(All amounts expressed in U.S. dollars unless otherwise noted)

Toronto (April 25, 2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the
"Company") today reported financial and operating results for the first quarter of 2024.
"Building on a very strong close to 2023, we are reporting our second consecutive quarter of record
operating margins and record free cash flow, on the back of solid operational and cost performance. With
this strong start to the year, we are well positioned to achieve our production and cost guidance for 2024,"
said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, we
continued to advance our key value drivers and project pipeline, and our exploration program yielded
significant results at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our balance sheet in
the quarter and our focus remains on capital discipline and cost control, while investing in our projects
pipeline and providing returns to shareholders," added Mr. Al-Joundi.
First quarter 2024 highlights:
• Strong quarterly gold production – Payable gold production1
in the first quarter of 2024 was
878,652 ounces at production costs per ounce of $892, total cash costs per ounce2
of $901 and allin sustaining costs ("AISC") per ounce3
of $1,190. Gold production in the first quarter of 2024 was
led by record quarterly production at Canadian Malartic and strong production from Macassa and
the Company's Nunavut operations
1
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.
2
Total cash costs per ounce is a non-GAAP ratio that is not a standardized financial measure under IFRS and in this news release,
unless otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the
composition and usefulness of this non-GAAP measure and a reconciliation of total cash costs to production costs on both a byproduct and a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain
Measures of Performance", respectively, below.
3
AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and in this news release, unless
otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the
composition and usefulness of this non-GAAP measure and a reconciliation to production costs and for all-in sustaining costs on both
a by-product and co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain
Measures of Performance", respectively, below.
• Record quarterly cash provided by operating activities and free cash flow – The Company
reported quarterly net income of $347.2 million or $0.70 per share and adjusted net income4
of
$377.5 million or $0.76 per share for the first quarter of 2024. Cash provided by operating activities
was $1.57 per share ($1.56 per share before changes in non-cash working capital balances5
) and
free cash flow5
was $0.79 per share ($0.78 per share before changes in non-cash working capital
balances5
)
• Strengthening investment grade balance sheet – In the first quarter of 2024, the Company
increased its cash position by $186 million and reduced net debt. In addition, in March 2024,
Moody's upgraded the Company's long-term issuer rating to Baa1 from Baa2
• 2024 gold production, cost and capital expenditure guidance reiterated – Expected payable
gold production remains unchanged at approximately 3.35 to 3.55 million ounces in 2024, with total
cash costs per ounce and AISC per ounce in 2024 unchanged at $875 to $925 and $1,200 to
$1,250, respectively. Total capital expenditures (excluding capitalized exploration) for 2024 are still
estimated to be between $1.6 billion to $1.7 billion
• Update on key value drivers and pipeline projects
• Construction of Odyssey mine at the Canadian Malartic complex progressing well –
In the first quarter of 2024, ramp development continued to exceed target, reaching the first
production level of East Gouldie in February 2024 and a depth of 765 metres as at March
31, 2024. Shaft sinking improved during the quarter, with an average sinking rate of 2.4
metres per day (including pre-sinking). The temporary loading pocket, previously planned
at level 102, will now be built at Level 64, which is expected to provide hoisting capacity by
mid-2025, six months earlier than previously planned and will provide added development
and production flexibility. Surface construction is progressing as planned, with a focus on
the main hoist building, phase two of the paste plant and the operational complex
• Positive exploration results at Odyssey mine – Exploration drilling continues to return
positive results to the east of the East Gouldie mineral resources, including 4.5 g/t gold
over 30.0 metres at 1,162 metres depth and 1,060 metres east of current mineral reserves;
and 3.1 g/t gold over 32.8 metres at 1,556 metres depth and 420 metres east of the lower
portion of the East Gouldie mineral reserves
• Detour Lake – The mill delivered a solid performance with a throughput rate of 71,451
tonnes per day ("tpd"), which was the highest for a first quarter period, demonstrating
continued mill improvement year-over-year. The Company continues to evaluate
underground mining scenarios at Detour Lake and expects to provide an update on the
project, mill optimization efforts and ongoing exploration results in the second quarter of
2024. Exploration during the first quarter included infill drilling in the shallow portion of the
West Pit Extension, with highlight intercepts of 3.9 g/t gold over 25.4 metres at 369 metres
depth and 5.4 g/t gold over 16.6 metres at 307 metres depth, both at underground depths
near the proposed exploration ramp
? Hope Bay – Exploration drilling during the first quarter totalled 30,600 metres and returned
strong results in the Patch 7 area of the Madrid deposit, including 20.8 g/t gold over 17.7
metres at 461 metres depth and 14.1 g/t gold over 16.4 metres at 480 metres depth in a
cluster of high-grade intersections approximately 200 metres north of Patch 7 mineral
resources
2
4
Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial
measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net
income see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance",
respectively, below.
5
Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before
changes in non-cash working capital balances are non-GAAP measures or ratios that are not standardized financial measures under
IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by
operating activities see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of
Performance", respectively, below.
• 2023 Sustainability Report published – The Company continues to demonstrate its commitment
to ESG performance. In 2023, the Company recorded its best safety performance in its 66-year
history and maintained or improved performance across other key ESG indicators, including
efficient management of water resources and increased local employment. In addition, efforts
continued in 2023 to maintain a climate resilient business and meet our interim reduction target of
30% of absolute Scope 1 and 2 emissions by 2030
• Continued focus on shareholder returns – In the first quarter of 2024, a quarterly dividend of
$0.40 per share has been declared and the Company repurchased 375,000 common shares for
$19.9 million through its normal course issuer bid ("NCIB")
First Quarter 2024 Results Conference Call and Webcast Tomorrow
Agnico Eagle's senior management will host a conference call on Friday, April 26, 2024 at 8:30 AM (E.D.T.)
to discuss the Company's financial and operating results.
Via Webcast:
A live audio webcast of the conference call will be available on the Company's website
www.agnicoeagle.com.
Via URL Entry:
To join the conference call without operator assistance, you may register and enter your phone number at
https://emportal.ink/3Rvps04 to receive an instant automated call back. You can also dial direct to be
entered to the call by an Operator (see "Via Telephone" details below).
Via Telephone:
For those preferring to listen by telephone, please dial 416.764.8659 or toll-free 1.888.664.6392. To ensure
your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay Archive:
Please dial 416.764.8677 or toll-free 1.888.390.0541, access code 505445#. The conference call replay
will expire on May 26, 2024.
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
Annual Meeting
The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 26,
2024 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's
activities.
The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto,
Ontario, M5H 2Y4 and online at: https://meetnow.global/MFJPVMP.
For details explaining how to attend, communicate and vote virtually at the AGM please see the Company's
Management Information Circular dated March 22, 2024, filed under the Company's profile on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their
shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone
at 1.888.822.6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's
strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at
1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or
by e-mail at assistance@laurelhill.com.