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AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCE

Toronto (February 12, 2026) Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the fourth quarter and full year 2025, as well as future operating guidance.

“In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns. We’ve also updated our three‑year outlook which reflects stable production at peer‑leading costs,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade. What excites me most is the depth and quality of our growth pipeline, which has the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s. These expansion and growth projects offer exceptional returns at current gold prices, and we are assessing opportunities to advance them more quickly. As we build our project pipeline and sustain our exploration momentum, we are well positioned to drive our next phase of growth.”

Fourth quarter and full year 2025 highlights and the Company’s short to medium‑term outlook are set out below.

1)Record 2025 Financial Results Driven by Strong Operations, Resulting in a StrengthenedBalance Sheet and Record Shareholder Returns

·

Annual production guidance achieved with solid cost performance despite higher royalties from higher gold prices Payable gold production1 in 2025 was 3,447,367 ounces, above the midpoint of the 2025 guidance range, at production costs per ounce of $965.


1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.


Total cash costs per ounce2 of $979 and all-in sustaining costs (AISC) per ounce2 of $1,339 were slightly above the top end of 2025 guidance, primarily due to higher royalty costs (approximately $42 per ounce) driven by an average realized gold price of $3,453 per ounce, well above the Companys assumption of $2,500. Under the Companys revised composition of total cash costs per ounce and AISC per ounce, these measures were $953 and $1,313, respectively, in 20252

·

Record annual free cash flow driven by consistent and reliable operational performance Cash provided by operating activities for the full year 2025 was a record of $6,817 million or $13.58 per share and free cash flow3 was a record of $4,399 million or $8.76 per share. The Companys continued focus on operational efficiencies resulted in several annual throughput and mining rate records during the year

·

Solid quarterly performance, with record quarterly adjusted net income and free cash flow generation Payable gold production in the fourth quarter of 2025 was 840,608 ounces at production costs per ounce of $1,113, total cash costs per ounce of $1,089 and AISC per ounce of $1,517. The higher realized gold price of $4,163 per ounce in the fourth quarter resulted in strong margins and cash flows, while increasing royalty costs. The Company reported quarterly net income of $1,523 million or $3.04 per share and record adjusted net income3 of $1,351 million or $2.70 per share. The Company generated cash provided by operating activities of $2,112 million or $4.22 per share and record free cash flow of $1,310 million or $2.62 per share

·

Financial position further strengthened through increased cash balances, providing a solid foundation for the next phase of growth The Company increased its net cash3 position to $2,670 million as at December 31, 2025 as a result of the increase in its cash balance by $511 million to $2,866 million during the quarter and total debt outstanding as at December 31, 2025 of $196 million

·

Record shareholder returns of $1.4 billion in 2025 through dividend and share repurchase programs

Under its normal course issuer bid (NCIB), the Company repurchased 1,784,038 common shares at an average share price of $168.11 for aggregate purchases of $300 million during the quarter, and 4,114,150 common shares at an average share price of $145.76 for aggregate purchases of $600 million in 2025

Quarterly dividend of $0.40 per share paid in the quarter, with total dividend payments of $803 million paid in 2025

·

Quarterly dividend increased by 12.5% and expected renewal of NCIB A quarterly dividend of $0.45 per share has been declared, reflecting the strength of the business and higher gold price environment. Additionally, at current gold prices, the Company expects to remain active on its share repurchase program. The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases under the NCIB to $2 billion of common shares. Additional details will be provided at the time of the renewal


2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of these measures to adjust for costs related to certain payments to Nunavut Tunngavik Inc. at Meadowbank, for consistency and comparability at the Nunavut operations. These revisions only affect such measures insofar as results from Meadowbank are included (that is, for Meadowbank, the Nunavut region and the consolidated Company). In this news release, unless otherwise specified, these non-GAAP measures are reported on (a) a per ounce of gold production basis, (b) a by-product basis, and (c) using the composition for the applicable period (that is, (i) periods ending on or before December 31, 2025, or (ii) periods commencing on or after January 1, 2026). For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis, a description of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see “Note Regarding Certain Measures of Performance” below.

3 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital, adjusted net income, net cash (debt) (also referred to as “net debt”) and, where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.

2


2)

Strong Momentum Continuing Into 2026, Supported by a Stable ThreeYear Production Outlook at PeerLeading Costs, Record Mineral Reserves and a Substantial Increase in Mineral Resources

Three-year production guidance reflects stable production Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2026 to 2028. Both 2026 and 2027 gold production guidance is consistent with the prior three-year guidance issued on February 13, 2025 (Previous Guidance). The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and potentially beyond, as well as contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset a temporary lower gold grade sequence anticipated at Detour Lake
Peer-leading total cash costs and AISC Total cash costs per ounce and AISC per ounce are forecast to be in the range of $1,020 to $1,120 and $1,400 to $1,550, respectively, in 2026. The midpoints of these ranges represent an approximate 12% increase (or $117 per ounce and $157 per ounce, respectively) compared to 2025, with approximately 60% of the increase reflecting higher royalty costs and a strong Canadian dollar, and 40% of the increase reflecting cost inflation of approximately 4% and the mining sequence
Investment in pipeline projects to support future production growth Capital expenditures4 in 2025 (excluding capitalized exploration) were $2.1 billion and are expected to be between $2.2 billion and $2.4 billion in 2026. Capitalized exploration in 2025 was $318 million and is forecast to be between $290 million and $330 million in 2026. The anticipated increase reflects additional investment to further advance the construction and ramp-up of the project pipeline, including at Detour Lake underground and Upper Beaver. Total expected development capital expenditures for 2026 include an initial $102 million related to Hope Bay, which could be supplemented by between $300 million and $350 million for the reminder of the year in the event the potential construction announcement expected, in the second quarter of 2026, is made
Record gold mineral reserves Year-end 2025 gold mineral reserves increased by 2.1% to a record of 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne (g/t) gold). The year-over-year increase in mineral reserves is attributable to strong mineral reserve replacement from operating mines and the initial declaration of mineral reserves at Marban following the acquisition of O3 Mining. For further details, see the Companys exploration news release dated February 12, 2026
Record mineral resources support growth pipeline and potential mine life extensions At year-end 2025, measured and indicated mineral resources increased by 9.6% to a record of 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources increased by 15.5% to a record of 41.8 million ounces (522 million tonnes grading 2.49 g/t gold), primarily due to exploration drilling success at East Gouldie, Hope Bay, Detour Lake and Meliadine. For further details, see the Companys exploration news release dated February 12, 2026

3)

Well Positioned for the Next Phase of Growth, Supported by a HighQuality Project Pipeline with Potential to Increase Annual Gold Production by 20-30% Over the Next Decade

Advancing expansion and growth projects with the potential to deliver between 1.3 to 1.5 Moz of gold production, with initial step-up expected in 2030, which could result in a net addition of 0.7 to 1.0 Moz over the next decade The Company is advancing a disciplined, phased development strategy that supports a path to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s, while maintaining a strong focus on safety, exploration success, operational excellence and generating attractive returns for shareholders. The Company believes this strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns

4 Capital expenditures, sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see “Note Regarding Certain Measures of Performance” below.

3


Canadian Malartic, expansion to one million ounces of annual gold production Drilling continued to expand the mineral reserve and mineral resource base, supporting the potential for a meaningful extension of the mine life at Odyssey and providing a strong foundation for a larger production profile. The transition to underground mining continues to advance ahead of schedule, with production from East Gouldie now expected to begin from the ramp in the first quarter of 2026 and from the shaft in the second quarter of 2027. The Company is evaluating the potential for a second shaft and additional satellite deposits, which may position Canadian Malartic to potentially ramp-up to approximately one million ounces of annual gold production beginning in 20335

Detour Lake, expansion to one million ounces of annual gold production Drilling continued to expand underground mineral resources and reinforce confidence in the geological model. With the exploration ramp advancing on schedule, the Company has allocated additional capital to accelerate construction of service and operational facilities, procure mobile equipment to support a faster development pace and advance work on the conveyorramp portal and associated ramp development5

Upper Beaver, unlocking potential in the Kirkland Lake camp Development activities continued to advance ahead of schedule. The headframe and hoist room were commissioned during the year, and shaft sinking began with the first blast completed in early November, reaching a depth of 155 metres by yearend 2025. Based on strong execution to date, the Company has allocated additional capital to accelerate sitereadiness for construction and extend the exploration ramp to a depth of 400 metres

Hope Bay, path to develop next large gold mine in Nunavut Drilling continued to expand and upgrade mineral resources at Patch 7, confirming its potential to serve as a third mining front alongside Doris and Madrid in support of the planned redevelopment of Hope Bay. A technical evaluation is underway that contemplates an operation similar in scale to the Companys Meliadine mine in Nunavut, with anticipated annual gold production of 400,000 to 425,000 ounces5. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026

San Nicolás, potential for base metal production in Mexico Minas de San Nicolás continued to advance the feasibility study and execution strategy, targeting completion of 50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area

Several initiatives underway to enhance near-term gold production profile The Company is advancing plans to increase mining and processing rates at Macassa to 2,150 tonnes per day (tpd) and at Fosterville to 3,300 tpd over the next three years, with both initiatives factored into the 2026 guidance. Additionally, the Company is advancing other optimization initiatives, including the potential to further extend operations at Meadowbank beyond 2030 through an undergroundonly mine plan and the ongoing deployment of automation and technology upgrades across the Companys operations to support productivity gains
Assessing additional portfolio optionality in high gold price environment The Company has a number of higher potential portfolio projects (Hammond Reef, Timmins East and Northern Territory) that are being re-evaluated in light of the high gold price environment. These projects are located in safe jurisdictions, where the Company currently operates and, in some cases, in close proximity to existing mining infrastructure and have the potential to provide additional production growth

5 The forecast parameters were based on an internal evaluation which is preliminary in nature and includes inferred mineral resource. For a description see “Notes to Investors Regarding Certain Project Evaluations” below.

4


Fourth Quarter and Full Year 2025 Results Conference Call and Webcast Tomorrow

The Companys senior management will host a conference call on Friday, February 13, 2026, at 11:00 AM (E.S.T.) to discuss the Companys financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Companys website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 437.900.0527 or toll-free 1.888.510.2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 38514#. The conference call replay will expire on March 13, 2026.

The webcast, along with presentation slides, will be archived for 180 days on the Companys website.

Fourth Quarter and Full Year 2025 Production and Costs

Production and Cost Results Summary

Three Months Ended

Year Ended

December 31,

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Gold production* (ounces)

 

840,608

 

847,401

 

3,447,367

 

3,485,336

Gold sales (ounces)**

 

842,556

 

824,902

 

3,400,919

 

3,434,094

Production costs per ounce

$

1,113

$

881

$

965

$

885

Total cash costs per ounce

$

1,089

$

923

$

979

$

903

AISC per ounce

$

1,517

$

1,316

$

1,339

$

1,239


*

Gold production for the three months ended December 31, 2025 excludes payable gold production at La India and Creston Mascota of 925 and 70 ounces, respectively, which were produced from residual leaching and 7,026 ounces of gold recovered at Hope Bay. Gold production for the full year 2025 excludes payable gold production at La India and Creston Mascota of 4,539 and 323 ounces, respectively, and 9,468 ounces of gold recovered at Hope Bay.

**

Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the full year 2025, 2,500 ounces of gold sales are excluded at La India.

Gold Production

Fourth Quarter of 2025 Gold production decreased when compared to the prior-year period primarily due to lower production from Macassa (lower grade and throughput) and LaRonde (lower throughput), partially offset by higher production from Detour Lake (higher grade) and Canadian Malartic (higher grade and throughput)
Full Year 2025 Gold production decreased when compared to the prior year primarily due to lower production from Fosterville (lower grade and throughput) and La India (end of mine life), partially offset by higher production from Macassa and LaRonde (higher grades)

5


Production Costs per Ounce

Fourth Quarter of 2025 Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices
Full Year 2025 Production costs per ounce increased when compared to the prior year primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar

Total Cash Costs per Ounce

Fourth Quarter and Full Year 2025 Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in each respective period

AISC per Ounce

Fourth Quarter of 2025 AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher sustaining capital expenditures, primarily at Meadowbank and LaRonde, partially offset by lower general and administrative expenses
Full Year 2025 AISC per ounce increased when compared to the prior year due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and administrative expenses

Refer to the Companys Management Discussion and Analysis for the fourth quarter of 2025 (the MD&A) under the caption Financial and Operating Results for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

6


Fourth Quarter and Full Year 2025 Financial Results

Financial Results Summary

Three Months Ended

Year Ended

December 31,

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Realized gold price (per ounce)6

$

4,163

$

2,660

$

3,454

$

2,384

Net income (millions)

$

1,523

$

509

$

4,461

$

1,896

Adjusted net income (millions)

$

1,351

$

632

$

4,169

$

2,118

EBITDA (millions)7

$

2,756

$

1,198

$

8,440

$

4,462

Adjusted EBITDA (millions)7

$

2,509

$

1,332

$

8,090

$

4,694

Cash provided by operating activities (millions)

$

2,112

$

1,132

$

6,817

$

3,961

Cash provided by operating activities before changes in non-cash working capital balances (millions)

$

1,810

$

1,090

$

6,013

$

3,881

Capital expenditures (millions)8

$

790

$

576

$

2,391

$

1,841

Free cash flow (millions)

$

1,310

$

570

$

4,399

$

2,143

Free cash flow before changes in non-cash working capital balances (millions)

$

1,009

$

528

$

3,595

$

2,063

Net income per share (basic)

$

3.04

$

1.02

$

8.89

$

3.79

Adjusted net income per share (basic)

$

2.70

$

1.26

$

8.31

$

4.24

Cash provided by operating activities per share (basic)

$

4.22

$

2.26

$

13.58

$

7.92

Cash provided by operating activities before changes in non-cash working capital balances per share (basic)

$

3.61

$

2.17

$

11.98

$

7.76

Free cash flow per share (basic)

$

2.62

$

1.14

$

8.76

$

4.29

Free cash flow before changes in non-cash working capital balances per share (basic)

$

2.01

$

1.05

$

7.16

$

4.13

Net Income

Fourth Quarter of 2025

Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and an impairment reversal (net of tax) of $156 million related to Macassa, partially offset by higher income and mining taxes

Net income of $1,523 million ($3.04 per share) includes the following items (net of tax): Macassa impairment reversal of $156 million ($0.31 per share), net gains on derivative financial instruments of $40 million ($0.08 per share), net asset disposal losses of $17 million ($0.03 per share), reclamation adjustments of $14 million ($0.03 per share) and foreign exchange gains of $7 million ($0.01 per share). Excluding these items results in adjusted net income of $1,351 million or $2.70 per share

Full Year 2025 Net income increased when compared to the prior year primarily due to record operating margins resulting from higher realized gold prices, gains on derivative financial instruments (compared to losses in the prior year) and an impairment reversal at Macassa, partially offset by higher income and mining taxes, higher royalty costs from higher gold prices and higher amortization of property, plant and mine development

6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.

7 EBITDA means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see Note Regarding Certain Measures of Performance below.

8 Includes capitalized exploration.

7


Macassa Impairment Reversal

In 2023, an impairment loss relating to the Macassa mine was incurred in connection with the annual goodwill impairment test performed in accordance with the requirements of International Financial Reporting Standards (IFRS). The impairment loss (net of tax) was $594 million, with $421 million allocated to goodwill and $173 million allocated to non-current assets of the Macassa mine.

In 2025, the Company identified indicators of impairment reversal driven by the effect of a significant and sustained increase in long-term gold price assumptions. Based on the impairment reversal assessment, an impairment reversal (net of tax) of $156 million was recognized with a corresponding increase in the value of the mineral properties at Macassa. This impairment reversal represents the full reversal of prior impairment allocated to property, plant and mine development, as adjusted for amortization.

Adjusted EBITDA

Fourth Quarter of 2025 Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices and higher gold sales), partially offset by higher production costs (higher royalty costs)
Full Year 2025 Adjusted EBITDA increased when compared to the prior year primarily due to higher revenues from mining operations (higher realized gold prices), partially offset by lower gold sales, higher production costs (higher royalty costs) and higher general and administrative expenses

Cash Provided by Operating Activities

Fourth Quarter and Full Year 2025 Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins

Free Cash Flow

Fourth Quarter and Full Year 2025 Free cash flow and free cash flow before changes in non-cash working capital balances were a record and increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development

8


Capital Expenditures

The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the fourth quarter and the full year 2025.

Summary of Capital Expenditures

(thousands)

Capital Expenditures*

Capitalized Exploration

Three Months Ended

Year Ended

Three Months Ended

Year Ended

  ​ ​ ​

Dec 31, 2025

  ​ ​ ​

Dec 31, 2025

  ​ ​ ​

Dec 31, 2025

  ​ ​ ​

Dec 31, 2025

Sustaining Capital Expenditures

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

  ​

LaRonde

$

38,635

$

93,766

$

1,394

$

4,473

Canadian Malartic

 

41,870

 

129,507

 

432

 

2,050

Goldex

 

6,364

 

44,085

 

366

 

1,889

Quebec

 

86,869

 

267,358

 

2,192

 

8,412

Detour Lake

 

66,415

 

225,487

 

 

Macassa

 

23,776

 

55,897

 

735

 

1,770

Ontario

 

90,191

 

281,384

 

735

 

1,770

Meliadine

 

18,328

 

71,531

 

2,342

 

6,916

Meadowbank

 

34,453

 

132,085

 

 

Nunavut

 

52,781

 

203,616

 

2,342

 

6,916

Fosterville

 

23,206

 

67,821

 

665

 

665

Australia

 

23,206

 

67,821

 

665

 

665

Kittila

 

23,533

 

68,835

 

1,118

 

3,520

Finland

 

23,533

 

68,835

 

1,118

 

3,520

Pinos Altos

 

10,429

 

33,989

 

279

 

1,807

Mexico

 

10,429

 

33,989

 

279

 

1,807

Other

 

1,894

 

8,195

 

89

 

665

Total Sustaining Capital Expenditures

$

288,903

$

931,198

$

7,420

$

23,755

Development Capital Expenditures

 

  ​

 

  ​

 

  ​

 

  ​

LaRonde

$

30,739

$

84,760

$

$

11

Canadian Malartic

 

133,223

 

331,050

 

5,889

 

25,678

Goldex

 

6,335

 

17,504

 

2,285

 

4,534

Quebec

 

170,297

 

433,314

 

8,174

 

30,223

Detour Lake

 

96,475

 

285,441

 

9,245

 

35,763

Macassa

 

26,695

 

91,908

 

7,147

 

34,942

Ontario

 

123,170

 

377,349

 

16,392

 

70,705

Meliadine

 

17,095

 

72,456

 

3,722

 

16,439

Meadowbank

 

4,846

 

20,135

 

 

Nunavut

 

21,941

 

92,591

 

3,722

 

16,439

Fosterville

 

21,323

 

44,417

 

805

 

8,885

Australia

 

21,323

 

44,417

 

805

 

8,885

Kittila

 

174

 

520

 

2,824

 

7,600

Finland

 

174

 

520

 

2,824

 

7,600

Pinos Altos

 

2,338

 

6,255

 

9

 

41

San Nicolás (50%)

 

4,490

 

11,103

 

 

Mexico

 

6,828

 

17,358

 

9

 

41

Other

 

69,097

 

176,205

 

49,266

 

160,787

Total Development Capital Expenditures

$

412,830

$

1,141,754

$

81,192

$

294,680

Total Capital Expenditures

$

701,733

$

2,072,952

$

88,612

$

318,435


*

Excludes capitalized exploration

9


Record Free Cash Flow Drives Further Balance Sheet Strength

Cash and cash equivalents increased by $511 million from the prior quarter, primarily due to cash provided by operating activities resulting from strong operating margins (higher realized gold prices) and favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins). The increase was partially offset by $801 million of capital expenditures and $501 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.

For the full year 2025, cash and cash equivalents increased by $1,940 million and a total of $950 million of debt was repaid, resulting in a transition from the net debt position of $217 million at the beginning of the year to the net cash position of $2,670 million as at December 31, 2025.

As at December 31, 2025, the Companys total long-term debt was $196 million. No amounts were outstanding under the Companys unsecured revolving bank credit facility as at December 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.

In 2025, the Company received an upgrade to its credit rating from Moodys Ratings to A3 with a Stable Outlook. This strong investment grade credit rating reflects the Companys strong portfolio of mining assets, continued strengthening of its credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.

The following table sets out the calculation of net cash (debt).

Net Cash Summary

(millions)

As at

As at

As at

Dec 31, 2025

Sep 30, 2025

Dec 31, 2024

Current portion of long-term debt

  ​ ​ ​

$

  ​ ​ ​

$

  ​ ​ ​

$

(90)

Non-current portion of long-term debt

 

(196)

 

(196)

 

(1,053)

Long-term debt

$

(196)

$

(196)

$

(1,143)

Cash and cash equivalents

 

2,866

 

2,355

 

926

Net cash (debt)

$

2,670

$

2,159

$

(217)

Hedges

The Companys full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.

Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 40% of the Companys total estimated Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.

Including the diesel purchased for the Companys Nunavut operations that was delivered as part of the 2025 sealift, approximately 56% of the Companys total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.69 per litre (excluding transportation and taxes), which is expected to reduce the Companys exposure to diesel price volatility for 2026. The Companys full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes).

The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for 2026. Current hedging positions are not factored into 2026 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the First Quarter of 2026

The Companys Board of Directors has approved an increase in the quarterly dividend of 12.5% and has declared a quarterly cash dividend of $0.45 per common share (previously $0.40 per share), payable on March 16, 2026 to shareholders of record as of March 2, 2026. Agnico Eagle has declared a cash dividend every year since 1983.

10


Expected Dividend Record and Payment Dates for the 2026 Fiscal Year

Record Date

  ​ ​ ​

Payment Date

March 2, 2026*

March 16, 2026*

June 1, 2026

June 15, 2026

September 1, 2026

September 15, 2026

December 1, 2026

December 15, 2026


*

Declared

Dividend Reinvestment Plan

For information on the Companys dividend reinvestment plan, see: Dividend Reinvestment Plan.

International Dividend Currency Exchange

For information on the Companys international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.

Normal Course Issuer Bid

In the fourth quarter of 2025, the Company repurchased 1,784,038 common shares under the NCIB at an average share price of $168.11 for aggregate purchases of $300 million. During the year ended December 31, 2025, the Company repurchased 4,114,150 common shares under the NCIB at an average share price of $145.76 for aggregate purchases of $600 million.

The Company believes that its NCIB is a flexible and effective complementary tool that, together with the quarterly dividend, is part of the Companys overall capital allocation program and generates value for shareholders. Under the NCIB, the Company may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.

The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases to $2 billion of common shares. Additional details will be provided at the time of the renewal.

Fourth Quarter 2025 Sustainability Highlights

·

Focus on Strong Health and Safety Standards The Company is committed to maintaining high standards of health and safety across its operations. In 2025, the Company delivered solid global safety performance, with a Global Combined Injury Frequency Rate (GCIFR) of 2.6 per million hours worked, including employees and contractors. Overshadowing good safety performance during the year, there was a tragic fatal incident involving a contractor at Fosterville in early December 2025. Health and safety remains a fundamental priority for the Company, which continues to focus on operating a safe and healthy workplace with the objective being injury and fatality-free

·

Towards Sustainable Mining (TSM) Leadership Awards Seven of the Companys operations received a TSM Leadership Award from the Mining Association of Canada, reflecting each operations excellence across all TSM categories of safety, environmental stewardship and community engagement. This recognition highlights the dedication of our teams to responsible mining practices and continuous improvement across our operations

·

Continued Improvement in Employee Engagement The Company continued to see year-over-year increases in employee satisfaction as measured in the annual Great Place to Work ® survey. The survey is driven by employee feedback, reinforcing the Companys shared commitment to creating a positive and collaborative workplace culture, where employee satisfaction and engagement help support strong retention rates across the organization

·

Commitment to Trusted Community Partnerships The Company completed an independent perception survey across its Canadian and Australian operations, establishing a measurable baseline for community trust and acceptance. The survey provides insight into how communities view the Companys environmental practices, communications, responsiveness and

11


overall social impact. These findings will be used to develop a practical roadmap to strengthen relationships and track community sentiment over time

Record Gold Mineral Reserves and Gold Mineral Resources at Year-end 2025

The table below sets out the gold mineral reserves and gold mineral resources as at December 31, 2025 and December 31, 2024.

  ​ ​ ​

As at December 31, 2025

  ​ ​ ​

As at December 31, 2024

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Change in

 

Category

  ​ ​ ​

(000s)

  ​ ​ ​

(g/t)

  ​ ​ ​

(000s oz)

  ​ ​ ​

(000s)

  ​ ​ ​

(g/t)

  ​ ​ ​

(000s oz)

  ​ ​ ​

Gold (%)

 

Mineral Reserves

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Proven

 

212,796

 

0.98

 

6,731

 

215,249

 

0.93

 

6,433

 

4.6

%

Probable

 

1,116,755

 

1.36

 

48,711

 

1,061,639

 

1.40

 

47,852

 

1.8

%

Total Proven & Probable

 

1,329,551

 

1.30

 

55,442

 

1,276,888

 

1.32

 

54,284

 

2.1

%

Mineral Resources

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Measured

 

113,254

 

1.28

 

4,656

 

111,028

 

1.23

 

4,397

 

5.9

%

Indicated

 

1,086,470

 

1.21

 

42,420

 

1,056,019

 

1.14

 

38,553

 

10.0

%

Total Measured & Indicated

 

1,199,724

 

1.22

 

47,076

 

1,167,047

 

1.14

 

42,950

 

9.6

%

Total Inferred

 

522,289

 

2.49

 

41,815

 

451,483

 

2.49

 

36,208

 

15.5

%

For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at the Companys mines and advanced projects for the December 31, 2025 estimate, see Detailed Mineral Reserve and Mineral Resource Data and Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company below, as well as the Companys exploration news release dated February 12, 2026, and for the December 31, 2024 estimate, see the Companys news release dated February 13, 2025.

Gold Mineral Reserves

Proven and probable gold mineral reserves increased by 2.1% to a record of 55.4 million ounces as at December 31, 2025. The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.

Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. See Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company below for more details.

Gold Mineral Resources

Measured and indicated gold mineral resources increased by 9.6% to a record of 43.0 million ounces as at December 31, 2025. The year-over-year increase in measured and indicated mineral resources is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5 (LZ5) and Meliadine, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and Fosterville.

Inferred gold mineral resources increased by 15.5% to a record of 36.2 million ounces as at December 31, 2025. The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Odyssey, Hope Bay and Detour Lake underground. The grade of the inferred mineral resources at year-end 2025 remained unchanged at 2.49 g/t gold compared to the prior year.

Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company below for more details.

12


Pipeline Projects Continue to Advance Building the Next Phase of Growth; Opportunities to Further Enhance Longer-Term Production

The Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s. The Company believes that this plan balances responsible, phased investment with a continued focus on exploration success, operational excellence and delivering strong returns to shareholders. The Company believes this growth strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has operating and technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns.

  ​ ​ ​

2026 Gold

  ​ ​ ​

Anticipated

  ​ ​ ​

Anticipated

  ​ ​ ​

Anticipated

Production

Production

Incremental Annual

Incremental Annual

Guidance

Ramp-up

Gold Production*

Copper Production

Key Project

(000s oz)

Year

(000s oz)

(tonnes)

Canadian Malartic

575 — 590

2033

400 — 500

Detour Lake

 

700 — 715

 

2030

 

300 — 350

 

Upper Beaver

 

 

2030

 

200 — 225

 

3,600

Hope Bay

 

 

2030

 

400 — 425

 

San Nicolás (50%)**

 

 

2030

 

 

50,000 - 60,000


*

The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see Notes to Investors Regarding Certain Project Evaluations below

**

San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent years

The Companys growth strategy includes the potential development of five organic projects that together could add up to an estimated 1.3 to 1.5 million ounces of annual gold production, along with 50,000 to 60,000 tonnes of copper and 150,000 to 160,000 tonnes of zinc per year, with ramp-up expected to begin starting in 2030. Construction activities at Canadian Malartic and the development of the exploration shaft and ramp at Upper Beaver are progressing ahead of schedule, while the development of the exploration ramp remains on schedule at Detour Lake. At Hope Bay, surface infrastructure upgrades have been completed, supporting a potential construction decision in the first half of 2026. At San Nicolás, the joint venture continues to advance the feasibility study and detailed engineering, while supporting the permitting process. Additional details on each of these projects are set out below.

Canadian Malartic Potential for 400,000 to 500,000 ounces of incremental annual gold production

The Company continues to advance the transition to underground mining with the construction of the Odyssey mine. Once the Barnat pit at Canadian Malartic is depleted in 2029, annual gold production is expected to be in the range of 550,000 to 600,000 ounces, supported by an underground mining rate of approximately 19,000 tpd from four deposits. At that time, the processing plant is expected to have approximately 40,000 tpd of excess capacity. The Company is advancing three projects to potentially utilize a portion of this excess capacity and position Canadian Malartic to ramp-up toward one million ounces of annual gold production starting in 2033. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.

Odyssey mine

Exploration drilling in 2025 continued to expand the mineral reserves and mineral resources at the Odyssey mine, further demonstrating the quality and scale of the East Gouldie and Odyssey deposits. The table below sets out the mineral reserve and mineral resources at the Odyssey mine.

13


Mineral Reserve and Mineral Resources Odyssey mine (100% basis)

  ​ ​ ​

As at December 31, 2025

  ​ ​ ​

As at December 31, 2022*

Change

Grade

in Gold

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Ounces

Category

(000s)

(g/t)

(000s oz)

(000s)

(g/t)

(000s oz)

 

(000s oz)

Mineral Reserves

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Proven & Probable

 

59,730

 

3.14

 

6,026

 

2,757

 

2.22

 

197

 

5,829

Mineral Resources

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Measured & Indicated

 

57,757

 

1.85

 

3,442

 

64,202

 

2.99

 

6,165

 

(2,723)

Inferred

 

177,729

 

2.21

 

12,652

 

132,442

 

2.17

 

9,233

 

3,419


*

See the Companys news release dated June 20, 2023 for the June 2023 technical update that was based on the December 31, 2022 mineral reserve and mineral resource estimate

The June 2023 technical update incorporated approximately 9.0 million ounces in the mine plan and envisioned a mine life extending to 2042. The significant growth of the mineral reserve and mineral resource base since December 31, 2022 supports the potential for a meaningful extension of the Odyssey mine life and provides a strong foundation for a larger, longterm production profile, with the addition of a new mining front supported by a second shaft. The Company believes this positions Odyssey as a multidecade, worldclass asset.

Odyssey Shaft #1

Mine development continued to progress ahead of schedule in the fourth quarter of 2025, delivering record quarterly advancement at Odyssey. The focus remains on preparing East Gouldie for the start of rampbased production, expected in the first quarter of 2026 (three months earlier than planned). Development of the production levels for the first mining area has been completed, with workings now accessing East Gouldie mineralization, and the main ramp has reached the bottom of the second mining sequence at level 111 (a depth of 1,112 metres). Installation of the paste distribution infrastructure and essential services is nearing completion. Ventilation development also advanced, with raise excavations to level 58 ongoing and construction of the main exhaust fan station underway.

Development of the materialhandling infrastructure for the first shaft loading station between levels 102 and 114 continued to advance on schedule, supporting the expected start of shafthoisted production from East Gouldie in the second quarter of 2027. Shaft sinking progressed ahead of plan, reaching a depth of 1,466 metres as at December 31, 2025, reaching the top of the planned second loading station. Excavation of the materialhandling infrastructure for the second loading station between levels 146 and 150 is now underway and is expected to continue through the third quarter of 2026. Shaft sinking remains on track to complete the first phase in the first quarter of 2027 at a planned depth of 1,600 metres, with the second loading station targeted for commissioning in 2029. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 181 and 187, is expected to be completed and commissioned in 2031.

Construction of key surface infrastructure progressed on schedule and on budget. Fabrication of the production hoist is underway in Germany, with delivery expected in the second quarter of 2026. Construction progressed on phase two of the paste plant (designed for a 20,000 tpd capacity) and is expected to be completed in 2027.

Odyssey Shaft #2

The Company is advancing a technical evaluation of a potential second shaft at the Odyssey mine, with the preferred shaft location now confirmed near Shaft #1 and close to the centre of gravity of the deposit. Drilling of the geotechnical pilot hole is progressing well, reaching a depth of 831 metres as at December 31, 2025, toward a planned depth of approximately 2,200 metres. The evaluation, which incorporates the yearend 2025 mineral resource update, will assess the potential for developing an 8,000 to 10,000 tpd operation, supported by a second shaft equipped with a friction hoist and dedicated service hoist, a configuration expected to lower operating costs and capital expenditures, accelerate startup by requiring only one loading station and reduce the surface footprint.

The technical evaluation is expected to be completed at the end of 2026, with permitting studies scheduled to begin in the third quarter of 2026 and potential formal permit submission in early 2027. Approval of an amendment to the existing decree is expected to take approximately one year from submission of the application. Subject to permitting and Board approval, construction, shaft sinking and development of the associated underground materialhandling and production infrastructure would be expected to take place over a fouryear period, positioning the project for potential initial production in 2033.

14


Marban Satellite Open Pit

As part of the Companys fill-the-mill strategy at the Canadian Malartic complex, the Marban property, located immediately northeast of the Canadian Malartic property, was acquired in March 2025 as an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operation at Canadian Malartic.

In the fourth quarter of 2025, the Company completed an internal evaluation on Marban, removing previous property-boundary constraints on the pit design, which resulted in the Companys initial declaration of estimated probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. Additionally, drilling completed in the quarter confirmed and extended the Marban gold deposit onto the Companys adjacent Callahan property to the east. The results of the drilling were not included in the 2025 mineral reserves and mineral resource estimates.

The technical evaluation envisions a 14,000 to 16,000 tpd open pit operation producing between 120,000 to 150,000 ounces of gold annually over a 12 year life of mine. In 2026, the Company will integrate new drilling into an optimized pit design and assess opportunities to redeploy mobile equipment from the Barnat pit at Canadian Malartic to minimize capital expenditures for the project. The results of this evaluation, expected at the end of 2026, will support the permitting process which is expected to be completed in 2030. Project construction could begin in 2031, with the potential for initial production as early as 2033.

Wasamac

The Wasamac project hosts mineral reserves of 1.38 million ounces of gold (14.8 million tonnes grading 2.9 g/t gold) and is being advanced as a potential satellite operation to support the Companys fillthemill strategy at Canadian Malartic. The project envisions an underground long-hole stoping operation with cemented rockfill, similar to LZ5 at LaRonde, with a planned mining rate of approximately 3,200 tpd. Ore will be transported to the Canadian Malartic mill for processing. Average annual gold production is expected to be approximately 90,000 ounces from a projected mill feed grade of 2.8 g/t gold. Initial capital expenditures are estimated at $270 million to $300 million, with operating costs of approximately C$115 per tonne, total cash costs per ounce of approximately $1,100 and annual sustaining capital expenditures of approximately $20 million. In 2026, the Company will continue advancing optimization and tradeoff studies alongside permitting activities and engagement with stakeholders. Subject to permitting and Board approval, development could begin as early as 2029, with the potential for initial production in 2033 and an estimated mine life of approximately 15 years.

Detour Lake Potential for 300,000 to 350,000 ounces of incremental annual gold production

Detour Lake is Canadas largest gold mine, with gold production of 692,675 ounces at a processing rate of 76,353 tpd in 2025. As at December 31, 2025, Detour Lake hosted 18.6 million ounces of gold (798 million tonnes grading 0.72 g/t gold) in open pit, proven and probable mineral reserves, measured and indicated mineral resources of 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) and inferred mineral resources of 6.2 million ounces of gold (111 million tonnes grading 1.73 g/t gold).

In 2025, drilling continued to delineate a subset of the mineral resources with a gold cut-off grade of 1.20 g/t gold, which is amenable to underground mining within and adjacent to the open pit mineral resource. At year-end 2025, the high-grade mineralized corridor increased substantially relative to the June 2024 technical update (see the Companys news release dated June 19, 2024) based on the March 31, 2024 mineral reserve and mineral resource estimate, which incorporated approximately 0.7 million ounces of gold in indicated mineral resources and 3.9 million ounces in gold of inferred mineral resources in the mine plan. The table below sets out the mineral reserve and mineral resources in the Detour Lake high grade mineralized corridor that are amenable to underground mining.

Mineral Reserve and Mineral Resources Detour Lake High-Grade Mineralized Corridor Amenable to Underground Mining

  ​ ​ ​

As at December 31, 2025

  ​ ​ ​

As at March 31, 2024

  ​ ​ ​

  ​

Change

in Gold

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Ounces

Category

(000s)

(g/t)

(000s oz)

(000s)

(g/t)

(000s oz)

(000s oz)

Mineral Resources

  ​

  ​

  ​

  ​

  ​

  ​

  ​

Measured & Indicated

 

85,800

 

2.00

 

5,500

 

19,000

 

1.94

 

1,200

 

4,300

Inferred

 

89,800

 

2.02

 

5,800

 

107,700

 

2.05

 

7,100

 

(1,300)

15


The significant expansion in the underground mineral resource base continues to support and de-risk the potential for a meaningful expansion of the Detour Lake operation to annual gold production of approximately one million ounces per year. The Detour Lake expansion envisions the concurrent operation of the open pit with proposed underground mining at a rate of 11,200 tpd, combined with a mill throughput expansion to 79,450 tpd, which is now expected to be reached by 2030.

Additionally, the successful completion of the highintensity surface drilling program on a high-grade mineralized corridor in the West Pit zone has further strengthened confidence in the Detour Lake underground project. The drilling validated the continuity of the mineralization, confirmed the robustness of the geological model (maintaining grade while increasing tonnes and ounces) and improved the ability to mine with additional vertical stope opportunities.

Building on the expanding undergroundamenable mineral resource and geological confidence, the Company has allocated an additional $200 million, supplementing the $100 million previously approved in June 2024, to continue advancing the Detour Lake underground project through to a potential approval decision in mid2027. Approximately $45 million was spent in 2024 and 2025 to advance technical studies and drilling, key surface infrastructure and an exploration ramp toward the West Extension zone. The exploration ramp reached a length of 569 metres and a depth of 90 metres as at December 31, 2025. The Company expects to spend approximately $130 million in 2026 and $125 million in 2027, including the extension of the exploration ramp to the planned bulksampling location at Level 200 and the collection of the bulk sample, additional service and operational facilities, procurement of mobile equipment to support an accelerated development schedule and the development of the conveyor ramp portal and ramp. These investments are designed to derisk the project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones.

In parallel and not included in 2026 guidance, the Company is assessing the potential to begin underground production from the West Extension zone as early as 2028. Underground ore would be trucked via the exploration ramp to the mill and could contribute approximately 20,000 to 30,000 ounces of gold in 2028 and 2029.

Upper Beaver Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copper

At Upper Beaver, the Company continues to accelerate project development through a phased approach to de-risking the project that includes developing an exploration ramp to a depth of 160 metres and an exploration shaft to a depth of 760 metres. This work will establish underground drilling platforms and allow for the collection of a bulk sample. The Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.

Development activities advanced ahead of schedule in the fourth quarter of 2025. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres as at December 31, 2025. At the shaft, the headframe and hoist room were commissioned and sinking activities began, with the first blast completed in November. By yearend 2025, the shaft had reached a depth of 155 metres. Surface infrastructure construction, including the maintenance shop and watertreatment plant, was also completed, with commissioning underway.

Given the strong execution to date, the Company has allocated an additional $100 million, supplementing the $200 million approved in July 2024, to accelerate project advancement to a potential sanction decision in mid2027. This additional investment will include enhancements to the dewatering infrastructure, a housing strategy at Kirkland Lake for the workforce, the extension of the exploration ramp to Level 400 (from the previously planned Level 160), the acceleration of productionphase engineering and procurement of longlead items. In parallel, a highintensity drilling program is underway, similar to the program successfully completed at Detour Lake. Depending on the results of this program, this program could replace the planned bulk sample at the 760metre level and has the potential to bring initial production forward to 2030.

The Upper Beaver project has the potential to unlock significant long-term value across the Companys Kirkland Lake camp. In addition to potential extension of the mineralization at depth, the project could enable future development of nearby satellite deposits, including at Upper Canada and Anoki-McBean, supported by a centralized mill through a hub-and-spoke operating concept.

Hope Bay Potential for 400,000 to 425,000 ounces of annual gold production

Total mineral reserves and measured and indicated mineral resources at Hope Bay remained consistent year-over-year, while total inferred mineral resource ounces increased by 46%, largely due to the exploration success at the Patch 7 zone at the Madrid deposit.

16


Mineral Reserve and Mineral Resources Hope Bay

  ​ ​ ​

As at December 31, 2025

  ​ ​ ​

As at December 31, 2024

  ​ ​ ​

  ​

Change

in Gold

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Ounces

Category

(000s)

(g/t)

(000s oz)

(000s)

(g/t)

(000s oz)

(000s oz)

Mineral Reserves

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Proven & Probable

 

16,178

 

6.53

 

3,396

 

16,212

 

6.52

 

3,398

 

(2)

Mineral Resources

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

 

  ​

Measured & Indicated

 

14,946

 

4.61

 

2,217

 

14,689

 

4.54

 

2,143

 

73

Inferred

 

16,868

 

5.98

 

3,246

 

12,232

 

5.44

 

2,312

 

934

As at year-end 2025, Patch 7 hosts 1.0 million ounces of gold in measured and indicated mineral resources (4.5 million tonnes grading 6.77 g/t) and 1.7 million ounces of gold in inferred mineral resources (8.0 million tonnes grading 6.57 g/t), a 123% increase in inferred mineral resources when compared to 2024. The substantial growth of mineral resources at Patch 7 provides a potential third mining front, alongside Doris and Madrid North Naartok, to support the redevelopment of Hope Bay, envisioned as an operation similar in scale to the Meliadine mine in Nunavut. A technical evaluation is underway that contemplates annual gold production of 400,000 to 425,000 ounces at a mining and processing rate of 6,000 tpd. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026.

In 2025, the Company advanced site preparations for potential redevelopment, including upgrades to camp facilities with the installation of two new camp wings and the construction of a third wing underway, expansion of the port jetty and the dismantling of equipment in the existing mill. Additional construction equipment and service infrastructure were mobilized and shipped to site. Basic engineering has been completed, with detailed engineering expected to reach 50% to 55% prior to a potential construction announcement.

In the fourth quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 656 metres and reached the planned depth of 100 metres as at December 31, 2025. The 1.9-kilometre exploration ramp was developed to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.

San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)

In the fourth quarter of 2025, Minas de San Nicolás continued to advance the feasibility study and execution strategy, while waiting for the resolution from the authorities of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. All actions related to the MIA-R and ETJ permits are complete and a regulatory decision is expected in H1 2026. Engineering of the critical infrastructure remains a priority to continue building confidence in the study, reduce execution risk and prepare for a potential approval decision, pending receipt of permits. As at year-end 2025, over 30% of the engineering had been completed, with completion expected to reach approximately 50% by mid-2026.

During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.

Additional Optionality within the Portfolio

In addition to these projects, the Company continues to assess other opportunities in its exploration and development portfolio. Studies and evaluations are progressing at Hammond Reef near Atikokan in Northwestern Ontario, Timmins East in Ontario, and across the Companys land package in the Northern Territory, Australia. These assets provide flexibility for future production sequencing and capital allocation.

The mineral reserves and mineral resources for these projects as at December 31, 2025 are set out in the table below.

  ​ ​ ​

Mineral Reserves

  ​ ​ ​

Measured & Indicated

  ​ ​ ​

Inferred

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Tonnes

Grade

Gold

Category

(000s)

(g/t)

(000s oz)

(000s)

(g/t)

(000s oz)

(000s)

(g/t)

(000s oz)

Hammond Reef

123,473

0.84

3,323

133,367

0.54

2,298

Timmins East*

 

 

 

 

24,053

 

3.30

 

2,555

 

9,219

 

4.47

 

1,324

Northern Territory

 

 

 

 

21,009

 

2.15

 

1,455

 

19,062

 

2.47

 

1,512


*

Timmins East includes the mineral resources reported for Aquarius (open pit) and the Holt complex (underground).

17


Hammond Reef

The Hammond Reef project comprises a high tonnage, low grade gold deposit, with potential for development into an open pit operation with conventional milling. An internal evaluation completed in 2020 (see the Companys news release dated February 11, 2021) outlined a development plan for a 30,000 tpd operation, with average annual gold production of 272,000 ounces over a projected 12-year mine life. While the Company has not approved the project for development, studies to optimize the project, update the costing assumptions and further advance the final permits required for construction and operation are underway. An update on the project is expected in 2027.

Timmins East Project

The Timmins East land package is a series of properties in northeastern Ontario totalling 53,388 hectares and covering a 100 kilometre strike length. The land package has a complex exploration history dating back to at least the 1930s and hosts past-producing gold mines including Aquarius, Holt, Holloway, Hislop and Taylor, as well as the Holt processing facility, with a capacity of 3,000 tpd (suspended in 2020). Any potential redevelopment of the Timmins East project would require upgrades to the existing processing facility. During 2026, the Company will continue reviewing historical mining and exploration data across the property package, including previously identified high-priority exploration targets at past-producing assets. The review is expected to provide a ranking of exploration targets for potential diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment.

Northern Territory

The Northern Territory asset package in northern Australia totals 175,064 hectares and comprises the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (suspended in 2020), the proposed Union Reefs North underground development project and regional exploration assets within the historic Pine Creek gold district. During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets, including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth. The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility, with a potential upgrade of the processing plant to treat refractory ores.

New Three-Year Guidance Stable Gold Production Through 2028; Total Cash Costs and AISC for 2026 Remain Peer-Leading; Increased Investment to Support Future Growth

Gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually in 2026 through 2028, consistent with gold production in 2025 and Previous Guidance for 2026 and 2027. The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and possibly beyond and contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset an anticipated lower gold grade sequence at Detour Lake.

Under the Companys revised composition of total cash costs per ounce and AISC per ounce, the mid-point of the Companys 2026 guidance for total cash costs per ounce and AISC per ounce is expected to be $1,070 and $1,475, respectively9. This represents an increase of approximately 12% compared to 2025, primarily reflecting higher royalty costs driven by the assumed gold price of $4,500 per ounce, cost inflation, a stronger Canadian dollar assumption and lower grade sequences at Macassa, Meadowbank, Fosterville and Canadian Malartic.


9 For a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see “Note Regarding Certain Measures of Performance” below.

18


The 2026 production and cost guidance summary is set out below.

2026 Guidance Summary

($ millions, unless otherwise stated)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2026

  ​ ​ ​

  ​ ​ ​

Actual

  ​ ​ ​

Guidance Range

  ​ ​ ​

Mid-Point

Gold production (thousands of ounces)

 

3,447

 

3,300

  ​ ​ ​

3,500

 

3,400

 

Total cash costs per ounce10

 

$

979

$

1,020

$

1,120

$

1,070

AISC per ounce10

$

1,339

$

1,400

$

1,550

$

1,475

Capital expenditures10 (excluding capitalized exploration)

$

2,073

$

2,175

$

2,395

$

2,285

Capitalized exploration

$

318

$

290

$

330

$

310

Capital expenditures (including capitalized exploration)

$

2,391

$

2,465

$

2,725

$

2,595

Exploration and corporate development*

$

207

$

275

$

305

$

290

Depreciation and amortization expense

$

1,645

$

1,550

$

1,750

$

1,650

General and administrative expense**

$

236

$

230

$

260

$

245

Other costs***

$

163

$

75

$

95

$

85

NTI Payment11

$

56

$

185

$

195

$

190

Cash taxes

$

1,178

$

3,400

$

3,600

$

3,500

Effective tax rate (%)

 

33

%  

 

34

%  

 

36

%  

 

35

%  


*

2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate development

**

2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million

***

2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs, 2025 Actual includes $70 million of care and maintenance costs and $93 million of other income and expenses


10 The Company’s guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP information. Guidance for total cash costs per ounce and AISC per ounce is forecast using the Company’s revised composition of these non-GAAP measures for periods commencing on or after January 1, 2026. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have been made by the Company to the composition of certain of these measures, see “Note Regarding Certain Measures of Performance” below.

11 The “NTI Payment” is the payment to Nunavut Tunngavik Inc. (“NTI”) under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.

19


Cash Taxes

For 2026, the Company expects its effective tax rates to be:

·

Canada 35% to 40%

·

Mexico 35% to 40%

·

Australia 30%

·

Finland 20%

The Companys overall effective tax rate is expected to be approximately 34% to 36% for the full year 2026.

The Company estimates consolidated cash taxes of approximately $3.4 to $3.6 billion in 2026 at prevailing gold prices, compared to $1.2 billion in 2025. The increase in cash taxes from 2025 reflects both expected higher operating margins and approximately $1.3 billion for the remaining cash tax liability related to the 2025 taxation year, which will be paid in the first quarter of 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million with a mid-point of $550 million.

NTI Payment

For 2026, the Company expects to pay between $185 million and $195 million with respect to the NTI Payment at Amaruq, using a gold price assumption of $4,500 per ounce. The NTI Payment is included in production costs but excluded from total cash costs per ounce and AISC per ounce. For further details refer to Note Regarding Certain Measures of Performance below.

Updated Production and Cost Guidance

Gold production guidance for each mine site from 2026 through 2028 and cost guidance for each mine site for 2026 are set out in the tables below. The Company continues to evaluate opportunities to further optimize and improve gold production and unit cost guidance from 2026 through 2028.

Payable Gold Production Guidance

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

(ounces)

Actual

Forecast Range

Forecast Range

Forecast Range

LaRonde

  ​ ​ ​

344,555

  ​ ​ ​

330,000

  ​ ​ ​

350,000

  ​ ​ ​

335,000

  ​ ​ ​

355,000

  ​ ​ ​

350,000

  ​ ​ ​

370,000

Canadian Malartic

 

642,612

 

575,000

 

605,000

 

640,000

 

670,000

 

720,000

 

750,000

Goldex

 

125,501

 

115,000

 

125,000

 

135,000

 

145,000

 

140,000

 

150,000

Quebec

 

1,112,668

 

1,020,000

 

1,080,000

 

1,110,000

 

1,170,000

 

1,210,000

 

1,270,000

Detour Lake

 

692,675

 

700,000

 

730,000

 

610,000

 

640,000

 

590,000

 

620,000

Macassa

 

312,729

 

305,000

 

325,000

 

315,000

 

335,000

 

320,000

 

340,000

Ontario

 

1,005,404

 

1,005,000

 

1,055,000

 

925,000

 

975,000

 

910,000

 

960,000

Meliadine

 

376,346

 

380,000

 

400,000

 

410,000

 

430,000

 

420,000

 

440,000

Meadowbank

 

493,314

 

475,000

 

495,000

 

430,000

 

450,000

 

265,000

 

285,000

Nunavut

 

869,660

 

855,000

 

895,000

 

840,000

 

880,000

 

685,000

 

725,000

Fosterville

 

160,522

 

140,000

 

160,000

 

140,000

 

160,000

 

170,000

 

190,000

Kittila

 

217,379

 

210,000

 

230,000

 

215,000

 

235,000

 

240,000

 

260,000

Pinos Altos

 

81,734

 

70,000

 

80,000

 

70,000

 

80,000

 

85,000

 

95,000

Total Gold Production

 

3,447,367

 

3,300,000

 

3,500,000

 

3,300,000

 

3,500,000

 

3,300,000

 

3,500,000

Gold production for 2026 and 2027, expected at 3.3 to 3.5 million ounces annually, is consistent with Previous Guidance, with offsetting adjustments between mine sites.

The gold production outlook for 2028 has improved and is expected to remain stable at 3.3 to 3.5 million ounces. The improved forecast reflects higher production from Meadowbank following its mine life extension to 2030, along with additional contributions from Canadian Malartic (accelerating production ramp-up at East Gouldie), Fosterville (optimization initiatives increasing mining and milling rates to 1.2 million tonnes per year) and Kittila (optimization of mining sequence and throughput). These gains are expected to offset lower production relative to 2026 and 2027 at Detour Lake, due to lower gold grades in the mining sequence, and at Meadowbank, with operations transitioning from primarily open pit to primarily underground.

20


Cash Cost Guidance

($ per ounce)

  ​ ​ ​

2025

  ​ ​ ​

2025

  ​ ​ ​

2026

Actual

Actual

Guidance12

Production Costs per Ounce

Total Cash Costs per Ounce13

LaRonde

$

1,045

$

829

$

919

Canadian Malartic

 

760

 

946

 

1,187

Goldex

 

1,187

 

1,002

 

1,054

Quebec

 

896

 

917

 

1,085

Detour Lake

 

816

 

879

 

921

Macassa

 

709

 

793

 

1,079

Ontario

 

783

 

852

 

969

Meliadine

 

1,069

 

1,067

 

1,047

Meadowbank13

 

1,120

 

928

 

930

Nunavut13

 

1,098

 

988

 

982

Fosterville

 

912

 

937

 

1,374

Kittila

 

1,087

 

1,081

 

1,267

Pinos Altos

 

2,518

 

2,006

 

2,092

Consolidated Company

$

965

$

953

$

1,070

Total cash costs per ounce in 2026 are expected to increase by approximately 12% (approximately $117 per ounce) when compared to 2025. The expected increase is mainly driven by:

·

Higher royalty costs (approximately $36 per ounce), reflecting the assumed gold price $4,500 per ounce compared to a realized gold price of $3,435 per ounce in 2025

·

Cost inflation (approximately $33 per ounce), mainly related to labour, electricity, equipment parts and electrical components, net of cost reductions due to efficiency gains

·

A weaker US dollar (approximately $31 per ounce), primarily reflected by a USD:CAD exchange rate assumption of 1.36 in 2026 compared to 1.40 in 2025; and

·

Lower grade sequencing (approximately $17 per ounce): gold grades are expected to be lower at Macassa, Fosterville, Meadowbank and Canadian Malartic, in line with the respective mine plans, with higher throughputs and cost optimization offsetting the impact on gold production and minesite costs per tonne at those sites


12 2026 Guidance for total cash costs per ounce by mine, region and the consolidated Company are based on the mid-point of 2026 production guidance as set out in the table above. 2026 Guidance for AISC per ounce for the consolidated Company is based on the mid-point of 2026 production guidance as set out in the table above.

13 Total cash costs per ounce and AISC per ounce for 2025 Actual and 2026 Guidance set out in the tables above have been calculated using the Companys revised composition for periods commencing on or after January 1, 2026. This revised composition affects only total cash costs per ounce for Meadowbank, the Nunavut region and the consolidated Company and AISC per ounce for the consolidated Company. Total cash costs per ounce for other mines and regions are not affected. Using the Companys composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $1,110 for Meadowbank, $1,091 for Nunavut and $979 for the consolidated Company and AISC per ounce was $1,339 for the consolidated Company.

21


AISC Cost Guidance

($per ounce)

  ​ ​ ​

2025

  ​ ​ ​

2026

Actual

Guidance12

Consolidated Company AISC per Ounce13

$

1,313

$

1,475

AISC per ounce in 2026 is expected to increase by 12% (approximately $162 per ounce) when compared to 2025, driven largely by the same factors contributing to higher total cash costs per ounce, an increase in non-cash reclamation related costs and a slight increase in sustaining capital expenditures as described below. The Company expects unit costs and AISC per ounce to rise in line with an inflation rate of 3% to 5% through 2027 and 2028.

The Company remains focused on attempting to reduce costs through productivity improvements and innovation initiatives at all of its operations and the realization of any such additional operational synergies is not currently factored into the cost guidance.

Cost guidance provided for total cash costs per ounce is derived from the currency and commodity price assumptions below and are subject to the following sensitivities:

2026 Commodity and Currency Price Assumptions

  ​ ​ ​

Approximate Impact on Total Cash Costs per Ounce*

C$/US$

1.36

$0.01 change in C$/US$

$

6

Gold ($/oz)

$

4,500

$100/oz change in gold price

$

3

Silver ($/oz)

$

70

$5/oz change in silver price

$

3

Diesel ($/ltr)

$

0.78

10% change in diesel price

$

8


*

Excludes the impact of current hedging positions.

Tariffs considerations

The Company expects that the international trade disputes triggered by the introduction of import tariffs by the United States in 2025 and the subsequent retaliatory measures by other countries will remain fluid in 2026. 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 65% of the Companys 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 further tariffs or retaliatory measures will be implemented, the quantum of such tariffs, the nature of such measures, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Companys 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. The costs guidance provided in this news release assumes there will be no impact from such tariffs, retaliatory measures or trade disputes.

22


Three-Year Production Guidance by Mine

Since the Previous Guidance, there have been several operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial 2028 guidance are set out below.

ABITIBI REGION, QUEBEC

LaRonde Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

310,000

 

320,000

 

350,000

 

n/a

2026 Guidance (mid-point)

 

344,555 (actual)

 

340,000

 

345,000

 

360,000

  ​ ​ ​

Ore Milled

  ​ ​ ​

  ​ ​ ​

Gold Mill

  ​ ​ ​

  ​ ​ ​

Silver Mill

 

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Silver (g/t)

Recovery (%)

 

 

2,951

 

3.82

 

93.8

%  

8.14

 

72.6

%

 

Production and

 

 

 

 

 

Minesite Costs per

Zinc

 

Zinc Mill

Copper

 

Copper Mill

 

Tonne14

(%)

Recovery (%)

(%)

Recovery (%)

 

C$168

 

0.37

%  

68.8

%  

0.11

%  

85.9

%

At LaRonde, the production outlook has improved with 2026 expected to exceed the Previous Guidance and 2027 remaining in-line. Gold production is expected to increase to 340,000 ounces of gold in 2026, driven by higher gold grades at the LaRonde mine, an increase in the mining rate at LZ5 to 3,800 tpd (a year earlier than previously anticipated) and the addition of new production zones. The integration of the Fringe, Dumagami and 11-3 zones into the mine plan are expected to enhance the mine production flexibility and support the Companys strategy to manage seismicity at depth.

LaRonde has planned a mill shutdown of 10 days in the second quarter of 2026 in order to replace the liners at the SAG mill and to complete overall maintenance of the drystack filtration plant and flotation circuit. LaRonde also has planned four-day shutdowns in the first, third and fourth quarters of 2026 for regular maintenance.

Canadian Malartic Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

590,000

 

560,000

 

650,000

 

n/a

2026 Guidance (mid-point)

 

642,612 (actual)

 

590,000

 

655,000

 

735,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne

 

19,988

 

1.01

 

90.9

%  

C$49

At Canadian Malartic, the production forecast in 2026 has increased, supported by stronger-than-expected gold grades at the Barnat pit, consistent with 2025 performance, and by the continued ramp-up of production at Odyssey, including initial production from the East Gouldie deposit.

Production in 2027 remains consistent with Previous Guidance, while 2028 gold production is expected to increase by approximately 80,000 ounces to 735,000 ounces when compared to 2027, which is anticipated to be driven by growing contributions from East Gouldie at Odyssey.

From 2026 to 2028, production is expected to be sourced from the Barnat pit and increasingly supplemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026, approximately 240,000 ounces of gold in 2027 and approximately 450,000 ounces of gold in 2028 as mining activities ramp-up.


14 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of this measure, which only affects minesite costs per tonne reported at Meadowbank. For a reconciliation of minesite costs per ounce to production costs per tonne, a description of its composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure, see Note Regarding Certain Measures of Performance below.

23


In 2026, Canadian Malartic has planned four-day quarterly shutdowns for regular maintenance at the mill.

Goldex Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

130,000

 

130,000

 

130,000

 

n/a

2026 Guidance (mid-point)

 

125,501 (actual)

 

120,000

 

140,000

 

145,000

Ore Milled

Gold Mill

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

3,151

1.41

84.0

%

Production and

Minesite Costs per

 

Copper Mill

Tonne

Copper (%)

Recovery (%)

C$63

0.12

%

76.5

%

At Goldex, the 2026 production guidance is slightly lower than Previous Guidance, reflecting a planned increase in lowergrade ore sourced from Akasaba West, which is expected to contribute approximately 18,000 ounces of gold and 3,000 tonnes of copper in 2026.

Ore feed from Akasaba West is also expected to increase in 2027, with contributions of approximately 25,000 ounces of gold and 4,000 tonnes of copper expected in both 2027 and 2028. At the same time, the Company plans to send approximately 1,500 tpd of highergrade South Zone ore to the Canadian Malartic mill to benefit from higher recoveries. Together, the Company anticipates that these adjustments support the forecast increase in gold production in 2027 and 2028.

In 2026, Goldex has planned quarterly shutdowns of two to three days for regular maintenance at the mill.

ABITIBI REGION, ONTARIO

Detour Lake Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

720,000

 

735,000

 

645,000

 

n/a

2026 Guidance (mid-point)

 

692,675 (actual)

 

715,000

 

625,000

 

605,000

Production

and Minesite

  ​ ​ ​

Ore Milled

  ​ ​ ​

  ​ ​ ​

Gold Mill

  ​ ​ ​

Costs per

2026 Guidance for Full Year 2026

  ​ ​ ​

(‘000 tonnes)

  ​ ​ ​

Gold (g/t)

  ​ ​ ​

Recovery (%)

  ​ ​ ​

Tonne

 

28,000

 

0.88

 

90.5

%  

C$32

At Detour Lake, production guidance for 2026 and 2027 has been revised modestly lower compared to Previous Guidance. The updated outlook reflects adjustments to the mining sequence following delays encountered in 2025 and to the mining rate to reflect performance in 2025, as well as a decision to slow down the planned mill ramp-up to 79,450 tpd. The Company is advancing additional optimization initiatives to support the increase in throughput, which is now expected to be completed by the end of 2029. With these adjustments, the Company now anticipates a production step-up at Detour Lake in 2030 and reaching annual production of approximately one million ounces of gold in 2031.

From 2026 to 2028, gold production is expected to decline year-over-year as the operation transitions into a lower grade and higher strip-ratio phase of the mine plan. Gold grades are expected to average 0.77g/t in 2027 and 0.69 g/t in 2028, with strip-ratios between 4.0 to 4.5, compared to 2.8 in 2025.

Building on recent exploration success expanding underground mineralization west of the open pit and near the planned exploration ramp, the Company is assessing the potential to begin ramping-up underground production as early as 2028. Under such a scenario, initial underground ore would be trucked to the mill and could contribute approximately 20,000 to 30,000 ounces of gold per year in 2028 and 2029.

24


Detour Lake has scheduled three major shutdowns, each lasting seven days, for regular mill maintenance in the first, second and fourth quarters of 2026.

Macassa Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

310,000

 

325,000

 

335,000

 

n/a

2026 Guidance (mid-point)

 

312,729 (actual)

 

315,000

 

325,000

 

330,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne

 

981

 

10.40

 

96.0

%  

C$475

At Macassa, the production guidance in 2026 and 2027 has been revised to be modestly lower when compared to Previous Guidance, primarily due to the deferral of initial production from the AK deposit in 2026 and a lower-than-previously-planned contribution from the AK deposit in 2027. The Company completed modifications to the LZ5 processing facility at LaRonde to accommodate the AK deposit ore in 2025. An amendment to the LZ5 processing facility permit to process ore from the AK deposit is expected to be received in the first quarter of 2026, with trucking and processing at the LZ5 processing facility now planned to begin in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 45,000 ounces of gold in 2026, and approximately 50,000 to 60,000 ounces of gold in 2027 and in 2028.

Gold production in 2026 is expected to be in line with 2025 as ongoing mill optimization and the initial contribution from the AK deposit offset the lower gold grades as per the mining sequence. Macassa remains on track to ramp-up mill capacity to 2,040 tpd by the end of 2026, compared to a mill throughput of 1,570 tpd in 2025. The Tertiary 2 mill was rehabilitated in 2025, including upgrades to key grinding ancillary equipment. Additional optimization initiatives continue to advance, targeting improved runtime and throughput through the installation of an ore storage dome and re-feed system, automation and instrumentation enhancements and upgrades to the crushing plant. These improvements are expected to be completed by the end of 2027, supporting a planned throughput of approximately 2,150 tpd. Higher production in 2027 and 2028 relative to 2026 reflects the continued optimization of the Macassa mill.

Macassa has scheduled a major shutdown of five days in the third quarter of 2026, for replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenance.

NUNAVUT

Meliadine Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

385,000

 

410,000

 

420,000

 

n/a

2026 Guidance (mid-point)

 

376,346 (actual)

 

390,000

 

420,000

 

430,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne

 

2,373

 

5.32

 

96.1

%  

C$236

At Meliadine, the production guidance for 2026 is slightly lower than Previous Guidance, while the outlook for 2027 remains the same. The modest reduction in 2026 reflects adjustments to the mine plan and mining sequence, following the cost improvement initiatives achieved over the past two years. The Company continues to advance mill optimization efforts, achieving throughput of 6,441 tpd in 2025, ahead of the 6,250 tpd target. Mill performance is expected to improve further, with throughput expected to increase to approximately 6,500 tpd in 2027 and 6,700 tpd in 2028, supporting the higher gold production guidance for those years.

25


Meliadine has scheduled quarterly shutdowns lasting four to five days for regular mill maintenance.

Meadowbank Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

495,000

 

450,000

 

390,000

 

n/a

2026 Guidance (mid-point)

 

493,314 (actual)

 

485,000

 

440,000

 

275,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne15

 

4,230

 

3.91

 

91.2

%  

C$148

At Meadowbank, the production guidance has improved in 2026 and 2027 when compared with Previous Guidance. Supported by the stronger gold price environment, the Company has approved a push-back at the open pit, extending mine life by two years to 2030. Combined with additional underground contribution, this extension is expected to add approximately 740,000 ounces of gold (21.2 million tonnes grading 2.65 g/t gold) to the 2026 to 2030 production profile compared to prior forecasts. While these ounces carry a higher cost base, they are still expected to generate strong cash flow at current gold prices. Benefitting from ongoing optimization efforts, the Amaruq underground mine is now expected to contribute approximately 150,000 ounces of gold annually from 2026 to 2028. The Company is also assessing the potential to extend operations beyond 2030 through an underground-only mine plan, with preliminary results expected in early 2027.

The Company continues to account for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and the Meadowbank processing facility and between the Meadowbank processing facility and Baker Lake. Wildlife management is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and reduce production disruptions.

Meadowbank has scheduled two major shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance.

AUSTRALIA

Fosterville Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

150,000

 

150,000

 

150,000

 

n/a

2026 Guidance (mid-point)

 

160,522 (actual)

 

150,000

 

150,000

 

180,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne

 

985

 

5.07

 

93.4

%  

A$293

At Fosterville, production guidance in 2026 and 2027 is in line with Previous Guidance, with production expected to increase to approximately 180,000 ounces of gold in 2028.


15 For periods commencing on or after January 1, 2026, the Company has revised the composition of this non-GAAP measure. These revisions only affect minesite costs per tonne reported at Meadowbank. In 2025, production costs per tonne at Meadowbank were C$195 and minesite costs per tonne (using the Companys revised composition of such measure) were C$162. Using the Companys composition of this measure for periods ending on or prior to December 31, 2025, minesite costs per tonne were C$194 at Meadowbank in 2025. See Note Regarding Certain Measures of Performance below.

26


As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase the mining and milling rate by approximately 65% to 3,300 tpd while reducing costs per tonne by approximately 20% over the next three years when compared to 2025. This strategy is designed to support annual production of 160,000 to 190,000 ounces of gold starting in 2028 and sustain that range in the early 2030s based on the current mineral reserves and mineral resources.

On the mining side, the plan includes developing additional mining areas to support more than 12 active production fronts, together with ongoing operational improvements. The commencement of production at Robbins Hill in 2025 added a third mining area, enhancing production flexibility. Continuous improvement initiatives are underway to drive productivity, including stope-cycle optimization and increasing development rates to sustain approximately 12 kilometres of annual development. The ramp-up also relies on the timely execution of key capital projects, including upgrades to the ventilation infrastructure completion of the underground primary fans (expected in first quarter of 2026), the southern surface ventilation return air raise (expected to be completed in the third quarter of 2026) and the Robbins Hill surface ventilation return air raise (expected in 2027), as well as the expansion of the pastefill system to Harrier (expected in the second quarter of 2026). These projects are expected to total approximately $13 million over the next two years.

At the processing plant, achieving the targeted 3,300 tpd throughput will require upgrades to the grinding circuit and related ancillary equipment to maintain current recovery levels. The plan also includes the construction of two new tailings cells, with the first cell expected to be operational by year-end 2027 and the second by year-end 2029. These projects are estimated to total approximately $35 million over the next four years.

Through its ongoing exploration program, the Company sees significant upside potential at Fosterville to support continued mine life extensions. Recent expansion and conversion drilling has successfully replaced a substantial portion of mining depletion. The Company will continue to advance drilling on the extensions of the Lower Phoenix and Robbins Hill mineral reserves and mineral resources, while also expanding its drilling footprint onto the prospective land package acquired from S2 Resources in 2025. Goldbearing structures at Fosterville extend onto these newly consolidated grounds, providing opportunities for nearmine expansion drilling directly from existing underground infrastructure.

Fosterville has scheduled five-day quarterly shutdowns for regular mill maintenance in 2026.

FINLAND

Kittila Forecast

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

230,000

 

240,000

 

240,000

 

n/a

2026 Guidance (mid-point)

 

217,379 (actual)

 

220,000

 

225,000

 

250,000

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Production

and Minesite

Ore Milled

Gold Mill

Costs per

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

Tonne

 

2,037

 

3.99

 

84.2

%  

116

At Kittila, the production guidance in 2026 and 2027 is modestly lower than Previous Guidance, reflecting adjustments to stope optimization and mining sequence following the productivity gains and cost improvements achieved over the past two years. Gold production in 2028 is expected to increase, supported by a higher-grade mining sequence and a planned 5% increase in mill throughput compared to 2025.

The increase in minesite costs per tonne in 2026 relative to 2025 is primarily driven by the higher royalty costs resulting from the stronger gold prices, as well as changes to Finlands fiscal regime, including an increase in the mining tax from 0.6% to 2.5% of revenue and a higher electricity tax.

Kittila has planned major shutdowns in the first and fourth quarters of 2026 lasting 9 days and 15 days, respectively, for regular maintenance on the mill and autoclave and a five-day water treatment plant shutdown in the third quarter of 2026.

27


MEXICO

Pinos Altos Gold Production (oz)

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2027

  ​ ​ ​

2028

2025 Guidance (mid-point)

 

80,000

 

80,000

 

90,000

 

n/a

2026 Guidance (mid-point)

 

81,734 (actual)

 

75,000

 

75,000

 

90,000

  ​ ​ ​

Total Ore

  ​ ​ ​

  ​ ​ ​

Gold

 

2026 Guidance for Full Year 2026

(‘000 tonnes)

Gold (g/t)

Recovery (%)

 

 

1,407

 

1.75

 

94.7

%

 

Production and

 

 

 

Minesite Costs

 

Silver Mill

 

per Tonne

Silver (g/t)

Recovery (%)

$

153

 

38.40

 

49.2

%

At Pinos Altos, the production guidance in 2026 and 2027 has been revised modestly lower from Previous Guidance, reflecting a reduced mining rate at the Santo Nino deposit to accommodate more challenging ground conditions and performance observed in 2025. Production is expected to increase in 2028 compared to 2027, supported by the planned start of the Reyna de Plata East open pit in late 2027 and higher grades at Cubiro as per the mining sequence.

Capital Expenditures Guidance

In 2026, estimated capital expenditures (excluding capitalized exploration) are expected to be between $2.2 billion and $2.4 billion, which includes $960 million of sustaining capital expenditures and $1,325 million of development capital expenditures. In 2026, estimated capitalized exploration expenditures are expected to be between $290 million and $330 million.

This compares to the full year 2025 capital expenditures of $2.1 billion (which included $931 million of sustaining capital expenditures and $1,142 million of development capital expenditures) and capitalized exploration of $318 million. The overall increase in capital expenditures when compared to 2025 reflects reinvestment in the business to lay the groundwork for future growth through both development capital expenditures and capitalized exploration.

Forecast sustaining capital expenditures slightly higher year-over-year, reflecting an increase in deferred costs at Detour Lake related to a higher strip ratio phase in the mine plan, partially offset by lower deferred costs at the Barnat pit at Canadian Malartic and the Whale Tail pit at Meadowbank.

The increase in development capital expenditures expected in 2026 when compared to 2025 is primarily related to Meadowbank, the Detour Lake underground project and Macassa. At Meadowbank, underground deferred development increased relating to the life of mine extension to 2030. At Detour Lake, the Company plans to accelerate spending at the underground project, totalling approximately $60 million in 2026, relating to additional service and operational facilities, procurement of mobile equipment and the development of the conveyorramp portal and ramp. These investments are designed to further derisk project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones. At Macassa, the Company is upgrading the crushing circuit to optimize the mill throughput and investing in increasing its tailings storage capacity to support the higher throughput.

With the positive exploration results in 2025, the Company continues to be confident in the potential restart of mining operations at Hope Bay. Given the logistics of operating in Nunavut, the Company is planning to continue upgrading existing infrastructure and advance site preparedness for potential redevelopment. Total expected development capital expenditures of $1,325 million in 2026 include an initial $102 million relating to Hope Bay. If the project is approved for redevelopment in the second quarter of 2026, additional development capital expenditures ranging between $300 million and $350 million are expected for the remainder of 2026.

28


The table below sets out the expected capital expenditures (including capitalized exploration) in 2026, broken down between sustaining capital expenditures and development capital expenditures.

2026 Capital Expenditures Guidance

($ thousands)

  ​ ​ ​

Capital Expenditures

  ​ ​ ​

Capitalized Exploration

  ​ ​ ​

  ​

  ​ ​ ​

Sustaining

  ​ ​ ​

Development

  ​ ​ ​

  ​ ​ ​

Capital

Capital

Sustaining

Development

Total

LaRonde

$

99,200

$

68,600

$

3,800

$

$

171,600

Canadian Malartic

 

74,700

 

 

 

 

74,700

Odyssey

 

14,400

 

345,000

 

3,800

 

22,000

 

385,200

Goldex

 

34,000

 

31,900

 

2,300

 

4,300

 

72,500

Quebec

 

222,300

 

445,500

 

9,900

 

26,300

 

704,000

Detour Lake

 

304,500

 

291,200

 

 

31,300

 

627,000

Detour Lake underground

 

 

63,500

 

 

69,000

 

132,500

Macassa

 

54,600

 

136,300

 

2,500

 

34,000

 

227,400

Upper Beaver

 

 

62,000

 

 

56,100

 

118,100

Ontario

 

359,100

 

553,000

 

2,500

 

190,400

 

1,105,000

Meliadine

 

98,100

 

82,000

 

8,100

 

13,200

 

201,400

Meadowbank

 

69,500

 

85,700

 

 

1,300

 

156,500

Hope Bay

 

 

101,500

 

 

22,200

 

123,700

Nunavut

 

167,600

 

269,200

 

8,100

 

36,700

 

481,600

Fosterville

 

74,200

 

33,500

 

2,800

 

12,300

 

122,800

Kittila

 

77,900

 

 

6,400

 

7,700

 

92,000

Pinos Altos

 

41,500

 

8,300

 

3,100

 

 

52,900

San Nicolás (50%)

 

 

13,600

 

 

3,800

 

17,400

Other regional

 

17,400

 

1,900

 

 

 

19,300

Total Capital Expenditures

$

960,000

$

1,325,000

$

32,800

$

277,200

$

2,595,000

Exploration and Corporate Development Expense Guidance

Exploration and corporate development expenses in 2026 are expected to be between $275 million and $305 million, based on mid-point guidance of $195 million for expensed exploration and $95 million for corporate development expenses. The guidance for 2026 increased by 40% compared to 2025 exploration and corporate development expenses, driven by higher spending on project studies (approximately $22 million), the extension of exploration drifts at LaRonde and a 50% increase in drilling metres (an additional 188 kilometres) across the portfolio, primarily focused on regional opportunities in Ontario, the Northern Territory in Australia and at Fosterville, Meadowbank and LaRonde.

Including capitalized exploration, the Companys total exploration and corporate development program in 2026 is expected to be between $565 million and $635 million, with a mid-point of $600 million. The Companys exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope Bay.

29


A summary of the Companys exploration and corporate development guidance for 2026 is set out below.

Summary of 2026 Exploration and Corporate Development Guidance

  ​ ​ ​

Expensed Exploration

  ​ ​ ​

Capitalized Exploration

  ​ ​ ​

  ​

Sustaining

Development

  ​ ​ ​

($000s)

  ​ ​ ​

(000s m)

  ​ ​ ​

($000s)

  ​ ​ ​

($000s)

  ​ ​ ​

(000s m)

Quebec

$

43,900

 

147.7

$

9,900

$

26,300

 

237.1

Ontario

 

27,400

 

102.3

 

2,500

 

76,400

 

413.3

Nunavut

 

51,500

 

116.5

 

8,100

 

28,900

 

144.5

Australia

 

26,700

 

111.6

 

2,800

 

12,300

 

49.3

Europe

 

15,000

 

45.0

 

6,400

 

7,700

 

77.7

Mexico

 

21,500

 

31.7

 

3,100

 

3,800

 

45.0

Other regions, joint ventures, G&A

 

9,800

 

 

 

 

Total Exploration

$

195,800

 

554.8

$

32,800

$

155,400

 

966.9

Total Corporate Development

$

94,200

 

$

$

 

Projects – Exploration Infrastructure*

$

 

$

$

121,800

 

Total Exploration and Corporate Development Expenses

$

290,000

 

554.8

$

32,800

$

277,200

 

966.9


*

Includes $62 million related to Detour Lake underground, $52 million related to Upper Beaver and $8 million related to Hope Bay

For further details on the Companys 2026 exploration and corporate development guidance and plans for individual mines and projects, see the Companys exploration news release dated February 12, 2026.

Fourth Quarter and Full Year 2025 Operating Results

Regional operating statistics and highlights for the fourth quarter and full year 2025 are set out below. See the MD&A under the caption Financial and Operating Results for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

30


ABITIBI REGION, QUEBEC

Continued Strong Operational Performance; Record Quarterly and Annual Throughput at Goldex

Abitibi Quebec Operating Statistics

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Consolidated

Canadian

Abitibi

Three Months Ended December 31, 2025

LaRonde

Malartic

Goldex

Quebec

Tonnes of ore milled (thousands)

 

692

 

5,204

 

847

 

6,743

Tonnes of ore milled per day

 

7,522

 

56,565

 

9,207

 

73,294

Gold grade (g/t)

 

3.85

 

1.01

 

1.44

 

1.36

Gold production (ounces)

 

80,290

 

153,433

 

32,992

 

266,715

Production costs per tonne (C$)

 

C$

239

 

C$

34

 

C$

67

 

C$

59

Minesite costs per tonne (C$)

 

C$

177

 

C$

43

 

C$

67

 

C$

60

Production costs per ounce

$

1,480

$

842

$

1,232

$

1,082

Total cash costs per ounce

$

851

$

1,033

$

1,015

$

976

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Consolidated

Canadian

Abitibi

Year Ended December 31, 2025

LaRonde

Malartic

Goldex

Quebec

Tonnes of ore milled (thousands)

 

2,805

 

20,123

 

3,301

 

26,229

Tonnes of ore milled per day

 

7,685

 

55,132

 

9,044

 

71,861

Gold grade (g/t)

 

4.08

 

1.08

 

1.40

 

1.44

Gold production (ounces)

 

344,555

 

642,612

 

125,501

 

1,112,668

Production costs per tonne (C$)

 

C$

179

 

C$

34

 

C$

63

 

C$

53

Minesite costs per tonne (C$)

 

C$

166

 

C$

43

 

C$

64

 

C$

59

Production costs per ounce

$

1,045

$

760

$

1,187

$

896

Total cash costs per ounce

$

829

$

946

$

1,002

$

917

Regional Highlights

·

Gold production in the quarter was higher than planned primarily as a result of higher grades at the LaRonde mine and at the Barnat pit at Canadian Malartic. The higher grades at LaRonde were primarily as a result of higher-than-expected grade in the West mine area. The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit that returned higher grades than anticipated

·

At LZ5, the Company continued its automation initiatives and achieved its automation targets. For the full year 2025, approximately 22% of the ore hauled to surface was moved using automated scoops and trucks, exceeding the production target of 3,500 tpd

·

At Odyssey, total development during both the quarter and the full year 2025 was a record at approximately 5,419 metres and 19,311 metres, respectively. Gold production was slightly below plan at 16,289 ounces resulting from lower ore production resulting from increased waste extraction at East Gouldie. Gold production of 87,812 ounces was a record for the full year 2025

·

At Goldex, record quarterly tonnage (approximately 846,800 tonnes) was processed for the third consecutive quarter, driven by record total tonnage processed from Akasaba West of approximately 229,000 tonnes

·

An update on Odyssey and the fill-the-mill strategy is set out in the Update on Key Value Drivers and Pipeline Projects section above

31


ABITIBI REGION, ONTARIO

Record Annual Mill Throughput at Detour Lake; Higher Grades Drive Record Annual Production at Macassa

Abitibi Ontario Operating Statistics

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Consolidated

Three Months Ended December 31, 2025

Detour Lake

Macassa

Abitibi Ontario

Tonnes of ore milled (thousands)

 

7,052

 

149

 

7,201

Tonnes of ore milled per day

 

76,652

 

1,620

 

78,272

Gold grade (g/t)

 

0.96

 

12.99

 

1.21

Gold production (ounces)

 

195,026

 

60,505

 

255,531

Production costs per tonne (C$)

 

C$

27

 

C$

697

 

C$

41

Minesite costs per tonne (C$)

 

C$

32

 

C$

795

 

C$

48

Production costs per ounce

$

707

$

1,239

$

833

Total cash costs per ounce

$

838

$

1,417

$

975

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Consolidated

Year Ended December 31, 2025

Detour Lake

Macassa

Abitibi Ontario

Tonnes of ore milled (thousands)

 

27,869

 

573

 

28,442

Tonnes of ore milled per day

 

76,353

 

1,570

 

77,923

Gold grade (g/t)

 

0.86

 

17.42

 

1.19

Gold production (ounces)

 

692,675

 

312,729

 

1,005,404

Production costs per tonne (C$)

 

C$

28

 

C$

540

 

C$

39

Minesite costs per tonne (C$)

 

C$

30

 

C$

604

 

C$

42

Production costs per ounce

$

816

$

709

$

783

Total cash costs per ounce

$

879

$

793

$

852

Regional Highlights

·

Gold production in the quarter was in line with plan at both Detour Lake and Macassa

·

At Detour Lake, gold production increased from the previous quarter due to higher gold grades in and around the historical underground workings in the Phase 4 area. In 2025, gold production at Detour Lake was lower than expected as the mining operations were affected by challenging abnormal weather conditions early in the year and slower progress around the historical underground workings, resulting in lower than planned run-of-mine ore tonnes. The shortfall in volume of ore was supplemented by ore from low grade stockpiles. The updated outlook for 2026 and 2027 reflects adjustments to the mining sequence and mining rate following delays encountered in 2025

·

At Macassa, gold grades were higher than anticipated at three stopes. This partially offset lower mill throughput caused by a planned 5-day mill shutdown and a delay in processing ore from the AK deposit while the Company awaits the approval of a permit amendment to process the ore at the LZ5 processing facility. The Company expects to receive the permit in the first quarter of 2026

·

Updates on the Detour Lake underground and Upper Beaver projects are set out in the Update on Key Value Drivers and Pipeline Projects section above

32


NUNAVUT

Record Annual Throughput at Meliadine and Strong Annual Gold Production at Meadowbank

Nunavut - Operating Statistics

  ​ ​ ​

  ​

  ​ ​ ​

  ​

  ​ ​ ​

Consolidated

Three Months Ended December 31, 2025

Meliadine

Meadowbank

Nunavut

Tonnes of ore milled (thousands)

 

621

 

1,035

 

1,656

Tonnes of ore milled per day

 

6,750

 

11,250

 

18,000

Gold grade (g/t)

 

4.82

 

3.85

 

4.21

Gold production (ounces)

 

93,735

 

115,101

 

208,836

Production costs per tonne (C$)

 

C$

267

 

C$

210

 

C$

231

Minesite costs per tonne (C$)

 

C$

234

 

C$

211

 

C$

219

Production costs per ounce

$

1,278

$

1,356

$

1,321

Total cash costs per ounce

$

1,117

$

1,351

$

1,246

Consolidated

Year Ended December 31, 2025

Meliadine

Meadowbank

Nunavut

Tonnes of ore milled (thousands)

2,351

3,941

6,292

Tonnes of ore milled per day

 

6,441

 

11,660

 

18,101

Gold grade (g/t)

 

5.14

 

4.29

 

4.61

Gold production (ounces)

 

376,346

 

493,314

 

869,660

Production costs per tonne (C$)

 

C$

238

 

C$

195

 

C$

211

Minesite costs per tonne (C$)

 

C$

237

 

C$

194

 

C$

210

Production costs per ounce

$

1,069

$

1,120

$

1,098

Total cash costs per ounce

$

1,067

$

1,110

$

1,091

Regional Highlights

·

Gold production in the quarter was in line with forecast as a result of stronger throughput at both the Meliadine and Meadowbank mills, partially offset by lower than expected grades. The mills achieved strong performance, with shutdowns of four and five days at Meliadine and Meadowbank, respectively, completed as planned

·

At Meliadine, as a result of mill optimization initiatives after the completion of the Phase 2 mill expansion, the mill continued to exceed the targeted annual throughput rate of 6,250 tpd, achieving quarterly throughput of 6,750 tpd in the fourth quarter and 6,441 tpd for the full year. Gold grades were lower in the quarter as a result of a change mining sequence

·

At Meadowbank, the mill achieved strong throughput during the quarter driven by more ore tonnes from both the open pit and underground operations. Gold grades were lower in the quarter as a result of a change mining sequence at the underground operation

·

An update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section above

33


AUSTRALIA

Annual Gold Production Strengthened by Higher Grades; Updated Mine Plan Increases Production in 2028

Fosterville – Operating Statistics

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended December

December 31, 2025

31, 2025

Tonnes of ore milled (thousands)

 

177

 

726

Tonnes of ore milled per day

 

1,924

 

1,989

Gold grade (g/t)

 

6.08

 

7.20

Gold production (ounces)

 

32,367

 

160,522

Production costs per tonne (A$)

 

A$

321

 

A$

310

Minesite costs per tonne (A$)

 

A$

335

 

A$

320

Production costs per ounce

$

1,152

$

912

Total cash costs per ounce

$

1,202

$

937

Highlights

·

Gold production for the quarter was in line with plan, with higher gold grades offset by lower throughput. The higher grades were a result of mine sequencing

·

The Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Major fan components have been installed and electrical installation is ongoing. Commissioning is expected to be completed in the first quarter of 2026

·

As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase mining and milling rates to support annual production of 170,000 to 190,000 ounces of gold starting in 2028. Further details on this updated mine plan are set out in the Updated Three-Year Operational Guidance Plan above

FINLAND

Record Mill Throughput in 2025; Costs Continue to Benefit from Cost Optimization Initiatives

Kittila – Operating Statistics

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended December

December 31, 2025

31, 2025

Tonnes of ore milled (thousands)

 

543

 

2,105

Tonnes of ore milled per day

 

5,902

 

5,767

Gold grade (g/t)

 

3.89

 

3.91

Gold production (ounces)

 

54,964

 

217,379

Production costs per tonne (€)

101

99

Minesite costs per tonne (€)

102

100

Production costs per ounce

$

1,157

$

1,087

Total cash costs per ounce

$

1,146

$

1,081

Highlights

·

Gold production in the quarter was slightly below plan, driven primarily by lower grades, partially offset by higher mill throughput driven by improved mill runtime and strong mine performance. Lower gold grades reflect changes to the mining sequence

·

The higher throughput was supported by better than planned ore extracted during the quarter. The mine continues to realize productivity gains through sustained improvement efforts over the past year as demonstrated by record ore extracted in 2025

·

Minesite costs per tonne continue to demonstrate the benefits of continuous improvement initiatives. Minesite costs per tonne for the full year 2025 decreased by approximately 4%, from 103 to 99 per tonne, when compared to the prior-year period. This decrease was achieved despite the increase in royalty costs per tonne of approximately 2 due to higher gold prices in 2025 compared to the prior year

34


MEXICO

Operational Performance at Cubiro Drives Solid Gold Production

Pinos Altos – Operating Statistics

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended December

December 31, 2025

31, 2025

Tonnes of ore milled (thousands)

 

467

 

1,720

Tonnes of ore milled per day

 

5,076

 

4,712

Gold grade (g/t)

 

1.55

 

1.55

Gold production (ounces)

 

22,195

 

81,734

Production costs per tonne

$

122

$

120

Minesite costs per tonne

$

130

$

122

Production costs per ounce

$

2,572

$

2,518

Total cash costs per ounce

$

1,977

$

2,006

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canadas largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

About this News Release

Unless otherwise stated, references to Canadian Malartic, Goldex, LaRonde and Meadowbank are to the Companys operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively. 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 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. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining and processing operations at LZ5. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. References to other operations are to the relevant mines, projects or properties, as applicable.

When used in this news release, the terms including and such as mean including and such as, without limitation.

The information contained on any website linked to or referred to herein (including the Companys website) is not part of this news release.

Further Information

For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.

35


Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures, including total cash costs per ounce, minesite costs per tonne, all-in sustaining costs per ounce (or AISC per ounce), adjusted net income, adjusted net income per share, cash provided by operating activities before changes in non-cash components of working capital, cash provided by operating activities before changes in non-cash components of working capital per share, EBITDA which means earnings before interest, taxes, depreciation and amortization, adjusted EBITDA, free cash flow, free cash flow before changes in non-cash components of working capital, operating margin, sustaining capital expenditures, development capital expenditures, sustaining capitalized exploration, development capitalized exploration and net cash (debt), as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures and ratios reported by other gold producers and should be considered together with other data prepared in accordance with IFRS Accounting Standards. See below for a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS Accounting Standards.

Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne

Total Cash Costs per Ounce

Total cash costs per ounce is reported on a per ounce of gold produced basis on both a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce of gold produced on a by-product basis for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed further below), which adjustment will only affect this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Companys calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change. Where this amended composition is used and the change affects the quantum of total cash costs per ounce, this news release indicates this by referring to the non-GAAP measure as total cash costs per ounce (revised).

For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including total cash costs per ounce, to adjust for the NTI Payment. The NTI Payment is the payment to Nunavut Tunngavik Inc. under the Companys mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the Crown royalty) under the Nunavut Mining Regulations (the NMR). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics as the payments under the Crown royalty. Accordingly, to ensure comparability across the Companys mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable.

Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do 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 the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. 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 of by-product metals.

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

36


understand the 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 mines 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 of gold produced 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 Eagles 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.

In this news release, 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) gold is the Companys primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite Costs per Tonne

Minesite costs per tonne for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed above in Total Cash Costs per Ounce), which adjustment will only affect minesite costs per tonne at Meadowbank and for the Nunavut region. The Companys calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. Where this amended composition is used and the change affects the quantum of minesite costs per tonne, this news release indicates this by referring to the non-GAAP measure as minesite costs per tonne (revised).

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. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Companys mines. 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.

37


The following table sets out the production costs per minesite for the three and twelve months ended December 31, 2025 and December 31, 2024, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.

Total Production Costs by Mine

Three Months Ended 

Year Ended 

December 31,

December 31,

(thousands of United States dollars)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

LaRonde

 

118,862

 

67,954

 

360,025

 

319,495

Canadian Malartic

 

129,135

 

132,144

 

488,160

 

532,037

Goldex

 

40,650

 

29,446

 

148,952

 

129,977

Quebec

 

288,647

 

229,544

 

997,137

 

981,509

Detour Lake

 

137,964

 

117,713

 

565,439

 

497,079

Macassa

 

74,974

 

54,608

 

221,718

 

201,371

Ontario

 

212,938

 

172,321

 

787,157

 

698,450

Meliadine

 

119,808

 

95,817

 

402,385

 

350,280

Meadowbank

 

156,061

 

110,583

 

552,470

 

463,464

Nunavut

 

275,869

 

206,400

 

954,855

 

813,744

Fosterville

 

37,288

 

32,221

 

146,382

 

147,045

Australia

 

37,288

 

32,221

 

146,382

 

147,045

Kittila

 

63,579

 

50,799

 

236,238

 

227,334

Finland

 

63,579

 

50,799

 

236,238

 

227,334

Pinos Altos

 

57,085

 

45,251

 

205,808

 

168,231

La India

 

 

10,322

 

 

49,767

Mexico

 

57,085

 

55,573

 

205,808

 

217,998

Corporate and Other

 

9,037

 

 

13,107

 

Production costs per the consolidated statements of income

$

944,443

$

746,858

$

3,340,684

$

3,086,080

38


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 twelve months ended December 31, 2025 and December 31, 2024, exclusive of amortization, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.

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

Three Months Ended December 31, 2025

(United States dollars in thousands, except per ounce measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Total cash

Total cash

Total cash

costs per

Payable

Realized

Smelting,

costs per

costs per

ounce

gold

Production

(gains)

In-kind

refining and

ounce (co-

Impact of

ounce (by-

(revised)

production

Production

costs per

Inventory

and losses

royalty

marketing

product

by-product

product

NTI

(by-product

Mine

(ounces)(i)

costs

ounce

adjustments(ii)

on hedges

costs(iii)

charges

basis)

metals

basis)

Payment(iv)

basis)(v)

LaRonde

80,290

118,862

1,480

(24,761)

248

4,579

1,232

(30,628)

851

851

Canadian Malartic

 

153,433

 

129,135

 

842

 

1,416

 

473

 

32,719

 

625

 

1,071

 

(5,886)

 

1,033

 

 

1,033

Goldex

 

32,992

 

40,650

 

1,232

 

(130)

 

105

 

 

1,243

 

1,269

 

(8,366)

 

1,015

 

 

1,015

Quebec

 

266,715

 

288,647

 

1,082

 

(23,475)

 

826

 

32,719

 

6,447

 

1,144

 

(44,880)

 

976

 

 

976

Detour Lake

 

195,026

 

137,964

 

707

 

11,492

 

580

 

14,448

 

783

 

847

 

(1,811)

 

838

 

 

838

Macassa

 

60,505

 

74,974

 

1,239

 

6,555

 

250

 

4,071

 

221

 

1,423

 

(354)

 

1,417

 

 

1,417

Ontario

 

255,531

 

212,938

 

833

 

18,047

 

830

 

18,519

 

1,004

 

984

 

(2,165)

 

975

 

 

975

Meliadine

 

93,735

 

119,808

 

1,278

 

(15,290)

 

310

 

 

118

 

1,120

 

(236)

 

1,117

 

 

1,117

Meadowbank

 

115,101

 

156,061

 

1,356

 

787

 

403

 

 

141

 

1,367

 

(1,869)

 

1,351

 

(39,765)

 

1,006

Nunavut

 

208,836

 

275,869

 

1,321

 

(14,503)

 

713

 

 

259

 

1,256

 

(2,105)

 

1,246

 

(39,765)

 

1,056

Fosterville

 

32,367

 

37,288

 

1,152

 

1,730

 

(31)

 

 

42

 

1,206

 

(139)

 

1,202

 

 

1,202

Australia

 

32,367

 

37,288

 

1,152

 

1,730

 

(31)

 

 

42

 

1,206

 

(139)

 

1,202

 

 

1,202

Kittila

 

54,964

 

63,579

 

1,157

 

811

 

(1,066)

 

 

(55)

 

1,151

 

(270)

 

1,146

 

 

1,146

Finland

 

54,964

 

63,579

 

1,157

 

811

 

(1,066)

 

 

(55)

 

1,151

 

(270)

 

1,146

 

 

1,146

Pinos Altos

 

22,195

 

57,085

 

2,572

 

4,239

 

(703)

 

 

388

 

2,749

 

(17,131)

 

1,977

 

 

1,977

Mexico

 

22,195

 

57,085

 

2,572

 

4,239

 

(703)

 

 

388

 

2,749

 

(17,131)

 

1,977

 

 

1,977

Corporate and Other(vi)

 

 

9,037

 

 

(9,037)

 

 

 

 

 

 

 

 

Consolidated

 

840,608

 

944,443

 

1,113

 

(22,188)

 

569

 

51,238

 

8,085

 

1,168

 

(66,690)

 

1,089

 

(39,765)

 

1,042


Notes:

(i)

Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 7,026 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 three months ended December 31, 2025 is $3.0 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.

(iv)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.

(v)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $1,022 at Meadowbank, $1,066 for the Nunavut region and $1,121 for the consolidated Company.

(vi)

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

39


Three Months Ended December 31, 2024

(United States dollars in thousands, except per ounce measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Total cash

Smelting,

Total cash

Total cash

costs per

Payable

Realized

refining

costs per

costs per

ounce

gold

Production

(gains)

In-kind

and

ounce (co-

Impact of

ounce (by-

(revised)

production

Production

costs per

Inventory

and losses

royalty

marketing

product

by-product

product

NTI

(by-product

Mine

(ounces)

costs

ounce

adjustments(i)

on hedges

costs(ii)

charges

basis)

metals

basis)

Payment(iv)

basis)(v)

LaRonde

 

90,447

 

67,954

 

751

 

19,352

 

1,009

 

 

3,921

 

1,020

 

(16,812)

 

834

 

 

834

Canadian Malartic

 

146,485

 

132,144

 

902

 

(3,273)

 

2,101

 

19,998

 

(60)

 

1,030

 

(2,441)

 

1,014

 

 

1,014

Goldex

 

32,341

 

29,446

 

910

 

2,920

 

447

 

 

1,050

 

1,047

 

(6,093)

 

859

 

 

859

Quebec

 

269,273

 

229,544

 

852

 

18,999

 

3,557

 

19,998

 

4,911

 

1,029

 

(25,346)

 

935

 

 

935

Detour Lake

 

179,061

 

117,713

 

657

 

5,947

 

2,320

 

9,626

 

569

 

761

 

(1,046)

 

755

 

 

755

Macassa

 

76,336

 

54,608

 

715

 

(4,645)

 

920

 

3,248

 

240

 

712

 

(358)

 

708

 

 

708

Ontario

 

255,397

 

172,321

 

675

 

1,302

 

3,240

 

12,874

 

809

 

747

 

(1,404)

 

741

 

 

741

Meliadine

 

94,648

 

95,817

 

1,012

 

822

 

1,553

 

 

150

 

1,039

 

(210)

 

1,037

 

 

1,037

Meadowbank

 

117,024

 

110,583

 

945

 

4,052

 

2,122

 

 

5

 

998

 

(1,186)

 

988

 

(5,591)

 

940

Nunavut

 

211,672

 

206,400

 

975

 

4,874

 

3,675

 

 

155

 

1,016

 

(1,396)

 

1,010

 

(5,591)

 

984

Fosterville

 

37,139

 

32,221

 

868

 

266

 

216

 

 

18

 

881

 

(103)

 

878

 

 

878

Australia

 

37,139

 

32,221

 

868

 

266

 

216

 

 

18

 

881

 

(103)

 

878

 

 

878

Kittila

 

51,893

 

50,799

 

979

 

2,382

 

289

 

 

(51)

 

1,029

 

(194)

 

1,026

 

 

1,026

Finland

 

51,893

 

50,799

 

979

 

2,382

 

289

 

 

(51)

 

1,029

 

(194)

 

1,026

 

 

1,026

Pinos Altos

 

18,583

 

45,251

 

2,435

 

(1,557)

 

68

 

 

307

 

2,371

 

(8,368)

 

1,921

 

 

1,921

Creston Mascota

 

54

 

 

 

 

 

 

 

 

 

 

 

La India

 

3,390

 

10,322

 

3,045

 

(4,102)

 

 

 

46

 

1,848

 

(47)

 

1,835

 

 

1,835

Mexico

 

22,027

 

55,573

 

2,523

 

(5,659)

 

68

 

 

353

 

2,285

 

(8,415)

 

1,903

 

 

1,903

Consolidated

 

847,401

 

746,858

 

881

 

22,164

 

11,045

 

32,872

 

6,195

 

966

 

(36,858)

 

923

 

(5,591)

 

916


Notes:

(i)

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 December 31, 2024 is $5.8 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $950 at Meadowbank, $990 for the Nunavut region and $959 for the consolidated Company.

40


Year Ended December 31, 2025

(United States dollars in thousands, except per ounce measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Total cash

Realized

Smelting,

Total cash

Total cash

costs per

Payable

(gains)

refining

costs per

Impact of

costs per

ounce

gold

Production

and

In-kind

and

ounce (co-

by-

ounce (by-

(revised)

production

Production

costs per

Inventory

losses on

royalty

marketing

product

product

product

NTI

(by-product

Mine

(ounces)(i)

costs

ounce

adjustments(ii)

hedges

costs(iii)

charges

basis)

metals

basis)

Payment(iv)

basis)(v)

LaRonde

 

344,555

 

360,025

 

1,045

 

(6,001)

 

980

 

 

14,251

 

1,072

 

(83,607)

 

829

 

 

829

Canadian Malartic

 

642,612

 

488,160

 

760

 

19,122

 

1,461

 

112,464

 

1,468

 

969

 

(14,566)

 

946

 

 

946

Goldex

 

125,501

 

148,952

 

1,187

 

2,288

 

413

 

 

4,382

 

1,243

 

(30,280)

 

1,002

 

 

1,002

Quebec

 

1,112,668

 

997,137

 

896

 

15,409

 

2,854

 

112,464

 

20,101

 

1,032

 

(128,453)

 

917

 

 

917

Detour Lake

 

692,675

 

565,439

 

816

 

(1,863)

 

1,226

 

44,714

 

5,167

 

887

 

(6,135)

 

879

 

 

879

Macassa

 

312,729

 

221,718

 

709

 

11,146

 

987

 

15,559

 

492

 

799

 

(2,016)

 

793

 

 

793

Ontario

 

1,005,404

 

787,157

 

783

 

9,283

 

2,213

 

60,273

 

5,659

 

860

 

(8,151)

 

852

 

 

852

Meliadine

 

376,346

 

402,385

 

1,069

 

(980)

 

1,038

 

 

220

 

1,070

 

(1,091)

 

1,067

 

 

1,067

Meadowbank

 

493,314

 

552,470

 

1,120

 

(586)

 

1,318

 

 

539

 

1,122

 

(6,402)

 

1,110

 

(90,004)

 

928

Nunavut

 

869,660

 

954,855

 

1,098

 

(1,566)

 

2,356

 

 

759

 

1,100

 

(7,493)

 

1,091

 

(90,004)

 

988

Fosterville

 

160,522

 

146,382

 

912

 

4,554

 

(59)

 

 

124

 

941

 

(567)

 

937

 

 

937

Australia

 

160,522

 

146,382

 

912

 

4,554

 

(59)

 

 

124

 

941

 

(567)

 

937

 

 

937

Kittila

 

217,379

 

236,238

 

1,087

 

2,199

 

(2,624)

 

 

(214)

 

1,084

 

(703)

 

1,081

 

 

1,081

Finland

 

217,379

 

236,238

 

1,087

 

2,199

 

(2,624)

 

 

(214)

 

1,084

 

(703)

 

1,081

 

 

1,081

Pinos Altos

 

81,734

 

205,808

 

2,518

 

6,058

 

(1,234)

 

 

1,282

 

2,593

 

(47,945)

 

2,006

 

 

2,006

Mexico

 

81,734

 

205,808

 

2,518

 

6,058

 

(1,234)

 

 

1,282

 

2,593

 

(47,945)

 

2,006

 

 

2,006

Corporate and Other(vi)

 

 

13,107

 

 

(13,107)

 

 

 

 

 

 

 

 

Consolidated

 

3,447,367

 

3,340,684

 

965

 

22,830

 

3,506

 

172,737

 

27,711

 

1,035

 

(193,312)

 

979

 

(90,004)

 

953


Notes:

(i)

Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 9,468 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 year ended December 31, 2025 is $9.2 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.

(iv)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.

(v)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $940 at Meadowbank, $997 for the Nunavut region and $1,009 for the consolidated Company.

(vi)

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

41


Year Ended December 31, 2024

(United States dollars in thousands, except per ounce measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Total cash

Smelting,

Total cash

Total cash

costs per

Payable

Realized

refining

costs per

Impact

costs per

ounce

gold

Production

(gains)

In-kind

and

ounce (co-

of by-

ounce (by-

(revised)

production

Production

costs per

Inventory

and losses

royalty

marketing

product

product

product

NTI

(by-product

Mine

(ounces)

costs

ounce

adjustments(i)

on hedges

costs(ii)

charges

basis)

metals

basis)

Payment(iii)

 

basis(iv)

LaRonde

 

306,750

 

319,495

 

1,042

 

10,280

 

1,840

 

 

15,552

 

1,132

 

(57,287)

 

945

 

 

945

Canadian Malartic

 

655,654

 

532,037

 

811

 

3,803

 

4,138

 

77,504

 

726

 

943

 

(8,386)

 

930

 

 

930

Goldex

 

130,813

 

129,977

 

994

 

2,438

 

816

 

 

3,009

 

1,041

 

(15,452)

 

923

 

 

923

Quebec

 

1,093,217

 

981,509

 

898

 

16,521

 

6,794

 

77,504

 

19,287

 

1,008

 

(81,125)

 

933

 

 

933

Detour Lake

 

671,950

 

497,079

 

740

 

(1,348)

 

4,714

 

32,072

 

5,716

 

801

 

(3,049)

 

796

 

 

796

Macassa

 

279,384

 

201,371

 

721

 

(3,607)

 

1,679

 

10,082

 

482

 

752

 

(1,020)

 

748

 

 

748

Ontario

 

951,334

 

698,450

 

734

 

(4,955)

 

6,393

 

42,154

 

6,198

 

787

 

(4,069)

 

782

 

 

782

Meliadine

 

378,886

 

350,280

 

924

 

3,279

 

3,165

 

 

250

 

942

 

(860)

 

940

 

 

940

Meadowbank

 

504,719

 

463,464

 

918

 

9,464

 

4,624

 

 

(41)

 

946

 

(4,138)

 

938

 

(21,435)

 

896

Nunavut

 

883,605

 

813,744

 

921

 

12,743

 

7,789

 

 

209

 

944

 

(4,998)

 

938

 

(21,435)

 

914

Fosterville

 

225,203

 

147,045

 

653

 

(1,011)

 

222

 

 

70

 

650

 

(565)

 

647

 

 

647

Australia

 

225,203

 

147,045

 

653

 

(1,011)

 

222

 

 

70

 

650

 

(565)

 

647

 

 

647

Kittila

 

218,860

 

227,334

 

1,039

 

(1,172)

 

151

 

 

(212)

 

1,033

 

(483)

 

1,031

 

 

1,031

Finland

 

218,860

 

227,334

 

1,039

 

(1,172)

 

151

 

 

(212)

 

1,033

 

(483)

 

1,031

 

 

1,031

Pinos Altos

 

88,433

 

168,231

 

1,902

 

678

 

68

 

 

1,287

 

1,925

 

(34,924)

 

1,530

 

 

1,530

Creston Mascota

 

104

 

 

 

 

 

 

 

 

 

 

 

La India

 

24,580

 

49,767

 

2,025

 

(1,322)

 

 

 

401

 

1,987

 

(1,038)

 

1,945

 

 

1,945

Mexico

 

113,117

 

217,998

 

1,927

 

(644)

 

68

 

 

1,688

 

1,937

 

(35,962)

 

1,619

 

 

1,619

Consolidated

 

3,485,336

 

3,086,080

 

885

 

21,482

 

21,417

 

119,658

 

27,240

 

940

 

(127,202)

 

903

 

(21,435)

 

897


Notes:

(i)

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 year ended December 31, 2024 is $5.8 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $904 at Meadowbank, $920 for the Nunavut region and $934 for the consolidated Company.

42


Reconciliation of Production Costs to Minesite Costs per Tonne by Mine

Three Months Ended December 31, 2025

(thousands, except per tonne measures or as otherwise noted)

Smelting,

Minesite

Production

refining and

Minesite

costs per

Production

costs per

Inventory

In-kind

marketing

costs per

NTI

tonne

Tonnes of

costs

tonne

adjustments

royalty costs

charges

tonne

Payment

(revised)

ore milled

Production

(local

(local

(local

(local

(local

(local

(local

(local

Mine

  ​ ​ ​

(thousands)

  ​ ​ ​

costs ($)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(i)

  ​ ​ ​

currency)(ii)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(iii)

  ​ ​ ​

currency)(iv)

LaRonde

 

692

$

118,862

C$

165,522

C$

239

C$

(34,613)

C$

C$

(8,304)

C$

177

C$

C$

177

Canadian Malartic

 

5,204

$

129,135

C$

178,479

C$

34

C$

2,067

C$

45,492

C$

C$

43

C$

C$

43

Goldex

 

847

$

40,650

C$

56,502

C$

67

C$

(134)

C$

C$

C$

67

C$

C$

67

Quebec

 

6,743

$

288,647

C$

400,503

C$

59

C$

(32,680)

C$

45,492

C$

(8,304)

C$

60

C$

C$

60

Detour Lake

 

7,052

$

137,964

C$

191,204

C$

27

C$

15,844

C$

20,064

C$

C$

32

C$

C$

32

Macassa

 

149

$

74,974

C$

104,131

C$

697

C$

8,961

C$

5,657

C$

C$

795

C$

C$

795

Ontario

 

7,201

$

212,938

C$

295,335

C$

41

C$

24,805

C$

25,721

C$

C$

48

C$

C$

48

Meliadine

 

621

$

119,808

C$

165,888

C$

267

C$

(20,784)

C$

C$

C$

234

C$

C$

234

Meadowbank

 

1,035

$

156,061

C$

217,208

C$

210

C$

978

C$

C$

C$

211

C$

(55,345)

C$

158

Nunavut

 

1,656

$

275,869

C$

383,096

C$

231

C$

(19,806)

C$

C$

C$

219

C$

(55,345)

C$

186

Fosterville

 

177

$

37,288

A$

56,741

A$

321

A$

2,584

A$

A$

A$

335

A$

A$

335

Australia

 

177

$

37,288

A$

56,741

A$

321

A$

2,584

A$

A$

A$

335

A$

A$

335

Kittila

 

543

$

63,579

54,592

101

668

102

102

Finland

 

543

$

63,579

54,592

101

668

102

102

Pinos Altos

 

467

$

57,085

$

57,085

$

122

$

3,536

$

$

$

130

$

$

130

Mexico

 

467

$

57,085

$

57,085

$

122

$

3,536

$

$

$

130

$

$

130


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 December 31, 2025 is C$4.2 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.

(ii)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same.

43


Three Months Ended December 31, 2024

(thousands, except per tonne measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Smelting,

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Minesite

Production

refining and

costs per

costs per

Inventory

In-kind

marketing

Minesite

NTI

tonne

Tonnes of

Production

tonne

adjustments

royalty costs

charges

costs per

Payment

(revised)

ore milled

Production

costs (local

(local

(local

(local

(local

tonne (local 

(local

(local

Mine

  ​ ​ ​

(thousands)

  ​ ​ ​

costs ($)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(i)

  ​ ​ ​

currency)(ii)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(iii)

  ​ ​ ​

currency)(iv)

LaRonde

 

802

$

67,954

C$

94,608

C$

118

C$

26,811

C$

C$

(4,131)

C$

146

C$

C$

146

Canadian Malartic

 

5,100

$

132,144

C$

183,826

C$

36

C$

(3,782)

C$

27,919

C$

C$

41

C$

C$

41

Goldex

 

812

$

29,446

C$

41,201

C$

51

C$

4,282

C$

C$

C$

56

C$

C$

56

Quebec

 

6,714

$

229,544

C$

319,635

C$

48

C$

27,311

C$

27,919

C$

(4,131)

C$

55

C$

C$

55

Detour Lake

 

7,086

$

117,713

C$

163,506

C$

23

C$

9,164

C$

13,587

C$

C$

26

C$

C$

26

Macassa

 

154

$

54,608

C$

76,615

C$

498

C$

(6,073)

C$

4,595

C$

C$

489

C$

C$

489

Ontario

 

7,240

$

172,321

C$

240,121

C$

33

C$

3,091

C$

18,182

C$

C$

36

C$

C$

36

Meliadine

 

516

$

95,817

C$

133,149

C$

257

C$

2,854

C$

C$

C$

263

C$

C$

263

Meadowbank

 

999

$

110,583

C$

154,295

C$

154

C$

6,764

C$

C$

C$

161

C$

(7,802)

C$

153

Nunavut

 

1,515

$

206,400

C$

287,444

C$

190

C$

9,618

C$

C$

C$

196

C$

(7,802)

C$

191

Fosterville

 

158

$

32,221

A$

50,159

A$

319

A$

788

A$

A$

A$

325

A$

A$

325

Australia

 

158

$

32,221

A$

50,159

A$

317

A$

788

A$

A$

A$

325

A$

A$

325

Kittila

 

476

$

50,799

47,910

100

2,721

106

106

Finland

 

476

$

50,799

47,910

100

2,721

106

106

Pinos Altos

 

381

$

45,251

$

45,251

$

119

$

(1,489)

$

$

$

115

$

$

115

La India(V)

 

$

10,322

$

10,322

$

$

(10,322)

$

$

$

$

$

Mexico

 

381

$

55,573

$

55,573

$

146

$

(11,811)

$

$

$

115

$

$

115


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 December 31, 2024 is C$8.1 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same.

(v)

La India’s cost calculations per tonne for the three months ended December 31, 2024 exclude approximately $10.3 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

44


Year Ended December 31, 2025

(thousands, except per tonne measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Smelting,

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Minesite

In-kind

refining and

Minesite

costs per

Production

Production

Inventory

royalty

marketing

costs per

NTI

tonne

Tonnes of

costs

costs per

adjustments

costs

charges

tonne

Payment

(revised)

ore milled

Production

(local

tonne (local

(local

(local

(local

(local

(local

(local

Mine

  ​ ​ ​

(thousands)

  ​ ​ ​

costs ($)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(i)

  ​ ​ ​

currency)(ii)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(iii)

  ​ ​ ​

currency)(iv)

LaRonde

 

2,805

 

360,025

C$

502,885

C$

179

C$

(8,668)

C$

C$

(28,060)

C$

166

C$

C$

166

Canadian Malartic

 

20,123

 

488,160

C$

677,283

C$

34

C$

26,400

C$

156,954

C$

C$

43

C$

C$

43

Goldex

 

3,301

 

148,952

C$

207,895

C$

63

C$

3,062

C$

C$

C$

64

C$

C$

64

Quebec

 

26,229

 

997,137

C$

1,388,063

C$

53

C$

20,794

C$

156,954

C$

(28,060)

C$

59

C$

C$

59

Detour Lake

 

27,869

 

565,439

C$

788,172

C$

28

C$

(3,108)

C$

62,362

C$

C$

30

C$

C$

30

Macassa

 

573

 

221,718

C$

309,381

C$

540

C$

15,225

C$

21,718

C$

C$

604

C$

C$

604

Ontario

 

28,442

 

787,157

C$

1,097,553

C$

39

C$

12,117

C$

84,080

C$

C$

42

C$

C$

42

Meliadine

 

2,351

 

402,385

C$

560,026

C$

238

C$

(2,275)

C$

C$

C$

237

C$

C$

237

Meadowbank

 

3,941

 

552,470

C$

768,109

C$

195

C$

(1,616)

C$

C$

C$

194

C$

(125,132)

C$

162

Nunavut

 

6,292

 

954,855

C$

1,328,135

C$

211

C$

(3,891)

C$

C$

C$

210

C$

(125,132)

C$

190

Fosterville

 

726

 

146,382

A$

225,362

A$

310

A$

6,729

A$

A$

A$

320

A$

A$

320

Australia

 

726

 

146,382

A$

225,362

A$

310

A$

6,729

A$

A$

A$

320

A$

A$

320

Kittila

 

2,105

 

236,238

209,121

99

867

100

100

Finland

 

2,105

 

236,238

209,121

99

867

100

100

Pinos Altos

 

1,720

 

205,808

$

205,808

$

120

$

4,824

$

$

$

122

$

$

122

Mexico

 

1,720

 

205,808

$

205,808

$

120

$

4,824

$

$

$

122

$

$

122


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 year ended December 31, 2025 is C$12.9 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same.

45


Year Ended December 31, 2024

(thousands, except per tonne measures or as otherwise noted)

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Minesite

In-kind

Smelting,

costs per

Production

Production

Inventory

royalty

refining and

Minesite

NTI

tonne

Tonnes of

costs

costs per

adjustments

costs

marketing

costs per

Payment

(revised)

ore milled

Production

(local

tonne (local

(local

(local

charges (local

tonne (local

(local

(loca

Mine

  ​ ​ ​

(thousands)

  ​ ​ ​

costs ($)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(i)

  ​ ​ ​

currency)(ii)

  ​ ​ ​

currency)

  ​ ​ ​

currency)

  ​ ​ ​

currency)(iii)

  ​ ​ ​

currency)(iv)

LaRonde

 

2,849

 

319,495

C$

436,230

C$

153

C$

15,934

C$

C$

(12,150)

C$

154

C$

C$

154

Canadian Malartic

 

20,317

 

532,037

C$

726,836

C$

36

C$

6,048

C$

106,163

C$

C$

41

C$

C$

41

Goldex

 

3,076

 

129,977

C$

177,816

C$

58

C$

3,702

C$

C$

C$

59

C$

C$

59

Quebec

 

26,242

 

981,509

C$

1,340,882

C$

51

C$

25,684

C$

106,163

C$

(12,150)

C$

56

C$

C$

56

Detour Lake

 

27,462

 

497,079

C$

678,877

C$

25

C$

(458)

C$

44,125

C$

C$

26

C$

C$

26

Macassa

 

574

 

201,371

C$

276,532

C$

482

C$

(4,605)

C$

13,896

C$

C$

498

C$

C$

498

Ontario

 

28,036

 

698,450

C$

955,409

C$

34

C$

(5,063)

C$

58,021

C$

C$

36

C$

C$

36

Meliadine

 

1,966

 

350,280

C$

478,335

C$

243

C$

6,578

C$

C$

C$

247

C$

C$

247

Meadowbank

 

4,143

 

463,464

C$

632,661

C$

153

C$

14,234

C$

C$

C$

156

C$

(29,261)

C$

149

Nunavut

 

6,109

 

813,744

C$

1,110,996

C$

182

C$

20,812

C$

C$

C$

185

C$

(29,261)

C$

180

Fosterville

 

810

 

147,045

A$

224,121

A$

277

A$

(1,253)

A$

A$

A$

276

A$

A$

276

Australia

 

810

 

147,045

A$

224,121

A$

277

A$

(1,253)

A$

A$

A$

276

A$

A$

276

Kittila

 

2,026

 

227,334

210,285

103

(633)

103

103

Finland

 

2,026

 

227,334

210,285

103

(633)

103

103

Pinos Altos

 

1,707

 

168,231

$

168,231

$

99

$

746

$

$

$

99

$

$

99

La India(iii)

 

 

49,767

$

49,767

$

$

(49,767)

$

$

$

$

$

Mexico

 

1,707

 

217,998

$

217,998

$

128

$

(49,021)

$

$

$

99

$

$

99


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 year ended December 31, 2024 is C$8.1 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)

In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne.

(iii)

For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne.

(iv)

For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same.

(v)

La India’s cost calculations per tonne for the year ended December 31, 2024 exclude approximately $49.8 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

46


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 (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. 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. In this news release, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see Total cash costs per ounce and Minesite Costs per Tonne Total cash costs per ounce for a discussion of regarding the Companys use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including all-in sustaining costs per ounce, to adjust for the NTI Payments, that is, payments made to NTI under the Companys mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of total cash costs per ounce, discussed above in Total Cash Costs Per Ounce and Minesite Costs Per Tonne Total Cash Costs per Ounce. For the reasons outlined above in respect of the change to the composition of total cash costs per ounce, the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Companys mines. Where this new composition is used, this news release will indicate by referring to the non-GAAP measure as all-in sustaining costs per ounce (revised).

Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful 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 AISC per ounce is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.

The Companys revised composition of AISC per ounce remains consistent with the guidance on AISC per ounce released by the World Gold Council (WGC) in 2018, except in respect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as an income tax under IFRS and therefore excluded from the Companys AISC calculations. 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 Companys adoption of the WGCs guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.

47


The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three and twelve months ended December 31, 2025 and December 31, 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).

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

(United States dollars per ounce, except where noted)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Production costs per the consolidated statements of income (thousands)

$

944,443

$

746,858

$

3,340,684

$

3,086,080

Less: Production costs from non-operating minesites

 

(9,037)

 

 

(13,107)

 

Adjusted production costs

 

935,406

 

746,858

 

3,327,577

 

3,086,080

Gold production (ounces)(i)

 

840,608

 

847,401

 

3,447,367

 

3,485,336

Production costs per ounce

$

1,113

$

881

$

965

$

885

Adjustments:

 

  ​

 

  ​

 

  ​

 

  ​

Inventory adjustments(ii)

 

(15)

 

26

 

11

 

7

In-kind royalty(iii)

 

61

 

39

 

50

 

34

Realized gains and losses on hedges of production costs

 

1

 

13

 

1

 

6

Smelting, refining, and marketing charges

 

8

 

7

 

8

 

8

Total cash costs per ounce (co-product basis)

$

1,168

$

966

$

1,035

$

940

Impact of by-product metals

 

(79)

 

(43)

 

(56)

 

(37)

Total cash costs per ounce (by-product basis)

$

1,089

$

923

$

979

$

903

Adjustments:

 

  ​

 

  ​

 

  ​

 

  ​

Sustaining capital expenditures (including capitalized exploration)

 

350

 

302

 

274

 

258

General and administrative expenses (including stock option expense)

 

59

 

73

 

68

 

60

Non-cash reclamation provision and sustaining leases(iv)

 

19

 

18

 

18

 

18

All-in sustaining costs per ounce (by-product basis)

$

1,517

$

1,316

$

1,339

$

1,239

Impact of by-product metals

 

79

 

43

 

56

 

37

All-in sustaining costs per ounce (co-product basis)

$

1,596

$

1,359

$

1,395

$

1,276

NTI Payment(v)

 

(47)

 

(7)

 

(26)

 

(6)

All-in sustaining costs per ounce (revised) (by-product basis)(v)

 

1,470

 

1,309

 

1,313

 

1,233

All-in sustaining costs per ounce (revised) (co-product basis)(v)

$

1,549

$

1,352

$

1,369

$

1,270


Notes:

(i)Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 7,026 ounces of gold recovered at Hope Bay. Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 9,468 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 three months ended December 31, 2025 and December 31, 2024 are $3.0 million, $5.8 million, respectively, in association 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. Included in inventory adjustments for Canadian Malartic for the years ended December 31, 2025 and December 31, 2024 are $9.2 million, $5.8 million, respectively, in association 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)In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalty of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production ounces of payable production of gold at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of all-in sustaining costs per ounce
(iv)Sustaining leases are lease payments related to sustaining assets.
(v)For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “all-in sustaining costs per ounce” on both a by-product and co-product basis to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of all-in sustaining costs per ounce. See discussion above under “All-in Sustaining Cost per Ounce”.

48


Adjusted net income and adjusted net income per share

Adjusted net income takes the net income as recorded in the consolidated statements of income and adjusts for the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Companys 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 charges, 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, self-insurance losses, sale of non-strategic properties, multi-year donations, 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 Companys continuing income generating capabilities from its core mining business, excluding the 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 a reconciliation of net income per the consolidated statements of income to adjusted net income for the three and twelve months ended December 31, 2025, and December 31, 2024.

Three Months Ended

Year Ended

December 31,

December 31,

(thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Net income for the period - basic

$

1,523,061

$

509,255

$

4,461,461

$

1,895,581

Dilutive impact of cash settling LTIP

 

2,965

 

 

 

Net income for the period - diluted

$

1,526,026

$

509,255

$

4,461,461

$

1,895,581

Foreign currency translation (gain) loss

 

(7,464)

 

10,131

 

(25,654)

 

9,383

(Gain) loss on derivative financial instruments

 

(50,079)

 

107,429

 

(223,960)

 

155,819

Environmental remediation

 

18,905

 

3,518

 

43,239

 

14,719

Net loss on disposal of property, plant and equipment

 

23,395

 

11,883

 

41,219

 

37,669

Purchase price allocation to inventory(i)

 

(2,987)

 

(5,771)

 

(9,221)

 

(5,771)

Debt extinguishment costs

 

 

 

8,245

 

Impairment reversal

 

(229,000)

 

 

(229,000)

 

Impairment loss(ii)

 

 

 

10,554

 

Loss on sale of equity securities

 

 

 

40,175

 

Other(iii)

 

 

6,340

 

2,077

 

19,555

Income and mining taxes adjustments(iv)

 

74,710

 

(10,329)

 

50,034

 

(9,183)

Adjusted net income for the period - basic

$

1,350,541

$

632,456

$

4,169,169

$

2,117,772

Adjusted net income for the period - diluted

$

1,353,506

$

632,456

$

4,169,169

$

2,117,772


Notes:

(i)As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income.
(ii)Relates to the Company’s ownership percentage of an impairment loss recorded by an associate.
(iii)Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period.
(iv)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.

49


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 consolidated statements of income.

Adjusted EBITDA removes the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Companys 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, impairment loss charges and reversals, 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, gains and losses on the sale of equity securities, self-insurance losses, gains on the sale of non-strategic exploration properties, multi-year health care donations, disposals of supplies inventory at non-operating sites and retroactive payments.

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 Companys 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 a reconciliation of net income per the consolidated statements of income to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2025, and December 31, 2024.

Three Months Ended

Year Ended

December 31,

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

(thousands)

Net income for the period

$

1,523,061

$

509,255

$

4,461,461

$

1,895,581

Finance costs

 

17,118

 

27,473

 

91,145

 

126,738

Amortization of property, plant and mine development

 

421,594

 

388,217

 

1,645,297

 

1,514,076

Income and mining tax expense

 

794,092

 

273,256

 

2,242,450

 

925,974

EBITDA

 

2,755,865

 

1,198,201

 

8,440,353

 

4,462,369

Foreign currency translation (gain) loss

 

(7,464)

 

10,131

 

(25,654)

 

9,383

(Gain) loss on derivative financial instruments

 

(50,079)

 

107,429

 

(223,960)

 

155,819

Environmental remediation

 

18,905

 

3,518

 

43,239

 

14,719

Net loss on disposal of property, plant and equipment

 

23,395

 

11,883

 

41,219

 

37,669

Purchase price allocation to inventory(i)

 

(2,987)

 

(5,771)

 

(9,221)

 

(5,771)

Impairment reversal

 

(229,000)

 

 

(229,000)

 

Impairment loss(ii)

 

 

 

10,554

 

Loss on sale of equity securities

 

 

 

40,175

 

Other(iii)

 

 

6,340

 

2,077

 

19,555

Adjusted EBITDA

$

2,508,635

$

1,331,731

$

8,089,782

$

4,693,743


Notes:

(i)As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired.These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income.
(ii)Relates to the Company’s ownership percentage of an impairment loss recorded by an associate.
(iii)Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period.

50


Cash provided by operating activities before changes in non-cash components of working capital and its per share ratio

Cash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the condensed interim consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards measure is provided below.

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 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 and accounts payable and accrued liabilities.

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Companys 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 working capital also provide investors with information about the Companys 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 a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before changes in non-cash components of working capital for the three and twelve months ended December 31, 2025, and December 31, 2024.

Three Months Ended

Year Ended

December 31,

December 31,

(thousands, except where noted)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Cash provided by operating activities

$

2,111,504

$

1,131,849

$

6,817,113

$

3,960,892

Additions to property, plant and mine development

 

(801,270)

 

(562,163)

 

(2,418,200)

 

(1,817,949)

Free cash flow

 

1,310,234

 

569,686

 

4,398,913

 

2,142,943

Changes in income taxes

 

(395,263)

 

(116,595)

 

(886,371)

 

(259,327)

Changes in inventory

 

(4,452)

 

42,573

 

160,744

 

208,300

Changes in other current assets

 

26,185

 

(17,403)

 

43,969

 

(1,166)

Changes in accounts payable and accrued liabilities

 

72,122

 

49,658

 

(122,639)

 

(27,831)

Free cash flow before changes in non-cash components of working capital

$

1,008,826

$

527,919

$

3,594,616

$

2,062,919

Additions to property, plant and mine development

 

801,270

 

562,163

 

2,418,200

 

1,817,949

Cash provided by operating activities before changes in non-cash components of working capital

$

1,810,096

$

1,090,082

$

6,012,816

$

3,880,868

Cash provided by operating activities per share - basic

$

4.22

$

2.26

$

13.58

$

7.92

Cash provided by operating activities before changes in non-cash components of working capital per share - basic

$

3.61

$

2.17

$

11.98

$

7.76

Free cash flow per share - basic

$

2.62

$

1.14

$

8.76

$

4.29

Free cash flow before changes in non-cash components of working capital per share - basic

$

2.01

$

1.05

$

7.16

$

4.13

51


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 consolidated financial 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; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; 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, such as 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 helpful to investors as it provides them with additional information about the Companys underlying operating results, though it 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 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 consolidated statements of cash flows for the three and twelve months ended December 31, 2025 and December 31, 2024.

Three Months Ended

Year Ended

December 31,

December 31,

(thousands)

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Sustaining capital expenditures

$

288,903

$

256,266

$

931,198

$

890,051

Sustaining capitalized exploration

 

7,420

 

3,578

 

23,755

 

18,702

Development capital expenditures

 

412,830

 

264,442

 

1,141,754

 

767,366

Development capitalized exploration

 

81,192

 

51,559

 

294,680

 

164,841

Total Capital Expenditures

$

790,345

$

575,845

$

2,391,387

$

1,840,960

Working capital adjustments

 

10,925

 

(13,682)

 

26,813

 

(23,011)

Additions to property, plant and mine development per the consolidated statements of cash flows

$

801,270

$

562,163

$

2,418,200

$

1,817,949

52


Net cash (debt)

Net cash (debt) is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net cash (debt) is useful to help investors determine the Companys overall cash (debt) position and to evaluate the future debt capacity of the Company. The Company changed the label for this non-GAAP measure from net debt to net cash (debt) as the Company believes that reporting a positive net cash position is more clear and understandable to readers than a negative net debt position. The Companys method of calculating this non-GAAP measure has not changed.

The following table sets out a reconciliation of long-term debt per the consolidated balance sheets to net cash (debt) as at December 31, 2025, and December 31, 2024.

As at

As at

(thousands)

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Current portion of long-term debt per the consolidated balance sheets

  ​ ​ ​

$

  ​ ​ ​

$

(90,000)

Non-current portion of long-term debt

 

(196,271)

 

(1,052,956)

Long-term debt

$

(196,271)

$

(1,142,956)

Cash and cash equivalents

$

2,866,053

$

926,431

Net cash (debt)

$

2,669,782

$

(216,525)

Forward-Looking Non-GAAP Measures

This news release also contains information as to estimated future total cash costs per ounce, minesite costs per tonne and AISC per ounce. The estimates are based upon the total cash costs per ounce, minesite costs per tonne and AISC per ounce 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 above, 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.

53


Forward-Looking Statements

The information in this news release has been prepared as at February 12, 2026. Certain statements contained in this news release constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian provincial securities laws and are referred to herein as forward-looking statements. 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. When used in this news release, the words achieve, aim, anticipate, commit, could, envisions, estimate, expect, forecast, future, guide, objective, plan, potential, schedule, target, track, will, and similar expressions are intended to identify forward-looking statements. Such statements include the Companys 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, other expenses and cash flows; the potential for additional gold production at the Companys sites, including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s; the estimated timing and conclusions of the Companys studies and evaluations; the methods by which ore will be extracted or processed; the Companys plans at Detour Lake underground, Upper Beaver, Odyssey, Hope Bay and San Nicolás, including the approval, timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Companys fill-the-mill strategy at Canadian Malartic; 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 expenditures 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 Companys ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Companys mine sites; the Companys plans and strategies with respect to sustainability initiatives; the sufficiency of the Companys cash resources; the Companys plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Companys unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; and anticipated trends with respect to the Companys operations, exploration and the funding thereof. Such statements reflect the Companys views as at the date of this news release 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 managements discussion and analysis for the year ended December 31, 2025 (the MD&A) and the Companys Annual Information Form (the AIF) for the year ended December 31, 2024 (and, when available, the Companys AIF for the year ended December 31, 2025) filed with Canadian securities regulators and 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 Eagles properties proceeds on a basis consistent with current expectations and plans; that the Companys 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 consistent with Agnico Eagles 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 Eagles 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 Companys operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Companys efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Companys current plans to address climate change and reduce greenhouse gas emissions are successful; that the Companys 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 Companys 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 Companys 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 Companys operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks

54


associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Companys stock price; risks associated with the Companys 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, South America 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 Companys ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the 2024 AIF (and, when available, the 2025 AIF) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Companys 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.

Notes to Investors Regarding Certain Project Evaluations

The forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the fill-the-mill strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.

The basis for the internal evaluations and the qualifications and assumptions made by the qualified persons who undertook the internal evaluations are set out in this news release and the news releases dated June 29, 2024 for Detour Lake underground and dated July 31, 2024 for Upper Beaver. The results of the internal evaluations had no impact on the results of any pre-feasibility or feasibility study. An updated internal evaluation is expected in the second quarter of 2026 for Hope Bay, in the first quarter of 2027 for the fill-the-mill strategy at Canadian Malartic and in mid-2027 for Detour Lake and Upper Beaver.

Notes to Investors Regarding the Use of Mineral Resources

The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian Securities Administrators (the CSA) National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

The SECs disclosure requirements and policies for mining properties now more closely align with current industry and global regulatory practices and standards, including NI 43-101; however Canadian issuers that report in the United States using the Multijurisdictional Disclosure System (MJDS), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SECs MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.

Investors are cautioned that while the SEC recognizes measured mineral resources, indicated mineral resources and inferred mineral resources, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that the Company reports in this news release are or will be economically or legally mineable.

Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is or will ever be economically or legally mineable.

The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.

55


Scientific and Technical Information

The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a Qualified Person for the purposes of NI 43-101.

Detailed Mineral Reserve and Mineral Resource Data

Variances in down-adding and cross-adding are due to rounding

Mineral Reserves as at December 31, 2025

Operation / Project

Proven

Probable

Proven & Probable

Mining

000

000 Oz

000

000 Oz

000

000 Oz

Recovery

Gold

Method*

Tonnes

g/t

Au

Tonnes

g/t

Au

Tonnes

g/t

Au

%**

LaRonde mine1

  ​ ​ ​

U/G

  ​ ​ ​

2,469

  ​ ​ ​

4.65

  ​ ​ ​

369

  ​ ​ ​

8,158

  ​ ​ ​

6.06

  ​ ​ ​

1,590

  ​ ​ ​

10,627

  ​ ​ ​

5.73

  ​ ​ ​

1,959

  ​ ​ ​

94.4

LaRonde Zone 52

 

U/G

 

6,405

 

2.02

 

415

 

6,800

 

2.17

 

474

 

13,205

 

2.09

 

889

 

94.5

LaRonde Total

 

  ​

 

8,874

 

2.75

 

784

 

14,959

 

4.29

 

2,064

 

23,832

 

3.72

 

2,848

 

  ​

Canadian Malartic mine3

 

O/P

 

36,896

 

0.50

 

597

 

21,697

 

1.22

 

852

 

58,594

 

0.77

 

1,449

 

88.8

Marban deposit4

 

O/P

 

 

 

 

51,618

 

0.95

 

1,577

 

51,618

 

0.95

 

1,577

 

90.0

Odyssey deposit5

 

U/G

 

29

 

2.37

 

2

 

4,758

 

2.12

 

325

 

4,787

 

2.12

 

327

 

95.0

East Gouldie6

 

U/G

 

 

 

 

54,943

 

3.23

 

5,699

 

54,943

 

3.23

 

5,699

 

94.4

Odyssey Mine Total

 

  ​

 

29

 

2.37

 

2

 

59,701

 

3.14

 

6,024

 

59,730

 

3.14

 

6,026

 

  ​

Canadian Malartic Total

 

  ​

 

36,925

 

0.50

 

599

 

133,016

 

1.98

 

8,453

 

169,941

 

1.66

 

9,052

 

  ​

Goldex7

 

U/G

 

6,255

 

1.48

 

298

 

9,065

 

1.68

 

488

 

15,320

 

1.60

 

786

 

85.9

Akasaba West8

 

O/P

 

969

 

0.82

 

26

 

2,807

 

0.96

 

86

 

3,777

 

0.92

 

112

 

77.6

Goldex Total

 

  ​

 

7,225

 

1.39

 

324

 

11,872

 

1.51

 

575

 

19,097

 

1.46

 

898

 

  ​

Wasamac

 

U/G

 

 

 

 

14,757

 

2.90

 

1,377

 

14,757

 

2.90

 

1,377

 

89.7

Quebec Total

 

  ​

 

53,023

 

1.00

 

1,707

 

174,603

 

2.22

 

12,468

 

227,626

 

1.94

 

14,175

 

  ​

Detour Lake (At or above 0.5 g/t)

 

O/P

 

66,690

 

1.08

 

2,313

 

434,448

 

0.90

 

12,641

 

501,138

 

0.93

 

14,954

 

88.4

Detour Lake (Below 0.5 g/t)

 

O/P

 

53,681

 

0.42

 

722

 

243,242

 

0.37

 

2,899

 

296,923

 

0.38

 

3,621

 

88.4

Detour Lake Total9

 

  ​

 

120,371

 

0.78

 

3,035

 

677,690

 

0.71

 

15,540

 

798,061

 

0.72

 

18,575

 

  ​

Macassa10

 

U/G

 

612

 

10.43

 

205

 

6,013

 

8.68

 

1,678

 

6,625

 

8.84

 

1,883

 

95.9

Macassa Near Surface11

 

U/G

 

3

 

2.11

 

 

80

 

3.91

 

10

 

84

 

3.84

 

10

 

93.5

AK deposit12

 

U/G

 

126

 

4.35

 

18

 

1,975

 

4.54

 

288

 

2,101

 

4.53

 

306

 

93.5

Macassa Total

 

  ​

 

742

 

9.36

 

223

 

8,068

 

7.62

 

1,976

 

8,810

 

7.77

 

2,200

 

  ​

Upper Beaver

 

O/P

 

 

 

 

3,235

 

1.82

 

189

 

3,235

 

1.82

 

189

 

95.5

Upper Beaver

 

U/G

 

 

 

 

19,946

 

4.02

 

2,579

 

19,946

 

4.02

 

2,579

 

95.5

Upper Beaver Total13

 

  ​

 

 

 

 

23,181

 

3.71

 

2,768

 

23,181

 

3.71

 

2,768

 

  ​

Hammond Reef14

 

O/P

 

 

 

 

123,473

 

0.84

 

3,323

 

123,473

 

0.84

 

3,323

 

89.8

Ontario Total

 

  ​

 

121,113

 

0.84

 

3,258

 

832,412

 

0.88

 

23,607

 

953,524

 

0.88

 

26,865

 

  ​

Amaruq

 

O/P

 

8,048

 

1.26

 

327

 

7,364

 

3.17

 

750

 

15,412

 

2.17

 

1,077

 

90.5

Amaruq

 

U/G

 

81

 

4.22

 

11

 

2,221

 

5.12

 

366

 

2,302

 

5.09

 

377

 

90.5

Meadowbank Total15

 

  ​

 

8,129

 

1.29

 

338

 

9,585

 

3.62

 

1,116

 

17,714

 

2.55

 

1,454

 

  ​

Meliadine

 

O/P

 

1,142

 

4.24

 

156

 

4,291

 

3.64

 

503

 

5,433

 

3.77

 

658

 

96.0

Meliadine

 

U/G

 

2,962

 

6.32

 

602

 

13,680

 

5.37

 

2,362

 

16,642

 

5.54

 

2,964

 

96.0

Meliadine Total16

 

  ​

 

4,104

 

5.74

 

757

 

17,971

 

4.96

 

2,864

 

22,075

 

5.10

 

3,622

 

  ​

Hope Bay17

 

U/G

 

93

 

6.77

 

20

 

16,086

 

6.53

 

3,376

 

16,178

 

6.53

 

3,396

 

87.5

Nunavut Total

 

  ​

 

12,325

 

2.82

 

1,116

 

43,642

 

5.24

 

7,356

 

55,967

 

4.71

 

8,472

 

  ​

56


Operation / Project

Proven

Probable

Proven & Probable

Mining

000

000 Oz

000

000 Oz

000

000 Oz

Recovery

Gold

Method*

Tonnes

g/t

Au

Tonnes

g/t

Au

Tonnes

g/t

Au

%**

Fosterville18

  ​ ​ ​

U/G

  ​ ​ ​

887

  ​ ​ ​

5.41

  ​ ​ ​

154

  ​ ​ ​

9,516

  ​ ​ ​

4.95

  ​ ​ ​

1,516

  ​ ​ ​

10,403

  ​ ​ ​

4.99

  ​ ​ ​

1,670

  ​ ​ ​

92.0

Australia Total

 

  ​

 

887

 

5.41

 

154

 

9,516

 

4.95

 

1,516

 

10,403

 

4.99

 

1,670

 

  ​

Kittila19

 

U/G

 

931

 

4.66

 

140

 

23,818

 

4.15

 

3,179

 

24,749

 

4.17

 

3,319

 

86.0

Europe Total

 

  ​

 

931

 

4.66

 

140

 

23,818

 

4.15

 

3,179

 

24,749

 

4.17

 

3,319

 

  ​

Pinos Altos

 

O/P

 

26

 

0.60

 

1

 

1,629

 

1.00

 

53

 

1,656

 

1.00

 

53

 

93.6

Pinos Altos

 

U/G

 

633

 

2.06

 

42

 

2,374

 

2.29

 

175

 

3,007

 

2.24

 

216

 

94.2

Pinos Altos Total20

 

  ​

 

659

 

2.00

 

42

 

4,003

 

1.76

 

227

 

4,662

 

1.80

 

269

 

  ​

San Nicolás (50%)21

 

O/P

 

23,858

 

0.41

 

314

 

28,761

 

0.39

 

358

 

52,619

 

0.40

 

672

 

17.6

Mexico Total

 

  ​

 

24,517

 

0.45

 

357

 

32,764

 

0.56

 

585

 

57,281

 

0.51

 

941

 

  ​

Total Gold

 

  ​

 

212,796

 

0.98

 

6,731

 

1,116,755

 

1.36

 

48,711

 

1,329,551

 

1.30

 

55,442

 

  ​

Operation / Project

Proven

Probable

Proven & Probable

Mining

000

000 Oz

000

000 Oz

000

000 Oz

Recovery

Silver

 

Method*

 

Tonnes

 

g/t

 

Ag

 

Tonnes

 

g/t

 

Ag

 

Tonnes

 

g/t

 

Ag

 

%**

LaRonde mine

  ​ ​ ​

U/G

  ​ ​ ​

2,469

  ​ ​ ​

10.46

  ​ ​ ​

830

  ​ ​ ​

8,158

  ​ ​ ​

20.75

  ​ ​ ​

5,443

  ​ ​ ​

10,627

  ​ ​ ​

18.36

  ​ ​ ​

6,273

  ​ ​ ​

78.1

Pinos Altos

 

O/P

 

26

 

8.57

 

7

 

1,629

 

34.82

 

1,824

 

1,656

 

34.40

 

1,831

 

44.5

Pinos Altos

 

U/G

 

633

 

45.29

 

922

 

2,374

 

27.30

 

2,083

 

3,007

 

31.09

 

3,005

 

50.0

Pinos Altos Total

 

  ​

 

659

 

43.81

 

929

 

4,003

 

30.36

 

3,907

 

4,662

 

32.26

 

4,836

 

  ​

San Nicolás (50%)

 

O/P

 

23,858

 

23.93

 

18,356

 

28,761

 

20.91

 

19,333

 

52,619

 

22.28

 

37,689

 

38.6

Total Silver

 

  ​

 

26,986

 

23.18

 

20,116

 

40,923

 

21.80

 

28,682

 

67,909

 

22.35

 

48,798

 

  ​

Operation / Project

Proven

Probable

Proven & Probable

Mining

000

Tonnes

000

Tonnes

000

Tonnes

Recovery

Copper

Method*

Tonnes

%

Cu

Tonnes

%

Cu

Tonnes

%

Cu

%**

LaRonde mine

  ​ ​ ​

U/G

  ​ ​ ​

2,469

  ​ ​ ​

0.17

  ​ ​ ​

4,081

  ​ ​ ​

8,158

  ​ ​ ​

0.30

  ​ ​ ​

24,751

  ​ ​ ​

10,627

  ​ ​ ​

0.27

  ​ ​ ​

28,831

  ​ ​ ​

82.8

Akasaba West

 

O/P

 

969

 

0.48

 

4,640

 

2,807

 

0.53

 

14,810

 

3,777

 

0.51

 

19,451

 

79.0

Upper Beaver

 

O/P

 

 

 

 

3,235

 

0.14

 

4,477

 

3,235

 

0.14

 

4,477

 

79.2

Upper Beaver

 

U/G

 

 

 

 

19,946

 

0.25

 

50,453

 

19,946

 

0.25

 

50,453

 

79.2

Upper Beaver Total

 

  ​

 

 

 

 

23,181

 

0.24

 

54,930

 

23,181

 

0.24

 

54,930

 

  ​

San Nicolás (50%)

 

O/P

 

23,858

 

1.26

 

299,809

 

28,761

 

1.01

 

291,721

 

52,619

 

1.12

 

591,530

 

78.2

Total Copper

 

  ​

 

27,296

 

1.13

 

308,530

 

62,908

 

0.61

 

386,213

 

90,204

 

0.77

 

694,743

 

  ​

Operation / Project

Proven

Probable

Proven & Probable

Mining

000

Tonnes

000

Tonnes

000

Tonnes

Recovery

Zinc

Method*

Tonnes

%

Zn

Tonnes

%

Zn

Tonnes

%

Zn

%**

LaRonde mine

  ​ ​ ​

U/G

  ​ ​ ​

2,469

  ​ ​ ​

0.36

  ​ ​ ​

8,951

  ​ ​ ​

8,158

  ​ ​ ​

1.09

  ​ ​ ​

88,811

  ​ ​ ​

10,627

  ​ ​ ​

0.92

  ​ ​ ​

97,762

  ​ ​ ​

70.2

San Nicolás (50%)

 

O/P

 

23,858

 

1.61

 

383,313

 

28,761

 

1.37

 

394,115

 

52,619

 

1.48

 

777,428

 

80.9

Total Zinc

 

  ​

 

26,327

 

1.49

 

392,263

 

36,920

 

1.31

 

482,926

 

63,246

 

1.38

 

875,190

 

  ​


*

Open Pit (“O/P”), Underground (“U/G”)

**

Represents metallurgical recovery percentage

1LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$95/t for LP1 (Area 11-3) and not less than C$228/t for LaRonde.
2LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t.
3Canadian Malartic: Gold cut-off grade is 0.35 g/t.
4Marban deposit: Gold cut-off grade is 0.31 g/t.
5Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.44 g/t.
6East Gouldie: Gold cut-off grade not less than 1.57 g/t.
7Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t.
8Akasaba West: Net smelter value cut-off varies, not less than C$33.28/t.
9Detour Lake: Gold cut-off grade is 0.27 g/t.
10Macassa: Gold cut-off grade varies according to mining type, not less than 3.35 g/t for long hole method and 3.78 g/t for cut and fill method.
11Macassa Near Surface deposit: Gold cut-off grade not less than 2.10 g/t.
12Amalgamated Kirkland (“AK”) deposit: Gold cut-off grade not less than 2.10 g/t.
13Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit.
14Hammond Reef: Gold cut-off grade is 0.41 g/t.

57


15Amaruq: Gold cut-off grade varies according to mining type, not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t).
16Meliadine: Gold cut-off grade varies according to mining type, not less than 1.50 g/t for open pit mineral reserves and 3.90 g/t for underground mineral reserves (gold cut-off grade for marginal underground mineral reserves from development is 1.50 g/t).
17Hope Bay: Gold cut-off grade not less than 4.00 g/t.
18Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.00 g/t.
19Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t.
20Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$25.44/t for open pit mineral reserves and US$85.97/t for the underground mineral reserves.
21San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of $9.71/t and for high zinc/copper ore of $13.15/t.

Mineral Resources as at December 31, 2025

Operation / Project

Measured

Indicated

Measured & Indicated

Inferred

Mining

000

000 Oz

000

000

000

000

000

000

Gold

Method

Tonnes

g/t

Au

Tonnes

g/t

Oz Au

Tonnes

g/t

Oz Au

Tonnes

g/t

Oz Au

LaRonde mine

  ​ ​ ​

U/G

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

6,457

  ​ ​ ​

3.59

  ​ ​ ​

746

  ​ ​ ​

6,457

  ​ ​ ​

3.59

  ​ ​ ​

746

  ​ ​ ​

1,366

  ​ ​ ​

6.03

  ​ ​ ​

265

LaRonde Zone 5

 

U/G

 

 

 

 

24,207

 

1.93

 

1,506

 

24,207

 

1.93

 

1,506

 

11,677

 

3.00

 

1,127

LaRonde Total

 

  ​

 

 

 

 

30,664

 

2.28

 

2,251

 

30,664

 

2.28

 

2,251

 

13,043

 

3.32

 

1,392

Canadian Malartic mine

 

O/P

 

 

 

 

 

 

 

 

 

 

5,011

 

0.73

 

118

Marban deposit

 

O/P

 

 

 

 

3,875

 

0.51

 

63

 

3,875

 

0.51

 

63

 

2,956

 

0.66

 

63

Marban deposit

 

U/G

 

 

 

 

 

 

 

 

 

 

4,544

 

2.14

 

313

Marban regional

 

O/P

 

 

 

 

14,794

 

1.22

 

582

 

14,794

 

1.22

 

582

 

11,272

 

1.08

 

390

Marban regional

 

U/G

 

 

 

 

296

 

3.36

 

32

 

296

 

3.36

 

32

 

183

 

3.37

 

20

Odyssey deposit

 

U/G

 

 

 

 

4,493

 

1.63

 

236

 

4,493

 

1.63

 

236

 

20,176

 

2.23

 

1,445

East Malartic

 

U/G

 

 

 

 

48,216

 

1.92

 

2,976

 

48,216

 

1.92

 

2,976

 

63,275

 

1.89

 

3,835

East Gouldie

 

U/G

 

 

 

 

5,048

 

1.42

 

230

 

5,048

 

1.42

 

230

 

94,278

 

2.43

 

7,372

Odyssey Mine Total

 

  ​

 

 

 

 

57,757

 

1.85

 

3,442

 

57,757

 

1.85

 

3,442

 

177,729

 

2.21

 

12,652

Canadian Malartic Total

 

  ​

 

 

 

 

76,723

 

1.67

 

4,120

 

76,723

 

1.67

 

4,120

 

201,694

 

2.09

 

13,556

Goldex

 

U/G

 

12,360

 

1.86

 

739

 

21,245

 

1.45

 

988

 

33,604

 

1.60

 

1,727

 

17,951

 

1.46

 

842

Akasaba West

 

O/P

 

 

 

 

130

 

0.38

 

2

 

130

 

0.38

 

2

 

 

 

Akasaba West

 

U/G

 

 

 

 

 

 

 

 

 

 

966

 

1.60

 

50

Goldex Total

 

  ​

 

12,360

 

1.86

 

739

 

21,374

 

1.44

 

989

 

33,734

 

1.59

 

1,728

 

18,917

 

1.47

 

892

Akasaba regional

 

U/G

 

 

 

 

 

 

 

 

 

 

3,052

 

3.24

 

318

Wasamac

 

U/G

 

 

 

 

9,479

 

2.19

 

667

 

9,479

 

2.19

 

667

 

3,911

 

2.48

 

312

Quebec Total

 

  ​

 

12,360

 

1.86

 

739

 

138,241

 

1.81

 

8,027

 

150,601

 

1.81

 

8,766

 

240,618

 

2.13

 

16,469

Detour Lake

 

O/P

 

35,300

 

1.16

 

1,312

 

587,007

 

0.66

 

12,373

 

622,307

 

0.68

 

13,685

 

51,442

 

1.38

 

2,290

Detour Lake

 

U/G

 

 

 

 

52,924

 

2.04

 

3,472

 

52,924

 

2.04

 

3,472

 

59,549

 

2.03

 

3,878

Detour Lake Zone 58N

 

U/G

 

 

 

 

2,868

 

5.80

 

534

 

2,868

 

5.80

 

534

 

973

 

4.35

 

136

Detour Lake Total

 

  ​

 

35,300

 

1.16

 

1,312

 

642,798

 

0.79

 

16,379

 

678,098

 

0.81

 

17,691

 

111,964

 

1.75

 

6,304

Macassa

 

U/G

 

379

 

10.30

 

125

 

2,818

 

5.85

 

530

 

3,197

 

6.38

 

656

 

5,448

 

7.00

 

1,226

Macassa Near Surface

 

U/G

 

 

 

 

59

 

4.02

 

8

 

59

 

4.02

 

8

 

309

 

3.99

 

40

AK deposit

 

U/G

 

 

 

 

212

 

2.53

 

17

 

212

 

2.53

 

17

 

308

 

3.40

 

34

Macassa Total

 

  ​

 

379

 

10.30

 

125

 

3,090

 

5.59

 

555

 

3,469

 

6.10

 

681

 

6,066

 

6.66

 

1,299

Aquarius

 

O/P

 

 

 

 

12,364

 

2.15

 

856

 

12,364

 

2.15

 

856

 

122

 

3.59

 

14

Holt complex

 

U/G

 

5,806

 

4.29

 

800

 

5,884

 

4.75

 

898

 

11,690

 

4.52

 

1,699

 

9,097

 

4.48

 

1,310

Anoki-McBean

 

U/G

 

 

 

 

3,919

 

2.77

 

349

 

3,919

 

2.77

 

349

 

867

 

3.84

 

107

Upper Beaver

 

O/P

 

 

 

 

54

 

0.87

 

2

 

54

 

0.87

 

2

 

 

 

Upper Beaver

 

U/G

 

 

 

 

7,510

 

2.04

 

493

 

7,510

 

2.04

 

493

 

2,953

 

4.12

 

391

Upper Beaver Total

 

  ​

 

 

 

 

7,564

 

2.03

 

495

 

7,564

 

2.03

 

495

 

2,953

 

4.12

 

391

Upper Canada

 

O/P

 

 

 

 

1,477

 

1.66

 

79

 

1,477

 

1.66

 

79

 

1,408

 

1.47

 

66

Upper Canada

 

U/G

 

 

 

 

9,546

 

2.40

 

738

 

9,546

 

2.40

 

738

 

22,736

 

2.93

 

2,145

Upper Canada Total

 

  ​

 

 

 

 

11,024

 

2.30

 

817

 

11,024

 

2.30

 

817

 

24,143

 

2.85

 

2,211

Hammond Reef

 

O/P

 

47,063

 

0.54

 

819

 

86,304

 

0.53

 

1,478

 

133,367

 

0.54

 

2,298

 

 

 

Ontario Total

 

  ​

 

88,548

 

1.07

 

3,057

 

772,946

 

0.88

 

21,829

 

861,494

 

0.90

 

24,885

 

155,212

 

2.33

 

11,636

Amaruq

 

O/P

 

 

 

 

2,488

 

3.03

 

242

 

2,488

 

3.03

 

242

 

190

 

2.87

 

18

Amaruq

 

U/G

 

 

 

 

8,887

 

3.83

 

1,094

 

8,887

 

3.83

 

1,094

 

5,750

 

4.14

 

765

Meadowbank Total

 

  ​

 

 

 

 

11,374

 

3.65

 

1,336

 

11,374

 

3.65

 

1,336

 

5,940

 

4.10

 

783

Meliadine

 

O/P

 

288

 

2.82

 

26

 

5,705

 

2.72

 

499

 

5,994

 

2.73

 

525

 

710

 

4.22

 

96

Meliadine

 

U/G

 

1,662

 

3.80

 

203

 

12,928

 

3.65

 

1,515

 

14,590

 

3.66

 

1,719

 

14,036

 

5.28

 

2,382

58


Operation / Project

Measured

Indicated

Measured & Indicated

Inferred

Mining

000

000 Oz

000

000

000

000

000

000

Gold

Method

Tonnes

g/t

Au

Tonnes

g/t

Oz Au

Tonnes

g/t

Oz Au

Tonnes

g/t

Oz Au

Meliadine Total

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

1,951

  ​ ​ ​

3.66

  ​ ​ ​

229

  ​ ​ ​

18,634

  ​ ​ ​

3.36

  ​ ​ ​

2,015

  ​ ​ ​

20,584

  ​ ​ ​

3.39

  ​ ​ ​

2,244

  ​ ​ ​

14,746

  ​ ​ ​

5.23

  ​ ​ ​

2,478

Hope Bay

 

U/G

 

 

 

 

14,946

 

4.61

 

2,217

 

14,946

 

4.61

 

2,217

 

16,868

 

5.98

 

3,246

Nunavut Total

 

1,951

 

3.66

 

229

 

44,954

 

3.85

 

5,567

 

46,905

 

3.84

 

5,797

 

37,555

 

5.39

 

6,507

Fosterville

 

U/G

 

651

 

4.06

 

85

 

10,702

 

3.76

 

1,293

 

11,353

 

3.77

 

1,377

 

13,328

 

4.19

 

1,795

Northern Territory

 

O/P

 

337

 

3.72

 

40

 

16,203

 

1.41

 

732

 

16,539

 

1.45

 

772

 

13,255

 

1.75

 

745

Northern Territory

 

U/G

 

 

 

 

4,470

 

4.75

 

683

 

4,470

 

4.75

 

683

 

5,807

 

4.11

 

767

Northern Territory Total

 

337

 

3.72

 

40

 

20,672

 

2.13

 

1,415

 

21,009

 

2.15

 

1,455

 

19,062

 

2.47

 

1,512

Australia Total

 

987

 

3.94

 

125

 

31,374

 

2.68

 

2,707

 

32,362

 

2.72

 

2,832

 

32,391

 

3.18

 

3,307

Kittila

 

O/P

 

 

 

 

 

 

 

 

 

 

373

 

3.89

 

47

Kittila

 

U/G

 

4,669

 

2.87

 

431

 

17,874

 

2.81

 

1,617

 

22,544

 

2.83

 

2,048

 

6,209

 

4.66

 

930

Kittilä Total

 

4,669

 

2.87

 

431

 

17,874

 

2.81

 

1,617

 

22,544

 

2.83

 

2,048

 

6,582

 

4.62

 

977

Barsele (55%)

 

O/P

 

 

 

 

3,178

 

1.08

 

111

 

3,178

 

1.08

 

111

 

2,260

 

1.25

 

91

Barsele (55%)

 

U/G

 

 

 

 

1,158

 

1.77

 

66

 

1,158

 

1.77

 

66

 

13,552

 

2.10

 

914

Barsele (55%) Total1

 

  ​

 

 

 

 

4,335

 

1.27

 

176

 

4,335

 

1.27

 

176

 

15,811

 

1.98

 

1,005

Europe Total

 

  ​

 

4,669

 

2.87

 

431

 

22,210

 

2.51

 

1,794

 

26,879

 

2.57

 

2,224

 

22,393

 

2.75

 

1,982

Pinos Altos

 

O/P

 

 

 

 

1,530

 

0.90

 

44

 

1,530

 

0.90

 

44

 

154

 

0.57

 

3

Pinos Altos

 

U/G

 

 

 

 

12,659

 

2.14

 

872

 

12,659

 

2.14

 

872

 

1,378

 

2.04

 

90

Pinos Altos Total

 

  ​

 

 

 

 

14,189

 

2.01

 

916

 

14,189

 

2.01

 

916

 

1,533

 

1.89

 

93

La India

 

O/P

 

4,478

 

0.52

 

74

 

880

 

0.53

 

15

 

5,358

 

0.52

 

89

 

 

 

San Nicolás (50%)

 

O/P

 

261

 

0.08

 

1

 

3,037

 

0.20

 

19

 

3,297

 

0.19

 

20

 

2,468

 

0.13

 

10

Tarachi

 

O/P

 

 

 

 

19,290

 

0.58

 

361

 

19,290

 

0.58

 

361

 

242

 

0.52

 

4

Chipriona

 

O/P

 

 

 

 

11,652

 

0.77

 

287

 

11,652

 

0.77

 

287

 

1,284

 

0.63

 

26

El Barqueño Gold

 

O/P

 

 

 

 

8,431

 

1.24

 

335

 

8,431

 

1.24

 

335

 

9,696

 

1.12

 

349

Santa Gertrudis

 

O/P

 

 

 

 

19,267

 

0.91

 

563

 

19,267

 

0.91

 

563

 

9,819

 

1.36

 

429

Santa Gertrudis

 

U/G

 

 

 

 

 

 

 

 

 

 

9,079

 

3.44

 

1,004

Santa Gertrudis Total

 

  ​

 

 

 

 

19,267

 

0.91

 

563

 

19,267

 

0.91

 

563

 

18,898

 

2.36

 

1,433

Total Mexico

 

  ​

 

4,739

 

0.49

 

75

 

76,746

 

1.01

 

2,496

 

81,485

 

0.98

 

2,571

 

34,120

 

1.75

 

1,915

Total Gold

 

  ​

 

113,254

 

1.28

 

4,656

 

1,086,470

 

1.21

 

42,420

 

1,199,724

 

1.22

 

47,076

 

522,289

 

2.49

 

41,815

Operation / Project

  ​ ​ ​

Measured

  ​ ​ ​

Indicated

  ​ ​ ​

Measured & Indicated

Inferred

  ​ ​ ​

Mining

000

  ​ ​ ​

  ​ ​ ​

000 Oz

000

  ​ ​ ​

  ​ ​ ​

000 Oz

000

  ​ ​ ​

  ​ ​ ​

000 Oz

  ​ ​ ​

000

  ​ ​ ​

000 Oz

Silver

Method

Tonnes

g/t

Ag

Tonnes

g/t

Ag

Tonnes

g/t

Ag

Tonnes

g/t

Ag

LaRonde mine

 

U/G

 

 

 

 

6,457

 

14.92

 

3,097

 

6,457

 

14.92

 

3,097

 

1,366

 

15.50

 

680

Pinos Altos

 

O/P

 

 

 

 

1,530

 

20.28

 

997

 

1,530

 

20.28

 

997

 

154

 

13.90

 

69

Pinos Altos

 

U/G

 

 

 

 

12,659

 

54.77

 

22,294

 

12,659

 

54.77

 

22,294

 

1,378

 

48.42

 

2,146

Pinos Altos Total

 

 

 

 

14,189

 

51.05

 

23,291

 

14,189

 

51.05

 

23,291

 

1,533

 

44.95

 

2,215

La India

 

O/P

 

4,478

 

2.72

 

391

 

880

 

2.58

 

73

 

5,358

 

2.70

 

464

 

 

 

San Nicolás (50%)

 

O/P

 

261

 

6.40

 

54

 

3,037

 

11.86

 

1,158

 

3,297

 

11.43

 

1,211

 

2,468

 

9.26

 

735

Chipriona

 

O/P

 

 

 

 

11,652

 

100.69

 

37,722

 

11,652

 

100.69

 

37,722

 

1,284

 

76.97

 

3,176

El Barqueño Silver

 

O/P

 

 

 

 

 

 

 

 

 

 

4,462

 

121.28

 

17,399

El Barqueño Gold

 

O/P

 

 

 

 

8,431

 

5.15

 

1,396

 

8,431

 

5.15

 

1,396

 

9,696

 

16.00

 

4,989

Santa Gertrudis

 

O/P

 

 

 

 

19,267

 

3.66

 

2,269

 

19,267

 

3.66

 

2,269

 

9,819

 

1.85

 

585

Santa Gertrudis

 

U/G

 

 

 

 

 

 

 

 

 

 

9,079

 

23.31

 

6,803

Santa Gertrudis Total

 

 

 

 

19,267

 

3.66

 

2,269

 

19,267

 

3.66

 

2,269

 

18,898

 

12.16

 

7,389

Total Silver

 

4,739

 

2.92

 

445

 

63,913

 

33.58

 

69,005

 

68,652

 

31.47

 

69,450

 

39,705

 

28.66

 

36,582

59


Operation / Project

  ​ ​ ​

Measured

  ​ ​ ​

Indicated

  ​ ​ ​

Measured & Indicated

  ​ ​ ​

Inferred

Mining

000 

Tonnes 

000 

Tonnes 

000 

Tonnes 

000 

Tonnes 

Copper

Method

Tonnes

  ​ ​ ​

%

  ​ ​ ​

Cu

Tonnes

  ​ ​ ​

%

  ​ ​ ​

Cu

Tonnes

  ​ ​ ​

%  

  ​ ​ ​

Cu

Tonnes

  ​ ​ ​

%

  ​ ​ ​

Cu

LaRonde mine

 

U/G

 

 

 

 

6,457

 

0.15

 

9,387

 

6,457

 

0.15

 

9,387

 

1,366

 

0.26

 

3,526

Akasaba West

 

O/P

 

 

 

 

130

 

0.16

 

205

 

130

 

0.16

 

205

 

 

 

Akasaba West

 

U/G

 

 

 

 

 

 

 

 

 

 

966

 

0.88

 

8,451

Akasaba West Total

 

 

 

 

130

 

0.16

 

205

 

130

 

0.16

 

205

 

966

 

0.88

 

8,451

Upper Beaver

 

O/P

 

 

 

 

54

 

0.10

 

56

 

54

 

0.10

 

56

 

 

 

Upper Beaver

 

U/G

 

 

 

 

7,510

 

0.16

 

12,063

 

7,510

 

0.16

 

12,063

 

2,953

 

0.36

 

10,649

Upper Beaver Total

 

 

 

 

7,564

 

0.16

 

12,118

 

7,564

 

0.16

 

12,118

 

2,953

 

0.36

 

10,649

San Nicolás (50%)

 

O/P

 

261

 

1.35

 

3,526

 

3,037

 

1.17

 

35,489

 

3,297

 

1.18

 

39,015

 

2,468

 

0.94

 

23,144

Chipriona

 

O/P

 

 

 

 

11,652

 

0.16

 

18,768

 

11,652

 

0.16

 

18,768

 

1,284

 

0.11

 

1,377

El Barqueño Gold

 

O/P

 

 

 

 

8,431

 

0.21

 

17,650

 

8,431

 

0.21

 

17,650

 

9,696

 

0.22

 

21,555

El Barqueño Silver

 

O/P

 

 

 

 

 

 

 

 

 

 

4,462

 

0.04

 

1,852

Total Copper

 

261

 

1.35

 

3,526

 

37,270

 

0.25

 

93,617

 

37,531

 

0.26

 

97,143

 

23,193

 

0.30

 

70,555

Operation / Project

  ​ ​ ​

Measured

  ​ ​ ​

Indicated

  ​ ​ ​

Measured & Indicated

  ​ ​ ​

Inferred

  ​ ​ ​

Mining

000

  ​ ​ ​

  ​ ​

Tonnes

000

  ​ ​

  ​ ​

Tonnes

000

  ​ ​ ​

  ​ ​

Tonnes

000

  ​ ​ ​

  ​ ​ ​

Tonnes

Zinc

Method

Tonnes

%

Zn

Tonnes

%

Zn

Tonnes

%

Zn

Tonnes

%

Zn

LaRonde mine

 

U/G

 

 

 

 

6,457

 

0.98

 

63,087

 

6,457

 

0.98

 

63,087

 

1,366

 

0.43

 

5,856

San Nicolás (50%)

 

O/P

 

261

 

0.39

 

1,012

 

3,037

 

0.71

 

21,618

 

3,297

 

0.69

 

22,630

 

2,468

 

0.62

 

15,355

Chipriona

 

O/P

 

 

 

 

11,652

 

0.87

 

101,211

 

11,652

 

0.87

 

101,211

 

1,284

 

0.72

 

9,178

Total Zinc

 

261

 

0.39

 

1,012

 

21,146

 

0.88

 

185,916

 

21,407

 

0.87

 

186,928

 

5,117

 

0.59

 

30,389


1 On January 28, 2026, Agnico Eagle entered into an agreement to sell its 55% interest in the Barsele project to Goldsky Resources Corp., with the closing of the transaction expected on or prior to June 30, 2026 (see AEM news release dated January 28, 2026).

60


Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company

Metal Price for Mineral Reserve Estimation*

Gold ($/oz)

  ​ ​ ​

Silver ($/oz)

  ​ ​ ​

Copper ($/lb)

  ​ ​

Zinc ($/lb)

$1,600

$24.00

$3.80

$1.20


*Exceptions: $1,350 per ounce of gold used for Hammond Reef; $1,500 per ounce of gold used for Detour Lake open pit; $1,650 per ounce of gold used for Wasamac and Marban; $2,000 per ounce of gold for Amaruq; $1,450 per ounce of gold and $3.75 per pound of copper used for Upper Beaver; $2,000 per ounce of gold and $27.00 per ounce of silver used for Pinos Altos; and $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás.

Metal Price for Mineral Resource Estimation*

Gold ($/oz)

  ​ ​ ​

Silver ($/oz)

  ​ ​ ​

Copper ($/lb)

  ​ ​

Zinc ($/lb)

$2,000

$25.00

$4.00

$1.30


*Exceptions: $1,200 per ounce of gold used for Holt complex; $1,300 per ounce of gold used for Detour Lake Zone 58N; $1,500 per ounce of gold used for Northern Territory; $1,533 per ounce of gold used for Barsele; $1,600 per ounce of gold used for Canadian Malartic; $1,650 per ounce of gold used for La India; $1,688 per ounce of gold used for Hammond Reef, Anoki-McBean and Tarachi; $1,750 per ounce of gold used for Upper Beaver, Wasamac and Aquarius; $1,800 per ounce of gold used for Marban; $1,900 per ounce of gold used for Marban Regional and Akasaba Regional; $2,400 per ounce of gold used for Amaruq; $1,688 per ounce of gold and $25.00 per ounce of silver used for Santa Gertrudis; $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos.

Exchange Rates*

C$ per US$1.00

  ​ ​ ​

MXN per US$1.00

  ​ ​ ​

A$ per US$1.00

  ​ ​

€ per US$1.00

C$1.34

MXN18.00

A$1.52

€0.91


*Exceptions: exchange rate of C$1.25 per US$1.00 used for Holt complex and Detour Lake Zone 58N; US$1.15 per 1.00 used for Barsele; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Anoki-McBean; and A$1.45 per US$1.00 used for Northern Territory.

The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately $2,606 per ounce of gold, $30.64 per ounce of silver, $4.32 per pound of copper and $1.26 per pound of zinc.

Mineral reserves reported are not included in mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column or row totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral resources.

The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company’s economic parameters set the maximum price allowed to be no more than the lesser of the three‐year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.

NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at prefeasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.

Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

61


A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.

A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.

Additional Information

Additional information about each of the Company’s material mineral projects as at December 31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company’s AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company’s material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).

62


APPENDIX B FINANCIAL INFORMATION

AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

2025

  ​ ​ ​

2024

2025

  ​ ​ ​

2024

Net income - key line items:

Revenue from mine operations:

LaRonde

 

422,047

 

207,123

 

1,303,218

 

770,314

Canadian Malartic

 

615,157

 

399,755

 

2,078,291

 

1,492,313

Goldex

 

141,534

 

84,042

 

460,907

 

321,346

Quebec

 

1,178,738

 

690,920

 

3,842,416

 

2,583,973

Detour Lake

 

718,426

 

442,681

 

2,360,769

 

1,582,974

Macassa

 

243,651

 

215,365

 

1,021,752

 

670,568

Ontario

 

962,077

 

658,046

 

3,382,521

 

2,253,542

Meliadine

 

448,623

 

259,519

 

1,328,761

 

890,243

Meadowbank

 

483,583

 

305,085

 

1,700,214

 

1,178,132

Nunavut

 

932,206

 

564,604

 

3,028,975

 

2,068,375

Fosterville

 

131,673

 

111,723

 

537,795

 

545,152

Australia

 

131,673

 

111,723

 

537,795

 

545,152

Kittila

 

229,397

 

127,675

 

748,635

 

523,550

Finland

 

229,397

 

127,675

 

748,635

 

523,550

Pinos Altos

 

101,323

 

61,471

 

323,322

 

245,997

La India

 

 

9,261

 

 

65,164

Mexico

 

101,323

 

70,732

 

323,322

 

311,161

Corporate and Other

 

28,559

 

 

44,187

 

Revenues from mining operations

$

3,563,973

$

2,223,700

$

11,907,851

$

8,285,753

Production costs

 

944,443

 

746,858

 

3,340,684

 

3,086,080

Total operating margin(i)

 

2,619,530

 

1,476,842

 

8,567,167

 

5,199,673

Amortization of property, plant and mine development

 

421,594

 

388,217

 

1,645,297

 

1,514,076

Impairment reversal

 

(229,000)

 

 

(229,000)

 

Exploration, corporate and other

 

109,783

 

306,114

 

446,959

 

864,042

Income before income and mining taxes

 

2,317,153

 

782,511

 

6,703,911

 

2,821,555

Income and mining taxes expense

 

794,092

 

273,256

 

2,242,450

 

925,974

Net income for the period

$

1,523,061

$

509,255

$

4,461,461

$

1,895,581

Net income per share — basic

$

3.04

$

1.02

$

8.89

$

3.79

Net income per share — diluted

$

3.04

$

1.01

$

8.86

$

3.78

Cash flows:

 

  ​

 

  ​

 

  ​

 

  ​

Cash provided by operating activities

$

2,111,504

$

1,131,849

$

6,817,113

$

3,960,892

Cash used in investing activities

$

(1,049,355)

$

(631,557)

$

(2,598,295)

$

(2,007,114)

Cash used in provided by financing activities

$

(552,902)

$

(542,518)

$

(2,287,143)

$

(1,356,331)

Realized prices:

 

  ​

 

  ​

 

  ​

 

  ​

Gold (per ounce)

$

4,163

$

2,660

$

3,454

$

2,384

Silver (per ounce)

$

60.65

$

30.31

$

43.80

$

28.85

63


AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

2025

  ​ ​ ​

2024

2025

  ​ ​ ​

2024

Payable production(ii):

Gold (ounces):

LaRonde

 

80,290

 

90,447

 

344,555

 

306,750

Canadian Malartic

 

153,433

 

146,485

 

642,612

 

655,654

Goldex

 

32,992

 

32,341

 

125,501

 

130,813

Quebec

 

266,715

 

269,273

 

1,112,668

 

1,093,217

Detour Lake

 

195,026

 

179,061

 

692,675

 

671,950

Macassa

 

60,505

 

76,336

 

312,729

 

279,384

Ontario

 

255,531

 

255,397

 

1,005,404

 

951,334

Meliadine

 

93,735

 

94,648

 

376,346

 

378,886

Meadowbank

 

115,101

 

117,024

 

493,314

 

504,719

Nunavut

 

208,836

 

211,672

 

869,660

 

883,605

Fosterville

 

32,367

 

37,139

 

160,522

 

225,203

Australia

 

32,367

 

37,139

 

160,522

 

225,203

Kittila

 

54,964

 

51,893

 

217,379

 

218,860

Finland

 

54,964

 

51,893

 

217,379

 

218,860

Pinos Altos

 

22,195

 

18,583

 

81,734

 

88,433

Creston Mascota

 

 

54

 

 

104

La India

 

 

3,390

 

 

24,580

Mexico

 

22,195

 

22,027

 

81,734

 

113,117

Total gold (ounces):

 

840,608

 

847,401

 

3,447,367

 

3,485,336

Silver (thousands of ounces)

 

658

 

640

 

2,501

 

2,485

Zinc (tonnes)

 

2,395

 

1,860

 

8,446

 

6,339

Copper (tonnes)

 

1,380

 

1,278

 

5,393

 

3,951

64


AGNICO EAGLE MINES LIMITED

SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS

(thousands of United States dollars, except where noted)

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

2025

  ​ ​ ​

2024

2025

  ​ ​ ​

2024

Payable metal sold(iii):

Gold (ounces):

LaRonde

 

93,892

 

74,172

350,533

304,694

Canadian Malartic

 

146,832

 

148,753

599,553

624,646

Goldex

 

31,961

 

29,501

124,300

129,397

Quebec

 

272,685

 

252,426

1,074,386

1,058,737

Detour Lake

 

173,144

 

166,057

682,666

663,272

Macassa

 

58,445

 

80,624

299,920

278,464

Ontario

 

231,589

 

246,681

982,586

941,736

Meliadine

 

107,353

 

97,898

381,550

374,776

Meadowbank

 

116,205

 

114,497

495,753

492,620

Nunavut

 

223,558

 

212,395

877,303

867,396

Fosterville

 

31,229

 

41,900

157,029

229,147

Australia

 

31,229

 

41,900

157,029

229,147

Kittila

 

55,060

 

48,100

217,060

219,548

Finland

 

55,060

 

48,100

217,060

219,548

Pinos Altos

 

20,604

 

19,900

80,177

89,410

La India

 

 

3,500

28,120

Mexico

 

20,604

 

23,400

80,177

117,530

Corporate and Other

 

7,831

 

12,378

Total gold (ounces):

 

842,556

 

824,902

3,400,919

3,434,094

Silver (thousands of ounces)

 

622

 

669

2,376

2,483

Zinc (tonnes)

 

2,619

 

1,407

8,799

6,209

Copper (tonnes)

 

1,339

 

1,271

5,337

3,952


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 Note Regarding Certain Measures of Performance – Operating Margin for more information on the Company’s calculation and 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 December 31, 2025, it excludes 925 ounces of payable gold ounces at La India and 70 ounces of payable gold ounces at Creston Mascota as well as 7,026 ounces of gold recovered at Hope Bay. For the year ended December 31, 2025, it excludes 4,539 payable gold ounces produced at La India and 323 payable gold ounces produced at Creston Mascota as well as 9,468 ounces of gold recovered at Hope Bay.
(iii)Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the year ended December 31, 2025, it excludes 2,500 payable gold ounces sold at La India.

65


AGNICO EAGLE MINES LIMITED

CONSOLIDATED BALANCE SHEETS

(thousands of United States dollars, except share amounts)

  ​ ​ ​

As at

  ​ ​ ​

As at

December 31, 2025

December 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

$

2,866,053

$

926,431

Inventories

 

1,698,830

 

1,510,716

Income taxes recoverable

 

9,435

 

26,432

Fair value of derivative financial instruments

 

34,428

 

1,348

Other current assets

 

385,196

 

340,354

Total current assets

 

4,993,942

 

2,805,281

Non-current assets:

Goodwill

 

4,157,672

 

4,157,672

Property, plant and mine development

 

22,850,540

 

21,466,499

Investments

 

1,508,252

 

612,889

Deferred income and mining tax asset

 

17,821

 

29,198

Other assets

 

943,064

 

915,479

Total assets

$

34,471,291

$

29,987,018

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities

$

1,033,444

$

823,412

Share based liabilities

 

31,722

 

27,290

Income taxes payable

 

1,226,347

 

372,197

Current portion of long-term debt

 

 

90,000

Reclamation provision

 

144,537

 

58,579

Lease obligations

 

30,480

 

40,305

Fair value of derivative financial instruments

 

5,676

 

100,182

Total current liabilities

 

2,472,206

 

1,511,965

Non-current liabilities:

Long-term debt

 

196,271

 

1,052,956

Reclamation provision

 

1,318,476

 

1,026,628

Lease obligations

 

94,719

 

98,921

Share based liabilities

 

23,921

 

12,505

Deferred income and mining tax liabilities

 

5,373,013

 

5,162,249

Other liabilities

 

250,221

 

288,894

Total liabilities

 

9,728,827

 

9,154,118

EQUITY

Common shares:

Outstanding - 500,768,400 common shares issued, less 721,800 shares held in trust

 

18,699,862

 

18,675,660

Stock options

 

166,775

 

172,145

Retained earnings

 

5,463,906

 

2,026,242

Other reserves

 

411,921

 

(41,147)

Total equity

 

24,742,464

 

20,832,900

Total liabilities and equity

$

34,471,291

$

29,987,018

66


AGNICO EAGLE MINES LIMITED

CONSOLIDATED STATEMENTS OF INCOME

(thousands of United States dollars, except per share amounts)

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

REVENUES

Revenues from mining operations

$

3,563,973

$

2,223,700

$

11,907,851

$

8,285,753

COSTS, INCOME AND EXPENSES

Production(i)

 

944,443

 

746,858

 

3,340,684

 

3,086,080

Exploration and corporate development

 

53,149

 

52,822

 

206,684

 

219,610

Amortization of property, plant and mine development

 

421,594

 

388,217

 

1,645,297

 

1,514,076

General and administrative

 

49,587

 

62,014

 

235,947

 

207,450

Finance costs

 

17,118

 

27,473

 

91,145

 

126,738

(Gain) loss on derivative financial instruments

 

(50,079)

 

107,429

 

(223,960)

 

155,819

Impairment reversal

 

(229,000)

 

 

(229,000)

 

Foreign currency translation (gain) loss

 

(7,464)

 

10,131

 

(25,654)

 

9,383

Care and maintenance

 

22,353

 

25,496

 

69,802

 

60,574

Other income and expenses

 

25,119

 

20,749

 

92,995

 

84,468

Income before income and mining taxes

 

2,317,153

 

782,511

 

6,703,911

 

2,821,555

Income and mining taxes expense

 

794,092

 

273,256

 

2,242,450

 

925,974

Net income for the period

$

1,523,061

$

509,255

$

4,461,461

$

1,895,581

Net income per share - basic

$

3.04

$

1.02

$

8.89

$

3.79

Net income per share - diluted

$

3.04

$

1.01

$

8.86

$

3.78

Adjusted net income per share - basic(ii)

$

2.70

$

1.26

$

8.31

$

4.24

Adjusted net income per share - diluted(ii)

$

2.69

$

1.26

$

8.28

$

4.23

Weighted average number of common shares outstanding (in thousands):

 

  ​

 

  ​

 

  ​

 

  ​

Basic

 

500,803

 

501,585

 

501,993

 

499,904

Diluted

 

502,732

 

502,880

 

503,434

 

500,861


Notes:

(i)Exclusive of amortization, which is shown separately.
(ii)Adjusted net income per share is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS Accounting Standards measure.

67


AGNICO EAGLE MINES LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(thousands of United States dollars)

  ​ ​ ​

Three Months Ended

  ​ ​ ​

Year Ended

December 31,

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

OPERATING ACTIVITIES

Net income for the period

$

1,523,061

$

509,255

$

4,461,461

$

1,895,581

Add (deduct) adjusting items:

Amortization of property, plant and mine development

 

421,594

 

388,217

 

1,645,297

 

1,514,076

Deferred income and mining taxes

 

87,817

 

61,057

 

162,158

 

213,845

Unrealized (gain) loss on currency and commodity derivatives

 

(28,130)

 

104,033

 

(127,585)

 

142,396

Unrealized gain on warrants

 

(24,159)

 

(16,480)

 

(111,203)

 

(20,383)

Stock-based compensation

 

10,850

 

18,447

 

97,545

 

77,404

Impairment reversal

 

(229,000)

 

 

(229,000)

 

Foreign currency translation (gain) loss

 

(7,464)

 

10,131

 

(25,654)

 

9,383

Other

 

55,527

 

15,422

 

139,797

 

48,566

Changes in non-cash working capital balances:

Income taxes

 

395,263

 

116,595

 

886,371

 

259,327

Inventories

 

4,452

 

(42,573)

 

(160,744)

 

(208,300)

Other current assets

 

(26,185)

 

17,403

 

(43,969)

 

1,166

Accounts payable and accrued liabilities

 

(72,122)

 

(49,658)

 

122,639

 

27,831

Cash provided by operating activities

 

2,111,504

 

1,131,849

 

6,817,113

 

3,960,892

INVESTING ACTIVITIES

Additions to property, plant and mine development

 

(801,270)

 

(562,163)

 

(2,418,200)

 

(1,817,949)

Purchase of O3 Mining, net of cash and cash equivalents acquired

 

 

 

(121,960)

 

Contributions for acquisition of mineral assets

 

(6,572)

 

(5,000)

 

(14,972)

 

(16,296)

Purchase of equity securities and other investments

 

(248,991)

 

(68,377)

 

(447,494)

 

(183,021)

Proceeds on sale of equity securities and other investments

 

 

 

402,720

 

Other investing activities

 

7,478

 

3,983

 

1,611

 

10,152

Cash used in investing activities

 

(1,049,355)

 

(631,557)

 

(2,598,295)

 

(2,007,114)

FINANCING ACTIVITIES

Proceeds from Credit Facility

 

 

 

 

600,000

Repayment of Credit Facility

 

 

 

 

(600,000)

Repayment of Term Loan Facility

 

 

(325,000)

 

 

(600,000)

Repayment of Senior Notes

 

 

 

(950,000)

 

(100,000)

Debt financing and extinguishment costs

 

 

 

(8,245)

 

(3,544)

Repayment of lease obligations

 

(9,073)

 

(9,177)

 

(36,043)

 

(47,319)

Dividends paid

 

(185,382)

 

(173,826)

 

(728,077)

 

(671,655)

Repurchase of common shares

 

(373,047)

 

(63,236)

 

(682,890)

 

(169,357)

Proceeds on exercise of stock options

 

3,492

 

19,797

 

75,749

 

198,532

Common shares issued

 

11,108

 

8,924

 

42,363

 

37,012

Cash used in financing activities

 

(552,902)

 

(542,518)

 

(2,287,143)

 

(1,356,331)

Effect of exchange rate changes on cash and cash equivalents

 

2,047

 

(8,558)

 

7,947

 

(9,664)

Net increase (decrease) in cash and cash equivalents during the period

 

511,294

 

(50,784)

 

1,939,622

 

587,783

Cash and cash equivalents, beginning of period

 

2,354,759

 

977,215

 

926,431

 

338,648

Cash and cash equivalents, end of period

$

2,866,053

$

926,431

$

2,866,053

$

926,431

SUPPLEMENTAL CASH FLOW INFORMATION

 

  ​

 

  ​

 

  ​

 

  ​

Interest paid

$

662

$

26,919

$

46,875

$

103,692

Income and mining taxes paid

$

300,219

$

96,473

$

1,177,927

$

474,028

68