AGNICO EAGLE PROVIDES AN UPDATE ON 2025 EXPLORATION RESULTS AND 2026 EXPLORATION PLANS - YEAR OVER YEAR MINERAL RESERVES INCREASE 2% TO 55.4 MOZ; INDICATED MINERAL RESOURCES INCREASE 10% TO 47.1 MOZ AND INFERRED MINERAL RESOURCES INCREASE 15% TO 41.8 MOZ
Rhea-AI Summary
Agnico Eagle (NYSE:AEM) reported year-end 2025 mineral reserves of 55.4 Moz gold, a 2.1% increase, with measured & indicated resources at 47.1 Moz and inferred resources at 41.8 Moz. Key drivers include initial Marban reserves and strong drilling results at Detour Lake, Odyssey and Hope Bay. The company plans $565–$635M for 2026 exploration (mid-point $600M) focused on near-mine extensions, Detour underground, Canadian Malartic evaluation and Hope Bay drilling.
AI-generated analysis. Not financial advice.
Positive
- Inferred resources +15.5% to 41.8 Moz gold
- East Gouldie (Odyssey) inferred +62% to 7.4 Moz gold
- Marban initial probable reserves of 1.58 Moz gold
- 2026 exploration budget $565–$635M (mid-point $600M)
Negative
- Canadian Malartic proven & probable reserves down 495k oz (-25%)
- Pinos Altos proven & probable reserves down 164k oz (-38%)
News Market Reaction – AEM
On the day this news was published, AEM gained 5.55%, reflecting a notable positive market reaction. This price movement added approximately $5.67B to the company's valuation, bringing the market cap to $107.81B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
AEM fell -5.52% alongside key gold peers: NEM -3.89%, WPM -5.52%, Barrick (B) -5.05%, FNV -7.09%, KGC -5.66%, indicating a broad gold-sector downdraft rather than stock-specific weakness.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Asset sale agreement | Neutral | +3.2% | Sale of remaining 55% Barsele interest for cash, shares and royalty. |
| Jan 08 | Earnings scheduling | Neutral | +2.4% | Announcement of Q4 and full-year 2025 results release and call timing. |
| Dec 16 | Strategic investment | Neutral | +0.6% | Additional equity investment in Osisko Metals via private placement. |
| Oct 29 | Q3 earnings beat | Positive | +3.7% | Record adjusted net income and strong gold production and free cash flow. |
| Oct 09 | Strategic investment | Neutral | -4.6% | Investment in Fuerte Metals subscription receipts with attached warrants. |
Over the last five news events, AEM’s shares generally reacted positively or modestly to both operational updates and portfolio moves, with no clear history of selling off on news.
Recent news for AEM shows active portfolio management and strong operating performance. On Oct 29, 2025, the company reported record Q3 2025 adjusted net income and strong free cash flow, which saw a positive share reaction. Subsequent investments in Fuerte Metals (Oct 9, 2025) and Osisko Metals (Dec 16, 2025) highlighted continued external growth initiatives. On Jan 28, 2026, AEM agreed to sell its 55% Barsele interest for cash, shares, and a royalty. A notice on upcoming full-year 2025 results on Jan 8, 2026 also drew a positive move.
Market Pulse Summary
The stock moved +5.5% in the session following this news. A strong positive reaction aligns with the company’s report of record gold mineral reserves of 55.4 million ounces and sizeable increases in both measured and inferred resources. Historically, AEM news such as record Q3 2025 earnings also saw favorable price responses. Investors watching sustainability would monitor future reserve replacement, execution of the $565–$635 million 2026 exploration program, and any shifts in gold prices that could alter reserve economics.
Key Terms
proven and probable mineral reserve technical
measured and indicated mineral resources technical
inferred mineral resources technical
grams per tonne technical
AI-generated analysis. Not financial advice.
Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in
"I would like to congratulate our exploration team for their performance in 2025 in terms of safety, productivity and cost control with an average of 120 diamond drill rigs in operation drilling 1.4 million metres of core. The exploration program continued to yield exciting results at our mines and key pipeline projects, which drove an increase in our mineral reserves and in our measured, indicated and inferred mineral resources primarily from additions at Detour Lake, Odyssey and Hope Bay," said Guy Gosselin, Agnico Eagle's Executive Vice-President, Exploration. "The success of our 2025 exploration program reinforces our view that we have built the strongest project pipeline in the Company's history, with exceptional exploration upside—arguably the best in the gold mining sector," added Mr. Gosselin.
Highlights from 2025 include:
- Gold mineral reserves increase to record level – Year-end 2025 gold mineral reserves increased by
2.1% to 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 due to a combination of mineral reserve replacement from operating mines and the initial declaration of mineral reserves at the Marban deposit inMalartic . At year-end 2025, measured and indicated mineral resources were up9.6% to 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources were up15.5% to 41.8 million ounces (522 million tonnes grading 2.49 g/t gold) - Detour Lake – The Company's exploration program continued to de-risk the Detour Lake underground project in the western plunge of the main orebody hosting the producing open pits. Conversion drilling further increased underground indicated mineral resources below the resources open pit to 3.47 million ounces of gold (52.9 million tonnes grading 2.04 g/t gold) at year-end while exploration drilling below and to the west of the open pit increased underground inferred mineral resources to 3.88 million ounces of gold (59.6 million tonnes grading 2.03 g/t gold) at year-end
- Odyssey – Inferred mineral resources increased by
62% (2.8 million ounces of gold) year over year at the East Gouldie deposit to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold), including the Eclipse zone. The Odyssey mine now hosts a total of 6.03 million ounces of gold in proven and probable mineral reserves (59.7 million tonnes grading 3.14 g/t gold), 3.4 million ounces of gold in measured and indicated mineral resources (57.8 million tonnes grading 1.85 g/t gold) and 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold) - Marban – As part of the "fill-the-mill" strategy at Canadian Malartic, a technical evaluation was completed at the Marban deposit during the fourth quarter of 2025 that updated the probable mineral reserves to 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. This is the first declaration of mineral reserves by the Company at Marban since the acquisition of O3 Mining Inc., which includes the Marban deposit, in March 2025
- Hope Bay – Exploration drilling in 2025 totalled 131,208 metres and focused mainly on mineral resource expansion of the
Madrid deposit following the exploration success at the Patch 7 zone during 2024 and 2025. The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold) - Exploration guidance – In 2026, the Company's total exploration expenditures and project expenses are expected to be between
$565 million $635 million $600 million $384 million $216 million
GOLD MINERAL RESERVES
As at December 31, 2025, the Company's proven and probable mineral reserve estimate totalled 55.4 million ounces of gold (1,330 million tonnes grading 1.30 g/t gold). This represents a
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.
A technical evaluation of the Marban deposit completed during the fourth quarter of 2025 resulted in new probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. The progress in mineral reserve development at Marban is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the
Mineral reserves were calculated using a gold price of
The ore extracted from the Company's mines in 2025 contained 3.74 million ounces of in-situ gold (65.5 million tonnes grading 1.78 g/t gold).
The Company's gold mineral reserves as at December 31, 2025 are set out in the table below, and are compared with the gold mineral reserves as at December 31, 2024. Data in this table and certain other data in this news release have been rounded to the nearest thousand and discrepancies in total amounts are due to rounding.
Proven & Probable Gold Mineral Reserve (000s oz) | Average Mineral Reserve Gold Grade (g/t) | ||||||||
Operation / Project | 2025 | 2024* | Change | 2025 | 2024* | Change | |||
LaRonde mine | 1,959 | 2,081 | -122 | 5.73 | 6.03 | -0.30 | |||
LaRonde Zone 5 | 889 | 659 | 230 | 2.09 | 2.21 | -0.12 | |||
LaRonde Total | 2,848 | 2,740 | -108 | 3.72 | 4.26 | -0.54 | |||
Canadian | 1,449 | 1,944 | -495 | 0.77 | 0.81 | -0.04 | |||
Marban deposit | 1,577 | n/a | n/a | 0.95 | n/a | n/a | |||
Odyssey deposit | 327 | 317 | 10 | 2.12 | 2.27 | -0.14 | |||
East Gouldie | 5,699 | 5,236 | 463 | 3.23 | 3.37 | -0.15 | |||
Canadian Malartic Total | 9,052 | 7,497 | 1,555 | 1.66 | 1.83 | -0.17 | |||
Goldex | 786 | 789 | -2 | 1.60 | 1.57 | 0.02 | |||
Akasaba West | 112 | 138 | -26 | 0.92 | 0.90 | 0.03 | |||
Wasamac | 1,377 | 1,377 | — | 2.90 | 2.90 | — | |||
Detour Lake (at or above 0.5 g/t) | 14,954 | 15,636 | -682 | 0.93 | 0.93 | — | |||
Detour Lake (below 0.5 g/t) | 3,621 | 3,415 | 206 | 0.38 | 0.39 | (0.01) | |||
Detour Lake Total | 18,575 | 19,051 | -476 | 0.72 | 0.75 | -0.02 | |||
Macassa | 1,883 | 1,829 | 54 | 8.84 | 10.50 | -1.66 | |||
Macassa Near Surface | 10 | 12 | -1 | 3.84 | 5.31 | -1.47 | |||
AK deposit | 306 | 233 | 73 | 4.53 | 4.71 | -0.19 | |||
Macassa Total | 2,200 | 2,074 | 125 | 7.77 | 9.18 | -1.42 | |||
Upper Beaver | 2,768 | 2,768 | — | 3.71 | 3.71 | — | |||
Hammond Reef | 3,323 | 3,323 | — | 0.84 | 0.84 | — | |||
Amaruq | 1,454 | 1,609 | -155 | 2.55 | 3.36 | -0.81 | |||
Meadowbank Total | 1,454 | 1,609 | -155 | 2.55 | 3.36 | -0.81 | |||
Meliadine | 3,622 | 3,365 | 257 | 5.10 | 5.29 | -0.19 | |||
Hope Bay | 3,396 | 3,398 | -2 | 6.53 | 6.52 | 0.01 | |||
1,670 | 1,650 | 20 | 4.99 | 5.37 | -0.38 | ||||
Kittila | 3,319 | 3,400 | -81 | 4.17 | 4.16 | 0.01 | |||
269 | 433 | -164 | 1.80 | 1.94 | -0.14 | ||||
San Nicolás ( | 672 | 672 | — | 0.40 | 0.40 | — | |||
Total Mineral Reserves | 55,442 | 54,284 | 1,158 | 1.30 | 1.32 | -0.03 | |||
* | See the Company's news release dated February 13, 2025 for details regarding the metal price and currency assumptions for the Company's December 31, 2024 proven and probable mineral reserve estimate. |
** | Agnico Eagle has committed to earn-in to a |
The Company estimates that at a gold price
GOLD MINERAL RESOURCES
As at December 31, 2025, the Company's measured and indicated mineral resource estimate totalled a record 47.1 million ounces of gold (1,200 million tonnes grading 1.22 g/t gold). This represents a
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 and to gold price-related revisions, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and
At Detour Lake, the Company continued to convert inferred mineral resources into indicated mineral resources resulting in the addition of 1.9 million ounces of gold in measured and indicated mineral resources, which totalled 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) at year-end.
As at December 31, 2025, the Company's inferred mineral resource estimate totalled a record 41.8 million ounces of gold (522 million tonnes grading 2.49 g/t gold). This represents a
The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at East Gouldie, 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.
At the East Gouldie deposit, inferred mineral resources increased by
At Hope Bay during 2025, continued exploration success in the Patch 7 zone at the
Mineral resources were calculated using a gold price of
The Company's gold mineral resources as at December 31, 2025 are set out in the table below.
Measured & Indicated | Inferred | ||||
Gold Mineral Resources | Gold Mineral Resources | ||||
Operation / Project | Contained Gold | Gold Grade | Contained Gold | Gold Grade | |
(000 oz) | (g/t) | (000 oz) | (g/t) | ||
LaRonde mine | 746 | 3.59 | 265 | 6.03 | |
LaRonde Zone 5 | 1,506 | 1.93 | 1,127 | 3.00 | |
LaRonde Total | 2,251 | 2.28 | 1,392 | 3.32 | |
Canadian | — | — | 118 | 0.73 | |
Marban deposit | 63 | 0.51 | 376 | 1.56 | |
Marban regional | 614 | 1.27 | 410 | 1.11 | |
Odyssey deposit | 236 | 1.63 | 1,445 | 2.23 | |
2,976 | 1.92 | 3,835 | 1.89 | ||
East Gouldie | 230 | 1.42 | 7,372 | 2.43 | |
Canadian Malartic Total | 4,120 | 1.67 | 13,556 | 2.09 | |
Goldex | 1,727 | 1.60 | 842 | 1.46 | |
Akasaba West | 2 | 0.38 | 50 | 1.60 | |
Akasaba regional | — | — | 318 | 3.24 | |
Wasamac | 667 | 2.19 | 312 | 2.48 | |
Detour Lake | 17,157 | 0.79 | 6,168 | 1.73 | |
Detour Lake Zone 58N | 534 | 5.80 | 136 | 4.35 | |
Detour Lake Total | 17,691 | 0.81 | 6,304 | 1.75 | |
Macassa | 656 | 6.38 | 1,226 | 7.00 | |
Macassa Near Surface | 8 | 4.02 | 40 | 3.99 | |
AK deposit | 17 | 2.53 | 34 | 3.40 | |
Macassa Total | 681 | 6.10 | 1,299 | 6.66 | |
Anoki-McBean | 349 | 2.77 | 107 | 3.84 | |
Upper Beaver | 495 | 2.03 | 391 | 4.12 | |
817 | 2.30 | 2,211 | 2.85 | ||
Hammond Reef | 2,298 | 0.54 | — | — | |
Aquarius | 856 | 2.15 | 14 | 3.59 | |
1,699 | 4.52 | 1,310 | 4.48 | ||
Amaruq | 1,336 | 3.65 | 783 | 4.10 | |
Meliadine | 2,244 | 3.39 | 2,478 | 5.23 | |
Hope Bay | 2,217 | 4.61 | 3,246 | 5.98 | |
1,377 | 3.77 | 1,795 | 4.19 | ||
1,455 | 2.15 | 1,512 | 2.47 | ||
Kittila | 2,048 | 2.83 | 977 | 4.62 | |
Barsele ( | 176 | 1.27 | 1,005 | 1.98 | |
916 | 2.01 | 93 | 1.87 | ||
La | 89 | 0.52 | — | — | |
Tarachi | 361 | 0.58 | 4 | 0.52 | |
Chipriona | 287 | 0.77 | 26 | 0.63 | |
El Barqueño Gold | 335 | 1.24 | 349 | 1.12 | |
San Nicolás ( | 20 | 0.19 | 10 | 0.13 | |
563 | 0.91 | 1,433 | 2.36 | ||
Total Mineral Resources | 47,076 | 1.22 | 41,815 | 2.49 | |
* | On January 28, 2026, Agnico Eagle entered into an agreement to sell its |
** | Agnico Eagle has committed to earn-in to a |
The economic parameters used to estimate mineral reserves and mineral resources for all properties are set out below.
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 ($/lb) |
*Exceptions: |
Metal Price for Mineral Resource Estimation* | |||
Gold ($/oz) | Silver ($/oz) | Copper ($/lb) | Zinc ($/lb) |
*Exceptions: |
Exchange Rates* | |||
C$ per | MXN per | A$ per | € per |
MXN18.00 | |||
*Exceptions: exchange rate of |
The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately
2026 EXPLORATION GUIDANCE
In 2026, the Company's total exploration expenditures and project expenses are expected to be between
The Company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Exploration priorities for 2026 include mineral resource conversion and expansion at the Detour Lake underground project and East Gouldie at Canadian Malartic, and advancing Hope Bay.
The Company's exploration and corporate development guidance and plans for individual mines and projects for 2026 are set out below.
2026 Exploration Program and Corporate Development Guidance | ||||||
Expensed Exploration | Capitalized Exploration* | |||||
Sustaining | Development | |||||
( | (000s m) | ( | ( | (000s m) | ||
LaRonde | $ 12,500 | 23.8 | $ 3,800 | $ — | 20.9 | |
Canadian | 17,800 | 69.7 | 3,800 | 22,000 | 166.2 | |
Goldex | 2,300 | 15.8 | 2,300 | 4,300 | 50.0 | |
11,300 | 38.4 | — | — | — | ||
Detour Lake | 2,900 | 10.0 | — | 31,300 | 165.0 | |
Detour Lake Underground | — | — | — | 7,000 | 35.8 | |
Macassa | — | — | 2,500 | 34,000 | 202.0 | |
Upper Beaver | — | — | — | 4,100 | 10.5 | |
24,500 | 92.3 | — | — | — | ||
Meliadine | — | — | 8,100 | 13,200 | 98.1 | |
Meadowbank | 11,300 | 26.5 | — | 1,300 | 6.4 | |
Hope Bay | 29,000 | 70.0 | — | 14,400 | 40.0 | |
11,200 | 20.0 | — | — | — | ||
18,700 | 63.0 | 2,800 | 12,300 | 49.3 | ||
8,000 | 48.6 | — | — | — | ||
Kittila | 6,900 | 24.2 | 6,400 | 7,700 | 77.7 | |
8,100 | 20.8 | — | — | — | ||
2,200 | 9.0 | 3,100 | — | 16.5 | ||
19,300 | 22.7 | — | 3,800 | 28.5 | ||
Other regions, joint ventures and G&A | 9,800 | — | — | — | — | |
Total Exploration Drilling | $ 195,800 | 554.8 | $ 32,800 | $ 155,400 | 966.9 | |
Upper Beaver | — | — | — | 52,000 | — | |
Detour Lake underground | — | — | — | 62,000 | — | |
Hope Bay | — | — | — | 7,800 | — | |
Other project studies | 34,700 | — | — | — | — | |
Total corporate development and technical services | 59,500 | — | — | — | — | |
Total Exploration Drilling | $ 290,000 | 554.8 | $ 32,800 | $ 277,200 | 966.9 | |
* | Capitalized exploration is a subset of capital expenditures which is a non-GAAP measure that is not a standardized financial measure under IFRS. See AEM Fourth Quarter and Full Year 2025 Results News Release dated February 12, 2026 under the caption "Note Regarding Certain Measures of Performance" for a description of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows. |
ABITIBI REGION –
CANADIAN
MRMR Highlights
Mineral reserves and mineral resources at the Odyssey mine continued to grow significantly in 2025, further demonstrating the high quality nature of the East Gouldie and Odyssey deposits. In total, the Odyssey mine hosted 6.0 million ounces of gold in proven and probable mineral reserves (59.7 million tonnes grading 3.14 g/t gold), 3.4 million ounces of gold in measured and indicated mineral resources (57.8 million tonnes grading 1.85 g/t gold) and 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold) at December 31, 2025. These substantial mineral reserves and mineral resources continue to support the Company's vision for Canadian Malartic to potentially expand production in the future in combination with the development of satellite orebodies in the surrounding area.
At the Odyssey deposit's Odyssey South zone and Odyssey internal zone, positive reconciliation observed in the underground production and improvements to the mineral reserve model contributed to mineral reserves replacement at the Odyssey mine reaching
At the Canadian Malartic mine, the continued positive reconciliation observed in the open pit and improvements to the mineral reserve model contributed to the addition of 115,000 ounces of gold to mineral reserves in the open pit during 2025. As a result, the mineral reserve decreased by approximately 495,000 ounces of gold while the gold production accounted for 610,000 in-situ ounces of gold.
Exploration drilling during 2025 continued to extend the limits of the East Gouldie inferred mineral resource laterally to the west and to the east. As a result, inferred mineral resources at the East Gouldie deposit (including the sub-parallel Eclipse zone) increased by
Drilling targeting the Eclipse zone in 2025 resulted in the declaration at year-end of initial inferred mineral resources of 0.6 million ounces of gold (6.7 million tonnes grading 2.74 g/t gold) for the Eclipse zone within close proximity to the planned underground infrastructure.
At the Marban deposit, located 12 kilometres northeast of the Canadian Malartic mill, a technical evaluation completed during the fourth quarter of 2025 that included pit-design optimization and lateral extension of the deposit resulted in the initial declaration by the Company of open pit probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold), 63 thousands ounces of gold in indicated mineral resources (3.9 million tonnes grading 0.51 g/t gold) and 0.4 million ounces of gold in inferred mineral resources (7.5 million tonnes grading 1.56 g/t gold) at year-end 2025. The rapid progress in mineral reserve development at Marban since its acquisition in March 2025 is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the
2025 Exploration Highlights
At Odyssey in 2025, exploration drilling totalled 233,754 metres supplemented by an additional 34,672 metres of drilling dedicated to regional exploration around Canadian Malartic.
Exploration drilling targeted multiple areas of the Odyssey mine, returning positive results in the eastern extension of the Odyssey South zone, the central, upper eastern, western and deeper areas of the East Gouldie deposit and in the Sheehan zone located west of the shaft.
Underground drilling in the upper eastern extension of the East Gouldie deposit was highlighted by hole UGED-071-029 intersecting 3.5 g/t gold over 19.8 metres at 1,010 metres depth, hole UGED-075-057 intersecting 4.9 g/t gold over 11.9 metres at 929 metres depth and hole UGED-095-004 intersecting 6.8 g/t gold over 9.3 metres at 990 metres depth. The results from this area of the deposit contributed to a large portion of the mineral reserves and inferred mineral resources added to East Gouldie at year-end 2025.
Selected recent drill intersections from Odyssey are set out in the composite longitudinal section below and in a table in the Appendix.
[Odyssey – Composite Cross and Longitudinal Sections]
2026 Exploration Plan and Guidance
The Company expects to spend approximately
An additional
LARONDE
MRMR Highlights
The LaRonde mine and LZ5 mine hosted a combined 2.8 million ounces of gold in proven and probable mineral reserves (23.8 million tonnes grading 3.72 g/t gold), 2.3 million ounces of gold in indicated mineral resources (30.7 million tonnes grading 2.28 g/t gold) and 1.4 million ounces of gold in inferred mineral resources (13.0 million tonnes grading 3.32 g/t gold) at December 31, 2025.
During 2025, positive results from conversion drilling and improvement to the mineral reserve models at LZ5 and the LaRonde mine added 110,000 ounces of gold and 296,000 ounces of gold in mineral reserves, respectively, more than replacing the production of 368,000 ounces of in-situ gold at LaRonde in 2025.
Conversion drilling and metal price revisions at LZ5 and the LaRonde mine also resulted in an increase of
2025 Exploration Highlights
Exploration drilling totalled 43,390 metres at LaRonde in 2025, divided between the LZ5 area, the Bousquet 2-Dumagami area and the main LaRonde orebody at depth. The drilling continues to convert mineral resources below the main LZ5 orebody and into Zone 3-4. East of LaRonde shaft No. 1, conversion drilling in the Dumagami area also returned positive results showing potential lateral extension of mineralization. Previously released results also show growth potential laterally and at depth in the LaRonde 3 West mine and East mine areas, and in the 20N Zinc South zone.
2026 Exploration Plan and Guidance
The Company expects to spend approximately
GOLDEX
MRMR Highlights
Goldex, including Akasaba West, had 0.9 million contained ounces of gold in proven and probable mineral reserves (19.1 million tonnes grading 1.46 g/t gold), 1.7 million ounces of gold in measured and indicated mineral resources (33.7 million tonnes grading 1.59 g/t gold) and 0.9 million ounces of gold in inferred mineral resources (18.9 million tonnes grading 1.47 g/t gold) at December 31, 2025. The Company believes the mineral reserves are sufficient to sustain production until 2032 and provide an opportunity to test new exploration targets along under-explored trends and at depth.
In addition, Akasaba West hosted 19,451 tonnes of copper in proven and probable reserves (3.8 million tonnes grading
2026 Exploration Plan and Guidance
The Company expects to spend approximately
Additionally, a regional exploration program will drill a total of 20,000 metres on the new Alpha and Akasaba properties, which were acquired as part of the acquisition of O3 Mining. Programs include validation and conversion drilling on the Bulldog deposit, located approximately 12 kilometres east of Goldex, and validation, conversion and expansion drilling at Akasaba and Akasaba West, located 22 kilometres east of Goldex
ABITIBI REGION –
DETOUR LAKE
MRMR Highlights
Detour Lake hosts the Company's largest mineral reserves with 18.6 million ounces of gold (798 million tonnes grading 0.72 g/t gold) in open pit proven and probable mineral reserves at year-end 2025. A year-over-year decline in mineral reserves of
During 2025, the Company continued to convert inferred mineral resources into indicated mineral resources at Detour Lake, resulting in the addition of 1.9 million ounces of gold to the measured and indicated mineral resources which totalled 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) at December 31, 2025. From this total, 13.7 million ounces of gold (622 million tonnes grading 0.68 g/t gold) are located inside the resource pit and 3.5 million ounces of gold (52.9 million tonnes grading 2.04 g/t gold) are at underground depths below and to the west of the resource pit.
Exploration drilling further extended the underground inferred mineral resources to the west to a total of 3.88 million ounces of gold (59.5 million tonnes grading 2.03 g/t gold) at year end, representing a growth of
The drilling program in 2025 continued to delineate a subset of the above mineral resources with a gold cut-off grade of 1.20 g/t gold that is amenable to underground mining within, outside and to the west of the pit plunging towards the west at depth. At year-end, this high-grade mineralized corridor contained 5.5 million ounces of gold (86.0 million tonnes grading 2.00 g/t gold) of indicated mineral resources and 5.8 million ounces of gold (89.8 million tonnes grading 2.02 g/t gold) of inferred mineral resources.
2025 Exploration Highlights
At Detour Lake in 2025, exploration drilling totalled 214,668 metres for the full year. The program continued to expand and infill the mineralization below and to the west of the mineral resource pit.
In 2025, Domain 53 was tested through a high intensity drilling program from surface. It validated the continuity of the mineralization and improved the accuracy of the geological model. The investigation of Domain 54 is continuing with drilling from surface while the exploration ramp development is being advanced.
The development of the Detour Lake underground exploration ramp began in July 2025 and reached a length of 569 metres and a depth of 90 metres by year-end. The ramp will allow for the acceleration of the extraction from underground of the high-grade mineralization currently located to the west and within the mineral resources open pit. The ramp will also provide improved access to drill the mineralization located below and to the west of the open pit that exploration drilling has demonstrated extends laterally several kilometres to the west of the open pit outline and to a depth exceeding 1,200 metres below surface.
In the West Pit zone, recent drilling demonstrated the large thickness of the high-grade mineralized corridor at underground depths, highlighted by hole DLM25-1242 intersecting 2.1 g/t gold over 92.4 metres at 444 metres depth including 9.8 g/t gold over 10.7 metres at 431 metres depth; 2.0 g/t gold over 52.7 metres at 554 metres depth; 1.6 g/t gold over 84.7 metres at 617 metres depth; and 2.1 g/t gold over 92.4 metres at 444 metres depth including 4.9 g/t gold over 19.4 metres at 593 metres depth.
Drilling in the West Extension zone approximately 1.5 kilometres west of the resource-pit outline further extended the underground inferred mineral resources to the west with highlights of hole DLM25-1205 intersecting 6.7 g/t gold over 22.0 metres at 539 metres depth and 2.0 g/t gold over 20.4 metres at 605 metres depth and hole DLM25-1245 intersecting 10.7 g/t gold over 10.1 metres at 497 metres depth including 37.8 g/t gold over 2.6 metres at 501 metres depth.
Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in the Appendix.
[Detour Lake – Composite Longitudinal Section]
2026 Exploration Plan and Guidance
The Company expects to spend approximately
For the Detour Lake underground project in 2026, an additional
Surface diamond drilling is expected to continue mineral resource conversion in 2026 and the drill program will be augmented by underground drilling from new underground drill stations as they become available.
Approximately
MACASSA
MRMR Highlights
The Macassa mine's Main Break and SMC zones and the adjacent Near Surface and AK deposits together achieved
The Macassa deposit continues to contain the Company's highest-grade mineral reserves, with an average grade of 8.84 g/t of gold. Proven and probable mineral reserves at the Macassa mine and the Near Surface and AK deposits totalled 2.2 million ounces of gold (8.8 million tonnes grading 7.77 g/t gold) at year-end 2025.
2025 Exploration Highlights
At Macassa in 2025, all exploration drilling was performed from underground and totalled 210,679 metres, mostly testing the SMC and Main Break zones and the AK deposit. The SMC zone, the main source of ore at Macassa, continues to grow to the west towards #3 shaft and at depth in the #2 shaft and #4 shaft areas.
The Main Break mineralization is being extended to the east at approximately 2,000 metres below surface. Main Break remains the dominant gold-bearing structure in the
2026 Exploration Plan and Guidance
The Company expects to spend approximately
The Company is also initiating a deep exploration program to investigate the potential mineralization down to 3,000 metres depth from a surface exploration drill platform, targeting the Main Break and other potential parallel structures below the former Lake Shore mine located 2,300 metres east of the #4 shaft at Macassa.
UPPER BEAVER
MRMR Highlights
The Upper Beaver project hosted 2.8 million ounces of gold and 54,930 tonnes of copper in probable mineral reserves (23.2 million tonnes grading 3.71 g/t gold and
2025 Exploration Highlights
The Company continued to accelerate project development at Upper Beaver through a phased approach to project de-risking that includes developing an exploration shaft to a depth of 760 metres and an exploration ramp to a depth of 160 metres that will be used to establish underground drilling platforms.
Development activities during 2025 continued to advance ahead of schedule. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres at year-end, and shaft sinking began with the first blast completed in November to reach a depth of 155 metres by year‑end 2025.
A high‑intensity drilling program from surface began at Upper Beaver in 2025 and is ongoing. The program is similar in design to the high-intensity drilling program recently completed at Detour Lake that has contributed to improved planning for the potential development of underground mineral resources.
The high-intensity drilling program at Upper Beaver is targeting the lower level of the deposit, which is dominated by intrusion-suite host rocks, with the objective of validating the resource model and grade variability at greater depths in the most representative geological zones of the deposit.
Depending on the results, this high-intensity drilling program could replace a planned bulk sample at the 760‑metre level and has the potential to bring forward initial production to early 2030.
2026 Exploration Plan and Guidance
In 2026, the Company expects to spend approximately
Exploration results from recent years at Upper Beaver show the potential to increase the mineral resources and to convert inferred mineral resources at depth using underground access via the planned exploration shaft and ramp infrastructure.
Regional exploration will continue to develop and advance the pipeline of targets in the
Hammond Reef is a large Archean-age, shear-hosted disseminated gold deposit located in the Thunder Bay Mining District of
MRMR Highlights
Open pit probable mineral reserves at Hammond Reef total 3.3 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold), measured mineral resources are 819,000 ounces of gold (47.1 million tonnes grading 0.54 g/t gold) and indicated mineral resources are 1.5 million ounces of gold (86.3 million tonnes grading 0.53 g/t gold) at December 31, 2025.
2025 Activity Highlights
Studies during 2025 continued to optimize the project and further advance the permits required for construction and operation. During the year, the Melema Lake property located approximately 9 kilometres east of the main Hammond Reef property was acquired by exercising the Company's option. Exploration activities in 2025 included 6,200 metres of drilling on both the Hammond Reef and Melema Lake properties, complemented by prospecting, mapping and geophysical surveying.
2026 Exploration Plan and Guidance
Exploration work will continue to leverage the extensive database available on the Hammond Reef property to identify potential satellite mineralization in the vicinity of the main deposit. During 2026,
The
The Company maintains an active regional exploration office in
MRMR Highlights
Mineral resources for the Timmins East project are reported for the suspended
2026 Exploration Plan and Guidance
Historical mining and exploration data across the property package will continue to be reviewed in 2026, including previously identified high-priority exploration targets at past-producing assets. The review will provide a ranking of exploration targets for potential limited diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment.
MELIADINE
MRMR Highlights
Meliadine hosted 3.6 million ounces of gold in proven and probable mineral reserves (22.1 million tonnes grading 5.10 g/t gold), 2.2 million ounces of gold in measured and indicated mineral resources (20.6 million tonnes grading 3.39 g/t gold) and 2.5 million ounces of gold in inferred mineral resources (14.7 million tonnes grading 5.23 g/t gold) at December 31, 2025.
Conversion drilling at Meliadine in 2025 added 496,000 ounces of gold to mineral reserves, primarily at the Tiriganiaq, Wesmeg, Wesmeg North and Pump deposits, resulting in an
2025 Exploration Highlights
Exploration drilling totalled 105,144 metres at Meliadine in 2025, with work focused on exploration and infill drilling of inferred mineral resources at depth in the Wesmeg, Wesmeg North, Pump and Tiriganiaq deposits. Drilling also produced positive results beyond existing mineral resources in the eastern plunge and at depth of the main deposits.
2026 Exploration Plan and Guidance
The Company expects to spend approximately
MEADOWBANK
MRMR Highlights
The Amaruq deposit at Meadowbank hosted 1.5 million ounces of gold in proven and probable mineral reserves (17.7 million tonnes grading 2.55 g/t gold), 1.3 million ounces of gold in indicated mineral resources (11.4 million tonnes grading 3.65 g/t gold) and 0.8 million ounces of gold in inferred mineral resources (5.9 million tonnes grading 4.10 g/t gold) at December 31, 2025.
The Company continued to extend the life-of-mine at Amaruq in 2025 with the addition of 389,000 ounces of gold in mineral reserves partly replacing the production depletion of 544,000 ounces of in-situ gold extracted in 2025.
2025 Exploration Highlights
Exploration drilling totalled 25,895 metres at Amaruq in 2025. The main objective was to de-risk the deep extensions of the Whale Tail deposit and to add mineral resources in support of a potential enhanced life-of-mine scenario. A conversion drilling program was also completed at the IVR deposit to add mineral resources to the potential enhanced life-of-mine scenario.
2026 Exploration Plan and Guidance
The Company expects to spend approximately
HOPE BAY
MRMR Highlights
The total mineral reserves and mineral resources at Hope Bay now stand at 3.4 million ounces of gold in proven and probable mineral reserves (16.2 million tonnes grading 6.53 g/t gold), 2.2 million ounces of gold in indicated mineral resources (14.9 million tonnes grading 4.61 g/t gold) and 3.2 million ounces of gold in inferred mineral resources (16.9 million tonnes grading 5.98 g/t gold), as at December 31, 2025. At Hope Bay, the total inferred mineral resources ounces increased year over year by
The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold) while inferred mineral resources have increased by
2025 Exploration Highlights
Exploration drilling in 2025 at the
The program in 2025 returned multiple positive drill intercepts in the Patch 7 zone, resulting in mineral resource growth and the identification of several mineralized areas remaining open laterally and at depth beyond current mineral resources that will be investigated during follow-up exploration drilling.
Mineralization remains open to the north of the Patch 7 zone towards the Suluk zone, as highlighted by hole HBM25-401 returning 4.3 g/t gold over 7.1 metres at 609 metres depth in the Patch 7 zone and 7.7 g/t gold over 4.3 metres at 719 metres depth in the Suluk zone, and by hole HBM25-387A returning 46.1 g/t gold over 2.3 metres at 653 metres depth in the Suluk zone.
South of the Patch 7 zone beyond a sub-vertical diabase dike, mineralization remains open in an underexplored area that extends southwards by approximately one kilometre towards the Patch 14 zone. Highlight hole HBM25-395 in this area returned 5.2 g/t gold over 12.3 metres at 363 metres depth approximately 200 metres south of the diabase dike.
During the fourth quarter of 2025, excavation of the Naartok East exploration ramp at
Selected recent drill intersections from the
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
2026 Exploration Plan and Guidance
The Company expects to spend approximately
The main objectives in 2026 are to convert inferred mineral resources at Patch 7 into indicated mineral resources and to further test the entire
An additional
MRMR Highlights
The Company added 171,000 ounces of gold in underground indicated mineral resources at
The open-pit measured and indicated mineral resources and open-pit inferred mineral resources at
2025 Exploration Highlights
At
2026 Exploration Plan and Guidance
The Company expects to spend approximately
The exploration program will include the assessment of the
Agnico Eagle holds interests across 175,064 hectares in the
MRMR Highlights
At open-pit depths, the
At underground depth, the
2025 Activity Highlights
Agnico Eagle has continued to advance the proposed Union Reefs North development project at the Union Reefs site, with ongoing studies evaluating the project economics and potential redevelopment scenarios.
For exploration during 2025, the Company spent
2026 Exploration Plan and Guidance
During 2026, the Company expects to spend
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 facility to treat refractory ores.
KITTILA
MRMR Highlights
Kittila hosted 3.3 million ounces of gold in proven and probable mineral reserves (24.7 million tonnes grading 4.17 g/t gold), 2.0 million ounces of gold in measured and indicated mineral resources (22.5 million tonnes grading 2.83 g/t gold) and 1.0 million ounces of gold in inferred mineral resources (6.6 million tonnes grading 4.62 g/t) at December 31, 2025.
Conversion drilling in the Suuri, Roura Deep and Rimpi areas at Kittila resulted in the addition of 181,000 ounces of gold in mineral reserves before depletion to replace
Approximately 149,000 ounces of gold, representing an
2025 Exploration Highlights
Exploration and conversion drilling at Kittila totalled 90,025 metres in 2025 and mainly targeted the Main and Sisar zones in the northern and southern portions of the deposit at approximately 1.0 to 1.4 kilometres depth. The Roura area continued to grow at depth, and both the Suuri and Rimpi zones returned positive drill results between approximately 400 and 600 metres below surface, demonstrating the potential for lateral expansion at shallow depths of the Kittila deposit.
2026 Exploration Plan and Guidance
The Company expects to spend approximately
2025 Exploration Highlights
At
2026 Exploration Plan and Guidance
The Company expects to spend approximately
About Agnico Eagle
Canadian-based and led, Agnico Eagle is
About this News Release
Unless otherwise stated, references to "Canadian Malartic", "Goldex", "LaRonde" and "Meadowbank" are to the Company's 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 Company's website) is not part of this news release.
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", "estimate", "expect", "forecast", "future", "guide", "plan", "potential", "schedule", "target", "track", "will", and similar expressions are intended to identify forward-looking statements. Such statements include the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results and life of mine estimates; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay, Wasamac and San Nicolás; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of exploration (including capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof); estimates of future mineral reserves and mineral resources; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results, studies and evaluations on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, including at Meliadine, Upper Beaver and San Nicolás, and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this 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 management's discussion and analysis for the year ended December 31, 2025 ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2024 filed with Canadian securities regulators (and, when available, the Company's AIF for the year ended December 31, 2025) with the
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 SEC's 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
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.
Scientific and Technical Information
The scientific and technical information contained in this news release relating to exploration activities has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration and Olivier Grondin, P.Geo., 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 Reserves and Mineral Resources 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 | ||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
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 | 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 | 0 | 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 | ||
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 | ||
Operation / Project | Proven | Probable | Proven & Probable | ||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
O/P | 26 | 0.60 | 1 | 1,629 | 1.00 | 53 | 1,656 | 1.00 | 53 | 93.6 | |
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 ( | 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 | ||||||||
Silver | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 Oz | 000 | g/t | 000 Oz | Recovery |
LaRonde mine | U/G | 2,469 | 10.46 | 830 | 8,158 | 20.75 | 5,443 | 10,627 | 18.36 | 6,273 | 78.1 |
O/P | 26 | 8.57 | 7 | 1,629 | 34.82 | 1,824 | 1,656 | 34.40 | 1,831 | 44.5 | |
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 ( | 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 | ||||||||
Copper | Mining | 000 Tonnes | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | Recovery |
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 ( | 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 | ||||||||
Zinc | Mining | 000 Tonnes | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | Recovery |
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 ( | 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 |
1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than |
2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t. |
3 Canadian |
4 Marban deposit: Gold cut-off grade is 0.31 g/t. |
5 Odyssey deposit: Gold cut-off grade varies according to mining zone and depth, not less than 1.44 g/t. |
6 East Gouldie: Gold cut-off grade not less than 1.57 g/t. |
7 Goldex: Gold cut-off grade varies according to mining type and depth, not less than 1.00 g/t. |
8 Akasaba West: Net smelter value cut-off varies, not less than |
9 Detour Lake: Gold cut-off grade is 0.27 g/t. |
10 Macassa: 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. |
11 Macassa Near Surface deposit: Gold cut-off grade not less than 2.10 g/t. |
12 Amalgamated |
13 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than |
14 Hammond Reef: Gold cut-off grade is 0.41 g/t. |
15 Amaruq: 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). |
16 Meliadine: 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). |
17 Hope Bay: Gold cut-off grade not less than 4.00 g/t. |
18 |
19 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t. |
20 |
21 San Nicolás ( |
Mineral Resources as at December 31, 2025 | |||||||||||||
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 | 000 | g/t | 000 | 000 | g/t | 000 |
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 | 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 |
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 |
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 | |
O/P | — | — | — | 1,477 | 1.66 | 79 | 1,477 | 1.66 | 79 | 1,408 | 1.47 | 66 | |
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 | |
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Gold | Mining | 000 Tonnes | g/t | 000 Oz | 000 | g/t | 000 | 000 | g/t | 000 | 000 | g/t | 000 |
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 |
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 | |
U/G | 651 | 4.06 | 85 | 10,702 | 3.76 | 1,293 | 11,353 | 3.77 | 1,377 | 13,328 | 4.19 | 1,795 | |
O/P | 337 | 3.72 | 40 | 16,203 | 1.41 | 732 | 16,539 | 1.45 | 772 | 13,255 | 1.75 | 745 | |
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 ( | O/P | — | — | — | 3,178 | 1.08 | 111 | 3,178 | 1.08 | 111 | 2,260 | 1.25 | 91 |
Barsele ( | U/G | — | — | — | 1,158 | 1.77 | 66 | 1,158 | 1.77 | 66 | 13,552 | 2.10 | 914 |
Barsele ( | — | — | — | 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 | |
O/P | — | — | — | 1,530 | 0.90 | 44 | 1,530 | 0.90 | 44 | 154 | 0.57 | 3 | |
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 | O/P | 4,478 | 0.52 | 74 | 880 | 0.53 | 15 | 5,358 | 0.52 | 89 | — | — | — |
San Nicolás ( | 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 |
O/P | — | — | — | 19,267 | 0.91 | 563 | 19,267 | 0.91 | 563 | 9,819 | 1.36 | 429 | |
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 | 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 | |||||||||
Silver | Mining | 000 | g/t | 000 Oz | 000 | g/t | 000 | 000 Tonnes | g/t | 000 | 000 | g/t | 000 |
LaRonde mine | U/G | — | — | — | 6,457 | 14.92 | 3,097 | 6,457 | 14.92 | 3,097 | 1,366 | 15.50 | 680 |
O/P | — | — | — | 1,530 | 20.28 | 997 | 1,530 | 20.28 | 997 | 154 | 13.90 | 69 | |
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 | O/P | 4,478 | 2.72 | 391 | 880 | 2.58 | 73 | 5,358 | 2.70 | 464 | — | — | — |
San Nicolás ( | 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 |
O/P | — | — | — | 19,267 | 3.66 | 2,269 | 19,267 | 3.66 | 2,269 | 9,819 | 1.85 | 585 | |
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 | |
Operation / Project | Measured | Indicated | Measured & Indicated | Inferred | |||||||||
Copper | Mining | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes |
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 ( | 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 | |||||||||
Zinc | Mining | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes | 000 | % | Tonnes |
LaRonde mine | U/G | — | — | — | 6,457 | 0.98 | 63,087 | 6,457 | 0.98 | 63,087 | 1,366 | 0.43 | 5,856 |
San Nicolás ( | 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 | |
*Open Pit ("O/P"), Underground ("U/G") |
The assumptions for metal prices and currency exchange rates used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company are presented in the "Gold Mineral Resources" section earlier in this news release.
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.
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,
APPENDIX – EXPLORATION DETAILS
Eclipse zone and East Gouldie,
Drill hole | Deposit / Zone | From | To | Depth of | Estimated | Gold grade | Gold grade |
MEX25-341 | Eclipse | 1,038.1 | 1,043.8 | 769 | 5.5 | 5.6 | 5.6 |
MEX25-346WZ | Eclipse | 1,690.0 | 1,704.5 | 1,634 | 10.4 | 2.2 | 2.2 |
and | Eclipse | 1,758.5 | 1,799.5 | 1,700 | 29.5 | 1.5 | 1.5 |
and | East Gouldie | 2,084.9 | 2,096.9 | 1,956 | 10.5 | 2.0 | 2.0 |
UGEG-071-029 | East Gouldie | 650.5 | 670.5 | 1,010 | 19.8 | 3.5 | 3.5 |
including | 655.0 | 661.0 | 1,008 | 5.9 | 6.5 | 6.5 | |
UGEG-075-057 | East Gouldie | 560.7 | 572.7 | 929 | 11.9 | 4.9 | 4.9 |
UGEG-095-004 | East Gouldie | 134.0 | 143.4 | 990 | 9.3 | 6.8 | 6.8 |
MEX24-320WCZ | East Gouldie | 1,545.2 | 1,569.1 | 1,158 | 20.7 | 2.0 | 2.0 |
MEX25-350 | 108.6 | 113.1 | 96 | 4.6** | 7.2 | 7.1 | |
and | 222.0 | 234.0 | 204 | 12.0** | 2.1 | 2.1 | |
MEX25-351 | 415.0 | 441.4 | 327 | 26.4** | 2.9 | 2.9 | |
UGOD-057-001 | Odyssey North | 591.2 | 602.1 | 941 | 9.3 | 3.6 | 3.6 |
UGOD-075-046 | Odyssey North | 564.5 | 583.5 | 894 | 17.2 | 3.1 | 3.1 |
MEV25-316 | Odyssey South | 347.3 | 361.5 | 294 | 12.8 | 3.1 | 3.1 |
UGOD-041-066 | Odyssey internal | 73.5 | 83.5 | 443 | 10.0 | 5.0 | 5.0 |
UGOD-041-068 | Odyssey internal | 37.0 | 48.5 | 413 | 11.5 | 5.9 | 4.3 |
and | Odyssey internal | 65.0 | 73.1 | 416 | 8.1 | 8.9 | 8.1 |
*Results from Eclipse zone and East Gouldie and Odyssey deposits use a capping factor of 20 g/t gold and results from |
**Core length. True width undetermined. |
West Pit and West Extension zones at Detour Lake
Drill hole | Zone | From (metres) | To (metres) | Depth of | Estimated | Gold grade |
DLM25-1189A | West Pit | 567.5 | 585.0 | 467 | 16.1 | 3.5 |
and | West Pit | 618.2 | 742.0 | 542 | 115.4 | 0.6 |
DLM25-1191 | West Pit | 401.0 | 412.9 | 311 | 11.1 | 2.1 |
and | West Pit | 430.2 | 491.9 | 350 | 57.5 | 1.2 |
including | 459.0 | 467.5 | 352 | 7.9 | 4.8 | |
and | West Pit | 535.0 | 567.1 | 414 | 30.2 | 1.5 |
and | West Pit | 535.0 | 538.4 | 404 | 3.2 | 10.4 |
DLM25-1205 | West Extension | 586.5 | 613.2 | 539 | 22.0 | 6.7 |
and | West Extension | 663.9 | 688.6 | 605 | 20.4 | 2.0 |
DLM25-1208 | West Extension | 977.7 | 981.7 | 912 | 3.1 | 13.8 |
and | West Extension | 1,094.1 | 1,101.0 | 1,019 | 5.3 | 10.7 |
DLM25-1210 | West Pit | 426.0 | 462.9 | 365 | 33.0 | 1.7 |
and | West Pit | 583.0 | 743.0 | 532 | 146.1 | 1.5 |
including | 623.0 | 626.8 | 503 | 3.5 | 13.5 | |
including | 639.9 | 654.0 | 520 | 12.9 | 5.1 | |
DLM25-1217 | West Pit | 621.3 | 644.0 | 522 | 20.4 | 8.0 |
DLM25-1223A | West Pit | 283.6 | 338.0 | 255 | 47.9 | 1.0 |
and | West Pit | 460.0 | 491.0 | 385 | 28.0 | 1.6 |
and | West Pit | 560.0 | 613.0 | 470 | 48.2 | 1.2 |
and | West Pit | 701.9 | 763.0 | 581 | 55.9 | 2.1 |
DLM25-1225 | West Extension | 713.7 | 750.5 | 639 | 30.7 | 6.5 |
including | 713.7 | 722.2 | 627 | 7.1 | 25.6 | |
and | West Extension | 815.0 | 818.0 | 710 | 2.5 | 4.6 |
DLM25-1229 | West Pit | 807.0 | 817.6 | 592 | 10.1 | 6.1 |
DLM25-1240 | West Extension | 1,089.0 | 1,092.5 | 922 | 3.1 | 10.0 |
DLM25-1242 | West Pit | 519.0 | 618.0 | 444 | 92.4 | 2.1 |
including | 544.5 | 556.0 | 431 | 10.7 | 9.8 | |
and | West Pit | 694.7 | 750.7 | 554 | 52.7 | 2.0 |
and | West Pit | 767.5 | 857.0 | 617 | 84.7 | 1.6 |
including | 767.5 | 788.0 | 593 | 19.4 | 4.9 | |
DLM25-1243 | West Extension | 837.0 | 842.1 | 734 | 4.4 | 28.0 |
and | West Extension | 910.9 | 913.9 | 794 | 2.6 | 11.7 |
DLM25-1245 | West Extension | 592.5 | 604.0 | 497 | 10.1 | 10.7 |
including | 601.0 | 604.0 | 501 | 2.6 | 37.8 |
*Results from Detour Lake are uncapped. |
Drill hole | Zone | From | To | Depth of | Estimated | Gold grade (g/t) | Gold grade (g/t) (capped)* |
HBM25-385 | Patch 7 | 697.6 | 706.6 | 491 | 8.1 | 9.2 | 9.2 |
and | Patch 7 | 711.6 | 720.7 | 500 | 8.6 | 6.9 | 6.9 |
HBM25-387A | Suluk | 824.0 | 826.7 | 653 | 2.3 | 89.8 | 46.1 |
including | 825.7 | 826.7 | 654 | 0.9 | 218.0 | 100.0 | |
HBM25-388 | Patch 7 | 788.0 | 805.0 | 675 | 15.8 | 7.7 | 7.7 |
including | Patch 7 | 793.0 | 797.0 | 674 | 3.7 | 10.1 | 4.0 |
HBM25-394 | Patch 7 | 889.2 | 892.2 | 587 | 2.5 | 48.9 | 35.4 |
including | Patch 7 | 891.2 | 892.2 | 588 | 0.8 | 144.0 | 100.0 |
and | Patch 7 | 936.0 | 952.0 | 614 | 13.8 | 7.3 | 7.3 |
including | Patch 7 | 948.0 | 948.7 | 616 | 0.6 | 45.8 | 45.8 |
HBM25-395 | Patch 7 | 479.0 | 494.0 | 363 | 12.3 | 5.2 | 5.2 |
HBM25-396 | Patch 7 | 701.0 | 705.0 | 538 | 3.1 | 9.7 | 9.7 |
HBM25-400 | Patch 7 | 1041.0 | 1050.0 | 842 | 8.2 | 3.2 | 3.2 |
HBM25-401 | Patch 7 | 734.0 | 745.0 | 609 | 7.1 | 4.3 | 4.3 |
including | Patch 7 | 737.0 | 740.0 | 609 | 1.9 | 8.5 | 8.5 |
and | Suluk | 896.0 | 901.0 | 719 | 4.3 | 7.7 | 7.7 |
P7GM25-010 | Patch 7 | 553.5 | 562.0 | 441 | 8.4 | 4.7 | 4.7 |
HBM25-384 | Patch 14 | 467.0 | 472.0 | 375 | 4.1 | 3.5 | 3.5 |
*Results from |
EXPLORATION DRILL COLLAR COORDINATES
Drill hole | UTM East* | UTM North* | Elevation | Azimuth | Dip (degrees) | Length (metres |
Odyssey mine | ||||||
MEX25-341 | 719014 | 5334200 | 309 | 172 | -58 | 1,203 |
MEX25-346WZ | 717451 | 5334739 | 309 | 143 | -78 | 2,183 |
UGEG-071-029 | 717760 | 5333976 | -346 | 148 | -37 | 711 |
UGEG-075-057 | 717713 | 5334081 | -340 | 165 | -35 | 741 |
UGEG-095-004 | 717592 | 5333756 | -619 | 190 | -27 | 342 |
MEX24-320WCZ | 716867 | 5334696 | 316 | 155 | -68 | 1,628 |
MEX25-350 | 716852 | 5334693 | 316 | 199 | -68 | 875 |
MEX25-350 | 716852 | 5334693 | 316 | 199 | -68 | 875 |
MEX25-351 | 716867 | 5334695 | 317 | 149 | -53 | 1,527 |
UGOD-057-001 | 718006 | 5334110 | -261 | 2 | -43 | 615 |
UGOD-075-046 | 718006 | 5334110 | -261 | 4 | -38 | 615 |
MEV25-316 | 719119 | 5333940 | 334 | 346 | -66 | 465 |
UGOD-041-066 | 718260 | 5334377 | -99 | 250 | -24 | 255 |
UGOD-041-068 | 718259 | 5334378 | -99 | 258 | -6 | 245 |
Detour Lake | ||||||
DLM25-1189A | 587629 | 5541782 | 286 | 172 | -60 | 909 |
DLM25-1191 | 587807 | 5541683 | 286 | 176 | -54 | 699 |
DLM25-1205 | 586120 | 5542020 | 291 | 184 | -67 | 789 |
DLM25-1208 | 585753 | 5542319 | 292 | 186 | -68 | 1,239 |
DLM25-1210 | 589487 | 5541609 | 286 | 180 | -59 | 740 |
DLM25-1217 | 589448 | 5541517 | 286 | 180 | -60 | 819 |
DLM25-1223A | 589528 | 5541498 | 286 | 180 | -58 | 900 |
DLM25-1225 | 586119 | 5542093 | 293 | 184 | -65 | 843 |
DLM25-1229 | 589309 | 5541517 | 286 | 182 | -53 | 990 |
DLM25-1240 | 584832 | 5542449 | 296 | 188 | -59 | 1,176 |
DLM25-1242 | 589450 | 5541487 | 286 | 177 | -57 | 900 |
DLM25-1243 | 586037 | 5542184 | 295 | 187 | -66 | 975 |
DLM25-1245 | 586199 | 5542065 | 292 | 181 | -58 | 762 |
Hope Bay | ||||||
HBM-25-385 | 434949 | 7547679 | 37 | 63 | -55 | 873 |
HBM-25-387A | 434310 | 7549317 | 50 | 84 | -69 | 987 |
HBM-25-388 | 434949 | 7547679 | 37 | 70 | -66 | 954 |
HBM-25-394 | 434333 | 7548811 | 53 | 86 | -57 | 1,148 |
HBM-25-395 | 435069 | 7547563 | 37 | 83 | -57 | 810 |
HBM-25-396 | 434372 | 7549088 | 54 | 72 | -61 | 939 |
HBM-25-400 | 434333 | 7548811 | 53 | 80 | -66 | 1,155 |
HBM-25-401 | 434309 | 7549316 | 48 | 74 | -69 | 1,036 |
P7GM-25-010 | 434830 | 7548196 | 38 | 87 | -60 | 751 |
HBM-25-384 | 7546730 | 435093 | 45 | 75 | -64 | 852 |
*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake; and NAD 1983 UTM Zone 13N for Hope Bay. |
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SOURCE Agnico Eagle Mines Limited