EMU NL: Potential for Massive-scale Copper Porphyry Discovery in Queensland, Australia

Agnico Eagle Mines Restricted (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Firm”) is happy to supply an replace on the Detour Lake mine, positioned in Ontario .

The Firm has not too long ago accomplished an up to date mineral reserve and mineral useful resource estimate (“MRMR”) and an up to date lifetime of mine plan (the “2024 Life Of Mine Plan” or the “2024 LOMP”) for its Detour Lake mine as at March 31, 2024 . The 2024 LOMP builds on the Firm’s beforehand filed technical report on Detour Lake (2021) in addition to the mine plan replace launched by the Firm in July 2022 (the “2022 LOMP”) (see the Firm’s information launch dated July 27 , 2022).

The 2024 LOMP updates the open pit mine manufacturing profile and incorporates up to date costing. The Firm has additionally accomplished a preliminary financial evaluation (the “2024 PEA“) which contemplates the concurrent operation of the open pit and a proposed underground mining venture (the “Underground Challenge”), mixed with mill throughput optimization to 29 million tonnes every year (“Mtpa”). The 2024 PEA demonstrates that the Underground Challenge and the mill optimization have the potential to extend the Detour Lake mine’s general manufacturing to a median of roughly a million ounces of gold per 12 months over a 14 12 months interval, beginning in 2030.

“At Detour Lake, the Firm continues to construct on the distinctive potential of this world class asset. With the event of an underground mine to enhance the present open pit mine, we see the chance to rework the asset into one of many prime 5 gold mines on the planet by output. We imagine the Underground Challenge has comparatively low execution danger, and has the potential to generate a robust risk-adjusted return on capital whereas sustaining exploration and manufacturing upside for many years in among the best mining jurisdictions on the planet,” mentioned Ammar Al-Joundi , Agnico Eagle’s President and Chief Govt Officer. “Now we have adopted a phased and disciplined method to develop this potential, with the approval of a $100 million funding over the following three years to additional research and de-risk the Underground Challenge, together with the event of an exploration ramp and the gathering of a bulk pattern. Concurrently, we’re planning a conversion and enlargement drill program to understand the upside exploration potential alongside the western plunge of the mineralization. The lengthy mineral reserve life and vital manufacturing base at each Detour Lake and Canadian Malartic present a strong basis for Agnico Eagle’s manufacturing profile and strongly positions the Firm for many years to return,” added Mr. Al-Joundi.

Highlights from the 2024 PEA embrace:

• Pathway to provide a million ounces per 12 months at Detour Lake
  • The PEA 2024 delivers on the Firm’s targets to extend returns and lengthen the mine life. The Underground Challenge supplies earlier entry to a excessive grade core of mineralization at depth under the reserve pit by way of underground growth and displaces decrease grade open pit manufacturing to the top of life. The venture additionally units the stage for future underground enlargement alongside the western plunge of the mineralization
  • The up to date MRMR delineates a subset of the mineral assets with a gold cut-off grade of 1.22 grams per tonne (“g/t”), which is amenable to underground mining inside, and proximal to, the open pit mineral useful resource. The mineral useful resource estimate from the high-grade mineralized corridors totals 1.2 million ounces of gold (19.0 million tonnes grading 1.93 g/t gold) of indicated mineral useful resource and seven.1 million ounces of gold (107.7 million tonnes grading 2.05 g/t gold) of inferred mineral useful resource
  • Within the 2024 PEA, the Underground Challenge incorporates within the mine plan roughly 55% of the in-situ high-grade mineral assets, together with roughly 0.7 million ounces of gold in indicated mineral assets (9.0 million tonnes grading 2.36 g/t of gold) and three.9 million ounces in gold of inferred mineral assets (48.5 million tonnes grading 2.50 g/t of gold)
  • Relative to the 2022 LOMP, the lifetime of mine payable gold manufacturing will increase by 27% to 22 million ounces of gold within the 2024 PEA, together with a rise of 0.7 million ounces of gold from the open pit and the addition of 4.0 million ounces of gold from the Underground Challenge
  • The 2024 PEA assumes an underground mining charge of roughly 11,200 tonnes per day (“tpd”) (equal to 4.0 Mtpa) beginning in 2030, mixed with a mill enlargement to 79,450 tpd (equal to an annualized 29 Mtpa) beginning in 2028. Annual manufacturing is predicted to extend by roughly 43% or 300,000 ounces of gold per 12 months, from 2030 to 2043 to roughly a million ounces per 12 months when in comparison with common annual manufacturing in years 2024 to 2029
  • The 2024 PEA extends Detour Lake’s mine life by two years to 2054. The Firm believes that there’s a good upside potential for added exploration so as to add ounces to the mine plan in future years, which may end in a rise in manufacturing within the interval between 2044 and 2054 or prolong the lifetime of the mine
  • The big MRMR base supplies a basis for the Firm’s manufacturing profile for many years to return
• The Underground Challenge and mill optimization convey worth ahead and enhance valuation
  • General, the inclusion of a portion of the massive mineable mineral useful resource, elevated mill throughput charge and present excessive gold value surroundings contribute considerably to extend the financial worth of Detour Lake, greater than offsetting inflationary price will increase because the 2022 LOMP
  • The typical complete money prices for the Underground Challenge, mixed with the mill optimization to 29 Mtpa, are anticipated to be $690 per ounce
  • Improvement capital expenditures for the Underground Challenge and mill optimization to 29 Mtpa are forecast to be roughly $731 million . Sustaining capital expenditures are forecast to be roughly $631 million over the lifetime of the Underground Challenge, or between $40 million to $45 million per 12 months from 2030 to 2043
  • The Underground Challenge and mill throughput optimization to 29 Mtpa are anticipated to generate an after-tax inside charge of return (“IRR”) of roughly 18% utilizing a gold value assumption of $1,900 per ounce and a C$/US$ international change charge of 1.34. At present gold costs of roughly $2,300 per ounce and a C$/US$ international change charge of 1.34, the Underground Challenge and mill throughput optimization to 29 Mtpa are anticipated to generate an after-tax IRR of roughly 25%
  • The Detour Lake mine is forecast to generate robust free money circulate by way of the development part of the Underground Challenge
• Phased method to additional research and de-risk the venture, with restricted funding over subsequent three years
  • The Firm has accepted a $100 million funding from 2024 to 2026 to develop a 2.0 kilometre exploration ramp to a depth of roughly 270 metres to gather a bulk pattern and to facilitate infill and enlargement drilling of the present underground mineral useful resource. One other zone to the east shall be examined by way of a excessive depth drilling program in 2025. The evaluation of the majority pattern and outcomes from the excessive depth drilling program will assist validate the continuity of the mineralization and the accuracy of the geological mannequin
  • The exploration ramp shall be sized to accommodate a possible manufacturing part and is included within the preliminary capital expenditure estimate of roughly $731 million
• Important exploration potential to develop underground mineral assets
  • The 2024 PEA relies on a mineral useful resource estimate which depends on a drill database cut-off as at October 16, 2023 . The Firm has since drilled an extra 131,500 metres in 142 holes at Detour Lake to the top of Could 2024 in an ongoing exploration program which has returned a few of greatest intercepts so far at Detour Lake. The latest exploration outcomes present potential to considerably broaden the underground mineral useful resource at shallow depth, west of the pit
  • As a part of the Firm’s exploration price range, over the following three years, an exploration program of $65 million shall be carried out at Detour Lake to speed up conversion and enlargement drilling of the present underground mineral useful resource. Exploration in 2024 is constant to check and prolong the western plunge of the principle deposit
• Proceed to reinforce worth by way of optimization research and exploration focus
  • Concurrent with the improved exploration program and the event of the exploration ramp, the Firm will proceed to judge the optimization of the open pit, underground mining and mill processes to additional enhance venture returns, together with the potential to extend the mill throughput past the presently contemplated 29 Mtpa
  • The Firm will proceed to advance regional exploration actions on satellite tv for pc targets on the Firm’s massive land place across the Detour Lake and adjoining Detour East properties that might probably prolong the mine life

Detour Lake Technical Presentation

Agnico Eagle’s senior administration will host a convention name on Wednesday, June 19, 2024 at 9:00 AM (E.D.T.) to supply a technical replace on the Detour Lake mine and the Underground Challenge.

Through Webcast:

A stay audio webcast of the convention name shall be obtainable on the Firm’s web site www.agnicoeagle.com .

Through URL Entry:

To affix the convention name with out operator help, it’s possible you’ll register and enter your telephone quantity at https://emportal.ink/45cKG9E to obtain an immediate automated name again. You can even dial direct to be entered to the decision by an Operator (see “Through Phone” particulars under).

Through Phone:

For these preferring to hear by phone, please dial 416.764.8659 or toll-free 1.888.664.6392. To make sure your participation, please name roughly 5 minutes previous to the scheduled begin of the decision.

Replay Archive:

Please dial 416.764.8677 or toll-free 1.888.390.0541, entry code 971569#. The convention name replay will expire on July 19, 2024 .

The webcast, together with presentation slides, shall be archived for 180 days on the Firm’s web site.

Working and Monetary Parameters Highlights – 2022 LOMP, 2024 LOMP and 2024 PEA

The lifetime of mine totals, from the second quarter of 2024 to the top of life, for the working and monetary parameters of the 2022 LOMP, the 2024 LOMP and the 2024 PEA are set out within the desk under.

The forecast parameters surrounding the 2024 PEA have been based mostly on a preliminary financial evaluation, which is preliminary in nature and consists of inferred mineral assets which can be too speculative geologically to have financial issues utilized to them that might allow them to be categorized as mineral reserves and there’s no certainty that the forecast manufacturing quantities shall be realized. The idea for the preliminary financial evaluation and the {qualifications} and assumptions made by the certified individuals who undertook the preliminary financial evaluation are set out on this information launch. The outcomes of the preliminary financial evaluation had no affect on the outcomes of any pre-feasibility or feasibility research in respect of Detour Lake.

Word: * Capitalized deferred stripping at Detour Lake was adjusted for the lifetime of mine estimates following the combination of Kirkland Lake Gold Ltd, which resulted within the reclassification of roughly $444 million from working prices to capital expenditures within the 2024 LOMP  when in comparison with the 2022 LOMP.

The main variances between the 2024 LOMP and 2022 LOMP embrace:

• Whole gold manufacturing – Gold manufacturing elevated by 4% or 0.7 million ounces of gold primarily because of the alternative and identification of additional open pit mineral reserves in 2022 and 2023
• Whole money prices per ounce – Whole money prices per ounce decreased by 1%, or $9 per ounce, because of the reclassification of $444 million (roughly $26 per ounce) from working prices to capital expenditures, the belief of a weaker Canadian greenback assumption, robust price management applications, partially offset by greater prices related to three years of inflation
• Whole Capital expenditures – Whole capital expenditures elevated by 25%, or $1,329 million , primarily because of the reclassification of $444 million in working prices to capital expenditures, elevated upkeep prices related to greater put on and tear on the mill of roughly $162 million because of the greater throughput charge and the replace in prices related to three years of inflation, partially offset by the belief of a weaker Canadian greenback assumption

The main variances between the 2024 PEA and 2024 LOMP embrace:

• Whole gold manufacturing – Gold manufacturing elevated by 22% or 4.0 million ounces of gold primarily because of the addition of manufacturing from the Underground Challenge
• Whole money prices – Whole money prices decreased by 1%, or $11 per ounce, because of greater gold grades from the Underground Challenge and decrease processing price per tonne because of the elevated in mill throughput, partially offset by greater unit working price per tonne from the Underground Challenge
• Whole Capital expenditures – The rise in complete capital expenditures of roughly $1,364 million mirror the event capital of roughly $731 million and the sustaining capital expenditures of $631 million for the Underground Challenge and the mill optimization to 29 Mtpa

General, the inclusion of the massive mineable mineral useful resource, elevated mill throughput charge and better gold value surroundings contribute considerably to the elevated financial worth of Detour Lake, greater than offsetting inflationary price will increase because the 2022 LOMP.

The Underground Challenge and mill optimization present the Detour Lake mine with the potential to rework and develop annual gold manufacturing from roughly 700,000 ounces per 12 months to roughly a million ounces per 12 months beginning in 2030. Over the pre-production interval of the Underground venture, annual common free money flows ³ can be of roughly $115 million at an assumed gold value of $1,900 per ounce and a USD:CAD change charge assumption of 1.34. The 2024 PEA supplies that when the Underground Challenge is in manufacturing, annual free money circulate era can be anticipated to extend considerably to an annual common of roughly $650 million . As soon as the open pit and underground mine can be forecast to finish working in 2044, the mill can be anticipated to run for an additional 10 years processing stockpiles. Throughout that 10-year interval, the positioning can be anticipated to stay a robust money circulate generator with annual common free money circulate of roughly $280 million .

The Firm believes that there’s a good upside potential for added exploration so as to add ounces to the mine plan in future years, which may end in continued mine manufacturing and a ensuing improve in annual gold manufacturing within the interval 2044 to 2054 or an extension of the lifetime of mine.

The graph under supplies a breakdown of the annual gold manufacturing within the 2024 LOMP and 2024 PEA and exhibits the important thing operational and monetary parameters over the principle manufacturing phases of the 2024 PEA.

Up to date MRMR Estimate at March 31, 2024

The MRMR estimate at Detour Lake has been up to date to March 31, 2024 , from the beforehand launched MRMR estimate at December 31, 2023 (see the Firm’s information launch dated February 15, 2024 ). No extra drill outcomes have been integrated into this newest replace, which used the identical drill database because the MRMR estimate at year-end, with a database closure date of October 16, 2023 .

In distinction with the year-end 2023 MRMR estimate, the MRMR estimate at March 31, 2024 incorporates an improved mineral useful resource mannequin and consists of excessive grade and low grade mineralized corridors factoring an improved structural and geological understanding. The brand new mineral useful resource mannequin supplies extra flexibility and reliability in ongoing venture research and optimization efforts.

The parameters of the up to date MRMR estimate are within the notes of the desk under and within the Appendix.

The up to date MRMR estimate as at March 31, 2024 and the variances to the estimate as at December 31, 2023 are set out within the desk under. The variance between estimates largely illustrates the alternative of decrease grade ore that could possibly be mined effectively into the long run (primarily within the measured mineral useful resource and indicated mineral useful resource classes) with greater grade ore amenable to underground mining within the nearer time period (primarily within the inferred mineral useful resource class).

The primary variances within the MRMR estimate are set out under:

• Mineral Reserves – The slight decline of 0.26 million ounces of gold within the March 31, 2024 estimate, in comparison with the December 31, 2023 estimate, is primarily attributable to mining depletion totalling 171,000 ounces of in situ gold
• Measured and Indicated Mineral Sources – The decline of 4.7 million ounces of gold (or 26%) within the March 31, 2024 estimate in comparison with the December 31, 2023 estimate is primarily because of the up to date open pit prices resulting in a shallower mineral useful resource pit, offset partially by an optimized cut-off grade. The variance can also be defined by a neighborhood reclassification of indicated mineral assets throughout the high-grade corridors to inferred mineral assets the place tighter drill spacing is required to return these areas to indicated mineral assets that could possibly be probably mined by underground strategies. The decline in measured and indicated mineral assets is partially offset by the preliminary declaration of an underground indicated mineral useful resource totalling 0.7 million ounces of gold (10 million tonnes grading 2.0 g/t gold) at March 31, 2024
• Inferred Mineral Sources – The rise of 4.9 million ounces of gold (or 179%) within the March 31, 2024 estimate, in comparison with the December 31, 2023 estimate is primarily because of the mineral useful resource reclassification throughout the pit useful resource and the addition of underground inferred mineral useful resource under the shallower useful resource pit
• The proportion of underground mineral assets has elevated within the March 31, 2024 estimate, in comparison with the December 31, 2023 estimate, as they’re now being reported under a shallower assets pit. Future exploration, conversion drilling, bulk sampling and geological and structural research are anticipated to enhance and add proof of high-grade continuity within the subsequent iterations of the Detour Lake mannequin

Further particulars on the Detour Lake mineral reserves and mineral assets at March 31, 2024 are set out within the Appendix of this information launch. Further particulars on the Detour Lake mineral reserves and mineral assets at December 31, 2023 are set out within the Firm’s information launch dated February 15, 2024 .

Pathway to rework Detour Lake right into a a million ounce per 12 months producer

Underground Challenge Overview

The Underground Challenge is positioned on the west facet of the open pit, throughout the Detour Lake mining allow, and it’ll profit from the present infrastructure on the Detour Lake web site, together with tailing storage amenities space, processing plant and upkeep amenities. The Underground Challenge will share the identical working philosophy because the Detour Lake mine as a low-grade, high-volume operation, with a deal with price management and steady enchancment. The preliminary mine idea adopts most of the design standards and parameters of the Firm’s present high-volume underground mines within the Abitibi area. Additionally, as a brownfield venture, the Firm believes the Underground Challenge inherently has decrease execution danger given the decreased allowing timeline, present relationships with Indigenous communities and an skilled workforce in place.

Mineable Useful resource

The Underground Challenge hosts a number of high-grade mineralized corridors, which prolong inside, under and to the west of the mineral useful resource pit. For the 2024 PEA, mineable stope shapes have been generated utilizing an assumed gold value of $1,400 per ounce and a USD:CAD change charge of 1.30. Roughly 4.6 million ounces of gold or 55% of the in-situ underground mineral assets are integrated within the 2024 PEA. Throughout the underground mine plan, roughly 15% of the gold ounces are categorized as indicated mineral assets and 85% are categorized as inferred mineral assets. A breakdown of the March 31, 2024 MRMR estimate and the mineral assets amenable to underground mining included within the 2024 PEA is ready out within the desk under.

Mining

The preliminary mining idea for the Underground Challenge relies on transverse longhole open stoping, as this mining methodology is greatest fitted to the sub-vertical mineral deposit. Sublevels shall be 40 metres aside, with the stope measurement averaging roughly 30,000 tonnes. Major stopes shall be backfilled with cemented paste fill, whereas secondary stopes shall be backfilled with both cemented paste fill or waste rock fill based on the sequence and waste materials obtainable. Roughly 130 stopes shall be mined yearly to maintain a mining charge of roughly 11,200 tpd (equal to an annualized manufacturing charge of 4.0 Mtpa).

The Underground Challenge is predicted to make use of a mix of typical and automatic gear, much like the Firm’s Odyssey mine on the Canadian Malartic complicated in Quebec . Ore and waste dealing with shall be carried out by scoops and vehicles with a capability of 21 tonnes and 60 tonnes, respectively. The ore dealing with system to floor will encompass ore passes, an underground jaw crusher positioned at stage 760 and a conveyor system with a capability of 15,000 tpd. The conveyor shall be put in in a devoted conveyor ramp, with the portal positioned close to the first crusher on floor, east of the open pit. A service ramp, with the portal positioned close to the west finish of the open pit, would be the fundamental underground entry for the workforce, gear and supplies.

Manufacturing may start as early as 2030 and ramp as much as the designed charge 11,200 tpd by 2033, which is predicted to be sustained all through the mine life till 2044.

Mill Optimization to Throughput of 79,450 tpd (or 29 Mtpa)

The processing facility consists of two unbiased milling circuits, together with gravity separation, focus leach, agitated tank leaching, carbon-in-pulp, solvent extraction and electrowinning. Over the past 4 years, the processing plant has undergone vital modifications to de-bottleneck present circuits and enhance throughput whereas sustaining restoration and reliability. The 2024 PEA contemplates that underground ore shall be blended with the open pit ore and processed by way of the present plant.

By means of investments within the crushing and grinding circuits and steady enchancment efforts, the mill throughput charge has elevated from roughly 62,900 tpd in 2020 to roughly 69,700 tpd in 2023 and is predicted to succeed in 76,700 tpd by the top of 2024. The Firm believes that additional course of optimization might be achieved with minimal funding to succeed in a mill throughput charge of 79,450 tpd by 2028. The primary initiatives to understand this potential embrace:

• The implementation of superior course of management methods to optimize circuit cost, mass circulate stability and restoration
• Additional enhancements to the crushing and grinding circuits, together with the implementation of variable frequency drives for the secondary crushers and pebble crushers and redesigned SAG discharge screens
• Additional optimization to the upkeep practices and improved mill runtime

An funding of roughly $12 million is included within the 2024 PEA to execute these initiatives.

The tailing administration amenities presently deliberate for the 2024 LOMP are anticipated to have the capability to accommodate the extra tailings generated from the processing of the Underground Challenge ore.

2024 PEA Manufacturing Profile

The built-in mining sequence has been optimized to incorporate manufacturing from the Underground Challenge beginning in 2030 and a milling throughput capability of 29 Mtpa. The optimized profile consists of the concurrent operation of the underground and the open pit operations from 2030 to 2044, throughout which era decrease grade materials from the open pit shall be stockpiled to be processed on the finish of the mine life. Throughout that interval, Detour Lake is predicted to provide roughly a million ounces of gold per 12 months. This represents a 43% improve in gold manufacturing when in comparison with the common annual manufacturing in years 2024 to 2029, or incremental common annual manufacturing of 300,000 ounces of gold. From 2044 onwards, the open pit low grade stockpile supplies sufficient ore to maintain throughput of 29 Mtpa till the top of the mine life in 2054.

The Underground Challenge provides roughly 4.0 million ounces of gold to the general manufacturing profile and extends the mine life by two years to 2054 when in comparison with the 2022 LOMP. The Firm believes that there’s a good upside potential for added exploration so as to add manufacturing to the mine plan in future years, which may end in a rise in manufacturing within the interval 2044 to 2054 or prolong the lifetime of mine.

The 2024 PEA mixed open pit and underground manufacturing profiles are set out within the desk under.

Working Prices

A breakdown of the unit working prices for the open pit, underground, processing and web site basic and administrative bills are set out within the desk under.

A breakdown of the working prices, complete money prices by durations for the 2024 PEA is ready out within the desk under.

The typical complete money prices for the 2024 PEA, together with open pit and underground manufacturing and the mill throughput at 29 Mtpa, are anticipated to be $741 per ounce over the lifetime of the mine. The typical complete money prices for the incremental Underground Challenge and mill optimization are anticipated to be $690 per ounce.

Capital Expenditures

Beneath the 2024 PEA, the Underground Challenge pre-production interval is predicted to be from 2024 to 2030, with preliminary manufacturing deliberate for 2030. Throughout this pre-production interval, growth capital expenditures of $731 million are anticipated. Included within the growth capital expenditures are roughly $12 million for the enlargement of the mill throughput to 79,450 tpd by 2028. Industrial manufacturing for the underground mine is predicted to be achieved in 2030 underneath the 2024 PEA. Throughout manufacturing, sustaining capital expenditures are anticipated to common roughly $40 million to $45 million per 12 months.

A breakdown of the event capital expenditures and sustaining capital expenditures for the open pit and for the underground by durations is ready out within the desk under.

Allowing and Indigenous Communities

The allowing of the Underground Challenge makes use of a phased method. The primary part consists of the scope deliberate between 2024 and 2026, related to the event of the exploration ramp and associated floor infrastructure. It consists of an modification to the Detour Lake closure plan (CPA3) and the allow to take water for this preliminary part. The second allowing part consists of the submission of a revised closure plan (CPA4), a allow to take water and an modification to the commercial sewage (discharge water) allow together with the total scope of the proposed underground mine and floor infrastructure. The permits are anticipated to be acquired on the finish of 2024 for the primary part and mid-year 2026 for the second part.

Session with the Indigenous communities began in late 2022. The Firm continues to interact with these communities regularly to take care of their assist and deal with their issues related to the expanded manufacturing.

Incremental Valuation Influence of the Underground Challenge and Mill Optimization to 29 Mtpa

The incremental valuation affect of the Underground Challenge and mill optimization is estimated by subtracting the estimated free money flows generated within the 2024 LOMP to the estimated free money flows generated within the 2024 PEA.

Utilizing a gold value assumption of $1,900 per ounce and a USD:CAD international change charge assumption of 1.34, the Underground Challenge and mill throughput optimization to 29 Mtpa have an after-tax IRR of roughly 18% and an after tax web current worth (“NPV”) (at a 5% low cost charge) of roughly $0.89 billion . At present spot gold costs of roughly $2,300 per ounce, the after-tax IRR and NPV are roughly 25% and $1.42 billion , respectively.

The economics of the Underground Challenge are most delicate to the gold value, USD:CAD international change charge, capital expenditures and working prices. The estimated sensitivity of IRR and NPV to those components are set out within the tables under.

Sensitivity to Gold Value

Sensitivity to C$/US$ Change Price

Sensitivity to Working Price and Capital Expenditures

Phased method to additional research and de-risk the venture, with restricted funding over subsequent three years

The 2024 PEA demonstrates robust returns, mixed with vital exploration upside and development potential. On this foundation, the Firm has accepted the following part of labor to additional research and de-risk the Underground Challenge, together with a $100 million funding from 2024 to 2026 to develop a 2.0 kilometres exploration ramp to a depth of roughly 270 metres and gather a bulk pattern from the shallow mineralized zone west of the pit. A deeper zone shall be examined by way of a excessive depth drilling program in 2025. The evaluation of the majority pattern and of the excessive depth drilling program will assist validate the continuity of the mineralization and the geological block mannequin.

Of the $100 million, roughly $11 million are forecast to be spent in 2024 associated to the development of the floor amenities and web site preparation. The excavation of the ramp is predicted to start out in early 2025 and prolong to 2.0 kilometres in size by 2026. The exploration ramp shall be sized to accommodate the potential manufacturing part and is a part of the preliminary capital expenditures estimate of roughly $731 million .

Over the following three years, an exploration program of $65 million could have the target of changing inferred mineral assets right down to a 600 metres depth and increasing the present underground mineral useful resource alongside the western plunge of the mineralization.

Exploration Highlights

For the reason that final vital replace of mineral reserves and mineral assets as at December 31, 2021 , that was the bottom to assist the 2022 LOMP, the in depth exploration marketing campaign has continued and totalled 505,515 metres of floor diamond drilling in 547 holes from early 2022 to March 31, 2024 .

The aggressive exploration marketing campaign at Detour Lake over the previous two and a half years has resulted in a number of successes, together with: continued intersection of mineralization west of the useful resource pit shells, additional supporting the potential to increase the open pits; encountering vital zones of each greater and decrease grade mineralization, extending the deposit greater than 2.5 kilometres alongside strike west of the present pit define; and the declaration of preliminary underground inferred mineral useful resource at year-end 2023.

Most not too long ago, tighter-spaced drilling at underground depths has demonstrated good grade continuity and thickness consistency, additional supporting the underground mining idea.

Chosen latest and beforehand launched holes from mid-2022 to 2024 are offered within the plan map and longitudinal part under and within the Appendix.

[Detour Lake Mine – Plan Map and Composite Longitudinal Section ]

The recompositing of a number of beforehand launched intersections throughout the mineral assets of the West Pit shell additional demonstrates that a number of of the broad mineralized intersections which can be amenable to bulk open-pit mining additionally comprise broad greater grade intercepts in corridors that present potential for being mined earlier within the mine life from underground infrastructure. Highlights from these recomposited holes embrace: 6.8 g/t gold over 65.2 metres at 281 metres depth, 2.1 g/t gold over 47.3 metres at 397 metres depth and a pair of.3 g/t gold over 22.3 metres at 495 metres depth in gap DLM23-629; 3.0 g/t gold over 26.3 metres at 294 metres depth, 1.1 g/t gold over 59.2 metres at 378 metres depth and a pair of.4 g/t gold over 32.1 metres at 460 metres depth in gap DLM23-631; and a pair of.3 g/t gold over 70.6 metres at 335 metres depth in gap DLM22-555.

At larger depth and in direction of the west, ongoing exploration drilling additionally demonstrates the extension of those high-grade mineralized corridors. Interpretation work has resulted in improved modelling that’s figuring out greater grade mineral assets each inside and outdoors the mineral assets pit that can be utilized to optimize the venture in additional research. Examples of intersections of the high-grade corridors at underground depths within the West Pit Extension Zone embrace the beforehand launched gap DLM22-532W returning 10.2 g/t gold over 28.9 metres at 738 metres depth and beforehand launched gap DLM22-458 returning 6.0 g/t gold over 32.7 metres at 481 metres depth.

Highlights from exploration drilling in the course of the second quarter of 2024 within the West Pit Extension Zone roughly 200 metres under the deliberate exploration ramp embrace gap DLM24-851 returning 2.6 g/t gold over 36.1 metres at 322 metres depth and gap DLM24-857 returning 524.9 g/t gold over 2.6 metres at 391 metres depth, additional demonstrating the potential so as to add mineral assets close to the deliberate ramp infrastructure.

[Detour Lake Mine – Geology and Property Map Showing Exploration Target Areas]

The Firm is on observe to spend roughly $27.7 million for 160,000 metres of drilling at Detour Lake in 2024, together with $20.3 million for 120,000 metres of capitalized drilling into the western plunge of the principle deposit to extend confidence within the mineralization’s continuity, each within the inferred mineral assets for conversion functions and to proceed extending the mineralized development to the west.

As well as, the Firm expects to spend roughly $7.4 million for 40,000 metres of regional drilling in 2024, to discover satellite tv for pc targets on the Firm’s massive 107,400 hectare land place across the Detour Lake and adjoining Detour East properties that might probably present mill feed to the Detour Lake operation.

Key regional targets embrace: northwest of the Detour Lake development probing northwest-trending constructions; the Detour mineralized development north of the interpreted thrust fault intrusive to the east; geophysical options within the McAlpine and Central sediments; alongside the Decrease Detour and Massicotte deformation development areas; and the regional Sunday Lake and Massicotte deformation tendencies on the Detour East choice.

With latest exploration success and outcomes of the PEA research, the Firm is considering to extend the drilling program and price range within the second half of 2024 to proceed the infilling and extension of the mineral assets with the principle goal of additional conversion and derisking of the excessive grade corridors under and to the west of the Mineral Reserve open pit.

About Agnico Eagle

Agnico Eagle is a Canadian based mostly and led senior gold mining firm and the third largest gold producer on the planet, producing valuable metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and growth tasks in these nations in addition to in the US . Agnico Eagle is a accomplice of selection throughout the mining trade, acknowledged globally for its main environmental, social and governance practices. The Firm was based in 1957 and has constantly created worth for its shareholders, declaring a money dividend yearly since 1983.

Additional Data

For additional data relating to Agnico Eagle, please contact the Investor Relations crew at investor.relations@agnicoeagle.com or name (416) 947-1212.

Word Concerning Sure Measures of Efficiency

This information launch discloses sure monetary efficiency measures and ratios, together with “complete money prices per ounce”, “all-in sustaining prices per ounce”, “free money circulate”, “sustaining capital expenditures”, “growth capital expenditures”, and “minesite prices per tonne” that aren’t standardized measures underneath IFRS. These measures might not be akin to comparable measures reported by different gold mining firms.

For a dialogue of the composition and usefulness of sure of those non-GAAP measures and a reconciliation of those historic measures to manufacturing prices, see “Reconciliation of Non-GAAP Monetary Efficiency Measures” and “Word Concerning Sure Measures of Efficiency” within the Firm’s Administration Dialogue & Evaluation for the durations ended December 31, 2023 and March 31, 2024 .

Free money circulate

Free money circulate is calculated by deducting estimated working expenditures and estimated capital expenditures from estimated income.

The Firm believes that free money circulate is beneficial in that it permits for the analysis of the Firm’s means to repay collectors and return money to shareholders with out counting on exterior sources of funding. This typically accepted trade measures additionally supplies buyers with details about the Firm’s monetary place and its means to generate money to fund operational and capital necessities in addition to return money to shareholders. Administration makes use of this measure at the side of different knowledge ready in accordance with IFRS, and believes it’s useful to buyers to allow them to perceive and monitor the money producing functionality of the Firm. Free money circulate capital balances should not standardized measures underneath IFRS and, as reported by the Firm, might not be akin to equally labelled measures reported by different firms.

Ahead-Trying Non-GAAP Measures

This information launch comprises data as to estimated future complete money prices per ounce, minesite prices per tonne and free money circulate. The estimates are based mostly upon (i) the whole money prices per ounce and minesite prices per tonne that the Firm expects to incur to mine gold at its mines and tasks and, (ii) free money circulate that the Firm expects to attain at its mines and tasks; in line with the reconciliation of those metrics referred to above, they don’t embrace manufacturing prices attributable to accretion expense and different asset retirement prices, which can fluctuate over time as every venture is developed and mined. It’s subsequently not practicable to reconcile these forward-looking non-GAAP monetary measures to essentially the most comparable IFRS measure.

Ahead-Trying Statements

The knowledge on this information launch has been ready as at June 19, 2024 . Sure statements contained on this information launch represent “forward-looking statements” throughout the which means of the US Personal Securities Litigation Reform Act of 1995 and “forward-looking data” underneath the provisions of Canadian provincial securities legal guidelines and are referred to herein as “forward-looking statements”. All statements, apart from statements of historic reality, that deal with circumstances, occasions, actions or developments that might, or could or will happen are forward-looking statements. When used on this information launch, the phrases “obtain”, “intention”, “anticipate”, “may”, “estimate”, “anticipate”, “forecast”, “future”, “plan”, “potential”, “potential”, “schedule”, “goal”, “monitoring”, “will”, and comparable expressions are supposed to establish forward-looking statements. Such statements embrace, with out limitation: the Firm’s plans on the Detour Lake mine, together with whether or not or not constructing an underground mining operation a the Detour Lake mine is accepted by the Firm or development relating thereto is commenced, the 2024 PEA, steel manufacturing, estimated ore grades, restoration charges, venture timelines, drilling targets or outcomes, lifetime of mine estimates, complete money prices per ounce, minesite prices per tonne, different bills and money flows, the timing, funding, completion and commissioning thereof and the graduation of manufacturing therefrom; the potential for added gold manufacturing on the Detour Lake mine, together with the potential to succeed in a million ounces per 12 months; the estimated timing and conclusions of the Firm’s research and evaluations; the strategies by which ore shall be extracted or processed; statements regarding different enlargement tasks, restoration charges, mill throughput, optimization efforts and projected exploration, together with prices and different estimates upon which such projections are based mostly; timing and quantities of capital expenditures, different expenditures and different money wants, and expectations as to the funding thereof; estimates of future mineral reserves, mineral assets, mineral manufacturing and gross sales; the projected growth of sure ore deposits, together with estimates of exploration, growth and manufacturing and different capital prices and estimates of the timing of such exploration, growth and manufacturing or selections with respect to such exploration, growth and manufacturing; anticipated price inflation and its impact on the Firm’s prices and outcomes; estimates of mineral reserves and mineral assets and the impact of drill outcomes on future mineral reserves and mineral assets; the Firm’s means to acquire the required permits and authorizations in reference to its proposed or present exploration, growth and mining operations and the anticipated timing thereof; future exploration; the anticipated timing of occasions with respect to the Firm’s mine websites; the sufficiency of the Firm’s money assets; and anticipated tendencies with respect to the Firm’s operations, exploration and the funding thereof. Such statements mirror the Firm’s views as on the date of this information launch and are topic to sure dangers, uncertainties and assumptions, and undue reliance shouldn’t be positioned on such statements. Ahead-looking statements are essentially based mostly upon numerous components and assumptions that, whereas thought-about affordable by Agnico Eagle as of the date of such statements, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. The fabric components and assumptions used within the preparation of the forward-looking statements contained herein, which can show to be incorrect, embrace, however should not restricted to, the assumptions set forth herein and in administration’s dialogue and evaluation (“MD&A”) and the Firm’s Annual Data Kind (“AIF”) for the 12 months ended December 31, 2023 filed with Canadian securities regulators and which can be included in its Annual Report on Kind 40-F for the 12 months ended December 31, 2023 (“Kind 40-F”) filed with the U.S. Securities and Change Fee (the “SEC”) in addition to: that there are not any vital disruptions affecting operations; that manufacturing, allowing, growth, enlargement and the ramp-up of operations at every of Agnico Eagle’s properties proceeds on a foundation in line with present expectations and plans; that the related steel costs, international change charges and costs for key mining and development inputs (together with labour and electrical energy) shall be in line with Agnico Eagle’s expectations; that Agnico Eagle’s present estimates of mineral reserves, mineral assets, mineral grades and steel restoration are correct; that there are not any materials delays within the timing for completion of ongoing development tasks; that seismic exercise on the Firm’s operations is as anticipated by the Firm and that the Firm’s efforts to mitigate its impact on mining operations are profitable; that the Firm’s present plans to optimize manufacturing are profitable; that there are not any materials variations within the present tax and regulatory surroundings; that governments, the Firm or others don’t take measures in response to pandemics or different well being emergencies or in any other case that, individually or within the mixture, materially have an effect on the Firm’s means to function its enterprise or its productiveness; and that measures taken referring to, or different results of, pandemics or different well being emergencies don’t have an effect on the Firm’s means to acquire vital provides and ship them to its mine websites. Many components, identified and unknown, may trigger the precise outcomes to be materially totally different from these expressed or implied by such forward-looking statements. Such dangers embrace, however should not restricted to: the volatility of costs of gold and different metals; uncertainty of mineral reserves, mineral assets, mineral grades and mineral restoration estimates; uncertainty of future manufacturing, venture growth, capital expenditures and different prices; international change charge fluctuations; inflationary pressures; financing of extra capital necessities; price of exploration and growth applications; seismic exercise on the Firm’s operations; mining dangers; group protests, together with by Indigenous teams; governmental and environmental regulation; the volatility of the Firm’s inventory value; dangers related to the Firm’s forex, gasoline and by-product steel by-product methods; the present rate of interest surroundings; the potential for main economies to come across a slowdown in financial exercise or a recession; the potential for elevated battle or hostilities in varied areas, together with Europe and the Center East ; and the extent and method to communicable ailments or outbreaks, and measures taken by governments, the Firm or others to try to mitigate the unfold thereof could straight or not directly have an effect on the Firm. For a extra detailed dialogue of such dangers and different components which will have an effect on the Firm’s means to attain the expectations set forth within the forward-looking statements contained on this information launch, see the AIF and MD&A filed on SEDAR+ at www.sedarplus.ca and included within the Kind 40-F filed on EDGAR at www.sec.gov , in addition to the Firm’s different filings with the Canadian securities regulators and the SEC. Apart from as required by regulation, the Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements.

Notes to Buyers Concerning the Use of Mineral Sources

The mineral reserve and mineral useful resource estimates contained on this information launch have been ready in accordance with the Canadian securities directors’ (the “CSA”) Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).

In 2019, the SEC’s disclosure necessities and insurance policies for mining properties have been amended to extra intently align with present trade and international regulatory practices and requirements, together with NI 43-101. Nevertheless, Canadian issuers that report in the US utilizing the Multijurisdictional Disclosure System (“MJDS”), such because the Firm, should still use NI 43-101 relatively than the SEC disclosure necessities when utilizing the SEC’s MJDS registration assertion and annual report kinds. Accordingly, mineral reserve and mineral useful resource data contained on this information launch might not be akin to comparable data disclosed by U.S. firms.

Buyers are cautioned that whereas the SEC acknowledges “measured mineral assets”, “indicated mineral assets” and “inferred mineral assets”, buyers shouldn’t assume that any half or all the mineral deposits in these classes will ever be transformed into the next class of mineral assets or into mineral reserves. These phrases have a large amount of uncertainty as to their financial and authorized feasibility. Accordingly, buyers are cautioned to not assume that any “measured mineral assets”, “indicated mineral assets”, or “inferred mineral assets” that the Firm stories on this information launch are or shall be economically or legally mineable. Beneath Canadian laws, estimates of inferred mineral assets could not type the premise of feasibility or pre-feasibility research, besides in restricted circumstances.

Additional, “inferred mineral assets” have a large amount of uncertainty as to their existence and as to their financial and authorized feasibility. It can’t be assumed that any half or all of an inferred mineral useful resource will ever be upgraded to the next class.

The mineral reserve and mineral useful resource knowledge set out on this information launch are estimates, and no assurance might be on condition that the anticipated tonnages and grades shall be achieved or that the indicated stage of restoration shall be realized. The Firm doesn’t embrace equal gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves should not reported as a subset of mineral assets.

Mineral reserves are reported unique of mineral assets. Tonnage quantities and contained steel quantities set out on this desk have been rounded to the closest thousand, so could not mixture to equal column totals. Mineral reserves are in-situ, considering all mining recoveries, earlier than mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral assets are reported inside mineable shapes and embrace inside and exterior dilution. Inferred mineral assets are reported inside mineable shapes and, until in any other case famous, embrace inside dilution. Mineable form optimization parameters could differ for mineral reserves and mineral assets.

The mineral reserves and mineral assets tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral assets tonnages for gold. The Firm’s financial parameters set the utmost value allowed to be not more than the lesser of the three‐12 months transferring common and present spot value, which is a typical trade normal. Given the present commodity value surroundings, Agnico Eagle continues to make use of extra conservative gold and silver costs.

NI 43-101 requires mining firms to reveal mineral reserves and mineral assets utilizing the subcategories of “confirmed mineral reserves”, “possible mineral reserves”, “measured mineral assets”, “indicated mineral assets” and “inferred mineral assets”. Mineral assets that aren’t mineral reserves wouldn’t have demonstrated financial viability.

A mineral reserve is the economically mineable a part of a measured and/or indicated mineral useful resource. It consists of diluting supplies and allowances for losses, which can happen when the fabric is mined or extracted and is outlined by research at pre-feasibility or feasibility stage as acceptable that embrace software of modifying components. Such research display that, on the time of reporting, extraction may moderately be justified. The mineral reserves offered on this information launch are separate from and never a portion of the mineral assets.

Modifying components are issues used to transform mineral assets to mineral reserves. These embrace, however should not restricted to, mining, processing, metallurgical, infrastructure, financial, advertising, authorized, environmental, social and governmental components.

A confirmed mineral reserve is the economically mineable a part of a measured mineral useful resource. A confirmed mineral reserve implies a excessive diploma of confidence within the modifying components. A possible mineral reserve is the economically mineable a part of an indicated and, in some circumstances, a measured mineral useful resource. The boldness within the modifying components utilized to a possible mineral reserve is decrease than that utilized to a confirmed mineral reserve.

A mineral useful resource is a focus or incidence of strong materials of financial curiosity in or on the Earth’s crust in such type, grade or high quality and amount that there are affordable prospects for eventual financial extraction. The situation, amount, grade or high quality, continuity and different geological traits of a mineral useful resource are identified, estimated or interpreted from particular geological proof and data, together with sampling.

A measured mineral useful resource is that a part of a mineral useful resource for which amount, grade or high quality, densities, form and bodily traits are estimated with confidence ample to permit the applying of modifying components to assist detailed mine planning and closing analysis of the financial viability of the deposit. Geological proof is derived from detailed and dependable exploration, sampling and testing and is ample to verify geological and grade or high quality continuity between factors of statement. An indicated mineral useful resource is that a part of a mineral useful resource for which amount, grade or high quality, densities, form and bodily traits are estimated with ample confidence to permit the applying of modifying components in ample element to assist mine planning and analysis of the financial viability of the deposit. Geological proof is derived from adequately detailed and dependable exploration, sampling and testing and is ample to imagine geological and grade or high quality continuity between factors of statement. An inferred mineral useful resource is that a part of a mineral useful resource for which amount and grade or high quality are estimated on the premise of restricted geological proof and sampling. Geological proof is ample to indicate however not confirm geological and grade or high quality continuity.

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

A feasibility research is a complete technical and financial research of the chosen growth choice for a mineral venture that features appropriately detailed assessments of relevant modifying components, along with every other related operational components and detailed monetary evaluation which can be essential to display, on the time of reporting, that extraction in all fairness justified (economically mineable). The outcomes of the research could moderately function the premise for a closing resolution by a proponent or monetary establishment to proceed with, or finance, the event of the venture. The boldness stage of the research shall be greater than that of a pre-feasibility research.

Scientific and Technical Data

The scientific and technical data contained on this information launch referring to operations has been accepted by Natasha Vaz , Govt Vice-President & Chief Working Officer – Ontario , Australia & Mexico ; referring to exploration has been accepted by Man Gosselin, Eng. and P.Geo., Govt Vice-President, Exploration; and referring to mineral reserves and mineral assets has been accepted by Dyane Duquette , P.Geo., Vice-President, Mineral Sources Administration, every of whom is a “Certified Individual” for the needs of NI 43-101.

Further Data

Further details about the Detour Lake mine together with data relating to knowledge verification, key assumptions, parameters and strategies used to estimate mineral reserves and mineral assets and the dangers that might materially have an effect on the event of the mineral reserves and mineral assets required by sections 3.2 and three.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 might be discovered within the Firm’s AIF and MD&A filed on SEDAR+ every of which kinds part of the Firm’s Kind 40-F filed with the SEC on EDGAR and within the following technical report filed on SEDAR+ the Detour Lake Operation, Ontario, Canada NI 43-101 Technical Report as at July 26, 2021 (October 15, 2021). The Firm expects to file an up to date NI 43-101 Technical Report on the Detour Lake mine sooner or later.

Word Concerning Drill Outcomes Tables

The pierce factors for the drill outcomes on this information launch are proven on accompanying composite longitudinal sections. The drill collar coordinates for every gap are set out in a desk within the Appendix. Intercepts reported present uncapped grades over estimated true widths, based mostly on geological interpretation that’s being up to date as new data turns into obtainable with additional drilling.

APPENDIX A – Detour Lake Mineral Reserves and Mineral Sources (as at March 31, 2024 )

CIM definitions (2014) have been adopted within the estimation of mineral reserves and mineral assets. Mineral reserves are reported unique of mineral assets. Tonnes and gold ounce data is rounded to the closest thousand. Discrepancies in totals are attributable to rounding.

March 31, 2024 mineral reserves have been estimated utilizing a gold value of US$1,400 /ozand a CAD/USD change charge of 1.30. The mineral reserves for Detour Lake are based mostly on a excessive cut-off grade of 0.50 g/t gold and a low cut-off grade of 0.30 g/t gold (unchanged from the year-end 2023 mineral reserve estimate).

Lower-off grades have been calculated together with the prices of: mining, milling, basic and administrative prices, royalties and capital expenditures and different modifying components (e.g., dilution, mining extraction, mill restoration), and have been additionally calculated utilizing an optimized variable cut-off grade over time. Dilution is estimated at a median of seven%.

The open-pit mineral assets for Detour Lake are based mostly on a cut-off grade of 0.25 g/t gold (versus 0.30 g/t gold for the year-end 2023 mineral useful resource estimate).

The underground mineral assets for Detour Lake are based mostly on a cut-off grade of 1.22 g/t gold (unchanged versus the year-end 2023 mineral useful resource estimate) and reported in mineable shapes. Lower-off grades have been calculated together with the prices of mining, milling, basic and administration, royalties and different modifying components (e.g., dilution, mill restoration).

Mineral assets for Zone 58N are based mostly on a cut-off grade of two.2 g/t with an assumed mining dilution of 12%.

The mineral assets have been estimated utilizing a gold value of US$1,650 /ozand a CAD/USD change charge of 1.30 for Detour Lake; and a gold value of US$1,300 /ozand a CAD/USD change charge of 1.25 for Zone 58N deposit.

Assumptions used for the December 31, 2023 mineral reserve and mineral useful resource estimates at Detour Lake reported by the Firm have been US$1,300 per oz. gold for Mineral Reserve Estimation, US$1,500 per oz. gold for Mineral Useful resource Estimation, and US$1,300 per ounce of gold for Mineral Useful resource Estimation at Zone 58N. The Change charge was assumed to be C$1.30 per US$1.00 .

The above gold value assumptions are under the three-year historic common (from January 1, 2021 to December 31, 2023 ) of roughly $1,853 per ounce of gold.

Detour Lake and 58N Mineral Reserves and Mineral Sources at March 31, 2024 and at December 31, 2023

Word: Mineral reserves should not a subset of mineral assets. Tonnage quantities and contained steel quantities offered on this desk have been rounded to the closest thousand, so mixture quantities could differ from column totals. Mineral reserves are in-situ, considering all mining recoveries, earlier than mill or heap leach recoveries.

APPENDIX B – Exploration Particulars

Chosen Current and Beforehand Reported Exploration Drill Outcomes at Detour Lake (2022 to 2024)

Exploration Drill Collar Coordinates at Detour Lake

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