—			19,815
Total financial assets		$	876,608		$	111,167		$	—		$	987,775
Financial liabilities:
Fair value of derivative financial instruments (Note 16)			—			19,193			—			19,193
Total financial liabilities		$	—		$	19,193		$	—		$	19,193

Valuation Techniques

There were no changes in the Company’s valuation processes, techniques or types of inputs used in the fair value measurements during the period.

Fair Value of Financial Assets and Liabilities Not Measured and Recognized at Fair Value

Long-term debt is recorded in the interim financial statements at September 30, 2025 at amortized cost. The fair value of long-term debt is presented in Note 10 of these interim financial statements.

The committed subscription proceeds for the San Nicolás project are recorded in the interim financial statements at September 30, 2025 at amortized cost. The fair value of the San Nicolás liability is determined by discounting the minimum unavoidable obligation under the joint venture shareholders’ agreement between Agnico Eagle and Teck at a discount rate that reflects the Company’s credit rating. The fair value of the San Nicolás liability is not materially different from the carrying amount as the difference between the discount rate used at the initial recognition date and the current market rates at September 30, 2025 is not material.

Non-current loans receivable and other receivables are included in the other assets line item in the interim financial statements at amortized cost. The fair value of loans and other receivables is the present value of future cash inflows discounted at a market interest rate. The fair value of these financial assets is not materially different from the carrying amounts as at September 30, 2025 (Note 7B).

OTHER ASSETS

Other Current Assets

	As at September 30, 2025			As at December 31, 2024
Federal, provincial and other sales taxes receivable		$	125,688		$	155,548
Prepaid expenses			170,539			124,566
Trade receivables			15,614			7,646
Short term investments			16,103			7,306
Other			34,191			45,288
Total other current assets		$	362,135		$	340,354

OTHER ASSETS (Continued)

Other Assets

	As at September 30, 2025			As at December 31, 2024
Non-current ore in stockpiles and on leach pads		$	841,215		$	819,294
Non-current prepaid expenses			43,681			58,438
Non-current loans receivable			9,203			12,039
Investment in associate			7,282			12,361
Other			10,102			13,347
Total other assets		$	911,483		$	915,479

PROPERTY, PLANT AND MINE DEVELOPMENT

During the nine months ended September 30, 2025, $1,942.5 million of additions (2024 — $1,431.7 million) were capitalized to property, plant and mine development. The additions for the nine months ended September 30, 2025 include $123.8 million of property, plant and mine development capitalized through the Company’s acquisition of O3 Mining (Note 5).

Assets with a net book value of $20.7 million were disposed of by the Company during the nine months ended September 30, 2025 (2024 — $27.8 million), resulting in a loss on disposal of $17.8 million (2024 — $25.8 million) which was recorded in the other expenses line item in the interim financial statements.

See Note 19 to these interim financial statements for capital commitments.

INVESTMENTS

	As at September 30, 2025			As at December 31, 2024
Equity securities		$	920,834		$	559,165
Share purchase warrants			31,512			53,724
Total investments		$	952,346		$	612,889

During the nine months ended September 30, 2025, the Company sold its interest in certain equity securities. The fair value at the time of sale was $443.8 million. On disposal, a cumulative net gain of $227.2 million (net of tax) was transferred out of other reserves into retained earnings (Note 14).

10.

LONG-TERM DEBT

The following table sets out details of the Company’s long-term debt as at September 30, 2025 and December 31, 2024:

		As at September 30, 2025												As at December 31, 2024
	Interest Rates	Principal Amount			Deferred Financing Costs			Carrying Amount			Fair Value			Carrying Amount			Fair Value
Senior Notes	2.78% – 2.88%		$	200,000		$	(797)		$	199,203		$	182,047		$	1,146,886		$	1,101,168
Credit Facility	Variable			—			(3,209)			(3,209)			—			(3,930)			—
Total long-term debt			$	200,000		$	(4,006)		$	195,994		$	182,047		$	1,142,956		$	1,101,168

The following table sets out the long-term debt included in the interim financial statements:

	As at September 30, 2025			As at December 31, 2024
Current portion of long-term debt		$	—		$	90,000
Non-current portion of long-term debt			195,994			1,052,956
Total long-term debt		$	195,994		$	1,142,956

10.

LONG-TERM DEBT (Continued)

Repayment of Long-term Debt

During the nine months ended September 30, 2025, the Company repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% note at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity.

During the nine months ended September 30, 2025, the Company also elected to repay, in full, the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates. The repayment totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes.

The Company incurred debt extinguishment costs of $2.8 million during the three months ended September 30, 2025 and debt extinguishment costs of $8.2 million during the nine months ended September 30, 2025. Debt extinguishment costs are recognized within finance costs in the interim financial statements.

Credit Facility

During the nine months ended September 30, 2025, there were no drawdowns and repayments under the Credit Facility (2024 — $600.0 million). As at September 30, 2025, $1,976.1 million was available for future drawdown under the Credit Facility (December 31, 2024 — $1,976.5 million). Credit Facility availability is reduced by outstanding letters of credit, which were $23.9 million as at September 30, 2025 (December 31, 2024 — $23.5 million).

11.

RECLAMATION PROVISION

During the nine months ended September 30, 2025, the Company revised its estimate of the Meadowbank Asset Retirement Obligation (“ARO”). The revision was driven by an updated internal analysis completed during the period and, as a result, the ARO liability related to Meadowbank increased by $198.2 million, with a corresponding adjustment to the related mining asset. The increase in the ARO is primarily driven by revised estimates for dismantling the infrastructure, transportation and fuel costs and expected operating costs during the closure period. These updates reflect the scale of the operational footprint and logistical requirements at Meadowbank. As at September 30, 2025, the Meadowbank ARO liability was $427.4 million.

12.

EQUITY

Net Income Per Share

The following table sets out the weighted average number of common shares used in the calculation of basic and diluted net income per share:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income for the period		$	1,054,958		$	567,118		$	2,938,400		$	1,386,326
Weighted average number of common shares outstanding — basic (in thousands)			502,178			500,974			502,389			499,343
Add: Dilutive impact of common shares related to the RSU plan, PSU plan and LTIP			547			459			630			573
Add: Dilutive impact of employee stock options			814			673			749			280
Weighted average number of common shares outstanding — diluted (in thousands)			503,539			502,106			503,768			500,196
Net income per share — basic		$	2.10		$	1.13		$	5.85		$	2.78
Net income per share — diluted		$	2.10		$	1.13		$	5.83		$	2.77

Diluted net income per share has been calculated using the treasury stock method. In applying the treasury stock method, outstanding employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact would be anti-dilutive.

For the three months ended September 30, 2025 and the three months ended September 30, 2024, no employee stock options were excluded from the calculation of diluted net income per share for the reason that their impact would have been anti-dilutive. For the nine months ended September 30, 2025, nil (2024 — 403,275) employee stock options were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive.

12.

EQUITY (Continued)

NCIB

In May 2025, the Company received approval from the TSX to renew its NCIB pursuant to which the Company may purchase up to a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation. The Company intends to repurchase its common shares during the period commencing May 4, 2025 and ending May 3, 2026, through the facilities of the TSX, the NYSE or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled.

The following table sets out activity with respect to the Company’s NCIB program:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Number of common shares repurchased			1,005,577			362,343			2,330,112			1,500,386
Cost of common shares repurchased ($ millions)		$	149.9		$	30.0		$	299.8		$	99.9
Number of common shares cancelled			771,897			446,760			2,096,432			1,500,386
Book value of cancelled shares ($ millions)		$	28.9		$	16.6		$	78.5		$	55.6

13.

STOCK-BASED COMPENSATION

During the nine months ended September 30, 2025, the Company granted 873,464 stock options, 129,770 PSUs and 417,146 RSUs. The associated stock based compensation expense recognized in the interim financial statements was $31.7 million during the three months ended September 30, 2025 (2024 — $16.3 million) and $74.8 million during the nine months ended September 30, 2025 (2024 — $46.8 million). Stock based compensation expense is included in general and administrative expenses and production costs, consistent with the classification of other elements of compensation expense for the applicable employees.

The following table sets out activity with respect to Agnico Eagle’s outstanding stock options:

	Nine Months Ended September 30, 2025					Nine Months Ended September 30, 2024
	Number of Stock Options		Weighted Average Exercise Price			Number of Stock Options		Weighted Average Exercise Price
Outstanding, beginning of period		2,125,773		C$	72.37		4,646,412		C$	77.54
Granted		873,464			112.46		1,021,400			72.65
Exercised		(1,312,067)			77.80		(3,077,468)			79.05
Forfeited		(58,633)			90.35		(67,937)			77.38
Expired		(4,725)			73.23		(12,925)			74.90
Outstanding, end of period		1,623,812		C$	88.90		2,509,482		C$	73.71
Options exercisable, end of period		332,906		C$	77.96		997,307		C$	78.18

The average share price of Agnico Eagle’s common shares during the nine months ended September 30, 2025 was C$162.39 (2024 — C$88.03).

Agnico Eagle estimated the fair value of stock options under the Black-Scholes option pricing model using the following weighted average assumptions:

	Nine Months Ended September 30,
	2025		2024
Risk-free interest rate		2.75%		4.11%
Expected life of stock options (in years)		2.1		2.4
Expected volatility of Agnico Eagle’s share price		29.0%		32.0%
Expected dividend yield		2.1%		3.0%

13.

STOCK-BASED COMPENSATION (Continued)

The Company uses historical volatility to estimate the expected volatility of Agnico Eagle’s share price. The expected term of stock options granted is derived from historical data on employee exercise and post-vesting employment termination experience.

14.

OTHER RESERVES

The following table sets out the movements in other reserves for the nine months ended September 30, 2025 and 2024:

	Equity securities reserve			Cash flow hedge reserve			Total
Balance at December 31, 2023		$	(91,643)		$	(7,312)		$	(98,955)
Net change in cash flow hedge reserve			—			882			882
Transfer of net gain on disposal of equity securities to retained earnings			(312)			—			(312)
Net change in fair value of equity securities			37,969			—			37,969
Balance at September 30, 2024		$	(53,986)		$	(6,430)		$	(60,416)
Balance at December 31, 2024		$	(35,011)		$	(6,136)		$	(41,147)
Net change in cash flow hedge reserve			—			882			882
Transfer of net gain on disposal of equity securities to retained earnings, net of tax			(227,199)			—			(227,199)
Net change in fair value of equity securities			428,703			—			428,703
Balance at September 30, 2025		$	166,493		$	(5,254)		$	161,239

The cash flow hedge reserve represents the settlement of an interest rate derivative related to the Senior Notes issued in 2020. The reserve will be amortized over the term of the Notes. Amortization of the reserve is included in the finance costs line item in the interim financial statements.

15.

REVENUES FROM MINING OPERATIONS

The Company has recognized the following amounts relating to revenue in the interim financial statements:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues from contracts with customers		$	3,058,232		$	2,154,561		$	8,337,078		$	6,062,707
Provisional pricing adjustments on concentrate sales			1,297			1,048			6,800			(654)
Total revenues from mining operations		$	3,059,529		$	2,155,609		$	8,343,878		$	6,062,053

The following table sets out the disaggregation of revenues by metal:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues from contracts with customers:
Gold		$	3,014,661		$	2,127,726		$	8,229,757		$	5,981,417
Silver			28,061			18,975			65,523			56,762
Zinc			2,046			1,928			6,044			2,581
Copper			13,464			5,932			35,754			21,947
Total revenues from contracts with customers		$	3,058,232		$	2,154,561		$	8,337,078		$	6,062,707

16.

DERIVATIVE FINANCIAL INSTRUMENTS

Currency Risk Management

The Company uses foreign exchange economic hedges to reduce the variability in expected future cash flows arising from changes in foreign currency exchange rates. The Company is primarily exposed to currency fluctuations relative to the US dollar as a significant portion of the Company’s operating costs and capital expenditures are denominated in foreign currencies, primarily the Canadian dollar, the Australian dollar, the Euro and the Mexican peso.

These potential currency fluctuations increase the volatility of, and could have a significant impact on, the Company’s production costs and capital expenditures. The economic hedges relate to a portion of the foreign currency denominated cash outflows arising from foreign currency denominated expenditures.

As at September 30, 2025, the Company had outstanding derivative contracts related to $4,374.0 million of 2025, 2026 and 2027 expenditures (December 31, 2024 — $4,006.5 million). The Company recognized mark-to-market adjustments in the loss (gain) on derivative financial instruments line item in the interim financial statements. The Company did not apply hedge accounting to these arrangements.

Mark-to-market gains and losses related to foreign exchange derivative financial instruments are recorded at fair value based on broker-dealer quotations corroborated by option pricing models that utilize period-end forward pricing of the applicable foreign currency to calculate fair value.

The Company’s other foreign currency derivative strategies in 2025 and 2024 consisted mainly of writing US dollar call options with short maturities to generate premiums that would, in essence, enhance the spot transaction rate received when exchanging US dollars for foreign currencies. All of these derivative transactions expired prior to period-end such that no derivatives were outstanding as at September 30, 2025 or December 31, 2024. The call option premiums were recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements.

Commodity Price Risk Management

To mitigate the risks associated with fluctuating diesel fuel prices, the Company uses derivative financial instruments as economic hedges of the price risk on a portion of diesel fuel costs associated primarily with its Canadian operations’ diesel fuel exposure. There were derivative financial instruments outstanding as at September 30, 2025 relating to 7.0 million gallons of heating oil (December 31, 2024 — 28.0 million). The related mark-to-market adjustments prior to settlement were recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements. The Company did not apply hedge accounting to these arrangements.

Mark-to-market gains and losses related to heating oil derivative financial instruments are based on broker-dealer quotations that utilize period-end forward pricing to calculate fair value.

The following table sets out a summary of the amounts recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Premiums realized on written foreign exchange call options		$	(113)		$	(391)		$	(967)		$	(1,064)
Unrealized gain on warrants			(25,613)			(53)			(87,044)			(3,903)
Realized (gain) loss on currency and commodity derivatives			(4,375)			7,460			13,585			14,994
Unrealized loss (gain) on currency and commodity derivatives			50,343			(24,169)			(99,455)			38,363
Loss (gain) on derivative financial instruments		$	20,242		$	(17,153)		$	(173,881)		$	48,390

17.

OTHER EXPENSES

The following table sets out amounts recognized in the other expenses line item in the interim financial statements:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Loss on disposal of property, plant and mine development (Note 8)		$	5,719		$	5,420		$	17,824		$	25,786
Interest income			(16,203)			(4,549)			(34,586)			(11,035)
Environmental remediation			2,370			6,294			24,334			11,201
Other costs			39,713			(2,699)			60,304			37,767
Total other expenses		$	31,599		$	4,466		$	67,876		$	63,719

Other costs is primarily comprised of a $34.1 million loss on the sale of equity securities during the three and nine months ended September 30, 2025.

18.

SEGMENTED INFORMATION

	Nine Months Ended September 30, 2025
	Revenues from Mining Operations			Production Costs			Exploration and Corporate Development			Segment Income (Loss)
LaRonde mine		$	678,936		$	(172,146)		$	—		$	506,790
LZ5			202,235			(69,017)			—			133,218
Canadian Malartic			1,463,134			(359,025)			—			1,104,109
Goldex			319,373			(108,302)			—			211,071
Meliadine			880,138			(282,577)			—			597,561
Meadowbank			1,216,631			(396,409)			—			820,222
Kittila			519,238			(172,659)			—			346,579
Detour Lake			1,642,343			(427,475)			—			1,214,868
Macassa			778,101			(146,744)			—			631,357
Fosterville			406,122			(109,094)			—			297,028
Pinos Altos			221,999			(148,723)			—			73,276
Corporate and other(i)			15,628			(4,070)			—			11,558
Exploration			—			—			(153,535)			(153,535)
Segment totals		$	8,343,878		$	(2,396,241)		$	(153,535)		$	5,794,102
Total segments income											$	5,794,102
Corporate and other:
Amortization of property, plant and mine development												(1,223,703)
General and administrative												(186,360)
Finance costs												(74,027)
Gain on derivative financial instruments												173,881
Foreign currency translation gain												18,190
Care and maintenance												(47,449)
Other expenses												(67,876)
Income before income and mining taxes											$	4,386,758

Note:

(i)

Relates to revenues and production costs from non-operating minesites.

18.

SEGMENTED INFORMATION (Continued)

	Nine Months Ended September 30, 2024
	Revenues from Mining Operations			Production Costs			Exploration and Corporate Development			Segment Income (Loss)
LaRonde mine		$	435,799		$	(193,482)		$	—		$	242,317
LZ5			127,392			(58,059)			—			69,333
Canadian Malartic			1,092,558			(399,893)			—			692,665
Goldex			237,304			(100,531)			—			136,773
Meliadine			630,724			(254,463)			—			376,261
Meadowbank			873,047			(352,881)			—			520,166
Kittila			395,875			(176,535)			—			219,340
Detour Lake			1,140,293			(379,366)			—			760,927
Macassa			455,203			(146,763)			—			308,440
Fosterville			433,429			(114,824)			—			318,605
Pinos Altos			184,526			(122,980)			—			61,546
La India			55,903			(39,445)			—			16,458
Exploration			—			—			(166,788)			(166,788)
Segment totals		$	6,062,053		$	(2,339,222)		$	(166,788)		$	3,556,043
Total segments income											$	3,556,043
Corporate and other:
Amortization of property, plant and mine development												(1,125,859)
General and administrative												(145,436)
Finance costs												(99,265)
Loss on derivative financial instruments												(48,390)
Foreign currency translation gain												748
Care and maintenance												(35,078)
Other expenses												(63,719)
Income before income and mining taxes											$	2,039,044

The following table sets out total assets by segment:

	Total Assets as at
	September 30, 2025			December 31, 2024
LaRonde mine		$	1,077,620		$	1,064,726
LZ5			179,607			166,484
Canadian Malartic			6,820,508			6,833,320
Goldex			467,820			457,204
Meliadine			2,339,294			2,344,399
Meadowbank			1,601,290			1,343,936
Kittila			1,705,219			1,559,735
Detour Lake			10,057,653			9,730,258
Macassa			1,659,706			1,774,106
Fosterville			1,281,669			1,044,241
Pinos Altos			428,535			392,480
La India			86,896			94,806
Exploration			1,812,574			1,418,441
Corporate and other			3,168,522			1,762,882
Total assets		$	32,686,913		$	29,987,018

19.

COMMITMENTS AND CONTINGENCIES

As part of its ongoing business and operations, the Company has been required to provide assurance in the form of letters of credit for environmental and site restoration costs, custom credits, government grants and other general corporate purposes. As at September 30, 2025, the total amount of these guarantees was $1,128.1 million (December 31, 2024 — $1,035.6 million).

As at September 30, 2025, the Company had $329.6 million (December 31, 2024 — $172.2 million) of commitments related to capital expenditures and $290.0 million (December 31, 2024 — $290.0 million) of committed subscription proceeds related to San Nicolás.

20.

SUBSEQUENT EVENTS

Dividends Declared

On October 29, 2025, Agnico Eagle announced that the Board approved the payment of a quarterly cash dividend of $0.40 per common share (a total value of approximately $200.8 million), payable on December 15, 2025 to holders of record of the common shares of the Company on December 1, 2025.