Record 2025 cash flow lets Agnico Eagle (NYSE: AEM) boost payouts
Rhea-AI Filing Summary
Agnico Eagle Mines reported record 2025 results, with gold production of 3.45 million ounces and a realized gold price of $3,454 per ounce driving net income of $4.46 billion and free cash flow of $4.40 billion. The company returned $1.4 billion to shareholders and moved from net debt to a net cash position of $2.67 billion as of December 31, 2025.
Proven and probable gold reserves reached a record 55.4 million ounces, with measured and indicated resources of 47.1 million ounces and inferred resources of 41.8 million ounces, all higher than a year earlier. The quarterly dividend was raised 12.5% to $0.45 per share and $600 million of stock was repurchased in 2025. Guidance calls for stable annual gold production of 3.3–3.5 million ounces through 2028, while 2026 total cash costs are expected to rise about 12% to $1,070 per ounce and AISC to $1,475 per ounce, alongside about $2.6 billion of capital spending and an expanded growth pipeline targeting 20–30% higher output by the early 2030s.
Positive
- Record profitability and cash generation: 2025 net income reached $4.46 billion and free cash flow $4.40 billion, with adjusted EBITDA of $8.09 billion, providing substantial financial flexibility.
- Balance sheet transformed: net cash (debt) improved from $(217) million to $2.67 billion, long‑term debt fell to $196 million, and Moody’s upgraded the credit rating to A3 with a Stable Outlook.
- Shareholder returns increased: total 2025 shareholder returns were $1.4 billion, the quarterly dividend rose 12.5% to $0.45 per share, and $600 million of stock was repurchased under the NCIB.
- Growing reserve and resource base: proven and probable gold reserves increased 2.1% to 55.4 million ounces, measured and indicated resources 9.6% to 47.1 million ounces, and inferred resources 15.5% to 41.8 million ounces, underpinning long‑term production.
- Clear long‑term growth pipeline: five organic projects are expected to add 1.3–1.5 million ounces of annual gold plus copper and zinc, targeting a 20–30% production increase to more than 4.0 million ounces by the early 2030s.
Negative
- Rising cost profile: 2026 total cash costs per ounce are guided up about 12% to a mid‑point of $1,070 and AISC to $1,475, reflecting higher royalties, inflation and currency assumptions.
- Significant tax and capex burden: 2026 cash taxes are expected at $3.4–$3.6 billion and capital expenditures including capitalized exploration at about $2.6 billion, with potentially $300–$350 million extra if Hope Bay is sanctioned.
- Near‑term margin pressure at key assets: Detour Lake, Meadowbank and other mines face lower‑grade or higher strip‑ratio phases, and the company notes total cash costs and AISC are expected to rise further in line with 3–5% annual inflation through 2028.
Insights
Record profitability, stronger balance sheet, but higher 2026 costs and taxes.
Agnico Eagle delivered a step‑change in profitability in 2025. Net income rose to $4.46 billion and free cash flow to $4.40 billion, helped by a realized gold price of $3,454 per ounce and solid 3.45 million ounce production. EBITDA reached $8.44 billion, more than double 2024.
The balance sheet improved sharply: net cash swung from $(217) million to $2.67 billion, with $950 million of debt repaid and long‑term debt at only $196 million. This supports both higher dividends—up 12.5% to $0.45 per share—and $600 million of 2025 buybacks under a $1 billion NCIB, which the company plans to renew with a higher internal limit of $2 billion.
For 2026, guidance is more mixed. Gold output is expected to stay near 2025 levels at 3.3–3.5 million ounces, but total cash costs per ounce are guided up about 12% to a mid‑point of $1,070 and AISC to $1,475, largely from higher assumed gold‑linked royalties, inflation and currency. Cash taxes are projected to jump to $3.4–$3.6 billion, including roughly $1.3 billion tied to 2025 profits, and capital expenditures including capitalized exploration are planned at about $2.6 billion plus up to an additional $350 million at Hope Bay if redevelopment is approved in Q2 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 12, 2026
Commission File Number 001-13422
(Translation of registrant’s name into English)
145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
EXHIBITS
Exhibit No. | Exhibit Description |
99.1 | Press Release dated February 12, 2026 announcing the Corporation’s Fourth Quarter and Full Year 2025 Results. |
99.2 | Annual Audited Consolidated Financial Statements for the year ended December 31, 2025 |
99.3 | Management’s Discussion and Analysis for the year ended December 31, 2025 |
99.4 | Consent of Ernst & Young LLP |
99.5 | Press Release dated February 12, 2026 providing an update on the Corporation’s exploration results. |
Exhibits 99.2 and 99.3 to this Report on Form 6-K are incorporated by reference into the Corporation’s Registration Statements on Form F-3 (File Nos. 333-271854 and 333-280180), Form F-10 (File No. 333-280114) and Form S-8 (File Nos. 333-130339 and 333-152004).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AGNICO EAGLE MINES LIMITED | ||
(Registrant) | ||
Date: 02/12/2026 | By: | /s/ Chris Vollmershausen |
Chris Vollmershausen | ||
Executive Vice-President, Legal, General | ||
Counsel & Corporate Secretary | ||
Exhibit 99.1
Stock Symbol: | AEM (NYSE and TSX) |
| |
For further information: | Investor Relations |
| (416) 947-1212 |
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS – RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCE
Toronto (February 12, 2026) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the fourth quarter and full year 2025, as well as future operating guidance.
“In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns. We’ve also updated our three‑year outlook which reflects stable production at peer‑leading costs,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade. What excites me most is the depth and quality of our growth pipeline, which has the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s. These expansion and growth projects offer exceptional returns at current gold prices, and we are assessing opportunities to advance them more quickly. As we build our project pipeline and sustain our exploration momentum, we are well positioned to drive our next phase of growth.”
Fourth quarter and full year 2025 highlights and the Company’s short to medium‑term outlook are set out below.
1)Record 2025 Financial Results Driven by Strong Operations, Resulting in a StrengthenedBalance Sheet and Record Shareholder Returns
· | Annual production guidance achieved with solid cost performance despite higher royalties from higher gold prices – Payable gold production1 in 2025 was 3,447,367 ounces, above the midpoint of the 2025 guidance range, at production costs per ounce of $965. |
1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.
Total cash costs per ounce2 of $979 and all-in sustaining costs (“AISC”) per ounce2 of $1,339 were slightly above the top end of 2025 guidance, primarily due to higher royalty costs (approximately $42 per ounce) driven by an average realized gold price of $3,453 per ounce, well above the Company’s assumption of $2,500. Under the Company’s revised composition of total cash costs per ounce and AISC per ounce, these measures were $953 and $1,313, respectively, in 20252
· | Record annual free cash flow driven by consistent and reliable operational performance – Cash provided by operating activities for the full year 2025 was a record of $6,817 million or $13.58 per share and free cash flow3 was a record of $4,399 million or $8.76 per share. The Company’s continued focus on operational efficiencies resulted in several annual throughput and mining rate records during the year |
· | Solid quarterly performance, with record quarterly adjusted net income and free cash flow generation – Payable gold production in the fourth quarter of 2025 was 840,608 ounces at production costs per ounce of $1,113, total cash costs per ounce of $1,089 and AISC per ounce of $1,517. The higher realized gold price of $4,163 per ounce in the fourth quarter resulted in strong margins and cash flows, while increasing royalty costs. The Company reported quarterly net income of $1,523 million or $3.04 per share and record adjusted net income3 of $1,351 million or $2.70 per share. The Company generated cash provided by operating activities of $2,112 million or $4.22 per share and record free cash flow of $1,310 million or $2.62 per share |
· | Financial position further strengthened through increased cash balances, providing a solid foundation for the next phase of growth – The Company increased its net cash3 position to $2,670 million as at December 31, 2025 as a result of the increase in its cash balance by $511 million to $2,866 million during the quarter and total debt outstanding as at December 31, 2025 of $196 million |
· | Record shareholder returns of $1.4 billion in 2025 through dividend and share repurchase programs |
◦ | Under its normal course issuer bid (“NCIB”), the Company repurchased 1,784,038 common shares at an average share price of $168.11 for aggregate purchases of $300 million during the quarter, and 4,114,150 common shares at an average share price of $145.76 for aggregate purchases of $600 million in 2025 |
◦ | Quarterly dividend of $0.40 per share paid in the quarter, with total dividend payments of $803 million paid in 2025 |
· | Quarterly dividend increased by 12.5% and expected renewal of NCIB – A quarterly dividend of $0.45 per share has been declared, reflecting the strength of the business and higher gold price environment. Additionally, at current gold prices, the Company expects to remain active on its share repurchase program. The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases under the NCIB to $2 billion of common shares. Additional details will be provided at the time of the renewal |
2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of these measures to adjust for costs related to certain payments to Nunavut Tunngavik Inc. at Meadowbank, for consistency and comparability at the Nunavut operations. These revisions only affect such measures insofar as results from Meadowbank are included (that is, for Meadowbank, the Nunavut region and the consolidated Company). In this news release, unless otherwise specified, these non-GAAP measures are reported on (a) a per ounce of gold production basis, (b) a by-product basis, and (c) using the composition for the applicable period (that is, (i) periods ending on or before December 31, 2025, or (ii) periods commencing on or after January 1, 2026). For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis, a description of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see “Note Regarding Certain Measures of Performance” below.
3 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital, adjusted net income, net cash (debt) (also referred to as “net debt”) and, where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see “Note Regarding Certain Measures of Performance” below.
2
2) | Strong Momentum Continuing Into 2026, Supported by a Stable Three‑Year Production Outlook at Peer‑Leading Costs, Record Mineral Reserves and a Substantial Increase in Mineral Resources |
| ● | Three-year production guidance reflects stable production – Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2026 to 2028. Both 2026 and 2027 gold production guidance is consistent with the prior three-year guidance issued on February 13, 2025 (“Previous Guidance”). The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and potentially beyond, as well as contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset a temporary lower gold grade sequence anticipated at Detour Lake |
| ● | Peer-leading total cash costs and AISC – Total cash costs per ounce and AISC per ounce are forecast to be in the range of $1,020 to $1,120 and $1,400 to $1,550, respectively, in 2026. The midpoints of these ranges represent an approximate 12% increase (or $117 per ounce and $157 per ounce, respectively) compared to 2025, with approximately 60% of the increase reflecting higher royalty costs and a strong Canadian dollar, and 40% of the increase reflecting cost inflation of approximately 4% and the mining sequence |
| ● | Investment in pipeline projects to support future production growth – Capital expenditures4 in 2025 (excluding capitalized exploration) were $2.1 billion and are expected to be between $2.2 billion and $2.4 billion in 2026. Capitalized exploration in 2025 was $318 million and is forecast to be between $290 million and $330 million in 2026. The anticipated increase reflects additional investment to further advance the construction and ramp-up of the project pipeline, including at Detour Lake underground and Upper Beaver. Total expected development capital expenditures for 2026 include an initial $102 million related to Hope Bay, which could be supplemented by between $300 million and $350 million for the reminder of the year in the event the potential construction announcement expected, in the second quarter of 2026, is made |
| ● | Record gold mineral reserves – Year-end 2025 gold mineral reserves increased by 2.1% to a record of 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne (“g/t”) gold). The year-over-year increase in mineral reserves is attributable to strong mineral reserve replacement from operating mines and the initial declaration of mineral reserves at Marban following the acquisition of O3 Mining. For further details, see the Company’s exploration news release dated February 12, 2026 |
| ● | Record mineral resources support growth pipeline and potential mine life extensions – At year-end 2025, measured and indicated mineral resources increased by 9.6% to a record of 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources increased by 15.5% to a record of 41.8 million ounces (522 million tonnes grading 2.49 g/t gold), primarily due to exploration drilling success at East Gouldie, Hope Bay, Detour Lake and Meliadine. For further details, see the Company’s exploration news release dated February 12, 2026 |
3) | Well Positioned for the Next Phase of Growth, Supported by a High‑Quality Project Pipeline with Potential to Increase Annual Gold Production by 20-30% Over the Next Decade |
| ● | Advancing expansion and growth projects with the potential to deliver between 1.3 to 1.5 Moz of gold production, with initial step-up expected in 2030, which could result in a net addition of 0.7 to 1.0 Moz over the next decade – The Company is advancing a disciplined, phased development strategy that supports a path to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s, while maintaining a strong focus on safety, exploration success, operational excellence and generating attractive returns for shareholders. The Company believes this strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns |
4 Capital expenditures, sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see “Note Regarding Certain Measures of Performance” below.
3
◦ | Canadian Malartic, expansion to one million ounces of annual gold production – Drilling continued to expand the mineral reserve and mineral resource base, supporting the potential for a meaningful extension of the mine life at Odyssey and providing a strong foundation for a larger production profile. The transition to underground mining continues to advance ahead of schedule, with production from East Gouldie now expected to begin from the ramp in the first quarter of 2026 and from the shaft in the second quarter of 2027. The Company is evaluating the potential for a second shaft and additional satellite deposits, which may position Canadian Malartic to potentially ramp-up to approximately one million ounces of annual gold production beginning in 20335 |
◦ | Detour Lake, expansion to one million ounces of annual gold production – Drilling continued to expand underground mineral resources and reinforce confidence in the geological model. With the exploration ramp advancing on schedule, the Company has allocated additional capital to accelerate construction of service and operational facilities, procure mobile equipment to support a faster development pace and advance work on the conveyor‑ramp portal and associated ramp development5 |
◦ | Upper Beaver, unlocking potential in the Kirkland Lake camp – Development activities continued to advance ahead of schedule. The headframe and hoist room were commissioned during the year, and shaft sinking began with the first blast completed in early November, reaching a depth of 155 metres by year‑end 2025. Based on strong execution to date, the Company has allocated additional capital to accelerate site‑readiness for construction and extend the exploration ramp to a depth of 400 metres |
◦ | Hope Bay, path to develop next large gold mine in Nunavut – Drilling continued to expand and upgrade mineral resources at Patch 7, confirming its potential to serve as a third mining front alongside Doris and Madrid in support of the planned redevelopment of Hope Bay. A technical evaluation is underway that contemplates an operation similar in scale to the Company’s Meliadine mine in Nunavut, with anticipated annual gold production of 400,000 to 425,000 ounces5. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026 |
◦ | San Nicolás, potential for base metal production in Mexico – Minas de San Nicolás continued to advance the feasibility study and execution strategy, targeting completion of 50% of the engineering by mid-year 2026. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area |
| ● | Several initiatives underway to enhance near-term gold production profile – The Company is advancing plans to increase mining and processing rates at Macassa to 2,150 tonnes per day (“tpd”) and at Fosterville to 3,300 tpd over the next three years, with both initiatives factored into the 2026 guidance. Additionally, the Company is advancing other optimization initiatives, including the potential to further extend operations at Meadowbank beyond 2030 through an underground‑only mine plan and the ongoing deployment of automation and technology upgrades across the Company’s operations to support productivity gains |
| ● | Assessing additional portfolio optionality in high gold price environment – The Company has a number of higher potential portfolio projects (Hammond Reef, Timmins East and Northern Territory) that are being re-evaluated in light of the high gold price environment. These projects are located in safe jurisdictions, where the Company currently operates and, in some cases, in close proximity to existing mining infrastructure and have the potential to provide additional production growth |
5 The forecast parameters were based on an internal evaluation which is preliminary in nature and includes inferred mineral resource. For a description see “Notes to Investors Regarding Certain Project Evaluations” below.
4
Fourth Quarter and Full Year 2025 Results Conference Call and Webcast Tomorrow
The Company’s senior management will host a conference call on Friday, February 13, 2026, at 11:00 AM (E.S.T.) to discuss the Company’s financial and operating results.
Via Webcast:
To listen to the live webcast of the conference call, you may register on the Company’s website at www.agnicoeagle.com, or directly via the link here.
Via Phone:
To join the conference call by phone, please dial 437.900.0527 or toll-free 1.888.510.2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.
Replay Archive:
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 38514#. The conference call replay will expire on March 13, 2026.
The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.
Fourth Quarter and Full Year 2025 Production and Costs
Production and Cost Results Summary
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Gold production* (ounces) |
| | 840,608 |
| | 847,401 |
| | 3,447,367 |
| | 3,485,336 |
Gold sales (ounces)** |
| | 842,556 |
| | 824,902 |
| | 3,400,919 |
| | 3,434,094 |
Production costs per ounce | | $ | 1,113 | | $ | 881 | | $ | 965 | | $ | 885 |
Total cash costs per ounce | | $ | 1,089 | | $ | 923 | | $ | 979 | | $ | 903 |
AISC per ounce | | $ | 1,517 | | $ | 1,316 | | $ | 1,339 | | $ | 1,239 |
* | Gold production for the three months ended December 31, 2025 excludes payable gold production at La India and Creston Mascota of 925 and 70 ounces, respectively, which were produced from residual leaching and 7,026 ounces of gold recovered at Hope Bay. Gold production for the full year 2025 excludes payable gold production at La India and Creston Mascota of 4,539 and 323 ounces, respectively, and 9,468 ounces of gold recovered at Hope Bay. |
** | Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the full year 2025, 2,500 ounces of gold sales are excluded at La India. |
Gold Production
| ● | Fourth Quarter of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Macassa (lower grade and throughput) and LaRonde (lower throughput), partially offset by higher production from Detour Lake (higher grade) and Canadian Malartic (higher grade and throughput) |
| ● | Full Year 2025 – Gold production decreased when compared to the prior year primarily due to lower production from Fosterville (lower grade and throughput) and La India (end of mine life), partially offset by higher production from Macassa and LaRonde (higher grades) |
5
Production Costs per Ounce
| ● | Fourth Quarter of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices |
| ● | Full Year 2025 – Production costs per ounce increased when compared to the prior year primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar |
Total Cash Costs per Ounce
| ● | Fourth Quarter and Full Year 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in each respective period |
AISC per Ounce
| ● | Fourth Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher sustaining capital expenditures, primarily at Meadowbank and LaRonde, partially offset by lower general and administrative expenses |
| ● | Full Year 2025 – AISC per ounce increased when compared to the prior year due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and administrative expenses |
Refer to the Company’s Management Discussion and Analysis for the fourth quarter of 2025 (the “MD&A”) under the caption “Financial and Operating Results” for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.
6
Fourth Quarter and Full Year 2025 Financial Results
Financial Results Summary
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Realized gold price (per ounce)6 | | $ | 4,163 | | $ | 2,660 | | $ | 3,454 | | $ | 2,384 |
Net income (millions) | | $ | 1,523 | | $ | 509 | | $ | 4,461 | | $ | 1,896 |
Adjusted net income (millions) | | $ | 1,351 | | $ | 632 | | $ | 4,169 | | $ | 2,118 |
EBITDA (millions)7 | | $ | 2,756 | | $ | 1,198 | | $ | 8,440 | | $ | 4,462 |
Adjusted EBITDA (millions)7 | | $ | 2,509 | | $ | 1,332 | | $ | 8,090 | | $ | 4,694 |
Cash provided by operating activities (millions) | | $ | 2,112 | | $ | 1,132 | | $ | 6,817 | | $ | 3,961 |
Cash provided by operating activities before changes in non-cash working capital balances (millions) | | $ | 1,810 | | $ | 1,090 | | $ | 6,013 | | $ | 3,881 |
Capital expenditures (millions)8 | | $ | 790 | | $ | 576 | | $ | 2,391 | | $ | 1,841 |
Free cash flow (millions) | | $ | 1,310 | | $ | 570 | | $ | 4,399 | | $ | 2,143 |
Free cash flow before changes in non-cash working capital balances (millions) | | $ | 1,009 | | $ | 528 | | $ | 3,595 | | $ | 2,063 |
| | | | | | | | | | | | |
Net income per share (basic) | | $ | 3.04 | | $ | 1.02 | | $ | 8.89 | | $ | 3.79 |
Adjusted net income per share (basic) | | $ | 2.70 | | $ | 1.26 | | $ | 8.31 | | $ | 4.24 |
Cash provided by operating activities per share (basic) | | $ | 4.22 | | $ | 2.26 | | $ | 13.58 | | $ | 7.92 |
Cash provided by operating activities before changes in non-cash working capital balances per share (basic) | | $ | 3.61 | | $ | 2.17 | | $ | 11.98 | | $ | 7.76 |
Free cash flow per share (basic) | | $ | 2.62 | | $ | 1.14 | | $ | 8.76 | | $ | 4.29 |
Free cash flow before changes in non-cash working capital balances per share (basic) | | $ | 2.01 | | $ | 1.05 | | $ | 7.16 | | $ | 4.13 |
Net Income
| ● | Fourth Quarter of 2025 |
◦ | Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and an impairment reversal (net of tax) of $156 million related to Macassa, partially offset by higher income and mining taxes |
◦ | Net income of $1,523 million ($3.04 per share) includes the following items (net of tax): Macassa impairment reversal of $156 million ($0.31 per share), net gains on derivative financial instruments of $40 million ($0.08 per share), net asset disposal losses of $17 million ($0.03 per share), reclamation adjustments of $14 million ($0.03 per share) and foreign exchange gains of $7 million ($0.01 per share). Excluding these items results in adjusted net income of $1,351 million or $2.70 per share |
| ● | Full Year 2025 – Net income increased when compared to the prior year primarily due to record operating margins resulting from higher realized gold prices, gains on derivative financial instruments (compared to losses in the prior year) and an impairment reversal at Macassa, partially offset by higher income and mining taxes, higher royalty costs from higher gold prices and higher amortization of property, plant and mine development |
6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold.
7 “EBITDA” means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see “Note Regarding Certain Measures of Performance” below.
8 Includes capitalized exploration.
7
Macassa Impairment Reversal
In 2023, an impairment loss relating to the Macassa mine was incurred in connection with the annual goodwill impairment test performed in accordance with the requirements of International Financial Reporting Standards (“IFRS”). The impairment loss (net of tax) was $594 million, with $421 million allocated to goodwill and $173 million allocated to non-current assets of the Macassa mine.
In 2025, the Company identified indicators of impairment reversal driven by the effect of a significant and sustained increase in long-term gold price assumptions. Based on the impairment reversal assessment, an impairment reversal (net of tax) of $156 million was recognized with a corresponding increase in the value of the mineral properties at Macassa. This impairment reversal represents the full reversal of prior impairment allocated to property, plant and mine development, as adjusted for amortization.
Adjusted EBITDA
| ● | Fourth Quarter of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (higher realized gold prices and higher gold sales), partially offset by higher production costs (higher royalty costs) |
| ● | Full Year 2025 – Adjusted EBITDA increased when compared to the prior year primarily due to higher revenues from mining operations (higher realized gold prices), partially offset by lower gold sales, higher production costs (higher royalty costs) and higher general and administrative expenses |
Cash Provided by Operating Activities
| ● | Fourth Quarter and Full Year 2025 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins |
Free Cash Flow
| ● | Fourth Quarter and Full Year 2025 – Free cash flow and free cash flow before changes in non-cash working capital balances were a record and increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development |
8
Capital Expenditures
The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the fourth quarter and the full year 2025.
Summary of Capital Expenditures
(thousands)
| | Capital Expenditures* | | Capitalized Exploration | ||||||||
| | Three Months Ended | | Year Ended | | Three Months Ended | | Year Ended | ||||
| | Dec 31, 2025 | | Dec 31, 2025 | | Dec 31, 2025 | | Dec 31, 2025 | ||||
Sustaining Capital Expenditures | | | | | | | | | | | | |
LaRonde | | $ | 38,635 | | $ | 93,766 | | $ | 1,394 | | $ | 4,473 |
Canadian Malartic | |
| 41,870 | |
| 129,507 | |
| 432 | |
| 2,050 |
Goldex | |
| 6,364 | |
| 44,085 | |
| 366 | |
| 1,889 |
Quebec | |
| 86,869 | |
| 267,358 | |
| 2,192 | |
| 8,412 |
Detour Lake | |
| 66,415 | |
| 225,487 | |
| — | |
| — |
Macassa | |
| 23,776 | |
| 55,897 | |
| 735 | |
| 1,770 |
Ontario | |
| 90,191 | |
| 281,384 | |
| 735 | |
| 1,770 |
Meliadine | |
| 18,328 | |
| 71,531 | |
| 2,342 | |
| 6,916 |
Meadowbank | |
| 34,453 | |
| 132,085 | |
| — | |
| — |
Nunavut | |
| 52,781 | |
| 203,616 | |
| 2,342 | |
| 6,916 |
Fosterville | |
| 23,206 | |
| 67,821 | |
| 665 | |
| 665 |
Australia | |
| 23,206 | |
| 67,821 | |
| 665 | |
| 665 |
Kittila | |
| 23,533 | |
| 68,835 | |
| 1,118 | |
| 3,520 |
Finland | |
| 23,533 | |
| 68,835 | |
| 1,118 | |
| 3,520 |
Pinos Altos | |
| 10,429 | |
| 33,989 | |
| 279 | |
| 1,807 |
Mexico | |
| 10,429 | |
| 33,989 | |
| 279 | |
| 1,807 |
Other | |
| 1,894 | |
| 8,195 | |
| 89 | |
| 665 |
Total Sustaining Capital Expenditures | | $ | 288,903 | | $ | 931,198 | | $ | 7,420 | | $ | 23,755 |
Development Capital Expenditures | |
| | |
| | |
| | |
| |
LaRonde | | $ | 30,739 | | $ | 84,760 | | $ | — | | $ | 11 |
Canadian Malartic | |
| 133,223 | |
| 331,050 | |
| 5,889 | |
| 25,678 |
Goldex | |
| 6,335 | |
| 17,504 | |
| 2,285 | |
| 4,534 |
Quebec | |
| 170,297 | |
| 433,314 | |
| 8,174 | |
| 30,223 |
Detour Lake | |
| 96,475 | |
| 285,441 | |
| 9,245 | |
| 35,763 |
Macassa | |
| 26,695 | |
| 91,908 | |
| 7,147 | |
| 34,942 |
Ontario | |
| 123,170 | |
| 377,349 | |
| 16,392 | |
| 70,705 |
Meliadine | |
| 17,095 | |
| 72,456 | |
| 3,722 | |
| 16,439 |
Meadowbank | |
| 4,846 | |
| 20,135 | |
| — | |
| — |
Nunavut | |
| 21,941 | |
| 92,591 | |
| 3,722 | |
| 16,439 |
Fosterville | |
| 21,323 | |
| 44,417 | |
| 805 | |
| 8,885 |
Australia | |
| 21,323 | |
| 44,417 | |
| 805 | |
| 8,885 |
Kittila | |
| 174 | |
| 520 | |
| 2,824 | |
| 7,600 |
Finland | |
| 174 | |
| 520 | |
| 2,824 | |
| 7,600 |
Pinos Altos | |
| 2,338 | |
| 6,255 | |
| 9 | |
| 41 |
San Nicolás (50%) | |
| 4,490 | |
| 11,103 | |
| — | |
| — |
Mexico | |
| 6,828 | |
| 17,358 | |
| 9 | |
| 41 |
Other | |
| 69,097 | |
| 176,205 | |
| 49,266 | |
| 160,787 |
Total Development Capital Expenditures | | $ | 412,830 | | $ | 1,141,754 | | $ | 81,192 | | $ | 294,680 |
Total Capital Expenditures | | $ | 701,733 | | $ | 2,072,952 | | $ | 88,612 | | $ | 318,435 |
* | Excludes capitalized exploration |
9
Record Free Cash Flow Drives Further Balance Sheet Strength
Cash and cash equivalents increased by $511 million from the prior quarter, primarily due to cash provided by operating activities resulting from strong operating margins (higher realized gold prices) and favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins). The increase was partially offset by $801 million of capital expenditures and $501 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.
For the full year 2025, cash and cash equivalents increased by $1,940 million and a total of $950 million of debt was repaid, resulting in a transition from the net debt position of $217 million at the beginning of the year to the net cash position of $2,670 million as at December 31, 2025.
As at December 31, 2025, the Company’s total long-term debt was $196 million. No amounts were outstanding under the Company’s unsecured revolving bank credit facility as at December 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.
In 2025, the Company received an upgrade to its credit rating from Moody’s Ratings to A3 with a Stable Outlook. This strong investment grade credit rating reflects the Company’s strong portfolio of mining assets, continued strengthening of its credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.
The following table sets out the calculation of net cash (debt).
Net Cash Summary
(millions)
| | As at | | As at | | As at | |||
| | Dec 31, 2025 | | Sep 30, 2025 | | Dec 31, 2024 | |||
Current portion of long-term debt | | $ | — | | $ | — | | $ | (90) |
Non-current portion of long-term debt | |
| (196) | |
| (196) | |
| (1,053) |
Long-term debt | | $ | (196) | | $ | (196) | | $ | (1,143) |
Cash and cash equivalents | |
| 2,866 | |
| 2,355 | |
| 926 |
Net cash (debt) | | $ | 2,670 | | $ | 2,159 | | $ | (217) |
Hedges
The Company’s full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.
Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 40% of the Company’s total estimated Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.
Including the diesel purchased for the Company’s Nunavut operations that was delivered as part of the 2025 sealift, approximately 56% of the Company’s total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.69 per litre (excluding transportation and taxes), which is expected to reduce the Company’s exposure to diesel price volatility for 2026. The Company’s full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 per litre (excluding transportation and taxes).
The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs for 2026. Current hedging positions are not factored into 2026 or future guidance.
Shareholder Returns
Dividend Record and Payment Dates for the First Quarter of 2026
The Company’s Board of Directors has approved an increase in the quarterly dividend of 12.5% and has declared a quarterly cash dividend of $0.45 per common share (previously $0.40 per share), payable on March 16, 2026 to shareholders of record as of March 2, 2026. Agnico Eagle has declared a cash dividend every year since 1983.
10
Expected Dividend Record and Payment Dates for the 2026 Fiscal Year
Record Date | | Payment Date |
March 2, 2026* | | March 16, 2026* |
June 1, 2026 | | June 15, 2026 |
September 1, 2026 | | September 15, 2026 |
December 1, 2026 | | December 15, 2026 |
* | Declared |
Dividend Reinvestment Plan
For information on the Company’s dividend reinvestment plan, see: Dividend Reinvestment Plan.
International Dividend Currency Exchange
For information on the Company’s international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.
Normal Course Issuer Bid
In the fourth quarter of 2025, the Company repurchased 1,784,038 common shares under the NCIB at an average share price of $168.11 for aggregate purchases of $300 million. During the year ended December 31, 2025, the Company repurchased 4,114,150 common shares under the NCIB at an average share price of $145.76 for aggregate purchases of $600 million.
The Company believes that its NCIB is a flexible and effective complementary tool that, together with the quarterly dividend, is part of the Company’s overall capital allocation program and generates value for shareholders. Under the NCIB, the Company may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.
The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases to $2 billion of common shares. Additional details will be provided at the time of the renewal.
Fourth Quarter 2025 Sustainability Highlights
· | Focus on Strong Health and Safety Standards – The Company is committed to maintaining high standards of health and safety across its operations. In 2025, the Company delivered solid global safety performance, with a Global Combined Injury Frequency Rate (“GCIFR”) of 2.6 per million hours worked, including employees and contractors. Overshadowing good safety performance during the year, there was a tragic fatal incident involving a contractor at Fosterville in early December 2025. Health and safety remains a fundamental priority for the Company, which continues to focus on operating a safe and healthy workplace with the objective being injury and fatality-free |
· | Towards Sustainable Mining (“TSM”) Leadership Awards – Seven of the Company’s operations received a TSM Leadership Award from the Mining Association of Canada, reflecting each operation’s excellence across all TSM categories of safety, environmental stewardship and community engagement. This recognition highlights the dedication of our teams to responsible mining practices and continuous improvement across our operations |
· | Continued Improvement in Employee Engagement – The Company continued to see year-over-year increases in employee satisfaction as measured in the annual Great Place to Work ® survey. The survey is driven by employee feedback, reinforcing the Company’s shared commitment to creating a positive and collaborative workplace culture, where employee satisfaction and engagement help support strong retention rates across the organization |
· | Commitment to Trusted Community Partnerships – The Company completed an independent perception survey across its Canadian and Australian operations, establishing a measurable baseline for community trust and acceptance. The survey provides insight into how communities view the Company’s environmental practices, communications, responsiveness and |
11
overall social impact. These findings will be used to develop a practical roadmap to strengthen relationships and track community sentiment over time
Record Gold Mineral Reserves and Gold Mineral Resources at Year-end 2025
The table below sets out the gold mineral reserves and gold mineral resources as at December 31, 2025 and December 31, 2024.
| | As at December 31, 2025 | | As at December 31, 2024 | | | | ||||||||
| | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold | | Change in |
|
Category | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) | | Gold (%) |
|
Mineral Reserves |
| |
| |
| |
| |
| |
| |
| | |
Proven |
| 212,796 |
| 0.98 |
| 6,731 |
| 215,249 |
| 0.93 |
| 6,433 |
| 4.6 | % |
Probable |
| 1,116,755 |
| 1.36 |
| 48,711 |
| 1,061,639 |
| 1.40 |
| 47,852 |
| 1.8 | % |
Total Proven & Probable |
| 1,329,551 |
| 1.30 |
| 55,442 |
| 1,276,888 |
| 1.32 |
| 54,284 |
| 2.1 | % |
Mineral Resources |
| |
| |
| |
| |
| |
| |
| | |
Measured |
| 113,254 |
| 1.28 |
| 4,656 |
| 111,028 |
| 1.23 |
| 4,397 |
| 5.9 | % |
Indicated |
| 1,086,470 |
| 1.21 |
| 42,420 |
| 1,056,019 |
| 1.14 |
| 38,553 |
| 10.0 | % |
Total Measured & Indicated |
| 1,199,724 |
| 1.22 |
| 47,076 |
| 1,167,047 |
| 1.14 |
| 42,950 |
| 9.6 | % |
Total Inferred |
| 522,289 |
| 2.49 |
| 41,815 |
| 451,483 |
| 2.49 |
| 36,208 |
| 15.5 | % |
For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at the Company’s mines and advanced projects for the December 31, 2025 estimate, see “Detailed Mineral Reserve and Mineral Resource Data” and “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below, as well as the Company’s exploration news release dated February 12, 2026, and for the December 31, 2024 estimate, see the Company’s news release dated February 13, 2025.
Gold Mineral Reserves
Proven and probable gold mineral reserves increased by 2.1% to a record of 55.4 million ounces as at December 31, 2025. The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.
Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. See “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below for more details.
Gold Mineral Resources
Measured and indicated gold mineral resources increased by 9.6% to a record of 43.0 million ounces as at December 31, 2025. The year-over-year increase in measured and indicated mineral resources is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5 (“LZ5”) and Meliadine, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and Fosterville.
Inferred gold mineral resources increased by 15.5% to a record of 36.2 million ounces as at December 31, 2025. The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Odyssey, Hope Bay and Detour Lake underground. The grade of the inferred mineral resources at year-end 2025 remained unchanged at 2.49 g/t gold compared to the prior year.
Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below for more details.
12
Pipeline Projects Continue to Advance – Building the Next Phase of Growth; Opportunities to Further Enhance Longer-Term Production
The Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s. The Company believes that this plan balances responsible, phased investment with a continued focus on exploration success, operational excellence and delivering strong returns to shareholders. The Company believes this growth strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has operating and technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns.
| | 2026 Gold | | Anticipated | | Anticipated | | Anticipated |
| | Production | | Production | | Incremental Annual | | Incremental Annual |
| | Guidance | | Ramp-up | | Gold Production* | | Copper Production |
Key Project | | (000s oz) | | Year | | (000s oz) | | (tonnes) |
Canadian Malartic | | 575 — 590 | | 2033 | | 400 — 500 | | — |
Detour Lake |
| 700 — 715 |
| 2030 |
| 300 — 350 |
| — |
Upper Beaver |
| — |
| 2030 |
| 200 — 225 |
| 3,600 |
Hope Bay |
| — |
| 2030 |
| 400 — 425 |
| — |
San Nicolás (50%)** |
| — |
| 2030 |
| — |
| 50,000 - 60,000 |
* | The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see “Notes to Investors Regarding Certain Project Evaluations” below |
** | San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent years |
The Company’s growth strategy includes the potential development of five organic projects that together could add up to an estimated 1.3 to 1.5 million ounces of annual gold production, along with 50,000 to 60,000 tonnes of copper and 150,000 to 160,000 tonnes of zinc per year, with ramp-up expected to begin starting in 2030. Construction activities at Canadian Malartic and the development of the exploration shaft and ramp at Upper Beaver are progressing ahead of schedule, while the development of the exploration ramp remains on schedule at Detour Lake. At Hope Bay, surface infrastructure upgrades have been completed, supporting a potential construction decision in the first half of 2026. At San Nicolás, the joint venture continues to advance the feasibility study and detailed engineering, while supporting the permitting process. Additional details on each of these projects are set out below.
Canadian Malartic – Potential for 400,000 to 500,000 ounces of incremental annual gold production
The Company continues to advance the transition to underground mining with the construction of the Odyssey mine. Once the Barnat pit at Canadian Malartic is depleted in 2029, annual gold production is expected to be in the range of 550,000 to 600,000 ounces, supported by an underground mining rate of approximately 19,000 tpd from four deposits. At that time, the processing plant is expected to have approximately 40,000 tpd of excess capacity. The Company is advancing three projects to potentially utilize a portion of this excess capacity and position Canadian Malartic to ramp-up toward one million ounces of annual gold production starting in 2033. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.
Odyssey mine
Exploration drilling in 2025 continued to expand the mineral reserves and mineral resources at the Odyssey mine, further demonstrating the quality and scale of the East Gouldie and Odyssey deposits. The table below sets out the mineral reserve and mineral resources at the Odyssey mine.
13
Mineral Reserve and Mineral Resources – Odyssey mine (100% basis)
| | As at December 31, 2025 | | As at December 31, 2022* | | | ||||||||
| | | | | | | | | | | | | | Change |
| | | | | | | | | | Grade | | | | in Gold |
| | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold | | Ounces |
Category | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) |
| (000s oz) |
Mineral Reserves |
| |
| |
| |
| |
| |
| |
| |
Proven & Probable |
| 59,730 |
| 3.14 |
| 6,026 |
| 2,757 |
| 2.22 |
| 197 |
| 5,829 |
Mineral Resources |
| |
| |
| |
| |
| |
| |
| |
Measured & Indicated |
| 57,757 |
| 1.85 |
| 3,442 |
| 64,202 |
| 2.99 |
| 6,165 |
| (2,723) |
Inferred |
| 177,729 |
| 2.21 |
| 12,652 |
| 132,442 |
| 2.17 |
| 9,233 |
| 3,419 |
* | See the Company’s news release dated June 20, 2023 for the June 2023 technical update that was based on the December 31, 2022 mineral reserve and mineral resource estimate |
The June 2023 technical update incorporated approximately 9.0 million ounces in the mine plan and envisioned a mine life extending to 2042. The significant growth of the mineral reserve and mineral resource base since December 31, 2022 supports the potential for a meaningful extension of the Odyssey mine life and provides a strong foundation for a larger, long‑term production profile, with the addition of a new mining front supported by a second shaft. The Company believes this positions Odyssey as a multi‑decade, world‑class asset.
Odyssey Shaft #1
Mine development continued to progress ahead of schedule in the fourth quarter of 2025, delivering record quarterly advancement at Odyssey. The focus remains on preparing East Gouldie for the start of ramp‑based production, expected in the first quarter of 2026 (three months earlier than planned). Development of the production levels for the first mining area has been completed, with workings now accessing East Gouldie mineralization, and the main ramp has reached the bottom of the second mining sequence at level 111 (a depth of 1,112 metres). Installation of the paste distribution infrastructure and essential services is nearing completion. Ventilation development also advanced, with raise excavations to level 58 ongoing and construction of the main exhaust fan station underway.
Development of the material‑handling infrastructure for the first shaft loading station between levels 102 and 114 continued to advance on schedule, supporting the expected start of shaft‑hoisted production from East Gouldie in the second quarter of 2027. Shaft sinking progressed ahead of plan, reaching a depth of 1,466 metres as at December 31, 2025, reaching the top of the planned second loading station. Excavation of the material‑handling infrastructure for the second loading station between levels 146 and 150 is now underway and is expected to continue through the third quarter of 2026. Shaft sinking remains on track to complete the first phase in the first quarter of 2027 at a planned depth of 1,600 metres, with the second loading station targeted for commissioning in 2029. A second phase of sinking is expected to resume in 2029 and be completed in 2031, extending the shaft to its final expected depth of 1,870 metres. The third loading station, located between levels 181 and 187, is expected to be completed and commissioned in 2031.
Construction of key surface infrastructure progressed on schedule and on budget. Fabrication of the production hoist is underway in Germany, with delivery expected in the second quarter of 2026. Construction progressed on phase two of the paste plant (designed for a 20,000 tpd capacity) and is expected to be completed in 2027.
Odyssey Shaft #2
The Company is advancing a technical evaluation of a potential second shaft at the Odyssey mine, with the preferred shaft location now confirmed near Shaft #1 and close to the centre of gravity of the deposit. Drilling of the geotechnical pilot hole is progressing well, reaching a depth of 831 metres as at December 31, 2025, toward a planned depth of approximately 2,200 metres. The evaluation, which incorporates the year‑end 2025 mineral resource update, will assess the potential for developing an 8,000 to 10,000 tpd operation, supported by a second shaft equipped with a friction hoist and dedicated service hoist, a configuration expected to lower operating costs and capital expenditures, accelerate start‑up by requiring only one loading station and reduce the surface footprint.
The technical evaluation is expected to be completed at the end of 2026, with permitting studies scheduled to begin in the third quarter of 2026 and potential formal permit submission in early 2027. Approval of an amendment to the existing decree is expected to take approximately one year from submission of the application. Subject to permitting and Board approval, construction, shaft sinking and development of the associated underground material‑handling and production infrastructure would be expected to take place over a four‑year period, positioning the project for potential initial production in 2033.
14
Marban – Satellite Open Pit
As part of the Company’s “fill-the-mill” strategy at the Canadian Malartic complex, the Marban property, located immediately northeast of the Canadian Malartic property, was acquired in March 2025 as an advanced exploration project that could potentially support an open pit mining operation similar to the Barnat open pit operation at Canadian Malartic.
In the fourth quarter of 2025, the Company completed an internal evaluation on Marban, removing previous property-boundary constraints on the pit design, which resulted in the Company’s initial declaration of estimated probable mineral reserves of 1.58 million ounces of gold (51.6 million tonnes grading 0.95 g/t gold) at December 31, 2025. Additionally, drilling completed in the quarter confirmed and extended the Marban gold deposit onto the Company’s adjacent Callahan property to the east. The results of the drilling were not included in the 2025 mineral reserves and mineral resource estimates.
The technical evaluation envisions a 14,000 to 16,000 tpd open pit operation producing between 120,000 to 150,000 ounces of gold annually over a 12 year life of mine. In 2026, the Company will integrate new drilling into an optimized pit design and assess opportunities to redeploy mobile equipment from the Barnat pit at Canadian Malartic to minimize capital expenditures for the project. The results of this evaluation, expected at the end of 2026, will support the permitting process which is expected to be completed in 2030. Project construction could begin in 2031, with the potential for initial production as early as 2033.
Wasamac
The Wasamac project hosts mineral reserves of 1.38 million ounces of gold (14.8 million tonnes grading 2.9 g/t gold) and is being advanced as a potential satellite operation to support the Company’s “fill‑the‑mill” strategy at Canadian Malartic. The project envisions an underground long-hole stoping operation with cemented rockfill, similar to LZ5 at LaRonde, with a planned mining rate of approximately 3,200 tpd. Ore will be transported to the Canadian Malartic mill for processing. Average annual gold production is expected to be approximately 90,000 ounces from a projected mill feed grade of 2.8 g/t gold. Initial capital expenditures are estimated at $270 million to $300 million, with operating costs of approximately C$115 per tonne, total cash costs per ounce of approximately $1,100 and annual sustaining capital expenditures of approximately $20 million. In 2026, the Company will continue advancing optimization and trade‑off studies alongside permitting activities and engagement with stakeholders. Subject to permitting and Board approval, development could begin as early as 2029, with the potential for initial production in 2033 and an estimated mine life of approximately 15 years.
Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold production
Detour Lake is Canada’s largest gold mine, with gold production of 692,675 ounces at a processing rate of 76,353 tpd in 2025. As at December 31, 2025, Detour Lake hosted 18.6 million ounces of gold (798 million tonnes grading 0.72 g/t gold) in open pit, proven and probable mineral reserves, measured and indicated mineral resources of 17.2 million ounces of gold (675 million tonnes grading 0.79 g/t gold) and inferred mineral resources of 6.2 million ounces of gold (111 million tonnes grading 1.73 g/t gold).
In 2025, drilling continued to delineate a subset of the mineral resources with a gold cut-off grade of 1.20 g/t gold, which is amenable to underground mining within and adjacent to the open pit mineral resource. At year-end 2025, the high-grade mineralized corridor increased substantially relative to the June 2024 technical update (see the Company’s news release dated June 19, 2024) based on the March 31, 2024 mineral reserve and mineral resource estimate, which incorporated approximately 0.7 million ounces of gold in indicated mineral resources and 3.9 million ounces in gold of inferred mineral resources in the mine plan. The table below sets out the mineral reserve and mineral resources in the Detour Lake high grade mineralized corridor that are amenable to underground mining.
Mineral Reserve and Mineral Resources – Detour Lake High-Grade Mineralized Corridor Amenable to Underground Mining
| | As at December 31, 2025 | | As at March 31, 2024 | | | ||||||||
| | | | | | | | | | | | | | Change |
| | | | | | | | | | | | | | in Gold |
| | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold | | Ounces |
Category | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) | | (000s oz) |
Mineral Resources | | | | | | | | | | | | | | |
Measured & Indicated |
| 85,800 |
| 2.00 |
| 5,500 |
| 19,000 |
| 1.94 |
| 1,200 |
| 4,300 |
Inferred |
| 89,800 |
| 2.02 |
| 5,800 |
| 107,700 |
| 2.05 |
| 7,100 |
| (1,300) |
15
The significant expansion in the underground mineral resource base continues to support and de-risk the potential for a meaningful expansion of the Detour Lake operation to annual gold production of approximately one million ounces per year. The Detour Lake expansion envisions the concurrent operation of the open pit with proposed underground mining at a rate of 11,200 tpd, combined with a mill throughput expansion to 79,450 tpd, which is now expected to be reached by 2030.
Additionally, the successful completion of the high‑intensity surface drilling program on a high-grade mineralized corridor in the West Pit zone has further strengthened confidence in the Detour Lake underground project. The drilling validated the continuity of the mineralization, confirmed the robustness of the geological model (maintaining grade while increasing tonnes and ounces) and improved the ability to mine with additional vertical stope opportunities.
Building on the expanding underground‑amenable mineral resource and geological confidence, the Company has allocated an additional $200 million, supplementing the $100 million previously approved in June 2024, to continue advancing the Detour Lake underground project through to a potential approval decision in mid‑2027. Approximately $45 million was spent in 2024 and 2025 to advance technical studies and drilling, key surface infrastructure and an exploration ramp toward the West Extension zone. The exploration ramp reached a length of 569 metres and a depth of 90 metres as at December 31, 2025. The Company expects to spend approximately $130 million in 2026 and $125 million in 2027, including the extension of the exploration ramp to the planned bulk‑sampling location at Level 200 and the collection of the bulk sample, additional service and operational facilities, procurement of mobile equipment to support an accelerated development schedule and the development of the conveyor ramp portal and ramp. These investments are designed to de‑risk the project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones.
In parallel and not included in 2026 guidance, the Company is assessing the potential to begin underground production from the West Extension zone as early as 2028. Underground ore would be trucked via the exploration ramp to the mill and could contribute approximately 20,000 to 30,000 ounces of gold in 2028 and 2029.
Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of copper
At Upper Beaver, the Company continues to accelerate project development through a phased approach to de-risking the project that includes developing an exploration ramp to a depth of 160 metres and an exploration shaft to a depth of 760 metres. This work will establish underground drilling platforms and allow for the collection of a bulk sample. The Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.
Development activities advanced ahead of schedule in the fourth quarter of 2025. The exploration ramp progressed by 507 metres, reaching a depth of 70 metres as at December 31, 2025. At the shaft, the headframe and hoist room were commissioned and sinking activities began, with the first blast completed in November. By year‑end 2025, the shaft had reached a depth of 155 metres. Surface infrastructure construction, including the maintenance shop and water‑treatment plant, was also completed, with commissioning underway.
Given the strong execution to date, the Company has allocated an additional $100 million, supplementing the $200 million approved in July 2024, to accelerate project advancement to a potential sanction decision in mid‑2027. This additional investment will include enhancements to the dewatering infrastructure, a housing strategy at Kirkland Lake for the workforce, the extension of the exploration ramp to Level 400 (from the previously planned Level 160), the acceleration of production‑phase engineering and procurement of long‑lead items. In parallel, a high‑intensity drilling program is underway, similar to the program successfully completed at Detour Lake. Depending on the results of this program, this program could replace the planned bulk sample at the 760‑metre level and has the potential to bring initial production forward to 2030.
The Upper Beaver project has the potential to unlock significant long-term value across the Company’s Kirkland Lake camp. In addition to potential extension of the mineralization at depth, the project could enable future development of nearby satellite deposits, including at Upper Canada and Anoki-McBean, supported by a centralized mill through a hub-and-spoke operating concept.
Hope Bay – Potential for 400,000 to 425,000 ounces of annual gold production
Total mineral reserves and measured and indicated mineral resources at Hope Bay remained consistent year-over-year, while total inferred mineral resource ounces increased by 46%, largely due to the exploration success at the Patch 7 zone at the Madrid deposit.
16
Mineral Reserve and Mineral Resources – Hope Bay
| | As at December 31, 2025 | | As at December 31, 2024 | | | ||||||||
| | | | | | | | | | | | | | Change |
| | | | | | | | | | | | | | in Gold |
| | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold | | Ounces |
Category | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) | | (000s oz) |
Mineral Reserves |
| |
| |
| |
| |
| |
| |
| |
Proven & Probable |
| 16,178 |
| 6.53 |
| 3,396 |
| 16,212 |
| 6.52 |
| 3,398 |
| (2) |
Mineral Resources |
| |
| |
| |
| |
| |
| |
| |
Measured & Indicated |
| 14,946 |
| 4.61 |
| 2,217 |
| 14,689 |
| 4.54 |
| 2,143 |
| 73 |
Inferred |
| 16,868 |
| 5.98 |
| 3,246 |
| 12,232 |
| 5.44 |
| 2,312 |
| 934 |
As at year-end 2025, Patch 7 hosts 1.0 million ounces of gold in measured and indicated mineral resources (4.5 million tonnes grading 6.77 g/t) and 1.7 million ounces of gold in inferred mineral resources (8.0 million tonnes grading 6.57 g/t), a 123% increase in inferred mineral resources when compared to 2024. The substantial growth of mineral resources at Patch 7 provides a potential third mining front, alongside Doris and Madrid North Naartok, to support the redevelopment of Hope Bay, envisioned as an operation similar in scale to the Meliadine mine in Nunavut. A technical evaluation is underway that contemplates annual gold production of 400,000 to 425,000 ounces at a mining and processing rate of 6,000 tpd. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026.
In 2025, the Company advanced site preparations for potential redevelopment, including upgrades to camp facilities with the installation of two new camp wings and the construction of a third wing underway, expansion of the port jetty and the dismantling of equipment in the existing mill. Additional construction equipment and service infrastructure were mobilized and shipped to site. Basic engineering has been completed, with detailed engineering expected to reach 50% to 55% prior to a potential construction announcement.
In the fourth quarter of 2025, excavation of the Naartok East exploration ramp at Madrid advanced by 656 metres and reached the planned depth of 100 metres as at December 31, 2025. The 1.9-kilometre exploration ramp was developed to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.
San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)
In the fourth quarter of 2025, Minas de San Nicolás continued to advance the feasibility study and execution strategy, while waiting for the resolution from the authorities of both the MIA-R (Environmental Impact Assessment) and ETJ (Land Use Change) permits. All actions related to the MIA-R and ETJ permits are complete and a regulatory decision is expected in H1 2026. Engineering of the critical infrastructure remains a priority to continue building confidence in the study, reduce execution risk and prepare for a potential approval decision, pending receipt of permits. As at year-end 2025, over 30% of the engineering had been completed, with completion expected to reach approximately 50% by mid-2026.
During the quarter, drilling activities also progressed, focusing on condemnation drilling and geological evaluation near the projected mine area.
Additional Optionality within the Portfolio
In addition to these projects, the Company continues to assess other opportunities in its exploration and development portfolio. Studies and evaluations are progressing at Hammond Reef near Atikokan in Northwestern Ontario, Timmins East in Ontario, and across the Company’s land package in the Northern Territory, Australia. These assets provide flexibility for future production sequencing and capital allocation.
The mineral reserves and mineral resources for these projects as at December 31, 2025 are set out in the table below.
| | Mineral Reserves | | Measured & Indicated | | Inferred | ||||||||||||
| | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold | | Tonnes | | Grade | | Gold |
Category | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) | | (000s) | | (g/t) | | (000s oz) |
Hammond Reef | | 123,473 | | 0.84 | | 3,323 | | 133,367 | | 0.54 | | 2,298 | | — | | — | | — |
Timmins East* |
| — |
| — |
| — |
| 24,053 |
| 3.30 |
| 2,555 |
| 9,219 |
| 4.47 |
| 1,324 |
Northern Territory |
| — |
| — |
| — |
| 21,009 |
| 2.15 |
| 1,455 |
| 19,062 |
| 2.47 |
| 1,512 |
* | Timmins East includes the mineral resources reported for Aquarius (open pit) and the Holt complex (underground). |
17
Hammond Reef
The Hammond Reef project comprises a high tonnage, low grade gold deposit, with potential for development into an open pit operation with conventional milling. An internal evaluation completed in 2020 (see the Company’s news release dated February 11, 2021) outlined a development plan for a 30,000 tpd operation, with average annual gold production of 272,000 ounces over a projected 12-year mine life. While the Company has not approved the project for development, studies to optimize the project, update the costing assumptions and further advance the final permits required for construction and operation are underway. An update on the project is expected in 2027.
Timmins East Project
The Timmins East land package is a series of properties in northeastern Ontario totalling 53,388 hectares and covering a 100 kilometre strike length. The land package has a complex exploration history dating back to at least the 1930s and hosts past-producing gold mines including Aquarius, Holt, Holloway, Hislop and Taylor, as well as the Holt processing facility, with a capacity of 3,000 tpd (suspended in 2020). Any potential redevelopment of the Timmins East project would require upgrades to the existing processing facility. During 2026, the Company will continue reviewing historical mining and exploration data across the property package, including previously identified high-priority exploration targets at past-producing assets. The review is expected to provide a ranking of exploration targets for potential diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment.
Northern Territory
The Northern Territory asset package in northern Australia totals 175,064 hectares and comprises the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (suspended in 2020), the proposed Union Reefs North underground development project and regional exploration assets within the historic Pine Creek gold district. During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets, including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth. The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility, with a potential upgrade of the processing plant to treat refractory ores.
New Three-Year Guidance – Stable Gold Production Through 2028; Total Cash Costs and AISC for 2026 Remain Peer-Leading; Increased Investment to Support Future Growth
Gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually in 2026 through 2028, consistent with gold production in 2025 and Previous Guidance for 2026 and 2027. The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and possibly beyond and contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset an anticipated lower gold grade sequence at Detour Lake.
Under the Company’s revised composition of total cash costs per ounce and AISC per ounce, the mid-point of the Company’s 2026 guidance for total cash costs per ounce and AISC per ounce is expected to be $1,070 and $1,475, respectively9. This represents an increase of approximately 12% compared to 2025, primarily reflecting higher royalty costs driven by the assumed gold price of $4,500 per ounce, cost inflation, a stronger Canadian dollar assumption and lower grade sequences at Macassa, Meadowbank, Fosterville and Canadian Malartic.
9 For a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see “Note Regarding Certain Measures of Performance” below.
18
The 2026 production and cost guidance summary is set out below.
2026 Guidance Summary
($ millions, unless otherwise stated)
| | 2025 | | 2026 | | 2026 | | ||||||
| | Actual | | Guidance Range | | Mid-Point | | ||||||
Gold production (thousands of ounces) |
| | 3,447 |
| | 3,300 | | | 3,500 |
| | 3,400 |
|
Total cash costs per ounce10 |
| $ | 979 | | $ | 1,020 | | $ | 1,120 | | $ | 1,070 | |
AISC per ounce10 | | $ | 1,339 | | $ | 1,400 | | $ | 1,550 | | $ | 1,475 | |
| | | | | | | | | | | | | |
Capital expenditures10 (excluding capitalized exploration) | | $ | 2,073 | | $ | 2,175 | | $ | 2,395 | | $ | 2,285 | |
Capitalized exploration | | $ | 318 | | $ | 290 | | $ | 330 | | $ | 310 | |
Capital expenditures (including capitalized exploration) | | $ | 2,391 | | $ | 2,465 | | $ | 2,725 | | $ | 2,595 | |
| | | | | | | | | | | | | |
Exploration and corporate development* | | $ | 207 | | $ | 275 | | $ | 305 | | $ | 290 | |
Depreciation and amortization expense | | $ | 1,645 | | $ | 1,550 | | $ | 1,750 | | $ | 1,650 | |
General and administrative expense** | | $ | 236 | | $ | 230 | | $ | 260 | | $ | 245 | |
Other costs*** | | $ | 163 | | $ | 75 | | $ | 95 | | $ | 85 | |
NTI Payment11 | | $ | 56 | | $ | 185 | | $ | 195 | | $ | 190 | |
Cash taxes | | $ | 1,178 | | $ | 3,400 | | $ | 3,600 | | $ | 3,500 | |
Effective tax rate (%) | |
| 33 | % |
| 34 | % |
| 36 | % |
| 35 | % |
* | 2026 Guidance includes $185 million to $205 million related to exploration and $90 million to $100 million related to corporate development |
** | 2026 Guidance includes share-based compensation, expected to be between $65 million and $75 million |
*** | 2026 Guidance includes $35 million to $45 million related to site maintenance costs primarily at Hope Bay and Northern Territory in Australia and $40 million to $50 million related to remediation expenses and other miscellaneous costs, 2025 Actual includes $70 million of care and maintenance costs and $93 million of other income and expenses |
10 The Company’s guidance for total cash costs per ounce, AISC per ounce and capital expenditures is forward-looking non-GAAP information. Guidance for total cash costs per ounce and AISC per ounce is forecast using the Company’s revised composition of these non-GAAP measures for periods commencing on or after January 1, 2026. For a description of the composition and usefulness of these non-GAAP measures and a discussion of revisions that have been made by the Company to the composition of certain of these measures, see “Note Regarding Certain Measures of Performance” below.
11 The “NTI Payment” is the payment to Nunavut Tunngavik Inc. (“NTI”) under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI Payments in this table are reflected on a cash basis with 2026 Guidance based on a gold price assumption of $4,500 per ounce.
19
Cash Taxes
For 2026, the Company expects its effective tax rates to be:
· | Canada – 35% to 40% |
· | Mexico – 35% to 40% |
· | Australia – 30% |
· | Finland – 20% |
The Company’s overall effective tax rate is expected to be approximately 34% to 36% for the full year 2026.
The Company estimates consolidated cash taxes of approximately $3.4 to $3.6 billion in 2026 at prevailing gold prices, compared to $1.2 billion in 2025. The increase in cash taxes from 2025 reflects both expected higher operating margins and approximately $1.3 billion for the remaining cash tax liability related to the 2025 taxation year, which will be paid in the first quarter of 2026. The remaining cash taxes in 2026 are expected to be paid in quarterly installments ranging between $525 million and $575 million with a mid-point of $550 million.
NTI Payment
For 2026, the Company expects to pay between $185 million and $195 million with respect to the NTI Payment at Amaruq, using a gold price assumption of $4,500 per ounce. The NTI Payment is included in production costs but excluded from total cash costs per ounce and AISC per ounce. For further details refer to “Note Regarding Certain Measures of Performance” below.
Updated Production and Cost Guidance
Gold production guidance for each mine site from 2026 through 2028 and cost guidance for each mine site for 2026 are set out in the tables below. The Company continues to evaluate opportunities to further optimize and improve gold production and unit cost guidance from 2026 through 2028.
Payable Gold Production Guidance
| | 2025 | | 2026 | | 2027 | | 2028 | ||||||
(ounces) | | Actual | | Forecast Range | | Forecast Range | | Forecast Range | ||||||
LaRonde | | 344,555 | | 330,000 | | 350,000 | | 335,000 | | 355,000 | | 350,000 | | 370,000 |
Canadian Malartic |
| 642,612 |
| 575,000 |
| 605,000 |
| 640,000 |
| 670,000 |
| 720,000 |
| 750,000 |
Goldex |
| 125,501 |
| 115,000 |
| 125,000 |
| 135,000 |
| 145,000 |
| 140,000 |
| 150,000 |
Quebec |
| 1,112,668 |
| 1,020,000 |
| 1,080,000 |
| 1,110,000 |
| 1,170,000 |
| 1,210,000 |
| 1,270,000 |
Detour Lake |
| 692,675 |
| 700,000 |
| 730,000 |
| 610,000 |
| 640,000 |
| 590,000 |
| 620,000 |
Macassa |
| 312,729 |
| 305,000 |
| 325,000 |
| 315,000 |
| 335,000 |
| 320,000 |
| 340,000 |
Ontario |
| 1,005,404 |
| 1,005,000 |
| 1,055,000 |
| 925,000 |
| 975,000 |
| 910,000 |
| 960,000 |
Meliadine |
| 376,346 |
| 380,000 |
| 400,000 |
| 410,000 |
| 430,000 |
| 420,000 |
| 440,000 |
Meadowbank |
| 493,314 |
| 475,000 |
| 495,000 |
| 430,000 |
| 450,000 |
| 265,000 |
| 285,000 |
Nunavut |
| 869,660 |
| 855,000 |
| 895,000 |
| 840,000 |
| 880,000 |
| 685,000 |
| 725,000 |
Fosterville |
| 160,522 |
| 140,000 |
| 160,000 |
| 140,000 |
| 160,000 |
| 170,000 |
| 190,000 |
Kittila |
| 217,379 |
| 210,000 |
| 230,000 |
| 215,000 |
| 235,000 |
| 240,000 |
| 260,000 |
Pinos Altos |
| 81,734 |
| 70,000 |
| 80,000 |
| 70,000 |
| 80,000 |
| 85,000 |
| 95,000 |
Total Gold Production |
| 3,447,367 |
| 3,300,000 |
| 3,500,000 |
| 3,300,000 |
| 3,500,000 |
| 3,300,000 |
| 3,500,000 |
Gold production for 2026 and 2027, expected at 3.3 to 3.5 million ounces annually, is consistent with Previous Guidance, with offsetting adjustments between mine sites.
The gold production outlook for 2028 has improved and is expected to remain stable at 3.3 to 3.5 million ounces. The improved forecast reflects higher production from Meadowbank following its mine life extension to 2030, along with additional contributions from Canadian Malartic (accelerating production ramp-up at East Gouldie), Fosterville (optimization initiatives increasing mining and milling rates to 1.2 million tonnes per year) and Kittila (optimization of mining sequence and throughput). These gains are expected to offset lower production relative to 2026 and 2027 at Detour Lake, due to lower gold grades in the mining sequence, and at Meadowbank, with operations transitioning from primarily open pit to primarily underground.
20
Cash Cost Guidance
($ per ounce)
| | 2025 | | 2025 | | 2026 | |||
| | Actual | | Actual | | Guidance12 | |||
| | Production Costs per Ounce | | Total Cash Costs per Ounce13 | |||||
LaRonde | | $ | 1,045 | | $ | 829 | | $ | 919 |
Canadian Malartic | |
| 760 | |
| 946 | |
| 1,187 |
Goldex | |
| 1,187 | |
| 1,002 | |
| 1,054 |
Quebec | |
| 896 | |
| 917 | |
| 1,085 |
Detour Lake | |
| 816 | |
| 879 | |
| 921 |
Macassa | |
| 709 | |
| 793 | |
| 1,079 |
Ontario | |
| 783 | |
| 852 | |
| 969 |
Meliadine | |
| 1,069 | |
| 1,067 | |
| 1,047 |
Meadowbank13 | |
| 1,120 | |
| 928 | |
| 930 |
Nunavut13 | |
| 1,098 | |
| 988 | |
| 982 |
Fosterville | |
| 912 | |
| 937 | |
| 1,374 |
Kittila | |
| 1,087 | |
| 1,081 | |
| 1,267 |
Pinos Altos | |
| 2,518 | |
| 2,006 | |
| 2,092 |
Consolidated Company | | $ | 965 | | $ | 953 | | $ | 1,070 |
Total cash costs per ounce in 2026 are expected to increase by approximately 12% (approximately $117 per ounce) when compared to 2025. The expected increase is mainly driven by:
· | Higher royalty costs (approximately $36 per ounce), reflecting the assumed gold price $4,500 per ounce compared to a realized gold price of $3,435 per ounce in 2025 |
· | Cost inflation (approximately $33 per ounce), mainly related to labour, electricity, equipment parts and electrical components, net of cost reductions due to efficiency gains |
· | A weaker US dollar (approximately $31 per ounce), primarily reflected by a USD:CAD exchange rate assumption of 1.36 in 2026 compared to 1.40 in 2025; and |
· | Lower grade sequencing (approximately $17 per ounce): gold grades are expected to be lower at Macassa, Fosterville, Meadowbank and Canadian Malartic, in line with the respective mine plans, with higher throughputs and cost optimization offsetting the impact on gold production and minesite costs per tonne at those sites |
12 2026 Guidance for total cash costs per ounce by mine, region and the consolidated Company are based on the mid-point of 2026 production guidance as set out in the table above. 2026 Guidance for AISC per ounce for the consolidated Company is based on the mid-point of 2026 production guidance as set out in the table above.
13 Total cash costs per ounce and AISC per ounce for 2025 Actual and 2026 Guidance set out in the tables above have been calculated using the Company’s revised composition for periods commencing on or after January 1, 2026. This revised composition affects only total cash costs per ounce for Meadowbank, the Nunavut region and the consolidated Company and AISC per ounce for the consolidated Company. Total cash costs per ounce for other mines and regions are not affected. Using the Company’s composition of this measure for periods ending on or prior to December 31, 2025, total cash costs per ounce were $1,110 for Meadowbank, $1,091 for Nunavut and $979 for the consolidated Company and AISC per ounce was $1,339 for the consolidated Company.
21
AISC Cost Guidance
($per ounce)
| | 2025 | | 2026 | ||
| | Actual | | Guidance12 | ||
Consolidated Company AISC per Ounce13 | | $ | 1,313 | | $ | 1,475 |
AISC per ounce in 2026 is expected to increase by 12% (approximately $162 per ounce) when compared to 2025, driven largely by the same factors contributing to higher total cash costs per ounce, an increase in non-cash reclamation related costs and a slight increase in sustaining capital expenditures as described below. The Company expects unit costs and AISC per ounce to rise in line with an inflation rate of 3% to 5% through 2027 and 2028.
The Company remains focused on attempting to reduce costs through productivity improvements and innovation initiatives at all of its operations and the realization of any such additional operational synergies is not currently factored into the cost guidance.
Cost guidance provided for total cash costs per ounce is derived from the currency and commodity price assumptions below and are subject to the following sensitivities:
2026 Commodity and Currency Price Assumptions | | Approximate Impact on Total Cash Costs per Ounce* | ||||||
C$/US$ | | | 1.36 | | $0.01 change in C$/US$ | | $ | 6 |
Gold ($/oz) | | $ | 4,500 | | $100/oz change in gold price | | $ | 3 |
Silver ($/oz) | | $ | 70 | | $5/oz change in silver price | | $ | 3 |
Diesel ($/ltr) | | $ | 0.78 | | 10% change in diesel price | | $ | 8 |
* | Excludes the impact of current hedging positions. |
Tariffs considerations
The Company expects that the international trade disputes triggered by the introduction of import tariffs by the United States in 2025 and the subsequent retaliatory measures by other countries will remain fluid in 2026. At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs or other trade disputes. However, approximately 65% of the Company’s cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether further tariffs or retaliatory measures will be implemented, the quantum of such tariffs, the nature of such measures, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company’s supply chains, the Company continues to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances. The costs guidance provided in this news release assumes there will be no impact from such tariffs, retaliatory measures or trade disputes.
22
Three-Year Production Guidance by Mine
Since the Previous Guidance, there have been several operating developments resulting in changes to the updated three-year production profile. Descriptions of these changes as well as initial 2028 guidance are set out below.
ABITIBI REGION, QUEBEC
LaRonde Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 310,000 |
| 320,000 |
| 350,000 |
| n/a |
2026 Guidance (mid-point) |
| 344,555 (actual) |
| 340,000 |
| 345,000 |
| 360,000 |
| | Ore Milled | | | | Gold Mill | | | | Silver Mill |
|
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Silver (g/t) | | Recovery (%) |
|
|
| 2,951 |
| 3.82 |
| 93.8 | % | 8.14 |
| 72.6 | % |
|
| Production and |
| |
| |
| |
| | |
|
| Minesite Costs per | | Zinc |
| Zinc Mill | | Copper |
| Copper Mill | |
|
| Tonne14 | | (%) | | Recovery (%) | | (%) | | Recovery (%) | |
|
| C$168 |
| 0.37 | % | 68.8 | % | 0.11 | % | 85.9 | % |
At LaRonde, the production outlook has improved with 2026 expected to exceed the Previous Guidance and 2027 remaining in-line. Gold production is expected to increase to 340,000 ounces of gold in 2026, driven by higher gold grades at the LaRonde mine, an increase in the mining rate at LZ5 to 3,800 tpd (a year earlier than previously anticipated) and the addition of new production zones. The integration of the Fringe, Dumagami and 11-3 zones into the mine plan are expected to enhance the mine production flexibility and support the Company’s strategy to manage seismicity at depth.
LaRonde has planned a mill shutdown of 10 days in the second quarter of 2026 in order to replace the liners at the SAG mill and to complete overall maintenance of the drystack filtration plant and flotation circuit. LaRonde also has planned four-day shutdowns in the first, third and fourth quarters of 2026 for regular maintenance.
Canadian Malartic Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 590,000 |
| 560,000 |
| 650,000 |
| n/a |
2026 Guidance (mid-point) |
| 642,612 (actual) |
| 590,000 |
| 655,000 |
| 735,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne |
|
| 19,988 |
| 1.01 |
| 90.9 | % | C$49 |
At Canadian Malartic, the production forecast in 2026 has increased, supported by stronger-than-expected gold grades at the Barnat pit, consistent with 2025 performance, and by the continued ramp-up of production at Odyssey, including initial production from the East Gouldie deposit.
Production in 2027 remains consistent with Previous Guidance, while 2028 gold production is expected to increase by approximately 80,000 ounces to 735,000 ounces when compared to 2027, which is anticipated to be driven by growing contributions from East Gouldie at Odyssey.
From 2026 to 2028, production is expected to be sourced from the Barnat pit and increasingly supplemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026, approximately 240,000 ounces of gold in 2027 and approximately 450,000 ounces of gold in 2028 as mining activities ramp-up.
14 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of this measure, which only affects minesite costs per tonne reported at Meadowbank. For a reconciliation of minesite costs per ounce to production costs per tonne, a description of its composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure, see “Note Regarding Certain Measures of Performance” below.
23
In 2026, Canadian Malartic has planned four-day quarterly shutdowns for regular maintenance at the mill.
Goldex Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 130,000 |
| 130,000 |
| 130,000 |
| n/a |
2026 Guidance (mid-point) |
| 125,501 (actual) |
| 120,000 |
| 140,000 |
| 145,000 |
| | Ore Milled | | | | Gold Mill | |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | |
| | 3,151 | | 1.41 | | 84.0 | % |
| | Production and | | | | | |
| | Minesite Costs per | |
| | Copper Mill | |
| | Tonne | | Copper (%) | | Recovery (%) | |
| | C$63 | | 0.12 | % | 76.5 | % |
At Goldex, the 2026 production guidance is slightly lower than Previous Guidance, reflecting a planned increase in lower‑grade ore sourced from Akasaba West, which is expected to contribute approximately 18,000 ounces of gold and 3,000 tonnes of copper in 2026.
Ore feed from Akasaba West is also expected to increase in 2027, with contributions of approximately 25,000 ounces of gold and 4,000 tonnes of copper expected in both 2027 and 2028. At the same time, the Company plans to send approximately 1,500 tpd of higher‑grade South Zone ore to the Canadian Malartic mill to benefit from higher recoveries. Together, the Company anticipates that these adjustments support the forecast increase in gold production in 2027 and 2028.
In 2026, Goldex has planned quarterly shutdowns of two to three days for regular maintenance at the mill.
ABITIBI REGION, ONTARIO
Detour Lake Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 720,000 |
| 735,000 |
| 645,000 |
| n/a |
2026 Guidance (mid-point) |
| 692,675 (actual) |
| 715,000 |
| 625,000 |
| 605,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne |
|
| 28,000 |
| 0.88 |
| 90.5 | % | C$32 |
At Detour Lake, production guidance for 2026 and 2027 has been revised modestly lower compared to Previous Guidance. The updated outlook reflects adjustments to the mining sequence following delays encountered in 2025 and to the mining rate to reflect performance in 2025, as well as a decision to slow down the planned mill ramp-up to 79,450 tpd. The Company is advancing additional optimization initiatives to support the increase in throughput, which is now expected to be completed by the end of 2029. With these adjustments, the Company now anticipates a production step-up at Detour Lake in 2030 and reaching annual production of approximately one million ounces of gold in 2031.
From 2026 to 2028, gold production is expected to decline year-over-year as the operation transitions into a lower grade and higher strip-ratio phase of the mine plan. Gold grades are expected to average 0.77g/t in 2027 and 0.69 g/t in 2028, with strip-ratios between 4.0 to 4.5, compared to 2.8 in 2025.
Building on recent exploration success expanding underground mineralization west of the open pit and near the planned exploration ramp, the Company is assessing the potential to begin ramping-up underground production as early as 2028. Under such a scenario, initial underground ore would be trucked to the mill and could contribute approximately 20,000 to 30,000 ounces of gold per year in 2028 and 2029.
24
Detour Lake has scheduled three major shutdowns, each lasting seven days, for regular mill maintenance in the first, second and fourth quarters of 2026.
Macassa Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 310,000 |
| 325,000 |
| 335,000 |
| n/a |
2026 Guidance (mid-point) |
| 312,729 (actual) |
| 315,000 |
| 325,000 |
| 330,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne |
|
| 981 |
| 10.40 |
| 96.0 | % | C$475 |
At Macassa, the production guidance in 2026 and 2027 has been revised to be modestly lower when compared to Previous Guidance, primarily due to the deferral of initial production from the AK deposit in 2026 and a lower-than-previously-planned contribution from the AK deposit in 2027. The Company completed modifications to the LZ5 processing facility at LaRonde to accommodate the AK deposit ore in 2025. An amendment to the LZ5 processing facility permit to process ore from the AK deposit is expected to be received in the first quarter of 2026, with trucking and processing at the LZ5 processing facility now planned to begin in the second quarter of 2026. Production from the AK deposit is forecast to be approximately 45,000 ounces of gold in 2026, and approximately 50,000 to 60,000 ounces of gold in 2027 and in 2028.
Gold production in 2026 is expected to be in line with 2025 as ongoing mill optimization and the initial contribution from the AK deposit offset the lower gold grades as per the mining sequence. Macassa remains on track to ramp-up mill capacity to 2,040 tpd by the end of 2026, compared to a mill throughput of 1,570 tpd in 2025. The Tertiary 2 mill was rehabilitated in 2025, including upgrades to key grinding ancillary equipment. Additional optimization initiatives continue to advance, targeting improved runtime and throughput through the installation of an ore storage dome and re-feed system, automation and instrumentation enhancements and upgrades to the crushing plant. These improvements are expected to be completed by the end of 2027, supporting a planned throughput of approximately 2,150 tpd. Higher production in 2027 and 2028 relative to 2026 reflects the continued optimization of the Macassa mill.
Macassa has scheduled a major shutdown of five days in the third quarter of 2026, for replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenance.
NUNAVUT
Meliadine Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 385,000 |
| 410,000 |
| 420,000 |
| n/a |
2026 Guidance (mid-point) |
| 376,346 (actual) |
| 390,000 |
| 420,000 |
| 430,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne |
|
| 2,373 |
| 5.32 |
| 96.1 | % | C$236 |
At Meliadine, the production guidance for 2026 is slightly lower than Previous Guidance, while the outlook for 2027 remains the same. The modest reduction in 2026 reflects adjustments to the mine plan and mining sequence, following the cost improvement initiatives achieved over the past two years. The Company continues to advance mill optimization efforts, achieving throughput of 6,441 tpd in 2025, ahead of the 6,250 tpd target. Mill performance is expected to improve further, with throughput expected to increase to approximately 6,500 tpd in 2027 and 6,700 tpd in 2028, supporting the higher gold production guidance for those years.
25
Meliadine has scheduled quarterly shutdowns lasting four to five days for regular mill maintenance.
Meadowbank Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 495,000 |
| 450,000 |
| 390,000 |
| n/a |
2026 Guidance (mid-point) |
| 493,314 (actual) |
| 485,000 |
| 440,000 |
| 275,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne15 |
|
| 4,230 |
| 3.91 |
| 91.2 | % | C$148 |
At Meadowbank, the production guidance has improved in 2026 and 2027 when compared with Previous Guidance. Supported by the stronger gold price environment, the Company has approved a push-back at the open pit, extending mine life by two years to 2030. Combined with additional underground contribution, this extension is expected to add approximately 740,000 ounces of gold (21.2 million tonnes grading 2.65 g/t gold) to the 2026 to 2030 production profile compared to prior forecasts. While these ounces carry a higher cost base, they are still expected to generate strong cash flow at current gold prices. Benefitting from ongoing optimization efforts, the Amaruq underground mine is now expected to contribute approximately 150,000 ounces of gold annually from 2026 to 2028. The Company is also assessing the potential to extend operations beyond 2030 through an underground-only mine plan, with preliminary results expected in early 2027.
The Company continues to account for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and the Meadowbank processing facility and between the Meadowbank processing facility and Baker Lake. Wildlife management is an important priority and the Company is working with Nunavut stakeholders to optimize solutions to safeguard wildlife and reduce production disruptions.
Meadowbank has scheduled two major shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance.
AUSTRALIA
Fosterville Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 150,000 |
| 150,000 |
| 150,000 |
| n/a |
2026 Guidance (mid-point) |
| 160,522 (actual) |
| 150,000 |
| 150,000 |
| 180,000 |
| | | | | | | | Production |
| | | | | | | | and Minesite |
| | Ore Milled | | | | Gold Mill | | Costs per |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne |
|
| 985 |
| 5.07 |
| 93.4 | % | A$293 |
At Fosterville, production guidance in 2026 and 2027 is in line with Previous Guidance, with production expected to increase to approximately 180,000 ounces of gold in 2028.
15 For periods commencing on or after January 1, 2026, the Company has revised the composition of this non-GAAP measure. These revisions only affect minesite costs per tonne reported at Meadowbank. In 2025, production costs per tonne at Meadowbank were C$195 and minesite costs per tonne (using the Company’s revised composition of such measure) were C$162. Using the Company’s composition of this measure for periods ending on or prior to December 31, 2025, minesite costs per tonne were C$194 at Meadowbank in 2025. See “Note Regarding Certain Measures of Performance” below.
26
As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase the mining and milling rate by approximately 65% to 3,300 tpd while reducing costs per tonne by approximately 20% over the next three years when compared to 2025. This strategy is designed to support annual production of 160,000 to 190,000 ounces of gold starting in 2028 and sustain that range in the early 2030s based on the current mineral reserves and mineral resources.
On the mining side, the plan includes developing additional mining areas to support more than 12 active production fronts, together with ongoing operational improvements. The commencement of production at Robbins Hill in 2025 added a third mining area, enhancing production flexibility. Continuous improvement initiatives are underway to drive productivity, including stope-cycle optimization and increasing development rates to sustain approximately 12 kilometres of annual development. The ramp-up also relies on the timely execution of key capital projects, including upgrades to the ventilation infrastructure – completion of the underground primary fans (expected in first quarter of 2026), the southern surface ventilation return air raise (expected to be completed in the third quarter of 2026) and the Robbins Hill surface ventilation return air raise (expected in 2027), as well as the expansion of the pastefill system to Harrier (expected in the second quarter of 2026). These projects are expected to total approximately $13 million over the next two years.
At the processing plant, achieving the targeted 3,300 tpd throughput will require upgrades to the grinding circuit and related ancillary equipment to maintain current recovery levels. The plan also includes the construction of two new tailings cells, with the first cell expected to be operational by year-end 2027 and the second by year-end 2029. These projects are estimated to total approximately $35 million over the next four years.
Through its ongoing exploration program, the Company sees significant upside potential at Fosterville to support continued mine life extensions. Recent expansion and conversion drilling has successfully replaced a substantial portion of mining depletion. The Company will continue to advance drilling on the extensions of the Lower Phoenix and Robbins Hill mineral reserves and mineral resources, while also expanding its drilling footprint onto the prospective land package acquired from S2 Resources in 2025. Gold‑bearing structures at Fosterville extend onto these newly consolidated grounds, providing opportunities for near‑mine expansion drilling directly from existing underground infrastructure.
Fosterville has scheduled five-day quarterly shutdowns for regular mill maintenance in 2026.
FINLAND
Kittila Forecast | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 230,000 |
| 240,000 |
| 240,000 |
| n/a |
2026 Guidance (mid-point) |
| 217,379 (actual) |
| 220,000 |
| 225,000 |
| 250,000 |
| | | | | | | | Production | |
| | | | | | | | and Minesite | |
| | Ore Milled | | | | Gold Mill | | Costs per | |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) | | Tonne | |
|
| 2,037 |
| 3.99 |
| 84.2 | % | € | 116 |
At Kittila, the production guidance in 2026 and 2027 is modestly lower than Previous Guidance, reflecting adjustments to stope optimization and mining sequence following the productivity gains and cost improvements achieved over the past two years. Gold production in 2028 is expected to increase, supported by a higher-grade mining sequence and a planned 5% increase in mill throughput compared to 2025.
The increase in minesite costs per tonne in 2026 relative to 2025 is primarily driven by the higher royalty costs resulting from the stronger gold prices, as well as changes to Finland’s fiscal regime, including an increase in the mining tax from 0.6% to 2.5% of revenue and a higher electricity tax.
Kittila has planned major shutdowns in the first and fourth quarters of 2026 lasting 9 days and 15 days, respectively, for regular maintenance on the mill and autoclave and a five-day water treatment plant shutdown in the third quarter of 2026.
27
MEXICO
Pinos Altos Gold Production (oz) | | 2025 | | 2026 | | 2027 | | 2028 |
2025 Guidance (mid-point) |
| 80,000 |
| 80,000 |
| 90,000 |
| n/a |
2026 Guidance (mid-point) |
| 81,734 (actual) |
| 75,000 |
| 75,000 |
| 90,000 |
| | Total Ore | | | | Gold |
| |
2026 Guidance for Full Year 2026 | | (‘000 tonnes) | | Gold (g/t) | | Recovery (%) |
| |
|
| | 1,407 |
| 1.75 |
| 94.7 | % |
|
| | Production and |
| |
| | |
|
| | Minesite Costs | | |
| Silver Mill | |
|
| | per Tonne | | Silver (g/t) | | Recovery (%) | |
| | $ | 153 |
| 38.40 |
| 49.2 | % |
At Pinos Altos, the production guidance in 2026 and 2027 has been revised modestly lower from Previous Guidance, reflecting a reduced mining rate at the Santo Nino deposit to accommodate more challenging ground conditions and performance observed in 2025. Production is expected to increase in 2028 compared to 2027, supported by the planned start of the Reyna de Plata East open pit in late 2027 and higher grades at Cubiro as per the mining sequence.
Capital Expenditures Guidance
In 2026, estimated capital expenditures (excluding capitalized exploration) are expected to be between $2.2 billion and $2.4 billion, which includes $960 million of sustaining capital expenditures and $1,325 million of development capital expenditures. In 2026, estimated capitalized exploration expenditures are expected to be between $290 million and $330 million.
This compares to the full year 2025 capital expenditures of $2.1 billion (which included $931 million of sustaining capital expenditures and $1,142 million of development capital expenditures) and capitalized exploration of $318 million. The overall increase in capital expenditures when compared to 2025 reflects reinvestment in the business to lay the groundwork for future growth through both development capital expenditures and capitalized exploration.
Forecast sustaining capital expenditures slightly higher year-over-year, reflecting an increase in deferred costs at Detour Lake related to a higher strip ratio phase in the mine plan, partially offset by lower deferred costs at the Barnat pit at Canadian Malartic and the Whale Tail pit at Meadowbank.
The increase in development capital expenditures expected in 2026 when compared to 2025 is primarily related to Meadowbank, the Detour Lake underground project and Macassa. At Meadowbank, underground deferred development increased relating to the life of mine extension to 2030. At Detour Lake, the Company plans to accelerate spending at the underground project, totalling approximately $60 million in 2026, relating to additional service and operational facilities, procurement of mobile equipment and the development of the conveyor‑ramp portal and ramp. These investments are designed to further de‑risk project construction and ramp-up and may allow the Company to accelerate development toward the main ore zones. At Macassa, the Company is upgrading the crushing circuit to optimize the mill throughput and investing in increasing its tailings storage capacity to support the higher throughput.
With the positive exploration results in 2025, the Company continues to be confident in the potential restart of mining operations at Hope Bay. Given the logistics of operating in Nunavut, the Company is planning to continue upgrading existing infrastructure and advance site preparedness for potential redevelopment. Total expected development capital expenditures of $1,325 million in 2026 include an initial $102 million relating to Hope Bay. If the project is approved for redevelopment in the second quarter of 2026, additional development capital expenditures ranging between $300 million and $350 million are expected for the remainder of 2026.
28
The table below sets out the expected capital expenditures (including capitalized exploration) in 2026, broken down between sustaining capital expenditures and development capital expenditures.
2026 Capital Expenditures Guidance
($ thousands)
| | Capital Expenditures | | Capitalized Exploration | | | | ||||||||
| | Sustaining | | Development | | | | | | | | | | ||
| | Capital | | Capital | | Sustaining | | Development | | Total | |||||
LaRonde | | $ | 99,200 | | $ | 68,600 | | $ | 3,800 | | $ | — | | $ | 171,600 |
Canadian Malartic | |
| 74,700 | |
| — | |
| — | |
| — | |
| 74,700 |
Odyssey | |
| 14,400 | |
| 345,000 | |
| 3,800 | |
| 22,000 | |
| 385,200 |
Goldex | |
| 34,000 | |
| 31,900 | |
| 2,300 | |
| 4,300 | |
| 72,500 |
Quebec | |
| 222,300 | |
| 445,500 | |
| 9,900 | |
| 26,300 | |
| 704,000 |
Detour Lake | |
| 304,500 | |
| 291,200 | |
| — | |
| 31,300 | |
| 627,000 |
Detour Lake underground | |
| — | |
| 63,500 | |
| — | |
| 69,000 | |
| 132,500 |
Macassa | |
| 54,600 | |
| 136,300 | |
| 2,500 | |
| 34,000 | |
| 227,400 |
Upper Beaver | |
| — | |
| 62,000 | |
| — | |
| 56,100 | |
| 118,100 |
Ontario | |
| 359,100 | |
| 553,000 | |
| 2,500 | |
| 190,400 | |
| 1,105,000 |
Meliadine | |
| 98,100 | |
| 82,000 | |
| 8,100 | |
| 13,200 | |
| 201,400 |
Meadowbank | |
| 69,500 | |
| 85,700 | |
| — | |
| 1,300 | |
| 156,500 |
Hope Bay | |
| — | |
| 101,500 | |
| — | |
| 22,200 | |
| 123,700 |
Nunavut | |
| 167,600 | |
| 269,200 | |
| 8,100 | |
| 36,700 | |
| 481,600 |
Fosterville | |
| 74,200 | |
| 33,500 | |
| 2,800 | |
| 12,300 | |
| 122,800 |
Kittila | |
| 77,900 | |
| — | |
| 6,400 | |
| 7,700 | |
| 92,000 |
Pinos Altos | |
| 41,500 | |
| 8,300 | |
| 3,100 | |
| — | |
| 52,900 |
San Nicolás (50%) | |
| — | |
| 13,600 | |
| — | |
| 3,800 | |
| 17,400 |
Other regional | |
| 17,400 | |
| 1,900 | |
| — | |
| — | |
| 19,300 |
Total Capital Expenditures | | $ | 960,000 | | $ | 1,325,000 | | $ | 32,800 | | $ | 277,200 | | $ | 2,595,000 |
Exploration and Corporate Development Expense Guidance
Exploration and corporate development expenses in 2026 are expected to be between $275 million and $305 million, based on mid-point guidance of $195 million for expensed exploration and $95 million for corporate development expenses. The guidance for 2026 increased by 40% compared to 2025 exploration and corporate development expenses, driven by higher spending on project studies (approximately $22 million), the extension of exploration drifts at LaRonde and a 50% increase in drilling metres (an additional 188 kilometres) across the portfolio, primarily focused on regional opportunities in Ontario, the Northern Territory in Australia and at Fosterville, Meadowbank and LaRonde.
Including capitalized exploration, the Company’s total exploration and corporate development program in 2026 is expected to be between $565 million and $635 million, with a mid-point of $600 million. The Company’s exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope Bay.
29
A summary of the Company’s exploration and corporate development guidance for 2026 is set out below.
Summary of 2026 Exploration and Corporate Development Guidance
| | Expensed Exploration | | Capitalized Exploration | | | |||||||
| | | | | | | Sustaining | | Development | | | ||
| | ($000s) | | (000s m) | | ($000s) | | ($000s) | | (000s m) | |||
Quebec | | $ | 43,900 |
| 147.7 | | $ | 9,900 | | $ | 26,300 |
| 237.1 |
Ontario | |
| 27,400 |
| 102.3 | |
| 2,500 | |
| 76,400 |
| 413.3 |
Nunavut | |
| 51,500 |
| 116.5 | |
| 8,100 | |
| 28,900 |
| 144.5 |
Australia | |
| 26,700 |
| 111.6 | |
| 2,800 | |
| 12,300 |
| 49.3 |
Europe | |
| 15,000 |
| 45.0 | |
| 6,400 | |
| 7,700 |
| 77.7 |
Mexico | |
| 21,500 |
| 31.7 | |
| 3,100 | |
| 3,800 |
| 45.0 |
Other regions, joint ventures, G&A | |
| 9,800 |
| — | |
| — | |
| — |
| — |
Total Exploration | | $ | 195,800 |
| 554.8 | | $ | 32,800 | | $ | 155,400 |
| 966.9 |
Total Corporate Development | | $ | 94,200 |
| — | | $ | — | | $ | — |
| — |
Projects – Exploration Infrastructure* | | $ | — |
| — | | $ | — | | $ | 121,800 |
| — |
Total Exploration and Corporate Development Expenses | | $ | 290,000 |
| 554.8 | | $ | 32,800 | | $ | 277,200 |
| 966.9 |
* | Includes $62 million related to Detour Lake underground, $52 million related to Upper Beaver and $8 million related to Hope Bay |
For further details on the Company’s 2026 exploration and corporate development guidance and plans for individual mines and projects, see the Company’s exploration news release dated February 12, 2026.
Fourth Quarter and Full Year 2025 Operating Results
Regional operating statistics and highlights for the fourth quarter and full year 2025 are set out below. See the MD&A under the caption “Financial and Operating Results” for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.
30
ABITIBI REGION, QUEBEC
Continued Strong Operational Performance; Record Quarterly and Annual Throughput at Goldex
Abitibi Quebec – Operating Statistics
| | | | | | | | | | | Consolidated | |
| | | | | Canadian | | | | | Abitibi | ||
Three Months Ended December 31, 2025 | | LaRonde | | Malartic | | Goldex | | Quebec | ||||
Tonnes of ore milled (thousands) |
| | 692 |
| | 5,204 |
| | 847 |
| | 6,743 |
Tonnes of ore milled per day |
| | 7,522 |
| | 56,565 |
| | 9,207 |
| | 73,294 |
Gold grade (g/t) |
| | 3.85 |
| | 1.01 |
| | 1.44 |
| | 1.36 |
Gold production (ounces) |
| | 80,290 |
| | 153,433 |
| | 32,992 |
| | 266,715 |
Production costs per tonne (C$) |
| C$ | 239 |
| C$ | 34 |
| C$ | 67 |
| C$ | 59 |
Minesite costs per tonne (C$) |
| C$ | 177 |
| C$ | 43 |
| C$ | 67 |
| C$ | 60 |
Production costs per ounce | | $ | 1,480 | | $ | 842 | | $ | 1,232 | | $ | 1,082 |
Total cash costs per ounce | | $ | 851 | | $ | 1,033 | | $ | 1,015 | | $ | 976 |
| | | | | | | | | | | Consolidated | |
| | | | | Canadian | | | | | Abitibi | ||
Year Ended December 31, 2025 | | LaRonde | | Malartic | | Goldex | | Quebec | ||||
Tonnes of ore milled (thousands) |
| | 2,805 |
| | 20,123 |
| | 3,301 |
| | 26,229 |
Tonnes of ore milled per day |
| | 7,685 |
| | 55,132 |
| | 9,044 |
| | 71,861 |
Gold grade (g/t) |
| | 4.08 |
| | 1.08 |
| | 1.40 |
| | 1.44 |
Gold production (ounces) |
| | 344,555 |
| | 642,612 |
| | 125,501 |
| | 1,112,668 |
Production costs per tonne (C$) |
| C$ | 179 |
| C$ | 34 |
| C$ | 63 |
| C$ | 53 |
Minesite costs per tonne (C$) |
| C$ | 166 |
| C$ | 43 |
| C$ | 64 |
| C$ | 59 |
Production costs per ounce | | $ | 1,045 | | $ | 760 | | $ | 1,187 | | $ | 896 |
Total cash costs per ounce | | $ | 829 | | $ | 946 | | $ | 1,002 | | $ | 917 |
Regional Highlights
· | Gold production in the quarter was higher than planned primarily as a result of higher grades at the LaRonde mine and at the Barnat pit at Canadian Malartic. The higher grades at LaRonde were primarily as a result of higher-than-expected grade in the West mine area. The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stopes in the Barnat pit that returned higher grades than anticipated |
· | At LZ5, the Company continued its automation initiatives and achieved its automation targets. For the full year 2025, approximately 22% of the ore hauled to surface was moved using automated scoops and trucks, exceeding the production target of 3,500 tpd |
· | At Odyssey, total development during both the quarter and the full year 2025 was a record at approximately 5,419 metres and 19,311 metres, respectively. Gold production was slightly below plan at 16,289 ounces resulting from lower ore production resulting from increased waste extraction at East Gouldie. Gold production of 87,812 ounces was a record for the full year 2025 |
· | At Goldex, record quarterly tonnage (approximately 846,800 tonnes) was processed for the third consecutive quarter, driven by record total tonnage processed from Akasaba West of approximately 229,000 tonnes |
· | An update on Odyssey and the “fill-the-mill” strategy is set out in the Update on Key Value Drivers and Pipeline Projects section above |
31
ABITIBI REGION, ONTARIO
Record Annual Mill Throughput at Detour Lake; Higher Grades Drive Record Annual Production at Macassa
Abitibi Ontario – Operating Statistics
| | | | | | | | Consolidated | |
Three Months Ended December 31, 2025 | | Detour Lake | | Macassa | | Abitibi Ontario | |||
Tonnes of ore milled (thousands) |
| | 7,052 |
| | 149 |
| | 7,201 |
Tonnes of ore milled per day |
| | 76,652 |
| | 1,620 |
| | 78,272 |
Gold grade (g/t) |
| | 0.96 |
| | 12.99 |
| | 1.21 |
Gold production (ounces) |
| | 195,026 |
| | 60,505 |
| | 255,531 |
Production costs per tonne (C$) |
| C$ | 27 |
| C$ | 697 |
| C$ | 41 |
Minesite costs per tonne (C$) |
| C$ | 32 |
| C$ | 795 |
| C$ | 48 |
Production costs per ounce | | $ | 707 | | $ | 1,239 | | $ | 833 |
Total cash costs per ounce | | $ | 838 | | $ | 1,417 | | $ | 975 |
| | | | | | | | Consolidated | |
Year Ended December 31, 2025 | | Detour Lake | | Macassa | | Abitibi Ontario | |||
Tonnes of ore milled (thousands) |
| | 27,869 |
| | 573 |
| | 28,442 |
Tonnes of ore milled per day |
| | 76,353 |
| | 1,570 |
| | 77,923 |
Gold grade (g/t) |
| | 0.86 |
| | 17.42 |
| | 1.19 |
Gold production (ounces) |
| | 692,675 |
| | 312,729 |
| | 1,005,404 |
Production costs per tonne (C$) |
| C$ | 28 |
| C$ | 540 |
| C$ | 39 |
Minesite costs per tonne (C$) |
| C$ | 30 |
| C$ | 604 |
| C$ | 42 |
Production costs per ounce | | $ | 816 | | $ | 709 | | $ | 783 |
Total cash costs per ounce | | $ | 879 | | $ | 793 | | $ | 852 |
Regional Highlights
· | Gold production in the quarter was in line with plan at both Detour Lake and Macassa |
· | At Detour Lake, gold production increased from the previous quarter due to higher gold grades in and around the historical underground workings in the Phase 4 area. In 2025, gold production at Detour Lake was lower than expected as the mining operations were affected by challenging abnormal weather conditions early in the year and slower progress around the historical underground workings, resulting in lower than planned run-of-mine ore tonnes. The shortfall in volume of ore was supplemented by ore from low grade stockpiles. The updated outlook for 2026 and 2027 reflects adjustments to the mining sequence and mining rate following delays encountered in 2025 |
· | At Macassa, gold grades were higher than anticipated at three stopes. This partially offset lower mill throughput caused by a planned 5-day mill shutdown and a delay in processing ore from the AK deposit while the Company awaits the approval of a permit amendment to process the ore at the LZ5 processing facility. The Company expects to receive the permit in the first quarter of 2026 |
· | Updates on the Detour Lake underground and Upper Beaver projects are set out in the Update on Key Value Drivers and Pipeline Projects section above |
32
NUNAVUT
Record Annual Throughput at Meliadine and Strong Annual Gold Production at Meadowbank
Nunavut - Operating Statistics
| | | | | | | | Consolidated | |
Three Months Ended December 31, 2025 | | Meliadine | | Meadowbank | | Nunavut | |||
Tonnes of ore milled (thousands) |
| | 621 |
| | 1,035 |
| | 1,656 |
Tonnes of ore milled per day |
| | 6,750 |
| | 11,250 |
| | 18,000 |
Gold grade (g/t) |
| | 4.82 |
| | 3.85 |
| | 4.21 |
Gold production (ounces) |
| | 93,735 |
| | 115,101 |
| | 208,836 |
Production costs per tonne (C$) |
| C$ | 267 |
| C$ | 210 |
| C$ | 231 |
Minesite costs per tonne (C$) |
| C$ | 234 |
| C$ | 211 |
| C$ | 219 |
Production costs per ounce | | $ | 1,278 | | $ | 1,356 | | $ | 1,321 |
Total cash costs per ounce | | $ | 1,117 | | $ | 1,351 | | $ | 1,246 |
| | | | | | Consolidated | |||
Year Ended December 31, 2025 | | Meliadine | | Meadowbank | | Nunavut | |||
Tonnes of ore milled (thousands) | | | 2,351 | | | 3,941 | | | 6,292 |
Tonnes of ore milled per day |
| | 6,441 |
| | 11,660 |
| | 18,101 |
Gold grade (g/t) |
| | 5.14 |
| | 4.29 |
| | 4.61 |
Gold production (ounces) |
| | 376,346 |
| | 493,314 |
| | 869,660 |
Production costs per tonne (C$) |
| C$ | 238 |
| C$ | 195 |
| C$ | 211 |
Minesite costs per tonne (C$) |
| C$ | 237 |
| C$ | 194 |
| C$ | 210 |
Production costs per ounce | | $ | 1,069 | | $ | 1,120 | | $ | 1,098 |
Total cash costs per ounce | | $ | 1,067 | | $ | 1,110 | | $ | 1,091 |
Regional Highlights
· | Gold production in the quarter was in line with forecast as a result of stronger throughput at both the Meliadine and Meadowbank mills, partially offset by lower than expected grades. The mills achieved strong performance, with shutdowns of four and five days at Meliadine and Meadowbank, respectively, completed as planned |
· | At Meliadine, as a result of mill optimization initiatives after the completion of the Phase 2 mill expansion, the mill continued to exceed the targeted annual throughput rate of 6,250 tpd, achieving quarterly throughput of 6,750 tpd in the fourth quarter and 6,441 tpd for the full year. Gold grades were lower in the quarter as a result of a change mining sequence |
· | At Meadowbank, the mill achieved strong throughput during the quarter driven by more ore tonnes from both the open pit and underground operations. Gold grades were lower in the quarter as a result of a change mining sequence at the underground operation |
· | An update on Hope Bay is set out in the Update on Key Value Drivers and Pipeline Projects section above |
33
AUSTRALIA
Annual Gold Production Strengthened by Higher Grades; Updated Mine Plan Increases Production in 2028
Fosterville – Operating Statistics | | Three Months Ended | | Year Ended December | ||
| | December 31, 2025 | | 31, 2025 | ||
Tonnes of ore milled (thousands) |
| | 177 |
| | 726 |
Tonnes of ore milled per day |
| | 1,924 |
| | 1,989 |
Gold grade (g/t) |
| | 6.08 |
| | 7.20 |
Gold production (ounces) |
| | 32,367 |
| | 160,522 |
Production costs per tonne (A$) |
| A$ | 321 |
| A$ | 310 |
Minesite costs per tonne (A$) |
| A$ | 335 |
| A$ | 320 |
Production costs per ounce | | $ | 1,152 | | $ | 912 |
Total cash costs per ounce | | $ | 1,202 | | $ | 937 |
Highlights
· | Gold production for the quarter was in line with plan, with higher gold grades offset by lower throughput. The higher grades were a result of mine sequencing |
· | The Company is implementing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. Major fan components have been installed and electrical installation is ongoing. Commissioning is expected to be completed in the first quarter of 2026 |
· | As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase mining and milling rates to support annual production of 170,000 to 190,000 ounces of gold starting in 2028. Further details on this updated mine plan are set out in the Updated Three-Year Operational Guidance Plan above |
FINLAND
Record Mill Throughput in 2025; Costs Continue to Benefit from Cost Optimization Initiatives
Kittila – Operating Statistics | | Three Months Ended | | Year Ended December | ||
| | December 31, 2025 | | 31, 2025 | ||
Tonnes of ore milled (thousands) |
| | 543 |
| | 2,105 |
Tonnes of ore milled per day |
| | 5,902 |
| | 5,767 |
Gold grade (g/t) |
| | 3.89 |
| | 3.91 |
Gold production (ounces) |
| | 54,964 |
| | 217,379 |
Production costs per tonne (€) | | € | 101 | | € | 99 |
Minesite costs per tonne (€) | | € | 102 | | € | 100 |
Production costs per ounce | | $ | 1,157 | | $ | 1,087 |
Total cash costs per ounce | | $ | 1,146 | | $ | 1,081 |
Highlights
· | Gold production in the quarter was slightly below plan, driven primarily by lower grades, partially offset by higher mill throughput driven by improved mill runtime and strong mine performance. Lower gold grades reflect changes to the mining sequence |
· | The higher throughput was supported by better than planned ore extracted during the quarter. The mine continues to realize productivity gains through sustained improvement efforts over the past year as demonstrated by record ore extracted in 2025 |
· | Minesite costs per tonne continue to demonstrate the benefits of continuous improvement initiatives. Minesite costs per tonne for the full year 2025 decreased by approximately 4%, from €103 to €99 per tonne, when compared to the prior-year period. This decrease was achieved despite the increase in royalty costs per tonne of approximately €2 due to higher gold prices in 2025 compared to the prior year |
34
MEXICO
Operational Performance at Cubiro Drives Solid Gold Production
Pinos Altos – Operating Statistics | | Three Months Ended | | Year Ended December | ||
| | December 31, 2025 | | 31, 2025 | ||
Tonnes of ore milled (thousands) |
| | 467 |
| | 1,720 |
Tonnes of ore milled per day |
| | 5,076 |
| | 4,712 |
Gold grade (g/t) |
| | 1.55 |
| | 1.55 |
Gold production (ounces) |
| | 22,195 |
| | 81,734 |
Production costs per tonne | | $ | 122 | | $ | 120 |
Minesite costs per tonne | | $ | 130 | | $ | 122 |
Production costs per ounce | | $ | 2,572 | | $ | 2,518 |
Total cash costs per ounce | | $ | 1,977 | | $ | 2,006 |
About Agnico Eagle
Canadian-based and led, Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
About this News Release
Unless otherwise stated, references to “Canadian Malartic”, “Goldex”, “LaRonde” and “Meadowbank” are to the 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.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.
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Note Regarding Certain Measures of Performance
This news release discloses certain financial performance measures, including “total cash costs per ounce”, “minesite costs per tonne”, “all-in sustaining costs per ounce” (or “AISC per ounce”), “adjusted net income”, “adjusted net income per share”, “cash provided by operating activities before changes in non-cash components of working capital”, “cash provided by operating activities before changes in non-cash components of working capital per share”, “EBITDA” which means earnings before interest, taxes, depreciation and amortization, “adjusted EBITDA”, “free cash flow”, “free cash flow before changes in non-cash components of working capital”, “operating margin”, “sustaining capital expenditures”, “development capital expenditures”, “sustaining capitalized exploration”, “development capitalized exploration” and “net cash (debt)”, as well as, for certain of these measures their related per share ratios that are not standardized measures under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures and ratios reported by other gold producers and should be considered together with other data prepared in accordance with IFRS Accounting Standards. See below for a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS Accounting Standards.
Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne
Total Cash Costs per Ounce
Total cash costs per ounce is reported on a per ounce of gold produced basis on both a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce of gold produced on a by-product basis for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed further below), which adjustment will only affect this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company’s calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change. Where this amended composition is used and the change affects the quantum of total cash costs per ounce, this news release indicates this by referring to the non-GAAP measure as “total cash costs per ounce (revised)”.
For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including “total cash costs per ounce”, to adjust for the NTI Payment. The NTI Payment is the payment to Nunavut Tunngavik Inc. under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin. NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the “Crown royalty”) under the Nunavut Mining Regulations (the “NMR”). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics as the payments under the Crown royalty. Accordingly, to ensure comparability across the Company’s mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable.
Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production of by-product metals.
Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company’s mining operations. Management also uses these measures to, and believes they are helpful to investors so investors can, understand and monitor the performance of the Company’s mining operations. The Company believes that total cash costs per ounce is useful to help investors
36
understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine’s cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.
Agnico Eagle’s primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.
In this news release, unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) gold is the Company’s primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.
Minesite Costs per Tonne
Minesite costs per tonne for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed above in “Total Cash Costs per Ounce”), which adjustment will only affect minesite costs per tonne at Meadowbank and for the Nunavut region. The Company’s calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. Where this amended composition is used and the change affects the quantum of minesite costs per tonne, this news release indicates this by referring to the non-GAAP measure as “minesite costs per tonne (revised)”.
As the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company’s mines. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS Accounting Standards.
37
The following table sets out the production costs per minesite for the three and twelve months ended December 31, 2025 and December 31, 2024, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.
Total Production Costs by Mine
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
(thousands of United States dollars) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
LaRonde |
| | 118,862 |
| | 67,954 |
| | 360,025 |
| | 319,495 |
Canadian Malartic |
| | 129,135 |
| | 132,144 |
| | 488,160 |
| | 532,037 |
Goldex |
| | 40,650 |
| | 29,446 |
| | 148,952 |
| | 129,977 |
Quebec |
| | 288,647 |
| | 229,544 |
| | 997,137 |
| | 981,509 |
Detour Lake |
| | 137,964 |
| | 117,713 |
| | 565,439 |
| | 497,079 |
Macassa |
| | 74,974 |
| | 54,608 |
| | 221,718 |
| | 201,371 |
Ontario |
| | 212,938 |
| | 172,321 |
| | 787,157 |
| | 698,450 |
Meliadine |
| | 119,808 |
| | 95,817 |
| | 402,385 |
| | 350,280 |
Meadowbank |
| | 156,061 |
| | 110,583 |
| | 552,470 |
| | 463,464 |
Nunavut |
| | 275,869 |
| | 206,400 |
| | 954,855 |
| | 813,744 |
Fosterville |
| | 37,288 |
| | 32,221 |
| | 146,382 |
| | 147,045 |
Australia |
| | 37,288 |
| | 32,221 |
| | 146,382 |
| | 147,045 |
Kittila |
| | 63,579 |
| | 50,799 |
| | 236,238 |
| | 227,334 |
Finland |
| | 63,579 |
| | 50,799 |
| | 236,238 |
| | 227,334 |
Pinos Altos |
| | 57,085 |
| | 45,251 |
| | 205,808 |
| | 168,231 |
La India |
| | — |
| | 10,322 |
| | — |
| | 49,767 |
Mexico |
| | 57,085 |
| | 55,573 |
| | 205,808 |
| | 217,998 |
Corporate and Other |
| | 9,037 |
| | — |
| | 13,107 |
| | — |
Production costs per the consolidated statements of income | | $ | 944,443 | | $ | 746,858 | | $ | 3,340,684 | | $ | 3,086,080 |
38
The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three and twelve months ended December 31, 2025 and December 31, 2024, exclusive of amortization, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.
Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine
Three Months Ended December 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | Smelting, | | costs per | | | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) | | In-kind | | refining and | | ounce (co- | | Impact of | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | and losses | | royalty | | marketing | | product | | by-product | | product | | NTI | | (by-product |
Mine | | (ounces)(i) | | costs | | ounce | | adjustments(ii) | | on hedges | | costs(iii) | | charges | | basis) | | metals | | basis) | | Payment(iv) | | basis)(v) |
LaRonde | | 80,290 | | 118,862 | | 1,480 | | (24,761) | | 248 | | — | | 4,579 | | 1,232 | | (30,628) | | 851 | | — | | 851 |
Canadian Malartic |
| 153,433 |
| 129,135 |
| 842 |
| 1,416 |
| 473 |
| 32,719 |
| 625 |
| 1,071 |
| (5,886) |
| 1,033 |
| — |
| 1,033 |
Goldex |
| 32,992 |
| 40,650 |
| 1,232 |
| (130) |
| 105 |
| — |
| 1,243 |
| 1,269 |
| (8,366) |
| 1,015 |
| — |
| 1,015 |
Quebec |
| 266,715 |
| 288,647 |
| 1,082 |
| (23,475) |
| 826 |
| 32,719 |
| 6,447 |
| 1,144 |
| (44,880) |
| 976 |
| — |
| 976 |
Detour Lake |
| 195,026 |
| 137,964 |
| 707 |
| 11,492 |
| 580 |
| 14,448 |
| 783 |
| 847 |
| (1,811) |
| 838 |
| — |
| 838 |
Macassa |
| 60,505 |
| 74,974 |
| 1,239 |
| 6,555 |
| 250 |
| 4,071 |
| 221 |
| 1,423 |
| (354) |
| 1,417 |
| — |
| 1,417 |
Ontario |
| 255,531 |
| 212,938 |
| 833 |
| 18,047 |
| 830 |
| 18,519 |
| 1,004 |
| 984 |
| (2,165) |
| 975 |
| — |
| 975 |
Meliadine |
| 93,735 |
| 119,808 |
| 1,278 |
| (15,290) |
| 310 |
| — |
| 118 |
| 1,120 |
| (236) |
| 1,117 |
| — |
| 1,117 |
Meadowbank |
| 115,101 |
| 156,061 |
| 1,356 |
| 787 |
| 403 |
| — |
| 141 |
| 1,367 |
| (1,869) |
| 1,351 |
| (39,765) |
| 1,006 |
Nunavut |
| 208,836 |
| 275,869 |
| 1,321 |
| (14,503) |
| 713 |
| — |
| 259 |
| 1,256 |
| (2,105) |
| 1,246 |
| (39,765) |
| 1,056 |
Fosterville |
| 32,367 |
| 37,288 |
| 1,152 |
| 1,730 |
| (31) |
| — |
| 42 |
| 1,206 |
| (139) |
| 1,202 |
| — |
| 1,202 |
Australia |
| 32,367 |
| 37,288 |
| 1,152 |
| 1,730 |
| (31) |
| — |
| 42 |
| 1,206 |
| (139) |
| 1,202 |
| — |
| 1,202 |
Kittila |
| 54,964 |
| 63,579 |
| 1,157 |
| 811 |
| (1,066) |
| — |
| (55) |
| 1,151 |
| (270) |
| 1,146 |
| — |
| 1,146 |
Finland |
| 54,964 |
| 63,579 |
| 1,157 |
| 811 |
| (1,066) |
| — |
| (55) |
| 1,151 |
| (270) |
| 1,146 |
| — |
| 1,146 |
Pinos Altos |
| 22,195 |
| 57,085 |
| 2,572 |
| 4,239 |
| (703) |
| — |
| 388 |
| 2,749 |
| (17,131) |
| 1,977 |
| — |
| 1,977 |
Mexico |
| 22,195 |
| 57,085 |
| 2,572 |
| 4,239 |
| (703) |
| — |
| 388 |
| 2,749 |
| (17,131) |
| 1,977 |
| — |
| 1,977 |
Corporate and Other(vi) |
| — |
| 9,037 |
| — |
| (9,037) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
Consolidated |
| 840,608 |
| 944,443 |
| 1,113 |
| (22,188) |
| 569 |
| 51,238 |
| 8,085 |
| 1,168 |
| (66,690) |
| 1,089 |
| (39,765) |
| 1,042 |
Notes:
(i) | Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 7,026 ounces of gold recovered at Hope Bay. |
(ii) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 is $3.0 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(iii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
(iv) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. |
(v) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $1,022 at Meadowbank, $1,066 for the Nunavut region and $1,121 for the consolidated Company. |
(vi) | Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
39
Three Months Ended December 31, 2024
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | refining | | costs per | | | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) | | In-kind | | and | | ounce (co- | | Impact of | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | and losses | | royalty | | marketing | | product | | by-product | | product | | NTI | | (by-product |
Mine | | (ounces) | | costs | | ounce | | adjustments(i) | | on hedges | | costs(ii) | | charges | | basis) | | metals | | basis) | | Payment(iv) | | basis)(v) |
LaRonde |
| 90,447 |
| 67,954 |
| 751 |
| 19,352 |
| 1,009 |
| — |
| 3,921 |
| 1,020 |
| (16,812) |
| 834 |
| — |
| 834 |
Canadian Malartic |
| 146,485 |
| 132,144 |
| 902 |
| (3,273) |
| 2,101 |
| 19,998 |
| (60) |
| 1,030 |
| (2,441) |
| 1,014 |
| — |
| 1,014 |
Goldex |
| 32,341 |
| 29,446 |
| 910 |
| 2,920 |
| 447 |
| — |
| 1,050 |
| 1,047 |
| (6,093) |
| 859 |
| — |
| 859 |
Quebec |
| 269,273 |
| 229,544 |
| 852 |
| 18,999 |
| 3,557 |
| 19,998 |
| 4,911 |
| 1,029 |
| (25,346) |
| 935 |
| — |
| 935 |
Detour Lake |
| 179,061 |
| 117,713 |
| 657 |
| 5,947 |
| 2,320 |
| 9,626 |
| 569 |
| 761 |
| (1,046) |
| 755 |
| — |
| 755 |
Macassa |
| 76,336 |
| 54,608 |
| 715 |
| (4,645) |
| 920 |
| 3,248 |
| 240 |
| 712 |
| (358) |
| 708 |
| — |
| 708 |
Ontario |
| 255,397 |
| 172,321 |
| 675 |
| 1,302 |
| 3,240 |
| 12,874 |
| 809 |
| 747 |
| (1,404) |
| 741 |
| — |
| 741 |
Meliadine |
| 94,648 |
| 95,817 |
| 1,012 |
| 822 |
| 1,553 |
| — |
| 150 |
| 1,039 |
| (210) |
| 1,037 |
| — |
| 1,037 |
Meadowbank |
| 117,024 |
| 110,583 |
| 945 |
| 4,052 |
| 2,122 |
| — |
| 5 |
| 998 |
| (1,186) |
| 988 |
| (5,591) |
| 940 |
Nunavut |
| 211,672 |
| 206,400 |
| 975 |
| 4,874 |
| 3,675 |
| — |
| 155 |
| 1,016 |
| (1,396) |
| 1,010 |
| (5,591) |
| 984 |
Fosterville |
| 37,139 |
| 32,221 |
| 868 |
| 266 |
| 216 |
| — |
| 18 |
| 881 |
| (103) |
| 878 |
| — |
| 878 |
Australia |
| 37,139 |
| 32,221 |
| 868 |
| 266 |
| 216 |
| — |
| 18 |
| 881 |
| (103) |
| 878 |
| — |
| 878 |
Kittila |
| 51,893 |
| 50,799 |
| 979 |
| 2,382 |
| 289 |
| — |
| (51) |
| 1,029 |
| (194) |
| 1,026 |
| — |
| 1,026 |
Finland |
| 51,893 |
| 50,799 |
| 979 |
| 2,382 |
| 289 |
| — |
| (51) |
| 1,029 |
| (194) |
| 1,026 |
| — |
| 1,026 |
Pinos Altos |
| 18,583 |
| 45,251 |
| 2,435 |
| (1,557) |
| 68 |
| — |
| 307 |
| 2,371 |
| (8,368) |
| 1,921 |
| — |
| 1,921 |
Creston Mascota |
| 54 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
La India |
| 3,390 |
| 10,322 |
| 3,045 |
| (4,102) |
| — |
| — |
| 46 |
| 1,848 |
| (47) |
| 1,835 |
| — |
| 1,835 |
Mexico |
| 22,027 |
| 55,573 |
| 2,523 |
| (5,659) |
| 68 |
| — |
| 353 |
| 2,285 |
| (8,415) |
| 1,903 |
| — |
| 1,903 |
Consolidated |
| 847,401 |
| 746,858 |
| 881 |
| 22,164 |
| 11,045 |
| 32,872 |
| 6,195 |
| 966 |
| (36,858) |
| 923 |
| (5,591) |
| 916 |
Notes:
(i) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2024 is $5.8 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $950 at Meadowbank, $990 for the Nunavut region and $959 for the consolidated Company. |
40
Year Ended December 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | Realized | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | (gains) | | | | refining | | costs per | | Impact of | | costs per | | | | ounce |
| | gold | | | | Production | | | | and | | In-kind | | and | | ounce (co- | | by- | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | losses on | | royalty | | marketing | | product | | product | | product | | NTI | | (by-product |
Mine | | (ounces)(i) | | costs | | ounce | | adjustments(ii) | | hedges | | costs(iii) | | charges | | basis) | | metals | | basis) | | Payment(iv) | | basis)(v) |
LaRonde |
| 344,555 |
| 360,025 |
| 1,045 |
| (6,001) |
| 980 |
| — |
| 14,251 |
| 1,072 |
| (83,607) |
| 829 |
| — |
| 829 |
Canadian Malartic |
| 642,612 |
| 488,160 |
| 760 |
| 19,122 |
| 1,461 |
| 112,464 |
| 1,468 |
| 969 |
| (14,566) |
| 946 |
| — |
| 946 |
Goldex |
| 125,501 |
| 148,952 |
| 1,187 |
| 2,288 |
| 413 |
| — |
| 4,382 |
| 1,243 |
| (30,280) |
| 1,002 |
| — |
| 1,002 |
Quebec |
| 1,112,668 |
| 997,137 |
| 896 |
| 15,409 |
| 2,854 |
| 112,464 |
| 20,101 |
| 1,032 |
| (128,453) |
| 917 |
| — |
| 917 |
Detour Lake |
| 692,675 |
| 565,439 |
| 816 |
| (1,863) |
| 1,226 |
| 44,714 |
| 5,167 |
| 887 |
| (6,135) |
| 879 |
| — |
| 879 |
Macassa |
| 312,729 |
| 221,718 |
| 709 |
| 11,146 |
| 987 |
| 15,559 |
| 492 |
| 799 |
| (2,016) |
| 793 |
| — |
| 793 |
Ontario |
| 1,005,404 |
| 787,157 |
| 783 |
| 9,283 |
| 2,213 |
| 60,273 |
| 5,659 |
| 860 |
| (8,151) |
| 852 |
| — |
| 852 |
Meliadine |
| 376,346 |
| 402,385 |
| 1,069 |
| (980) |
| 1,038 |
| — |
| 220 |
| 1,070 |
| (1,091) |
| 1,067 |
| — |
| 1,067 |
Meadowbank |
| 493,314 |
| 552,470 |
| 1,120 |
| (586) |
| 1,318 |
| — |
| 539 |
| 1,122 |
| (6,402) |
| 1,110 |
| (90,004) |
| 928 |
Nunavut |
| 869,660 |
| 954,855 |
| 1,098 |
| (1,566) |
| 2,356 |
| — |
| 759 |
| 1,100 |
| (7,493) |
| 1,091 |
| (90,004) |
| 988 |
Fosterville |
| 160,522 |
| 146,382 |
| 912 |
| 4,554 |
| (59) |
| — |
| 124 |
| 941 |
| (567) |
| 937 |
| — |
| 937 |
Australia |
| 160,522 |
| 146,382 |
| 912 |
| 4,554 |
| (59) |
| — |
| 124 |
| 941 |
| (567) |
| 937 |
| — |
| 937 |
Kittila |
| 217,379 |
| 236,238 |
| 1,087 |
| 2,199 |
| (2,624) |
| — |
| (214) |
| 1,084 |
| (703) |
| 1,081 |
| — |
| 1,081 |
Finland |
| 217,379 |
| 236,238 |
| 1,087 |
| 2,199 |
| (2,624) |
| — |
| (214) |
| 1,084 |
| (703) |
| 1,081 |
| — |
| 1,081 |
Pinos Altos |
| 81,734 |
| 205,808 |
| 2,518 |
| 6,058 |
| (1,234) |
| — |
| 1,282 |
| 2,593 |
| (47,945) |
| 2,006 |
| — |
| 2,006 |
Mexico |
| 81,734 |
| 205,808 |
| 2,518 |
| 6,058 |
| (1,234) |
| — |
| 1,282 |
| 2,593 |
| (47,945) |
| 2,006 |
| — |
| 2,006 |
Corporate and Other(vi) |
| — |
| 13,107 |
| — |
| (13,107) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
Consolidated |
| 3,447,367 |
| 3,340,684 |
| 965 |
| 22,830 |
| 3,506 |
| 172,737 |
| 27,711 |
| 1,035 |
| (193,312) |
| 979 |
| (90,004) |
| 953 |
Notes:
(i) | Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 9,468 ounces of gold recovered at Hope Bay. |
(ii) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is $9.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(iii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
(iv) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. |
(v) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $940 at Meadowbank, $997 for the Nunavut region and $1,009 for the consolidated Company. |
(vi) | Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
41
Year Ended December 31, 2024
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | refining | | costs per | | Impact | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) | | In-kind | | and | | ounce (co- | | of by- | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | and losses | | royalty | | marketing | | product | | product | | product | | NTI | | (by-product |
Mine | | (ounces) | | costs | | ounce | | adjustments(i) | | on hedges | | costs(ii) | | charges | | basis) | | metals | | basis) | | Payment(iii) |
| basis(iv) |
LaRonde |
| 306,750 |
| 319,495 |
| 1,042 |
| 10,280 |
| 1,840 |
| — |
| 15,552 |
| 1,132 |
| (57,287) |
| 945 |
| — |
| 945 |
Canadian Malartic |
| 655,654 |
| 532,037 |
| 811 |
| 3,803 |
| 4,138 |
| 77,504 |
| 726 |
| 943 |
| (8,386) |
| 930 |
| — |
| 930 |
Goldex |
| 130,813 |
| 129,977 |
| 994 |
| 2,438 |
| 816 |
| — |
| 3,009 |
| 1,041 |
| (15,452) |
| 923 |
| — |
| 923 |
Quebec |
| 1,093,217 |
| 981,509 |
| 898 |
| 16,521 |
| 6,794 |
| 77,504 |
| 19,287 |
| 1,008 |
| (81,125) |
| 933 |
| — |
| 933 |
Detour Lake |
| 671,950 |
| 497,079 |
| 740 |
| (1,348) |
| 4,714 |
| 32,072 |
| 5,716 |
| 801 |
| (3,049) |
| 796 |
| — |
| 796 |
Macassa |
| 279,384 |
| 201,371 |
| 721 |
| (3,607) |
| 1,679 |
| 10,082 |
| 482 |
| 752 |
| (1,020) |
| 748 |
| — |
| 748 |
Ontario |
| 951,334 |
| 698,450 |
| 734 |
| (4,955) |
| 6,393 |
| 42,154 |
| 6,198 |
| 787 |
| (4,069) |
| 782 |
| — |
| 782 |
Meliadine |
| 378,886 |
| 350,280 |
| 924 |
| 3,279 |
| 3,165 |
| — |
| 250 |
| 942 |
| (860) |
| 940 |
| — |
| 940 |
Meadowbank |
| 504,719 |
| 463,464 |
| 918 |
| 9,464 |
| 4,624 |
| — |
| (41) |
| 946 |
| (4,138) |
| 938 |
| (21,435) |
| 896 |
Nunavut |
| 883,605 |
| 813,744 |
| 921 |
| 12,743 |
| 7,789 |
| — |
| 209 |
| 944 |
| (4,998) |
| 938 |
| (21,435) |
| 914 |
Fosterville |
| 225,203 |
| 147,045 |
| 653 |
| (1,011) |
| 222 |
| — |
| 70 |
| 650 |
| (565) |
| 647 |
| — |
| 647 |
Australia |
| 225,203 |
| 147,045 |
| 653 |
| (1,011) |
| 222 |
| — |
| 70 |
| 650 |
| (565) |
| 647 |
| — |
| 647 |
Kittila |
| 218,860 |
| 227,334 |
| 1,039 |
| (1,172) |
| 151 |
| — |
| (212) |
| 1,033 |
| (483) |
| 1,031 |
| — |
| 1,031 |
Finland |
| 218,860 |
| 227,334 |
| 1,039 |
| (1,172) |
| 151 |
| — |
| (212) |
| 1,033 |
| (483) |
| 1,031 |
| — |
| 1,031 |
Pinos Altos |
| 88,433 |
| 168,231 |
| 1,902 |
| 678 |
| 68 |
| — |
| 1,287 |
| 1,925 |
| (34,924) |
| 1,530 |
| — |
| 1,530 |
Creston Mascota |
| 104 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
La India |
| 24,580 |
| 49,767 |
| 2,025 |
| (1,322) |
| — |
| — |
| 401 |
| 1,987 |
| (1,038) |
| 1,945 |
| — |
| 1,945 |
Mexico |
| 113,117 |
| 217,998 |
| 1,927 |
| (644) |
| 68 |
| — |
| 1,688 |
| 1,937 |
| (35,962) |
| 1,619 |
| — |
| 1,619 |
Consolidated |
| 3,485,336 |
| 3,086,080 |
| 885 |
| 21,482 |
| 21,417 |
| 119,658 |
| 27,240 |
| 940 |
| (127,202) |
| 903 |
| (21,435) |
| 897 |
Notes:
(i) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is $5.8 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $904 at Meadowbank, $920 for the Nunavut region and $934 for the consolidated Company. |
42
Reconciliation of Production Costs to Minesite Costs per Tonne by Mine
Three Months Ended December 31, 2025
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | Smelting, | | | | | | | | Minesite | ||
| | | | | | | | | | Production | | | | | | | | refining and | | Minesite | | | | | costs per | ||||
| | | | | | | Production | | costs per | | Inventory | | In-kind | | marketing | | costs per | | NTI | | tonne | ||||||||
| | Tonnes of | | | | | costs | | tonne | | adjustments | | royalty costs | | charges | | tonne | | Payment | | (revised) | ||||||||
| | ore milled | | Production | | (local | | (local | | (local | | (local | | (local | | (local | | (local | | (local | |||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | |||||||||
LaRonde |
| 692 | | $ | 118,862 | | C$ | 165,522 | | C$ | 239 | | C$ | (34,613) | | C$ | — | | C$ | (8,304) | | C$ | 177 | | C$ | — | | C$ | 177 |
Canadian Malartic |
| 5,204 | | $ | 129,135 | | C$ | 178,479 | | C$ | 34 | | C$ | 2,067 | | C$ | 45,492 | | C$ | — | | C$ | 43 | | C$ | — | | C$ | 43 |
Goldex |
| 847 | | $ | 40,650 | | C$ | 56,502 | | C$ | 67 | | C$ | (134) | | C$ | — | | C$ | — | | C$ | 67 | | C$ | — | | C$ | 67 |
Quebec |
| 6,743 | | $ | 288,647 | | C$ | 400,503 | | C$ | 59 | | C$ | (32,680) | | C$ | 45,492 | | C$ | (8,304) | | C$ | 60 | | C$ | — | | C$ | 60 |
Detour Lake |
| 7,052 | | $ | 137,964 | | C$ | 191,204 | | C$ | 27 | | C$ | 15,844 | | C$ | 20,064 | | C$ | — | | C$ | 32 | | C$ | — | | C$ | 32 |
Macassa |
| 149 | | $ | 74,974 | | C$ | 104,131 | | C$ | 697 | | C$ | 8,961 | | C$ | 5,657 | | C$ | — | | C$ | 795 | | C$ | — | | C$ | 795 |
Ontario |
| 7,201 | | $ | 212,938 | | C$ | 295,335 | | C$ | 41 | | C$ | 24,805 | | C$ | 25,721 | | C$ | — | | C$ | 48 | | C$ | — | | C$ | 48 |
Meliadine |
| 621 | | $ | 119,808 | | C$ | 165,888 | | C$ | 267 | | C$ | (20,784) | | C$ | — | | C$ | — | | C$ | 234 | | C$ | — | | C$ | 234 |
Meadowbank |
| 1,035 | | $ | 156,061 | | C$ | 217,208 | | C$ | 210 | | C$ | 978 | | C$ | — | | C$ | — | | C$ | 211 | | C$ | (55,345) | | C$ | 158 |
Nunavut |
| 1,656 | | $ | 275,869 | | C$ | 383,096 | | C$ | 231 | | C$ | (19,806) | | C$ | — | | C$ | — | | C$ | 219 | | C$ | (55,345) | | C$ | 186 |
Fosterville |
| 177 | | $ | 37,288 | | A$ | 56,741 | | A$ | 321 | | A$ | 2,584 | | A$ | — | | A$ | — | | A$ | 335 | | A$ | — | | A$ | 335 |
Australia |
| 177 | | $ | 37,288 | | A$ | 56,741 | | A$ | 321 | | A$ | 2,584 | | A$ | — | | A$ | — | | A$ | 335 | | A$ | — | | A$ | 335 |
Kittila |
| 543 | | $ | 63,579 | | € | 54,592 | | € | 101 | | € | 668 | | € | — | | € | — | | € | 102 | | € | — | | € | 102 |
Finland |
| 543 | | $ | 63,579 | | € | 54,592 | | € | 101 | | € | 668 | | € | — | | € | — | | € | 102 | | € | — | | € | 102 |
Pinos Altos |
| 467 | | $ | 57,085 | | $ | 57,085 | | $ | 122 | | $ | 3,536 | | $ | — | | $ | — | | $ | 130 | | $ | — | | $ | 130 |
Mexico |
| 467 | | $ | 57,085 | | $ | 57,085 | | $ | 122 | | $ | 3,536 | | $ | — | | $ | — | | $ | 130 | | $ | — | | $ | 130 |
Notes:
(i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 is C$4.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. |
43
Three Months Ended December 31, 2024
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | Smelting, | | | | | | | | Minesite | ||
| | | | | | | | | | Production | | | | | | | | refining and | | | | | | | | costs per | |||
| | | | | | | | | | costs per | | Inventory | | In-kind | | marketing | | Minesite | | NTI | | tonne | |||||||
| | Tonnes of | | | | | Production | | tonne | | adjustments | | royalty costs | | charges | | costs per | | Payment | | (revised) | ||||||||
| | ore milled | | Production | | costs (local | | (local | | (local | | (local | | (local | | tonne (local | | (local | | (local | |||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | |||||||||
LaRonde |
| 802 | | $ | 67,954 | | C$ | 94,608 | | C$ | 118 | | C$ | 26,811 | | C$ | — | | C$ | (4,131) | | C$ | 146 | | C$ | — | | C$ | 146 |
Canadian Malartic |
| 5,100 | | $ | 132,144 | | C$ | 183,826 | | C$ | 36 | | C$ | (3,782) | | C$ | 27,919 | | C$ | — | | C$ | 41 | | C$ | — | | C$ | 41 |
Goldex |
| 812 | | $ | 29,446 | | C$ | 41,201 | | C$ | 51 | | C$ | 4,282 | | C$ | — | | C$ | — | | C$ | 56 | | C$ | — | | C$ | 56 |
Quebec |
| 6,714 | | $ | 229,544 | | C$ | 319,635 | | C$ | 48 | | C$ | 27,311 | | C$ | 27,919 | | C$ | (4,131) | | C$ | 55 | | C$ | — | | C$ | 55 |
Detour Lake |
| 7,086 | | $ | 117,713 | | C$ | 163,506 | | C$ | 23 | | C$ | 9,164 | | C$ | 13,587 | | C$ | — | | C$ | 26 | | C$ | — | | C$ | 26 |
Macassa |
| 154 | | $ | 54,608 | | C$ | 76,615 | | C$ | 498 | | C$ | (6,073) | | C$ | 4,595 | | C$ | — | | C$ | 489 | | C$ | — | | C$ | 489 |
Ontario |
| 7,240 | | $ | 172,321 | | C$ | 240,121 | | C$ | 33 | | C$ | 3,091 | | C$ | 18,182 | | C$ | — | | C$ | 36 | | C$ | — | | C$ | 36 |
Meliadine |
| 516 | | $ | 95,817 | | C$ | 133,149 | | C$ | 257 | | C$ | 2,854 | | C$ | — | | C$ | — | | C$ | 263 | | C$ | — | | C$ | 263 |
Meadowbank |
| 999 | | $ | 110,583 | | C$ | 154,295 | | C$ | 154 | | C$ | 6,764 | | C$ | — | | C$ | — | | C$ | 161 | | C$ | (7,802) | | C$ | 153 |
Nunavut |
| 1,515 | | $ | 206,400 | | C$ | 287,444 | | C$ | 190 | | C$ | 9,618 | | C$ | — | | C$ | — | | C$ | 196 | | C$ | (7,802) | | C$ | 191 |
Fosterville |
| 158 | | $ | 32,221 | | A$ | 50,159 | | A$ | 319 | | A$ | 788 | | A$ | — | | A$ | — | | A$ | 325 | | A$ | — | | A$ | 325 |
Australia |
| 158 | | $ | 32,221 | | A$ | 50,159 | | A$ | 317 | | A$ | 788 | | A$ | — | | A$ | — | | A$ | 325 | | A$ | — | | A$ | 325 |
Kittila |
| 476 | | $ | 50,799 | | € | 47,910 | | € | 100 | | € | 2,721 | | € | — | | € | — | | € | 106 | | € | — | | € | 106 |
Finland |
| 476 | | $ | 50,799 | | € | 47,910 | | € | 100 | | € | 2,721 | | € | — | | € | — | | € | 106 | | € | — | | € | 106 |
Pinos Altos |
| 381 | | $ | 45,251 | | $ | 45,251 | | $ | 119 | | $ | (1,489) | | $ | — | | $ | — | | $ | 115 | | $ | — | | $ | 115 |
La India(V) |
| — | | $ | 10,322 | | $ | 10,322 | | $ | — | | $ | (10,322) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Mexico |
| 381 | | $ | 55,573 | | $ | 55,573 | | $ | 146 | | $ | (11,811) | | $ | — | | $ | — | | $ | 115 | | $ | — | | $ | 115 |
Notes:
(i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2024 is C$8.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. |
(v) | La India’s cost calculations per tonne for the three months ended December 31, 2024 exclude approximately $10.3 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. |
44
Year Ended December 31, 2025
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | Smelting, | | | | | | | | Minesite | ||
| | | | | | | | | | | | | | | In-kind | | refining and | | Minesite | | | | | costs per | ||||
| | | | | | Production | | Production | | Inventory | | royalty | | marketing | | costs per | | NTI | | tonne | ||||||||
| | Tonnes of | | | | costs | | costs per | | adjustments | | costs | | charges | | tonne | | Payment | | (revised) | ||||||||
| | ore milled | | Production | | (local | | tonne (local | | (local | | (local | | (local | | (local | | (local | | (local | ||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | ||||||||
LaRonde |
| 2,805 |
| 360,025 | | C$ | 502,885 | | C$ | 179 | | C$ | (8,668) | | C$ | — | | C$ | (28,060) | | C$ | 166 | | C$ | — | | C$ | 166 |
Canadian Malartic |
| 20,123 |
| 488,160 | | C$ | 677,283 | | C$ | 34 | | C$ | 26,400 | | C$ | 156,954 | | C$ | — | | C$ | 43 | | C$ | — | | C$ | 43 |
Goldex |
| 3,301 |
| 148,952 | | C$ | 207,895 | | C$ | 63 | | C$ | 3,062 | | C$ | — | | C$ | — | | C$ | 64 | | C$ | — | | C$ | 64 |
Quebec |
| 26,229 |
| 997,137 | | C$ | 1,388,063 | | C$ | 53 | | C$ | 20,794 | | C$ | 156,954 | | C$ | (28,060) | | C$ | 59 | | C$ | — | | C$ | 59 |
Detour Lake |
| 27,869 |
| 565,439 | | C$ | 788,172 | | C$ | 28 | | C$ | (3,108) | | C$ | 62,362 | | C$ | — | | C$ | 30 | | C$ | — | | C$ | 30 |
Macassa |
| 573 |
| 221,718 | | C$ | 309,381 | | C$ | 540 | | C$ | 15,225 | | C$ | 21,718 | | C$ | — | | C$ | 604 | | C$ | — | | C$ | 604 |
Ontario |
| 28,442 |
| 787,157 | | C$ | 1,097,553 | | C$ | 39 | | C$ | 12,117 | | C$ | 84,080 | | C$ | — | | C$ | 42 | | C$ | — | | C$ | 42 |
Meliadine |
| 2,351 |
| 402,385 | | C$ | 560,026 | | C$ | 238 | | C$ | (2,275) | | C$ | — | | C$ | — | | C$ | 237 | | C$ | — | | C$ | 237 |
Meadowbank |
| 3,941 |
| 552,470 | | C$ | 768,109 | | C$ | 195 | | C$ | (1,616) | | C$ | — | | C$ | — | | C$ | 194 | | C$ | (125,132) | | C$ | 162 |
Nunavut |
| 6,292 |
| 954,855 | | C$ | 1,328,135 | | C$ | 211 | | C$ | (3,891) | | C$ | — | | C$ | — | | C$ | 210 | | C$ | (125,132) | | C$ | 190 |
Fosterville |
| 726 |
| 146,382 | | A$ | 225,362 | | A$ | 310 | | A$ | 6,729 | | A$ | — | | A$ | — | | A$ | 320 | | A$ | — | | A$ | 320 |
Australia |
| 726 |
| 146,382 | | A$ | 225,362 | | A$ | 310 | | A$ | 6,729 | | A$ | — | | A$ | — | | A$ | 320 | | A$ | — | | A$ | 320 |
Kittila |
| 2,105 |
| 236,238 | | € | 209,121 | | € | 99 | | € | 867 | | € | — | | € | — | | € | 100 | | € | — | | € | 100 |
Finland |
| 2,105 |
| 236,238 | | € | 209,121 | | € | 99 | | € | 867 | | € | — | | € | — | | € | 100 | | € | — | | € | 100 |
Pinos Altos |
| 1,720 |
| 205,808 | | $ | 205,808 | | $ | 120 | | $ | 4,824 | | $ | — | | $ | — | | $ | 122 | | $ | — | | $ | 122 |
Mexico |
| 1,720 |
| 205,808 | | $ | 205,808 | | $ | 120 | | $ | 4,824 | | $ | — | | $ | — | | $ | 122 | | $ | — | | $ | 122 |
Notes:
(i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is C$12.9 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. |
45
Year Ended December 31, 2024
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | Minesite | |
| | | | | | | | | | | | | | | In-kind | | Smelting, | | | | | | | | costs per | |||
| | | | | | Production | | Production | | Inventory | | royalty | | refining and | | Minesite | | NTI | | tonne | ||||||||
| | Tonnes of | | | | costs | | costs per | | adjustments | | costs | | marketing | | costs per | | Payment | | (revised) | ||||||||
| | ore milled | | Production | | (local | | tonne (local | | (local | | (local | | charges (local | | tonne (local | | (local | | (loca | ||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | ||||||||
LaRonde |
| 2,849 |
| 319,495 | | C$ | 436,230 | | C$ | 153 | | C$ | 15,934 | | C$ | — | | C$ | (12,150) | | C$ | 154 | | C$ | — | | C$ | 154 |
Canadian Malartic |
| 20,317 |
| 532,037 | | C$ | 726,836 | | C$ | 36 | | C$ | 6,048 | | C$ | 106,163 | | C$ | — | | C$ | 41 | | C$ | — | | C$ | 41 |
Goldex |
| 3,076 |
| 129,977 | | C$ | 177,816 | | C$ | 58 | | C$ | 3,702 | | C$ | — | | C$ | — | | C$ | 59 | | C$ | — | | C$ | 59 |
Quebec |
| 26,242 |
| 981,509 | | C$ | 1,340,882 | | C$ | 51 | | C$ | 25,684 | | C$ | 106,163 | | C$ | (12,150) | | C$ | 56 | | C$ | — | | C$ | 56 |
Detour Lake |
| 27,462 |
| 497,079 | | C$ | 678,877 | | C$ | 25 | | C$ | (458) | | C$ | 44,125 | | C$ | — | | C$ | 26 | | C$ | — | | C$ | 26 |
Macassa |
| 574 |
| 201,371 | | C$ | 276,532 | | C$ | 482 | | C$ | (4,605) | | C$ | 13,896 | | C$ | — | | C$ | 498 | | C$ | — | | C$ | 498 |
Ontario |
| 28,036 |
| 698,450 | | C$ | 955,409 | | C$ | 34 | | C$ | (5,063) | | C$ | 58,021 | | C$ | — | | C$ | 36 | | C$ | — | | C$ | 36 |
Meliadine |
| 1,966 |
| 350,280 | | C$ | 478,335 | | C$ | 243 | | C$ | 6,578 | | C$ | — | | C$ | — | | C$ | 247 | | C$ | — | | C$ | 247 |
Meadowbank |
| 4,143 |
| 463,464 | | C$ | 632,661 | | C$ | 153 | | C$ | 14,234 | | C$ | — | | C$ | — | | C$ | 156 | | C$ | (29,261) | | C$ | 149 |
Nunavut |
| 6,109 |
| 813,744 | | C$ | 1,110,996 | | C$ | 182 | | C$ | 20,812 | | C$ | — | | C$ | — | | C$ | 185 | | C$ | (29,261) | | C$ | 180 |
Fosterville |
| 810 |
| 147,045 | | A$ | 224,121 | | A$ | 277 | | A$ | (1,253) | | A$ | — | | A$ | — | | A$ | 276 | | A$ | — | | A$ | 276 |
Australia |
| 810 |
| 147,045 | | A$ | 224,121 | | A$ | 277 | | A$ | (1,253) | | A$ | — | | A$ | — | | A$ | 276 | | A$ | — | | A$ | 276 |
Kittila |
| 2,026 |
| 227,334 | | € | 210,285 | | € | 103 | | € | (633) | | € | — | | € | — | | € | 103 | | € | — | | € | 103 |
Finland |
| 2,026 |
| 227,334 | | € | 210,285 | | € | 103 | | € | (633) | | € | — | | € | — | | € | 103 | | € | — | | € | 103 |
Pinos Altos |
| 1,707 |
| 168,231 | | $ | 168,231 | | $ | 99 | | $ | 746 | | $ | — | | $ | — | | $ | 99 | | $ | — | | $ | 99 |
La India(iii) |
| — |
| 49,767 | | $ | 49,767 | | $ | — | | $ | (49,767) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Mexico |
| 1,707 |
| 217,998 | | $ | 217,998 | | $ | 128 | | $ | (49,021) | | $ | — | | $ | — | | $ | 99 | | $ | — | | $ | 99 |
Notes:
(i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is C$8.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
(ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
(iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. The NTI Payment is incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. |
(iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. |
(v) | La India’s cost calculations per tonne for the year ended December 31, 2024 exclude approximately $49.8 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. |
46
All-in sustaining costs per ounce
All-in sustaining costs per ounce (also referred to as “AISC per ounce”) on a by-product basis is calculated as the aggregate of (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. In this news release, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see “Total cash costs per ounce and Minesite Costs per Tonne – Total cash costs per ounce” for a discussion of regarding the Company’s use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including “all-in sustaining costs per ounce”, to adjust for the NTI Payments, that is, payments made to NTI under the Company’s mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of “total cash costs per ounce”, discussed above in “Total Cash Costs Per Ounce and Minesite Costs Per Tonne – Total Cash Costs per Ounce”. For the reasons outlined above in respect of the change to the composition of “total cash costs per ounce”, the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Company”s mines. Where this new composition is used, this news release will indicate by referring to the non-GAAP measure as “all-in sustaining costs per ounce (revised)”.
Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne, as AISC per ounce is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.
The Company’s revised composition of AISC per ounce remains consistent with the guidance on AISC per ounce released by the World Gold Council (“WGC”) in 2018, except in respect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as an income tax under IFRS and therefore excluded from the Company’s AISC calculations. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company’s adoption of the WGC’s guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.
47
The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three and twelve months ended December 31, 2025 and December 31, 2024 on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues).
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
(United States dollars per ounce, except where noted) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
Production costs per the consolidated statements of income (thousands) | | $ | 944,443 | | $ | 746,858 | | $ | 3,340,684 | | $ | 3,086,080 |
Less: Production costs from non-operating minesites | |
| (9,037) | |
| — | |
| (13,107) | |
| — |
Adjusted production costs | |
| 935,406 | |
| 746,858 | |
| 3,327,577 | |
| 3,086,080 |
Gold production (ounces)(i) | |
| 840,608 | |
| 847,401 | |
| 3,447,367 | |
| 3,485,336 |
Production costs per ounce | | $ | 1,113 | | $ | 881 | | $ | 965 | | $ | 885 |
Adjustments: | |
| | |
| | |
| | |
| |
Inventory adjustments(ii) | |
| (15) | |
| 26 | |
| 11 | |
| 7 |
In-kind royalty(iii) | |
| 61 | |
| 39 | |
| 50 | |
| 34 |
Realized gains and losses on hedges of production costs | |
| 1 | |
| 13 | |
| 1 | |
| 6 |
Smelting, refining, and marketing charges | |
| 8 | |
| 7 | |
| 8 | |
| 8 |
Total cash costs per ounce (co-product basis) | | $ | 1,168 | | $ | 966 | | $ | 1,035 | | $ | 940 |
Impact of by-product metals | |
| (79) | |
| (43) | |
| (56) | |
| (37) |
Total cash costs per ounce (by-product basis) | | $ | 1,089 | | $ | 923 | | $ | 979 | | $ | 903 |
Adjustments: | |
| | |
| | |
| | |
| |
Sustaining capital expenditures (including capitalized exploration) | |
| 350 | |
| 302 | |
| 274 | |
| 258 |
General and administrative expenses (including stock option expense) | |
| 59 | |
| 73 | |
| 68 | |
| 60 |
Non-cash reclamation provision and sustaining leases(iv) | |
| 19 | |
| 18 | |
| 18 | |
| 18 |
All-in sustaining costs per ounce (by-product basis) | | $ | 1,517 | | $ | 1,316 | | $ | 1,339 | | $ | 1,239 |
Impact of by-product metals | |
| 79 | |
| 43 | |
| 56 | |
| 37 |
All-in sustaining costs per ounce (co-product basis) | | $ | 1,596 | | $ | 1,359 | | $ | 1,395 | | $ | 1,276 |
NTI Payment(v) | |
| (47) | |
| (7) | |
| (26) | |
| (6) |
All-in sustaining costs per ounce (revised) (by-product basis)(v) | |
| 1,470 | |
| 1,309 | |
| 1,313 | |
| 1,233 |
All-in sustaining costs per ounce (revised) (co-product basis)(v) | | $ | 1,549 | | $ | 1,352 | | $ | 1,369 | | $ | 1,270 |
| | | | | | | | | | | | |
Notes:
| (i) | Gold production for the three months ended December 31, 2025 excludes 925 ounces of payable production of gold at La India and 70 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 7,026 ounces of gold recovered at Hope Bay. Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching, as well as 9,468 ounces of gold recovered at Hope Bay. |
| (ii) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended December 31, 2025 and December 31, 2024 are $3.0 million, $5.8 million, respectively, in association with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold. Included in inventory adjustments for Canadian Malartic for the years ended December 31, 2025 and December 31, 2024 are $9.2 million, $5.8 million, respectively, in association with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (iii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalty of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production ounces of payable production of gold at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of all-in sustaining costs per ounce |
| (iv) | Sustaining leases are lease payments related to sustaining assets. |
| (v) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “all-in sustaining costs per ounce” on both a by-product and co-product basis to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of all-in sustaining costs per ounce. See discussion above under “All-in Sustaining Cost per Ounce”. |
48
Adjusted net income and adjusted net income per share
Adjusted net income takes the net income as recorded in the consolidated statements of income and adjusts for the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation charges, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self-insurance losses, sale of non-strategic properties, multi-year donations, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.
The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company’s continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out a reconciliation of net income per the consolidated statements of income to adjusted net income for the three and twelve months ended December 31, 2025, and December 31, 2024.
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
(thousands) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
Net income for the period - basic | | $ | 1,523,061 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
Dilutive impact of cash settling LTIP | |
| 2,965 | |
| — | |
| — | |
| — |
Net income for the period - diluted | | $ | 1,526,026 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
Foreign currency translation (gain) loss | |
| (7,464) | |
| 10,131 | |
| (25,654) | |
| 9,383 |
(Gain) loss on derivative financial instruments | |
| (50,079) | |
| 107,429 | |
| (223,960) | |
| 155,819 |
Environmental remediation | |
| 18,905 | |
| 3,518 | |
| 43,239 | |
| 14,719 |
Net loss on disposal of property, plant and equipment | |
| 23,395 | |
| 11,883 | |
| 41,219 | |
| 37,669 |
Purchase price allocation to inventory(i) | |
| (2,987) | |
| (5,771) | |
| (9,221) | |
| (5,771) |
Debt extinguishment costs | |
| — | |
| — | |
| 8,245 | |
| — |
Impairment reversal | |
| (229,000) | |
| — | |
| (229,000) | |
| — |
Impairment loss(ii) | |
| — | |
| — | |
| 10,554 | |
| — |
Loss on sale of equity securities | |
| — | |
| — | |
| 40,175 | |
| — |
Other(iii) | |
| — | |
| 6,340 | |
| 2,077 | |
| 19,555 |
Income and mining taxes adjustments(iv) | |
| 74,710 | |
| (10,329) | |
| 50,034 | |
| (9,183) |
Adjusted net income for the period - basic | | $ | 1,350,541 | | $ | 632,456 | | $ | 4,169,169 | | $ | 2,117,772 |
Adjusted net income for the period - diluted | | $ | 1,353,506 | | $ | 632,456 | | $ | 4,169,169 | | $ | 2,117,772 |
Notes:
| (i) | As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income. |
| (ii) | Relates to the Company’s ownership percentage of an impairment loss recorded by an associate. |
| (iii) | Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period. |
| (iv) | Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filings. |
49
EBITDA and adjusted EBITDA
EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated statements of income.
Adjusted EBITDA removes the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, impairment loss charges and reversals, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, gains and losses on the sale of equity securities, self-insurance losses, gains on the sale of non-strategic exploration properties, multi-year health care donations, disposals of supplies inventory at non-operating sites and retroactive payments.
The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company’s continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out a reconciliation of net income per the consolidated statements of income to EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2025, and December 31, 2024.
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
(thousands) | | | | | | | | | | | | |
Net income for the period | | $ | 1,523,061 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
Finance costs | |
| 17,118 | |
| 27,473 | |
| 91,145 | |
| 126,738 |
Amortization of property, plant and mine development | |
| 421,594 | |
| 388,217 | |
| 1,645,297 | |
| 1,514,076 |
Income and mining tax expense | |
| 794,092 | |
| 273,256 | |
| 2,242,450 | |
| 925,974 |
EBITDA | |
| 2,755,865 | |
| 1,198,201 | |
| 8,440,353 | |
| 4,462,369 |
Foreign currency translation (gain) loss | |
| (7,464) | |
| 10,131 | |
| (25,654) | |
| 9,383 |
(Gain) loss on derivative financial instruments | |
| (50,079) | |
| 107,429 | |
| (223,960) | |
| 155,819 |
Environmental remediation | |
| 18,905 | |
| 3,518 | |
| 43,239 | |
| 14,719 |
Net loss on disposal of property, plant and equipment | |
| 23,395 | |
| 11,883 | |
| 41,219 | |
| 37,669 |
Purchase price allocation to inventory(i) | |
| (2,987) | |
| (5,771) | |
| (9,221) | |
| (5,771) |
Impairment reversal | |
| (229,000) | |
| — | |
| (229,000) | |
| — |
Impairment loss(ii) | |
| — | |
| — | |
| 10,554 | |
| — |
Loss on sale of equity securities | |
| — | |
| — | |
| 40,175 | |
| — |
Other(iii) | |
| — | |
| 6,340 | |
| 2,077 | |
| 19,555 |
Adjusted EBITDA | | $ | 2,508,635 | | $ | 1,331,731 | | $ | 8,089,782 | | $ | 4,693,743 |
Notes:
| (i) | As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired.These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income. |
| (ii) | Relates to the Company’s ownership percentage of an impairment loss recorded by an associate. |
| (iii) | Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the comparative period. |
50
Cash provided by operating activities before changes in non-cash components of working capital and its per share ratio
Cash provided by operating activities before changes in non-cash components of working capital is calculated by adjusting the cash provided by operating activities as shown in the condensed interim consolidated statements of cash flows for the effects of changes in non-cash components of working capital such as income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share ratio is calculated by dividing cash provided by operating activities before changes in non-cash components of working capital by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believes they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards. A reconciliation of these measures to the nearest IFRS Accounting Standards measure is provided below.
Free cash flow and free cash flow before changes in non-cash components of working capital
Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the consolidated statements of cash flows.
Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets and accounts payable and accrued liabilities.
The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company’s ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company’s financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.
The following table sets out a reconciliation of cash provided by operating activities per the consolidated statements of cash flows to free cash flow and free cash flow before changes in non-cash components of working capital and to cash provided by operating activities before changes in non-cash components of working capital for the three and twelve months ended December 31, 2025, and December 31, 2024.
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
(thousands, except where noted) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
Cash provided by operating activities | | $ | 2,111,504 | | $ | 1,131,849 | | $ | 6,817,113 | | $ | 3,960,892 |
Additions to property, plant and mine development | |
| (801,270) | |
| (562,163) | |
| (2,418,200) | |
| (1,817,949) |
Free cash flow | |
| 1,310,234 | |
| 569,686 | |
| 4,398,913 | |
| 2,142,943 |
Changes in income taxes | |
| (395,263) | |
| (116,595) | |
| (886,371) | |
| (259,327) |
Changes in inventory | |
| (4,452) | |
| 42,573 | |
| 160,744 | |
| 208,300 |
Changes in other current assets | |
| 26,185 | |
| (17,403) | |
| 43,969 | |
| (1,166) |
Changes in accounts payable and accrued liabilities | |
| 72,122 | |
| 49,658 | |
| (122,639) | |
| (27,831) |
Free cash flow before changes in non-cash components of working capital | | $ | 1,008,826 | | $ | 527,919 | | $ | 3,594,616 | | $ | 2,062,919 |
Additions to property, plant and mine development | |
| 801,270 | |
| 562,163 | |
| 2,418,200 | |
| 1,817,949 |
Cash provided by operating activities before changes in non-cash components of working capital | | $ | 1,810,096 | | $ | 1,090,082 | | $ | 6,012,816 | | $ | 3,880,868 |
| | | | | | | | | | | | |
Cash provided by operating activities per share - basic | | $ | 4.22 | | $ | 2.26 | | $ | 13.58 | | $ | 7.92 |
Cash provided by operating activities before changes in non-cash components of working capital per share - basic | | $ | 3.61 | | $ | 2.17 | | $ | 11.98 | | $ | 7.76 |
| | | | | | | | | | | | |
Free cash flow per share - basic | | $ | 2.62 | | $ | 1.14 | | $ | 8.76 | | $ | 4.29 |
Free cash flow before changes in non-cash components of working capital per share - basic | | $ | 2.01 | | $ | 1.05 | | $ | 7.16 | | $ | 4.13 |
51
Operating margin
Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is helpful to investors as it provides them with additional information about the Company’s underlying operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards. For a reconciliation of operating margin to revenue from operations, see “Summary of Operations Key Performance Indicators”.
Capital expenditures
Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the consolidated statements of cash flows.
Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.
The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the consolidated statements of cash flows for the three and twelve months ended December 31, 2025 and December 31, 2024.
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
(thousands) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
Sustaining capital expenditures | | $ | 288,903 | | $ | 256,266 | | $ | 931,198 | | $ | 890,051 |
Sustaining capitalized exploration | |
| 7,420 | |
| 3,578 | |
| 23,755 | |
| 18,702 |
Development capital expenditures | |
| 412,830 | |
| 264,442 | |
| 1,141,754 | |
| 767,366 |
Development capitalized exploration | |
| 81,192 | |
| 51,559 | |
| 294,680 | |
| 164,841 |
Total Capital Expenditures | | $ | 790,345 | | $ | 575,845 | | $ | 2,391,387 | | $ | 1,840,960 |
Working capital adjustments | |
| 10,925 | |
| (13,682) | |
| 26,813 | |
| (23,011) |
Additions to property, plant and mine development per the consolidated statements of cash flows | | $ | 801,270 | | $ | 562,163 | | $ | 2,418,200 | | $ | 1,817,949 |
52
Net cash (debt)
Net cash (debt) is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net cash (debt) is useful to help investors determine the Company’s overall cash (debt) position and to evaluate the future debt capacity of the Company. The Company changed the label for this non-GAAP measure from “net debt” to “net cash (debt)” as the Company believes that reporting a positive net cash position is more clear and understandable to readers than a negative net debt position. The Company’s method of calculating this non-GAAP measure has not changed.
The following table sets out a reconciliation of long-term debt per the consolidated balance sheets to net cash (debt) as at December 31, 2025, and December 31, 2024.
| | As at | | As at | ||
(thousands) | | December 31, 2025 | | December 31, 2024 | ||
Current portion of long-term debt per the consolidated balance sheets | | $ | — | | $ | (90,000) |
Non-current portion of long-term debt | |
| (196,271) | |
| (1,052,956) |
Long-term debt | | $ | (196,271) | | $ | (1,142,956) |
Cash and cash equivalents | | $ | 2,866,053 | | $ | 926,431 |
Net cash (debt) | | $ | 2,669,782 | | $ | (216,525) |
Forward-Looking Non-GAAP Measures
This news release also contains information as to estimated future total cash costs per ounce, minesite costs per tonne and AISC per ounce. The estimates are based upon the total cash costs per ounce, minesite costs per tonne and AISC per ounce that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.
53
Forward-Looking Statements
The information in this news release has been prepared as at February 12, 2026. Certain statements contained in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws and are referred to herein as “forward-looking statements”. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. When used in this news release, the words “achieve”, “aim”, “anticipate”, “commit”, “could”, “envisions”, “estimate”, “expect”, “forecast”, “future”, “guide”, “objective”, “plan”, “potential”, “schedule”, “target”, “track”, “will”, and similar expressions are intended to identify forward-looking statements. Such statements include the Company’s forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, other expenses and cash flows; the potential for additional gold production at the Company’s sites, including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s; the estimated timing and conclusions of the Company’s studies and evaluations; the methods by which ore will be extracted or processed; the Company’s plans at Detour Lake underground, Upper Beaver, Odyssey, Hope Bay and San Nicolás, including the approval, timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Company’s “fill-the-mill” strategy at Canadian Malartic; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital expenditures and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company’s ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations, and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Company’s mine sites; the Company’s plans and strategies with respect to sustainability initiatives; the sufficiency of the Company’s cash resources; the Company’s plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company’s unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; 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 (the “MD&A”) and the Company’s Annual Information Form (the “AIF”) for the year ended December 31, 2024 (and, when available, the Company’s AIF for the year ended December 31, 2025) filed with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”) as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle’s properties proceeds on a basis consistent with current expectations and plans; that the Company’s plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle’s expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle’s current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company’s operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company’s efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company’s current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company’s current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company’s ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company’s ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company’s operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks
54
associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company’s stock price; risks associated with the Company’s currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the 2024 AIF (and, when available, the 2025 AIF) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Notes to Investors Regarding Certain Project Evaluations
The forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the “fill-the-mill” strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized.
The basis for the internal evaluations and the qualifications and assumptions made by the qualified persons who undertook the internal evaluations are set out in this news release and the news releases dated June 29, 2024 for Detour Lake underground and dated July 31, 2024 for Upper Beaver. The results of the internal evaluations had no impact on the results of any pre-feasibility or feasibility study. An updated internal evaluation is expected in the second quarter of 2026 for Hope Bay, in the first quarter of 2027 for the ‘fill-the-mill” strategy at Canadian Malartic and in mid-2027 for Detour Lake and Upper Beaver.
Notes to Investors Regarding the Use of Mineral Resources
The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian Securities Administrators’ (the “CSA”) National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
The 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 the United States using the Multijurisdictional Disclosure System (“MJDS”), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC’s MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.
Investors are cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports in this news release are or will be economically or legally mineable.
Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is or will ever be economically or legally mineable.
The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces. Mineral reserves are not reported as a subset of mineral resources.
55
Scientific and Technical Information
The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a “Qualified Person” for the purposes of NI 43-101.
Detailed Mineral Reserve and Mineral Resource Data
Variances in down-adding and cross-adding are due to rounding
Mineral Reserves as at December 31, 2025 | ||||||||||||||||||||||
Operation / Project | | Proven | | Probable | | Proven & Probable | ||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | Recovery |
Gold | | Method* | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Au | | %** |
LaRonde mine1 | | U/G | | 2,469 | | 4.65 | | 369 | | 8,158 | | 6.06 | | 1,590 | | 10,627 | | 5.73 | | 1,959 | | 94.4 |
LaRonde Zone 52 |
| U/G |
| 6,405 |
| 2.02 |
| 415 |
| 6,800 |
| 2.17 |
| 474 |
| 13,205 |
| 2.09 |
| 889 |
| 94.5 |
LaRonde Total |
| |
| 8,874 |
| 2.75 |
| 784 |
| 14,959 |
| 4.29 |
| 2,064 |
| 23,832 |
| 3.72 |
| 2,848 |
| |
Canadian Malartic mine3 |
| O/P |
| 36,896 |
| 0.50 |
| 597 |
| 21,697 |
| 1.22 |
| 852 |
| 58,594 |
| 0.77 |
| 1,449 |
| 88.8 |
Marban deposit4 |
| O/P |
| — |
| — |
| — |
| 51,618 |
| 0.95 |
| 1,577 |
| 51,618 |
| 0.95 |
| 1,577 |
| 90.0 |
Odyssey deposit5 |
| U/G |
| 29 |
| 2.37 |
| 2 |
| 4,758 |
| 2.12 |
| 325 |
| 4,787 |
| 2.12 |
| 327 |
| 95.0 |
East Gouldie6 |
| U/G |
| — |
| — |
| — |
| 54,943 |
| 3.23 |
| 5,699 |
| 54,943 |
| 3.23 |
| 5,699 |
| 94.4 |
Odyssey Mine Total |
| |
| 29 |
| 2.37 |
| 2 |
| 59,701 |
| 3.14 |
| 6,024 |
| 59,730 |
| 3.14 |
| 6,026 |
| |
Canadian Malartic Total |
| |
| 36,925 |
| 0.50 |
| 599 |
| 133,016 |
| 1.98 |
| 8,453 |
| 169,941 |
| 1.66 |
| 9,052 |
| |
Goldex7 |
| U/G |
| 6,255 |
| 1.48 |
| 298 |
| 9,065 |
| 1.68 |
| 488 |
| 15,320 |
| 1.60 |
| 786 |
| 85.9 |
Akasaba West8 |
| O/P |
| 969 |
| 0.82 |
| 26 |
| 2,807 |
| 0.96 |
| 86 |
| 3,777 |
| 0.92 |
| 112 |
| 77.6 |
Goldex Total |
| |
| 7,225 |
| 1.39 |
| 324 |
| 11,872 |
| 1.51 |
| 575 |
| 19,097 |
| 1.46 |
| 898 |
| |
Wasamac |
| U/G |
| — |
| — |
| — |
| 14,757 |
| 2.90 |
| 1,377 |
| 14,757 |
| 2.90 |
| 1,377 |
| 89.7 |
Quebec Total |
| |
| 53,023 |
| 1.00 |
| 1,707 |
| 174,603 |
| 2.22 |
| 12,468 |
| 227,626 |
| 1.94 |
| 14,175 |
| |
Detour Lake (At or above 0.5 g/t) |
| O/P |
| 66,690 |
| 1.08 |
| 2,313 |
| 434,448 |
| 0.90 |
| 12,641 |
| 501,138 |
| 0.93 |
| 14,954 |
| 88.4 |
Detour Lake (Below 0.5 g/t) |
| O/P |
| 53,681 |
| 0.42 |
| 722 |
| 243,242 |
| 0.37 |
| 2,899 |
| 296,923 |
| 0.38 |
| 3,621 |
| 88.4 |
Detour Lake Total9 |
| |
| 120,371 |
| 0.78 |
| 3,035 |
| 677,690 |
| 0.71 |
| 15,540 |
| 798,061 |
| 0.72 |
| 18,575 |
| |
Macassa10 |
| U/G |
| 612 |
| 10.43 |
| 205 |
| 6,013 |
| 8.68 |
| 1,678 |
| 6,625 |
| 8.84 |
| 1,883 |
| 95.9 |
Macassa Near Surface11 |
| U/G |
| 3 |
| 2.11 |
| — |
| 80 |
| 3.91 |
| 10 |
| 84 |
| 3.84 |
| 10 |
| 93.5 |
AK deposit12 |
| U/G |
| 126 |
| 4.35 |
| 18 |
| 1,975 |
| 4.54 |
| 288 |
| 2,101 |
| 4.53 |
| 306 |
| 93.5 |
Macassa Total |
| |
| 742 |
| 9.36 |
| 223 |
| 8,068 |
| 7.62 |
| 1,976 |
| 8,810 |
| 7.77 |
| 2,200 |
| |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 3,235 |
| 1.82 |
| 189 |
| 3,235 |
| 1.82 |
| 189 |
| 95.5 |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 19,946 |
| 4.02 |
| 2,579 |
| 19,946 |
| 4.02 |
| 2,579 |
| 95.5 |
Upper Beaver Total13 |
| |
| — |
| — |
| — |
| 23,181 |
| 3.71 |
| 2,768 |
| 23,181 |
| 3.71 |
| 2,768 |
| |
Hammond Reef14 |
| O/P |
| — |
| — |
| — |
| 123,473 |
| 0.84 |
| 3,323 |
| 123,473 |
| 0.84 |
| 3,323 |
| 89.8 |
Ontario Total |
| |
| 121,113 |
| 0.84 |
| 3,258 |
| 832,412 |
| 0.88 |
| 23,607 |
| 953,524 |
| 0.88 |
| 26,865 |
| |
Amaruq |
| O/P |
| 8,048 |
| 1.26 |
| 327 |
| 7,364 |
| 3.17 |
| 750 |
| 15,412 |
| 2.17 |
| 1,077 |
| 90.5 |
Amaruq |
| U/G |
| 81 |
| 4.22 |
| 11 |
| 2,221 |
| 5.12 |
| 366 |
| 2,302 |
| 5.09 |
| 377 |
| 90.5 |
Meadowbank Total15 |
| |
| 8,129 |
| 1.29 |
| 338 |
| 9,585 |
| 3.62 |
| 1,116 |
| 17,714 |
| 2.55 |
| 1,454 |
| |
Meliadine |
| O/P |
| 1,142 |
| 4.24 |
| 156 |
| 4,291 |
| 3.64 |
| 503 |
| 5,433 |
| 3.77 |
| 658 |
| 96.0 |
Meliadine |
| U/G |
| 2,962 |
| 6.32 |
| 602 |
| 13,680 |
| 5.37 |
| 2,362 |
| 16,642 |
| 5.54 |
| 2,964 |
| 96.0 |
Meliadine Total16 |
| |
| 4,104 |
| 5.74 |
| 757 |
| 17,971 |
| 4.96 |
| 2,864 |
| 22,075 |
| 5.10 |
| 3,622 |
| |
Hope Bay17 |
| U/G |
| 93 |
| 6.77 |
| 20 |
| 16,086 |
| 6.53 |
| 3,376 |
| 16,178 |
| 6.53 |
| 3,396 |
| 87.5 |
Nunavut Total |
| |
| 12,325 |
| 2.82 |
| 1,116 |
| 43,642 |
| 5.24 |
| 7,356 |
| 55,967 |
| 4.71 |
| 8,472 |
| |
56
Operation / Project | | Proven | | Probable | | Proven & Probable | ||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | Recovery |
Gold | | Method* | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Au | | %** |
Fosterville18 | | U/G | | 887 | | 5.41 | | 154 | | 9,516 | | 4.95 | | 1,516 | | 10,403 | | 4.99 | | 1,670 | | 92.0 |
Australia Total |
| |
| 887 |
| 5.41 |
| 154 |
| 9,516 |
| 4.95 |
| 1,516 |
| 10,403 |
| 4.99 |
| 1,670 |
| |
Kittila19 |
| U/G |
| 931 |
| 4.66 |
| 140 |
| 23,818 |
| 4.15 |
| 3,179 |
| 24,749 |
| 4.17 |
| 3,319 |
| 86.0 |
Europe Total |
| |
| 931 |
| 4.66 |
| 140 |
| 23,818 |
| 4.15 |
| 3,179 |
| 24,749 |
| 4.17 |
| 3,319 |
| |
Pinos Altos |
| O/P |
| 26 |
| 0.60 |
| 1 |
| 1,629 |
| 1.00 |
| 53 |
| 1,656 |
| 1.00 |
| 53 |
| 93.6 |
Pinos Altos |
| U/G |
| 633 |
| 2.06 |
| 42 |
| 2,374 |
| 2.29 |
| 175 |
| 3,007 |
| 2.24 |
| 216 |
| 94.2 |
Pinos Altos Total20 |
| |
| 659 |
| 2.00 |
| 42 |
| 4,003 |
| 1.76 |
| 227 |
| 4,662 |
| 1.80 |
| 269 |
| |
San Nicolás (50%)21 |
| O/P |
| 23,858 |
| 0.41 |
| 314 |
| 28,761 |
| 0.39 |
| 358 |
| 52,619 |
| 0.40 |
| 672 |
| 17.6 |
Mexico Total |
| |
| 24,517 |
| 0.45 |
| 357 |
| 32,764 |
| 0.56 |
| 585 |
| 57,281 |
| 0.51 |
| 941 |
| |
Total Gold |
| |
| 212,796 |
| 0.98 |
| 6,731 |
| 1,116,755 |
| 1.36 |
| 48,711 |
| 1,329,551 |
| 1.30 |
| 55,442 |
| |
Operation / Project | | Proven | | Probable | | Proven & Probable | ||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | Recovery |
Silver |
| Method* |
| Tonnes |
| g/t |
| Ag |
| Tonnes |
| g/t |
| Ag |
| Tonnes |
| g/t |
| Ag |
| %** |
LaRonde mine | | U/G | | 2,469 | | 10.46 | | 830 | | 8,158 | | 20.75 | | 5,443 | | 10,627 | | 18.36 | | 6,273 | | 78.1 |
Pinos Altos |
| O/P |
| 26 |
| 8.57 |
| 7 |
| 1,629 |
| 34.82 |
| 1,824 |
| 1,656 |
| 34.40 |
| 1,831 |
| 44.5 |
Pinos Altos |
| U/G |
| 633 |
| 45.29 |
| 922 |
| 2,374 |
| 27.30 |
| 2,083 |
| 3,007 |
| 31.09 |
| 3,005 |
| 50.0 |
Pinos Altos Total |
| |
| 659 |
| 43.81 |
| 929 |
| 4,003 |
| 30.36 |
| 3,907 |
| 4,662 |
| 32.26 |
| 4,836 |
| |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 23.93 |
| 18,356 |
| 28,761 |
| 20.91 |
| 19,333 |
| 52,619 |
| 22.28 |
| 37,689 |
| 38.6 |
Total Silver |
| |
| 26,986 |
| 23.18 |
| 20,116 |
| 40,923 |
| 21.80 |
| 28,682 |
| 67,909 |
| 22.35 |
| 48,798 |
| |
Operation / Project | | Proven | | Probable | | Proven & Probable | ||||||||||||||||
| | Mining | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | Recovery |
Copper | | Method* | | Tonnes | | % | | Cu | | Tonnes | | % | | Cu | | Tonnes | | % | | Cu | | %** |
LaRonde mine | | U/G | | 2,469 | | 0.17 | | 4,081 | | 8,158 | | 0.30 | | 24,751 | | 10,627 | | 0.27 | | 28,831 | | 82.8 |
Akasaba West |
| O/P |
| 969 |
| 0.48 |
| 4,640 |
| 2,807 |
| 0.53 |
| 14,810 |
| 3,777 |
| 0.51 |
| 19,451 |
| 79.0 |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 3,235 |
| 0.14 |
| 4,477 |
| 3,235 |
| 0.14 |
| 4,477 |
| 79.2 |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 19,946 |
| 0.25 |
| 50,453 |
| 19,946 |
| 0.25 |
| 50,453 |
| 79.2 |
Upper Beaver Total |
| |
| — |
| — |
| — |
| 23,181 |
| 0.24 |
| 54,930 |
| 23,181 |
| 0.24 |
| 54,930 |
| |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 1.26 |
| 299,809 |
| 28,761 |
| 1.01 |
| 291,721 |
| 52,619 |
| 1.12 |
| 591,530 |
| 78.2 |
Total Copper |
| |
| 27,296 |
| 1.13 |
| 308,530 |
| 62,908 |
| 0.61 |
| 386,213 |
| 90,204 |
| 0.77 |
| 694,743 |
| |
Operation / Project | | Proven | | Probable | | Proven & Probable | ||||||||||||||||
| | Mining | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | Recovery |
Zinc | | Method* | | Tonnes | | % | | Zn | | Tonnes | | % | | Zn | | Tonnes | | % | | Zn | | %** |
LaRonde mine | | U/G | | 2,469 | | 0.36 | | 8,951 | | 8,158 | | 1.09 | | 88,811 | | 10,627 | | 0.92 | | 97,762 | | 70.2 |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 1.61 |
| 383,313 |
| 28,761 |
| 1.37 |
| 394,115 |
| 52,619 |
| 1.48 |
| 777,428 |
| 80.9 |
Total Zinc |
| |
| 26,327 |
| 1.49 |
| 392,263 |
| 36,920 |
| 1.31 |
| 482,926 |
| 63,246 |
| 1.38 |
| 875,190 |
| |
* | Open Pit (“O/P”), Underground (“U/G”) |
** | Represents metallurgical recovery percentage |
| 1 | LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$95/t for LP1 (Area 11-3) and not less than C$228/t for LaRonde. |
| 2 | LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t. |
| 3 | Canadian Malartic: Gold cut-off grade is 0.35 g/t. |
| 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 C$33.28/t. |
| 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 Kirkland (“AK”) deposit: Gold cut-off grade not less than 2.10 g/t. |
| 13 | Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit. |
| 14 | Hammond Reef: Gold cut-off grade is 0.41 g/t. |
57
| 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 | Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.00 g/t. |
| 19 | Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t. |
| 20 | Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$25.44/t for open pit mineral reserves and US$85.97/t for the underground mineral reserves. |
| 21 | San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of $9.71/t and for high zinc/copper ore of $13.15/t. |
Mineral Resources as at December 31, 2025 | ||||||||||||||||||||||||||
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 | | 000 | | | | 000 | | 000 | | | | 000 |
Gold | | Method | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Oz Au | | Tonnes | | g/t | | Oz Au | | Tonnes | | g/t | | Oz Au |
LaRonde mine | | U/G | | — | | — | | — | | 6,457 | | 3.59 | | 746 | | 6,457 | | 3.59 | | 746 | | 1,366 | | 6.03 | | 265 |
LaRonde Zone 5 |
| U/G |
| — |
| — |
| — |
| 24,207 |
| 1.93 |
| 1,506 |
| 24,207 |
| 1.93 |
| 1,506 |
| 11,677 |
| 3.00 |
| 1,127 |
LaRonde Total |
| |
| — |
| — |
| — |
| 30,664 |
| 2.28 |
| 2,251 |
| 30,664 |
| 2.28 |
| 2,251 |
| 13,043 |
| 3.32 |
| 1,392 |
Canadian Malartic mine |
| O/P |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 5,011 |
| 0.73 |
| 118 |
Marban deposit |
| O/P |
| — |
| — |
| — |
| 3,875 |
| 0.51 |
| 63 |
| 3,875 |
| 0.51 |
| 63 |
| 2,956 |
| 0.66 |
| 63 |
Marban deposit |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 4,544 |
| 2.14 |
| 313 |
Marban regional |
| O/P |
| — |
| — |
| — |
| 14,794 |
| 1.22 |
| 582 |
| 14,794 |
| 1.22 |
| 582 |
| 11,272 |
| 1.08 |
| 390 |
Marban regional |
| U/G |
| — |
| — |
| — |
| 296 |
| 3.36 |
| 32 |
| 296 |
| 3.36 |
| 32 |
| 183 |
| 3.37 |
| 20 |
Odyssey deposit |
| U/G |
| — |
| — |
| — |
| 4,493 |
| 1.63 |
| 236 |
| 4,493 |
| 1.63 |
| 236 |
| 20,176 |
| 2.23 |
| 1,445 |
East Malartic |
| U/G |
| — |
| — |
| — |
| 48,216 |
| 1.92 |
| 2,976 |
| 48,216 |
| 1.92 |
| 2,976 |
| 63,275 |
| 1.89 |
| 3,835 |
East Gouldie |
| U/G |
| — |
| — |
| — |
| 5,048 |
| 1.42 |
| 230 |
| 5,048 |
| 1.42 |
| 230 |
| 94,278 |
| 2.43 |
| 7,372 |
Odyssey Mine Total |
| |
| — |
| — |
| — |
| 57,757 |
| 1.85 |
| 3,442 |
| 57,757 |
| 1.85 |
| 3,442 |
| 177,729 |
| 2.21 |
| 12,652 |
Canadian Malartic Total |
| |
| — |
| — |
| — |
| 76,723 |
| 1.67 |
| 4,120 |
| 76,723 |
| 1.67 |
| 4,120 |
| 201,694 |
| 2.09 |
| 13,556 |
Goldex |
| U/G |
| 12,360 |
| 1.86 |
| 739 |
| 21,245 |
| 1.45 |
| 988 |
| 33,604 |
| 1.60 |
| 1,727 |
| 17,951 |
| 1.46 |
| 842 |
Akasaba West |
| O/P |
| — |
| — |
| — |
| 130 |
| 0.38 |
| 2 |
| 130 |
| 0.38 |
| 2 |
| — |
| — |
| — |
Akasaba West |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 966 |
| 1.60 |
| 50 |
Goldex Total |
| |
| 12,360 |
| 1.86 |
| 739 |
| 21,374 |
| 1.44 |
| 989 |
| 33,734 |
| 1.59 |
| 1,728 |
| 18,917 |
| 1.47 |
| 892 |
Akasaba regional |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 3,052 |
| 3.24 |
| 318 |
Wasamac |
| U/G |
| — |
| — |
| — |
| 9,479 |
| 2.19 |
| 667 |
| 9,479 |
| 2.19 |
| 667 |
| 3,911 |
| 2.48 |
| 312 |
Quebec Total |
| |
| 12,360 |
| 1.86 |
| 739 |
| 138,241 |
| 1.81 |
| 8,027 |
| 150,601 |
| 1.81 |
| 8,766 |
| 240,618 |
| 2.13 |
| 16,469 |
Detour Lake |
| O/P |
| 35,300 |
| 1.16 |
| 1,312 |
| 587,007 |
| 0.66 |
| 12,373 |
| 622,307 |
| 0.68 |
| 13,685 |
| 51,442 |
| 1.38 |
| 2,290 |
Detour Lake |
| U/G |
| — |
| — |
| — |
| 52,924 |
| 2.04 |
| 3,472 |
| 52,924 |
| 2.04 |
| 3,472 |
| 59,549 |
| 2.03 |
| 3,878 |
Detour Lake Zone 58N |
| U/G |
| — |
| — |
| — |
| 2,868 |
| 5.80 |
| 534 |
| 2,868 |
| 5.80 |
| 534 |
| 973 |
| 4.35 |
| 136 |
Detour Lake Total |
| |
| 35,300 |
| 1.16 |
| 1,312 |
| 642,798 |
| 0.79 |
| 16,379 |
| 678,098 |
| 0.81 |
| 17,691 |
| 111,964 |
| 1.75 |
| 6,304 |
Macassa |
| U/G |
| 379 |
| 10.30 |
| 125 |
| 2,818 |
| 5.85 |
| 530 |
| 3,197 |
| 6.38 |
| 656 |
| 5,448 |
| 7.00 |
| 1,226 |
Macassa Near Surface |
| U/G |
| — |
| — |
| — |
| 59 |
| 4.02 |
| 8 |
| 59 |
| 4.02 |
| 8 |
| 309 |
| 3.99 |
| 40 |
AK deposit |
| U/G |
| — |
| — |
| — |
| 212 |
| 2.53 |
| 17 |
| 212 |
| 2.53 |
| 17 |
| 308 |
| 3.40 |
| 34 |
Macassa Total |
| |
| 379 |
| 10.30 |
| 125 |
| 3,090 |
| 5.59 |
| 555 |
| 3,469 |
| 6.10 |
| 681 |
| 6,066 |
| 6.66 |
| 1,299 |
Aquarius |
| O/P |
| — |
| — |
| — |
| 12,364 |
| 2.15 |
| 856 |
| 12,364 |
| 2.15 |
| 856 |
| 122 |
| 3.59 |
| 14 |
Holt complex |
| U/G |
| 5,806 |
| 4.29 |
| 800 |
| 5,884 |
| 4.75 |
| 898 |
| 11,690 |
| 4.52 |
| 1,699 |
| 9,097 |
| 4.48 |
| 1,310 |
Anoki-McBean |
| U/G |
| — |
| — |
| — |
| 3,919 |
| 2.77 |
| 349 |
| 3,919 |
| 2.77 |
| 349 |
| 867 |
| 3.84 |
| 107 |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 54 |
| 0.87 |
| 2 |
| 54 |
| 0.87 |
| 2 |
| — |
| — |
| — |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 7,510 |
| 2.04 |
| 493 |
| 7,510 |
| 2.04 |
| 493 |
| 2,953 |
| 4.12 |
| 391 |
Upper Beaver Total |
| |
| — |
| — |
| — |
| 7,564 |
| 2.03 |
| 495 |
| 7,564 |
| 2.03 |
| 495 |
| 2,953 |
| 4.12 |
| 391 |
Upper Canada |
| O/P |
| — |
| — |
| — |
| 1,477 |
| 1.66 |
| 79 |
| 1,477 |
| 1.66 |
| 79 |
| 1,408 |
| 1.47 |
| 66 |
Upper Canada |
| U/G |
| — |
| — |
| — |
| 9,546 |
| 2.40 |
| 738 |
| 9,546 |
| 2.40 |
| 738 |
| 22,736 |
| 2.93 |
| 2,145 |
Upper Canada Total |
| |
| — |
| — |
| — |
| 11,024 |
| 2.30 |
| 817 |
| 11,024 |
| 2.30 |
| 817 |
| 24,143 |
| 2.85 |
| 2,211 |
Hammond Reef |
| O/P |
| 47,063 |
| 0.54 |
| 819 |
| 86,304 |
| 0.53 |
| 1,478 |
| 133,367 |
| 0.54 |
| 2,298 |
| — |
| — |
| — |
Ontario Total |
| |
| 88,548 |
| 1.07 |
| 3,057 |
| 772,946 |
| 0.88 |
| 21,829 |
| 861,494 |
| 0.90 |
| 24,885 |
| 155,212 |
| 2.33 |
| 11,636 |
Amaruq |
| O/P |
| — |
| — |
| — |
| 2,488 |
| 3.03 |
| 242 |
| 2,488 |
| 3.03 |
| 242 |
| 190 |
| 2.87 |
| 18 |
Amaruq |
| U/G |
| — |
| — |
| — |
| 8,887 |
| 3.83 |
| 1,094 |
| 8,887 |
| 3.83 |
| 1,094 |
| 5,750 |
| 4.14 |
| 765 |
Meadowbank Total |
| |
| — |
| — |
| — |
| 11,374 |
| 3.65 |
| 1,336 |
| 11,374 |
| 3.65 |
| 1,336 |
| 5,940 |
| 4.10 |
| 783 |
Meliadine |
| O/P |
| 288 |
| 2.82 |
| 26 |
| 5,705 |
| 2.72 |
| 499 |
| 5,994 |
| 2.73 |
| 525 |
| 710 |
| 4.22 |
| 96 |
Meliadine |
| U/G |
| 1,662 |
| 3.80 |
| 203 |
| 12,928 |
| 3.65 |
| 1,515 |
| 14,590 |
| 3.66 |
| 1,719 |
| 14,036 |
| 5.28 |
| 2,382 |
58
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 | | 000 | | | | 000 | | 000 | | | | 000 |
Gold | | Method | | Tonnes | | g/t | | Au | | Tonnes | | g/t | | Oz Au | | Tonnes | | g/t | | Oz Au | | Tonnes | | g/t | | Oz Au |
Meliadine Total | | | | 1,951 | | 3.66 | | 229 | | 18,634 | | 3.36 | | 2,015 | | 20,584 | | 3.39 | | 2,244 | | 14,746 | | 5.23 | | 2,478 |
Hope Bay |
| U/G |
| — |
| — |
| — |
| 14,946 |
| 4.61 |
| 2,217 |
| 14,946 |
| 4.61 |
| 2,217 |
| 16,868 |
| 5.98 |
| 3,246 |
Nunavut Total | | |
| 1,951 |
| 3.66 |
| 229 |
| 44,954 |
| 3.85 |
| 5,567 |
| 46,905 |
| 3.84 |
| 5,797 |
| 37,555 |
| 5.39 |
| 6,507 |
Fosterville |
| U/G |
| 651 |
| 4.06 |
| 85 |
| 10,702 |
| 3.76 |
| 1,293 |
| 11,353 |
| 3.77 |
| 1,377 |
| 13,328 |
| 4.19 |
| 1,795 |
Northern Territory |
| O/P |
| 337 |
| 3.72 |
| 40 |
| 16,203 |
| 1.41 |
| 732 |
| 16,539 |
| 1.45 |
| 772 |
| 13,255 |
| 1.75 |
| 745 |
Northern Territory |
| U/G |
| — |
| — |
| — |
| 4,470 |
| 4.75 |
| 683 |
| 4,470 |
| 4.75 |
| 683 |
| 5,807 |
| 4.11 |
| 767 |
Northern Territory Total | | |
| 337 |
| 3.72 |
| 40 |
| 20,672 |
| 2.13 |
| 1,415 |
| 21,009 |
| 2.15 |
| 1,455 |
| 19,062 |
| 2.47 |
| 1,512 |
Australia Total | | |
| 987 |
| 3.94 |
| 125 |
| 31,374 |
| 2.68 |
| 2,707 |
| 32,362 |
| 2.72 |
| 2,832 |
| 32,391 |
| 3.18 |
| 3,307 |
Kittila |
| O/P |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 373 |
| 3.89 |
| 47 |
Kittila |
| U/G |
| 4,669 |
| 2.87 |
| 431 |
| 17,874 |
| 2.81 |
| 1,617 |
| 22,544 |
| 2.83 |
| 2,048 |
| 6,209 |
| 4.66 |
| 930 |
Kittilä Total | | |
| 4,669 |
| 2.87 |
| 431 |
| 17,874 |
| 2.81 |
| 1,617 |
| 22,544 |
| 2.83 |
| 2,048 |
| 6,582 |
| 4.62 |
| 977 |
Barsele (55%) |
| O/P |
| — |
| — |
| — |
| 3,178 |
| 1.08 |
| 111 |
| 3,178 |
| 1.08 |
| 111 |
| 2,260 |
| 1.25 |
| 91 |
Barsele (55%) |
| U/G |
| — |
| — |
| — |
| 1,158 |
| 1.77 |
| 66 |
| 1,158 |
| 1.77 |
| 66 |
| 13,552 |
| 2.10 |
| 914 |
Barsele (55%) Total1 |
| |
| — |
| — |
| — |
| 4,335 |
| 1.27 |
| 176 |
| 4,335 |
| 1.27 |
| 176 |
| 15,811 |
| 1.98 |
| 1,005 |
Europe Total |
| |
| 4,669 |
| 2.87 |
| 431 |
| 22,210 |
| 2.51 |
| 1,794 |
| 26,879 |
| 2.57 |
| 2,224 |
| 22,393 |
| 2.75 |
| 1,982 |
Pinos Altos |
| O/P |
| — |
| — |
| — |
| 1,530 |
| 0.90 |
| 44 |
| 1,530 |
| 0.90 |
| 44 |
| 154 |
| 0.57 |
| 3 |
Pinos Altos |
| U/G |
| — |
| — |
| — |
| 12,659 |
| 2.14 |
| 872 |
| 12,659 |
| 2.14 |
| 872 |
| 1,378 |
| 2.04 |
| 90 |
Pinos Altos Total |
| |
| — |
| — |
| — |
| 14,189 |
| 2.01 |
| 916 |
| 14,189 |
| 2.01 |
| 916 |
| 1,533 |
| 1.89 |
| 93 |
La India |
| O/P |
| 4,478 |
| 0.52 |
| 74 |
| 880 |
| 0.53 |
| 15 |
| 5,358 |
| 0.52 |
| 89 |
| — |
| — |
| — |
San Nicolás (50%) |
| O/P |
| 261 |
| 0.08 |
| 1 |
| 3,037 |
| 0.20 |
| 19 |
| 3,297 |
| 0.19 |
| 20 |
| 2,468 |
| 0.13 |
| 10 |
Tarachi |
| O/P |
| — |
| — |
| — |
| 19,290 |
| 0.58 |
| 361 |
| 19,290 |
| 0.58 |
| 361 |
| 242 |
| 0.52 |
| 4 |
Chipriona |
| O/P |
| — |
| — |
| — |
| 11,652 |
| 0.77 |
| 287 |
| 11,652 |
| 0.77 |
| 287 |
| 1,284 |
| 0.63 |
| 26 |
El Barqueño Gold |
| O/P |
| — |
| — |
| — |
| 8,431 |
| 1.24 |
| 335 |
| 8,431 |
| 1.24 |
| 335 |
| 9,696 |
| 1.12 |
| 349 |
Santa Gertrudis |
| O/P |
| — |
| — |
| — |
| 19,267 |
| 0.91 |
| 563 |
| 19,267 |
| 0.91 |
| 563 |
| 9,819 |
| 1.36 |
| 429 |
Santa Gertrudis |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 9,079 |
| 3.44 |
| 1,004 |
Santa Gertrudis Total |
| |
| — |
| — |
| — |
| 19,267 |
| 0.91 |
| 563 |
| 19,267 |
| 0.91 |
| 563 |
| 18,898 |
| 2.36 |
| 1,433 |
Total Mexico |
| |
| 4,739 |
| 0.49 |
| 75 |
| 76,746 |
| 1.01 |
| 2,496 |
| 81,485 |
| 0.98 |
| 2,571 |
| 34,120 |
| 1.75 |
| 1,915 |
Total Gold |
| |
| 113,254 |
| 1.28 |
| 4,656 |
| 1,086,470 |
| 1.21 |
| 42,420 |
| 1,199,724 |
| 1.22 |
| 47,076 |
| 522,289 |
| 2.49 |
| 41,815 |
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
| | Mining | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz | | 000 | | | | 000 Oz |
Silver | | Method | | Tonnes | | g/t | | Ag | | Tonnes | | g/t | | Ag | | Tonnes | | g/t | | Ag | | Tonnes | | g/t | | Ag |
LaRonde mine |
| U/G |
| — |
| — |
| — |
| 6,457 |
| 14.92 |
| 3,097 |
| 6,457 |
| 14.92 |
| 3,097 |
| 1,366 |
| 15.50 |
| 680 |
Pinos Altos |
| O/P |
| — |
| — |
| — |
| 1,530 |
| 20.28 |
| 997 |
| 1,530 |
| 20.28 |
| 997 |
| 154 |
| 13.90 |
| 69 |
Pinos Altos |
| U/G |
| — |
| — |
| — |
| 12,659 |
| 54.77 |
| 22,294 |
| 12,659 |
| 54.77 |
| 22,294 |
| 1,378 |
| 48.42 |
| 2,146 |
Pinos Altos Total | | |
| — |
| — |
| — |
| 14,189 |
| 51.05 |
| 23,291 |
| 14,189 |
| 51.05 |
| 23,291 |
| 1,533 |
| 44.95 |
| 2,215 |
La India |
| O/P |
| 4,478 |
| 2.72 |
| 391 |
| 880 |
| 2.58 |
| 73 |
| 5,358 |
| 2.70 |
| 464 |
| — |
| — |
| — |
San Nicolás (50%) |
| O/P |
| 261 |
| 6.40 |
| 54 |
| 3,037 |
| 11.86 |
| 1,158 |
| 3,297 |
| 11.43 |
| 1,211 |
| 2,468 |
| 9.26 |
| 735 |
Chipriona |
| O/P |
| — |
| — |
| — |
| 11,652 |
| 100.69 |
| 37,722 |
| 11,652 |
| 100.69 |
| 37,722 |
| 1,284 |
| 76.97 |
| 3,176 |
El Barqueño Silver |
| O/P |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 4,462 |
| 121.28 |
| 17,399 |
El Barqueño Gold |
| O/P |
| — |
| — |
| — |
| 8,431 |
| 5.15 |
| 1,396 |
| 8,431 |
| 5.15 |
| 1,396 |
| 9,696 |
| 16.00 |
| 4,989 |
Santa Gertrudis |
| O/P |
| — |
| — |
| — |
| 19,267 |
| 3.66 |
| 2,269 |
| 19,267 |
| 3.66 |
| 2,269 |
| 9,819 |
| 1.85 |
| 585 |
Santa Gertrudis |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 9,079 |
| 23.31 |
| 6,803 |
Santa Gertrudis Total | | |
| — |
| — |
| — |
| 19,267 |
| 3.66 |
| 2,269 |
| 19,267 |
| 3.66 |
| 2,269 |
| 18,898 |
| 12.16 |
| 7,389 |
Total Silver | | |
| 4,739 |
| 2.92 |
| 445 |
| 63,913 |
| 33.58 |
| 69,005 |
| 68,652 |
| 31.47 |
| 69,450 |
| 39,705 |
| 28.66 |
| 36,582 |
59
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
| | Mining | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes |
Copper | | Method | | Tonnes | | % | | Cu | | Tonnes | | % | | Cu | | Tonnes | | % | | Cu | | Tonnes | | % | | Cu |
LaRonde mine |
| U/G |
| — |
| — |
| — |
| 6,457 |
| 0.15 |
| 9,387 |
| 6,457 |
| 0.15 |
| 9,387 |
| 1,366 |
| 0.26 |
| 3,526 |
Akasaba West |
| O/P |
| — |
| — |
| — |
| 130 |
| 0.16 |
| 205 |
| 130 |
| 0.16 |
| 205 |
| — |
| — |
| — |
Akasaba West |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 966 |
| 0.88 |
| 8,451 |
Akasaba West Total | | |
| — |
| — |
| — |
| 130 |
| 0.16 |
| 205 |
| 130 |
| 0.16 |
| 205 |
| 966 |
| 0.88 |
| 8,451 |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 54 |
| 0.10 |
| 56 |
| 54 |
| 0.10 |
| 56 |
| — |
| — |
| — |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 7,510 |
| 0.16 |
| 12,063 |
| 7,510 |
| 0.16 |
| 12,063 |
| 2,953 |
| 0.36 |
| 10,649 |
Upper Beaver Total |
| | | — |
| — |
| — |
| 7,564 |
| 0.16 |
| 12,118 |
| 7,564 |
| 0.16 |
| 12,118 |
| 2,953 |
| 0.36 |
| 10,649 |
San Nicolás (50%) |
| O/P |
| 261 |
| 1.35 |
| 3,526 |
| 3,037 |
| 1.17 |
| 35,489 |
| 3,297 |
| 1.18 |
| 39,015 |
| 2,468 |
| 0.94 |
| 23,144 |
Chipriona |
| O/P |
| — |
| — |
| — |
| 11,652 |
| 0.16 |
| 18,768 |
| 11,652 |
| 0.16 |
| 18,768 |
| 1,284 |
| 0.11 |
| 1,377 |
El Barqueño Gold |
| O/P |
| — |
| — |
| — |
| 8,431 |
| 0.21 |
| 17,650 |
| 8,431 |
| 0.21 |
| 17,650 |
| 9,696 |
| 0.22 |
| 21,555 |
El Barqueño Silver |
| O/P |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 4,462 |
| 0.04 |
| 1,852 |
Total Copper | | |
| 261 |
| 1.35 |
| 3,526 |
| 37,270 |
| 0.25 |
| 93,617 |
| 37,531 |
| 0.26 |
| 97,143 |
| 23,193 |
| 0.30 |
| 70,555 |
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
| | Mining | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes | | 000 | | | | Tonnes |
Zinc | | Method | | Tonnes | | % | | Zn | | Tonnes | | % | | Zn | | Tonnes | | % | | Zn | | Tonnes | | % | | Zn |
LaRonde mine |
| U/G |
| — |
| — |
| — |
| 6,457 |
| 0.98 |
| 63,087 |
| 6,457 |
| 0.98 |
| 63,087 |
| 1,366 |
| 0.43 |
| 5,856 |
San Nicolás (50%) |
| O/P |
| 261 |
| 0.39 |
| 1,012 |
| 3,037 |
| 0.71 |
| 21,618 |
| 3,297 |
| 0.69 |
| 22,630 |
| 2,468 |
| 0.62 |
| 15,355 |
Chipriona |
| O/P |
| — |
| — |
| — |
| 11,652 |
| 0.87 |
| 101,211 |
| 11,652 |
| 0.87 |
| 101,211 |
| 1,284 |
| 0.72 |
| 9,178 |
Total Zinc | | |
| 261 |
| 0.39 |
| 1,012 |
| 21,146 |
| 0.88 |
| 185,916 |
| 21,407 |
| 0.87 |
| 186,928 |
| 5,117 |
| 0.59 |
| 30,389 |
1 On January 28, 2026, Agnico Eagle entered into an agreement to sell its 55% interest in the Barsele project to Goldsky Resources Corp., with the closing of the transaction expected on or prior to June 30, 2026 (see AEM news release dated January 28, 2026).
60
Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company
Metal Price for Mineral Reserve Estimation* | ||||||
Gold ($/oz) | | Silver ($/oz) | | Copper ($/lb) | | Zinc ($/lb) |
$1,600 | | $24.00 | | $3.80 | | $1.20 |
*Exceptions: $1,350 per ounce of gold used for Hammond Reef; $1,500 per ounce of gold used for Detour Lake open pit; $1,650 per ounce of gold used for Wasamac and Marban; $2,000 per ounce of gold for Amaruq; $1,450 per ounce of gold and $3.75 per pound of copper used for Upper Beaver; $2,000 per ounce of gold and $27.00 per ounce of silver used for Pinos Altos; and $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás.
Metal Price for Mineral Resource Estimation* | ||||||
Gold ($/oz) | | Silver ($/oz) | | Copper ($/lb) | | Zinc ($/lb) |
$2,000 | | $25.00 | | $4.00 | | $1.30 |
*Exceptions: $1,200 per ounce of gold used for Holt complex; $1,300 per ounce of gold used for Detour Lake Zone 58N; $1,500 per ounce of gold used for Northern Territory; $1,533 per ounce of gold used for Barsele; $1,600 per ounce of gold used for Canadian Malartic; $1,650 per ounce of gold used for La India; $1,688 per ounce of gold used for Hammond Reef, Anoki-McBean and Tarachi; $1,750 per ounce of gold used for Upper Beaver, Wasamac and Aquarius; $1,800 per ounce of gold used for Marban; $1,900 per ounce of gold used for Marban Regional and Akasaba Regional; $2,400 per ounce of gold used for Amaruq; $1,688 per ounce of gold and $25.00 per ounce of silver used for Santa Gertrudis; $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos.
Exchange Rates* | ||||||
C$ per US$1.00 | | MXN per US$1.00 | | A$ per US$1.00 | | € per US$1.00 |
C$1.34 | | MXN18.00 | | A$1.52 | | €0.91 |
*Exceptions: exchange rate of C$1.25 per US$1.00 used for Holt complex and Detour Lake Zone 58N; US$1.15 per €1.00 used for Barsele; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Anoki-McBean; and A$1.45 per US$1.00 used for Northern Territory.
The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately $2,606 per ounce of gold, $30.64 per ounce of silver, $4.32 per pound of copper and $1.26 per pound of zinc.
Mineral reserves reported are not included in mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column or row totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral resources.
The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company’s economic parameters set the maximum price allowed to be no more than the lesser of the three‐year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.
NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at prefeasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.
Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.
61
A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applied to a probable mineral reserve is lower than that applied to a proven mineral reserve.
A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.
A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.
Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.
Additional Information
Additional information about each of the Company’s material mineral projects as at December 31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company’s AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company’s material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).
62
APPENDIX B – FINANCIAL INFORMATION
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Net income - key line items: | | | | | | | | | | | | |
Revenue from mine operations: | | | | | | | | | | | | |
LaRonde |
| | 422,047 |
| | 207,123 |
| | 1,303,218 |
| | 770,314 |
Canadian Malartic |
| | 615,157 |
| | 399,755 |
| | 2,078,291 |
| | 1,492,313 |
Goldex |
| | 141,534 |
| | 84,042 |
| | 460,907 |
| | 321,346 |
Quebec |
| | 1,178,738 |
| | 690,920 |
| | 3,842,416 |
| | 2,583,973 |
Detour Lake |
| | 718,426 |
| | 442,681 |
| | 2,360,769 |
| | 1,582,974 |
Macassa |
| | 243,651 |
| | 215,365 |
| | 1,021,752 |
| | 670,568 |
Ontario |
| | 962,077 |
| | 658,046 |
| | 3,382,521 |
| | 2,253,542 |
Meliadine |
| | 448,623 |
| | 259,519 |
| | 1,328,761 |
| | 890,243 |
Meadowbank |
| | 483,583 |
| | 305,085 |
| | 1,700,214 |
| | 1,178,132 |
Nunavut |
| | 932,206 |
| | 564,604 |
| | 3,028,975 |
| | 2,068,375 |
Fosterville |
| | 131,673 |
| | 111,723 |
| | 537,795 |
| | 545,152 |
Australia |
| | 131,673 |
| | 111,723 |
| | 537,795 |
| | 545,152 |
Kittila |
| | 229,397 |
| | 127,675 |
| | 748,635 |
| | 523,550 |
Finland |
| | 229,397 |
| | 127,675 |
| | 748,635 |
| | 523,550 |
Pinos Altos |
| | 101,323 |
| | 61,471 |
| | 323,322 |
| | 245,997 |
La India |
| | — |
| | 9,261 |
| | — |
| | 65,164 |
Mexico |
| | 101,323 |
| | 70,732 |
| | 323,322 |
| | 311,161 |
Corporate and Other |
| | 28,559 |
| | — |
| | 44,187 |
| | — |
Revenues from mining operations | | $ | 3,563,973 | | $ | 2,223,700 | | $ | 11,907,851 | | $ | 8,285,753 |
Production costs | |
| 944,443 | |
| 746,858 | |
| 3,340,684 | |
| 3,086,080 |
Total operating margin(i) | |
| 2,619,530 | |
| 1,476,842 | |
| 8,567,167 | |
| 5,199,673 |
Amortization of property, plant and mine development | |
| 421,594 | |
| 388,217 | |
| 1,645,297 | |
| 1,514,076 |
Impairment reversal | |
| (229,000) | |
| — | |
| (229,000) | |
| — |
Exploration, corporate and other | |
| 109,783 | |
| 306,114 | |
| 446,959 | |
| 864,042 |
Income before income and mining taxes | |
| 2,317,153 | |
| 782,511 | |
| 6,703,911 | |
| 2,821,555 |
Income and mining taxes expense | |
| 794,092 | |
| 273,256 | |
| 2,242,450 | |
| 925,974 |
Net income for the period | | $ | 1,523,061 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
Net income per share — basic | | $ | 3.04 | | $ | 1.02 | | $ | 8.89 | | $ | 3.79 |
Net income per share — diluted | | $ | 3.04 | | $ | 1.01 | | $ | 8.86 | | $ | 3.78 |
| | | | | | | | | | | | |
Cash flows: | |
| | |
| | |
| | |
| |
Cash provided by operating activities | | $ | 2,111,504 | | $ | 1,131,849 | | $ | 6,817,113 | | $ | 3,960,892 |
Cash used in investing activities | | $ | (1,049,355) | | $ | (631,557) | | $ | (2,598,295) | | $ | (2,007,114) |
Cash used in provided by financing activities | | $ | (552,902) | | $ | (542,518) | | $ | (2,287,143) | | $ | (1,356,331) |
| | | | | | | | | | | | |
Realized prices: | |
| | |
| | |
| | |
| |
Gold (per ounce) | | $ | 4,163 | | $ | 2,660 | | $ | 3,454 | | $ | 2,384 |
Silver (per ounce) | | $ | 60.65 | | $ | 30.31 | | $ | 43.80 | | $ | 28.85 |
63
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)
| | Three Months Ended | | Year Ended | ||||
| | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
Payable production(ii): | | | | | | | | |
Gold (ounces): | | | | | | | | |
LaRonde |
| 80,290 |
| 90,447 |
| 344,555 |
| 306,750 |
Canadian Malartic |
| 153,433 |
| 146,485 |
| 642,612 |
| 655,654 |
Goldex |
| 32,992 |
| 32,341 |
| 125,501 |
| 130,813 |
Quebec |
| 266,715 |
| 269,273 |
| 1,112,668 |
| 1,093,217 |
Detour Lake |
| 195,026 |
| 179,061 |
| 692,675 |
| 671,950 |
Macassa |
| 60,505 |
| 76,336 |
| 312,729 |
| 279,384 |
Ontario |
| 255,531 |
| 255,397 |
| 1,005,404 |
| 951,334 |
Meliadine |
| 93,735 |
| 94,648 |
| 376,346 |
| 378,886 |
Meadowbank |
| 115,101 |
| 117,024 |
| 493,314 |
| 504,719 |
Nunavut |
| 208,836 |
| 211,672 |
| 869,660 |
| 883,605 |
Fosterville |
| 32,367 |
| 37,139 |
| 160,522 |
| 225,203 |
Australia |
| 32,367 |
| 37,139 |
| 160,522 |
| 225,203 |
Kittila |
| 54,964 |
| 51,893 |
| 217,379 |
| 218,860 |
Finland |
| 54,964 |
| 51,893 |
| 217,379 |
| 218,860 |
Pinos Altos |
| 22,195 |
| 18,583 |
| 81,734 |
| 88,433 |
Creston Mascota |
| — |
| 54 |
| — |
| 104 |
La India |
| — |
| 3,390 |
| — |
| 24,580 |
Mexico |
| 22,195 |
| 22,027 |
| 81,734 |
| 113,117 |
Total gold (ounces): |
| 840,608 |
| 847,401 |
| 3,447,367 |
| 3,485,336 |
| | | | | | | | |
Silver (thousands of ounces) |
| 658 |
| 640 |
| 2,501 |
| 2,485 |
Zinc (tonnes) |
| 2,395 |
| 1,860 |
| 8,446 |
| 6,339 |
Copper (tonnes) |
| 1,380 |
| 1,278 |
| 5,393 |
| 3,951 |
64
AGNICO EAGLE MINES LIMITED
SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS
(thousands of United States dollars, except where noted)
| | Three Months Ended | | Year Ended | ||||
| | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
Payable metal sold(iii): | | | | | | | | |
Gold (ounces): | | | | | | | | |
LaRonde |
| 93,892 |
| 74,172 | | 350,533 | | 304,694 |
Canadian Malartic |
| 146,832 |
| 148,753 | | 599,553 | | 624,646 |
Goldex |
| 31,961 |
| 29,501 | | 124,300 | | 129,397 |
Quebec |
| 272,685 |
| 252,426 | | 1,074,386 | | 1,058,737 |
Detour Lake |
| 173,144 |
| 166,057 | | 682,666 | | 663,272 |
Macassa |
| 58,445 |
| 80,624 | | 299,920 | | 278,464 |
Ontario |
| 231,589 |
| 246,681 | | 982,586 | | 941,736 |
Meliadine |
| 107,353 |
| 97,898 | | 381,550 | | 374,776 |
Meadowbank |
| 116,205 |
| 114,497 | | 495,753 | | 492,620 |
Nunavut |
| 223,558 |
| 212,395 | | 877,303 | | 867,396 |
Fosterville |
| 31,229 |
| 41,900 | | 157,029 | | 229,147 |
Australia |
| 31,229 |
| 41,900 | | 157,029 | | 229,147 |
Kittila |
| 55,060 |
| 48,100 | | 217,060 | | 219,548 |
Finland |
| 55,060 |
| 48,100 | | 217,060 | | 219,548 |
Pinos Altos |
| 20,604 |
| 19,900 | | 80,177 | | 89,410 |
La India |
| — |
| 3,500 | | — | | 28,120 |
Mexico |
| 20,604 |
| 23,400 | | 80,177 | | 117,530 |
Corporate and Other |
| 7,831 |
| — | | 12,378 | | — |
Total gold (ounces): |
| 842,556 |
| 824,902 | | 3,400,919 | | 3,434,094 |
| | | | | | | | |
Silver (thousands of ounces) |
| 622 |
| 669 | | 2,376 | | 2,483 |
Zinc (tonnes) |
| 2,619 |
| 1,407 | | 8,799 | | 6,209 |
Copper (tonnes) |
| 1,339 |
| 1,271 | | 5,337 | | 3,952 |
Notes:
| (i) | Operating margin is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. See Note Regarding Certain Measures of Performance – Operating Margin for more information on the Company’s calculation and use of operating margin. |
| (ii) | Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the three months ended December 31, 2025, it excludes 925 ounces of payable gold ounces at La India and 70 ounces of payable gold ounces at Creston Mascota as well as 7,026 ounces of gold recovered at Hope Bay. For the year ended December 31, 2025, it excludes 4,539 payable gold ounces produced at La India and 323 payable gold ounces produced at Creston Mascota as well as 9,468 ounces of gold recovered at Hope Bay. |
| (iii) | Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the year ended December 31, 2025, it excludes 2,500 payable gold ounces sold at La India. |
65
AGNICO EAGLE MINES LIMITED
CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts)
| | As at | | As at | ||
| | December 31, 2025 | | December 31, 2024 | ||
ASSETS | | | | | | |
Current assets: | | | | | | |
Cash and cash equivalents | | $ | 2,866,053 | | $ | 926,431 |
Inventories | |
| 1,698,830 | |
| 1,510,716 |
Income taxes recoverable | |
| 9,435 | |
| 26,432 |
Fair value of derivative financial instruments | |
| 34,428 | |
| 1,348 |
Other current assets | |
| 385,196 | |
| 340,354 |
Total current assets | |
| 4,993,942 | |
| 2,805,281 |
Non-current assets: | | | | | | |
Goodwill | |
| 4,157,672 | |
| 4,157,672 |
Property, plant and mine development | |
| 22,850,540 | |
| 21,466,499 |
Investments | |
| 1,508,252 | |
| 612,889 |
Deferred income and mining tax asset | |
| 17,821 | |
| 29,198 |
Other assets | |
| 943,064 | |
| 915,479 |
Total assets | | $ | 34,471,291 | | $ | 29,987,018 |
| | | | | | |
LIABILITIES | | | | | | |
Current liabilities: | | | | | | |
Accounts payable and accrued liabilities | | $ | 1,033,444 | | $ | 823,412 |
Share based liabilities | |
| 31,722 | |
| 27,290 |
Income taxes payable | |
| 1,226,347 | |
| 372,197 |
Current portion of long-term debt | |
| — | |
| 90,000 |
Reclamation provision | |
| 144,537 | |
| 58,579 |
Lease obligations | |
| 30,480 | |
| 40,305 |
Fair value of derivative financial instruments | |
| 5,676 | |
| 100,182 |
Total current liabilities | |
| 2,472,206 | |
| 1,511,965 |
Non-current liabilities: | | | | | | |
Long-term debt | |
| 196,271 | |
| 1,052,956 |
Reclamation provision | |
| 1,318,476 | |
| 1,026,628 |
Lease obligations | |
| 94,719 | |
| 98,921 |
Share based liabilities | |
| 23,921 | |
| 12,505 |
Deferred income and mining tax liabilities | |
| 5,373,013 | |
| 5,162,249 |
Other liabilities | |
| 250,221 | |
| 288,894 |
Total liabilities | |
| 9,728,827 | |
| 9,154,118 |
| | | | | | |
EQUITY | | | | | | |
Common shares: | | | | | | |
Outstanding - 500,768,400 common shares issued, less 721,800 shares held in trust | |
| 18,699,862 | |
| 18,675,660 |
Stock options | |
| 166,775 | |
| 172,145 |
Retained earnings | |
| 5,463,906 | |
| 2,026,242 |
Other reserves | |
| 411,921 | |
| (41,147) |
Total equity | |
| 24,742,464 | |
| 20,832,900 |
Total liabilities and equity | | $ | 34,471,291 | | $ | 29,987,018 |
66
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(thousands of United States dollars, except per share amounts)
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
REVENUES | | | | | | | | | | | | |
Revenues from mining operations | | $ | 3,563,973 | | $ | 2,223,700 | | $ | 11,907,851 | | $ | 8,285,753 |
| | | | | | | | | | | | |
COSTS, INCOME AND EXPENSES | | | | | | | | | | | | |
Production(i) | |
| 944,443 | |
| 746,858 | |
| 3,340,684 | |
| 3,086,080 |
Exploration and corporate development | |
| 53,149 | |
| 52,822 | |
| 206,684 | |
| 219,610 |
Amortization of property, plant and mine development | |
| 421,594 | |
| 388,217 | |
| 1,645,297 | |
| 1,514,076 |
General and administrative | |
| 49,587 | |
| 62,014 | |
| 235,947 | |
| 207,450 |
Finance costs | |
| 17,118 | |
| 27,473 | |
| 91,145 | |
| 126,738 |
(Gain) loss on derivative financial instruments | |
| (50,079) | |
| 107,429 | |
| (223,960) | |
| 155,819 |
Impairment reversal | |
| (229,000) | |
| — | |
| (229,000) | |
| — |
Foreign currency translation (gain) loss | |
| (7,464) | |
| 10,131 | |
| (25,654) | |
| 9,383 |
Care and maintenance | |
| 22,353 | |
| 25,496 | |
| 69,802 | |
| 60,574 |
Other income and expenses | |
| 25,119 | |
| 20,749 | |
| 92,995 | |
| 84,468 |
Income before income and mining taxes | |
| 2,317,153 | |
| 782,511 | |
| 6,703,911 | |
| 2,821,555 |
Income and mining taxes expense | |
| 794,092 | |
| 273,256 | |
| 2,242,450 | |
| 925,974 |
Net income for the period | | $ | 1,523,061 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
| | | | | | | | | | | | |
Net income per share - basic | | $ | 3.04 | | $ | 1.02 | | $ | 8.89 | | $ | 3.79 |
Net income per share - diluted | | $ | 3.04 | | $ | 1.01 | | $ | 8.86 | | $ | 3.78 |
Adjusted net income per share - basic(ii) | | $ | 2.70 | | $ | 1.26 | | $ | 8.31 | | $ | 4.24 |
Adjusted net income per share - diluted(ii) | | $ | 2.69 | | $ | 1.26 | | $ | 8.28 | | $ | 4.23 |
| | | | | | | | | | | | |
Weighted average number of common shares outstanding (in thousands): | |
| | |
| | |
| | |
| |
Basic | |
| 500,803 | |
| 501,585 | |
| 501,993 | |
| 499,904 |
Diluted | |
| 502,732 | |
| 502,880 | |
| 503,434 | |
| 500,861 |
Notes:
| (i) | Exclusive of amortization, which is shown separately. |
| (ii) | Adjusted net income per share is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance – Adjusted Net Income and Adjusted Net Income per Share for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS Accounting Standards measure. |
67
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars)
| | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
OPERATING ACTIVITIES | | | | | | | | | | | | |
Net income for the period | | $ | 1,523,061 | | $ | 509,255 | | $ | 4,461,461 | | $ | 1,895,581 |
Add (deduct) adjusting items: | | | | | | | | | | | | |
Amortization of property, plant and mine development | |
| 421,594 | |
| 388,217 | |
| 1,645,297 | |
| 1,514,076 |
Deferred income and mining taxes | |
| 87,817 | |
| 61,057 | |
| 162,158 | |
| 213,845 |
Unrealized (gain) loss on currency and commodity derivatives | |
| (28,130) | |
| 104,033 | |
| (127,585) | |
| 142,396 |
Unrealized gain on warrants | |
| (24,159) | |
| (16,480) | |
| (111,203) | |
| (20,383) |
Stock-based compensation | |
| 10,850 | |
| 18,447 | |
| 97,545 | |
| 77,404 |
Impairment reversal | |
| (229,000) | |
| — | |
| (229,000) | |
| — |
Foreign currency translation (gain) loss | |
| (7,464) | |
| 10,131 | |
| (25,654) | |
| 9,383 |
Other | |
| 55,527 | |
| 15,422 | |
| 139,797 | |
| 48,566 |
Changes in non-cash working capital balances: | | | | | | | | | | | | |
Income taxes | |
| 395,263 | |
| 116,595 | |
| 886,371 | |
| 259,327 |
Inventories | |
| 4,452 | |
| (42,573) | |
| (160,744) | |
| (208,300) |
Other current assets | |
| (26,185) | |
| 17,403 | |
| (43,969) | |
| 1,166 |
Accounts payable and accrued liabilities | |
| (72,122) | |
| (49,658) | |
| 122,639 | |
| 27,831 |
Cash provided by operating activities | |
| 2,111,504 | |
| 1,131,849 | |
| 6,817,113 | |
| 3,960,892 |
| | | | | | | | | | | | |
INVESTING ACTIVITIES | | | | | | | | | | | | |
Additions to property, plant and mine development | |
| (801,270) | |
| (562,163) | |
| (2,418,200) | |
| (1,817,949) |
Purchase of O3 Mining, net of cash and cash equivalents acquired | |
| — | |
| — | |
| (121,960) | |
| — |
Contributions for acquisition of mineral assets | |
| (6,572) | |
| (5,000) | |
| (14,972) | |
| (16,296) |
Purchase of equity securities and other investments | |
| (248,991) | |
| (68,377) | |
| (447,494) | |
| (183,021) |
Proceeds on sale of equity securities and other investments | |
| — | |
| — | |
| 402,720 | |
| — |
Other investing activities | |
| 7,478 | |
| 3,983 | |
| 1,611 | |
| 10,152 |
Cash used in investing activities | |
| (1,049,355) | |
| (631,557) | |
| (2,598,295) | |
| (2,007,114) |
| | | | | | | | | | | | |
FINANCING ACTIVITIES | | | | | | | | | | | | |
Proceeds from Credit Facility | |
| — | |
| — | |
| — | |
| 600,000 |
Repayment of Credit Facility | |
| — | |
| — | |
| — | |
| (600,000) |
Repayment of Term Loan Facility | |
| — | |
| (325,000) | |
| — | |
| (600,000) |
Repayment of Senior Notes | |
| — | |
| — | |
| (950,000) | |
| (100,000) |
Debt financing and extinguishment costs | |
| — | |
| — | |
| (8,245) | |
| (3,544) |
Repayment of lease obligations | |
| (9,073) | |
| (9,177) | |
| (36,043) | |
| (47,319) |
Dividends paid | |
| (185,382) | |
| (173,826) | |
| (728,077) | |
| (671,655) |
Repurchase of common shares | |
| (373,047) | |
| (63,236) | |
| (682,890) | |
| (169,357) |
Proceeds on exercise of stock options | |
| 3,492 | |
| 19,797 | |
| 75,749 | |
| 198,532 |
Common shares issued | |
| 11,108 | |
| 8,924 | |
| 42,363 | |
| 37,012 |
Cash used in financing activities | |
| (552,902) | |
| (542,518) | |
| (2,287,143) | |
| (1,356,331) |
Effect of exchange rate changes on cash and cash equivalents | |
| 2,047 | |
| (8,558) | |
| 7,947 | |
| (9,664) |
Net increase (decrease) in cash and cash equivalents during the period | |
| 511,294 | |
| (50,784) | |
| 1,939,622 | |
| 587,783 |
Cash and cash equivalents, beginning of period | |
| 2,354,759 | |
| 977,215 | |
| 926,431 | |
| 338,648 |
Cash and cash equivalents, end of period | | $ | 2,866,053 | | $ | 926,431 | | $ | 2,866,053 | | $ | 926,431 |
| | | | | | | | | | | | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
| | |
| | |
| | |
| |
Interest paid | | $ | 662 | | $ | 26,919 | | $ | 46,875 | | $ | 103,692 |
Income and mining taxes paid | | $ | 300,219 | | $ | 96,473 | | $ | 1,177,927 | | $ | 474,028 |
68
Exhibit 99.2
Annual Audited
Consolidated
Financial Statements
(Prepared in accordance with International
Financial Reporting Standards)
Management Report On Internal Control Over Financial Reporting
Management of Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s Chief Executive Officer and Chief Financial Officer and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025. In making this assessment, the Company’s management used the criteria outlined by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework issued in 2013. Based on its assessment, management concluded that, as of December 31, 2025, the Company’s internal control over financial reporting was effective.
The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report that appears herein.
Toronto, Canada | By | /s/ Ammar Al-Joundi |
February 12, 2026 | Ammar Al-Joundi | |
President and Chief Executive Officer | ||
By | /s/ JAMIE PORTER | |
Jamie Porter | ||
Executive Vice-President, Finance and | ||
Chief Financial Officer |
2
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Agnico Eagle Mines Limited
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Agnico Eagle Mines Limited (the “Company”) as of December 31, 2025, and 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the “PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on the criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 12, 2026, expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.
3
| Impairment assessment for Goodwill | |
Description of the Matter | At December 31, 2025, the carrying value of goodwill was $4,157.7 million. As required by IAS 36 Impairment of Assets, an entity assesses at least annually, or at any time if an indicator of impairment exists, whether there has been an impairment loss in the carrying value. As part of an impairment test, the Company calculates the estimated recoverable value of its CGU or group of CGUs, requiring management to make assumptions that can be complex, subjective and require the input of specialists with respect to discount rate, future gold price, production levels, future operating and capital costs, and net asset value (“NAV”) multiple. The Company discloses these judgements, estimates and assumptions in respect of impairment in Note 4 to the consolidated financial statements and the results of their analysis in Note 24. This matter was identified as a critical audit matter due to the subjectivity, involvement of specialists and management judgement associated to the assumptions used in determining the recoverable amount for certain CGUs. | |
How We Addressed the Matter in Our Audit | Our procedures included obtaining an understanding, evaluating the design, and testing the operating effectiveness of controls over the Company’s impairment process. Our procedures also included, among other things, involving valuation specialists to evaluate the discount rate against current industry and economic trends, comparing future gold prices against market data including a range of analyst forecasts, comparing NAV multiples, where applicable, to the market information including analyst estimates, considering the characteristics of the assets, and performing sensitivity analyses over certain assumptions to assess the impact on the recoverable amounts. We tested the completeness, accuracy, and relevance of underlying data used in the Company’s models. We involve our mining specialists in assisting in evaluating the methods and assumptions used by management’s specialist to estimate production levels. We also involve our mining specialist in evaluating the methods and assumptions employed by management’s specialist to develop operating and capital cost inputs that form the basis of the cash flow estimates. |
/s/ Ernst & Young LLP | |
Chartered Professional Accountants | |
Licensed Public Accountants |
We have served as the Company’s auditor since 1983.
Toronto, Canada
February 12, 2026
4
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Agnico Eagle Mines Limited
Opinion on Internal Control over Financial Reporting
We have audited Agnico Eagle Mines Limited’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the “COSO criteria”). In our opinion, Agnico Eagle Mines Limited (the “Company”) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, equity and cash flows for the years then ended, and the related notes and our report dated February 12, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP | |
Chartered Professional Accountants | |
Licensed Public Accountants | |
Toronto, Canada | |
February 12, 2026 |
5
AGNICO EAGLE MINES LIMITED
CONSOLIDATED BALANCE SHEETS
(thousands of United States dollars, except share amounts)
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
ASSETS | |
| ||||
Current assets: | |
| | |||
Cash and cash equivalents (Note 20) | $ | | $ | |||
Inventories (Note 7) |
| |
| |||
Income taxes recoverable |
| |
| | ||
Fair value of derivative financial instruments (Notes 6 and 21) |
| |
| | ||
Other current assets (Note 8A) |
| |
| | ||
Total current assets |
| |
| | ||
Non-current assets: |
|
| ||||
Goodwill (Notes 23 and 24) |
| |
| | ||
Property, plant and mine development (Note 9) |
| |
| | ||
Investments (Notes 6 and 10) | | | ||||
Deferred income and mining tax asset (Note 25) | | | ||||
Other assets (Note 8B) |
| |
| | ||
Total assets | $ | | $ | | ||
| ||||||
LIABILITIES |
| |
| | ||
Current liabilities: |
| |
| | ||
Accounts payable and accrued liabilities (Note 11) | $ | | $ | | ||
Share based liabilities (Note 17) |
| |
| | ||
Income taxes payable |
| |
| | ||
Current portion of long-term debt (Note 14) | — | | ||||
Reclamation provision (Note 12) |
| |
| | ||
Lease obligations (Note 13) | | | ||||
Fair value of derivative financial instruments (Notes 6 and 21) |
| |
| | ||
Total current liabilities |
| |
| | ||
Non-current liabilities: |
|
| ||||
Long-term debt (Note 14) |
| |
| | ||
Reclamation provision (Note 12) | | | ||||
Lease obligations (Note 13) | | | ||||
Share based liabilities (Note 17) |
| |
| | ||
Deferred income and mining tax liabilities (Note 25) |
| |
| | ||
Other liabilities (Note 15) |
| |
| | ||
Total liabilities |
| |
| | ||
EQUITY |
|
| ||||
Common shares (Note 16): |
|
| ||||
Outstanding — |
| |
| | ||
Stock options (Notes 16 and 17) |
| |
| | ||
Retained earnings |
| |
| | ||
Other reserves (Note 18) |
| |
| ( | ||
Total equity |
| |
| | ||
Total liabilities and equity | $ | | $ | | ||
Commitments and contingencies (Note 27) | ||||||
On behalf of the Board:
Ammar Al-Joundi, Director |
Jeffrey Parr, Director |
See accompanying notes
6
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(thousands of United States dollars, except per share amounts)
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
REVENUES | | | ||||
Revenues from mining operations (Note 19) | $ | | $ | | ||
COSTS, INCOME AND EXPENSES |
|
| ||||
Production(i) |
| |
| | ||
Exploration and corporate development |
| |
| | ||
Amortization of property, plant and mine development (Note 9) |
| |
| | ||
General and administrative |
| |
| | ||
Finance costs (Note 14) |
| |
| | ||
(Gain) loss on derivative financial instruments (Note 21) |
| ( |
| | ||
Impairment reversal (Note 24) |
| ( |
| |||
Foreign currency translation (gain) loss |
| ( |
| | ||
Care and maintenance | | | ||||
Other income and expenses (Note 22) |
| | | |||
Income before income and mining taxes |
| | | |||
Income and mining taxes expense (Note 25) |
| | | |||
Net income for the year | $ | | $ | | ||
Net income per share — basic (Note 16) | $ | | $ | | ||
Net income per share — diluted (Note 16) | $ | | $ | | ||
Cash dividends declared per common share | $ | | $ | | ||
Note:
| (i) |
See accompanying notes
7
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(thousands of United States dollars)
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Net income for the year | | $ | | | $ | |
Other comprehensive income: |
|
| ||||
Items that may be subsequently reclassified to net income: |
|
| ||||
Derivative financial instruments (Note 18): | ||||||
Reclassified from the cash flow hedge reserve to net income | | | ||||
| |
| | |||
Items that will not be subsequently reclassified to net income: |
|
| ||||
Pension benefit obligations: |
|
| ||||
Remeasurement loss on pension benefit obligations |
| ( | ( | |||
Income tax impact |
| | | |||
Equity securities (Note 18): | ||||||
Net change in fair value of equity securities | | | ||||
Income tax impact | ( | — | ||||
| |
| | |||
Other comprehensive income for the year |
| |
| | ||
Comprehensive income for the year | $ | | $ | | ||
See accompanying notes
8
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF EQUITY
(thousands of United States dollars, except share and per share amounts)
Common Shares | ||||||||||||||||||||
Outstanding | Stock | Contributed | Retained | Other | Total | |||||||||||||||
| Shares | | Amount | | Options | | Surplus | | Earnings | | Reserves | | Equity | |||||||
Balance at December 31, 2023 | | $ | | $ | | $ | | $ | | $ | ( | $ | | |||||||
Net income |
| |
|
| | |||||||||||||||
Other comprehensive (loss) income |
| ( |
| |
| | ||||||||||||||
Total comprehensive income |
| |
| |
| | ||||||||||||||
Transfer of gain on disposal of equity securities to retained earnings (Note 10) | — | — | — | — | | ( | — | |||||||||||||
Transactions with owners: | ||||||||||||||||||||
Shares issued under employee stock option plan (Notes 16 and 17A) | | |
| ( |
|
|
|
| | |||||||||||
Stock options (Notes 16 and 17A) |
| |
|
|
|
| | |||||||||||||
Shares issued under incentive share purchase plan (Note 17B) | | |
|
|
|
|
| | ||||||||||||
Shares issued under dividend reinvestment plan | | |
|
|
|
|
| | ||||||||||||
Normal Course Issuer Bid (“NCIB”) (Note 16) | ( | ( | ( | ( | ( | |||||||||||||||
Dividends declared ($ |
|
|
| ( |
|
| ( | |||||||||||||
Restricted Share Unit plan (“RSU”), Performance Share Unit plan (“PSU”) and Long Term Incentive Plan (“LTIP”) (Notes 16 and 17C, D) | ( | ( |
|
|
|
|
| ( | ||||||||||||
Balance at December 31, 2024 |
| | $ | | $ | | $ | — | $ | | $ | ( | $ | | ||||||
Net income |
| |
| |
| | ||||||||||||||
Other comprehensive (loss) income |
| ( |
| |
| | ||||||||||||||
Total comprehensive income |
| |
| |
| | ||||||||||||||
Transfer of gain on disposal of equity securities to retained earnings, net of tax (Note 10) | | ( | ||||||||||||||||||
Transactions with owners: | ||||||||||||||||||||
Shares issued under employee stock option plan (Notes 16 and 17A) | | |
| ( |
|
|
|
| | |||||||||||
Stock options (Notes 16 and 17A) | | |
| |
|
|
|
| | |||||||||||
Shares issued under incentive share purchase plan (Note 17B) | | |
|
|
|
|
| | ||||||||||||
Shares issued under dividend reinvestment plan | | |
|
|
|
|
| | ||||||||||||
NCIB (Note 16) | ( | ( | | ( | ( | |||||||||||||||
Dividends declared ($ |
|
| |
| ( |
|
| ( | ||||||||||||
RSU, PSU and LTIP (Notes 16 and 17C, D) | ( | ( |
|
|
|
|
| ( | ||||||||||||
Balance at December 31, 2025 |
| | $ | | $ | | $ | | $ | | $ | | $ | | ||||||
See accompanying notes
9
AGNICO EAGLE MINES LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(thousands of United States dollars)
Year Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
OPERATING ACTIVITIES | ||||||
Net income for the year | $ | | $ | | ||
Add (deduct) adjusting items: |
|
| ||||
Amortization of property, plant and mine development (Note 9) |
| |
| | ||
Deferred income and mining taxes (Note 25) |
| |
| | ||
Unrealized (gain) loss on currency and commodity derivatives (Note 21) | ( | | ||||
Unrealized gain on warrants (Note 21) | ( | ( | ||||
Stock-based compensation (Note 17) |
| |
| | ||
Impairment reversal (Note 24) |
| ( |
| — | ||
Foreign currency translation (gain) loss |
| ( |
| | ||
Other |
| |
| | ||
Changes in non-cash working capital balances: |
|
| ||||
Income taxes |
| |
| | ||
Inventories |
| ( |
| ( | ||
Other current assets |
| ( |
| | ||
Accounts payable and accrued liabilities |
| |
| | ||
Cash provided by operating activities |
| |
| | ||
INVESTING ACTIVITIES |
|
| ||||
Additions to property, plant and mine development (Note 9) |
| ( |
| ( | ||
Purchase of O3 Mining, net of cash and cash equivalents acquired (Note 5) | ( | — | ||||
Contributions for acquisition of mineral assets | ( | ( | ||||
Purchase of equity securities and other investments |
| ( |
| ( | ||
Proceeds from sale of equity securities and other investments |
| |
| — | ||
Other investing activities |
| |
| | ||
Cash used in investing activities |
| ( |
| ( | ||
FINANCING ACTIVITIES |
| |
| | ||
Proceeds from Credit Facility (Note 14) |
| — |
| | ||
Repayment of Credit Facility (Note 14) |
| — |
| ( | ||
Repayment of Term Loan Facility (Note 14) | — | ( | ||||
Repayment of Senior Notes (Note 14) |
| ( |
| ( | ||
Debt financing and extinguishment costs (Note 14) |
| ( |
| ( | ||
Repayment of lease obligations |
| ( |
| ( | ||
Dividends paid |
| ( |
| ( | ||
Repurchase of common shares (Notes 16 and 17) |
| ( |
| ( | ||
Proceeds from exercise of stock options (Note 17A) | | | ||||
Common shares issued (Note 16) |
| |
| | ||
Cash used in financing activities |
| ( |
| ( | ||
Effect of exchange rate changes on cash and cash equivalents |
| |
| ( | ||
Net increase in cash and cash equivalents during the year |
| |
| | ||
Cash and cash equivalents, beginning of year |
| |
| | ||
Cash and cash equivalents, end of year | $ | | $ | | ||
SUPPLEMENTAL CASH FLOW INFORMATION |
|
| ||||
Interest paid | $ | | $ | | ||
Income and mining taxes paid | $ | | $ | | ||
See accompanying notes
10
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
1.CORPORATE INFORMATION
Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development. The Company’s mining operations are located in Canada, Australia, Finland and Mexico and the Company has exploration activities in Canada, Europe, Latin America, Australia and the United States. Agnico Eagle is a public company incorporated under the laws of the Province of Ontario, Canada with its head and registered office located at 145 King Street East, Suite 400, Toronto, Ontario, M5C 2Y7. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). Agnico Eagle sells its gold production into the world market.
2.BASIS OF PREPARATION
Unless otherwise stated, references to “LaRonde”, “Canadian Malartic”, “Meadowbank” and “Goldex” are to the Company’s operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine (“LZ5”). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine (the “Akasaba West mine”). References to other operations are to the relevant mines, projects or properties, as applicable.
Statement of Compliance
The accompanying consolidated financial statements of Agnico Eagle have been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”).
These consolidated financial statements were authorized for issuance by the Board of Directors of the Company (the “Board”) on February 12, 2026.
Basis of Consolidation
These consolidated financial statements were prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are measured at fair value. The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand, except where otherwise indicated.
These consolidated financial statements include the accounts of Agnico Eagle and its consolidated subsidiaries. All intercompany balances, transactions, income and expenses and gains or losses have been eliminated on consolidation. Subsidiaries are consolidated where Agnico Eagle has the ability to exercise control. Control of an investee exists when Agnico Eagle is exposed to variable returns from the Company’s involvement with the investee and has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control.
11
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
2.BASIS OF PRESENTATION (Continued)
Joint Arrangements
A joint arrangement is defined as an arrangement in which two or more parties have joint control and is classified as either a joint operation or a joint venture. A joint operation is a joint arrangement whereby the parties have joint control of the arrangement and have rights to the assets and obligations for the liabilities relating to the arrangement. These consolidated financial statements include the Company’s interests in the assets, liabilities, revenues and expenses of joint operations from the date that joint control commenced. The Company accounts for its interest in Minas de San Nicolas, S.A.P.I. de C.V. (“MSN”), the entity which holds the San Nicolas copper-zinc project, as a joint operation. Under the joint venture shareholders agreement that governs the project, a wholly-owned Mexican subsidiary of Agnico must subscribe for a
3.MATERIAL ACCOUNTING POLICIES
| A) | Foreign Currency Translation |
The functional currency of the Company, for each subsidiary and for joint arrangements, is the currency of the primary economic environment in which it operates. The functional currency of all of the Company’s operations is the US dollar.
Once the Company determines the functional currency of an entity, it is not changed unless there is a significant change in the relevant underlying transactions, events and circumstances.
At the end of each reporting period, the Company translates foreign currency balances as follows:
| ● | monetary items are translated at the closing rate in effect at the consolidated balance sheet date; |
| ● | non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Items measured at fair value are translated at the exchange rate in effect at the date the fair value was measured; and |
| ● | revenue and expense items are translated using the average exchange rate during the period. |
| B) | Cash and Cash Equivalents |
The Company’s cash and cash equivalents include cash on hand and short-term investments in money market instruments with remaining maturities of three months or less at the date of purchase. The Company places its cash and cash equivalents and short-term investments in what it believes are high quality securities issued by government agencies, financial institutions and major corporations and attempts to limit the amount of credit exposure by diversifying its holdings. Cash and cash equivalents are classified as financial assets measured at amortized cost.
12
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
| C) | Inventories |
Inventories consist of ore stockpiles, concentrates, doré bars and supplies. Inventories are carried at the lower of cost and net realizable value (“NRV”). Cost is determined using the weighted average basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost of inventories include direct costs of materials and labour related directly to mining and processing activities, including production phase stripping costs, amortization of property, plant and mine development directly involved in the related mining and production process, amortization of any stripping costs previously capitalized and directly attributable overhead costs. When interruptions to production occur, an adjustment is made to the costs included in inventories, such that they reflect normal capacity. Abnormal costs are expensed in the period they are incurred.
The current portion of ore stockpiles, ore on leach pads and inventories is determined based on the amounts expected to be processed within the next 12 months. Ore stockpiles, ore on leach pads and inventories not expected to be processed or used within the next 12 months are classified as long-term.
NRV is estimated by calculating the net selling price less costs to be incurred in converting the relevant inventories to saleable product and delivering it to a customer. Costs to complete are based on management’s best estimate as at the consolidated balance sheet date. An NRV impairment may be reversed in a subsequent period if the circumstances that triggered the impairment no longer exist.
| D) | Financial Instruments |
The Company’s financial assets and liabilities (financial instruments) include cash and cash equivalents, trade receivables, loans receivable, equity securities, share purchase warrants, accounts payable and accrued liabilities, long-term debt and derivative financial instruments. Financial instruments are recorded at fair value and classified at initial recognition and subsequently measured at amortized cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVPL”). Subsequent to initial recognition, cash and cash equivalents, loans receivable, accounts payable and accrued liabilities and long-term debt are measured at amortized cost using the effective interest method. Other financial instruments are recorded at fair value subsequent to initial recognition.
Equity Securities
The Company’s equity securities consist primarily of investments in common shares of entities in the mining industry recorded using trade date accounting. On initial recognition of an equity investment, the Company may irrevocably elect to measure the investment at FVOCI where changes in the fair value of equity securities are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. The realized gain or loss is reclassified from other comprehensive income to retained earnings when the asset is derecognized. The election is made on an investment-by-investment basis.
Derivative Instruments
The Company uses derivative financial instruments (primarily option and forward contracts) to manage exposure to fluctuations in by-product metal prices, diesel fuel, interest rates and foreign currency exchange rates and may use such means to manage exposure to certain input costs.
13
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
The Company recognizes all derivative financial instruments in the consolidated financial statements at fair value and they are classified based on contractual maturity. Derivative instruments are recorded at fair value at the balance sheet date, with changes in fair value recognized in the gain or loss on derivative financial instruments line item in the consolidated statements of income (FVPL).
The Company also holds share purchase warrants of certain publicly traded entities where it has an investment in equity securities. Share purchase warrants are accounted for as derivative financial instruments and presented as part of investments in the consolidated balance sheets.
| E) | Goodwill |
Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair values of the identifiable net assets acquired. Goodwill is then allocated to the cash generating unit (“CGU”) or group of CGUs that are expected to benefit from the synergies of the combination. A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets.
The Company performs goodwill impairment tests on an annual basis in the fourth quarter of each year. In addition, the Company assesses for indicators of impairment at each reporting period-end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are recorded in the consolidated statements of income and they are not subsequently reversed.
The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal.
| F) | Mining Properties, Plant and Equipment and Mine Development Costs |
Mining Properties
The cost of mining properties includes the fair value attributable to proven and probable mineral reserves and mineral resources acquired in a business combination or asset acquisition, underground mine development costs, deferred stripping, capitalized exploration and evaluation costs and capitalized borrowing costs.
Significant payments related to the acquisition of land and mineral rights are capitalized as mining properties at cost. If a mineable ore body is discovered, such costs are amortized to income when commercial production commences, using the units-of-production method, based on estimated proven and probable mineral reserves and the mineral resources included in the current life of mine plan. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined that the property has no future economic value. Cost components of a specific project that are included in the capital cost of the asset include salaries and wages directly attributable to the project, supplies and materials used in the project and incremental overhead costs that can be directly attributable to the project.
Assets under construction are not amortized until the earlier of the end of the construction period or once commercial production is achieved. Upon achieving the production stage, the capitalized construction costs are transferred to the appropriate category within property, plant and mine development. The estimated fair value attributed to certain mineral resources at the time of the acquisition is not subject to depreciation until the resources are considered in use, which is the point at which they are incorporated into the current life of mine (“LOM”) plan.
14
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
Plant and Equipment
Expenditures for new facilities and improvements that can extend the useful lives of existing facilities are capitalized as plant and equipment at cost. The cost of an item of plant and equipment includes: its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management; and the estimate of the costs of dismantling and removing the item and restoring the site on which it is located other than costs that arise as a consequence of having used the item to produce inventories during the period.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of income when the asset is derecognized.
Amortization of an asset begins when the asset is in the location and condition necessary for it to operate in the manner intended by management. Amortization ceases at the earlier of the date the asset is classified as held for sale or the date the asset is derecognized. Assets under construction are not amortized until the earlier of the end of the construction period or once commercial production is achieved. Amortization is charged according to either the units-of-production method or on a straight-line basis, according to the pattern in which the asset’s future economic benefits are expected to be consumed. Amortization does not cease when an asset becomes idle or is retired from active use unless the asset is fully amortized; however, under the units-of-production method of amortization, the amortization charge can be zero when there is no production. The amortization method applied to an asset is reviewed at least annually.
Useful lives of property, plant and equipment are based on the lesser of the estimated mine lives as determined by proven and probable mineral reserves and the mineral resources included in the current life of mine plan and the estimated useful life of the asset. Remaining mine lives at December 31, 2025 range from an estimated
The following table sets out the useful lives of certain assets:
| Useful Life | |
Buildings | ||
Leasehold Improvements | ||
Software and IT Equipment | ||
Furniture and Office Equipment | ||
Machinery and Equipment |
Mine Development Costs
Mine development costs incurred after the commencement of commercial production are capitalized when they are expected to have a future economic benefit. Activities that are typically capitalized include costs incurred to build shafts, drifts, ramps and access corridors which enables the Company to extract ore underground.
The Company records amortization on underground mine development costs on a units-of-production basis based on the estimated tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan of the identified component of the ore body. The units-of-production method defines the denominator as the total tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan.
15
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
Deferred Stripping
In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping.
During the development stage of the mine, stripping costs are capitalized as part of the cost of building, developing and constructing the mine and are amortized once the mine has entered the production stage.
During the production stage of a mine, stripping costs are recorded as a part of the cost of inventories unless these costs are expected to provide a future economic benefit and, in such cases, are capitalized to property, plant and mine development.
Production stage stripping costs provide a future economic benefit when:
| ● | It is probable that the future economic benefit (e.g., improved access to the ore body) associated with the stripping activity will flow to the Company; |
| ● | The Company can identify the component of the ore body for which access has been improved; and |
| ● | The costs relating to the stripping activity associated with that component can be measured reliably. |
Capitalized production stage stripping costs are amortized over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity.
| G) | Leases |
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether:
| ● | The contract involves the use of an explicitly or implicitly identified asset; |
| ● | The Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the contract term; and |
| ● | The Company has the right to direct the use of the asset. |
The Company recognizes a right-of-use asset and a lease obligation at the commencement date of the lease (e.g. the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease obligations. The cost of right-of-use assets includes the initial amount of lease obligations recognized, initial direct costs incurred and lease payments made at, or before, the commencement date less any lease incentives received.
Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. Right-of-use assets are subject to impairment.
16
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
At the commencement date of the lease, the Company recognizes lease obligations measured at the present value of lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The lease payments include fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees and the exercise price of a purchase option reasonably certain to be exercised by the Company.
After the commencement date, the amount of lease obligations is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease obligations is remeasured if there is a modification such as a change in the lease term, a change in the fixed lease payments, changes based on an index or rate or a change in the assessment to purchase the underlying asset.
The Company presents right-of-use assets in the property, plant and mine development line item on the consolidated balance sheets and lease obligations in the lease obligations line item on the consolidated balance sheets.
The Company has elected not to recognize right-of-use assets and lease obligations for leases that have a lease term of 12 months or less and do not contain a purchase option, for leases related to low value assets, or for leases with variable lease payments. Payments on short-term leases, leases of low value assets and leases with variable payment amounts are recognized as an expense in the consolidated statements of income.
| H) | Development Stage Expenditures |
Development stage expenditures are costs incurred to obtain access to mineral reserves or mineral resources and provide facilities for extracting, treating, gathering, transporting and storing the minerals. The development stage of a mine commences when the technical feasibility and commercial viability of extracting the mineral resource has been determined. Costs that are directly attributable to mine development are capitalized as property, plant and mine development to the extent that they are necessary to bring the property to commercial production.
Abnormal costs are expensed as incurred. Indirect costs are included only if they can be directly attributed to the area of interest. General and administrative costs are capitalized as part of the development expenditures when the costs are directly attributed to a specific mining development project.
Commercial Production
A mine construction project is considered to have entered the production stage when the mine construction assets are available for use. In determining whether mine construction assets are considered available for use, the criteria considered include, but are not limited to, the following:
| ● | completion of a reasonable period of testing mine plant and equipment; |
| ● | ability to produce minerals in saleable form (within specifications); and |
| ● | ability to sustain ongoing production of minerals. |
When a mine construction project moves into the production stage, amortization commences, the capitalization of certain mine construction costs ceases and expenditures are either capitalized to inventories or expensed as incurred. Exceptions include costs incurred for additions or improvements to property, plant and mine development and open-pit stripping activities.
17
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
| I) | Impairment and Impairment Reversal of Long-lived Assets |
At the end of each reporting period, the Company assesses whether there is any indication that long-lived assets other than goodwill may be impaired. If an indicator of impairment exists, the recoverable amount of the asset is calculated in order to determine if any impairment loss is required. If it is not possible to estimate the recoverable amount of the individual asset, assets are grouped at the CGU level for the purpose of assessing the recoverable amount. An impairment loss is recognized for any excess of the carrying amount of the CGU over its recoverable amount. If the CGU includes goodwill, the impairment loss related to a CGU is first allocated to goodwill and the remaining loss is allocated to the remaining long-lived assets of the CGU based on their carrying amounts. Impairment losses are recorded in the consolidated statements of income in the period in which they occur.
Impairment charges on long‑lived assets, excluding goodwill, are reversed when updated estimates or significant changes in assumptions indicate that the CGU’s recoverable amount has increased since the impairment was recognized. If an indicator of impairment reversal has been identified, the recoverable amount of the asset is calculated in order to determine if any impairment reversal is required. A reversal is recognized to the extent the recoverable amount of the asset exceeds its carrying amount. The amount of the reversal is limited to the difference between the current carrying amount and the amount which would have been the carrying amount had the earlier impairment not been recognized and amortization of that carrying amount had continued. The impairment reversal is allocated on a pro-rata basis to the existing long-lived assets of the CGU based on their carrying amounts. Impairment reversals are recorded in the consolidated statements of income in the period in which they occur.
| J) | Reclamation Provisions |
Asset retirement obligations (“AROs”) arise from the acquisition, development and construction of mining properties and plant and equipment due to government controls and regulations that protect the environment on the closure and reclamation of mining properties. The major parts of the carrying amount of AROs relate to tailings and heap leach pad closure and rehabilitation, demolition of buildings and mine facilities, ongoing water treatment and ongoing care and maintenance of closed mines. The Company recognizes an ARO at the time the environmental disturbance occurs or a constructive obligation is determined to exist based on the Company’s best estimate of the timing and amount of expected cash flows expected to be incurred. When the ARO provision is recognized, the corresponding cost is capitalized to the related item of property, plant and mine development. Reclamation provisions that result from disturbance in the land to extract ore in the current period is included in the cost of inventories.
The timing of the actual environmental remediation expenditures is dependent on a number of factors such as the life and nature of the asset, the operating licence conditions and the environment in which the mine operates. Reclamation provisions are measured at the expected value of future cash flows discounted to their present value using a risk-free interest rate. AROs are adjusted each period to reflect the passage of time (accretion). Accretion expense is recorded in finance costs each period. Upon settlement of an ARO, the Company records a gain or loss if the actual cost differs from the carrying amount of the ARO. Settlement gains or losses are recorded in the consolidated statements of income.
18
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
Expected cash flows are updated to reflect changes in facts and circumstances. The principal factors that can cause expected cash flows to change are the construction of new processing facilities, changes in the quantities of material in mineral reserves and mineral resources and a corresponding change in the life of mine plan, changing ore characteristics that impact required environmental protection measures and related costs, changes in water quality that impact the extent of water treatment required and changes in laws and regulations governing the protection of the environment.
Each reporting period, provisions for AROs are remeasured to reflect any changes to significant assumptions, including the amount and timing of expected cash flows, inflation expectations and risk-free interest rates. Changes to the reclamation provision resulting from changes in estimate are added to or deducted from the cost of the related asset, except where the reduction of the reclamation provision exceeds the carrying value of the related assets in which case the asset is reduced to nil and the remaining adjustment is recognized in the consolidated statements of income.
Environmental remediation liabilities (“ERLs”) are differentiated from AROs in that ERLs do not arise from environmental contamination in the normal operation of a long-lived asset or from a legal or constructive obligation to treat environmental contamination resulting from the acquisition, construction or development of a long-lived asset. The Company is required to recognize a liability for obligations associated with ERLs arising from past acts. ERLs are measured by discounting the expected related cash flows using a risk-free interest rate. The Company prepares estimates of the timing and amount of expected cash flows when an ERL is incurred. Each reporting period, the Company assesses cost estimates and other assumptions used in the valuation of ERLs to reflect events, changes in circumstances and new information available. Changes in these cost estimates and assumptions have a corresponding impact on the value of the ERL. Any change in the value of ERLs results in a corresponding charge or credit to the consolidated statements of income. Upon settlement of an ERL, the Company records a gain or loss if the actual cost differs from the carrying amount of the ERL in the consolidated statements of income.
| K) | Stock-based Compensation |
The Company offers stock - based compensation awards (the employee stock option plan, incentive share purchase plan, restricted share unit plan and performance share unit plan) to certain employees, officers and directors of the Company.
Employee Stock Option Plan (“ESOP”)
The Company’s ESOP provides for the granting of options to directors, officers, employees and service providers to purchase common shares. Options have exercise prices equal to the market price on the day prior to the date of grant. The fair value of these options is recognized in the consolidated statements of income or in the consolidated balance sheets if capitalized as part of property, plant and mine development over the applicable vesting period as a compensation cost. Any consideration paid by employees on exercise of options or purchase of common shares is credited to share capital.
Fair value is determined using the Black-Scholes option valuation model, which requires the Company to estimate the expected volatility of the Company’s share price and the expected life of the stock options. Limitations with existing option valuation models and the inherent difficulties associated with estimating these variables create difficulties in determining a reliable single measure of the fair value of stock option grants. The cost is recorded over the vesting period of the award to the same expense category as the award recipient’s payroll costs and the corresponding entry is recorded in equity. Equity-settled awards are not remeasured subsequent to the initial grant date. The dilutive impact of stock option grants is factored into the Company’s reported diluted net income per share. The stock option expense incorporates an expected forfeiture rate, estimated based on expected employee turnover.
19
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
Restricted Share Unit (“RSU”) Plan
The RSU plan is open to directors and certain employees, including senior executives, of the Company. Common shares are purchased and held in a trust until the RSU has vested. The cost is recorded over the vesting period of the award to the same expense category as the award recipient’s payroll costs. The cost of the RSUs is recorded within equity until settled. Equity-settled awards are not remeasured subsequent to the initial grant date.
Performance Share Unit (“PSU”) Plan
The PSU plan is open to senior executives of the Company. PSUs are subject to vesting requirements based on specific performance measurements by the Company. PSUs awarded to eligible executives are settled in cash. They are measured at fair value at the grant date. The fair value of the estimated number of PSUs awarded that are expected to vest is recognized as share-based compensation expense over the vesting period of the PSUs with a corresponding amount recorded to share-based liabilities until the liability is settled through a cash payment. At each reporting date and on settlement, the share-based liability is remeasured, with any changes in fair value recorded as compensation expense.
| L) | Revenue from Contracts with Customers |
Gold and Silver
The Company sells gold and silver to customers in the form of bullion and doré bars.
The Company recognizes revenue from these sales when control of the gold or silver has transferred to the customer. This is generally at the point in time when the gold or silver is credited to the metal account of the customer. Once the gold or silver has been credited to the customer’s metal account, the customer has legal title to, physical possession of, and the risks and rewards of ownership of, the gold or silver; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the gold or silver.
Under certain contracts with customers, the transfer of control may occur when the gold or silver is in transit from the mine to the refinery. At this point in time, the customer has legal title to and the risk and rewards of ownership of, the gold or silver; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the gold or silver.
Revenue is measured at the transaction price agreed under the contract. Payment of the transaction price is due immediately when control of the gold or silver is transferred to the customer.
Generally, all of the gold and silver in the form of doré bars recovered in the Company’s milling process is sold in the period in which it is produced.
Metal Concentrates
The Company sells concentrate from certain of its mines to third-party smelter customers. These concentrates predominantly contain zinc and copper, along with quantities of gold and silver.
20
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
The Company recognizes revenue from these concentrate sales when control of the concentrate has transferred to the customer, which is the point in time that the concentrate is delivered to the customer. Upon delivery, the customer has legal title to, physical possession of, and the risks and rewards of ownership of, the concentrate. The customer is also committed to accept and pay for the concentrates once delivered; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the concentrate.
The final prices for metals contained in the concentrate are generally determined based on the prevailing spot market metal prices on a specific future date, which is established as of the date the concentrate is delivered to the customer. Upon transfer of control at delivery, the Company measures revenue under these contracts based on forward prices at the time of delivery and the most recent determination of the quantity of contained metals less smelting and refining charges charged by the customer. This reflects the best estimate of the transaction price expected to be received at final settlement. A receivable is recognized for this amount and subsequently measured at fair value to reflect variability associated with the embedded derivative for changes in the market metal prices. These changes in the fair value of the receivable are adjusted through revenue from other sources at each subsequent financial statement date.
Under certain contracts with customers, the sale of gold contained in copper concentrate occurs once the metal has been processed into refined gold and is sold separately similar to the gold and silver doré bar terms described above. The transaction price for the sale of gold contained in concentrate is determined based on the spot market price upon delivery and provisional pricing does not apply.
| M) | Exploration and Evaluation Expenditures |
Exploration and evaluation expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. Evaluation expenditures are the costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.
Exploration and evaluation expenditures are expensed as incurred unless it can be demonstrated that the project will generate future economic benefit. When it is determined that a project can generate future economic benefit, the costs are capitalized in the property, plant and mine development line item in the consolidated balance sheets.
The exploration and evaluation phase ends when the technical feasibility and commercial viability of extracting the mineral is demonstrable.
| N) | Income Taxes |
Current and deferred tax expenses are recognized in the consolidated statements of income except to the extent that they relate to a business combination, or to items recognized directly in equity or in other comprehensive income.
Current tax expense is based on substantively enacted statutory tax rates and laws at the consolidated balance sheet date.
Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis of such assets and liabilities measured using tax rates and laws that are substantively enacted at the consolidated balance sheet date and effective for the reporting period when the temporary differences are expected to reverse.
21
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
3.MATERIAL ACCOUNTING POLICIES (Continued)
Deferred taxes are not recognized in the following circumstances:
| ● | where a deferred tax liability arises from the initial recognition of goodwill; |
| ● | where a deferred tax asset or liability arises on the initial recognition of an asset or liability in a transaction which is not a business combination and, at the time of the transaction, affects neither net income nor taxable profits; and |
| ● | for temporary differences relating to investments in subsidiaries and jointly controlled entities to the extent that the Company can control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. |
Deferred tax assets are recognized for unused tax losses and tax credits carried forward and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized except as noted above.
At each reporting period, previously unrecognized deferred tax assets are reassessed to determine whether it has become probable that future taxable profits will allow the deferred tax assets to be recovered.
New Accounting Standards Issued But Not Yet Adopted
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in the Financial Statements (“IFRS 18”) replacing IAS 1. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company continues to assess the impact of the standard on its consolidated financial statements.
In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments (“IFRS 9” and “IFRS 7”). The IFRS 9 amendments provide clarification on the date of initial recognition or derecognition of financial liabilities, including financial liabilities that are settled in cash using an electronic payment system, whereas the IFRS 7 amendments introduce additional disclosure requirements relating to investments in equity instruments designated at FVOCI. These amendments are effective for periods commencing on or after January 1, 2026, with early adoption permitted. The Company expects that the additional disclosure requirements under the IFRS 7 amendments will be applicable and continues to assess the impact, if any, of the IFRS 9 amendments on its consolidated financial statements.
4.SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of these consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable; however, actual results may differ materially from these estimates. The key areas where significant judgments, estimates and assumptions have been made are summarized below.
22
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
4.SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Continued)
Impairment and Impairment Reversals
The Company evaluates each asset or CGU (excluding goodwill, which is assessed for impairment annually regardless of indicators and is not eligible for impairment reversals) in each reporting period to determine if any indicators of impairment or impairment reversal exist. The Company considers both external and internal sources of information for indications of potential impairment or impairment reversal. When completing an impairment or impairment reversal test, the Company calculates the estimated recoverable amount of CGUs, which requires management to make estimates and assumptions with respect to items such as future production levels, future operating and capital costs, long-term commodity prices, future foreign exchange rates, discount rates, amounts of recoverable reserves, mineral resources and exploration potential and closure and environmental remediation costs. These estimates and assumptions are subject to risk and uncertainty, particularly in circumstances where there is limited operating history of the asset or CGU. Judgment is also required in determining the appropriate valuation method for mineralization, ascribing anticipated economics to mineralization in cases where only limited or no comprehensive economic study has been completed and selection of an appropriate NAV multiple. Therefore, there is a possibility that changes in circumstances will have an impact on these projections, which may impact the recoverable amount of assets or CGUs. Accordingly, it is possible that some or the entire carrying amount of the assets or CGUs may be further impaired or the impairment charge reversed with the impact recognized in the consolidated statements of income.
Mineral Reserve and Mineral Resource Estimates and Life of Mine Plans
Mineral reserves and mineral resources are estimates of the amount of ore that can be extracted from the Company’s mining properties. The estimates are based on information compiled by “qualified persons” as defined under the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). An analysis relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates requires complex geological judgments to interpret the data. The estimation of mineral reserves and mineral resources is based upon factors such as estimates of commodity prices, future capital requirements and production costs, geological and metallurgical assumptions and judgments made in estimating the size and grade of the ore body and foreign exchange rates. Estimates of the quantities of proven and probable mineral reserves and mineral resources form the basis for our life of mine plans, which are used for several important business and accounting purposes, including:
| ● | The carrying value of the Company’s property, plant and mine development and goodwill may be affected due to changes in estimated future cash flows; |
| ● | Amortization charges in the consolidated statements of income may change where such charges are determined using the units-of-production method or where the useful life of the related assets change; |
| ● | Capitalized stripping costs recognized in the consolidated balance sheets as either part of mining properties or as part of inventories or charged to income may change due to changes in the ratio of ore to waste extracted; |
| ● | The classification of the Company’s stockpiles as current or non - current may be affected due to changes in the nature and size of the ore body and changes in life of mine plans; |
| ● | Reclamation provisions may change where changes to the mineral reserve and mineral resource estimates affect expectations about when such activities will occur and the associated cost of these activities; and |
23
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
4.SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Continued)
| ● | Estimated production levels and future operating and capital costs are derived from the life of mine plans based on Mineral Reserve and Mineral Resource estimates, and these estimates form key inputs in determining recoverable amounts for CGUs in impairment tests of goodwill and other non‑current assets |
Reclamation Provisions
Environmental remediation costs will be incurred by the Company at the end of the operating life of the Company’s mining properties. Management assesses its reclamation provision each reporting period and when new information becomes available. The ultimate environmental remediation costs are uncertain and cost estimates can vary in response to many factors, including estimates of the extent and costs of reclamation activities, technological changes, regulatory changes, cost increases as compared to the inflation rate and changes in discount rates. These uncertainties may result in future actual expenditures differing from the amount of the current provision. As a result, there could be significant adjustments to the provisions established that would affect future financial results. The reclamation provision at each reporting date represents management’s best estimate of the present value of the future environmental remediation costs required.
Income and Mining Taxes
Management is required to make estimates regarding the tax basis of assets and liabilities and related deferred income and mining tax assets and liabilities, amounts recorded for uncertain tax positions, the measurement of income and mining tax expense and estimates of the timing of repatriation of income. Several of these estimates require management to make assessments of future taxable profit and, if actual results are significantly different than the Company’s estimates, the ability to realize any deferred income and mining tax assets recorded on the consolidated balance sheets could be affected.
Joint Arrangements
Judgment is required to determine when the Company has joint control of a contractual arrangement, which requires a continuous assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. Judgment is also continually required to classify a joint arrangement as either a joint operation or a joint venture when the arrangement has been structured through a separate vehicle. Classifying the arrangement requires the Company to assess its rights and obligations arising from the arrangement. Specifically, the Company considers the legal form of the separate vehicle, the terms of the contractual arrangement and other relevant facts and circumstances. This assessment often requires significant judgment, and a different conclusion on joint control, or whether the arrangement is a joint operation or a joint venture, may have a material impact on the accounting treatment.
24
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
5.ACQUISITION
Acquisition of O3 Mining Inc.
On December 12, 2024, the Company entered into a definitive support agreement with O3 Mining Inc. (“O3 Mining”), pursuant to which the Company agreed to offer to acquire, directly or indirectly, by way of take-over bid all of the outstanding common shares of O3 Mining at C$
The acquisition was accounted for by the Company as an asset acquisition and transaction costs associated with the acquisition totaling $
Cash paid for acquisition | $ | | |
Total purchase price to allocate | $ | |
In an asset acquisition, the purchase consideration is allocated to the assets acquired and liabilities assumed based on their relative fair values. The following table sets out the allocation of the purchase price to the assets acquired and liabilities assumed.
Cash and cash equivalents | $ | | |
Other current assets | | ||
Property, plant and mine development | | ||
Investments | | ||
Accounts payable, accruals and other liabilities | ( | ||
Long-term debt | ( | ||
Lease obligations | ( | ||
Other liabilities | ( | ||
Total assets acquired, net of liabilities assumed | $ | |
25
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
6.FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 — Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period.
During the year ended December 31, 2025, there were
The fair values of cash and cash equivalents and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.
The following table sets out the Company’s financial assets and liabilities measured at fair value on a recurring basis as at December 31, 2025 using the fair value hierarchy:
| Level 1 | | Level 2 | | Level 3 | | Total | |||||
Financial assets: | |
| |
| |
| | |||||
Trade receivables (Notes 8A and 19) | $ | — | $ | | $ | — | $ | | ||||
Equity securities (FVOCI) (Note 10) | | | — | | ||||||||
Share purchase warrants (FVPL) (Note 10) | — | | — | | ||||||||
Fair value of derivative financial instruments (Note 21) | — | | — | | ||||||||
Total financial assets | $ | | $ | | $ | — | $ | | ||||
Financial liabilities: | ||||||||||||
Fair value of derivative financial instruments (Note 21) | — | | — | | ||||||||
Total financial liabilities | $ | — | $ | | $ | — | $ | | ||||
26
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
6.FAIR VALUE MEASUREMENT (Continued)
The following table sets out the Company’s financial assets and liabilities measured at fair value on a recurring basis as at December 31, 2024 using the fair value hierarchy:
| Level 1 | | Level 2 | | Level 3 | | Total | |||||
Financial assets: | |
| |
| |
| | |||||
Trade receivables (Notes 8A and 19) | $ | — | $ | | $ | — | $ | | ||||
Equity securities (FVOCI) (Note 10) | | | — | | ||||||||
Share purchase warrants (FVPL) (Note 10) | — | | — | | ||||||||
Fair value of derivative financial instruments (Note 21) | — | | — | | ||||||||
Total financial assets | $ | | $ | | $ | — | $ | | ||||
Financial liabilities: |
| |
| |
|
| | |||||
Fair value of derivative financial instruments (Note 21) | — | | — | | ||||||||
Total financial liabilities | — | $ | | — | $ | | ||||||
Valuation Techniques
Trade Receivables
Trade receivables from provisional invoices for concentrate sales are valued using quoted forward rates derived from observable market data based on the month of expected settlement (classified within Level 2 of the fair value hierarchy) (Notes 8A and 19).
Equity securities
Equity securities representing shares of publicly traded entities are recorded at fair value using quoted market prices (classified within Level 1 of the fair value hierarchy). Equity securities representing shares of non-publicly traded entities are recorded at fair value using external broker-dealer quotations corroborated by option pricing models (classified within Level 2 of the fair value hierarchy) (Note 10).
Derivative Financial Instruments and Warrants
The Company holds share purchase warrants of certain publicly traded entities. Share purchase warrants are accounted for as derivative financial instruments and are presented as part of investments on the consolidated balance sheets. Derivative financial instruments classified within Level 2 of the fair value hierarchy are recorded at fair value using external broker-dealer quotations corroborated by option pricing models or option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs (Notes 10 and 21).
Fair Value of Financial Assets and Liabilities Not Measured and Recognized at Fair Value
Long-term debt is recorded on the consolidated balance sheets at December 31, 2025 at amortized cost. The fair value of long-term debt is determined by applying a discount rate, reflecting the credit spread based on the Company’s credit rating to future related cash flows which is categorized within Level 2 of the fair value hierarchy. As at December 31, 2025, the Company’s long-term debt had a fair value of $
The committed subscription proceeds for the San Nicolás project are recorded on the consolidated balance sheets at December 31, 2025 at amortized cost. The fair value of the San Nicolás liability is determined by discounting the minimum unavoidable obligation under the joint venture shareholders’ agreement between Agnico Eagle and Teck at a discount rate that reflects the Company’s credit rating. The fair value of the San Nicolás liability is not materially different from the carrying amount as the difference between the discount rate used at the initial recognition date and the current market rates at December 31, 2025 is not material (Note 15).
27
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
6.FAIR VALUE MEASUREMENT (Continued)
Non-current loans receivable and other receivables are included in the other assets line item on the consolidated balance sheets at amortized cost. The fair value of loans and other receivables is the present value of future cash inflows discounted at a market interest rate. The fair value of these financial assets is not materially different from the carrying amounts as at December 31, 2025 (Note 8B).
7.INVENTORIES
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Ore in stockpiles and on leach pads | $ | | $ | | ||
Concentrates and doré bars |
| |
| | ||
Supplies |
| |
| | ||
Total current inventories | $ | | $ | | ||
Non-current ore in stockpiles and on leach pads (Note 8B) |
| |
| | ||
Total inventories | $ | | $ | | ||
During the year ended December 31, 2025, there was
8.OTHER ASSETS
A)Other Current Assets
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Federal, provincial and other sales taxes receivable | $ | | $ | | ||
Prepaid expenses |
| |
| | ||
Trade receivables (Note 19) | | | ||||
Short term investments | | | ||||
Other |
| |
| | ||
Total other current assets | $ | | $ | | ||
B)Other Assets
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Non-current ore in stockpiles and on leach pads (Note 7) | $ | | $ | | ||
Non-current prepaid expenses | | | ||||
Non-current loans receivable | | | ||||
Investment in associate | | | ||||
Other |
| |
| | ||
Total other assets | $ | | $ | | ||
28
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
9.PROPERTY, PLANT AND MINE DEVELOPMENT
| | | Mine | | ||||||||
Mining | Plant and | Development | ||||||||||
Properties | Equipment | Costs | Total | |||||||||
As at December 31, 2023 | $ | | $ | | $ | | $ | | ||||
Additions |
| | | | | |||||||
Disposals |
| ( |
| ( |
| — |
| ( | ||||
Amortization |
| ( | ( | ( | ( | |||||||
Transfers between categories |
| — |
| |
| ( |
| — | ||||
As at December 31, 2024 | $ | | $ | | $ | | $ | | ||||
Additions | | | | | ||||||||
Impairment reversal (Note 24) | | — | — | | ||||||||
Acquisitions (Note 5) | | | — | | ||||||||
Disposals |
| ( |
| ( |
| — |
| ( | ||||
Amortization | ( | ( | ( | ( | ||||||||
Transfers between categories |
| |
| |
| ( |
| — | ||||
As at December 31, 2025 | $ | | $ | | $ | | $ | | ||||
|
|
|
| |||||||||
As at December 31, 2024 | ||||||||||||
Cost | $ | | $ | | $ | | $ | | ||||
Accumulated amortization and impairments | ( |
| ( |
| ( |
| ( | |||||
Carrying value - December 31, 2024 | $ | | $ | | $ | | $ | | ||||
As at December 31, 2025 |
|
|
|
| ||||||||
Cost | $ | | $ | | $ | | $ | | ||||
Accumulated amortization and impairments | $ | ( |
| ( |
| ( | $ | ( | ||||
Carrying value - December 31, 2025 | $ | | $ | | $ | | $ | | ||||
During the year ended December 31, 2025, additions to plant and equipment included $
As at December 31, 2025, major assets under construction, and therefore not yet being depreciated, included in the carrying value of property, plant and mine development was $
During the year ended December 31, 2025, the Company disposed of property, plant and mine development with a carrying value of $
Geographic Information:
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Canada | $ | | $ | | ||
Australia | | | ||||
Finland |
| |
| | ||
Sweden | | | ||||
Mexico |
| |
| | ||
United States |
| |
| | ||
Total property, plant and mine development | $ | | $ | | ||
29
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
10.INVESTMENTS
| As at December 31, | | As at December 31, | |||
2025 | 2024 | |||||
Equity securities (Note 6) | $ | | $ | | ||
Share purchase warrants (Note 6) |
| |
| | ||
Total investments | $ | | $ | | ||
The following tables set out details of the Company’s largest equity investments by carrying value:
As at December 31, 2025 | |||||||||
| Equity | | Share purchase | | |||||
securities | warrants | Total | |||||||
Foran Mining Corporation | $ | | $ | — | $ | | |||
Collective Mining Ltd | | — | | ||||||
Perpetua Resources Corporation | | | | ||||||
Rupert Resources Ltd. |
| |
| — |
| | |||
ATEX Resources Inc. |
| |
| |
| | |||
Other(i) |
| |
| |
| | |||
Total investments | $ | | $ | | $ | | |||
As at December 31, 2024 | |||||||||
| Equity | | Share purchase | | |||||
securities | warrants | Total | |||||||
Orla Mining Ltd. | $ | | $ | | $ | | |||
Foran Mining Corporation | | — | | ||||||
Rupert Resources Ltd. |
| |
| — |
| | |||
ATEX Resources Inc. |
| |
| |
| | |||
Other(i) |
| |
| |
| | |||
Total investments | $ | | $ | | $ | | |||
Note:
(i) The balance is comprised of
During the year ended December 31, 2025, the Company sold its interest in certain equity securities. The fair value at the time of sale was $
During the year ended December 31, 2024, the Company transferred a cumulative net gain of $
30
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
11.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Trade payables | $ | | $ | | ||
Accrued liabilities |
| |
| | ||
Wages payable |
| |
| | ||
Other liabilities |
| |
| | ||
Total accounts payable and accrued liabilities | $ | | $ | | ||
In 2025 and 2024, the other liabilities balance consisted primarily of various employee benefits, employee payroll tax withholdings, other payroll taxes, royalties due and the current portion of the remaining obligation of the committed subscription proceeds for the San Nicolás project (Note 15).
12.RECLAMATION PROVISION
Agnico Eagle’s reclamation provision includes both AROs and environmental remediation liabilities. Reclamation provision estimates are based on current legislation, third party estimates, management’s estimates and feasibility study calculations. Assumptions based on current economic conditions, which the Company believes are reasonable, have been used to estimate the reclamation provision. However, actual reclamation costs will ultimately depend on future economic conditions and costs for the necessary reclamation work. Changes in reclamation provision estimates during the period reflect changes in cash flow estimates as well as assumptions including discount and inflation rates. The discount rates used in the calculation of the reclamation provision at December 31, 2025 ranged between
The following table reconciles the beginning and ending carrying amounts of the Company’s ARO. The settlement of the obligation is estimated to occur through to 2142.
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Asset retirement obligations - non-current, beginning of year | $ | | $ | | ||
Asset retirement obligations - current, beginning of year | |
| | |||
Current year additions and changes in estimate, net(i) | |
| | |||
Current year accretion | |
| | |||
Liabilities settled | ( |
| ( | |||
Foreign exchange revaluation | |
| ( | |||
Reclassification from non-current to current, end of year | ( |
| ( | |||
Asset retirement obligations - non-current, end of year | $ | | $ | | ||
Note:
| (i) | During the year ended December 31, 2025, the Company revised its estimate of the Meadowbank ARO. The revision was driven by an updated internal analysis completed during the period and, as a result, the ARO liability related to Meadowbank increased by $ |
31
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
12.RECLAMATION PROVISION (Continued)
The following table reconciles the beginning and ending carrying amounts of the Company’s environmental remediation liability. The settlement of the obligation is estimated to occur through to 2032.
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Environmental remediation liability - non-current, beginning of year | $ | | $ | | ||
Environmental remediation liability - current, beginning of year |
| |
| | ||
Current year additions and changes in estimate, net |
| |
| — | ||
Liabilities settled |
| ( |
| ( | ||
Foreign exchange revaluation |
| |
| ( | ||
Reclassification from non-current to current, end of year |
| ( |
| ( | ||
Environmental remediation liability - non-current, end of year | $ | | $ | | ||
13.LEASES
The Company is party to a number of contracts that contain a lease, most of which include office facilities, storage facilities and various plant and equipment. Leases of low value assets, short term leases and leases with variable payments proportional to the rate of use of the underlying asset do not give rise to a lease obligation and a right-of-use asset. The expenses associated with such leases are included in operating costs in the consolidated statements of income.
The following table sets out the carrying amounts of right-of-use assets included in property, plant and mine development in the consolidated balance sheets and the movements during the period:
| As at December 31, | | As at December 31, | |||
2025 | 2024 | |||||
Balance, beginning of year | $ | | $ | | ||
Net (disposals), additions and modifications | ( |
| | |||
Amortization | ( |
| ( | |||
Balance, end of year | $ | | $ | | ||
The following table sets out the lease obligations included in the consolidated balance sheets:
| As at December 31, | | As at December 31, | |||
2025 | 2024 | |||||
Current | $ | | $ | | ||
Non-current | |
| | |||
Total lease obligations | $ | | $ | | ||
32
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
13.LEASES (Continued)
Future minimum lease payments required to meet obligations that have initial or remaining non-cancellable lease terms are set out in the table below. Because leases with variable lease payments do not give rise to fixed minimum lease payments, no amounts are included below for such leases.
| As at December 31, | | As at December 31, | |||
2025 | 2024 | |||||
Within 1 year | $ | | $ | | ||
Between 1 — 3 years | |
| | |||
Between 3 — 5 years | |
| | |||
Thereafter | |
| | |||
Total undiscounted lease obligations | $ | | $ | | ||
The Company recognized the following amounts in the consolidated statements of income with respect to leases:
| Year Ended December 31, | |||||
2025 | | 2024 | ||||
Amortization of right-of-use assets | $ | | $ | | ||
Interest expense on lease obligations | $ | | $ | | ||
Variable lease payments not included in the measurement of lease obligations | $ | | $ | | ||
Expenses relating to short-term leases | $ | | $ | | ||
Expenses relating to leases of low value assets, excluding short-term leases of low value assets | $ | | $ | | ||
During the year ended December 31, 2025, the Company recognized $
14.LONG-TERM DEBT
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
2020 Notes(i)(ii) | $ | | $ | | ||
2018 Notes(i)(ii) | — |
| | |||
2017 Notes(i)(ii) | — |
| | |||
2016 Notes(i)(ii) | — |
| | |||
2015 Note(i)(ii) | — |
| | |||
Deferred financing costs(iii) | ( | ( | ||||
Total debt | $ | | $ | | ||
Less: current portion | — |
| | |||
Total long-term debt | $ | | $ | | ||
Notes:
| (i) | Inclusive of unamortized deferred financing costs. |
| (ii) | The 2020 Notes, 2018 Notes, 2017 Notes, 2016 Notes, and 2015 Note are defined below. |
| (iii) | Relates to unamortized deferred financing costs on the credit facility |
33
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
14.LONG-TERM DEBT (Continued)
Scheduled Debt Principal Repayments
The Company’s remaining scheduled debt principal repayments in respect of the 2020 Notes are $
Credit Facility
On February 12, 2024, the Company entered into a new credit facility with a group of financial institutions that provides the Company with a $
As at December 31, 2025,
Term Loan Facility
On April 20, 2023, the Company entered into a credit agreement with two financial institutions that provided a $
During the year ended December 31, 2024, Agnico Eagle fully repaid the $
34
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
14.LONG-TERM DEBT (Continued)
2020 Notes
On April 7, 2020, the Company closed a $
The following table sets out details of the individual series of the 2020 Notes:
| Principal | | Interest Rate | | Maturity Date | ||
Series A | $ | |
| | % | 4/7/2030 | |
Series B |
| |
| | % | 4/7/2032 | |
Total | $ | |
| |
| | |
2018 Notes
On April 5, 2018, the Company closed a $
2017 Notes
On June 29, 2017, the Company closed a $
On June 30, 2025, the Company repaid $
2016 Notes
On June 30, 2016, the Company closed a $
On June 30, 2025, the Company elected to repay in full the outstanding principal of the 2016 Notes of $
2015 Note
On September 30, 2015, the Company closed a private placement of a $
On September 29, 2025, the Company repaid the $
35
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
14.LONG-TERM DEBT (Continued)
Debt Extinguishment Costs
During the year ended December 31, 2025, the Company incurred debt extinguishment costs of $
Covenants
Payment and performance of Agnico Eagle’s obligations under the Term Loan Facility, and the Notes were guaranteed by each of its material subsidiaries and certain of its other subsidiaries (the “Guarantors”). However, in connection with the Company’s entry into the Credit Facility on February 12, 2024, the subsidiary guarantees provided in connection with the Term Loan Facility and the Notes were released.
The Credit Facility contains customary covenants that limit, among other things, the ability of the Company to incur additional indebtedness, make distributions in certain circumstances and sell material assets.
The note purchase agreement pursuant to which the Notes were issued (the “Note Purchase Agreement”) contains covenants that restrict, among other things, the ability of the Company to amalgamate or otherwise transfer its assets, sell material assets and carry on a business other than one related to mining.
The Credit Facility also requires the Company to maintain a total net debt to capitalization ratio below a specified maximum value and the Note Purchase Agreement requires the Company to maintain a total net debt to EBITDA ratio below a specified maximum value.
The Company was in compliance with all covenants contained in the Credit Facility and Note Purchase Agreements throughout the years ended and as at December 31, 2025 and 2024.
Finance Costs
Total finance costs consist of the following:
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Interest on Notes | $ | | $ | | ||
Interest on Term Loan Facility | — |
| | |||
Interest on Credit Facility | — | | ||||
Credit Facility fees | | | ||||
Amortization of credit and term loan financing and note issuance costs | | | ||||
Debt extinguishment costs | | — | ||||
Accretion expense on reclamation provisions | | | ||||
Interest on lease obligations and other interest expense (income) | | ( | ||||
Interest capitalized to assets under construction | ( | ( | ||||
Total finance costs | $ | | $ | | ||
Borrowing costs were capitalized to assets under construction during the year ended December 31, 2025 at a weighted average capitalization rate of
36
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
15.OTHER LIABILITIES
Other liabilities consist of the following:
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Committed subscription proceeds for San Nicolás project | $ | | $ | | ||
Pension benefit obligations | | | ||||
Deferred income | | | ||||
Other | | | ||||
Total other liabilities | $ | | $ | | ||
The committed subscription proceeds represent the minimum unavoidable obligation under the joint venture shareholders’ agreement between Agnico Eagle and Teck. During the year ended December 31, 2025, contributions of $
The Company provides pension and retirement programs for certain current and former senior officers, and eligible employees in Canada and Mexico, each of which are considered defined benefit plans under IAS 19 — Employee Benefits. The funded status of the plans are based on actuarial valuations performed as at December 31, 2025. The plans operate under similar regulatory frameworks and generally face similar risks.
In addition to its defined benefit pension plans, the Company maintains
16.EQUITY
Common Shares
The Company’s authorized share capital includes an unlimited number of common shares with
The common shares held in trusts relate to the Company’s RSU plan, PSU plan and LTIP. The trusts have been evaluated under IFRS 10 - Consolidated Financial Statements and are consolidated in the accounts of the Company, with shares held in trust offset against the Company’s issued shares in its consolidated financial statements. The common shares purchased and held in trusts are excluded from the basic net income per share calculations until they have vested. All of the non-vested common shares held in trusts are included in the diluted net income per share calculations, unless the impact is anti-dilutive.
37
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
16.EQUITY (Continued)
On May 1, 2025, the Company received approval from the TSX to renew its NCIB pursuant to which the Company may purchase up to a maximum of
The following table sets out activity with respect to the Company’s NCIB program:
| Year Ended December 31, | |||||
2025 | 2024 | |||||
Number of common shares repurchased |
| |
| | ||
Cost of common shares repurchased ($ millions) | $ | | $ | | ||
Number of common shares cancelled |
| |
| | ||
Book value of cancelled shares ($ millions) | $ | | $ | | ||
The following table sets out the maximum number of common shares that would be outstanding if all dilutive instruments outstanding as at December 31, 2025 were exercised:
Common shares outstanding at December 31, 2025 | | |
Employee stock options | | |
Common shares held in trusts in connection with the RSU plan (Note 17C), PSU plan (Note 17D) and LTIP | | |
Total | |
Net Income Per Share
The following table sets out the weighted average number of common shares used in the calculation of basic and diluted net income per share:
| Year Ended December 31, | |||||
| 2025 | | 2024 | |||
Net income for the year | $ | | $ | | ||
Weighted average number of common shares outstanding — basic (in thousands) | | | ||||
Add: Dilutive impact of common shares related to the RSU plan, PSU plan and LTIP | | | ||||
Add: Dilutive impact of employee stock options | | | ||||
Weighted average number of common shares outstanding — diluted (in thousands) | | | ||||
Net income per share — basic | $ | | $ | | ||
Net income per share — diluted | $ | | $ | | ||
Diluted net income per share has been calculated using the treasury stock method. In applying the treasury stock method, outstanding employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact would be anti-dilutive.
For the years ended December 31, 2025 and December 31, 2024,
38
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
17.STOCK-BASED COMPENSATION
A) | Employee Stock Option Plan (“ESOP”) |
The Company’s ESOP provides for the grant of stock options to directors, officers, employees and service providers to purchase common shares. Under the ESOP, stock options are granted at the fair market value of the underlying shares on the day prior to the date of grant. The number of common shares that may be reserved for issuance to any one person pursuant to stock options (under the ESOP or otherwise), warrants, share purchase plans or other arrangements may not exceed
On April 24, 2021, the Compensation Committee of the Board adopted a policy pursuant to which stock options granted after that date have a maximum term of
Of the stock options granted under the ESOP,
The following table sets out activity with respect to Agnico Eagle’s outstanding stock options:
Year Ended | Year Ended | |||||||||
December 31, 2025 | December 31, 2024 | |||||||||
| | Weighted | | | Weighted | |||||
Number of | Average | Number of | Average | |||||||
Stock | Exercise | Stock | Exercise | |||||||
Options | Price | Options | Price | |||||||
Outstanding, beginning of year | | C$ | | | C$ | | ||||
Granted | | | | | ||||||
Exercised | ( | | ( | | ||||||
Forfeited | ( | | ( | | ||||||
Expired | ( | | ( | | ||||||
Outstanding, end of year | | C$ | | | C$ | | ||||
Options exercisable, end of year | | C$ | | | C$ | | ||||
The average closing share price of Agnico Eagle’s common shares during the year ended December 31, 2025 was C$
The weighted average grant date fair value of stock options granted in 2025 was C$
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||
| | Weighted | | | | Weighted | | |||||||
Average | Weighted | Average | ||||||||||||
Remaining | Average | Remaining | Weighted | |||||||||||
Number | Contractual | Exercise | Number | Contractual | Average | |||||||||
Range of Exercise Prices | Outstanding | Life | Price | Exercisable | Life | Exercise Price | ||||||||
C$ | | C$ | | | C$ | | ||||||||
C$ | | | | | ||||||||||
C$ | | C$ | | | C$ | | ||||||||
The Company has reserved for issuance
39
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
17.STOCK-BASED COMPENSATION (Continued)
The number of common shares available for the grant of stock options under the ESOP as at December 31, 2025 was
Agnico Eagle estimated the fair value of stock options under the Black-Scholes option pricing model using the following weighted average assumptions:
Year Ended | |||||
December 31, | |||||
| 2025 | | 2024 | ||
Risk-free interest rate |
| | % | | % |
Expected life of stock options (in years) |
| | | ||
Expected volatility of Agnico Eagle’s share price |
| | % | | % |
Expected dividend yield |
| | % | | % |
The Company uses historical volatility to estimate the expected volatility of Agnico Eagle’s share price. The expected term of stock options granted is derived from historical data on employee exercise and post-vesting employment termination experience.
Compensation expense related to the ESOP amounted to $
Subsequent to the year ended December 31, 2025,
B)Incentive Share Purchase Plan (“ISPP”)
In 2025,
The total compensation cost recognized in 2025 related to the ISPP was $
C)RSU Plan
The Company offers a RSU plan for certain employees, directors and senior executives of the Company.
A deferred compensation balance is recorded for the total grant date value on the date of each RSU plan grant. The deferred compensation balance is recorded as a reduction of equity and is amortized as compensation expense over the vesting period of up to .
40
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
17.STOCK-BASED COMPENSATION (Continued)
The following table sets out activity with respect to the Company’s RSUs for the years ended December 31, 2025 and 2024:
Year Ended | Year Ended | |||||||||
December 31, 2025 | December 31, 2024 | |||||||||
Weighted | Weighted | |||||||||
Average | Average | |||||||||
Number of | Grant Date | Number of | Grant Date | |||||||
| units | | Fair Value | | units | | Fair Value | |||
Outstanding, beginning of year |
| | $ | |
| | $ | | ||
Granted |
| |
| |
| |
| | ||
Vested |
| ( |
| |
| ( |
| | ||
Forfeited |
| ( |
| |
| ( |
| | ||
Outstanding, end of year |
| | $ | |
| | $ | | ||
In 2025, the Company funded the RSU plan by transferring $
Compensation expense related to the RSU plan was $
Subsequent to the year ended December 31, 2025,
D)PSU Plan
The Company offers a PSU plan for senior executives of the Company. PSUs are subject to vesting requirements over a
In 2025,
Compensation expense related to the PSU plan was $
Subsequent to the year ended December 31, 2025,
41
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
18.OTHER RESERVES
The following table sets out the movements in other reserves for the years ended December 31, 2025 and 2024:
| Equity | | Cash flow | | |||||
| securities |
| hedge | ||||||
| reserve |
| reserve | Total | |||||
Balance at December 31, 2023 | $ | ( | $ | ( | $ | ( | |||
Net change in cash flow hedge reserve | — | | | ||||||
Transfer of net gain on disposal of equity securities to retained earnings | ( | — | ( | ||||||
Net change in fair value of equity securities | | — | | ||||||
Balance at December 31, 2024 | $ | ( | $ | ( | $ | ( | |||
Net change in cash flow hedge reserve | — | | | ||||||
Transfer of net gain on disposal of equity securities to retained earnings, net of tax | ( | — | ( | ||||||
Net change in fair value of equity securities | | — | | ||||||
Balance at December 31, 2025 | $ | | $ | ( | $ | | |||
The cash flow hedge reserve represents the settlement of an interest rate derivative related to the 2020 Notes. The reserve will be amortized over the term of the Notes. Amortization of the reserve is included in the finance costs line item in the consolidated statements of income.
19.REVENUES FROM MINING OPERATIONS AND TRADE RECEIVABLES
Agnico Eagle is a gold mining company with mining operations in Canada, Australia, Finland and Mexico. The Company earns substantially all of its revenues from the production and sale of gold.
The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold. The prices of these metals can fluctuate significantly and are affected by numerous factors beyond the Company’s control.
During the year ended December 31, 2025,
The following table sets out sales to individual customers that exceeded 10.0% of revenues from mining operations:
| Year Ended December 31, | ||||||
| 2025 | | 2024 | ||||
Customer 1 | $ | | $ | |
| ||
Customer 2 |
| | | ||||
Customer 3 |
| | | ||||
Customer 4 |
| | | ||||
Total sales to customers exceeding 10.0% of revenues from mining operations | $ | | $ | | |||
Percentage of total revenues from mining operations | | % | | % | |||
Trade receivables are recognized once the transfer of control for the metals sold has occurred and reflect the amounts owing to the Company in respect of its sales of concentrates to third parties prior to the satisfaction in full of the payment obligations of the third parties. As at December 31, 2025, the Company had $
42
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
19.REVENUES FROM MINING OPERATIONS AND TRADE RECEIVABLES (Continued)
The Company has recognized the following amounts relating to revenue in the consolidated statements of income:
| Year Ended December 31, | |||||
| 2025 | | 2024 | |||
Revenue from contracts with customers |
| $ | | $ | | |
Provisional pricing adjustments on concentrate sales |
| | ( | |||
Total revenues from mining operations | $ | | $ | | ||
The following table sets out the disaggregation of revenue by metal:
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Revenues from contracts with customers: | | |||||
Gold | $ | | $ | | ||
Silver | |
| | |||
Zinc | |
| | |||
Copper | |
| | |||
Total revenues from contracts with customers | $ | | $ | | ||
In 2025, precious metals (gold and silver) accounted for
20.CAPITAL AND FINANCIAL RISK MANAGEMENT
The Company’s activities expose it to a variety of financial risks: market risk (including interest rate risk, commodity price risk and foreign currency risk), credit risk and liquidity risk. The Company’s overall risk management policy is to support the delivery of the Company’s financial targets while minimizing the potential adverse effects on the Company’s performance.
Risk management is carried out by a centralized treasury department under policies approved by the Board. The Company’s financial activities are governed by policies and procedures and its financial risks are identified, measured and managed in accordance with its policies and risk tolerance.
| A) | Market Risk |
Market risk is the risk that changes in market factors, such as interest rates, commodity prices, foreign exchange rates and listed equity prices, will affect the value of Agnico Eagle’s financial instruments. The Company can choose to either accept market risk or mitigate it through the use of derivatives and other economic hedging strategies.
i.Interest Rate Risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations that have floating interest rates.
There is
43
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
20.CAPITAL AND FINANCIAL RISK MANAGEMENT (Continued)
ii.Commodity Price Risk
a.Metal Prices
Agnico Eagle’s revenues from mining operations and net income are sensitive to metal prices. Changes in the market price of gold may be attributed to factors such as demand, global mine production levels, central bank purchases and sales and investor sentiment.
The Company occasionally enters into derivative financial instrument contracts under its Board-approved Risk Management Polices and Procedures which incorporates its long-standing policy of
b.Fuel
To mitigate the risks associated with fluctuating diesel fuel prices, the Company uses derivative financial instruments as economic hedges of the price risk on a portion of its diesel fuel costs (see Note 21 for further details on the Company’s derivative financial instruments).
iii.Foreign Currency Risk
The Company receives payment for all of its metal sales in US dollars and pays most of its operating and capital costs in Canadian and Australian dollars, Euros, or Mexican pesos. This gives rise to significant foreign currency risk exposure. The Company enters into currency economic hedging transactions under the Board-approved Foreign Exchange Risk Management Policies and Procedures to hedge part of its foreign currency exposure. The policy does not permit the hedging of translation exposure (that is, the gains and losses that arise from the accounting translation of non-US dollar denominated assets and liabilities into US dollars), which does not give rise to cash exposure. The Company’s foreign currency derivative financial instrument strategy includes (but is not limited to) the use of purchased puts, sold calls, collars and forwards that are not held for speculative purposes (see Note 21 for further details on the Company’s derivative financial instruments).
Positive (negative) impact on | |||
Income before Income and | |||
| Mining Taxes and on Equity | ||
Canadian dollar | $ | ( | |
Australian dollar | $ | ( | |
Euro | $ | ( | |
Mexican peso | $ | | |
44
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
20.CAPITAL AND FINANCIAL RISK MANAGEMENT (Continued)
B)Credit Risk
Credit risk is the risk that a third party might fail to fulfill its obligations under the terms of a financial instrument. Credit risk arises from cash and cash equivalents, short-term investments, trade receivables, loan receivable and certain derivative financial instruments. The Company holds its cash and cash equivalents and short-term investments in highly rated financial institutions which it believes results in a low level of credit risk. For trade receivables and derivative financial instruments, historical levels of default have been negligible, which the Company believes results in a low level of credit risk. The Company mitigates credit risk by dealing with what it believes to be credit-worthy counterparties and limiting concentration risk. For derivative financial instrument liabilities, the Company assumes no credit risk when the fair value of an instrument is negative. The maximum exposure to credit risk is equal to the carrying amount of the instruments as follows:
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Cash and cash equivalents | $ | | $ | | ||
Trade receivables (Notes 6, 8A and 19) | | | ||||
Fair value of derivative financial instruments (Notes 6 and 21) | | | ||||
Short-term investments (Note 8A) | | | ||||
Non-current loans receivable (Note 8B) | | | ||||
Total | $ | | $ | | ||
As at December 31, 2025 and 2024, cash and cash equivalents consisted of the following:
As at | As at | |||||
December 31, | December 31, | |||||
| 2025 | | 2024 | |||
Cash | $ | | $ | | ||
Short-term deposits |
| |
| | ||
Total cash and cash equivalents | $ | | $ | | ||
C)Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company monitors its risk of a shortage of funds by monitoring its credit rating and projected cash flows taking into account the maturity dates of existing debt and other payables. The Company manages exposure to liquidity risk by maintaining cash balances, having access to undrawn credit facilities and access to public debt markets. Contractual maturities relating to lease obligations are set out in Note 13 and contractual maturities relating to long-term debt are set out in Note 14. Other financial liabilities have maturities within one year of December 31, 2025.
D)Capital Risk Management
The Company’s primary capital management objective is to maintain an optimal capital structure to support current and long-term business activities and to provide financial flexibility in order to maximize value for equity holders.
45
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
20.CAPITAL AND FINANCIAL RISK MANAGEMENT (Continued)
Agnico Eagle’s capital structure comprises a mix of lease financing, long-term debt and total equity as follows:
| As at | | As at | |||
December 31, | December 31, | |||||
2025 | 2024 | |||||
Lease obligations (Note 13) | $ | | $ | | ||
Long-term debt (Note 14) | | | ||||
Total equity | |
| | |||
Total | $ | | $ | | ||
The Company manages its capital structure and makes adjustments to it based on changes in economic conditions and the requirements of financial covenants. To effectively manage its capital requirements, Agnico Eagle has in place a rigorous planning, budgeting and forecasting process with the goal of ensuring it has the appropriate liquidity to meet its operating and growth objectives. The Company has the ability to adjust its capital structure by various means.
See Note 14 for details related to Agnico Eagle’s compliance with its long-term debt covenants.
E)Changes in liabilities arising from financing activities
| As at | | Changes from | | | | As at | ||||||||
December 31, | Financing Cash | Foreign | December 31, | ||||||||||||
2024 | Flows | Exchange | Other(i) | 2025 | |||||||||||
Long-term debt | $ | | ( | — | | $ | | ||||||||
Lease obligations |
| | ( | ( | | | |||||||||
Total liabilities from financing activities | $ | | ( | ( | | $ | | ||||||||
Note:
| (i) | Includes the amortization of deferred financing costs on long-term debt reflected in finance costs and lease obligation additions. |
21.DERIVATIVE FINANCIAL INSTRUMENTS
Currency Risk Management
The Company uses foreign exchange economic hedges to reduce the variability in expected future cash flows arising from changes in foreign currency exchange rates. The Company is primarily exposed to currency fluctuations relative to the US dollar as a significant portion of the Company’s operating costs and capital expenditures are denominated in foreign currencies, primarily the Canadian dollar, the Australian dollar, the Euro and the Mexican peso.
These potential currency fluctuations increase the volatility of, and could have a significant impact on, the Company’s production costs and capital expenditures. The economic hedges relate to a portion of the foreign currency denominated cash outflows arising from foreign currency denominated expenditures.
As at December 31, 2025, the Company had outstanding derivative contracts related to $
46
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
21.DERIVATIVE FINANCIAL INSTRUMENTS (Continued)
Mark-to-market gains and losses related to foreign exchange derivative financial instruments are recorded at fair value based on broker-dealer quotations corroborated by option pricing models that utilize period-end forward pricing of the applicable foreign currency to calculate fair value.
The Company’s other foreign currency derivative strategies in 2025 and 2024 consisted mainly of writing US dollar call options with short maturities to generate premiums that would, in essence, enhance the spot transaction rate received when exchanging US dollars for foreign currencies. The call option premiums were recognized in the (gain) loss on derivative financial instruments line item in the consolidated financial statements.
Commodity Price Risk Management
To mitigate the risks associated with fluctuating diesel fuel prices, the Company uses derivative financial instruments as economic hedges of the price risk on a portion of diesel fuel costs associated primarily with its Canadian operations’ diesel fuel exposure. There were derivative financial instruments outstanding as at December 31, 2025 relating to
Mark-to-market gains and losses related to heating oil derivative financial instruments are based on broker-dealer quotations that utilize period-end forward pricing to calculate fair value.
The following table sets out a summary of the amounts recognized in the (gain) loss on derivative financial instruments line item in the consolidated financial statements.
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Premiums realized on written foreign exchange call options | $ | ( | $ | ( | ||
Unrealized gain on warrants | ( | ( | ||||
Realized loss on currency and commodity derivatives | | | ||||
Unrealized (gain) loss on currency and commodity derivatives | ( | | ||||
(Gain) loss on derivative financial instruments | $ | ( | $ | | ||
22.OTHER INCOME AND EXPENSES
The following table sets out amounts recognized in the other income and expenses line item in the consolidated statements of income:
| Year Ended December 31, | |||||
| 2025 | | 2024 | |||
Loss on disposal of property, plant and mine development (Note 9) | $ | | $ | | ||
Interest income | ( | ( | ||||
Environmental remediation | | | ||||
Loss on sale of equity securities | | — | ||||
Other | | | ||||
Total other income and expenses | $ | | $ | | ||
47
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
23.SEGMENTED INFORMATION
The Company identifies its operating segments as those operations whose operating results are reviewed by the Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, for the purpose of allocating resources and assessing performance. Each of the Company’s operating mines and significant projects are considered to be separate operating segments. Reportable operating segments represent more than 10.0% of the combined revenue from mining operations, income or loss or total assets of all operating segments. Certain operating segments that do not meet the quantitative thresholds are still disclosed where the Company believes that the information is useful. The CODM also reviews segment income (defined as revenues from mining operations less production costs, exploration and corporate development expenses and impairment losses and reversals) on a mine-by-mine basis. Revenues from mining operations and production costs for the reportable segments are reported net of intercompany transactions. Corporate and other assets and specific income and expense items are not allocated to reportable segments.
Effective December 31, 2025, the Company redefined its operating segments to reflect changes in how management evaluates the LaRonde mine and LZ5. These operations have been combined into the LaRonde Complex segment, and comparative information has been restated to conform with the revised presentation.
| Year Ended December 31, 2025 | ||||||||||||||
Revenues from | Exploration and | Segment | |||||||||||||
Mining | Production | Corporate | Impairment | Income | |||||||||||
| Operations | | Costs | | Development | | Reversal | | (Loss) | ||||||
LaRonde | $ | | $ | ( | $ | — | $ | — | $ | | |||||
Canadian Malartic | | ( | — |
| — | | |||||||||
Goldex | | ( | — |
| — | | |||||||||
Meliadine | | ( | — |
| — | | |||||||||
Meadowbank | | ( | — |
| — | | |||||||||
Kittila | | ( | — | — | | ||||||||||
Detour Lake | | ( | — | — | | ||||||||||
Macassa | | ( | — |
| | | |||||||||
Fosterville | | ( | — |
| — | | |||||||||
Pinos Altos | | ( | — |
| — | | |||||||||
Corporate and other(i) | | ( | — | — | | ||||||||||
Exploration | — | — | ( |
| — | ( | |||||||||
Segment totals | $ | | $ | ( | $ | ( | $ | | $ | | |||||
Total segments income |
|
| |
| |
| | $ | | ||||||
Corporate and other: |
| |
| |
| |
| | |||||||
Amortization of property, plant and mine development |
|
| |
| |
| | ( | |||||||
General and administrative |
|
| |
| |
| | ( | |||||||
Finance costs |
|
| |
| |
| | ( | |||||||
Gain on derivative financial instruments |
|
| |
| |
| | | |||||||
Foreign currency translation gain |
| |
| |
| | | ||||||||
Care and maintenance | ( | ||||||||||||||
Other income and expenses |
|
| |
| |
| | ( | |||||||
Income before income and mining taxes |
| |
| |
| | $ | | |||||||
Note:
(i) Relates to revenues and production costs from non-operating minesites.
48
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
23.SEGMENTED INFORMATION (Continued)
Year Ended December 31, 2024 | ||||||||||||
Revenues from | Exploration and | Segment | ||||||||||
Mining | Production | Corporate | Income | |||||||||
| Operations | | Costs | | Development | | (Loss) | |||||
LaRonde | $ | | $ | ( | $ | — | $ | | ||||
Canadian Malartic |
| | ( | — | | |||||||
Goldex |
| | ( | — | | |||||||
Meliadine |
| | ( | — | | |||||||
Meadowbank |
| | ( | — | | |||||||
Kittila | | ( | — | | ||||||||
Detour Lake |
| | ( | — | | |||||||
Macassa |
| | ( | — | | |||||||
Fosterville |
| | ( | — | | |||||||
Pinos Altos | | ( | — | | ||||||||
La India |
| | ( | — | | |||||||
Exploration |
| — | — | ( | ( | |||||||
Segment totals | $ | | $ | ( | $ | ( | $ | | ||||
Total segments income |
|
| $ | | ||||||||
Corporate and other: |
|
| ||||||||||
Amortization of property, plant and mine development | ( | |||||||||||
General and administrative |
| ( | ||||||||||
Finance costs |
| |
| |
| |
| ( | ||||
Loss on derivative financial instruments |
|
| |
| |
| ( | |||||
Foreign currency translation loss |
|
| |
| |
| ( | |||||
Care and maintenance |
|
| |
| |
| ( | |||||
Other income and expenses |
|
| |
| |
| ( | |||||
Income before income and mining taxes |
|
| |
| | $ | | |||||
49
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
23.SEGMENTED INFORMATION (Continued)
The following table sets out revenues from mining operations by geographic area(i):
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Canada | $ | | $ | | ||
Australia | | | ||||
Finland | | | ||||
Mexico | | | ||||
Total revenues from mining operations | $ | | $ | | ||
Note:
(i) Based on the location of the mine from which the product originated.
The following table sets out total assets by segment:
Total Assets as at | ||||||
December 31, | December 31, | |||||
| 2025 | | 2024 | |||
LaRonde | $ | | $ | | ||
Canadian Malartic | | | ||||
Goldex | | | ||||
Meliadine | | | ||||
Meadowbank | | | ||||
Kittila | | | ||||
Detour Lake | | | ||||
Macassa | | | ||||
Fosterville | | | ||||
Pinos Altos |
| |
| | ||
La India |
| |
| | ||
Exploration |
| |
| | ||
Corporate and other |
| |
| | ||
Total assets | $ | | $ | | ||
The following table sets out non-current assets by geographic area:
As at December 31, | As at December 31, | |||||
| 2025 | | 2024 | |||
Canada | | $ | | $ | | |
Australia | | | ||||
Finland | | | ||||
Mexico | | | ||||
Sweden | | | ||||
United States | | | ||||
Total non-current assets | $ | | $ | | ||
50
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
23.SEGMENTED INFORMATION (Continued)
The following table sets out the carrying amount of goodwill by segment for the years ended December 31, 2025 and December 31, 2024:
Canadian | ||||||||||||
| Detour | | Malartic | | Exploration | | Total | |||||
Total goodwill | $ | | $ | | $ | | $ | | ||||
The following table sets out capital expenditures by segment:
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
LaRonde | $ | | $ | | ||
Canadian Malartic | | | ||||
Goldex | | | ||||
Meliadine | | | ||||
Meadowbank | | | ||||
Kittila | | | ||||
Detour Lake | | | ||||
Macassa | | | ||||
Fosterville | | | ||||
Pinos Altos | | | ||||
Exploration | | | ||||
Corporate and other | | | ||||
Total capital expenditures | $ | | $ | | ||
51
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
24.IMPAIRMENT AND IMPAIRMENT REVERSAL
Goodwill Impairment Tests
In the fourth quarter of 2025 and 2024, the Company performed the annual goodwill impairment test as required by IAS 36. The estimated recoverable amount of each CGU was calculated under the fair value less costs to dispose (“FVLCD”) basis and compared to the carrying amount. The estimated recoverable amounts were calculated by discounting the estimated future net cash flows over the estimated life of the mine and, in certain circumstances, by reference to comparable market transactions.
Key Assumptions
The determination of the recoverable amount within level 3 of the fair value hierarchy, includes the following key applicable assumptions:
| ● | Discount rates were based on each asset group’s weighted average cost of capital (“WACC”), of which the two main components are the cost of equity and the after-tax cost of debt. Cost of equity was calculated based on the capital asset pricing model, incorporating the risk-free rate of return based on local government marketable bond yields as at the valuation date, the Company’s beta coefficient adjustment to the market equity risk premium based on the volatility of the Company’s return in relation to that of a comparable market portfolio, plus a size premium and Company-specific risk factors for each mine or project. Cost of debt was determined by applying an appropriate market indication of the Company’s borrowing capabilities and the corporate income tax rate applicable to each asset group’s jurisdiction; |
| ● | Gold price estimates were determined using forecasts of future prices prepared by industry analysts, which were available as at or close to the valuation date; |
| ● | Foreign exchange estimates are based on estimates that reflect the outlooks of major global financial institutions; |
| ● | Estimated production levels, and future operating and capital costs are based on detailed life of mine plans and also take into account management’s expected development plans; |
| ● | Estimates of the fair value attributable to mineralization in excess of life of mine plans are based on various assumptions, including determination of the appropriate valuation method for mineralization and ascribing anticipated economics to mineralization in cases where only limited economic study has been completed; and |
| ● | Market participants may utilize a net asset value (“NAV”) multiple when companies trade at a market capitalization greater than the net present value (“NPV”) of their expected cash flows. The NAV multiple takes into account a variety of additional value factors such as the exploration potential of the mineral property to find and produce more metal than what is currently included in the cash flow model and the benefit of gold price optionality. The Company applied NAV multiples to the NPV of CGUs that it judged to be appropriate. |
52
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
24.IMPAIRMENT AND IMPAIRMENT REVERSAL (Continued)
The range of key assumptions used in the impairment tests are summarized as set out below:
| 2025 | | 2024 |
| |
Gold price per oz | $ | $ | |||
WACC | % | % | |||
NAV multiple | |||||
Foreign exchange rates | US$ | US$ | |||
Inflation | | % | | % |
Impairment Reversal
In 2023, the Company performed its annual goodwill test in respect of the Macassa CGU. The Macassa CGU carrying amount exceeded its estimated recoverable amount, and, accordingly, an impairment loss of $
The estimated recoverable amount in respect of the Macassa CGU as at December 31, 2025 was determined on the basis of FVLCD and calculated by discounting the estimated future net cash flows over the estimated life of the mine using a nominal discount rate of
This impairment reversal represents the full reversal of prior impairment allocated to property, plant and mine development, as adjusted for amortization. The discounted cash flow approach uses significant unobservable inputs and is therefore considered Level 3 fair value measurement under the fair value hierarchy. In 2024, the Company did not identify any indicators of impairment reversal on long-lived assets.
25.INCOME AND MINING TAXES
Income and mining taxes expense is made up of the following components:
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Current income and mining taxes | | $ | | $ | | |
Deferred income and mining taxes: | ||||||
Origination and reversal of temporary differences | | | ||||
Total income and mining taxes expense | $ | | $ | | ||
53
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
25.INCOME AND MINING TAXES (Continued)
The income and mining taxes expense is different from the amount that would have been calculated by applying the Canadian statutory income tax rate as a result of the following:
Year Ended December 31, |
| ||||||
| 2025 | | 2024 |
| |||
Combined federal and composite provincial tax rates | | % | | % | |||
Expected income tax expense at statutory income tax rate | $ | | $ | | |||
Increase (decrease) in income and mining taxes resulting from: | |||||||
Mining taxes | | | |||||
Impact of foreign tax rates and change in future tax rates | ( | | |||||
Permanent differences | ( | ( | |||||
Impact of foreign exchange on deferred income tax balances | ( | | |||||
Other | ( | ( | |||||
Total income and mining taxes expense | $ | | $ | | |||
The following table sets out the components of Agnico Eagle’s deferred income tax assets:
| As at | | As at | |||
December 31, 2025 | December 31, 2024 | |||||
Mining properties | $ | | $ | | ||
Mining taxes | | | ||||
Reclamation provisions and other liabilities | | | ||||
Total deferred income tax assets | $ | | $ | | ||
The following table sets out the components of Agnico Eagle’s deferred income and mining tax liabilities:
| As at | As at | ||||
| December 31, 2025 | | December 31, 2024 | |||
Mining properties | $ | | $ | | ||
Mining taxes | ( | ( | ||||
Reclamation provisions and other liabilities | ( | ( | ||||
Total deferred income and mining tax liabilities | $ | | $ | | ||
Changes in net deferred tax assets and liabilities for the years ended December 31, 2025 and 2024 are as follows:
| As at | | As at | |||
December 31, 2025 | December 31, 2024 | |||||
Net deferred income and mining tax liabilities - beginning of year | $ | | $ | | ||
Income and mining tax impact recognized in net income | | | ||||
Income tax impact recognized in other comprehensive income and equity | | ( | ||||
Net deferred income and mining tax liabilities - end of year | $ | | $ | | ||
54
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
25.INCOME AND MINING TAXES (Continued)
The Company operates in different jurisdictions and, accordingly, it is subject to income and other taxes under the various tax regimes in the countries in which it operates. The tax rules and regulations in many countries are highly complex and subject to interpretation. The Company may be subject, in the future, to a review of its historic income and other tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain tax rules and regulations to the Company’s business conducted within the country involved.
The deductible temporary differences in respect of which a deferred tax asset has not been recognized in the consolidated balance sheets are as follows:
| As at | | As at | |||
December 31, 2025 | December 31, 2024 | |||||
Other deductible temporary differences |
| $ | |
| $ | |
The Company has $
The Company is subject to taxes in Canada, Australia, Finland and Mexico, each with varying statutes of limitations. Prior taxation years generally remain subject to examination by applicable taxation authorities.
The Company is within the scope of the OECD Pillar Two model rules. As at December 31, 2025, Pillar Two legislation has come into effect in some of the jurisdictions in which the Company’s entities are incorporated.
The Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the Company is liable to pay a top-up tax for the difference between their Global Anti-Base Erosion effective tax rate per jurisdiction and the 15% minimum rate. No material top-up tax is payable for the Company for the December 31, 2025 fiscal year and no material top-up tax is expected for the fiscal years after December 31, 2025.
26.EMPLOYEE BENEFITS AND COMPENSATION OF KEY MANAGEMENT PERSONNEL
During the year ended December 31, 2025, employee benefits expense recognized in the consolidated statements of income was $
The following table sets out the compensation of key management personnel:
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Salaries, short-term incentives and other benefits | | $ | | $ | | |
Post-employment benefits | | | ||||
Share-based payments | | | ||||
Total | $ | | $ | | ||
55
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
27.COMMITMENTS AND CONTINGENCIES
As part of its ongoing business and operations, the Company has been required to provide assurance in the form of letters of credit for environmental and site restoration costs, custom credits, government grants and other general corporate purposes. As at December 31, 2025, the total amount of these guarantees was $
Certain of the Company’s properties are subject to royalty arrangements. Set out below are the Company’s most significant royalty arrangements related to operating mines:
| ● | The Company has a royalty agreement with the Finnish government relating to Kittila. Starting |
| ● | The Company is committed to pay a royalty on production or metal sales from certain Canadian Malartic properties in Quebec, Canada. The type of royalty agreements include, but are not limited to, net smelter return royalties, with percentages ranging from |
| ● | The Company is committed to pay a |
| ● | The Company is committed to pay a |
| ● | The Company is committed to pay a |
| ● | The Company is committed to |
| ● | The Company is committed to pay a royalty on production from certain properties in Mexico. The type of royalty agreements include, but are not limited to, net smelter return royalties, with percentages ranging from |
| ● | The Company is committed to various royalties on production from Macassa in Ontario, Canada. The type of royalty agreements include, but are not limited to, net smelter return royalties, with percentages ranging from |
| ● | The Company is committed to various royalty arrangements at Detour Lake in Ontario, Canada, including net smelter return royalties that range between |
| ● | The Company is committed to |
The Company also has certain payments associated with First Nation collaboration agreements at LaRonde, Canadian Malartic, Detour Lake, Macassa, Upper Beaver and Fosterville.
56
AGNICO EAGLE MINES LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(thousands of United States dollars, except share and per share amounts, unless otherwise indicated)
December 31, 2025
27.COMMITMENTS AND CONTINGENCIES (Continued)
The Company regularly enters into various earn - in and shareholder agreements, often with commitments to pay net smelter return and other royalties.
The Company had the following contractual commitments as at December 31, 2025, of which $
| Contractual | ||
Commitments | |||
2026 | $ | | |
2027 | | ||
2028 | | ||
2029 | | ||
2030 | | ||
Thereafter | | ||
Total | $ | | |
In addition to the above, the Company has $
28.SUBSEQUENT EVENTS
Dividends Declared
On February 12, 2026, Agnico Eagle announced that the Board approved the payment of a quarterly cash dividend of $
57
Table of Contents
Exhibit 99.3
Management’s
Discussion and
Analysis
For the year ended December 31, 2025
Table of Contents
Table of Contents
| Page |
Executive Summary | 1 |
Strategy | 2 |
2025 Developments | 2 |
Portfolio Overview | 4 |
Key Performance Drivers | 6 |
Results of Operations | 8 |
Revenues from Mining Operations | 8 |
Production Costs | 9 |
Exploration and Corporate Development Expense | 10 |
Amortization of Property, Plant and Mine Development | 11 |
General and Administrative Expense | 11 |
Finance Costs | 11 |
Derivative Financial Instruments | 12 |
Impairment Reversal | 12 |
Foreign Currency Translation (Gain) Loss | 12 |
Other Income and Expenses | 12 |
Income and Mining Taxes Expense | 12 |
Balance Sheet Review | 13 |
Liquidity and Capital Resources | 13 |
Operating Activities | 13 |
Investing Activities | 14 |
Financing Activities | 14 |
Off-Balance Sheet Arrangements | 16 |
Contractual Obligations | 17 |
2026 Liquidity and Capital Resources Analysis | 17 |
Quarterly Results Review | 18 |
Outlook | 29 |
2025 Results Comparison to 2025 Outlook | 29 |
2026 and 2027 Outlook Production Update | 29 |
Operations Outlook | 29 |
Risk Profile | 33 |
Financial Instruments | 33 |
Interest Rates | 34 |
Commodity Prices and Foreign Currencies | 34 |
Cost Inputs | 35 |
Operational Risk | 35 |
Regulatory Risk | 35 |
Controls Evaluation | 36 |
Outstanding Securities | 36 |
Critical IFRS Accounting Policies and Accounting Estimates | 37 |
Mineral Reserve Data | 37 |
Non-GAAP Financial Performance Measures | 39 |
Note to Investors Concerning Forward-Looking Information | 54 |
Scientific and Technical Information | 55 |
Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources | 55 |
Summarized Quarterly Data | 58 |
Three Year Financial and Operating Summary | 62 |
Table of Contents
This Management’s Discussion and Analysis (“MD&A”) dated February 12, 2026 of Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) should be read in conjunction with the Company’s consolidated annual financial statements for the year ended December 31, 2025 that were prepared in accordance with International Financial Reporting Standards (“IFRS® Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”) (the “Annual Financial Statements”). The Annual Financial Statements and this MD&A are presented in United States dollars (“US dollars”, “$” or “US$”) and all units of measurement are expressed using the metric system unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars (“C$”), Mexican pesos, European Union euros (“Euros” or “€”) or Australian dollars (“A$”). Additional information relating to the Company, including the Company’s Annual Information Form for the year ended December 31, 2024 (the “ 2024 AIF”), is available on the Canadian Securities Administrators’ (the “CSA”) SEDAR+ website at www.sedarplus.ca and the Form 40 F is on file with the Securities and Exchange Commission (“SEC”) at www.sec.gov/edgar and, when available, the Company’s Annual Information Form for the year ended December 31, 2025 (the “2025 AIF”) that will be available on the CSA’s SEDAR+ website at www.sedarplus.ca and the Form 40 - F for the year ended December 31, 2025 to be filed with the SEC at www.sec.gov/edgar.
Certain statements contained in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking information” under the provisions of Canadian provincial securities laws and constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. See “Forward-Looking Statements” in this MD&A.
This MD&A discloses certain financial performance measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce” (also referred to as “AISC per ounce”), “minesite costs per tonne”, “adjusted net income”, “adjusted net income per share”, “earnings before interest, taxes, depreciation and amortization” (also referred to as “EBITDA”), “adjusted earnings before interest, taxes, depreciation and amortization” (also referred to as “adjusted EBITDA”), “free cash flow”, “free cash flow before changes in non-cash components of working capital”, “net cash (debt)”, “sustaining capital expenditures”, “development capital expenditures” and “operating margin” that are not standardized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers. Each of “total cash costs per ounce” and “all-in sustaining costs per ounce” are reported on a per ounce of gold produced basis and, unless otherwise indicated, are reported on a by-product basis (deducting the impact of by-product metals from production costs). Minesite costs per tonne is reported on a per tonne of ore milled basis. For periods commencing on or after January 1, 2026, the Company revised the composition of its non-GAAP performance measures “total cash costs per ounce”, “all-in sustaining costs per ounce” and “minesite costs per tonne”. These changes affect only these non-GAAP measures where the measure includes results from Meadowbank (that is, Meadowbank, the Nunavut region and the consolidated costs of the Company). Where these revised compositions are used and the change affects the quantum of such non-GAAP measures, this MD&A refers to the non-GAAP measures as “total cash costs per ounce (revised)”, “all-in sustaining costs per ounce (revised)” and “minesite costs per tonne (revised)”, respectively. For the Company’s other mines and regions, the revised composition will not affect the quantum of these non-GAAP measures and these measures are disclosed using the standard labels. For reconciliation of each of these measures to the most directly comparable financial information presented in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards, a discussion of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of these measures for periods commencing on or after January 1, 2026, see “Non-GAAP Financial Performance Measures” in this MD&A.
This MD&A also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based on the total cash costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to below under “Non-GAAP Financial Performance Measures”, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS Accounting Standards measure.
Table of Contents
Payable production (a non-GAAP, non-financial performance measure) is the quantity of mineral produced during a period contained in products that have been or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. Unless otherwise stated per ounce measures such as “production costs per ounce”, “total cash costs per ounce” and “AISC per ounce” are reported on a “per ounce of gold produced” basis.
The mineral reserve and mineral resource estimates contained in this MD&A 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”). See “Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources”.
Unless otherwise stated, references to “LaRonde”, “Canadian Malartic”, “Meadowbank” and “Goldex” are to the Company’s operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine (“LZ5”). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine (“Akasaba West”). References to other operations are to the relevant mines, projects or properties, as applicable.
On March 31, 2023, Agnico Eagle closed the transaction (the “Yamana Transaction”) with Pan American Silver Corp. and Yamana Gold Inc. (“Yamana”) pursuant to which, among other things, Agnico Eagle acquired all of Yamana’s Canadian assets including the 50% of the Canadian Malartic that Agnico Eagle did not then hold. Accordingly, contributions from the 100% interest in Canadian Malartic have been included in the consolidated statements of income from March 31, 2023 onwards, while the comparative periods reflect the previously held 50% interest in Canadian Malartic up to and including March 30, 2023.
Meaning of ‘‘including’’ and ‘‘such as’’: When used in this MD&A the terms ‘‘including’’ and ‘‘such as’’ mean including and such as, without limitation, respectively.
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Executive Summary
Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since its formation in 1972. The Company’s mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities also carried out in these jurisdictions. The Company and its shareholders have full exposure to gold prices due to the Company’s long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
Agnico Eagle earns substantially all of its revenue and cash flow from the production and sale of gold in both doré bar and concentrate form. In 2025, Agnico Eagle recorded production costs per ounce of $965 and total cash costs per ounce(i) of $979 on a by-product basis and $1,035 on a co-product basis on payable production of 3,447,367 ounces of gold. The average realized price of gold increased by 44.9% from $2,384 per ounce in 2024 to $3,454 per ounce of payable production in 2025.
Agnico Eagle’s operating mines and development projects are located in what the Company believes to be politically stable countries that are supportive of the mining industry. The political stability of the regions in which Agnico Eagle operates helps to provide confidence in its current and future prospects and profitability. This is important for Agnico Eagle as it believes that many of its mines and recently acquired mining projects have long-term mining potential.
Highlights
| ● | Strong operational performance with payable production of 3,447,367 ounces of gold and production costs per ounce of gold of $965 during 2025. |
| ● | Total cash costs per ounce in 2025 of $979 on a by-product basis and $1,035 on a co-product basis. |
| ● | All-in sustaining costs(i) in 2025 of $1,339 on a by-product basis and $1,395 on a co-product basis. |
| ● | Proven and probable gold mineral reserves totaled 55.4 million ounces at December 31, 2025, a 2.1% increase compared with 54.3 million ounces at December 31, 2024. |
| ● | As at December 31, 2025, Agnico Eagle had strong liquidity with $2,866.1 million in cash and cash equivalents. |
| ● | During the year ended December 31, 2025, the Company repaid $950.0 million in debt. As at December 31, 2025, the Company had net cash(ii) of $2,669.8 million compared to net debt of $216.5 million at December 31, 2024. |
| ● | The Company continues to maintain its investment grade credit rating and believes it has adequate financial flexibility to finance capital requirements at its mines and development projects from operating cash flow, cash and cash equivalents, short-term investments and undrawn credit lines. |
Notes:
| (i) | Total cash costs per ounce and all-in sustaining costs per ounce are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a reconciliation to production costs on both a by-product and co-product basis, a discussion of the composition and usefulness of these measures and a discussion of revisions that have been made by the Company to the composition of these measures for periods commencing on or after January 1, 2026 that will affect the calculations of these costs at Meadowbank, see “Non-GAAP Financial Performance Measures” below. Unless otherwise stated, in this MD&A, total cash costs per ounce and all-in sustaining costs per ounce are reported on a by-product basis. |
| (ii) | Net cash (debt) is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a reconciliation to long-term debt and a discussion of the composition and usefulness of this non-GAAP measure see “Non-GAAP Financial Performance Measures” below. |
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| ● | On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares (“O3 Shares”) of O3 Mining Inc. (“O3 Mining”) under the Company’s take-over bid for O3 Mining (the “O3 Offer”) for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. The O3 Shares taken up represented approximately 94.1% of the outstanding O3 Shares on an undiluted basis. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting an aggregate of 114,784,237 O3 Shares being taken up and acquired under the O3 Offer, representing 96.5% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$193.7 million. On March 18, 2025, O3 Mining and one of the Company’s wholly-owned subsidiaries amalgamated under the Business Corporations Act (Ontario), which resulted in the Company owning 100% of the O3 Shares. |
| ● | As at December 31, 2025 and January 30, 2026, the Company’s issued and outstanding common shares were 500,768,400 and 501,029,605, respectively. |
| ● | On February 12, 2026, the Company declared a quarterly cash dividend of $0.45 per common share. Agnico Eagle has declared a cash dividend every year since 1983. |
Strategy
Agnico Eagle’s ability to consistently execute its business strategy has provided a solid foundation for growth.
The Company’s goals are to:
| ● | Deliver on performance and growth expectations: Ensure our existing portfolio delivers on expectations, lowers operational risk and generates free cash flow; |
| ● | Build and maintain a high-quality project pipeline: Ensure we develop a best-in-class project pipeline to replenish reserves and production, while maintaining the quality, manageability and fit of our future portfolio; |
| ● | Develop our people: Develop and provide growth opportunities for our people and provide the skills infrastructure to support the development of our operations and projects; |
| ● | Operate in a safe, socially and environmentally responsible manner: Create value for our shareholders while operating in a safe, socially and environmentally responsible manner, as we contribute to the prosperity of our people, their families and the communities in which we operate. |
The three pillars - performance, pipeline, people - form the basis of Agnico Eagle’s success and competitive advantage. By delivering on these pillars, the Company strives to continue to build its production base and generate increased value for shareholders, while operating in a safe, socially and environmentally responsible manner, as we contribute to the prosperity of our people, their families and the communities in which we operate.
2025 Developments
Tariffs
The Company expects that the international trade disputes triggered by the introduction of import tariffs by the United States in 2025 and the subsequent retaliatory measures by other countries will remain fluid in 2026. At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs or other trade disputes. However, approximately 60% of the Company’s cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether further tariffs or retaliatory measures will be implemented, the quantum of such tariffs, the nature of such measures, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company’s supply chains, the Company continues to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances. The costs guidance provided in this MD&A assumes there will be no impact from such tariffs, retaliatory measures or trade disputes.
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Acquisition of O3 Mining Inc.
On December 12, 2024, the Company announced that it had entered into a definitive support agreement with O3 Mining Inc. (“O3 Mining”), pursuant to which the Company agreed to offer to acquire, directly or indirectly, by way of take-over bid, all of the outstanding common shares of O3 Mining at C$1.67 per share in cash (the “O3 Offer”). On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting in an aggregate of 114,785,237 O3 Shares being taken up and acquired under the O3 Offer, representing approximately 95.6% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$191.7 million. On March 18, 2025, O3 Mining and one of the Company’s wholly-owned subsidiaries amalgamated under the Business Corporations Act (Ontario), which resulted in the Company owning 100% of the O3 Shares.
O3 Mining’s primary asset is its 100%-owned Marban Alliance property located near Val d’Or, in the Abitibi region of Québec, adjacent to Canadian Malartic. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project with potential to support an open pit mining operation similar to that at the Barnat open pit at Canadian Malartic.
Repayment of Long-Term Debt
During the year ended December 31, 2025, Agnico Eagle repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% notes at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity.
The Company also elected to repay in full the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates during the year ended December 31, 2025. The repayments totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes.
The Company incurred debt extinguishment costs of $8.2 million relating to the repayment of the 2016, 2017 and 2018 Notes prior to their respective maturity dates.
Normal Course Issuer Bid
On May 1, 2025, the Company received approval from the Toronto Stock Exchange (“TSX”) to renew its normal course issuer bid (the “NCIB”) pursuant to which the Company may purchase up to a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation during the period commencing May 4, 2025 and ending on May 3, 2026. The Company intends to repurchase its common shares through the facilities of the TSX, the New York Stock Exchange or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled. Under the Company’s prior NCIB, which commenced on May 4, 2024 and ended on May 3, 2025, the Company obtained approval to purchase up to a total of 24,961,914 common shares of which 1,862,133 were purchased through the facilities of the TSX and NYSE at a weighted average price of approximately $80.5585 per common share.
Disposition of interest in Orla Mining Ltd.
During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. (“Orla”) at a price of C$14.75 per common share for total consideration of C$560.5 million ($404.8 million). An after tax gain of $230.4 million was recognized through other comprehensive income, while a loss on the sale of shares resulting from the discount to market price of $34.1 million was recognized in net income.
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Portfolio Overview
Canada - LaRonde
LaRonde is 100% owned by the Company and located in the Abitibi region of northwestern Quebec, approximately halfway between cities of Val-d’Or and Rouyn-Noranda. LaRonde consists of the mining, milling and processing operations at the LaRonde mine and the mining and processing operations at LZ5. The LaRonde mine achieved commercial production in 1988. LZ5, which lies adjacent to and west of the LaRonde mine, achieved commercial production in June 2018.
The risk of more frequent and larger seismic events has increased as the Company mines deeper at the LaRonde mine. The Company continues to adjust its mining methods, ground support and protocols to address seismic activity in the deeper portions of the mine.
LaRonde’s proven and probable mineral reserves at December 31, 2025 were approximately 2.8 million ounces, including approximately 0.9 million ounces at LZ5. Under current mine plans, the LaRonde mine and LZ5 are expected to be in production through 2034 and 2036, respectively.
Canada - Canadian Malartic
Canadian Malartic is 100% owned by the Company and located in the Abitibi region of northwestern Quebec in the town of Malartic, approximately 25 kilometres west of Val-d’Or and 80 kilometres east of Rouyn-Noranda. Canadian Malartic consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine
The Canadian Malartic pit was depleted in 2023 and open pit operations continue at the Barnat pit. Mining at the Odyssey mine uses underground methods. The mine design at the Odyssey mine includes a 1,800 metre deep production-services shaft with an expected capacity of approximately 20,000 tonnes of ore per day once commissioned.
Canadian Malartic’s proven and probable mineral reserves at December 31, 2025 were approximately 9.1 million ounces, including 5.7 million ounces at the East Gouldie deposit, which will be accessed from the infrastructure at the Odyssey mine. Under current mine plans, Canadian Malartic is expected to be in production through 2042.
Canada - Goldex
Goldex is 100% owned by the Company and is located in the Abitibi region of northwestern Quebec at Val-d’Or, approximately 60 kilometres and 25 kilometres east of LaRonde and Canadian Malartic, respectively. Goldex consists of the mining, milling and processing facilities at the Goldex mine and the open pit operations at Akasaba West, located approximately 30 kilometres from the Goldex minesite. Ore from Akasaba West is processed at the Goldex mill. Goldex achieved commercial production from the M and E satellite zones in October 2013 and from the Deep 1 Zone in July 2017. Akasaba West achieved commercial production in February 2024.
Goldex’s proven and probable mineral reserves were approximately 0.9 million ounces at December 31, 2025, including approximately 0.1 million ounces at Akasaba West. Under current mine plans, Goldex is expected to be in production through 2032.
Canada - Meliadine
Meliadine is 100% owned by the Company and located near the western shore of Hudson Bay in the Kivalliq region of Nunavut, approximately 25 kilometres north of Rankin Inlet and 290 kilometres southeast of Meadowbank. Commercial production was achieved at Meliadine in May 2019.
Meliadine’s proven and probable mineral reserves were approximately 3.6 million ounces at December 31, 2025. Under current mine plans, Meliadine is expected to be in production through 2036.
Canada - Meadowbank
Meadowbank is 100% owned by the Company and consists of the mining, milling and processing operations at the Meadowbank minesite and the mining operations at the Amaruq open pit and underground mines. The Meadowbank minesite is located in Nunavut Territory, approximately 70 kilometres north of Baker Lake and Amaruq is located 50 kilometres northwest of Meadowbank. Commercial production was achieved at the Meadowbank mine in March 2010, at Amaruq open pit in September 2019 and at Amaruq underground in August 2022. Mining operations at the Meadowbank minesite ceased in 2019 but the Meadowbank mill and other infrastructure remain active in support of operations at Amaruq.
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Meadowbank’s proven and probable mineral reserves were approximately 1.5 million ounces at December 31, 2025. Under current mine plans, Meadowbank is expected to be in production through 2030.
Canada - Hope Bay
Hope Bay is 100% owned by the Company and is located in the Kitikmeot region of Nunavut.
The Company suspended mining activities at the Hope Bay project in February 2022 following its acquisition and since that time the Company’s primary focus at the project is the evaluation of larger production scenarios, with study completion targeted for the first half of 2026.
Hope Bay’s proven and probable mineral reserves were approximately 3.4 million ounces at December 31, 2025.
Canada - Detour Lake
Detour Lake is 100% owned by the Company and is located in northeastern Ontario, approximately 300 kilometres northeast of Timmins and 185 kilometres by road northeast of Cochrane, Ontario.
In 2024, the Company approved expenditure of $100.0 million at its Detour Lake Underground project to further study the project over approximately three years. Approximately $45 million was spent in 2024 and 2025 to advance technical studies and drilling, key surface infrastructure, and to develop an exploration ramp to collect a bulk sample and to facilitate infill and expansion drilling of the current underground mineral resource. In 2025, the Company approved an additional $200.0 million, supplementing the $100 million previously approved in June 2024, to continue advancing and expand the Detour Lake underground project through to a potential approval decision in 2027.
Detour Lake’s proven and probable mineral reserves were approximately 18.6 million ounces at December 31, 2025. Under current mine plans, Detour Lake is expected to be in production through 2052.
Canada - Macassa
Macassa is 100% owned by the Company and is located in the historic gold mining region of Kirkland Lake, Ontario. Production under previous owners at Macassa first commenced in 1933, but was suspended between 1999 and 2002.
Macassa’s proven and probable mineral reserves were approximately 2.2 million ounces at December 31, 2025. Under current mine plans, Macassa is expected to be in production through 2032.
Finland - Kittila
Kittila is 100% owned by the Company and is located in the Lapland region of northern Finland, approximately 900 kilometres north of Helsinki and 150 kilometres north of the Arctic Circle. Commercial production was achieved at Kittila in May 2009.
Proven and probable mineral reserves at Kittila were approximately 3.3 million ounces at December 31, 2025. Under current mine plans, Kittila is expected to be in production through 2037.
Australia - Fosterville
Fosterville is 100% owned by the Company and located approximately 20 kilometres northeast of the city of Bendigo and 130 kilometres north of the city of Melbourne in Victoria, Australia. Commercial production was achieved at Fosterville in April 2005.
Fosterville’s proven and probable mineral reserves were approximately 1.7 million ounces at December 31, 2025. Under current mine plans, Fosterville is expected to be in production through 2037.
Mexico - Pinos Altos
Pinos Altos is 100% owned by the Company and is located in northern Mexico, approximately 220 kilometres west of the city of Chihuahua. Commercial production was achieved at Pinos Altos in November 2009.
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Pinos Altos’ proven and probable mineral reserves were approximately 0.3 million ounces at December 31, 2025. Under current mine plans, the mine is expected to be in production through 2028.
Mexico - San Nicolás
The San Nicolás copper-zinc project is an advanced exploration project located in central Mexico, approximately 60 kilometres southeast of the city of Zacatecas.
Agnico Eagle is earning into a 50% interest in the project in April 2023 from Teck Resources Limited and the two companies have formed a joint venture to advance permitting and development of San Nicolás.
San Nicolás’ proven and probable mineral reserves, on a 50% basis representing the Company’s interest were approximately 52.6 million tonnes at average grades of 1.12% copper, 1.48% zinc, 0.40 g/t gold and 22 g/t silver at December 31, 2025.
Key Performance Drivers
The key drivers of financial performance for Agnico Eagle for the year ended December 31, 2025 include:
| ● | the spot price of gold; |
| ● | production volumes; |
| ● | production costs; and |
| ● | US dollar/Canadian dollar, US dollar/Australian dollar, US dollar/Euro and US dollar/Mexican peso exchange rates. |
Details on future drivers of financial performance are discussed in the Outlook section of this MD&A.
Spot Price of Gold
GOLD ($ per ounce)
| | 2025 | | 2024 | | % Change |
| ||
High price | | $ | 4,449 | | $ | 2,778 |
| 60.2 | % |
Low price | | $ | 2,633 | | $ | 1,985 |
| 32.6 | % |
Average market price | | $ | 3,432 | | $ | 2,386 |
| 43.8 | % |
Average realized price | | $ | 3,454 | | $ | 2,384 |
| 44.9 | % |
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Gold prices remained a primary driver of the Company’s financial performance in 2025. The average market price per ounce of gold in 2025 was 43.8% higher than in 2024, reflecting a strong and sustained improvement in global pricing conditions. The Company achieved an average realized gold price that was 44.9% higher than in the prior year, benefiting from the favourable commodity environment and the Company’s ability to consistently secure realized prices that closely track underlying market movements. The significant increase in gold price supported higher revenue generation across the Company’s operating portfolio.
Production Volumes and Costs
Changes in production volumes remain a critical driver of the Company’s operating and financial performance, given its direct influence on revenue generation. In 2025, payable gold production totaled 3,447,367 ounces, representing a 0.9% decrease from 3,485,336 ounces in 2024. The slight decline in production in 2025 is mainly due to a decrease in gold production from Fosterville and Canadian Malartic, consistent with their expected grade and sequencing profiles, as well as the planned closure of the La India mine at the end of 2024. The impacts of these declines were partially mitigated by increased production at LaRonde, Macassa and Detour Lake.
Production costs are discussed in detail in the Results of Operations section below.
Foreign Exchange Rates (ratio to US dollars)
The exchange rate of the Canadian dollar, Australian dollar, Euro and Mexican peso relative to the US dollar is an important financial driver for the Company due to the Company’s multi‑jurisdictional operating footprint and that all revenues are denominated in US dollars. A significant portion of operating costs at LaRonde, Canadian Malartic, Goldex, Meliadine, Meadowbank, Detour Lake and Macassa are incurred in Canadian dollars; at Fosterville in Australian dollars; at Kittila in Euros; and at Pinos Altos in Mexican pesos. As a result, fluctuations in these currencies relative to the US dollar directly influence reported production costs.
The Company partially mitigates this foreign currency exposure through its established currency hedging strategies.
CANADIAN DOLLAR | | AUSTRALIAN DOLLAR |
| |
|
EURO | | MEXICAN PESO |
| |
|
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On average in 2025 compared with 2024, the Canadian dollar, Australian dollar and Mexican Peso weakened, while the Euro strengthened relative to the US dollar. These currency movements generally reduced the US dollar equivalent of costs incurred in currencies that depreciated, providing a favourable impact on operating costs, while the stronger Euro resulted in higher reported costs at Kittila.
Results of Operations
Agnico Eagle reported net income of $4,461.5 million, or $8.89 per share, in 2025 compared with net income of $1,895.6 million, or $3.79 per share in 2024 and net income of $1,941.3 million, or $3.97 per share in 2023. Agnico Eagle reported adjusted net income(i) of $4,169.2 million, or $8.31 per share(i), in 2025 compared with adjusted net income of $2,117.8 million, or $4.24 per share, in 2024 and adjusted net income of $1,095.9 million, or $2.24 per share in 2023.
EBITDA(i) totaled $8,440.4 million in the year ended December 31, 2025 compared with $4,462.4 million in 2024 and $3,980.9 million in 2023. Adjusted EBITDA(i) totaled $8,089.8 million in the year ended December 31, 2025 compared with $4,693.7 million in 2024 and $3,236.5 million in 2023. In 2025, operating margin(i) increased to $8,567.2 million from $5,199.7 million in 2024. In 2023, operating margin was $3,693.6 million.
Agnico Eagle reported free cash flow(i) of $4,398.9 million in 2025, compared with free cash flow of $2,142.9 million in 2024 and $947.4 million in 2023. Free cash flow before changes in non-cash components of working capital(i) totaled $3,594.6 million in 2025 compared with $2,062.9 million in 2024 and $1,093.8 million in 2023.
Revenues from Mining Operations
Revenues from mining operations, net of selling costs, increased by $3,622.1 million, or 43.7%, to $11,907.9 million in 2025 from $8,285.8 million in 2024 primarily due to a 44.9% increase in realized gold prices, partially offset by a 1.0% decrease in the sales volume of gold. The lower sales volume of gold from Fosterville, La India and Canadian Malartic, was partially offset by higher sales volume of gold from LaRonde, Macassa and Detour Lake. Revenues from mining operations were $6,626.9 million in 2023.
Sales of precious metals (gold and silver) accounted for 99.5% of revenues from mining operations in 2025, consistent with the contribution levels in 2024 and 2023.
Note:
| (i) | Adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, free cash flow, free cash flow before changes in non-cash components of working capital and operating margin are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a reconciliation to net income, net income per share and cash provided by operating activities and discussion of the composition and usefulness of these non-GAAP measures see “Non-GAAP Financial Performance Measures”. |
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The table below sets out revenues from mining operations, payable production volumes and sales volumes by metal:
| | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations: | | (thousands of United States dollars) | |||||||
Gold | | $ | 11,741,876 | | $ | 8,174,102 | | $ | 6,540,077 |
Silver | |
| 105,265 | |
| 79,270 | |
| 63,544 |
Zinc | |
| 8,674 | |
| 4,008 | |
| 4,736 |
Copper | |
| 52,036 | |
| 28,373 | |
| 18,552 |
Total revenues from mining operations | | $ | 11,907,851 | | $ | 8,285,753 | | $ | 6,626,909 |
Payable production: | |
| | |
| | |
| |
Gold (ounces) | |
| 3,447,367 | |
| 3,485,336 | |
| 3,439,654 |
Silver (thousands of ounces) | |
| 2,501 | |
| 2,485 | |
| 2,408 |
Zinc (tonnes) | |
| 8,446 | |
| 6,339 | |
| 7,702 |
Copper (tonnes) | |
| 5,393 | |
| 3,951 | |
| 2,617 |
Payable metal sold(i): | |
| | |
| | |
| |
Gold (ounces) | |
| 3,400,919 | |
| 3,434,094 | |
| 3,364,132 |
Silver (thousands of ounces) | |
| 2,376 | |
| 2,483 | |
| 2,354 |
Zinc (tonnes) | |
| 8,799 | |
| 6,209 | |
| 8,526 |
Copper (tonnes) | |
| 5,337 | |
| 3,952 | |
| 2,630 |
Production Costs
Production costs increased to $3,340.7 million in 2025 compared with $3,086.1 million in 2024 due to higher production costs mainly at Meadowbank, Detour Lake, Meliadine and Pinos Altos, partially offset by lower production costs at La India and Canadian Malartic. Production costs were $2,933.3 million in 2023 which included fair value adjustments to inventory at Canadian Malartic.
Production costs increased in 2025 when compared to the prior-year period primarily due to higher royalties arising from higher gold prices combined with increased contractor and labour costs related to underground mining operations, partially offset by the benefit of the weaker Canadian dollar during the period. A detailed discussion of production costs and cost metrics by mine is provided in the “Minesite Discussion” section below.
Note:
| (i) | Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the year ended December 31, 2025, it excludes 2,500 payable gold ounces sold at La India. |
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The table below sets out production costs by mine:
| | 2025 | | 2024 | | 2023 | |||
| | (thousands of United States dollars) | |||||||
LaRonde | | $ | 360,025 | | $ | 319,495 | | $ | 299,644 |
Canadian Malartic(i) | |
| 488,160 | |
| 532,037 | |
| 465,814 |
Goldex | |
| 148,952 | |
| 129,977 | |
| 112,022 |
Quebec | |
| 997,137 | |
| 981,509 | |
| 877,480 |
Detour Lake | |
| 565,439 | |
| 497,079 | |
| 453,498 |
Macassa | |
| 221,718 | |
| 201,371 | |
| 155,046 |
Ontario | |
| 787,157 | |
| 698,450 | |
| 608,544 |
Meliadine | |
| 402,385 | |
| 350,280 | |
| 343,650 |
Meadowbank | |
| 552,470 | |
| 463,464 | |
| 524,008 |
Nunavut | |
| 954,855 | |
| 813,744 | |
| 867,658 |
Fosterville | |
| 146,382 | |
| 147,045 | |
| 131,298 |
Australia | |
| 146,382 | |
| 147,045 | |
| 131,298 |
Kittila | |
| 236,238 | |
| 227,334 | |
| 205,857 |
Europe | |
| 236,238 | |
| 227,334 | |
| 205,857 |
Pinos Altos | |
| 205,808 | |
| 168,231 | |
| 145,936 |
La India | |
| — | |
| 49,767 | |
| 96,490 |
Mexico | |
| 205,808 | |
| 217,998 | |
| 242,426 |
Corporate and Other | |
| 13,107 | |
| — | |
| — |
Total production costs | | $ | 3,340,684 | | $ | 3,086,080 | | $ | 2,933,263 |
The chart below sets out the major components of production costs:
Total Production Costs by Category 2025
Note:
| (i) | The information set out in this table reflects the Company’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. |
Exploration and Corporate Development Expense
Exploration and corporate development expense decreased by 5.9% to $206.7 million in 2025 from $219.6 million in 2024. Exploration and corporate development expense was $215.8 million in 2023.
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A summary of the Company’s significant 2025 exploration and corporate development activities is set out below:
| ● | Exploration expenses at various mine sites increased by 48% to $57.7 million in 2025 compared with $39.0 million in 2024 primarily due to higher expensed exploration at Canadian Malartic and Fosterville. |
| ● | Exploration expenses in Canada decreased by 35% to $65.1 million in 2025 compared with $100.5 million in 2024 primarily due to lower expensed exploration drilling at regional targets at Canadian Malartic and Hope Bay. |
| ● | Increased exploration expenses in regional targets located in Europe and Latin America were offset by decreased exploration expenses in the United States. |
The table below sets out exploration expense by region and total corporate development expense:
| | 2025 | | 2024 | | 2023 | |||
| | (thousands of United States dollars) | |||||||
Minesites | | $ | 57,747 | | $ | 39,003 | | $ | 56,475 |
Canada | |
| 65,147 | |
| 100,484 | |
| 79,509 |
Latin America | |
| 12,037 | |
| 10,221 | |
| 13,585 |
United States | |
| 1,567 | |
| 4,670 | |
| 4,177 |
Europe | |
| 9,145 | |
| 6,167 | |
| 4,986 |
Australia | |
| 5,282 | |
| 5,088 | |
| 4,033 |
Corporate development and project evaluation expenses | |
| 55,759 | |
| 53,977 | |
| 53,016 |
Total exploration and corporate development expense | | $ | 206,684 | | $ | 219,610 | | $ | 215,781 |
Amortization of Property, Plant and Mine Development
Amortization of property, plant and mine development expense increased to $1,645.3 million in 2025 compared with $1,514.1 million in 2024 and $1,491.8 million in 2023. The increase in amortization of property, plant and mine development between 2025 and 2024 was primarily due to higher amortization at Meliadine, Canadian Malartic and Detour Lake, partially offset by a decrease at Macassa.
General and Administrative Expense
General and administrative expenses were $235.9 million in 2025, an increase of $28.5 million compared to $207.5 million in 2024. The increase in general and administrative expenses was primarily due to higher stock-based compensation driven by an increase in the Company’s share price between periods. General and administrative expenses were $208.5 million in 2023.
Finance Costs
Finance costs were $91.1 million in 2025 compared with $126.7 million in 2024 and $130.1 million in 2023. The decrease between 2025 and 2024 was primarily due to a decrease in interest expense on the Company’s guaranteed senior unsecured notes as a result of $950.0 million in note repayments during 2025.
The table below sets out the components of finance costs:
| | 2025 | | 2024 | | 2023 | |||
Interest on Notes | | $ | 32,070 | | $ | 53,229 | | $ | 57,192 |
Interest on Term Loan Facility | |
| — | |
| 32,712 | |
| 26,273 |
Interest on Credit Facility | |
| — | |
| 3,350 | |
| 10,928 |
Credit Facility fees | |
| 6,731 | |
| 6,167 | |
| 6,374 |
Amortization of credit and term loan financing and note issuance costs | |
| 4,490 | |
| 3,845 | |
| 3,290 |
Debt extinguishment costs | |
| 8,245 | |
| — | |
| — |
Accretion expense on reclamation provisions | |
| 38,237 | |
| 33,815 | |
| 32,906 |
Interest on lease obligations and other interest expense (income) | |
| 5,552 | |
| (3,566) | |
| (3,699) |
Interest capitalized to assets under construction | |
| (4,180) | |
| (2,814) | |
| (3,177) |
Total finance costs | | $ | 91,145 | | $ | 126,738 | | $ | 130,087 |
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See Note 14 in the consolidated financial statements for additional details on the Company’s Credit Facility, the Term Loan Facility and Notes referenced above.
Derivative Financial Instruments
Gain on derivative financial instruments was $224.0 million in 2025 compared to a loss on derivative financial instruments of $155.8 million in 2024 and a gain of $68.4 million in 2023. The change between 2025 and 2024 was primarily due to more favourable market conditions that generated $127.6 million in unrealized gains on currency and commodity derivatives in 2025 compared to $142.4 million in unrealized losses in 2024. Unrealized gains on warrants also totalled $111.2 million in 2025 compared to unrealized gains of $20.4 million in 2024.
Impairment Reversal
In 2025, the Company identified indicators of impairment reversal at Macassa driven by the effect of the significant and sustained increase in the gold price which supported higher long-term gold price assumptions, and accordingly performed a reversal assessment of Macassa. As the estimated recoverable amount exceeded the carrying amount (adjusted for amortization that would have been recognized absent the previous impairment), the Company recorded an impairment reversal of $229.0 million ($156.0 million net of tax) in the consolidated statements of income.
See Note 24 in the consolidated financial statements for further details on impairment reversals.
Foreign Currency Translation (Gain) Loss
The Company’s operating results and cash flow are significantly affected by changes in the exchange rate between the US dollar and each of the Canadian dollar, Australian dollar, Euro and Mexican peso as all of the Company’s revenues are earned in US dollars while a significant portion of its operating and capital costs are incurred in such other currencies. During the period from January 1, 2025 through December 31, 2025, the daily US dollar closing exchange rate per US$1.00 fluctuated between C$1.36 and C$1.46 as reported by the Bank of Canada, A$1.53 and A$1.67 as reported by the Reserve Bank of Australia, €0.84 and €0.98 as reported by the European Central Bank and 17.90 and 20.85 Mexican pesos as reported by the Central Bank of Mexico.
A foreign currency translation gain of $25.7 million was recorded in 2025 compared with a $9.4 million loss in 2024 and a $0.3 million gain in 2023. On average in 2025, the US dollar strengthened relative to the Canadian dollar, the Australian dollar, and the Mexican peso. As at December 31, 2025, the US dollar weakened relative to the Canadian dollar, the Australian dollar, the Euro and the Mexican peso as compared to December 31, 2024. The net foreign currency translation gain in 2025 was primarily due to the translation impact on the Company’s net monetary assets denominated in foreign currencies between periods.
Other Income and Expenses
Other income and expenses increased to $93.0 million in the year ended December 31, 2025 compared with $84.5 million in the year ended December 31, 2024, primarily due to the loss on the sale of equity securities in the current period, partially offset by higher levels of interest income on cash balances. Other income and expenses amounted to $66.3 million in the year ended December 31, 2023.
Income and Mining Taxes Expense
In 2025, the Company recorded income and mining taxes expense of $2,242.5 million on income before income and mining taxes of $6,703.9 million yielding an effective tax rate of 33.4%. In 2024, the Company recorded income and mining taxes expense of $926.0 million on income before income and mining taxes of $2,821.6 million yielding an effective tax rate of 32.8%. The Company’s 2025 and 2024 effective tax rate is higher than the applicable statutory tax rate of 26.0% due to the impact of mining taxes. In 2023, the Company recorded income and mining taxes expense of $417.8 million on income before income and mining taxes of $2,359.1 million at an effective tax rate of 17.7%.
Net deferred income and mining tax liabilities increased by $222.1 million between December 31, 2025 and December 31, 2024 primarily due to the origination and reversal of net taxable temporary differences.
Net income taxes payable increased by $871.1 million between December 31, 2025 and December 31, 2024 as a result of the Company’s current tax expense exceeding payments to tax authorities during the year.
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Balance Sheet Review
(thousands of United States dollars) | | As at December 31, 2025 | | As at December 31, 2024 | | As at December 31, 2023 | |||
Current assets | | $ | 4,993,942 | | $ | 2,805,281 | | $ | 2,191,152 |
Non-current assets | |
| 29,477,349 | |
| 27,181,737 | |
| 26,493,797 |
Total assets | | $ | 34,471,291 | | $ | 29,987,018 | | $ | 28,684,949 |
Current liabilities | | $ | 2,472,206 | | $ | 1,511,965 | | $ | 1,048,026 |
Non-current liabilities | |
| 7,256,621 | |
| 7,642,153 | |
| 8,214,008 |
Total liabilities | | $ | 9,728,827 | | $ | 9,154,118 | | $ | 9,262,034 |
Total assets at December 31, 2025 of $34.5 billion increased by 15.0%, or $4.5 billion compared with total assets of $30.0 billion at December 31, 2024. The Company’s total assets are primarily comprised of non-current assets such as property, plant and mine development and goodwill.
Total liabilities at December 31, 2025 of $9.7 billion increased by 6.3%, or $0.6 billion compared with total liabilities of $9.2 billion at December 31, 2024. The Company’s total liabilities are primarily comprised of non-current liabilities such as deferred income and mining tax liabilities and reclamation provisions.
The increase in total assets between December 31, 2025 and December 31, 2024 was primarily due to an increase in cash and cash equivalents, property, plant and mine development and investments. The increase in total liabilities between December 31, 2025 and December 31, 2024 was primarily due to an increase in income taxes payable and reclamation provisions, partially offset by a decrease in long-term debt due to repayments of Notes.
The increase in total assets between December 31, 2024 and December 31, 2023 was primarily due to an increase in cash and cash equivalents and increases in current and non-current inventory balances. The decrease in total liabilities between December 31, 2024 and December 31, 2023 was primarily due to the repayment of the $600.0 million Term Loan Facility in 2024.
Liquidity and Capital Resources
As at December 31, 2025, the Company’s cash and cash equivalents totaled $2,866.1 million compared with $926.4 million as at December 31, 2024. The Company’s policy is to invest excess cash in what the Company believes to be highly liquid investments of high credit quality to attempt to reduce risks associated with these investments. Investments with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. The Company’s decisions regarding the length of maturities it holds are based on anticipated cash flow requirements, rates of return and other factors.
Working capital (current assets less current liabilities) increased to $2,521.7 million as at December 31, 2025, compared with $1,293.3 million as at December 31, 2024, primarily due to a $1,939.6 million increase in cash and cash equivalents as a result of higher operating margins, partially offset by an increase in income taxes payable.
In August 2025, Moody’s revised its rating outlook for the Company to stable from positive and upgraded the Company’s long-term issuer rating to A3 from Baa1, reflecting the Company’s strengthening credit profile and financial position.
Subject to various risks and uncertainties, including those set out in this MD&A, and in the Company’s 2025 AIF, the Company believes it will generate sufficient cash flow from operations and has adequate cash and debt facilities available to finance its current operations, working capital requirements, contractual obligations, debt maturities, planned capital expenditure and exploration programs. While the Company believes its capital resources will be sufficient to satisfy all its mandatory and discretionary commitments, the Company may choose to decrease its discretionary expenditure commitments, which include certain capital expenditures and exploration and corporate development expenses, should unexpected financial circumstances arise in the future. See “Risk Profile” in this MD&A for further details.
Operating Activities
Cash provided by operating activities increased by $2,856.2 million to $6,817.1 million in 2025 compared with $3,960.9 million in 2024. The increase in cash provided by operating activities was primarily due to higher operating margin and favourable working capital movements. Cash provided by operating activities was $2,601.6 million in 2023.
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Investing Activities
Cash used in investing activities increased to $2,598.3 million in 2025 compared to $2,007.1 million in 2024. The increase in cash used in investing activities was primarily due to higher capital expenditures between periods, increased purchases of equity securities and the purchase of O3 Mining in the first quarter of 2025. Cash used in investing activities was $2,760.8 million in 2023, which included $1,000.6 million in net cash consideration paid by the Company in the Yamana Transaction.
In 2025, additions to property, plant and mine development totaled $2,418.2 million compared with $1,817.9 million in 2024. The $600.3 million increase in additions to property, plant and mine development between 2025 and 2024 was primarily due to an increase in capital expenditures at Canadian Malartic and Hope Bay.
In 2025, the Company purchased $447.5 million of equity securities and other investments compared with $183.0 million in 2024 and $104.7 million in 2023. The Company’s investments in equity securities consist primarily of investments in common shares of entities in the mining industry. In 2025, the Company received $402.7 million in proceeds from the sale of equity securities and other investments primarily from the sale of the Company’s investment in Orla.
Financing Activities
Cash used in financing activities increased to $2,287.1 million in 2025 compared with $1,356.3 million in 2024 primarily due to the $950.0 million repayment of the guaranteed senior notes during the current year and an increase in the repurchase of common shares between periods under the NCIB. Cash used in financing activities was $164.0 million in 2023.
The Company issued common shares for net proceeds of $118.1 million in 2025 compared to $235.5 million in 2024, attributable to employee stock option plan exercises, issuances under the incentive share purchase plan and the dividend reinvestment plan. Net proceeds from the issuance of common shares were $70.3 million in 2023.
On May 1, 2025, the Company received approval from the TSX to renew its NCIB pursuant to which the Company may purchase up to a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation during the period commencing May 4, 2025 and ending on May 3, 2026. The Company intends to repurchase its common shares through the facilities of the TSX, the New York Stock Exchange or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled.
During the year ended December 31, 2025, the Company repurchased 4,114,150 common shares for $599.7 million at an average price of $145.76 under the NCIB. During the year ended December 31, 2024, the Company repurchased 1,749,086 common shares for $119.9 million at an average price of $68.54 under the NCIB. During the year ended December 31, 2023, the Company repurchased 100,000 common shares for $4.8 million at an average price of $47.74 under the NCIB.
In 2025, the Company declared dividends of $1.60 per share and paid cash dividends totaling $728.1 million compared with dividends declared of $1.60 per share and cash dividends paid of $671.7 million in 2024. In 2023, the Company declared dividends of $1.60 per share and paid cash dividends totaling $638.6 million. Agnico Eagle has declared a cash dividend every year since 1983. Although the Company expects to continue paying dividends, future dividends will be at the discretion of the Board and will be subject to factors such as income, financial condition and capital requirements.
During the year ended December 31, 2025, Agnico Eagle repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% notes at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity. Agnico Eagle also elected to repay in full the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates during the year ended December 31, 2025. The repayment totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes. The Company incurred debt extinguishment costs of $8.2 million relating to the repayment of the 2016, 2017 and 2018 Notes prior to their respective maturity dates.
On February 12, 2024, the Company terminated its previous credit facility and entered into the Credit Facility. The Credit Facility matures and all indebtedness thereunder is due and payable on February 12, 2029. The Credit Facility is available in US dollars through Secured Overnight Financing Rate (“SOFR”) and base rate advances, or in Canadian dollars through Canadian Overnight Repo Rate Average (“CORRA”) and prime rate advances, priced at the applicable rate plus a margin that ranges from 0.00% to 2.00%. The Credit Facility also provides for the issuance of letters of credit, priced at the applicable rate plus a margin that varies from 0.60% to 2.00%.
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The lenders under the Credit Facility are each paid a standby fee at a rate that ranges from 0.09% to 0.25% of the undrawn portion of the Credit Facility. In each case, the applicable margin or standby fees vary depending on the Company’s credit rating. The Company’s payment and performance of its obligations under the Credit Facility are not guaranteed by any of its subsidiaries, however the Company must provide guarantees from certain of its subsidiaries (i) if any existing material indebtedness of the Company benefits from guarantees and the Company no longer maintains an investment grade credit rating, (ii) or if the Company incurs new material indebtedness for borrowed money, or refinances existing material indebtedness (including material alterations to the terms of such indebtedness, but excluding maturity date extensions), and provides guarantees of such new or refinanced indebtedness from any of its subsidiaries.
As at December 31, 2025, the Company’s outstanding balance under the Credit Facility was nil. Credit Facility availability is reduced by outstanding letters of credit which were $24.2 million as of December 31, 2025, resulting in $1,975.8 million available for future drawdown.
Effective September 20, 2022, the Company amended its credit agreement with a financial institution relating to an uncommitted letter of credit facility (as amended, the “First LC Facility”) to increase the amount available to C$400.0 million. The First LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the First LC Facility is $291.9 million.
Effective September 16, 2021, the Company amended its uncommitted standby letter of credit facility (as amended, the “Second LC Facility”) to increase the amount available to C$200.0 million. Payment and performance of the Company’s obligations under the Second LC Facility are supported by an account performance security guarantee issued by Export Development Canada in favour of the lender. The Second LC Facility may be used by the Company to support the reclamation obligations of the Company, its subsidiaries or any entity in which the Company has a direct or indirect interest or the performance obligations (other than with respect to indebtedness for borrowed money) of the Company, its subsidiaries or any entity in which the Company has a direct or indirect interest that are not directly related to reclamation obligations. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the Second LC Facility is nil.
Effective May 25, 2023, the Company amended its uncommitted standby letter of credit facility with a financial institution (the “Third LC Facility”) to increase the amount available to C$200.0 million. Letters of credit issued under the Third LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries; however the subsidiary guarantees were released in connection with the entry into the Credit Facility. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the Third LC Facility was $120.7 million.
In October 2021, the Company entered into a $75.0 million uncommitted standby letter of credit facility (the “Fourth LC Facility”) with a financial institution. Letters of credit issued under the Fourth LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. In October 2024, the Fourth LC Facility was amended to increase the amount available to $150.0 million. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the Fourth LC Facility was $145.4 million.
In January 2022, the Company entered into a C$100.0 million uncommitted standby letter of credit facility (the “Fifth LC Facility”) with a financial institution. Upon the acquisition of Kirkland in February 2022, the Company acquired a standby letter of credit facility with the same financial institution providing for an additional C$120.0 million uncommitted letter of credit facility for the Kirkland subsidiary. Effective September 2022, an amended and restated standby letter of facility combined these facilities and the amount available under the amended and restated facility was increased to C$320.0 million. Letters of credit issued under the Fifth LC Facility may be used to support the reclamation obligations or non-financial or performance obligations of the Company or its subsidiaries. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the Fifth LC Facility was $204.3 million.
The obligations of the Company under each of the LC Facilities other than then Second LC Facility were guaranteed by certain of its subsidiaries, however in connection with the Company’s entry into the Credit Facility on February 12, 2024, these subsidiary guarantees were released.
In February 2022, upon the acquisition of Kirkland, the Company acquired a standby letter of guarantee facility (the “Guarantee Facility”) with a financial institution providing for a $25.0 million uncommitted letter of guarantee facility. Guarantees issued under the Guarantee Facility may be used to support the reclamation obligations or non-financial or performance obligations of certain subsidiaries of the Company. The obligations of the Company under this Guarantee Facility were guaranteed by certain of its subsidiaries; however, the subsidiary guarantees were released in connection with the entry into the Credit Facility. In October 2024, the Company entered into a $200.0 million uncommitted standby letter of credit facility (the “Sixth LC Facility” and, together with the First LC Facility, the
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Second LC Facility, the Third LC Facility, the Fourth LC Facility and the Fifth LC Facility, the “LC Facilities”) with a financial institution, which superseded and canceled the Guarantee Facility. As at December 31, 2025, the aggregate undrawn face amount of letters of credit under the Sixth LC Facility was $42.0 million.
As at December 31, 2025, the Company has indemnity agreements with four companies for the issuance of surety bonds of which $506.1 million of such surety bonds have been issued under these agreements.
The Company was in compliance with all covenants contained in the Credit Facility, the LC Facilities, and the Notes as at December 31, 2025.
Off-Balance Sheet Arrangements
The Company’s off-balance sheet arrangements as at December 31, 2025 include outstanding letters of credit for environmental and site restoration costs, custom credits, government grants and other general corporate purposes of $1,338.5 million under the Credit Facility and the LC Facilities (see Note 27 to the consolidated financial statements). If the Company were to terminate these off-balance sheet arrangements, the Company’s liquidity position (as outlined in the table below) is sufficient to satisfy any related penalties or obligations.
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Contractual Obligations
Agnico Eagle’s contractual obligations as at December 31, 2025 are set out below:
| | Total | | 2026 | | 2027-2028 | | 2029-2030 | | Thereafter | |||||
|
| (millions of United States dollars) | |||||||||||||
Reclamation provisions(i) | | $ | 1,535.1 | | $ | 149.5 | | $ | 287.4 | | $ | 244.5 | | $ | 853.7 |
Contractual commitments(ii) | |
| 728.9 | |
| 596.3 | |
| 45.5 | |
| 41.5 | |
| 45.6 |
Pension obligations(iii) | |
| 105.4 | |
| 5.6 | |
| 36.4 | |
| 7.6 | |
| 55.8 |
Lease obligations | |
| 133.7 | |
| 33.7 | |
| 34.9 | |
| 23.1 | |
| 42.0 |
Long-term debt - principal(iv) | |
| 200.0 | |
| — | |
| — | |
| 100.0 | |
| 100.0 |
Long-term debt - interest(iv) | |
| 35.7 | |
| 5.7 | |
| 11.4 | |
| 11.4 | |
| 7.2 |
Total(v) | | $ | 2,738.8 | | $ | 790.8 | | $ | 415.6 | | $ | 428.1 | | $ | 1,104.3 |
Notes:
| (i) | Mining operations are subject to environmental regulations that require companies to reclaim and remediate land disturbed by mining operations. The Company has submitted closure plans to the appropriate governmental agencies which estimate the nature, extent and costs of reclamation for each of its mining properties. Expected reclamation cash flows are presented above on an undiscounted basis. Reclamation provisions recorded in the Company’s consolidated financial statements are measured at the expected value of future cash flows discounted to their present value using a risk-free interest rate. |
| (ii) | Purchase commitments include contractual commitments for the acquisition of property, plant and mine development. In addition to the above, the Company has $290.0 million of committed subscription proceeds related to the San Nicolás project. |
| (iii) | Agnico Eagle provides defined benefit plans for certain current and former senior officers and certain employees. The benefits are generally based on the employee’s years of service, age and level of compensation. The data included in this table have been actuarially determined. |
| (iv) | The Company has assumed that repayment of its long-term debt obligations will occur on each instrument’s respective maturity date. |
| (v) | The Company’s future operating cash flows are expected to be sufficient to satisfy its contractual obligations. |
2026 Liquidity and Capital Resources Analysis
The Company believes that it has sufficient capital resources to satisfy its 2026 mandatory expenditure commitments (including the contractual obligations set out above) and discretionary expenditure commitments. The following table sets out expected capital requirements and resources for 2026:
| | Amount | |
| | (millions of United States dollars) | |
2026 Mandatory Commitments: | | | |
Contractual obligations, including capital expenditures (see table above) | | $ | 790.8 |
Accounts payable and accrued liabilities (as at December 31, 2025) | |
| 1,033.4 |
Total 2026 mandatory expenditure commitments | | $ | 1,824.2 |
2026 Discretionary Commitments: | |
| |
Expected capital expenditures | | $ | 2,575.0 |
Expected exploration and corporate development expenses | |
| 290.0 |
Total 2026 discretionary expenditure commitments | |
| 2,865.0 |
Total 2026 mandatory and discretionary expenditure commitments | | $ | 4,689.2 |
As of December 31, 2025, the Company believes it had adequate capital resources available to satisfy its commitments, which include cash and cash equivalents of $2,866.1 million and approximately $2.0 billion of available credit under the Credit Facility. In addition, the Company anticipates funding its commitments through cash provided by operating activities.
While the Company believes its capital resources will be sufficient to satisfy all 2026 commitments (mandatory and discretionary), the Company may choose to decrease certain of its discretionary expenditure commitments, which include certain capital expenditures and exploration and corporate development expenses, should unexpected financial circumstances arise in the future. The Company believes that it will continue to have sufficient capital resources available to satisfy its planned development and growth activities.
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Quarterly Results Review
Minesite Discussion
LaRonde
LaRonde – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) | | | 692 | | | 802 | | | 2,805 | | | 2,849 |
Tonnes of ore milled per day |
| | 7,522 |
| | 8,717 |
| | 7,685 |
| | 7,784 |
Gold grade (g/t) |
| | 3.85 |
| | 3.78 |
| | 4.08 |
| | 3.62 |
Gold production (ounces) |
| | 80,290 |
| | 90,447 |
| | 344,555 |
| | 306,750 |
Production costs per tonne (C$) |
| C$ | 239 |
| C$ | 118 |
| C$ | 179 |
| C$ | 153 |
Minesite costs per tonne (C$) |
| C$ | 177 |
| C$ | 146 |
| C$ | 166 |
| C$ | 154 |
Production costs per ounce | | $ | 1,480 | | $ | 751 | | $ | 1,045 | | $ | 1,042 |
Total cash costs per ounce | | $ | 851 | | $ | 834 | | $ | 829 | | $ | 945 |
Gold production
Fourth Quarter of 2025 – Gold production at LaRonde decreased by 11.2% to 80,290 ounces in the fourth quarter of 2025 compared with 90,447 ounces in the fourth quarter of 2024, primarily due to lower throughput levels combined with lower gold grades, consistent with the planned mining sequence.
Full Year 2025 – Gold production at LaRonde increased by 12.3% to 344,555 ounces in 2025 compared with 306,750 ounces in 2024, due to higher gold grades as per the mining sequence and positive grade reconciliation, partially offset by lower throughput levels.
Production costs
Fourth Quarter of 2025 – Production costs at LaRonde increased by 74.9% in the fourth quarter of 2025 when compared with the fourth quarter of 2024, primarily due to the timing of inventory sales, combined with higher milling and royalty costs when compared to the prior year period.
Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled in the current period and higher production costs as discussed above. Production costs per ounce increased when compared to the prior year due to higher production costs, combined with fewer ounces of gold being produced in the current period.
Full Year 2025 – Production costs at LaRonde increased by 12.7% in 2025 compared with 2024 primarily due to the timing of inventory sales, higher milling and royalty costs, partially offset by a build-up of stockpiles.
Production costs per tonne increased when compared to the prior year due to the same reasons outlined above for higher production costs. Production costs per ounce increased when compared to the prior year primarily due to higher production costs as described above, partially offset by more ounces of gold being produced in the current year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled, combined with higher milling and royalty costs when compared to the prior-year period. Total cash costs per ounce increased when compared to the prior year primarily due to higher minesite costs, combined with fewer ounces of gold being produced in the current period.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year primarily due to higher milling and royalty costs, and the lower volume of ore milled, partially offset by a build-up of stockpiles. Total cash costs per ounce decreased when compared to the prior year primarily due to the higher impact of by-product metals and more ounces of gold being produced in the current year.
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Canadian Malartic
Canadian Malartic – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) | | | 5,204 |
| | 5,100 |
| | 20,123 |
| | 20,317 |
Tonnes of ore milled per day |
| | 56,565 |
| | 55,446 |
| | 55,132 |
| | 55,511 |
Gold grade (g/t) |
| | 1.01 |
| | 0.97 |
| | 1.08 |
| | 1.09 |
Gold production (ounces) |
| | 153,433 |
| | 146,485 |
| | 642,612 |
| | 655,654 |
Production costs per tonne (C$) |
| C$ | 34 |
| C$ | 36 |
| C$ | 34 |
| C$ | 36 |
Minesite costs per tonne (C$) |
| C$ | 43 |
| C$ | 41 |
| C$ | 43 |
| C$ | 41 |
Production costs per ounce | | $ | 842 | | $ | 902 | | $ | 760 | | $ | 811 |
Total cash costs per ounce | | $ | 1,033 | | $ | 1,014 | | $ | 946 | | $ | 930 |
Gold production
Fourth Quarter of 2025 – At Canadian Malartic, gold production increased by 4.7% to 153,433 ounces in the fourth quarter of 2025 compared with gold production of 146,485 ounces in the fourth quarter of 2024, due to higher grades from the Barnat pit combined with higher throughput levels, partially offset by lower recovery rates.
Full Year 2025 – At Canadian Malartic, gold production decreased by 2.0% to 642,612 ounces in 2025 compared with gold production of 655,654 ounces in 2024, due to lower throughput levels, slightly lower gold grades and lower recovery resulting from an increased volume of ore being sourced from the low-grade stockpiles.
Production costs
Fourth Quarter of 2025 – Production costs at Canadian Malartic were $129.1 million in the fourth quarter of 2025, a decrease of 2.3% compared with production costs of $132.1 million in the fourth quarter of 2024, primarily due to lower open pit mining costs and the timing of inventory sales, partially offset by higher royalty costs.
Production costs per tonne decreased when compared to the prior-year period for the same reasons outlined above for lower production costs, combined with the increase in throughput. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs and more ounces of gold produced in the current period.
Full Year 2025 – Production costs at Canadian Malartic were $488.2 million in 2025, a decrease of 8.2% compared with production costs of $532.0 million in 2024, due to lower open pit costs and the timing of inventory sales, partially offset by higher royalty costs in the current year.
Production costs per tonne decreased when compared to the prior year for the same reasons outlined above for lower production costs, partially offset by the decrease in throughput. Production costs per ounce decreased when compared to the prior year due to the same reasons outlined above for production costs, partially offset by fewer ounces of gold produced in the current year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to higher royalty costs during the quarter, partially offset by lower open pit costs and the increase in throughput in the current period. Total cash costs per ounce increased when compared to the prior-year period due to higher royalty costs during the quarter, partially offset by lower open pit mining costs and more ounces of gold produced in the current period.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year due to higher royalty costs and the lower throughput in the current year, partially offset by lower open pit mining costs. Total cash costs per ounce increased when compared to the prior year due to higher royalty costs and fewer ounces of gold produced, partially offset by lower open pit mining costs in the current year.
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Goldex
Goldex – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) |
| | 847 |
| | 812 |
| | 3,301 |
| | 3,076 |
Tonnes of ore milled per day |
| | 9,207 |
| | 8,826 |
| | 9,044 |
| | 8,404 |
Gold grade (g/t) |
| | 1.44 |
| | 1.45 |
| | 1.40 |
| | 1.55 |
Gold production (ounces) |
| | 32,992 |
| | 32,341 |
| | 125,501 |
| | 130,813 |
Production costs per tonne (C$) |
| C$ | 67 |
| C$ | 51 |
| C$ | 63 |
| C$ | 58 |
Minesite costs per tonne (C$) |
| C$ | 67 |
| C$ | 56 |
| C$ | 64 |
| C$ | 59 |
Production costs per ounce | | $ | 1,232 | | $ | 910 | | $ | 1,187 | | $ | 994 |
Total cash costs per ounce | | $ | 1,015 | | $ | 859 | | $ | 1,002 | | $ | 923 |
Commercial production was achieved at Akasaba West in February 2024 and the comparative information set out herein for the year ended December 31, 2024 only includes ten months of production from Akasaba West.
Gold production
Fourth Quarter of 2025 – Gold production at Goldex increased by 2.0% to 32,992 ounces in the fourth quarter of 2025, compared with 32,341 ounces in the fourth quarter of 2024, primarily due to higher throughput levels from additional ore sourced from Akasaba West.
Full Year 2025 – Gold production decreased by 4.1% to 125,501 ounces in 2025, compared with 130,813 ounces in 2024 at Goldex due to lower gold grades resulting from increased ore sourced from Akasaba West, partially offset by a higher throughput levels.
Production costs
Fourth Quarter of 2025 – Production costs at Goldex were $40.6 million in the fourth quarter of 2025, an increase of 38.0% compared with production costs of $29.4 million in the fourth quarter of 2024, primarily due to higher underground production costs, the timing of inventory sales and higher royalty costs.
Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for production costs, partially offset by the higher volume of ore milled in the period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs.
Full Year 2025 - Production costs at Goldex were $149.0 million in 2025, an increase of 14.6% compared with production costs of $130.0 million in 2024, primarily due to the consumption of stockpiles, including associated re - handling costs and higher open pit mining costs, as the comparative period only includes ten months of production costs for Akasaba West.
Production costs per tonne increased when compared to the prior year for the same reasons described above for production costs, partially offset by higher volume of ore milled in the current year. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for production costs and fewer ounces of gold produced in the current year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period mainly due to higher underground production costs and higher royalty costs, partially offset by higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher underground production costs and higher royalty costs.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year primarily due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per ounce.
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Detour Lake
Detour Lake – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) |
| | 7,052 |
| | 7,086 |
| | 27,869 |
| | 27,462 |
Tonnes of ore milled per day |
| | 76,652 |
| | 77,022 |
| | 76,353 |
| | 75,033 |
Gold grade (g/t) |
| | 0.96 |
| | 0.87 |
| | 0.86 |
| | 0.85 |
Gold production (ounces) |
| | 195,026 |
| | 179,061 |
| | 692,675 |
| | 671,950 |
Production costs per tonne (C$) |
| C$ | 27 |
| C$ | 23 |
| C$ | 28 |
| C$ | 25 |
Minesite costs per tonne (C$) |
| C$ | 32 |
| C$ | 26 |
| C$ | 30 |
| C$ | 26 |
Production costs per ounce | | $ | 707 | | $ | 657 | | $ | 816 | | $ | 740 |
Total cash costs per ounce | | $ | 838 | | $ | 755 | | $ | 879 | | $ | 796 |
Gold production
Fourth Quarter of 2025 – At Detour Lake, gold production increased by 8.9% to 195,026 ounces in the fourth quarter of 2025 compared with 179,061 ounces in the fourth quarter of 2024, primarily due to higher gold grades as a result of mine sequencing.
Full Year 2025 - Gold production at Detour Lake increased by 3.1% to 692,675 ounces in 2025 compared with 671,950 ounces in 2024, primarily due to higher throughput levels from a higher mill run - time and optimized mill equipment, higher gold grades and mill recovery.
Production costs
Fourth Quarter of 2025 – Production costs at Detour Lake were $138.0 million in the fourth quarter of 2025, an increase of 17.2% compared with production costs of $117.7 million in the fourth quarter of 2024, primarily due to higher royalty and milling costs, partially offset by lower mining costs and the timing of inventory sales.
Production costs per tonne increased when compared to the prior-year period mainly due to the same reasons outlined above for higher production costs and slightly lower volume of ore milled. Production costs per ounce increased when compared to the prior-year period mainly due to the same reasons outlined above for higher production costs, partially offset by more ounces of gold produced in the current period.
Full Year 2025 - Production costs at Detour Lake were $565.4 million in 2025, an increase of 13.8% compared to production costs of $497.1 million during 2024, primarily due to higher royalty, milling, open pit maintenance and consumables costs, partially offset by a higher stripping ratio between years.
Production costs per tonne increased when compared to the prior year due to the same reasons outlined above for production costs partially offset by higher volume of ore milled in the current year. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for production costs, partially offset by more ounces of gold produced in the current year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior period due to the same reasons outlined above for higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.
Full Year 2025 – Minesite costs per tonne increased compared to the prior year due to the same reasons outlined above for higher production costs per tonne. Total cash cost per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per ounce.
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Macassa
Macassa – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) |
| | 149 |
| | 154 |
| | 573 |
| | 574 |
Tonnes of ore milled per day |
| | 1,620 |
| | 1,674 |
| | 1,570 |
| | 1,568 |
Gold grade (g/t) |
| | 12.99 |
| | 15.87 |
| | 17.42 |
| | 15.55 |
Gold production (ounces) |
| | 60,505 |
| | 76,336 |
| | 312,729 |
| | 279,384 |
Production costs per tonne (C$) |
| C$ | 699 |
| C$ | 498 |
| C$ | 540 |
| C$ | 482 |
Minesite costs per tonne (C$) |
| C$ | 797 |
| C$ | 489 |
| C$ | 604 |
| C$ | 498 |
Production costs per ounce | | $ | 1,239 | | $ | 715 | | $ | 709 | | $ | 721 |
Total cash costs per ounce | | $ | 1,417 | | $ | 708 | | $ | 793 | | $ | 748 |
Gold production
Fourth Quarter of 2025 – At Macassa, gold production decreased by 20.7% to 60,505 ounces, compared with 76,336 ounces in the fourth quarter of 2024, primarily due to lower gold grades gold grades associated with the mine sequence and lower throughput.
Full Year 2025 - Gold production at Macassa increased by 11.9% to 312,729 ounces in 2025 compared to 279,384 ounces in 2024, primarily due to higher gold grades associated with the mining sequence.
Production costs
Fourth Quarter of 2025 – Production costs were $75.0 million in the fourth quarter of 2025, an increase of 37.3% compared with production costs of $54.6 million in the fourth quarter of 2024, primarily due to higher royalty, mining and milling costs, partially offset by the timing of inventory sales.
Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs along with fewer ounces of gold production in the current period.
Full Year 2025 - Production costs were $221.7 million in 2025, an increase of 10.1% compared to production costs of $201.4 million during 2024, primarily due to higher royalty, mining and milling costs, partially offset by the timing of inventory sales.
Production costs per tonne increased when compared to the prior year due to the same reasons outlined above for higher production costs. Production costs per ounce decreased when compared to the prior year due to more ounces of gold produced in the current year, partially offset by higher royalty, mining and milling cost.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to higher royalty, mining and milling costs and slightly lower volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period due to fewer ounces of gold produced and higher royalty, mining and milling costs in the current period.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year due to higher royalty, mining and milling costs. Total cash costs per ounce increased when compared to the prior year due to higher royalty, mining and milling costs and a higher in-kind royalties in the current year, partially offset by more ounces of gold produced in the current year.
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Meliadine
Meliadine – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) |
| | 621 |
| | 516 |
| | 2,351 |
| | 1,966 |
Tonnes of ore milled per day |
| | 6,750 |
| | 5,620 |
| | 6,441 |
| | 5,372 |
Gold grade (g/t) |
| | 4.82 |
| | 5.89 |
| | 5.14 |
| | 6.22 |
Gold production (ounces) |
| | 93,735 |
| | 94,648 |
| | 376,346 |
| | 378,886 |
Production costs per tonne (C$) |
| C$ | 267 |
| C$ | 257 |
| C$ | 238 |
| C$ | 243 |
Minesite costs per tonne (C$) |
| C$ | 234 |
| C$ | 263 |
| C$ | 237 |
| C$ | 247 |
Production costs per ounce | | $ | 1,278 | | $ | 1,012 | | $ | 1,069 | | $ | 924 |
Total cash costs per ounce | | $ | 1,117 | | $ | 1,037 | | $ | 1,067 | | $ | 940 |
Gold production
Fourth Quarter of 2025 – At Meliadine, gold production decreased by 1.0% to 93,735 ounces, compared with 94,648 ounces in the fourth quarter of 2024, primarily due to lower gold grades under the mining sequence, partially offset by higher throughput levels.
Full Year 2025 - Gold production decreased by 0.7% to 376,346 ounces in 2025 compared with 378,886 ounces in 2024, primarily due to lower gold grades under the mining sequence, partially offset by higher throughput levels.
Production costs
Fourth Quarter of 2025 – Production costs at Meliadine were $119.8 million in the fourth quarter of 2025, an increase of 25.0% compared with production costs of $95.8 million in the fourth quarter of 2024, primarily due to the timing of inventory sales combined with higher mining and royalty costs.
Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs.
Full Year 2025 - Production costs at Meliadine were $402.4 million during 2025, an increase of 14.9% compared to production costs of $350.3 million during 2024, primarily due to the consumption of stockpiles, including associated re - handling costs, combined with higher mining, royalty and underground maintenance costs.
Production costs per tonne decreased when compared to the prior year due to a higher volume of ore tonnes milled in the current year, partially offset by higher production costs as outlined above for the current year. Production costs per ounce increased in the current year due to the same reasons outlined above for higher production costs.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled offsetting the impact of increased mining and royalty costs. Total cash costs per ounce increased when compared to the prior-year period primarily due to the higher mining and royalty costs, combined with lower ounces produced in the period.
Full Year 2025 – Minesite costs per tonne decreased when compared to the prior year primarily due to the higher volume of ore milled offsetting the impact of increased mining, royalty and underground maintenance costs. Total cash costs per ounce increased when compared to the prior year primarily due to the higher mining, royalty and underground maintenance costs, combined with fewer ounces produced in the year.
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Meadowbank
Meadowbank – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) |
| | 1,035 |
| | 999 |
| | 3,941 |
| | 4,143 |
Tonnes of ore milled per day(i) |
| | 11,250 |
| | 10,848 |
| | 11,660 |
| | 11,320 |
Gold grade (g/t) |
| | 3.85 |
| | 4.07 |
| | 4.29 |
| | 4.18 |
Gold production (ounces) |
| | 115,101 |
| | 117,024 |
| | 493,314 |
| | 504,719 |
Production costs per tonne (C$) |
| C$ | 210 |
| C$ | 154 |
| C$ | 195 |
| C$ | 153 |
Minesite costs per tonne (C$)(ii) |
| C$ | 211 |
| C$ | 161 |
| C$ | 194 |
| C$ | 156 |
Production costs per ounce | | $ | 1,356 | | $ | 945 | | $ | 1,120 | | $ | 918 |
Total cash costs per ounce(ii) | | $ | 1,351 | | $ | 988 | | $ | 1,110 | | $ | 938 |
Note:
| (i) | The daily milling rate for the year ended December 31, 2025 excludes 27 days in which the mill was not operating as a result of Caribou migration patterns during the second quarter of 2025 that prevented the transport of ore from Amaruq to the mill. |
| (ii) | Minesite costs per tonne and total cash costs per ounce in this table are calculated using the composition of such measure for periods ending on or prior to December 31, 2025. See “Non-GAAP Financial Performance Measures” below. |
Gold production
Fourth Quarter of 2025 – At Meadowbank, gold production decreased by 1.6% to 115,101 ounces in the fourth quarter of 2025, compared with 117,024 ounces in the fourth quarter of 2024, primarily due to lower gold grades as expected under the mining sequence, partially offset by higher throughput.
Full Year 2025 - Gold production decreased by 2.3% to 493,314 ounces in 2025 compared with 504,719 ounces in 2024, primarily due to lower throughput, as a result of a longer than expected caribou migration period which forced mill shutdowns during the second quarter of 2025, partially offset by higher gold grades as expected under the mine sequence.
Production costs
Fourth Quarter of 2025 – Production costs at Meadowbank were $156.1 million in the fourth quarter of 2025, an increase of 41.1% compared with production costs of $110.6 million in the fourth quarter of 2024, primarily due to higher royalty and mining costs.
Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by the higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for lower production costs combined with fewer ounces of gold produced in the current period.
Full Year 2025 - Production costs at Meadowbank were $552.5 million in 2025, an increase of 19.2% compared with production costs of $463.5 million in 2024, primarily due to higher royalty costs combined with a lower rate of stockpile build - up when compared with the prior year.
Production costs per tonne increased when compared to the prior year primarily due to the same reasons outlined above for higher production costs combined with a lower volume of ore milled in the current year. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for higher production costs combined with fewer ounces of gold produced in the current year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.
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Full Year 2025 – Minesite costs per tonne increased when compared to the prior year due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs per ounce.
Fosterville
Fosterville – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) | | | 177 | | | 158 | | | 726 | | | 810 |
Tonnes of ore milled per day |
| | 1,924 |
| | 1,717 |
| | 1,989 |
| | 2,213 |
Gold grade (g/t) |
| | 6.08 |
| | 7.65 |
| | 7.20 |
| | 8.96 |
Gold production (ounces) |
| | 32,367 |
| | 37,139 |
| | 160,522 |
| | 225,203 |
Production costs per tonne (A$) |
| A$ | 321 |
| A$ | 319 |
| A$ | 310 |
| A$ | 277 |
Minesite costs per tonne (A$) |
| A$ | 335 |
| A$ | 325 |
| A$ | 320 |
| A$ | 276 |
Production costs per ounce | | $ | 1,152 | | $ | 868 | | $ | 912 | | $ | 653 |
Total cash costs per ounce | | $ | 1,202 | | $ | 878 | | $ | 937 | | $ | 647 |
Gold production
Fourth Quarter of 2025 – At Fosterville, gold production decreased by 12.8% to 32,367 ounces in the fourth quarter of 2025 compared with 37,139 ounces in the fourth quarter of 2024, primarily due to lower gold grades as expected under the mine plan, partially offset by higher throughput levels.
Full Year 2025 - Gold production at Fosterville decreased by 28.7% to 160,522 ounces in 2025, compared with 225,203 ounces in 2024, primarily due to lower gold grades in line with the mine plan and lower throughput levels.
Production costs
Fourth Quarter of 2025 – Production costs were $37.3 million in the fourth quarter of 2025, an increase of 15.7% compared with production costs of $32.2 million in the fourth quarter of 2024, primarily due to higher underground development and royalty costs.
Production costs per tonne increased when compared to the prior-year period due to the same factors driving higher overall production costs, partially offset by the benefit of higher ore throughput. Production costs per ounce increased year-over-year as a result of these higher costs combined with fewer ounces of gold produced in the period.
Full Year 2025 - Production costs were $146.4 million in 2025, in line with production costs of $147.0 million during 2024, primarily due to lower mining costs, including underground development, offset by higher royalty costs.
Production costs per tonne increased when compared to the prior year due to the lower volume of ore milled in the current year. Production costs per ounce increased when compared to the prior year due to fewer ounces produced in the year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons outlined above for higher production costs per ounce.
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Kittila
Kittila – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
Tonnes of ore milled (thousands of tonnes) | | | 543 | | | 476 | | | 2,105 | | | 2,026 |
Tonnes of ore milled per day |
| | 5,902 |
| | 5,174 |
| | 5,767 |
| | 5,536 |
Gold grade (g/t) |
| | 3.89 |
| | 4.15 |
| | 3.91 |
| | 4.11 |
Gold production (ounces) |
| | 54,964 |
| | 51,893 |
| | 217,379 |
| | 218,860 |
Production costs per tonne (€) | | € | 101 | | € | 100 | | € | 99 | | € | 103 |
Minesite costs per tonne (€) | | € | 102 | | € | 106 | | € | 100 | | € | 103 |
Production costs per ounce | | $ | 1,157 | | $ | 979 | | $ | 1,087 | | $ | 1,039 |
Total cash costs per ounce | | $ | 1,146 | | $ | 1,026 | | $ | 1,081 | | $ | 1,031 |
Gold production
Fourth Quarter of 2025 – At Kittila, gold production increased by 5.9% to 54,964 ounces in the fourth quarter of 2025, compared with 51,893 ounces in the fourth quarter of 2024, primarily due to higher throughput levels, as a planned 10-day shutdown occurred in the prior year period, partially offset by lower gold grades due to a change in the mining sequence.
Full Year 2025 - Gold production decreased by 0.7% to 217,379 ounces in 2025, compared with 218,860 ounces in 2024 due to lower grades due to a change in the mining sequence, partially offset by higher throughput levels.
Production costs
Fourth Quarter of 2025 – Production costs at Kittila totalled $63.6 million in the fourth quarter of 2025, an increase of 25.2% compared with production costs of $50.8 million in the fourth quarter of 2024. The year-over-year increase was driven by higher mining and milling costs, including the impact of a stronger Euro relative to the US dollar. In addition, higher royalty costs from higher gold prices, and the timing of inventory sales contributed to the higher production costs.
Production costs per tonne were in line with the prior-year period, reflecting the same underlying cost drivers of higher operating costs and royalty expenses while excluding the foreign exchange impact which is not applicable in local currency cost per tonne calculations. This was partially offset by a higher volume of ore milled in the current period. Production costs per ounce also increased when compared to the prior-year period primarily due to the same reasons outlined above for higher production costs, partially offset by more ounces produced in the period.
Full Year 2025 - Production costs at Kittila were $236.2 million in 2025, an increase of 3.9% compared with production costs of $227.3 million in 2024, primarily due to higher mining and milling costs, including the impact of a stronger Euro relative to the US dollar and higher royalty costs reflecting higher average gold prices.
Production costs per tonne decreased when compared to the prior year as the higher volume of ore milled more than offset the impact of higher production costs. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for production costs.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne decreased when compared to the prior-year period due the higher volume of ore milled offsetting the higher mining, milling and royalty costs. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce, partially offset by more ounces produced in the period.
Full Year 2025 – Minesite costs per tonne decreased when compared to the prior year due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons as the higher production costs per ounce.
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Pinos Altos
Pinos Altos – Operating Statistics | | Three Months Ended | | Year Ended | ||||||||
| | December 31, | | December 31, | | December 31, | | December 31, | ||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Tonnes of ore milled (thousands of tonnes) | | | 467 | | | 381 | | | 1,720 | | | 1,707 |
Tonnes of ore milled per day |
| | 5,076 |
| | 4,141 |
| | 4,712 |
| | 4,664 |
Gold grade (g/t) |
| | 1.55 |
| | 1.58 |
| | 1.55 |
| | 1.69 |
Gold production (ounces) |
| | 22,195 |
| | 18,583 |
| | 81,734 |
| | 88,433 |
Production costs per tonne | | $ | 122 | | $ | 119 | | $ | 120 | | $ | 99 |
Minesite costs per tonne | | $ | 130 | | $ | 115 | | $ | 122 | | $ | 99 |
Production costs per ounce | | $ | 2,572 | | $ | 2,435 | | $ | 2,518 | | $ | 1,902 |
Total cash costs per ounce | | $ | 1,977 | | $ | 1,921 | | $ | 2,006 | | $ | 1,530 |
Gold production
Fourth Quarter of 2025 – At Pinos Altos, gold production increased by 19.4% to 22,195 ounces in the fourth quarter of 2025, compared with 18,583 ounces in the fourth quarter of 2024, primarily due to higher throughput levels.
Full Year 2025 - Gold production decreased by 7.6% to 81,734 ounces in 2025, compared with 88,433 ounces in 2024 at Pinos Altos, primarily due to lower gold grades expected under the mining sequence.
Production costs
Fourth Quarter of 2025 – Production costs at Pinos Altos were $57.1 million in the fourth quarter of 2025, an increase of 26.2% compared with production costs of $45.3 million in the fourth quarter of 2024, primarily due to higher underground mining and royalty costs.
Production costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for higher production costs in the current period, partially offset by the higher volume of ore tonnes milled. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs in the current period, partially offset by more ounces of gold produced in the current period.
Full Year 2025 - Production costs at Pinos Altos were $205.8 million in 2025, an increase of 22.3% compared with production costs of $168.2 million in 2024, primarily due to higher underground mining and royalty costs, partially offset by lower milling costs.
Production costs per tonne increased when compared to the prior year primarily due to the same reasons outlined above for the higher production cost, partially offset by the higher volume of ore tonnes milled. Production costs per ounce increased when compared to the prior year due to the same reasons outlined above for the higher production costs and fewer ounces of gold produced in the year.
Minesite costs per tonne and total cash costs per ounce
Fourth Quarter of 2025 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce.
Full Year 2025 – Minesite costs per tonne increased when compared to the prior year due to the same reasons as the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior year due to the same reasons as the higher production costs per ounce.
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Fourth Quarter 2025 vs. Fourth Quarter 2024
Revenues from mining operations, net of selling costs, increased by $1,340.3 million to $3,564.0 million in the fourth quarter of 2025 compared with $2,223.7 million in the fourth quarter of 2024, primarily due to a 56.5% increase in the average realized price of gold.
Production costs increased by $197.6 million to $944.4 million in the fourth quarter of 2025 compared with production costs of $746.9 million in the fourth quarter of 2024, primarily due to higher royalty costs. A detailed discussion of production costs and cost metrics by mine is provided in the “Minesite Discussion” section above.
Amortization of property, plant and mine development increased by $33.4 million to $421.6 million in the fourth quarter of 2025 compared with $388.2 million in the fourth quarter of 2024, primarily due to higher amortization incurred at Meliadine, Meadowbank, and Kittila, partially offset by lower amortization at Macassa.
Net income of $1,523.1 million was recorded in the fourth quarter of 2025 after income and mining taxes expense of $794.1 million compared with net income of $509.3 million in the fourth quarter of 2024 after income and mining taxes expense of $273.3 million. The increase in net income was primarily due to higher operating margin between periods.
Cash provided by operating activities increased by $979.7 million to $2,111.5 million in the fourth quarter of 2025 compared with $1,131.8 million in the fourth quarter of 2024. The increase in cash provided by operating activities is primarily due to higher operating margins and more favourable movements in working capital between periods.
Fourth Quarter 2025 vs. Third Quarter 2025
Revenues from mining operations, net of selling costs, increased by $504.4 million to $3,564.0 million in the fourth quarter of 2025 compared with $3,059.5 million in the third quarter of 2025, primarily due to a 19.8% increase in the average realized price of gold and an increase in gold sales volume between periods at Meliadine and LaRonde, partially offset by a decrease in gold sales volumes at Macassa, Meadowbank, and Detour Lake.
Production costs increased by $105.1 million to $944.4 million in the fourth quarter of 2025 compared with production costs of $839.3 million in the third quarter of 2025, primarily due to higher production costs at LaRonde, Meliadine, and Macassa and the increase in royalty costs from higher gold prices.
Exploration and corporate development expenses decreased by $6.5 million to $53.1 million in the fourth quarter of 2025 compared with $59.6 million in the third quarter of 2025. The decrease in exploration and corporate development expenses between periods is primarily due to lower expenses at Hope Bay.
Amortization of property, plant and mine development decreased by $8.4 million to $421.6 million in the fourth quarter of 2025 compared with amortization of property, plant and mine development of $429.9 million in the third quarter of 2025, primarily due to lower costs in Meadowbank, Detour Lake, Fosterville and Canadian Malartic, partially offset by higher costs in Meliadine and Macassa.
Net income of $1,523.1 million was recorded in the fourth quarter of 2025 after income and mining taxes expense of $794.1 million compared with net income of $1,055.0 million in the third quarter of 2025 after income and mining taxes expense of $520.6 million. The increase in net income was primarily due to higher operating margin between periods and a reversal, in the current period, of an impairment loss recorded at Macassa in the fourth quarter of 2023.
Cash provided by operating activities increased by $295.6 million to $2,111.5 million in the fourth quarter of 2025 compared with $1,815.9 million in the third quarter of 2025 primarily due to the same reasons for the increase in cash provided by operating activities between the fourth quarter of 2025 and the fourth quarter of 2024.
For the Company’s detailed 2025 and 2024 quarterly financial and operating results see “Summarized Quarterly Data” in this MD&A.
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Outlook
The following section contains ”forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. See “Note to Investors Concerning Forward-Looking Information” in this MD&A for a discussion of assumptions and risks relating to such statements.
2025 Results Comparison to 2025 Outlook
Gold Production and Costs
Payable gold production for the full year 2025 was 3,447,367 ounces, above the midpoint of the year’s guidance range of between 3,300,000 and 3,500,000 ounces. Total cash costs per ounce on a by-product basis for the full year 2025 was $979, above the year’s guidance range of between $915 to $965, mainly due to higher royalty costs from higher gold prices.
Capital Expenditures and All-In Sustaining Costs per Ounce
Total capital expenditures (including sustaining capital, development capital and capitalized exploration) for the full year 2025 were $2,391.4 million, above the higher end of the previous guidance range between $2,040.0 million and $2,260.0 million, mainly due to the acceleration of capital projects expenditures associated with Detour Lake, Hope Bay, Canadian Malartic and Upper Beaver.
All-in sustaining costs per ounce on a by-product basis for the full year 2025 were $1,339, which was above the previous guidance range of between $1,250 and $1,300, the increase in AISC is mainly attributed to the higher royalty costs from higher gold prices and higher sustaining capital expenditures at Detour and Meadowbank.
Exploration and Corporate Development Expense
Previous guidance for exploration and corporate development expense was between $215.0 million and $235.0 million. Exploration and corporate development expense for the full year 2025 was $206.7 million, $8.3 million lower than the previous guidance range, mainly due to lower drilling unit costs and lower expenses in Mexico.
Amortization of Property, Plant and Mine Development
Amortization of property, plant and mine development expense for the full year 2025 was $1,645.3 million, which was close to the midpoint of the previous guidance range of between $1.55 and $1.75 billion.
General and Administrative Expense
General and administrative expenses for the full year 2025 were $235.9 million which was higher than the range in previous guidance of between $190 and $210 million, primarily due to the revaluation of stock-based compensation resulting from an increase in the Company’s share price during 2025.
2026 to 2027 Outlook Production Update
Payable gold production is forecast to be between 3.3 million and 3.5 million ounces in 2026, 2027 and 2028, consistent with gold production in 2025, unchanged from prior production forecast for 2026 and 2027.
Operations Outlook
LaRonde
In 2025, LaRonde produced 344,555 ounces of gold at total cash costs per ounce of $829. In 2026, the Company expects production at LaRonde to be between 330,000 and 350,000 ounces at total cash costs per ounce of approximately $919.
Mining at the LaRonde mine extends below three kilometres from surface where the in-situ stress contributes to influence the ground conditions surrounding the excavations. Seismicity is a significant aspect of the operation, and a team of rock mechanics experts has
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been engaged to attempt to manage the seismic related challenges. To help address the seismicity risk, the Company uses mitigation measures including non-entry protocols, dynamic ground support and, increasingly, remote operation from surface.
The Company has also changed the mining sequence to attempt to reduce the stress levels on the secondary stopes, reduce seismic risk and promote sustainability of the operation in the long run. The mine has also transitioned to “pillarless” mining and adjusted development plans to address seismicity issues within the mine. Pillarless mining, combined with adjusted development plans, results in a longer cycle time to extract stopes, resulting in a reduced mining rate.
The Company has integrated new sources of ore to the LaRonde production profile, including the Fringe, Dumagami and 11-3 zones, and has adjusted the mining rate in the deep mine. These new zones enhance mine production flexibility, which helps manage the effects of seismicity at depth.
The Company completed modifications to the LZ5 processing facility at LaRonde to accommodate the Amalgamated Kirkland (“AK”) ore in 2025. An amendment to the processing facility permit to process AK ore is expected to be received in the first quarter of 2026, with trucking and processing at LaRonde now planned to begin in the second quarter of 2026.
LaRonde has planned a shutdown of 10 days in the second quarter of 2026 in order to replace the liners at the SAG mill, overall maintenance of the drystack filtration plant and flotation circuit. LaRonde also has planned four-day shutdowns in the first, third and fourth quarter of 2026 for regular maintenance.
Canadian Malartic
In 2025, Canadian Malartic produced 642,612 ounces of gold at total cash costs per ounce of $946. In 2026, the Company expects production at Canadian Malartic to be between 575,000 and 605,000 ounces at total cash costs per ounce of approximately $1,187.
At Odyssey, mine development continues to progress and the focus remains on preparing East Gouldie for the start of truck‑based production in the first quarter of 2026, development of the production levels for the first mining area has been completed, with workings now accessing East Gouldie mineralization.
Construction of key surface infrastructure is progressing on schedule with delivery of the production hoist expected in the second quarter of 2026. Construction on phase two of the paste plant (designed for a 20,000 tpd capacity) is expected to be completed in 2027.
For 2026, production is expected to be sourced from the Barnat pit and increasingly supplemented by ore from Odyssey and low-grade stockpiles. Odyssey is expected to contribute approximately 120,000 ounces of gold in 2026 as mining activities accelerate.
In 2026, Canadian Malartic has planned four-day quarterly shutdowns for the regular maintenance at the mill.
Goldex
In 2025, Goldex produced 125,501 ounces of gold at cash costs per ounce of $1,002. In 2026, the Company expects to produce between 115,000 and 125,000 ounces at total cash costs per ounce of approximately $1,054.
Akasaba West contributed approximately 2,350 tpd of throughput in 2025 and in 2026 the Company expects Akasaba West to produce approximately 18,000 ounces of gold and 3,000 tonnes of copper.
In 2026, Goldex has planned quarterly shutdowns of two to three days for the regular maintenance at the mill.
Meliadine
In 2025, Meliadine produced 376,346 ounces of gold at total cash costs per ounce of $1,067. In 2026, the Company expects production at Meliadine to be between 380,000 and 400,000 ounces at total cash costs per ounce of approximately $1,047.
The Company continues to advance mill optimization at Meliadine, achieving a throughput of 6,441 tpd in 2025, exceeding the annual 6,250 tpd target.
Meliadine has scheduled quarterly shutdowns lasting four to five days for regular mill maintenance.
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Meadowbank
In 2025, Meadowbank produced 493,314 ounces of gold at total cash costs per ounce of $1,110 and total cash costs per ounce (revised) of $928. In 2026, the Company expects production at Meadowbank to be between 475,000 and 495,000 ounces at total cash costs per ounce (revised) of approximately $930.
The Company has approved a push-back at the open pit, resulting in the extension of anticipated mine life by two years to 2030.
The Company continues to account for the caribou migration in its production plan as this migration can affect the ability to move materials on the road between Amaruq and the Meadowbank minesite and between the Meadowbank minesite and Baker Lake. Meadowbank has scheduled two major shutdowns in the second and fourth quarters of 2026, each lasting five days, to replace the SAG and ball mill liners and complete other regular mill maintenance.
Kittila
In 2025, Kittila produced 217,379 ounces of gold at cash costs per ounce of $1,081. In 2026, the Company expects to produce between 210,000 and 230,000 ounces at total cash costs per ounce of approximately $1,267.
Kittila has planned major shutdowns in the first and fourth quarter of 2026 lasting 9 days and 15 days, respectively, for regular maintenance on the mill and autoclave and a five-day water treatment plant shutdown in the third quarter of 2026.
Detour Lake
In 2025, Detour Lake produced 692,675 ounces of gold at cash costs per ounce of $879. In 2026, the Company expects production at Detour Lake to be between 700,000 and 730,000 ounces at total cash costs per ounce of approximately $921.
Detour Lake has scheduled three major shutdowns, each lasting seven days, for regular mill maintenance in the first, second and fourth quarters of 2026.
Macassa
In 2025, Macassa produced 312,729 ounces of gold at cash costs per ounce of $793. In 2026, the Company expects production at Macassa to be between 305,000 and 325,000 ounces at total cash costs per ounce of approximately $1,079.
Macassa remains on track to ramp up mill capacity to 2,040 tpd by the end of 2026, compared to a mill throughput of 1,570 tpd in 2025. The Company expects a contribution of approximately 45,000 ounces of gold from the AK deposit in 2026, which will be processed at the LZ5 processing facility at LaRonde. See above discussion under “- LaRonde”.
Macassa has scheduled a major shutdown of five days in the third quarter of 2026, for replacement of the primary grinding mill liner, the annual overhaul of the crusher and other regular mill maintenance.
Fosterville
In 2025, Fosterville produced 160,522 ounces of gold at cash costs per ounce of $937. In 2026, the Company expects production at Fosterville to be between 140,000 and 160,000 ounces at total cash costs per ounce of approximately $1,374.
As gold grades continue to decline with the depletion of the high-grade Swan zone, the Company has advanced a plan to increase the mining and milling rate by approximately 65% to 3,300 tpd and reducing costs per tonne by approximately 20% over the next three years when compared to 2025.
Fosterville has scheduled five-day quarterly shutdowns for regular mill maintenance in 2026.
Pinos Altos
In 2025, Pinos Altos produced 81,734 ounces of gold at total cash costs per ounce of $2,006. In 2026, the Company expects production at Pinos Altos to be between 70,000 and 80,000 ounces at total cash costs per ounce of approximately $2,092.
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Revenue from Mining Operations and Production Costs
In 2026, the Company expects to continue to generate solid cash flow with payable production between 3,300,000 and 3,500,000 ounces of gold which is comparable with 3,447,367 ounces in 2025.
In 2026, the Company expects total cash costs per ounce on a by-product basis to be between $1,020 and $1,120. As production costs at LaRonde, Canadian Malartic, Goldex, Detour Lake, Macassa, Meliadine and Meadowbank mines are incurred primarily in Canadian dollars, production costs at Fosterville are incurred primarily in Australian dollars, production costs at Kittila are incurred primarily in Euros, and a portion of the production costs at Pinos Altos are incurred in Mexican pesos, the US dollar/Canadian dollar, US dollar/Australian dollar, US dollar/Euro, and US dollar/Mexican peso exchange rates also affect the Company’s expectations for the total cash costs per ounce both on a by-product and co-product basis.
The table below sets out the diesel price and relevant exchange rate assumptions used in deriving the expected 2026 total cash costs per ounce on a by-product basis as well as the actual market average closing prices for each variable for the period of January 1, 2026 through January 31, 2026:
| | | | | Actual | |
| | | | | Market Average | |
| | 2026 | | (January 1, 2026 - | ||
| | Assumptions | | January 31, 2026) | ||
Diesel ($ per litre) | | $ | 0.78 | | $ | 0.77 |
C$/US$ exchange rate (C$) | | $ | 1.36 | | $ | 1.38 |
Exploration and Corporate Development Expenditures
In 2026, Agnico Eagle expects to incur exploration and corporate development expenses of between $275.0 million and $305.0 million compared with $206.7 million in 2025.
The Company’s objective is to build on recent exploration success and identify additional mineral resources and convert mineral resources into mineral reserves. This is part of the strategy to develop the full potential of existing operations and key projects in the Company’s pipeline.
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 Detour Lake’s underground project and the East Gouldie zone of Canadian Malartic, and exploration targets at Hope Bay.
Amortization of Property, Plant and Mine Development
Amortization of property, plant and mine development expense is expected to be between $1.55 billion and $1.75 billion in 2026 compared with $1.65 billion in 2025.
Other Expenses
General and administrative expenses are expected to be between $230.0 million and $260.0 million in 2026 compared with $235.9 million in 2025, including share-based compensation, which is expected to be between $65.0 million and $75.0 million.
The company also expects to incur other costs that can range between $75.0 million and $95.0 million, which includes between $35.0 million to $45.0 million related to site maintenance costs primarily at Hope Bay, and Northern Territory in Australia and between $40.0 million to $50.0 million related to remediation expenses and other miscellaneous costs.
Tax Rates
For 2026, the Company expects its effective tax rates to be between 35% to 40% in Canada, 35% to 40% in Mexico, 30% in Australia and 20% in Finland. The Company’s overall effective tax rate is expected to be approximately 34% to 36% for the full year 2026.
Capital Expenditures
Capital expenditures, including sustaining capital, construction and development costs and capitalized exploration costs, are expected to total approximately $2,595.0 million in 2026. The Company expects to fund its 2026 capital expenditures through operating cash
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flow from the sale of its gold production. Significant components of the expected 2026 capital expenditures program include the following:
| ● | $992.8 million in sustaining capital expenditures(i) relating to Detour Lake ($304.5 million), Meliadine ($106.2 million), LaRonde ($103.0 million), Canadian Malartic ($92.9 million), Kittila ($84.3 million), Fosterville ($77.0 million), Meadowbank ($69.5 million), Macassa ($57.1 million), Pinos Altos ($44.6 million), Goldex ($36.3 million), and other regional areas ($17.4 million); |
| ● | $1,602.2 million in development capital expenditures(i) relating to Canadian Malartic ($367.0 million), Detour Lake ($322.5 million), Macassa ($170.3 million), Meliadine ($95.2 million), Meadowbank ($87.0 million), LaRonde ($68.6 million), Fosterville ($45.8 million), Goldex ($36.2 million), Pinos Altos ($8.3 million), Kittila ($7.7 million) and other projects, including Detour Lake underground project ($132.5 million), Hope Bay ($123.7 million), Upper Beaver ($118.1 million), San Nicolás ($17.4 million), and other regional areas ($1.9 million); |
| ● | Capitalized exploration expenditures, included in the figures above, are expected to be $310.0 million in 2026. |
The Company continues to examine other possible corporate development opportunities which may result in the acquisition of companies or assets using the Company’s securities, cash or a combination thereof. If cash is used to fund acquisitions, Agnico Eagle may be required to issue debt or securities to satisfy cash payment requirements.
All-in Sustaining Costs per Ounce
Agnico Eagle’s all-in sustaining costs per ounce on a by-product basis are expected to be between $1,400 and $1,550 in 2026 compared with all-in sustaining costs per ounce on a by-product basis (revised) $1,313 in 2025.
Risk Profile
The Company is subject to significant risks due to the inherent nature of the business of exploration, development and mining of properties with precious metals. The risks described below are not the only ones facing the Company. The risk factors below may include details of how the Company seeks to mitigate these risks where possible. For a more comprehensive discussion of these inherent risks, see “Risk Factors” in the Company’s most recent AIF on file with the Canadian provincial securities regulatory authorities and included in the Company’s most recent Form 40-F on file with the SEC, respectively.
Financial Instruments
The Company’s principal financial liabilities are comprised of accounts payable and accrued liabilities, long-term debt and derivative financial instruments. The Company uses these financial instruments to manage its cash flows which are used to support ongoing operations and future growth.
The Company’s principal financial assets are comprised of cash and cash equivalents, trade receivables, equity securities and derivative financial instruments, including share purchase warrants. Cash and cash equivalents and trade receivables are generated by the Company’s operations. Equity securities and share purchase warrants are generally strategic investments made in other mining companies.
Note:
(i) | Sustaining capital expenditures and development capital expenditures are not standardized financial measures under IFRS Accounting Standards. For a reconciliation to total capital expenditures and a discussion of the composition and usefulness of these non-GAAP measures, see “Non-GAAP Financial Performance Measures” below. |
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Using financial instruments exposes the Company to a variety of financial risks: credit risk, liquidity risk and market risk (including interest rate risk, commodity price risk and foreign currency risk, as discussed below).
Credit risk is the risk that the counterparties to financial contracts will fail to perform on an obligation to the Company. Credit risk is partially mitigated by dealing with what the Company believes to be high quality counterparties such as major banks and limiting concentration risk.
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company attempts to mitigate liquidity risk primarily by monitoring its debt rating and the maturity dates of existing debt and other payables.
Market risk is the risk that changes in market factors, such as interest rates, listed equity prices, commodity prices and foreign exchange rates, will affect the value of Agnico Eagle’s financial instruments.
The following table sets out a summary of the Company’s financial instruments(i) as at December 31, 2025:
Financial Instrument | | Carrying Value | | Associated Risks | |
Cash and cash equivalents | | $ | 2,866,053 |
| Credit, Market |
Short-term investments | | $ | 8,856 |
| Credit, Market |
Loans receivable | | $ | 9,203 |
| Credit, Market |
Equity securities | | $ | 1,423,499 |
| Liquidity, Market |
Share purchase warrants | | $ | 84,753 |
| Liquidity, Market |
Fair value of derivative financial instruments | | $ | 34,428 |
| Credit, Market |
Accounts payable and accrued liabilities | | $ | (1,033,444) |
| Liquidity, Market |
Fair value of derivative financial instruments | | $ | (5,676) |
| Liquidity, Market |
Long-term debt | | $ | (196,271) |
| Liquidity, Market |
Lease obligations | | $ | (125,199) |
| Liquidity, Market |
Note:
| (i) | See Notes 6 and 20 in the consolidated financial statements for details on the Company’s financial instruments, fair value measurements and financial risk management. |
Interest Rates
The Company’s current exposure to market risk for changes in interest rates relates primarily to drawdowns on its credit facilities, its cash and cash equivalents and its short-term investments. Drawdowns on the credit facilities are used primarily to fund a portion of the capital expenditures related to the Company’s development projects and working capital requirements. As at December 31, 2025, there were no amounts outstanding on the Company’s credit facility. In addition, the Company invests its cash in investments with short maturities or with frequent interest reset terms and a credit rating of R-1 or better. As a result, the Company’s interest income fluctuates with short-term market conditions. As at December 31, 2025, short-term investments were $8.9 million.
Amounts drawn under the credit facility are subject to floating interest rates based on SOFR and CORRA benchmark rates. In the past, the Company has entered into derivative instruments to hedge against unfavourable changes in interest rates. The Company monitors its interest rate exposure and may enter into such agreements to manage its exposure to fluctuating interest rates.
Commodity Prices and Foreign Currencies
Agnico Eagle’s net income is sensitive to metal prices and the US dollar/Canadian dollar, US dollar/Australian dollar, US dollar/Euro and US dollar/Mexican peso exchange rates.
Changes in the market price of gold may be attributed to numerous factors such as demand, global mine production levels, central bank purchases and sales and investor sentiment. Changes in the market prices of other metals may be attributed to factors such as demand and global mine production levels. Changes in the market price of diesel may be attributed to factors such as supply and demand. Changes in exchange rates may be attributed to factors such as supply and demand for currencies and economic conditions in each country or currency area. In 2025, the ranges of metal prices, diesel prices and exchange rates were as follows:
| ● | Gold: $2,633 – $4,449 per ounce, averaging $3,432 per ounce; |
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| ● | Silver: $29.41 – $74.84 per ounce, averaging $40.03 per ounce; |
| ● | Diesel: $0.66 – $0.85 per litre, averaging $0.74 per litre; |
| ● | US dollar/Canadian dollar: C$1.36 – C$1.46 per $1.00, averaging C$1.40 per $1.00; |
| ● | US dollar/Australian dollar: A$1.53 – A$1.67 per $1.00, averaging A$1.55 per $1.00; |
| ● | US dollar/Euro: €0.84 - €0.98 per $1.00, averaging €0.89 per $1.00; and |
| ● | US dollar/Mexican peso: 17.90 – 20.85 Mexican pesos per $1.00, averaging 19.23 Mexican pesos per $1.00. |
The Company has a long-standing policy of no forward gold sales. To attempt to mitigate the impact of fluctuating by-product metal prices, the Company may occasionally enters into derivative financial instrument contracts under its Board-approved Risk Management Policies and Procedures. The Company’s policy does not allow speculative trading.
The Company receives payment for all of its metal sales in US dollars and pays most of its operating and capital costs in Canadian dollars, Australian dollars, Euros, or Mexican pesos. This gives rise to significant currency risk exposure. The Company enters into currency hedging transactions under its Board-approved Foreign Exchange Risk Management Policies and Procedures to hedge part of its foreign currency exposure. The policy does not permit the hedging of translation exposure (that is, the gains and losses that arise from the accounting translation into US dollars of assets and liabilities denominated in other currencies), as it does not give rise to cash exposure. The Company’s foreign currency derivative financial instrument strategy includes the use of purchased puts, written calls, collars and forwards that are not held for speculative purposes. As at December 31, 2025, there were foreign exchange derivatives outstanding related to $4,458.4 million of 2026 and 2027 expenditures (December 31, 2024 - $4,006.5 million). During the year ended December 31, 2025 the Company recognized a gain of $112.2 million on foreign exchange derivatives in the gain (loss) on derivative financial instruments line item of the consolidated statements of income (2024 - loss of $174.2 million).
Cost Inputs
The Company considers, and may enter into, risk management strategies to mitigate price risk on certain consumables, including diesel fuel. These strategies may include longer term purchasing contracts and financial and derivative instruments. As at December 31, 2025, there were derivative financial instruments outstanding relating to 16.0 million gallons of heating oil (December 31, 2024 - 28.0 million). During the year ended December 31, 2025 the Company recognized a loss of $0.4 million on heating oil derivatives in the (gain) loss on derivative financial instruments line item of the consolidated statements of income (2024 - loss of $3.7 million).
Operational Risk
Detour Lake, Canadian Malartic and Meadowbank were the Company’s most significant contributors in 2025 to the Company’s payable production of gold at 20%, 19% and 14%, respectively, and are expected to account for a significant portion of the Company’s payable production of gold in the future.
Mining is a complex and unpredictable business and, therefore, actual payable production of gold ounces may differ from expectations. Adverse conditions affecting mining or milling may have a material adverse impact on the Company’s financial performance and results of operations. The Company anticipates using revenue generated by its operations to finance the capital expenditures required at its mine projects.
Regulatory Risk
The Company’s mining and mineral processing operations, exploration activities and properties are subject to the laws and regulations of federal, provincial, state and local governments in the jurisdictions in which the Company operates. These laws and regulations are extensive and govern prospecting, exploration, development, production, exports, taxes, labour standards, occupational health and safety, waste disposal, tailings management, toxic substances, environmental protection, greenhouse gases, mine safety, reporting of payments to governments and other matters. Compliance with such laws and regulations increases the costs of planning, designing, drilling, developing, constructing, operating, managing, closing, reclaiming and rehabilitating mines and other facilities. New laws or regulations, amendments to current laws and regulations governing operations and activities on mining properties or more stringent implementation or interpretation thereof could have a material adverse effect on the Company, increase costs, cause a reduction in levels of production and delay or prevent the development of new mining properties. Regulatory enforcement, in the form of compliance or
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infraction notices, has occurred at some of the Company’s mines and, while the current risks related to such enforcement are not expected to be material, the risk of material fines or corrective action cannot be ruled out in the future.
Controls Evaluation
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DC&P”).
ICFR is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. Management has used the Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in order to assess the effectiveness of the Company’s ICFR.
DC&P form a broader framework designed to provide reasonable assurance that information required to be disclosed by the Company in its annual and interim filings and other reports filed under securities legislation is recorded, processed, summarized and reported within the time frame specified in securities legislation and includes controls and procedures designed to ensure that information required to be disclosed by the Company in its annual and interim filings and other reports submitted under securities legislation is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.
Together, the ICFR and DC&P frameworks provide internal control over financial reporting and disclosure. The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information which is required to be disclosed in the Company’s annual and interim filings and other reports filed under securities legislation is accumulated and communicated in a timely fashion. Due to their inherent limitations, the Company acknowledges that, no matter how well designed, ICFR and DC&P can provide only reasonable assurance of achieving the desired control objectives and as such may not prevent or detect all misstatements. Further, the effectiveness of ICFR is subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may change.
There have been no material changes in our internal controls during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
The Company’s management, under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of its ICFR and DC&P as at December 31, 2025. Based on this evaluation, management concluded that the Company’s ICFR and DC&P were effective as at December 31, 2025.
Outstanding Securities
The following table sets out the maximum number of common shares that would be outstanding if all dilutive instruments outstanding at January 30, 2026 were exercised:
Common shares outstanding | | 501,029,605 |
Employee stock options |
| 1,588,534 |
Common shares held in a trust in connection with the Restricted Share Unit plan, Performance Share Unit plan and Long Term Incentive Plan |
| 809,594 |
Total |
| 503,427,733 |
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IFRS Accounting Standards Critical Accounting Policies and Accounting Estimates
The Company’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”) as issued by the International Accounting Standards Board. Agnico Eagle’s material accounting policies, including a summary of current and future changes in accounting policies, are disclosed in Note 3 in the consolidated financial statements.
The preparation of the consolidated financial statements in accordance with IFRS Accounting Standards requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Critical accounting estimates have a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions. In making judgments about the carrying value of assets and liabilities, the Company uses estimates based on historical experience and assumptions that are considered reasonable in the circumstances. Although the Company evaluates its accounting estimates on an ongoing basis using the most current information available, actual results may differ from these estimates. The critical judgments and key sources of estimation uncertainties in the application of accounting policies during the year ended December 31, 2025 are disclosed in Note 4 to the consolidated financial statements.
Management has discussed the development and selection of critical accounting policies and estimates with the Audit Committee which has reviewed the Company’s disclosure included or incorporated by reference in this MD&A.
Mineral Reserve Data
The scientific and technical information contained in this MD&A relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a “Qualified Person” for the purposes of NI 43-101.
The assumptions used for the mineral reserve estimates at all mines and advanced projects held by Agnico Eagle on December 31, 2025 are $1,600 per ounce of gold, $24.00 per ounce of silver, $3.80 per pound of copper and $1.20 per pound of zinc, except for $1,500 per ounce of gold used for the Detour Lake open pit, $1,350 per ounce of gold for Hammond Reef project; $1,650 per ounce of gold used for Wasamac and Marban, $2,000 per ounce used for Amaruq; $1,450 per ounce of gold used for Upper Beaver; $2,000 per ounce of gold used for Pinos Altos; and US$1,300 per ounce of gold used for San Nicolás. Foreign exchange rates assumptions of C$1.34 per US$1.00, A$1.52 per US$1.00, €0.91 per US$1.00, and 18.00 Mexican pesos per US$1.00 were used for all mines and projects, except for C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground and Hammond Reef.
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The following table sets out the proven and probable gold mineral reserves for properties held by Agnico Eagle as of December 31, 2025:
| | | | Gold Grade | | Contained |
| | | | (Grams per | | Gold |
Proven and Probable Mineral Reserves by Property(i)(ii) | | Tonnes | | Tonne) | | (Ounces)(iii) |
|
| (thousands) | | |
| (thousands) |
Proven Mineral Reserves |
| |
| |
| |
LaRonde mine |
| 2,469 |
| 4.65 |
| 369 |
LZ5 |
| 6,405 |
| 2.02 |
| 415 |
LaRonde |
| 8,874 |
| 2.75 |
| 784 |
Canadian Malartic mine | | 36,896 | | 0.50 | | 597 |
Odyssey mine | | 29 | | 2.37 | | 2 |
Canadian Malartic |
| 36,925 |
| 0.50 |
| 599 |
Goldex mine |
| 6,255 |
| 1.48 |
| 298 |
Akasaba West |
| 969 |
| 0.82 |
| 26 |
Goldex |
| 7,225 |
| 1.39 |
| 324 |
Detour Lake |
| 120,371 |
| 0.78 |
| 3,035 |
Macassa |
| 742 |
| 9.36 |
| 223 |
Meadowbank |
| 8,129 |
| 1.29 |
| 338 |
Meliadine |
| 4,104 |
| 5.74 |
| 757 |
Hope Bay |
| 93 |
| 6.77 |
| 20 |
Fosterville |
| 887 |
| 5.41 |
| 154 |
Kittila |
| 931 |
| 4.66 |
| 140 |
Pinos Altos |
| 659 |
| 2.00 |
| 42 |
San Nicolás (50%) |
| 23,858 |
| 0.41 |
| 314 |
Total Proven Mineral Reserves |
| 212,796 |
| 0.98 |
| 6,731 |
Probable Mineral Reserves |
| |
| |
| |
LaRonde mine |
| 8,158 |
| 6.06 |
| 1,590 |
LZ5 |
| 6,800 |
| 2.17 |
| 474 |
LaRonde |
| 14,959 |
| 4.29 |
| 2,064 |
Canadian Malartic mine | | 21,697 | | 1.22 | | 852 |
Marban deposit | | 51,618 | | 0.95 | | 1,577 |
Odyssey mine | | 4,758 | | 2.12 | | 325 |
East Goldie deposit | | 54,943 | | 3.23 | | 5,699 |
Canadian Malartic |
| 133,016 |
| 1.98 |
| 8,453 |
Goldex mine |
| 9,065 |
| 1.68 |
| 488 |
Akasaba West |
| 2,807 |
| 0.96 |
| 86 |
Goldex |
| 11,872 |
| 1.51 |
| 575 |
Detour Lake |
| 677,690 |
| 0.71 |
| 15,540 |
Macassa |
| 8,068 |
| 7.62 |
| 1,976 |
Wasamac |
| 14,757 |
| 2.90 |
| 1,377 |
Upper Beaver |
| 23,181 |
| 3.71 |
| 2,768 |
Hammond Reef |
| 123,473 |
| 0.84 |
| 3,323 |
Meadowbank |
| 9,585 |
| 3.62 |
| 1,116 |
Meliadine |
| 17,971 |
| 4.96 |
| 2,864 |
Hope Bay |
| 16,086 |
| 6.53 |
| 3,376 |
Fosterville |
| 9,516 |
| 4.95 |
| 1,516 |
Kittila |
| 23,818 |
| 4.15 |
| 3,179 |
Pinos Altos |
| 4,003 |
| 1.76 |
| 227 |
San Nicolás (50%) |
| 28,761 |
| 0.39 |
| 358 |
Total Probable Mineral Reserves |
| 1,116,755 |
| 1.36 |
| 48,711 |
Total Proven and Probable Mineral Reserves |
| 1,329,551 |
| 1.30 |
| 55,442 |
Notes:
| (i) | Amounts presented in this table have been rounded to the nearest thousand and therefore totals may differ slightly from the sum of the individual entities. |
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| (ii) | Complete information on the verification procedures, quality assurance program, quality control procedures, parameters and methods and other factors that may materially affect scientific and technical information presented in this MD&A and definitions of certain terms used herein may be found in: the AIF under the heading “Information on Mineral Reserves and Mineral Resources of the Company”; the Technical Report on the 2022 LaRonde Mineral Resource & Mineral Reserve Estimate filed with Canadian securities regulatory authorities on SEDAR+ on March 23, 2022; the Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold Complex including the Amaruq satellite deposit, Nunavut, Canada as at December 31, 2017 filed with Canadian securities regulatory authorities on SEDAR+ on February 14, 2018; the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada dated February 11, 2015 filed with Canadian securities regulatory authorities on SEDAR+ on March 12, 2015; the Technical Report on the Mineral Resource and Mineral Reserve Estimates for the Canadian Malartic property in Quebec, Canada with an effective date of December 31, 2020 filed with the Canadian securities regulatory authorities on SEDAR+ on March 25, 2021; the Technical Report on the Mineral Resource and Mineral Reserve Estimates for the LaRonde Complex in Quebec, Canada with an effective date of December 31, 2022 filed with the Canadian securities regulatory authorities on SEDAR+ on March 24, 2023; the Technical Report on the Mineral Resource and Mineral Reserve Estimates for the Detour Lake Operation in Ontario, Canada as at March 31, 2024 filed with Canadian securities regulatory authorities on September 20, 2024; and the Technical Report on the Mineral Resource and Mineral Reserve Estimates for the Fosterville Gold Mine in the State of Victoria, Australia as at December 31, 2018 filed on April 1, 2019. |
| (iii) | Total contained gold ounces does not include equivalent gold ounces for the by-product metals contained in the mineral reserves. |
Non-GAAP Financial Performance Measures
This MD&A discloses certain financial performance measures, including adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, free cash flow, free cash flow before changes in working capital, total cash costs per ounce (on both a by-product and co-product basis), minesite costs per tonne, all-in sustaining costs per ounce (on both a by-product and co-product basis), operating margin, sustaining capital expenditures, development capital expenditures, sustaining capitalized exploration, development capitalized exploration, that are not recognized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS Accounting Standards.
Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income takes the net income as recorded in the consolidated statements of income and adjusts for the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation charges, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments, self-insurance losses, sale of non-strategic properties, multi-year donations, and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding on a basic and diluted basis.
The Company believes that these generally accepted industry measures are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company’s continuing income generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
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The following table sets out the calculation of adjusted net income and adjusted net income per share for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | Year Ended December 31, | |||||||
| | 2025 | | 2024 | | 2023 | |||
(thousands of United States dollars) |
| | | | | | | | |
Net income for the year - basic | | $ | 4,461,461 | | $ | 1,895,581 | | $ | 1,941,307 |
Dilutive impact of cash settling LTIP | |
| — | |
| — | |
| (4,736) |
Net income for the year - diluted | |
| 4,461,461 | |
| 1,895,581 | |
| 1,936,571 |
Foreign currency translation (gain) loss | |
| (25,654) | |
| 9,383 | |
| (328) |
(Gain) loss on derivative financial instruments | |
| (223,960) | |
| 155,819 | |
| (68,432) |
Impairment reversal | |
| (229,000) | |
| — | |
| — |
Impairment loss | |
| 10,554 | |
| — | |
| 787,000 |
Environmental remediation | |
| 43,239 | |
| 14,719 | |
| 2,712 |
Severance and transaction costs related to acquisitions | |
| — | |
| — | |
| 21,503 |
Purchase price allocation to inventory(i) | |
| (9,221) | |
| (5,771) | |
| 26,477 |
Debt extinguishment costs | |
| 8,245 | |
| — | |
| — |
Loss on sale of equity securities | |
| 40,175 | |
| — | |
| — |
Revaluation gain on Yamana Transaction | |
| — | |
| — | |
| (1,543,414) |
Net loss on disposal of property, plant and equipment | |
| 41,219 | |
| 37,669 | |
| 26,759 |
Other(ii) | |
| 2,077 | |
| 19,555 | |
| 3,262 |
Income and mining taxes adjustments(iii) | |
| 50,034 | |
| (9,183) | |
| (100,910) |
Adjusted net income for the year - basic | | $ | 4,169,169 | | $ | 2,117,772 | | $ | 1,095,936 |
Adjusted net income for the year - diluted | | $ | 4,169,169 | | $ | 2,117,772 | | $ | 1,091,200 |
Net income per share - basic | | $ | 8.89 | | $ | 3.79 | | $ | 3.97 |
Net income per share - diluted | | $ | 8.86 | | $ | 3.78 | | $ | 3.95 |
Adjusted net income per share - basic | | $ | 8.31 | | $ | 4.24 | | $ | 2.24 |
Adjusted net income per share - diluted | | $ | 8.28 | | $ | 4.23 | | $ | 2.23 |
Notes:
| (i) | As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted net income. |
| (ii) | Other adjustments are comprised of retroactive payments, disposals of supplies inventory at non-operating sites and other unusual items that management considers are not reflective of the Company’s underlying performance in the period. |
| (iii) | Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of changes in tax laws and adjustments to prior period tax filings. |
EBITDA and Adjusted EBITDA
EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated statements of income.
Adjusted EBITDA removes the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company’s underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, impairment loss charges and reversals, severance and transaction costs related to acquisitions, revaluation gains and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, gains and losses on the sale of equity securities, self-insurance losses, gains on the sale of non-strategic exploration properties, multi-year health care donations, disposals of supplies inventory at non-operating sites and retroactive payments.
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The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company’s continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is useful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS Accounting Standards.
The following table sets out the calculation of EBITDA and Adjusted EBITDA for the year ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | Year Ended December 31, | |||||||
| | 2025 | | 2024 | | 2023 | |||
(thousands of United States dollars) |
| | | | | | | | |
Net income for the period | | $ | 4,461,461 | | $ | 1,895,581 | | $ | 1,941,307 |
Finance costs | |
| 91,145 | |
| 126,738 | |
| 130,087 |
Income and mining tax expense | |
| 2,242,450 | |
| 925,974 | |
| 417,762 |
Amortization of property, plant and mine development | |
| 1,645,297 | |
| 1,514,076 | |
| 1,491,771 |
EBITDA | |
| 8,440,353 | |
| 4,462,369 | |
| 3,980,927 |
Foreign currency translation (gain) loss | |
| (25,654) | |
| 9,383 | |
| (328) |
(Gain) loss on derivative financial instruments | |
| (223,960) | |
| 155,819 | |
| (68,432) |
Impairment reversal | |
| (229,000) | |
| — | |
| — |
Impairment loss | |
| 10,554 | |
| — | |
| 787,000 |
Environmental remediation | |
| 43,239 | |
| 14,719 | |
| 2,712 |
Severance and transaction costs related to acquisitions | |
| — | |
| — | |
| 21,503 |
Purchase price allocation to inventory(i) | |
| (9,221) | |
| (5,771) | |
| 26,477 |
Loss on sale of equity securities | |
| 40,175 | |
| — | |
| — |
Revaluation gain on Yamana Transaction | |
| — | |
| — | |
| (1,543,414) |
Net loss on disposal of property. plant and equipment | |
| 41,219 | |
| 37,669 | |
| 26,759 |
Other(ii) | |
| 2,077 | |
| 19,555 | |
| 3,262 |
Adjusted EBITDA | | $ | 8,089,782 | | $ | 4,693,743 | | $ | 3,236,466 |
Notes:
| (i) | As part of the purchase price allocation in a business combination, the Company is required to determine the fair value of net assets acquired. The fair value of inventory acquired is estimated based on the selling cost less costs to be incurred plus a profit margin on those costs resulting in a fair value adjustment to the carrying value of inventories acquired. These non-cash fair value adjustments which affected the cost of inventory sold during the period and are not representative of ongoing operations, were removed from net income in the calculation of adjusted EBITDA. |
| (ii) | Other adjustments are comprised of retroactive payments, disposals of supplies inventory at non-operating sites and other unusual items that management considers are not reflective of the Company’s underlying performance in the period. |
Free Cash Flow and Free Cash Flow before Changes in Non-Cash Components of Working Capital
Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the consolidated statements of cash flows.
Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets and accounts payable and accrued liabilities.
The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company’s ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash flow before changes in non-cash components of working capital also provide investors with information about the Company’s financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.
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The following table sets out the calculation of free cash flow and free cash flow before changes in non-cash components of working capital for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | 2025 | | 2024 | | 2023 | |||
|
| (thousands of United States dollars) | |||||||
Cash provided by operating activities | | $ | 6,817,113 | | $ | 3,960,892 | | $ | 2,601,562 |
Additions to property, plant and mine development | |
| (2,418,200) | |
| (1,817,949) | |
| (1,654,129) |
Free cash flow | |
| 4,398,913 | |
| 2,142,943 | |
| 947,433 |
Changes in income taxes | | $ | (886,371) | | $ | (259,327) | | $ | (103,850) |
Changes in inventory | |
| 160,744 | |
| 208,300 | |
| 169,168 |
Changes in other current assets | |
| 43,969 | |
| (1,166) | |
| 80,931 |
Changes in accounts payable and accrued liabilities | |
| (122,639) | |
| (27,831) | |
| 147 |
Free cash flow before changes in non-cash components of working capital | | $ | 3,594,616 | | $ | 2,062,919 | | $ | 1,093,829 |
Net Cash (Debt)
Net cash (debt) is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheets for deferred financing costs and cash and cash equivalents. Management believes the measure of net cash (debt) is useful to help investors determine the Company’s overall cash (debt) position and to evaluate the future debt capacity of the Company.
The following table sets out a reconciliation of long-term debt per the consolidated balance sheets to net cash (debt) as at December 31, 2025, December 31, 2024 and December 31, 2023.
| | As at December 31, | |||||||
(thousands of United States dollars) | | 2025 | | 2024 | | 2023 | |||
Current portion of long-term debt | | $ | — | | $ | (90,000) | | $ | (100,000) |
Non-current portion of long-term debt | |
| (196,271) | |
| (1,052,956) | |
| (1,743,086) |
Long-term debt | | | (196,271) | | | (1,142,956) | | | (1,843,086) |
Cash and cash equivalents | | | 2,866,053 | | | 926,431 | | | 338,648 |
Net cash (debt) | | $ | 2,669,782 | | $ | (216,525) | | $ | (1,504,438) |
Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne
Total Cash Costs per Ounce
Total cash costs per ounce is reported on a per ounce of gold produced basis on both a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce of gold produced on a by-product basis for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed further below), which adjustment will only affect this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company’s calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change. Where this amended composition is used and the change affects the quantum of total cash costs per ounce, this MD&A indicates this by referring to the non-GAAP measure as “total cash costs per ounce (revised)”.
For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including “total cash costs per ounce”, to adjust for the NTI Payment. The NTI payment is the payment to Nunavut Tunngavik Inc. (“NTI”) under the Company’s mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin (“NTI Payment”). NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs
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as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the “Crown royalty”) under the Nunavut Mining Regulations (the “NMR”). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Accounting Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics as the payments under the Crown royalty. Accordingly, to ensure comparability across the Company’s mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable.
Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production of by-product metals.
Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company’s mining operations. Management also uses these measures to, and believes they are helpful to investors so investors can, understand and monitor the performance of the Company’s mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine’s cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.
Agnico Eagle’s primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.
In this MD&A, unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) gold is the Company’s primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.
Minesite Costs per Tonne
Minesite costs per tonne for periods ending on or before December 31, 2025 are calculated by adjusting production costs as recorded in the consolidated statements of income for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company will additionally adjust production costs for the NTI Payment (as discussed above in “Total Cash Costs per Ounce”), which adjustment will only affect minesite costs per tonne at Meadowbank and for the Nunavut region. The Company’s calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. Where this amended composition is used and the change affects the quantum of minesite costs per tonne, this MD&A indicates this by referring to the non-GAAP measure as “minesite costs per tonne (revised)”.
As the total cash costs per ounce can be affected by fluctuations in by–product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. For the reasons noted above in
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Table of Contents
respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company’s mines. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS Accounting Standards.
The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs, exclusive of amortization, as presented in the consolidated statements of income in accordance with IFRS Accounting Standards.
Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine and Region
Year Ended December 31, 2025
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | refining | | costs per | | | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) and | | In-kind | | and | | ounce (co- | | Impact of | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | losses on | | royalty | | marketing | | product | | by-product | | product | | NTI | | (by-product |
Mine | | (ounces)(i) | | costs | | ounce | | adjustments(ii) | | hedges | | costs(iii) | | charges | | basis) | | metals | | basis) | | Payment(iv) | | basis)(v) |
LaRonde | | 344,555 | | 360,025 | | 1,045 | | (6,001) | | 980 | | — | | 14,251 | | 1,072 | | (83,607) | | 829 | | — | | 829 |
Canadian Malartic | | 642,612 | | 488,160 | | 760 | | 19,122 | | 1,461 | | 112,464 | | 1,468 | | 969 | | (14,566) | | 946 | | — | | 946 |
Goldex |
| 125,501 |
| 148,952 |
| 1,187 |
| 2,288 |
| 413 |
| — |
| 4,382 |
| 1,243 |
| (30,280) |
| 1,002 |
| — |
| 1,002 |
Quebec |
| 1,112,668 |
| 997,137 |
| 896 |
| 15,409 |
| 2,854 |
| 112,464 |
| 20,101 |
| 1,032 |
| (128,453) |
| 917 |
| — |
| 917 |
Detour Lake |
| 692,675 |
| 565,439 |
| 816 |
| (1,863) |
| 1,226 |
| 44,714 |
| 5,167 |
| 887 |
| (6,135) |
| 879 |
| — |
| 879 |
Macassa |
| 312,729 |
| 221,718 |
| 709 |
| 11,146 |
| 987 |
| 15,559 |
| 492 |
| 799 |
| (2,016) |
| 793 |
| — |
| 793 |
Ontario |
| 1,005,404 |
| 787,157 |
| 783 |
| 9,283 |
| 2,213 |
| 60,273 |
| 5,659 |
| 860 |
| (8,151) |
| 852 |
| — |
| 852 |
Meliadine |
| 376,346 |
| 402,385 |
| 1,069 |
| (980) |
| 1,038 |
| — |
| 220 |
| 1,070 |
| (1,091) |
| 1,067 |
| — |
| 1,067 |
Meadowbank |
| 493,314 |
| 552,470 |
| 1,120 |
| (586) |
| 1,318 |
| — |
| 539 |
| 1,122 |
| (6,402) |
| 1,110 |
| (90,004) |
| 928 |
Nunavut |
| 869,660 |
| 954,855 |
| 1,098 |
| (1,566) |
| 2,356 |
| — |
| 759 |
| 1,100 |
| (7,493) |
| 1,091 |
| (90,004) |
| 988 |
Fosterville |
| 160,522 |
| 146,382 |
| 912 |
| 4,554 |
| (59) |
| — |
| 124 |
| 941 |
| (567) |
| 937 |
| — |
| 937 |
Australia |
| 160,522 |
| 146,382 |
| 912 |
| 4,554 |
| (59) |
| — |
| 124 |
| 941 |
| (567) |
| 937 |
| — |
| 937 |
Kittila |
| 217,379 |
| 236,238 |
| 1,087 |
| 2,199 |
| (2,624) |
| — |
| (214) |
| 1,084 |
| (703) |
| 1,081 |
| — |
| 1,081 |
Finland |
| 217,379 |
| 236,238 |
| 1,087 |
| 2,199 |
| (2,624) |
| — |
| (214) |
| 1,084 |
| (703) |
| 1,081 |
| — |
| 1,081 |
Pinos Altos |
| 81,734 |
| 205,808 |
| 2,518 |
| 6,058 |
| (1,234) |
| — |
| 1,282 |
| 2,593 |
| (47,945) |
| 2,006 |
| — |
| 2,006 |
Mexico |
| 81,734 |
| 205,808 |
| 2,518 |
| 6,058 |
| (1,234) |
| — |
| 1,282 |
| 2,593 |
| (47,945) |
| 2,006 |
| — |
| 2,006 |
Corporate and Other(vi) |
| — |
| 13,107 |
| — |
| (13,107) |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
Consolidated |
| 3,447,367 |
| 3,340,684 |
| 965 |
| 22,830 |
| 3,506 |
| 172,737 |
| 27,711 |
| 1,035 |
| (193,312) |
| 979 |
| (90,004) |
| 953 |
Notes:
| (i) | Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 9,468 ounces of gold recovered at Hope Bay. |
| (ii) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is $9.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (iii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
| (iv) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. See discussion above under “Total Cash Costs per Ounce”. |
| (v) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2025, total cash costs per ounce (revised) on a co-product basis were $940 at Meadowbank, $997 for the Nunavut region and $1,009 for the consolidated Company. |
| (vi) | Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation. |
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Table of Contents
Year Ended December 31, 2024
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | refining | | costs per | | | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) and | | In-kind | | and | | ounce (co- | | Impact of | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | losses on | | royalty | | marketing | | product | | by-product | | product | | NTI | | (by-product |
Mine | | (ounces) | | costs | | ounce | | adjustments(i) | | hedges | | costs(ii) | | charges | | basis) | | metals | | basis) | | Payment(iii) | | basis)(iv) |
LaRonde | | 306,750 | | 319,495 | | 1,042 | | 10,280 | | 1,840 | | — | | 15,552 | | 1,132 | | (57,287) | | 945 | | — | | 945 |
Canadian Malartic | | 655,654 | | 532,037 | | 811 | | 3,803 | | 4,138 | | 77,504 | | 726 | | 943 | | (8,386) | | 930 | | — | | 930 |
Goldex | | 130,813 | | 129,977 | | 994 | | 2,438 | | 816 | | — | | 3,009 | | 1,041 | | (15,452) | | 923 | | — | | 923 |
Quebec | | 1,093,217 | | 981,509 | | 898 | | 16,521 | | 6,794 | | 77,504 | | 19,287 | | 1,008 | | (81,125) | | 933 | | — | | 933 |
Detour Lake | | 671,950 | | 497,079 | | 740 | | (1,348) | | 4,714 | | 32,072 | | 5,716 | | 801 | | (3,049) | | 796 | | — | | 796 |
Macassa |
| 279,384 |
| 201,371 |
| 721 |
| (3,607) |
| 1,679 |
| 10,082 |
| 482 |
| 752 |
| (1,020) |
| 748 |
| — |
| 748 |
Ontario |
| 951,334 |
| 698,450 |
| 734 |
| (4,955) |
| 6,393 |
| 42,154 |
| 6,198 |
| 787 |
| (4,069) |
| 782 |
| — |
| 782 |
Meliadine |
| 378,886 |
| 350,280 |
| 924 |
| 3,279 |
| 3,165 |
| — |
| 250 |
| 942 |
| (860) |
| 940 |
| — |
| 940 |
Meadowbank |
| 504,719 |
| 463,464 |
| 918 |
| 9,464 |
| 4,624 |
| — |
| (41) |
| 946 |
| (4,138) |
| 938 |
| (21,435) |
| 896 |
Nunavut |
| 883,605 |
| 813,744 |
| 921 |
| 12,743 |
| 7,789 |
| — |
| 209 |
| 944 |
| (4,998) |
| 938 |
| (21,435) |
| 914 |
Fosterville |
| 225,203 |
| 147,045 |
| 653 |
| (1,011) |
| 222 |
| — |
| 70 |
| 650 |
| (565) |
| 647 |
| — |
| 647 |
Australia |
| 225,203 |
| 147,045 |
| 653 |
| (1,011) |
| 222 |
| — |
| 70 |
| 650 |
| (565) |
| 647 |
| — |
| 647 |
Kittila |
| 218,860 |
| 227,334 |
| 1,039 |
| (1,172) |
| 151 |
| — |
| (212) |
| 1,033 |
| (483) |
| 1,031 |
| — |
| 1,031 |
Finland |
| 218,860 |
| 227,334 |
| 1,039 |
| (1,172) |
| 151 |
| — |
| (212) |
| 1,033 |
| (483) |
| 1,031 |
| — |
| 1,031 |
Pinos Altos |
| 88,433 |
| 168,231 |
| 1,902 |
| 678 |
| 68 |
| — |
| 1,287 |
| 1,925 |
| (34,924) |
| 1,530 |
| — |
| 1,530 |
Creston Mascota |
| 104 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
La India |
| 24,580 |
| 49,767 |
| 2,025 |
| (1,322) |
| — |
| — |
| 401 |
| 1,987 |
| (1,038) |
| 1,945 |
| — |
| 1,945 |
Mexico |
| 113,117 |
| 217,998 |
| 1,927 |
| (644) |
| 68 |
| — |
| 1,688 |
| 1,937 |
| (35,962) |
| 1,619 |
| — |
| 1,619 |
Consolidated |
| 3,485,336 |
| 3,086,080 |
| 885 |
| 21,482 |
| 21,417 |
| 119,658 |
| 27,240 |
| 940 |
| (127,202) |
| 903 |
| (21,435) |
| 897 |
Notes:
| (i) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is $5.8 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
| (iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. See discussion above under “Total Cash Costs per Ounce”. |
| (iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2024, total cash costs per ounce (revised) on a co-product basis were $904 at Meadowbank, $920 for the Nunavut region and $934 for the consolidated Company. |
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Table of Contents
Year Ended December 31, 2023
(United States dollars in thousands, except per ounce measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | Total cash |
| | | | | | | | | | | | | | Smelting, | | Total cash | | | | Total cash | | | | costs per |
| | Payable | | | | | | | | Realized | | | | refining | | costs per | | | | costs per | | | | ounce |
| | gold | | | | Production | | | | (gains) and | | In-kind | | and | | ounce (co- | | Impact of | | ounce (by- | | | | (revised) |
| | production | | Production | | costs per | | Inventory | | losses on | | royalty | | marketing | | product | | by-product | | product | | NTI | | (by-product |
Mine | | (ounces) | | costs | | ounce | | adjustments(i) | | hedges | | costs(ii) | | charges | | basis) | | metals | | basis) | | Payment(iii) | | basis)(iv) |
LaRonde | | 306,648 | | 299,644 | | 977 | | 9,954 | | 3,954 | | — | | 20,183 | | 1,088 | | (54,405) | | 911 | | — | | 911 |
Canadian Malartic(v) | | 603,955 | | 465,814 | | 771 | | (21,709) | | — | | 59,187 | | 962 | | 835 | | (6,732) | | 824 | | — | | 824 |
Goldex | | 140,983 | | 112,022 | | 795 | | 1,650 | | 1,944 | | — | | 336 | | 822 | | (378) | | 820 | | — | | 820 |
Quebec | | 1,051,586 | | 877,480 | | 834 | | (10,105) | | 5,898 | | 59,187 | | 21,481 | | 907 | | (61,515) | | 849 | | — | | 849 |
Detour Lake | | 677,446 | | 453,498 | | 669 | | 8,232 | | 4,867 | | 29,143 | | 4,006 | | 738 | | (2,073) | | 735 | | — | | 735 |
Macassa |
| 228,535 |
| 155,046 |
| 678 |
| 1,382 |
| 3,127 |
| 7,796 |
| 245 |
| 733 |
| (649) |
| 731 |
| — |
| 731 |
Ontario |
| 905,981 |
| 608,544 |
| 672 |
| 9,614 |
| 7,994 |
| 36,939 |
| 4,251 |
| 737 |
| (2,722) |
| 734 |
| — |
| 734 |
Meliadine |
| 364,141 |
| 343,650 |
| 944 |
| 11,898 |
| 1,682 |
| — |
| 128 |
| 981 |
| (630) |
| 980 |
| — |
| 980 |
Meadowbank |
| 431,666 |
| 524,008 |
| 1,214 |
| (12,021) |
| (1,205) |
| — |
| (19) |
| 1,183 |
| (2,958) |
| 1,176 |
| (16,389) |
| 1,138 |
Nunavut |
| 795,807 |
| 867,658 |
| 1,090 |
| (123) |
| 477 |
| — |
| 109 |
| 1,091 |
| (3,588) |
| 1,086 |
| (16,389) |
| 1,065 |
Fosterville |
| 277,694 |
| 131,298 |
| 473 |
| 1,345 |
| 3,097 |
| — |
| 52 |
| 489 |
| (397) |
| 488 |
| — |
| 488 |
Australia |
| 277,694 |
| 131,298 |
| 473 |
| 1,345 |
| 3,097 |
| — |
| 52 |
| 489 |
| (397) |
| 488 |
| — |
| 488 |
Kittila |
| 234,402 |
| 205,857 |
| 878 |
| 2,958 |
| (2,999) |
| — |
| (1,338) |
| 872 |
| (358) |
| 871 |
| — |
| 871 |
Finland |
| 234,402 |
| 205,857 |
| 878 |
| 2,958 |
| (2,999) |
| — |
| (1,338) |
| 872 |
| (358) |
| 871 |
| — |
| 871 |
Pinos Altos |
| 97,642 |
| 145,936 |
| 1,495 |
| 2,979 |
| (2,819) |
| — |
| 1,248 |
| 1,509 |
| (27,339) |
| 1,229 |
| — |
| 1,229 |
Creston Mascota |
| 638 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
La India |
| 75,904 |
| 96,490 |
| 1,271 |
| (1,335) |
| — |
| — |
| 584 |
| 1,261 |
| (1,566) |
| 1,241 |
| — |
| 1,241 |
Mexico |
| 174,184 |
| 242,426 |
| 1,392 |
| 1,644 |
| (2,819) |
| — |
| 1,832 |
| 1,396 |
| (28,905) |
| 1,230 |
| — |
| 1,230 |
Consolidated |
| 3,439,654 |
| 2,933,263 |
| 853 |
| 5,333 |
| 11,648 |
| 96,126 |
| 26,387 |
| 893 |
| (97,485) |
| 865 |
| (16,389) |
| 860 |
Notes:
| (i) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2023 is $26.4 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of total cash costs per ounce. |
| (iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “total cash costs per ounce” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of total cash costs per ounce. See discussion above under “Total Cash Costs per Ounce”. |
| (iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “total cash costs per ounce” and “total cash costs per ounce (revised)” are the same when calculated on both a by-product and co-product basis. For the year ended December 31, 2023, total cash costs per ounce (revised) on a co-product basis were $1,145 at Meadowbank, $1,070 for the Nunavut region and $888 for the consolidated Company. |
| (v) | The information set out in this table reflects the Company’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. |
46
Table of Contents
Reconciliation of Production Costs to Minesite Costs per Tonne by Mine and Region
Year Ended December 31, 2025
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | Smelting, | | Minesite | | | | | | | ||
| | | | | | | | | Production | | Inventory | | In-kind | | refining and | | costs per | | | | | Minesite costs | ||||||
| | Tonnes of | | | | Production | | costs per | | adjustments | | royalty | | marketing | | tonne | | NTI | | per tonne | ||||||||
| | ore milled | | Production | | costs (local | | tonne (local | | (local | | costs (local | | charges (local | | (local | | Payment (local | | (revised) (local | ||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | ||||||||
LaRonde |
| 2,805 |
| 360,025 |
| C$ | 502,885 |
| C$ | 179 |
| C$ | (8,668) | | C$ | — |
| C$ | (28,060) |
| C$ | 166 | | C$ | — |
| C$ | 166 |
Canadian Malartic |
| 20,123 |
| 488,160 |
| C$ | 677,283 |
| C$ | 34 |
| C$ | 26,400 | | C$ | 156,954 | | C$ | — |
| C$ | 43 | | C$ | — |
| C$ | 43 |
Goldex |
| 3,301 |
| 148,952 |
| C$ | 207,895 |
| C$ | 63 |
| C$ | 3,062 | | C$ | — | | C$ | — |
| C$ | 64 | | C$ | — |
| C$ | 64 |
Quebec |
| 26,229 |
| 997,137 |
| C$ | 1,388,063 |
| C$ | 53 |
| C$ | 20,794 | | C$ | 156,954 | | C$ | (28,060) |
| C$ | 59 | | C$ | — |
| C$ | 59 |
Detour Lake |
| 27,869 |
| 565,439 |
| C$ | 788,172 |
| C$ | 28 |
| C$ | (3,108) | | C$ | 62,362 | | C$ | — |
| C$ | 30 | | C$ | — |
| C$ | 30 |
Macassa |
| 573 |
| 221,718 |
| C$ | 309,381 |
| C$ | 540 |
| C$ | 15,225 | | C$ | 21,718 | | C$ | — |
| C$ | 604 | | C$ | — |
| C$ | 604 |
Ontario |
| 28,442 |
| 787,157 |
| C$ | 1,097,553 |
| C$ | 39 |
| C$ | 12,117 | | C$ | 84,080 | | C$ | — |
| C$ | 42 | | C$ | — |
| C$ | 42 |
Meliadine |
| 2,351 |
| 402,385 |
| C$ | 560,026 |
| C$ | 238 |
| C$ | (2,275) | | C$ | — | | C$ | — |
| C$ | 237 | | C$ | — |
| C$ | 237 |
Meadowbank |
| 3,941 |
| 552,470 |
| C$ | 768,109 |
| C$ | 195 |
| C$ | (1,616) | | C$ | — | | C$ | — |
| C$ | 194 | | C$ | (125,132) |
| C$ | 162 |
Nunavut |
| 6,292 |
| 954,855 |
| C$ | 1,328,135 |
| C$ | 211 |
| C$ | (3,891) | | C$ | — | | C$ | — |
| C$ | 210 | | C$ | (125,132) |
| C$ | 190 |
Fosterville |
| 726 |
| 146,382 |
| A$ | 225,362 |
| A$ | 310 |
| A$ | 6,729 | | A$ | — | | A$ | — |
| A$ | 320 | | A$ | — |
| A$ | 320 |
Australia |
| 726 |
| 146,382 |
| A$ | 225,362 |
| A$ | 310 |
| A$ | 6,729 | | A$ | — | | A$ | — |
| A$ | 320 | | A$ | — |
| A$ | 320 |
Kittila |
| 2,105 |
| 236,238 | | € | 209,121 | | € | 99 | | € | 867 | | € | — | | € | — | | € | 100 | | € | — | | € | 100 |
Finland |
| 2,105 |
| 236,238 | | € | 209,121 | | € | 99 | | € | 867 | | € | — | | € | — | | € | 100 | | € | — | | € | 100 |
Pinos Altos |
| 1,720 |
| 205,808 | | $ | 205,808 | | $ | 120 | | $ | 4,824 | | $ | — | | $ | — | | $ | 122 | | $ | — | | $ | 122 |
Mexico |
| 1,720 |
| 205,808 | | $ | 205,808 | | $ | 120 | | $ | 4,824 | | $ | — | | $ | — | | $ | 122 | | $ | — | | $ | 122 |
Notes:
| (i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2025 is C$12.9 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
| (iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. See discussion above under “Minesite Cost per Tonne”. |
| (iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. See discussion above under “Minesite Costs per Tonne”. |
47
Table of Contents
Year Ended December 31, 2024
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | Smelting, | | Minesite | | | | | | ||||||
| | | | | | | | | Production | | Inventory | | In-kind | | refining and | | costs per | | | | Minesite costs | |||||||
| | Tonnes of | | | | Production | | costs per | | adjustments | | royalty | | marketing | | tonne | | NTI | | per tonne | ||||||||
| | ore milled | | Production | | costs (local | | tonne (local | | (local | | costs (local | | charges (local | | (local | | Payment (local | | (revised) (local | ||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | ||||||||
LaRonde |
| 2,849 |
| 319,495 |
| C$ | 436,230 |
| C$ | 153 |
| C$ | 15,934 | | C$ | — |
| C$ | (12,150) |
| C$ | 154 | | C$ | — |
| C$ | 154 |
Canadian Malartic |
| 20,317 |
| 532,037 |
| C$ | 726,836 |
| C$ | 36 |
| C$ | 6,048 | | C$ | 106,163 | | C$ | — |
| C$ | 41 | | C$ | — |
| C$ | 41 |
Goldex |
| 3,076 |
| 129,977 |
| C$ | 177,816 |
| C$ | 58 |
| C$ | 3,702 | | C$ | — | | C$ | — |
| C$ | 59 | | C$ | — |
| C$ | 59 |
Quebec |
| 26,242 |
| 981,509 |
| C$ | 1,340,882 |
| C$ | 51 |
| C$ | 25,684 | | C$ | 106,163 | | C$ | (12,150) |
| C$ | 56 | | C$ | — |
| C$ | 56 |
Detour Lake |
| 27,462 |
| 497,079 |
| C$ | 678,877 |
| C$ | 25 |
| C$ | (458) | | C$ | 44,125 | | C$ | — |
| C$ | 26 | | C$ | — |
| C$ | 26 |
Macassa |
| 574 |
| 201,371 |
| C$ | 276,532 |
| C$ | 482 |
| C$ | (4,605) | | C$ | 13,896 | | C$ | — |
| C$ | 498 | | C$ | — |
| C$ | 498 |
Ontario |
| 28,036 |
| 698,450 |
| C$ | 955,409 |
| C$ | 34 |
| C$ | (5,063) | | C$ | 58,021 | | C$ | — |
| C$ | 36 | | C$ | — |
| C$ | 36 |
Meliadine |
| 1,966 |
| 350,280 |
| C$ | 478,335 |
| C$ | 243 |
| C$ | 6,578 | | C$ | — | | C$ | — |
| C$ | 247 | | C$ | — |
| C$ | 247 |
Meadowbank |
| 4,143 |
| 463,464 |
| C$ | 632,661 |
| C$ | 153 |
| C$ | 14,234 | | C$ | — | | C$ | — |
| C$ | 156 | | C$ | (29,261) |
| C$ | 149 |
Nunavut |
| 6,109 |
| 813,744 |
| C$ | 1,110,996 |
| C$ | 182 |
| C$ | 20,812 | | C$ | — | | C$ | — |
| C$ | 185 | | C$ | (29,261) |
| C$ | 180 |
Fosterville |
| 810 |
| 147,045 |
| A$ | 224,121 |
| A$ | 277 |
| A$ | (1,253) | | A$ | — | | A$ | — |
| A$ | 276 | | A$ | — |
| A$ | 276 |
Australia |
| 810 |
| 147,045 |
| A$ | 224,121 |
| A$ | 277 |
| A$ | (1,253) | | A$ | — | | A$ | — |
| A$ | 276 | | A$ | — |
| A$ | 276 |
Kittila |
| 2,026 |
| 227,334 | | € | 210,285 | | € | 103 | | € | (633) | | € | — | | € | — | | € | 103 | | € | — | | € | 103 |
Finland |
| 2,026 |
| 227,334 | | € | 210,285 | | € | 103 | | € | (633) | | € | — | | € | — | | € | 103 | | € | — | | € | 103 |
Pinos Altos |
| 1,707 |
| 168,231 | | $ | 168,231 | | $ | 99 | | $ | 746 | | $ | — | | $ | — | | $ | 99 | | $ | — | | $ | 99 |
La India(v) |
| — |
| 49,767 | | $ | 49,767 | | $ | — | | $ | (49,767) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Mexico |
| 1,707 |
| 217,998 | | $ | 217,998 | | $ | 128 | | $ | (49,021) | | $ | — | | $ | — | | $ | 99 | | $ | — | | $ | 99 |
Notes:
| (i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2024 is C$8.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
| (iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. See discussion above under “Minesite Cost per Tonne”. |
| (iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. See discussion above under “Minesite Costs per Tonne”. |
| (v) | La India’s cost calculations per tonne for the year ended December 31, 2024 exclude approximately $49.8 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. |
48
Table of Contents
Year Ended December 31, 2023
(thousands, except per tonne measures or as otherwise noted)
| | | | | | | | | | | | | | | | | | Smelting, | | Minesite | | | | | | | ||
| | | | | | | | | Production | | Inventory | | In-kind | | refining and | | costs per | | | | | Minesite costs | ||||||
| | Tonnes of | | | | Production | | costs per | | adjustments | | royalty | | marketing | | tonne | | NTI | | per tonne | ||||||||
| | ore milled | | Production | | costs (local | | tonne (local | | (local | | costs (local | | charges (local | | (local | | Payment (local | | (revised) (local | ||||||||
Mine | | (thousands) | | costs ($) | | currency) | | currency) | | currency)(i) | | currency)(ii) | | currency) | | currency) | | currency)(iii) | | currency)(iv) | ||||||||
LaRonde | | 2,658 | | 299,644 | | C$ | 403,618 | | C$ | 152 | | C$ | 15,784 | | C$ | — | | C$ | (12,990) | | C$ | 153 | | C$ | — | | C$ | 153 |
Canadian Malartic(v) | | 17,333 | | 465,814 | | C$ | 627,946 | | C$ | 36 | | C$ | (27,636) | | C$ | 79,962 | | C$ | — | | C$ | 39 | | C$ | — | | C$ | 39 |
Goldex | | 2,887 | | 112,022 | | C$ | 151,185 | | C$ | 52 | | C$ | 2,189 | | C$ | — | | C$ | — | | C$ | 53 | | C$ | — | | C$ | 53 |
Quebec | | 22,878 | | 877,480 | | C$ | 1,182,749 | | C$ | 52 | | C$ | (9,663) | | C$ | 79,962 | | C$ | (12,990) | | C$ | 55 | | C$ | — | | C$ | 55 |
Detour Lake | | 25,435 | | 453,498 | | C$ | 611,244 | | C$ | 24 | | C$ | 11,038 | | C$ | 39,323 | | C$ | — | | C$ | 26 | | C$ | — | | C$ | 26 |
Macassa |
| 442 |
| 155,046 |
| C$ | 209,928 |
| C$ | 475 |
| C$ | 1,836 |
| C$ | 10,517 | | C$ | — |
| C$ | 503 | | C$ | — |
| C$ | 503 |
Ontario |
| 25,877 |
| 608,544 |
| C$ | 821,172 |
| C$ | 32 |
| C$ | 12,874 |
| C$ | 49,840 | | C$ | — |
| C$ | 34 | | C$ | — |
| C$ | 34 |
Meliadine |
| 1,918 |
| 343,650 |
| C$ | 462,052 |
| C$ | 241 |
| C$ | 16,188 | | C$ | — | | C$ | — |
| C$ | 249 | | C$ | — |
| C$ | 249 |
Meadowbank |
| 3,843 |
| 524,008 |
| C$ | 702,879 |
| C$ | 183 |
| C$ | (15,934) | | C$ | — | | C$ | — |
| C$ | 179 | | C$ | (21,984) |
| C$ | 173 |
Nunavut |
| 5,761 |
| 867,658 |
| C$ | 1,164,931 |
| C$ | 202 |
| C$ | 254 | | C$ | — | | C$ | — |
| C$ | 202 | | C$ | (21,984) |
| C$ | 198 |
Fosterville |
| 651 |
| 131,298 |
| A$ | 197,921 |
| A$ | 304 |
| A$ | (2,155) | | A$ | — | | A$ | — |
| A$ | 301 | | A$ | — |
| A$ | 301 |
Australia |
| 651 |
| 131,298 |
| A$ | 197,921 |
| A$ | 304 |
| A$ | (2,155) | | A$ | — | | A$ | — |
| A$ | 301 | | A$ | — |
| A$ | 301 |
Kittila |
| 1,954 |
| 205,857 | | € | 191,023 | | € | 98 | | € | 2,112 | | € | — | | € | — | | € | 99 | | € | — | | € | 99 |
Finland |
| 1,954 |
| 205,857 | | € | 191,023 | | € | 98 | | € | 2,112 | | € | — | | € | — | | € | 99 | | € | — | | € | 99 |
Pinos Altos |
| 1,656 |
| 145,936 | | $ | 145,936 | | $ | 88 | | $ | 160 | | $ | — | | $ | — | | $ | 88 | | $ | — | | $ | 88 |
La India |
| 3,010 |
| 96,490 | | $ | 96,490 | | $ | 32 | | $ | (1,335) | | $ | — | | $ | — | | $ | 32 | | $ | — | | $ | 32 |
Mexico |
| 4,666 |
| 242,426 | | $ | 242,426 | | $ | 52 | | $ | (1,175) | | $ | — | | $ | — | | $ | 52 | | $ | — | | $ | 52 |
Notes:
| (i) | This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the year ended December 31, 2023 is C$34.6 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (ii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of minesite costs per tonne. |
| (iii) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “minesite costs per tonne” to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of minesite costs per tonne. See discussion above under “Minesite Costs per Tonne”. |
| (iv) | For each of the Company’s mines other than Meadowbank and its regions other than Nunavut, “minesite costs per tonne” and “minesite costs per tonne (revised)” are the same. See discussion above under “Minesite Costs per Tonne”. |
| (v) | The information set out in this table reflects the Company’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. |
49
Table of Contents
All-in Sustaining Costs per Ounce
All-in sustaining costs per ounce (also referred to as “AISC per ounce”) on a by-product basis is calculated as the aggregate of (i) total cash costs on a by-product basis, (ii) sustaining capital expenditures (including capitalized exploration), (iii) general and administrative expenses (including stock option expense), (iv) lease payments related to sustaining assets and (v) reclamation expenses, each as measured on a per ounce of production basis. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning the impact of by-product metals is not deducted. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. In this MD&A, unless otherwise indicated, all-in sustaining costs per ounce is reported on a by-product basis (see “Total cash costs per ounce and Minesite Costs per Tonne – Total cash costs per ounce” for a discussion of regarding the Company’s use of by-product basis reporting). For periods commencing on or after January 1, 2026, the Company revised the composition of certain of its non-GAAP performance measures, including “all-in sustaining costs per ounce”, to adjust for the NTI Payments, that is, payments made to NTI under the Company’s mineral production leases in respect of the Amaruq mine at Meadowbank. This revised composition aligns with changes made to the calculation of “total cash costs per ounce”, discussed above in “Total Cash Costs Per Ounce and Minesite Costs Per Tonne – Total Cash Costs per Ounce”. For the reasons outlined above in respect of the change to the composition of “total cash costs per ounce”, the Company believes that this revision to the composition of AISC per ounce is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and conforms the calculations of costs used across all of the Company’s mines. Where this new composition is used, this MD&A will indicate by referring to the non-GAAP measure as “all-in sustaining costs per ounce (revised)”.
Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne, as AISC per ounce is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.
The Company’s revised composition of AISC per ounce remains consistent with the guidance on AISC per ounce released by the World Gold Council (“WGC”) in 2018, except in respect of its treatment of the NTI Payment at Meadowbank. As discussed above, the Company views the NTI Payments as having similar characteristics to the Crown royalty, which is treated as an income tax under IFRS Accounting Standards and therefore excluded from the Company’s AISC calculations. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company’s adoption of the WGC’s guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.
50
Table of Contents
The following tables set out a reconciliation of production costs to all-in sustaining costs per ounce of gold produced for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 on both a by-product basis (deducting the impact of by-product metals from production costs) and co-product basis (deducting the impact of by-product metals from production costs).
Reconciliation of Production Costs to All-in Sustaining Costs per Ounce
| | Year Ended | | Year Ended | | Year Ended | |||
| | December 31, | | December 31, | | December 31, | |||
(United States dollars per ounce of gold produced, except where noted) | | 2025 | | 2024 | | 2023 | |||
Production costs per the consolidated statements of income(thousands of United States dollars) | | $ | 3,340,684 | | $ | 3,086,080 | | $ | 2,933,263 |
Less: Production costs from non-operating minesites (thousands) | |
| (13,107) | |
| — | |
| — |
Adjusted production costs (thousands) | |
| 3,327,577 | |
| 3,086,080 | |
| 2,933,263 |
Gold production (ounces)(i) | |
| 3,447,367 | |
| 3,485,336 | |
| 3,439,654 |
Production costs per ounce of gold production | | $ | 965 | | $ | 885 | | $ | 853 |
Adjustments: | |
| | |
| | |
| |
Inventory adjustments(ii) | |
| 11 | |
| 7 | |
| 1 |
In-kind royalty(iii) | |
| 50 | |
| 34 | |
| 28 |
Realized gains and losses on hedges of production costs | |
| 1 | |
| 6 | |
| 3 |
Smelting, refining, and marketing charges | |
| 8 | |
| 8 | |
| 8 |
Total cash costs per ounce (co-product basis) | | $ | 1,035 | | $ | 940 | | $ | 893 |
Impact of by-product metals | |
| (56) | |
| (37) | |
| (28) |
Total cash costs per ounce (by-product basis) | | $ | 979 | | $ | 903 | | $ | 865 |
Adjustments: | |
| | |
| | |
| |
Sustaining capital expenditures (including capitalized exploration) | |
| 274 | |
| 258 | |
| 235 |
General and administrative expenses (including stock option expense) | |
| 68 | |
| 60 | |
| 61 |
Non-cash reclamation provision and sustaining leases(iv) | |
| 18 | |
| 18 | |
| 18 |
All-in sustaining costs per ounce (by-product basis) | | $ | 1,339 | | $ | 1,239 | | $ | 1,179 |
Impact of by-product metals | |
| 56 | |
| 37 | |
| 28 |
All-in sustaining costs per ounce (co-product basis) | | $ | 1,395 | | $ | 1,276 | | $ | 1,207 |
NTI Payment(v) | |
| (26) | |
| (6) | |
| (5) |
All-in sustaining costs per ounce (revised) (by-product basis)(v) | |
| 1,313 | |
| 1,233 | |
| 1,174 |
All-in sustaining costs per ounce (revised) (co-product basis)(v) | | $ | 1,369 | | $ | 1,270 | | $ | 1,202 |
Notes:
| (i) | Gold production for the year ended December 31, 2025 excludes 4,539 ounces of payable production of gold at La India and 323 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 9,468 ounces of gold recovered at Hope Bay. |
| (ii) | Under the Company’s revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the years ended December 31, 2025, December 31, 2024, and December 31, 2023 are $9.2 million, $5.8 million, and $26.4 million, respectively, in association with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold. |
| (iii) | In-kind royalty adjustments in respect of Canadian Malartic, Detour Lake and Macassa relate to the in-kind royalty of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production ounces of payable production of gold at such mines, which are excluded from production costs under IFRS Accounting Standards and added back in the calculation of all-in sustaining costs per ounce. |
| (iv) | Sustaining leases are lease payments related to sustaining assets. |
| (v) | For periods commencing on or after January 1, 2026, the Company has adjusted the composition of “all-in sustaining costs per ounce” on both a by-product and co-product basis to adjust for the NTI Payment. NTI Payments are incurred solely at Meadowbank and are included in production costs under IFRS Accounting Standards and subtracted from production costs in the calculation of all-in sustaining costs per ounce. See discussion above under “All-in Sustaining Costs per Ounce”. |
Operating Margin
Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative
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expenses; amortization of property, plant and mine development; exploration and corporate development expenses; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is helpful to investors as it provides them with additional information about the Company’s underlying operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards. For a reconciliation of operating margin to revenue from mining operations, see “Three Year Financial and Operating Summary”, which is incorporated by reference into this section.
Capital Expenditures
Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the consolidated statements of cash flows.
Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.
The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the consolidated statements of cash flows for the year ended December 31, 2025, December 31, 2024 and December 31, 2023.
Reconciliation of Sustaining and Development Capital Expenditures to the Statements of Cash Flows
| | Three Months Ended | | Year Ended | ||||||||||||||
| | December 31, | | December 31, | ||||||||||||||
(thousands of United States dollars) | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | ||||||
Sustaining capital expenditures | | $ | 288,903 | | $ | 256,266 | | $ | 210,678 | | $ | 931,198 | | $ | 890,051 | | $ | 793,818 |
Sustaining capitalized exploration | |
| 7,420 | |
| 3,578 | |
| 4,079 | |
| 23,755 | |
| 18,702 | |
| 13,789 |
Development capital expenditures | |
| 412,830 | |
| 264,442 | |
| 194,968 | |
| 1,141,754 | |
| 767,366 | |
| 681,257 |
Development capitalized exploration | |
| 81,192 | |
| 51,559 | |
| 26,936 | |
| 294,680 | |
| 164,841 | |
| 112,004 |
Total Capital Expenditures | | $ | 790,345 | | $ | 575,845 | | $ | 436,661 | | $ | 2,391,387 | | $ | 1,840,960 | | $ | 1,600,868 |
Working capital adjustments | |
| 10,925 | |
| (13,682) | |
| (10,919) | |
| 26,813 | |
| (23,011) | |
| 53,261 |
Additions to property, plant and mine development per the consolidated statements of cash flows | | $ | 801,270 | | $ | 562,163 | | $ | 425,742 | | $ | 2,418,200 | | $ | 1,817,949 | | $ | 1,654,129 |
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Sustaining and Development Capital Expenditures
The following table sets out a reconciliation of sustaining capital expenditures and development capital expenditures per minesite to the additions to property, plant and mine development per the consolidated statements of cash flows for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.
| | Three Months Ended | | Year Ended | ||||||||||||||
| | December 31, | | December 31, | ||||||||||||||
(thousands of United States dollars) | | 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 | ||||||
LaRonde | | $ | 40,029 | | $ | 27,712 | | $ | 25,258 | | $ | 98,239 | | $ | 92,186 | | $ | 83,081 |
Canadian Malartic(i) | | | 42,302 |
| | 35,649 |
| | 18,809 | | | 131,557 |
| | 127,536 |
| | 91,028 |
Goldex | | | 6,730 |
| | 11,138 |
| | 12,267 | | | 45,974 |
| | 53,586 |
| | 27,203 |
Quebec | | | 89,061 |
| | 74,499 |
| | 56,334 | | | 275,770 |
| | 273,308 |
| | 201,312 |
Detour Lake | | | 66,415 |
| | 78,341 |
| | 67,123 | | | 225,487 |
| | 267,588 |
| | 249,765 |
Macassa | | | 24,511 |
| | 16,419 |
| | 15,888 | | | 57,667 |
| | 46,067 |
| | 45,029 |
Ontario | | | 90,926 |
| | 94,760 |
| | 83,011 | | | 283,154 |
| | 313,655 |
| | 294,794 |
Meliadine | | | 20,670 |
| | 19,860 |
| | 21,244 | | | 78,447 |
| | 79,672 |
| | 75,275 |
Meadowbank | | | 34,453 |
| | 20,226 |
| | 21,297 | | | 132,085 |
| | 91,944 |
| | 121,653 |
Nunavut | | | 55,123 |
| | 40,086 |
| | 42,541 | | | 210,532 |
| | 171,616 |
| | 196,928 |
Fosterville | | | 23,871 |
| | 18,015 |
| | 9,322 | | | 68,486 |
| | 40,313 |
| | 34,646 |
Australia | | | 23,871 |
| | 18,015 |
| | 9,322 | | | 68,486 |
| | 40,313 |
| | 34,646 |
Kittila | | | 24,651 |
| | 18,107 |
| | 16,514 | | | 72,355 |
| | 71,101 |
| | 49,539 |
Europe | | | 24,651 |
| | 18,107 |
| | 16,514 | | | 72,355 |
| | 71,101 |
| | 49,539 |
Pinos Altos | | | 10,708 |
| | 11,030 |
| | 7,041 | | | 35,796 |
| | 30,882 |
| | 30,141 |
La India | | | — |
| | — |
| | (6) | | | — |
| | 22 |
| | 100 |
Mexico | | | 10,708 |
| | 11,030 |
| | 7,035 | | | 35,796 |
| | 30,904 |
| | 30,241 |
Other(ii) | | | 1,983 |
| | 3,347 |
| | — | | | 8,860 |
| | 7,856 |
| | 147 |
Sustaining capital expenditures | | $ | 296,323 | | $ | 259,844 | | $ | 214,757 | | $ | 954,953 | | $ | 908,753 | | $ | 807,607 |
LaRonde | | $ | 30,739 | | $ | 22,246 | | $ | 17,637 | | $ | 84,771 | | $ | 83,414 | | $ | 68,930 |
Canadian Malartic(i) | |
| 139,112 | |
| 70,529 | |
| 50,509 | |
| 356,728 | |
| 195,259 | |
| 169,960 |
Goldex | |
| 8,620 | |
| 5,488 | |
| 10,730 | |
| 22,038 | |
| 14,374 | |
| 59,436 |
Quebec | |
| 178,471 | |
| 98,263 | |
| 78,876 | |
| 463,537 | |
| 293,047 | |
| 298,326 |
Detour Lake | |
| 105,720 | |
| 87,745 | |
| 66,671 | |
| 321,204 | |
| 235,168 | |
| 172,903 |
Macassa | |
| 33,842 | |
| 37,483 | |
| 26,120 | |
| 126,850 | |
| 124,716 | |
| 101,230 |
Ontario | |
| 139,562 | |
| 125,228 | |
| 92,791 | |
| 448,054 | |
| 359,884 | |
| 274,133 |
Meliadine | |
| 20,817 | |
| 15,942 | |
| 25,990 | |
| 88,895 | |
| 82,800 | |
| 118,880 |
Meadowbank | |
| 4,846 | |
| 3,286 | |
| (277) | |
| 20,135 | |
| 3,266 | |
| 80 |
Nunavut | |
| 25,663 | |
| 19,228 | |
| 25,713 | |
| 109,030 | |
| 86,066 | |
| 118,960 |
Fosterville | |
| 22,128 | |
| 13,215 | |
| 16,591 | |
| 53,302 | |
| 49,728 | |
| 52,793 |
Australia | |
| 22,128 | |
| 13,215 | |
| 16,591 | |
| 53,302 | |
| 49,728 | |
| 52,793 |
Kittila | |
| 2,998 | |
| 3,144 | |
| 5,177 | |
| 8,120 | |
| 11,845 | |
| 31,463 |
Europe | |
| 2,998 | |
| 3,144 | |
| 5,177 | |
| 8,120 | |
| 11,845 | |
| 31,463 |
Pinos Altos | |
| 2,347 | |
| 1,579 | |
| (635) | |
| 6,296 | |
| 3,399 | |
| 5,297 |
San Nicolás | |
| 4,490 | |
| 3,770 | |
| — | |
| 11,103 | |
| 18,847 | |
| — |
Mexico | |
| 6,837 | |
| 5,349 | |
| (635) | |
| 17,399 | |
| 22,246 | |
| 5,297 |
Other(ii) | |
| 118,363 | |
| 51,574 | |
| 3,391 | |
| 336,992 | |
| 109,391 | |
| 12,289 |
Development capital expenditures | | $ | 494,022 | | $ | 316,001 | | $ | 221,904 | | $ | 1,436,434 | | $ | 932,207 | | $ | 793,261 |
Total capital expenditures | | $ | 790,345 | | $ | 575,845 | | $ | 436,661 | | $ | 2,391,387 | | $ | 1,840,960 | | $ | 1,600,868 |
Working capital adjustments | |
| 10,925 | |
| (13,682) | |
| (10,919) | |
| 26,813 | |
| (23,011) | |
| 53,261 |
Additions to property, plant and mine development per the consolidated statements of cash flows | | $ | 801,270 | | $ | 562,163 | | $ | 425,742 | | $ | 2,418,200 | | $ | 1,817,949 | | $ | 1,654,129 |
Notes:
| (i) | The information set out in this table reflects the Company’s 50% interest in Canadian Malartic up to and including March 30, 2023 and 100% interest thereafter following the closing of the Yamana Transaction. |
| (ii) | Other projects are not segregated by region and can include projects in Canada, Australia, Finland, Mexico and other countries. |
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NOTE TO INVESTORS CONCERNING FORWARD-LOOKING INFORMATION
Certain statements in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and constitute “forward-looking information” under the provisions of Canadian provincial securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, may or will occur are forward-looking statements. These statements relate to, among other things, the Company’s plans, objectives, expectations, estimates, beliefs, strategies and intentions and can generally be identified by the use of words such as “anticipate”, “believe”, “budget”, “could”, “estimate”, “expect”, “forecast”, “likely”, “may”, “plan”, “project”, “schedule”, “should”, “target”, “will”, “would” or other variations of these terms or similar words.
Forward-looking statements in this MD&A include the following: the Company’s forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at the Company’s sites; including the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces of annual gold production in the early 2030s; 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 plans at Detour Lake underground , Upper Beaver Odyssey, Hope Bay and San Nicolás including the approval timing, funding, completion and commissioning thereof and the commencement of production therefrom; statements concerning the Company’s “fill-the-mill” strategy at Canadian Malartic; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital expenditures and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company’s ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing or submission or receipt thereof; future exploration; the anticipated timing of events with respect to the Company’s mine sites; the Company’s plans and strategies with respect to sustainability initiatives; the sufficiency of the Company’s cash resources; the Company’s plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company’s unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effect of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; the Company’s estimate of the Meadowbank ARO liability; and anticipated trends with respect to the Company’s operations, exploration and the funding thereof. Such statements reflect the Company’s views as at the date of this MD&A and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein, and in the Company’s 2024 AIF and, when available, the 2025 AIF filed with Canadian securities regulators and the SEC as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle’s properties proceeds on a basis consistent with current expectations and plans; that the Company’s plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle’s expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle’s current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company’s operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company’s efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company’s current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company’s current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company’s ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company’s ability to obtain necessary supplies and deliver them to its mine sites.
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Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company’s operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company’s stock price; risks associated with the Company’s currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company.
For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A, see the 2024 AIF and, when available, the 2025 AIF, each filed, or to be filed, on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
SCIENTIFIC AND TECHNICAL INFORMATION
The scientific and technical information set out in this MD&A relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice-President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz,, P.Eng., Executive Vice-President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice-President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice-President, Mineral Resources Management, each of whom is a “Qualified Person” for the purposes of NI 43-101.
NOTE TO INVESTORS CONCERNING ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES
The mineral reserve and mineral resource estimates contained in this MD&A have been prepared in accordance with the Canadian Security Administrators’ (the “CSA”) National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Effective February 25, 2019, the SEC’s disclosure requirements and policies for mining properties were harmonized with current industry and global regulatory practices and standards, including NI 43-101. However, Canadian issuers that report in the United States using the Multijurisdictional Disclosure System (“MJDS”), such as the Company, may still use NI 43-101 rather than the SEC’s disclosure requirements when using the SEC’s MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this MD&A may not be comparable to similar information disclosed by U.S. companies.
Investors are cautioned that while the SEC now 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 MD&A 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 MD&A 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 and mineral reserves are not reported as a subset of mineral resources. See “Mineral Reserves and Mineral Resources” in the 2024 AIF or, when available, the 2025 AIF for additional information.
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AGNICO EAGLE MINES LIMITED
SUMMARIZED QUARTERLY DATA
(thousands of United States dollars, except where noted)
| | Three Months Ended | | | | ||||||||||
| | March 31, | | June 30, | | September 30, | | December 31, | | Total | |||||
Operating margin(i): | | 2025 | | 2025 | | 2025 | | 2025 | | 2025 | |||||
Revenues from mining operations | | $ | 2,468,248 | | $ | 2,816,101 | | $ | 3,059,529 | | $ | 3,563,973 | | $ | 11,907,851 |
Production costs | |
| 767,733 | |
| 789,187 | |
| 839,321 | |
| 944,443 | |
| 3,340,684 |
Total operating margin(i) | |
| 1,700,515 | |
| 2,026,914 | |
| 2,220,208 | |
| 2,619,530 | |
| 8,567,167 |
Impairment reversal | |
| — | |
| — | |
| — | |
| (229,000) | |
| (229,000) |
Amortization of property, plant and mine development | |
| 416,800 | |
| 376,956 | |
| 429,947 | |
| 421,594 | |
| 1,645,297 |
Exploration, corporate and other | |
| 89,144 | |
| 33,339 | |
| 214,693 | |
| 109,783 | |
| 446,959 |
Income before income and mining taxes | |
| 1,194,571 | |
| 1,616,619 | |
| 1,575,568 | |
| 2,317,153 | |
| 6,703,911 |
Income and mining taxes | |
| 379,840 | |
| 547,908 | |
| 520,610 | |
| 794,092 | |
| 2,242,450 |
Net income for the period | | $ | 814,731 | | $ | 1,068,711 | | $ | 1,054,958 | | $ | 1,523,061 | | $ | 4,461,461 |
Net income per share — basic | | $ | 1.62 | | $ | 2.13 | | $ | 2.10 | | $ | 3.04 | | $ | 8.89 |
Net income per share — diluted | | $ | 1.62 | | $ | 2.12 | | $ | 2.10 | | $ | 3.04 | | $ | 8.86 |
Cash flows: | |
| | |
| | |
| | |
| | |
| |
Cash provided by operating activities | | $ | 1,044,246 | | $ | 1,845,488 | | $ | 1,815,875 | | $ | 2,111,504 | | $ | 6,817,113 |
Realized prices: | |
| | |
| | |
| | |
| | |
| |
Gold (per ounce) | | $ | 2,891 | | $ | 3,288 | | $ | 3,476 | | $ | 4,163 | | $ | 3,454 |
Silver (per ounce) | | $ | 33.07 | | $ | 35.72 | | $ | 43.43 | | $ | 60.65 | | $ | 43.80 |
Payable production(ii): | |
| | |
| | |
| | |
| | |
| |
Gold (ounces) | |
| | |
| | |
| | |
| | |
| |
LaRonde | |
| 91,491 | |
| 91,252 | |
| 81,522 | |
| 80,290 | |
| 344,555 |
Canadian Malartic | |
| 159,773 | |
| 172,531 | |
| 156,875 | |
| 153,433 | |
| 642,612 |
Goldex | |
| 30,016 | |
| 33,118 | |
| 29,375 | |
| 32,992 | |
| 125,501 |
Quebec | |
| 281,280 | |
| 296,901 | |
| 267,772 | |
| 266,715 | |
| 1,112,668 |
Detour Lake | |
| 152,838 | |
| 168,272 | |
| 176,539 | |
| 195,026 | |
| 692,675 |
Macassa | |
| 86,028 | |
| 87,364 | |
| 78,832 | |
| 60,505 | |
| 312,729 |
Ontario | |
| 238,866 | |
| 255,636 | |
| 255,371 | |
| 255,531 | |
| 1,005,404 |
Meliadine | |
| 98,512 | |
| 90,263 | |
| 93,836 | |
| 93,735 | |
| 376,346 |
Meadowbank | |
| 140,126 | |
| 101,935 | |
| 136,152 | |
| 115,101 | |
| 493,314 |
Nunavut | |
| 238,638 | |
| 192,198 | |
| 229,988 | |
| 208,836 | |
| 869,660 |
Fosterville | |
| 43,615 | |
| 49,574 | |
| 34,966 | |
| 32,367 | |
| 160,522 |
Australia | |
| 43,615 | |
| 49,574 | |
| 34,966 | |
| 32,367 | |
| 160,522 |
Kittila | |
| 54,104 | |
| 50,357 | |
| 57,954 | |
| 54,964 | |
| 217,379 |
Europe | |
| 54,104 | |
| 50,357 | |
| 57,954 | |
| 54,964 | |
| 217,379 |
Pinos Altos | |
| 17,291 | |
| 21,363 | |
| 20,885 | |
| 22,195 | |
| 81,734 |
Mexico | |
| 17,291 | |
| 21,363 | |
| 20,885 | |
| 22,195 | |
| 81,734 |
Total gold (ounces) | |
| 873,794 | |
| 866,029 | |
| 866,936 | |
| 840,608 | |
| 3,447,367 |
Silver (thousands of ounces) | |
| 602 | |
| 611 | |
| 630 | |
| 658 | |
| 2,501 |
Zinc (tonnes) | |
| 1,742 | |
| 2,384 | |
| 1,925 | |
| 2,395 | |
| 8,446 |
Copper (tonnes) | |
| 1,384 | |
| 1,161 | |
| 1,468 | |
| 1,380 | |
| 5,393 |
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AGNICO EAGLE MINES LIMITED
SUMMARIZED QUARTERLY DATA
(thousands of United States dollars, except where noted)
| | Three Months Ended | | | ||||||
| | March 31, | | June 30, | | September 30, | | December 31, | | Total |
Payable metal sold(iii): | | 2025 | | 2025 | | 2025 | | 2025 | | 2025 |
Gold (ounces) |
| |
| |
| |
| |
| |
LaRonde |
| 90,509 |
| 88,908 |
| 77,224 |
| 93,892 |
| 350,533 |
Canadian Malartic |
| 144,663 |
| 150,830 |
| 157,228 |
| 146,832 |
| 599,553 |
Goldex |
| 30,693 |
| 33,167 |
| 28,479 |
| 31,961 |
| 124,300 |
Quebec |
| 265,865 |
| 272,905 |
| 262,931 |
| 272,685 |
| 1,074,386 |
Detour Lake |
| 155,480 |
| 166,034 |
| 188,008 |
| 173,144 |
| 682,666 |
Macassa |
| 81,000 |
| 79,145 |
| 81,330 |
| 58,445 |
| 299,920 |
Ontario |
| 236,480 |
| 245,179 |
| 269,338 |
| 231,589 |
| 982,586 |
Meliadine |
| 89,270 |
| 108,188 |
| 76,739 |
| 107,353 |
| 381,550 |
Meadowbank |
| 140,350 |
| 102,224 |
| 136,974 |
| 116,205 |
| 495,753 |
Nunavut |
| 229,620 |
| 210,412 |
| 213,713 |
| 223,558 |
| 877,303 |
Fosterville |
| 38,000 |
| 46,500 |
| 41,300 |
| 31,229 |
| 157,029 |
Australia |
| 38,000 |
| 46,500 |
| 41,300 |
| 31,229 |
| 157,029 |
Kittila |
| 56,000 |
| 51,000 |
| 55,000 |
| 55,060 |
| 217,060 |
Europe |
| 56,000 |
| 51,000 |
| 55,000 |
| 55,060 |
| 217,060 |
Pinos Altos |
| 17,000 |
| 20,839 |
| 21,734 |
| 20,604 |
| 80,177 |
Mexico |
| 17,000 |
| 20,839 |
| 21,734 |
| 20,604 |
| 80,177 |
Corporate and Other |
| — |
| — |
| 4,547 |
| 7,831 |
| 12,378 |
Total gold (ounces) |
| 842,965 |
| 846,835 |
| 868,563 |
| 842,556 |
| 3,400,919 |
Silver (thousands of ounces) |
| 527 |
| 574 |
| 653 |
| 622 |
| 2,376 |
Zinc (tonnes) |
| 1,812 |
| 2,391 |
| 1,977 |
| 2,619 |
| 8,799 |
Copper (tonnes) |
| 1,398 |
| 1,162 |
| 1,438 |
| 1,339 |
| 5,337 |
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Table of Contents
AGNICO EAGLE MINES LIMITED
SUMMARIZED QUARTERLY DATA
(thousands of United States dollars, except where noted)
| | Three Months Ended | | | | ||||||||||
| | March 31, | | June 30, | | September 30, | | December 31, | | Total | |||||
Operating margin(i): | | 2024 | | 2024 | | 2024 | | 2024 | | 2024 | |||||
Revenues from mining operations | | $ | 1,829,823 | | $ | 2,076,621 | | $ | 2,155,609 | | $ | 2,223,700 | | $ | 8,285,753 |
Production costs | |
| 783,585 | |
| 771,984 | |
| 783,653 | |
| 746,858 | |
| 3,086,080 |
Total operating margin(i) | |
| 1,046,238 | |
| 1,304,637 | |
| 1,371,956 | |
| 1,476,842 | |
| 5,199,673 |
Amortization of property, plant and mine development | |
| 357,225 | |
| 378,389 | |
| 390,245 | |
| 388,217 | |
| 1,514,076 |
Exploration, corporate and other | |
| 199,965 | |
| 216,042 | |
| 141,921 | |
| 306,114 | |
| 864,042 |
Income before income and mining taxes | |
| 489,048 | |
| 710,206 | |
| 839,790 | |
| 782,511 | |
| 2,821,555 |
Income and mining taxes | |
| 141,856 | |
| 238,190 | |
| 272,672 | |
| 273,256 | |
| 925,974 |
Net income for the period | | $ | 347,192 | | $ | 472,016 | | $ | 567,118 | | $ | 509,255 | | $ | 1,895,581 |
Net income per share — basic | | $ | 0.70 | | $ | 0.95 | | $ | 1.13 | | $ | 1.02 | | $ | 3.79 |
Net income per share — diluted | | $ | 0.70 | | $ | 0.94 | | $ | 1.13 | | $ | 1.01 | | $ | 3.78 |
Cash flows: | |
| | |
| | |
| | |
| | |
| |
Cash provided by operating activities | | $ | 783,175 | | $ | 961,336 | | $ | 1,084,532 | | $ | 1,131,849 | | $ | 3,960,892 |
Realized prices: | |
| | |
| | |
| | |
| | |
| |
Gold (per ounce) | | $ | 2,062 | | $ | 2,342 | | $ | 2,492 | | $ | 2,660 | | $ | 2,384 |
Silver (per ounce) | | $ | 23.80 | | $ | 30.09 | | $ | 30.69 | | $ | 30.31 | | $ | 28.85 |
Payable production(ii): | |
| | |
| | |
| | |
| | |
| |
Gold (ounces) | |
| | |
| | |
| | |
| | |
| |
LaRonde | |
| 68,364 | |
| 82,334 | |
| 65,605 | |
| 90,447 | |
| 306,750 |
Canadian Malartic | |
| 186,906 | |
| 180,871 | |
| 141,392 | |
| 146,485 | |
| 655,654 |
Goldex | |
| 34,388 | |
| 33,750 | |
| 30,334 | |
| 32,341 | |
| 130,813 |
Quebec | |
| 289,658 | |
| 296,955 | |
| 237,331 | |
| 269,273 | |
| 1,093,217 |
Detour Lake | |
| 150,751 | |
| 168,247 | |
| 173,891 | |
| 179,061 | |
| 671,950 |
Macassa | |
| 68,259 | |
| 64,062 | |
| 70,727 | |
| 76,336 | |
| 279,384 |
Ontario | |
| 219,010 | |
| 232,309 | |
| 244,618 | |
| 255,397 | |
| 951,334 |
Meliadine | |
| 95,725 | |
| 88,675 | |
| 99,838 | |
| 94,648 | |
| 378,886 |
Meadowbank | |
| 127,774 | |
| 126,419 | |
| 133,502 | |
| 117,024 | |
| 504,719 |
Nunavut | |
| 223,499 | |
| 215,094 | |
| 233,340 | |
| 211,672 | |
| 883,605 |
Fosterville | |
| 56,569 | |
| 65,963 | |
| 65,532 | |
| 37,139 | |
| 225,203 |
Australia | |
| 56,569 | |
| 65,963 | |
| 65,532 | |
| 37,139 | |
| 225,203 |
Kittila | |
| 54,581 | |
| 55,671 | |
| 56,715 | |
| 51,893 | |
| 218,860 |
Europe | |
| 54,581 | |
| 55,671 | |
| 56,715 | |
| 51,893 | |
| 218,860 |
Pinos Altos | |
| 24,725 | |
| 23,754 | |
| 21,371 | |
| 18,583 | |
| 88,433 |
Creston Mascota | |
| 28 | |
| 13 | |
| 9 | |
| 54 | |
| 104 |
La India | |
| 10,582 | |
| 6,079 | |
| 4,529 | |
| 3,390 | |
| 24,580 |
Mexico | |
| 35,335 | |
| 29,846 | |
| 25,909 | |
| 22,027 | |
| 113,117 |
Total gold (ounces) | |
| 878,652 | |
| 895,838 | |
| 863,445 | |
| 847,401 | |
| 3,485,336 |
Silver (thousands of ounces) | |
| 615 | |
| 628 | |
| 602 | |
| 640 | |
| 2,485 |
Zinc (tonnes) | |
| 1,682 | |
| 1,883 | |
| 914 | |
| 1,860 | |
| 6,339 |
Copper (tonnes) | |
| 804 | |
| 1,072 | |
| 797 | |
| 1,278 | |
| 3,951 |
60
Table of Contents
AGNICO EAGLE MINES LIMITED
SUMMARIZED QUARTERLY DATA
(thousands of United States dollars, except where noted)
| | Three Months Ended | | | ||||||
| | March 31, | | June 30, | | September 30, | | December 31, | | Total |
Payable metal sold(iii): | | 2024 | | 2024 | | 2024 | | 2024 | | 2024 |
Gold (ounces) |
| |
| |
| |
| |
| |
LaRonde |
| 85,415 |
| 67,830 |
| 77,277 |
| 74,172 |
| 304,694 |
Canadian Malartic |
| 159,548 |
| 176,651 |
| 139,694 |
| 148,753 |
| 624,646 |
Goldex |
| 34,442 |
| 33,783 |
| 31,671 |
| 29,501 |
| 129,397 |
Quebec |
| 279,405 |
| 278,264 |
| 248,642 |
| 252,426 |
| 1,058,737 |
Detour Lake |
| 167,008 |
| 153,622 |
| 176,585 |
| 166,057 |
| 663,272 |
Macassa |
| 67,500 |
| 65,340 |
| 65,000 |
| 80,624 |
| 278,464 |
Ontario |
| 234,508 |
| 218,962 |
| 241,585 |
| 246,681 |
| 941,736 |
Meliadine |
| 98,540 |
| 94,438 |
| 83,900 |
| 97,898 |
| 374,776 |
Meadowbank |
| 121,110 |
| 131,003 |
| 126,010 |
| 114,497 |
| 492,620 |
Nunavut |
| 219,650 |
| 225,441 |
| 209,910 |
| 212,395 |
| 867,396 |
Fosterville |
| 58,000 |
| 62,049 |
| 67,198 |
| 41,900 |
| 229,147 |
Australia |
| 58,000 |
| 62,049 |
| 67,198 |
| 41,900 |
| 229,147 |
Kittila |
| 55,000 |
| 56,984 |
| 59,464 |
| 48,100 |
| 219,548 |
Europe |
| 55,000 |
| 56,984 |
| 59,464 |
| 48,100 |
| 219,548 |
Pinos Altos |
| 20,300 |
| 25,510 |
| 23,700 |
| 19,900 |
| 89,410 |
La India |
| 12,200 |
| 7,020 |
| 5,400 |
| 3,500 |
| 28,120 |
Mexico |
| 32,500 |
| 32,530 |
| 29,100 |
| 23,400 |
| 117,530 |
Total gold (ounces) |
| 879,063 |
| 874,230 |
| 855,899 |
| 824,902 |
| 3,434,094 |
Silver (thousands of ounces) |
| 604 |
| 637 |
| 573 |
| 669 |
| 2,483 |
Zinc (tonnes) |
| 1,507 |
| 1,547 |
| 1,748 |
| 1,407 |
| 6,209 |
Copper (tonnes) |
| 762 |
| 1,113 |
| 806 |
| 1,271 |
| 3,952 |
Notes:
| (i) | Operating margin (a non-GAAP measure) is calculated as revenues from mining operations less production costs. Details by minesite are disclosed in the “Three Year Financial and Operating Summary” below. For a discussion of the composition and usefulness of operating margin, see “Non-GAAP Financial Performance Measures”. |
| (ii) | Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period. For the year ended December 31, 2025, it excludes 4,539 payable gold ounces produced at La India and 323 payable gold ounces produced at Creston Mascota as well as 9,468 ounces of gold recovered at Hope Bay. |
| (iii) | Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the year ended December 31, 2025, it excludes 2,500 payable gold ounces sold at La India. |
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Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
| | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations |
| | |
| | |
| | |
LaRonde | | $ | 1,303,218 | | $ | 770,314 | | $ | 613,776 |
Canadian Malartic(i) | |
| 2,078,291 | |
| 1,492,313 | |
| 1,124,480 |
Goldex | |
| 460,907 | |
| 321,346 | |
| 272,801 |
Quebec | |
| 3,842,416 | |
| 2,583,973 | |
| 2,011,057 |
Detour Lake | |
| 2,360,769 | |
| 1,582,974 | |
| 1,262,839 |
Macassa | |
| 1,021,752 | |
| 670,568 | |
| 431,827 |
Ontario | |
| 3,382,521 | |
| 2,253,542 | |
| 1,694,666 |
Meliadine | |
| 1,328,761 | |
| 890,243 | |
| 697,431 |
Meadowbank | |
| 1,700,214 | |
| 1,178,132 | |
| 858,209 |
Nunavut | |
| 3,028,975 | |
| 2,068,375 | |
| 1,555,640 |
Fosterville | |
| 537,795 | |
| 545,152 | |
| 552,468 |
Australia | |
| 537,795 | |
| 545,152 | |
| 552,468 |
Kittila | |
| 748,635 | |
| 523,550 | |
| 448,719 |
Europe | |
| 748,635 | |
| 523,550 | |
| 448,719 |
Pinos Altos | |
| 323,322 | |
| 245,997 | |
| 212,876 |
La India | |
| — | |
| 65,164 | |
| 151,483 |
Mexico | |
| 323,322 | |
| 311,161 | |
| 364,359 |
Corporate and Other | |
| 44,187 | |
| — | |
| — |
Revenues from mining operations | |
| 11,907,851 | |
| 8,285,753 | |
| 6,626,909 |
Production costs | |
| 3,340,684 | |
| 3,086,080 | |
| 2,933,263 |
Operating margin(ii) | |
| 8,567,167 | |
| 5,199,673 | |
| 3,693,646 |
Impairment (reversal) loss | |
| (229,000) | |
| — | |
| 787,000 |
Amortization of property, plant and mine development | |
| 1,645,297 | |
| 1,514,076 | |
| 1,491,771 |
Revaluation gain | |
| — | |
| — | |
| (1,543,414) |
Exploration, corporate and other | |
| 446,959 | |
| 864,042 | |
| 599,220 |
Income before income and mining taxes | |
| 6,703,911 | |
| 2,821,555 | |
| 2,359,069 |
Income and mining taxes | |
| 2,242,450 | |
| 925,974 | |
| 417,762 |
Net income for the year | | $ | 4,461,461 | | $ | 1,895,581 | | $ | 1,941,307 |
Net income per share — basic | | $ | 8.89 | | $ | 3.79 | | $ | 3.97 |
Net income per share — diluted | | $ | 8.86 | | $ | 3.78 | | $ | 3.95 |
Cash provided by operating activities | | $ | 6,817,113 | | $ | 3,960,892 | | $ | 2,601,562 |
Cash used in investing activities | | $ | (2,598,295) | | $ | (2,007,114) | | $ | (2,760,783) |
Cash used in financing activities | | $ | (2,287,143) | | $ | (1,356,331) | | $ | (163,958) |
Dividends declared per share | | $ | 1.60 | | $ | 1.60 | | $ | 1.60 |
Capital expenditures per Consolidated Statements of Cash Flows | | $ | 2,418,200 | | $ | 1,817,949 | | $ | 1,654,129 |
Realized price per ounce of gold | | $ | 3,454 | | $ | 2,384 | | $ | 1,946 |
Realized price per ounce of silver | | $ | 43.80 | | $ | 28.85 | | $ | 23.72 |
Weighted average number of common shares outstanding - basic (thousands) | |
| 501,993 | |
| 499,904 | |
| 488,723 |
Total assets | | $ | 34,471,291 | | $ | 29,987,018 | | $ | 28,684,949 |
Long-term debt | | $ | 196,271 | | $ | 1,052,956 | | $ | 1,743,086 |
Shareholders’ equity | | $ | 24,742,464 | | $ | 20,832,900 | | $ | 19,422,915 |
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Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
LaRonde | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 1,303,218 | | $ | 770,314 | | $ | 613,776 |
Production costs | |
| 360,025 | |
| 319,495 | |
| 299,644 |
Operating margin(ii) | | $ | 943,193 | | $ | 450,819 | | $ | 314,132 |
Amortization of property, plant and mine development | |
| 145,080 | |
| 137,119 | |
| 114,349 |
Tonnes of ore milled | |
| 2,804,903 | |
| 2,849,391 | |
| 2,658,396 |
Gold — grams per tonne | |
| 4.08 | |
| 3.62 | |
| 3.83 |
Gold production — ounces | |
| 344,555 | |
| 306,750 | |
| 306,648 |
Silver production — thousands of ounces | |
| 671 | |
| 589 | |
| 588 |
Zinc production — tonnes | |
| 8,446 | |
| 6,339 | |
| 7,702 |
Copper production — tonnes | |
| 2,431 | |
| 2,290 | |
| 2,578 |
Production costs per ounce ($per ounce basis) | | $ | 1,045 | | $ | 1,042 | | $ | 977 |
Total cash costs per ounce - co-product basis(iii) | | $ | 1,072 | | $ | 1,132 | | $ | 1,088 |
Impact of by-product metals | |
| (243) | |
| (187) | |
| (177) |
Total cash costs per ounce - by-product basis(iii) | | $ | 829 | | $ | 945 | | $ | 911 |
Production costs per tonne | | C$ | 179 | | C$ | 153 | | C$ | 152 |
Minesite costs per tonne(iv) | | C$ | 166 | | C$ | 154 | | C$ | 153 |
Canadian Malartic(iv) | |
| | |
| | |
| |
Revenues from mining operations | | $ | 2,078,291 | | $ | 1,492,313 | | $ | 1,124,480 |
Production costs | |
| 488,160 | |
| 532,037 | |
| 465,814 |
Operating margin(ii) | | $ | 1,590,131 | | $ | 960,276 | | $ | 658,666 |
Amortization of property, plant and mine development | |
| 395,663 | |
| 348,866 | |
| 340,737 |
Tonnes of ore milled | |
| 20,122,738 | |
| 20,317,261 | |
| 17,332,886 |
Gold — grams per tonne | |
| 1.08 | |
| 1.09 | |
| 1.17 |
Gold production — ounces | |
| 642,612 | |
| 655,654 | |
| 603,955 |
Silver production — thousands of ounces | |
| 337 | |
| 306 | |
| 311 |
Production costs per ounce ($per ounce basis) | | $ | 760 | | $ | 811 | | $ | 771 |
Total cash costs per ounce - co-product basis(iii) | | $ | 969 | | $ | 943 | | $ | 835 |
Impact of by-product metals | |
| (23) | |
| (13) | |
| (11) |
Total cash costs per ounce - by-product basis(iii) | | $ | 946 | | $ | 930 | | $ | 824 |
Production costs per tonne | | C$ | 34 | | C$ | 36 | | C$ | 36 |
Minesite costs per tonne(iv) | | C$ | 43 | | C$ | 41 | | C$ | 39 |
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Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
Goldex | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 460,907 | | $ | 321,346 | | $ | 272,801 |
Production costs | |
| 148,952 | |
| 129,977 | |
| 112,022 |
Operating margin(ii) | | $ | 311,955 | | $ | 191,369 | | $ | 160,779 |
Amortization of property, plant and mine development | |
| 53,722 | |
| 43,562 | |
| 39,069 |
Tonnes of ore milled | |
| 3,300,912 | |
| 3,075,697 | |
| 2,886,927 |
Gold — grams per tonne | |
| 1.40 | |
| 1.55 | |
| 1.74 |
Gold production — ounces | |
| 125,501 | |
| 130,813 | |
| 140,983 |
Silver production — thousands of ounces | |
| 3 | |
| 3 | |
| 2 |
Copper production — tonnes | |
| 2,962 | |
| 1,661 | |
| 39 |
Production costs per ounce ($per ounce basis) | | $ | 1,187 | | $ | 994 | | $ | 795 |
Total cash costs per ounce - co-product basis(iii) | | $ | 1,243 | | $ | 1,041 | | $ | 822 |
Impact of by-product metals | |
| (241) | |
| (118) | |
| (2) |
Total cash costs per ounce - by-product basis(iii) | | $ | 1,002 | | $ | 923 | | $ | 820 |
Production costs per tonne | | C$ | 63 | | C$ | 58 | | C$ | 52 |
Minesite costs per tonne(iv) | | C$ | 64 | | C$ | 59 | | C$ | 53 |
Meliadine | |
| | |
| | |
| |
Revenues from mining operations | | $ | 1,328,761 | | $ | 890,243 | | $ | 697,431 |
Production costs | |
| 402,385 | |
| 350,280 | |
| 343,650 |
Operating margin(ii) | | $ | 926,376 | | $ | 539,963 | | $ | 353,781 |
Amortization of property, plant and mine development | |
| 263,954 | |
| 202,834 | |
| 182,530 |
Tonnes of ore milled | |
| 2,351,003 | |
| 1,966,236 | |
| 1,918,143 |
Gold — grams per tonne | |
| 5.14 | |
| 6.22 | |
| 6.11 |
Gold production — ounces | |
| 376,346 | |
| 378,886 | |
| 364,141 |
Silver production — thousands of ounces | |
| 26 | |
| 34 | |
| 27 |
Production costs per ounce ($per ounce basis) | | $ | 1,069 | | $ | 924 | | $ | 944 |
Total cash costs per ounce - co-product basis(iii) | | $ | 1,070 | | $ | 942 | | $ | 981 |
Impact of by-product metals | |
| (3) | |
| (2) | |
| (1) |
Total cash costs per ounce - by-product basis(iii) | | $ | 1,067 | | $ | 940 | | $ | 980 |
Production costs per tonne | | C$ | 238 | | C$ | 243 | | C$ | 241 |
Minesite costs per tonne(iv) | | C$ | 237 | | C$ | 247 | | C$ | 249 |
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Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
Meadowbank | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 1,700,214 | | $ | 1,178,132 | | $ | 858,209 |
Production costs | |
| 552,470 | |
| 463,464 | |
| 524,008 |
Operating margin(ii) | | $ | 1,147,744 | | $ | 714,668 | | $ | 334,201 |
Amortization of property, plant and mine development | |
| 176,675 | |
| 148,414 | |
| 192,509 |
Tonnes of ore milled | |
| 3,940,952 | |
| 4,142,766 | |
| 3,842,649 |
Gold — grams per tonne | |
| 4.29 | |
| 4.18 | |
| 3.86 |
Gold production — ounces | |
| 493,314 | |
| 504,719 | |
| 431,666 |
Silver production — thousands of ounces | |
| 160 | |
| 142 | |
| 125 |
Production costs per ounce ($per ounce basis) | | $ | 1,120 | | $ | 918 | | $ | 1,214 |
Total cash costs per ounce - co-product basis(iii) | | $ | 1,122 | | $ | 946 | | $ | 1,183 |
Impact of by-product metals | |
| (12) | |
| (8) | |
| (7) |
Total cash costs per ounce - by-product basis(iii) | | $ | 1,110 | | $ | 938 | | $ | 1,176 |
Production costs per tonne | | C$ | 195 | | C$ | 153 | | C$ | 183 |
Minesite costs per tonne(iv) | | C$ | 194 | | C$ | 156 | | C$ | 179 |
Kittila | |
| | |
| | |
| |
Revenues from mining operations | | $ | 748,635 | | $ | 523,550 | | $ | 448,719 |
Production costs | |
| 236,238 | |
| 227,334 | |
| 205,857 |
Operating margin(ii) | | $ | 512,397 | | $ | 296,216 | | $ | 242,862 |
Amortization of property, plant and mine development | |
| 121,163 | |
| 117,679 | |
| 102,686 |
Tonnes of ore milled | |
| 2,105,463 | |
| 2,026,251 | |
| 1,954,215 |
Gold — grams per tonne | |
| 3.91 | |
| 4.11 | |
| 4.48 |
Gold production — ounces | |
| 217,379 | |
| 218,860 | |
| 234,402 |
Silver production — thousands of ounces | |
| 19 | |
| 17 | |
| 15 |
Production costs per ounce ($per ounce basis) | | $ | 1,087 | | $ | 1,039 | | $ | 878 |
Total cash costs per ounce - co-product basis(iii) | | $ | 1,084 | | $ | 1,033 | | $ | 872 |
Impact of by-product metals | |
| (3) | |
| (2) | |
| (1) |
Total cash costs per ounce - by-product basis(iii) | | $ | 1,081 | | $ | 1,031 | | $ | 871 |
Production costs per tonne | | € | 99 | | € | 103 | | € | 98 |
Minesite costs per tonne(iv) | | € | 100 | | € | 103 | | € | 99 |
65
Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
Detour Lake | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 2,360,769 | | $ | 1,582,974 | | $ | 1,262,839 |
Production costs | |
| 565,439 | |
| 497,079 | |
| 453,498 |
Operating margin(ii) | | $ | 1,795,330 | | $ | 1,085,895 | | $ | 809,341 |
Amortization of property, plant and mine development | |
| 225,463 | |
| 185,972 | |
| 161,819 |
Tonnes of ore milled | |
| 27,868,634 | |
| 27,462,385 | |
| 25,434,854 |
Gold — grams per tonne | |
| 0.86 | |
| 0.85 | |
| 0.91 |
Gold production — ounces | |
| 692,675 | |
| 671,950 | |
| 677,446 |
Silver production — thousands of ounces | |
| 156 | |
| 107 | |
| 79 |
Production costs per ounce ($per ounce basis) | | $ | 816 | | $ | 740 | | $ | 669 |
Total cash costs per ounce - co-product basis(iii) | | $ | 887 | | $ | 801 | | $ | 738 |
Impact of by-product metals | |
| (8) | |
| (5) | |
| (3) |
Total cash costs per ounce - by-product basis(iii) | | $ | 879 | | $ | 796 | | $ | 735 |
Production costs per tonne | | C$ | 28 | | C$ | 25 | | C$ | 24 |
Minesite costs per tonne(iv) | | C$ | 30 | | C$ | 26 | | C$ | 26 |
Macassa | |
| | |
| | |
| |
Revenues from mining operations | | $ | 1,021,752 | | $ | 670,568 | | $ | 431,827 |
Production costs | |
| 221,718 | |
| 201,371 | |
| 155,046 |
Operating margin(ii) | | $ | 800,034 | | $ | 469,197 | | $ | 276,781 |
Amortization of property, plant and mine development | |
| 123,699 | |
| 169,272 | |
| 155,944 |
Tonnes of ore milled | |
| 573,036 | |
| 573,702 | |
| 441,588 |
Gold — grams per tonne | |
| 17.42 | |
| 15.55 | |
| 16.47 |
Gold production — ounces | |
| 312,729 | |
| 279,384 | |
| 228,535 |
Silver production — thousands of ounces | |
| 97 | |
| 38 | |
| 21 |
Production costs per ounce ($per ounce basis) | | $ | 709 | | $ | 721 | | $ | 678 |
Total cash costs per ounce - co-product basis(iii) | | $ | 799 | | $ | 752 | | $ | 733 |
Impact of by-product metals | |
| (6) | |
| (4) | |
| (2) |
Total cash costs per ounce - by-product basis(iii) | | $ | 793 | | $ | 748 | | $ | 731 |
Production costs per tonne | | C$ | 540 | | C$ | 482 | | C$ | 475 |
Minesite costs per tonne(iv) | | C$ | 604 | | C$ | 498 | | C$ | 503 |
66
Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
Fosterville | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 537,795 | | $ | 545,152 | | $ | 552,468 |
Production costs | |
| 146,382 | |
| 147,045 | |
| 131,298 |
Operating margin(ii) | | $ | 391,413 | | $ | 398,107 | | $ | 421,170 |
Amortization of property, plant and mine development | |
| 80,250 | |
| 92,424 | |
| 88,044 |
Tonnes of ore milled | |
| 725,726 | |
| 809,475 | |
| 650,666 |
Gold — grams per tonne | |
| 7.20 | |
| 8.96 | |
| 13.61 |
Gold production — ounces | |
| 160,522 | |
| 225,203 | |
| 277,694 |
Silver production — thousands of ounces | |
| 18 | |
| 17 | |
| 20 |
Production costs per ounce ($per ounce basis) | | $ | 912 | | $ | 653 | | $ | 473 |
Total cash costs per ounce - co-product basis(iii) | | $ | 941 | | $ | 650 | | $ | 489 |
Impact of by-product metals | |
| (4) | |
| (3) | |
| (1) |
Total cash costs per ounce - by-product basis(iii) | | $ | 937 | | $ | 647 | | $ | 488 |
Production costs per tonne | | A$ | 310 | | A$ | 277 | | A$ | 304 |
Minesite costs per tonne(iv) | | A$ | 320 | | A$ | 276 | | A$ | 301 |
Pinos Altos | |
| | |
| | |
| |
Revenues from mining operations | | $ | 323,322 | | $ | 245,997 | | $ | 212,876 |
Production costs | |
| 205,808 | |
| 168,231 | |
| 145,936 |
Operating margin(ii) | | $ | 117,514 | | $ | 77,766 | | $ | 66,940 |
Amortization of property, plant and mine development | |
| 43,849 | |
| 45,943 | |
| 63,125 |
Tonnes of ore processed | |
| 1,719,782 | |
| 1,707,216 | |
| 1,656,466 |
Gold — grams per tonne processed at the mill | |
| 1.55 | |
| 1.69 | |
| 1.92 |
Gold production — ounces | |
| 81,734 | |
| 88,433 | |
| 97,642 |
Silver production — thousands of ounces | |
| 1,013 | |
| 1,198 | |
| 1,153 |
Production costs per ounce ($per ounce basis) | | $ | 2,518 | | $ | 1,902 | | $ | 1,495 |
Total cash costs per ounce - co-product basis(iii) | | $ | 2,593 | | $ | 1,925 | | $ | 1,509 |
Impact of by-product metals | |
| (587) | |
| (395) | |
| (280) |
Total cash costs per ounce - by-product basis(iii) | | $ | 2,006 | | $ | 1,530 | | $ | 1,229 |
Production costs per tonne | | $ | 120 | | $ | 99 | | $ | 88 |
Minesite costs per tonne(iv) | | $ | 122 | | $ | 99 | | $ | 88 |
67
Table of Contents
AGNICO EAGLE MINES LIMITED
THREE YEAR FINANCIAL AND OPERATING SUMMARY
(thousands of United States dollars, except where noted)
Corporate and Other(v) | | 2025 | | 2024 | | 2023 | |||
Revenues from mining operations | | $ | 44,187 | | $ | 65,164 | | $ | 151,483 |
Production costs | |
| 13,107 | |
| 49,767 | |
| 96,490 |
Operating margin(ii) | | $ | 31,080 | | $ | 15,397 | | $ | 54,993 |
Amortization of property, plant and mine development | |
| 7,833 | |
| 8,590 | |
| 37,140 |
Tonnes of ore processed | |
| — | |
| — | |
| 3,009,922 |
Gold — grams per tonne | |
| — | |
| — | |
| 0.87 |
Gold production — ounces(vi) | |
| 4,862 | |
| 24,684 | |
| 76,542 |
Silver production — thousands of ounces | |
| 1 | |
| 34 | |
| 67 |
Production costs per ounce ($per ounce basis) | | $ | 1,045 | | $ | 2,025 | | $ | 1,271 |
Total cash costs per ounce - co-product basis(iii) | | $ | — | | $ | 1,987 | | $ | 1,261 |
Impact of by-product metals | |
| — | |
| (42) | |
| (20) |
Total cash costs per ounce - by-product basis(iii) | | $ | — | | $ | 1,945 | | $ | 1,241 |
Production costs per tonne | | $ | — | | $ | — | | $ | 32 |
Minesite costs per tonne(iv)(vii) | | $ | — | | $ | — | | $ | 32 |
Notes:
| (i) | The information set out in this table for the year ended December 31, 2023 reflects the Company’s 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter. |
| (ii) | Operating margin is calculated as revenues from mining operations less production costs. Operating margin is not a recognized measure under IFRS Accounting Standards and may not be comparable to data reported by other gold producers. Refer to “Non-GAAP Financial Performance Measures - Operating Margin” in this MD&A for additional details. |
| (iii) | The total cash costs per ounce of gold produced is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. Refer to “Non-GAAP Financial Performance Measures” and “Non-GAAP Financial Performance Measures - Total Cash Costs Per Ounce and Minesite Costs per Tonne” in this MD&A for additional details. |
| (iv) | Minesite costs per tonne is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. Refer to “Non-GAAP Financial Performance Measures” and “Non-GAAP Financial Performance Measures - Total Cash Costs Per Ounce and Minesite Costs per Tonne” in this MD&A for additional details. |
| (v) | Corporate and Other sets out data on production and cost for the Company’s non-operating minesites, including for La India (for 2025), Creston Mascota (for 2023, 2024 and 2025) and Hope Bay (for 2025). |
| (vi) | Gold production for the year ended December 31, 2025 excludes 9,468 ounces of gold recovered at Hope Bay. |
| (vii) | Cost data per tonne for the year ended December 31, 2024 exclude approximately $49.8 million of production costs incurred at La India during the period, following the cessation of mining activities at La India during the fourth quarter of 2023. |
68
Exhibit 99.4
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference of our reports dated February 12, 2026 with respect to the consolidated financial statements and the effectiveness of internal control over financial reporting of Agnico Eagle Mines Limited in the following Registration Statements, included in this Current Report on Form 6-K:
· | Form F-3 file nos. 333-271854 and 333-280180 |
· | Form F-10 file no. 333-280114 |
· | Form S-8 file nos. 333-130339 and 333-152004 |
Toronto, Canada | |
February 12, 2026 | |
| |
| /s/ Ernst & Young LLP |
| ERNST & YOUNG LLP |
| |
| Chartered Professional Accountants |
| Licensed Public Accountants |
Exhibit 99.5
Stock Symbol: | AEM (NYSE and TSX) |
| |
For further information: | Investor Relations |
| (416) 947-1212 |
(All amounts expressed in U.S. dollars unless otherwise noted)
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
Toronto (February 12, 2026) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) is pleased to provide an update on year-end 2025 mineral reserves and mineral resources, exploration activities at mine sites and select advanced projects in 2025, and the Company’s exploration plans and guidance for 2026. The Company’s exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects.
“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 in Malartic. At year-end 2025, measured and indicated mineral resources were up 9.6% to 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources were up 15.5% 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 |
1
| ● | 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 by 123% 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 and $635 million, with a mid-point of $600 million. This includes approximately $384 million for capitalized and expensed exploration, and approximately $216 million for advanced exploration project expenses, studies, and other corporate development activities. The Company’s exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the full potential of the Canadian Malartic property, supporting regional synergies in Abitibi and exploring Hope Bay |
2
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 2.1% (1.16 million ounce) increase in contained ounces of gold compared to the proven and probable mineral reserve estimate of 54.3 million ounces of gold (1,277 million tonnes grading 1.32 g/t gold) at year-end 2024 (see the Company’s news release dated February 13, 2025 for details regarding the Company’s December 31, 2024 proven and probable mineral reserve estimate).
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 Malartic camp at Canadian Malartic and advance the “fill-the-mill” strategy.
Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. For detailed mineral reserves and mineral resources (“MRMR”) data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at mines and advanced projects, see “Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)” and “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below.
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).
3
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 | | Average Mineral Reserve | ||||||||
| | Gold Mineral Reserve (000s oz) | | 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 Malartic mine |
| 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 |
Fosterville |
| 1,670 |
| 1,650 |
| 20 |
| 4.99 |
| 5.37 |
| (0.38) |
Kittila |
| 3,319 |
| 3,400 |
| (81) |
| 4.17 |
| 4.16 |
| 0.01 |
Pinos Altos |
| 269 |
| 433 |
| (164) |
| 1.80 |
| 1.94 |
| (0.14) |
San Nicolás (50%)** |
| 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 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle’s share of the reported MRMR at San Nicolás is reported at a 50% level.
The Company estimates that at a gold price 10% higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 9.0% increase in the gold contained in proven and probable mineral reserves. Conversely, the Company estimates that at a gold price 10% lower than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 8.7% decrease in the gold contained in proven and probable mineral reserves.
4
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 9.6% (4.1 million ounce) increase in contained ounces of gold and a 7% increase in grade compared to the measured and indicated mineral resource estimate at year-end 2024 (see the Company’s news release dated February 13, 2025 for details regarding the Company’s December 31, 2024 measured and indicated mineral resource estimate).
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 Fosterville.
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 15.5% (5.6 million ounces of gold) increase in contained ounces of gold compared to the inferred mineral resource estimate a year earlier (see the news release dated February 13, 2025 for details regarding the Company’s December 31, 2024 inferred mineral resource estimate).
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 62% (2.8 million ounces of gold) year over year to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold) at year-end. In total, the Odyssey mine hosted 12.7 million ounces of gold in inferred mineral resources (177.7 million tonnes grading 2.21 g/t gold) at December 31, 2025.
At Hope Bay during 2025, continued exploration success in the Patch 7 zone at the Madrid deposit added 0.9 million ounces of gold of inferred mineral resources for a total of 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold) in inferred mineral resources at the Patch 7 zone at year-end 2025 in addition to 1.0 million ounces of gold in indicated mineral resources (4.5 million tonnes grading 6.77 g/t gold). In total at Hope Bay, there were 3.2 million ounces of gold (16.9 million tonnes grading 5.98 g/t gold) in inferred mineral resources at year-end.
Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See “Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company” below for more details.
5
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 | ||||
| | Contained Gold | | Gold Grade | | Contained Gold | | Gold Grade |
Operation / Project | | (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 Malartic mine |
| — |
| — |
| 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 |
East Malartic |
| 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 |
Upper Canada |
| 817 |
| 2.30 |
| 2,211 |
| 2.85 |
Hammond Reef |
| 2,298 |
| 0.54 |
| — |
| — |
Aquarius |
| 856 |
| 2.15 |
| 14 |
| 3.59 |
Holt complex |
| 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 |
Fosterville |
| 1,377 |
| 3.77 |
| 1,795 |
| 4.19 |
Northern Territory |
| 1,455 |
| 2.15 |
| 1,512 |
| 2.47 |
Kittila |
| 2,048 |
| 2.83 |
| 977 |
| 4.62 |
Barsele (55%)* |
| 176 |
| 1.27 |
| 1,005 |
| 1.98 |
Pinos Altos |
| 916 |
| 2.01 |
| 93 |
| 1.87 |
La India |
| 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 (50%)** |
| 20 |
| 0.19 |
| 10 |
| 0.13 |
Santa Gertrudis |
| 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 55% interest in the Barsele project to Goldsky Resources Corp., with the closing of the transaction expected on or prior to June 30, 2026 (see the Company’s news release dated January 28, 2026).
6
** Agnico Eagle has committed to earn-in to a 50% interest in San Nicolás, which will be contributed as study and development costs are incurred and, accordingly, Agnico Eagle’s share of the reported MRMR at San Nicolás is reported at a 50% level.
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) |
$1,600 | | $24.00 | | $3.80 | | $1.20 |
* Exceptions: $1,350 per ounce of gold used for Hammond Reef; $1,500 per ounce of gold used for Detour Lake open pit; $1,650 per ounce of gold used for Wasamac and Marban; $2,000 per ounce of gold for Amaruq; $1,450 per ounce of gold and $3.75 per pound of copper used for Upper Beaver; $2,000 per ounce of gold and $27.00 per ounce of silver used for Pinos Altos; and $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás.
Metal Price for Mineral Resource Estimation* | | ||||||
Gold ($/oz) | | Silver ($/oz) | | Copper ($/lb) | | Zinc ($/lb) | |
$2,000 | | $25.00 | | $4.00 | | $1.30 | |
* Exceptions: $1,200 per ounce of gold used for Holt complex; $1,300 per ounce of gold used for Detour Lake Zone 58N; $1,500 per ounce of gold used for Northern Territory; $1,533 per ounce of gold used for Barsele; $1,600 per ounce of gold used for Canadian Malartic; $1,650 per ounce of gold used for La India; $1,688 per ounce of gold used for Hammond Reef, Anoki-McBean and Tarachi; $1,750 per ounce of gold used for Upper Beaver, Wasamac and Aquarius; $1,800 per ounce of gold used for Marban; $1,900 per ounce of gold used for Marban Regional and Akasaba Regional; $2,400 per ounce of gold used for Amaruq; $1,688 per ounce of gold and $25.00 per ounce of silver used for Santa Gertrudis; $1,300 per ounce of gold, $20.00 per ounce of silver, $3.00 per pound of copper and $1.10 per pound of zinc used for San Nicolás; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos.
Exchange Rates* | | ||||||
C$ per US$1.00 | | MXN per US$1.00 | | A$ per US$1.00 | | € per US$1.00 | |
C$1.34 | | MXN18.00 | | A$1.52 | | €0.91 | |
* Exceptions: exchange rate of C$1.25 per US$1.00 used for Holt complex and Detour Lake Zone 58N; US$1.15 per €1.00 used for Barsele; C$1.30 per US$1.00 used for Detour Lake open pit, Detour Lake underground, Hammond Reef and Anoki-McBean; and A$1.45 per US$1.00 used for Northern Territory.
The above metal price assumptions are all below the three-year historic averages (from January 1, 2023 to December 31, 2025) of approximately $2,606 per ounce of gold, $30.64 per ounce of silver, $4.32 per pound of copper and $1.26 per pound of zinc.
2026 EXPLORATION GUIDANCE
In 2026, the Company’s total exploration expenditures and project expenses are expected to be between $565 million and $635 million, with a mid-point of $600 million. The total exploration expenditures include estimated capitalized exploration of $310 million and estimated exploration and corporate development expenses of $290 million, which are comprised of $195.8 million for expensed exploration and $94.2 million for project technical evaluations, technical services and other corporate expenses.
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.
7
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) | | (000s m) | | ($000s) | | ($000s) | | (000s m) | |||
Quebec |
| | | | | | | | | | | | |
LaRonde | | $ | 12,500 |
| 23.8 | | $ | 3,800 | | $ | — |
| 20.9 |
Canadian Malartic | |
| 17,800 |
| 69.7 | |
| 3,800 | |
| 22,000 |
| 166.2 |
Goldex | |
| 2,300 |
| 15.8 | |
| 2,300 | |
| 4,300 |
| 50.0 |
Quebec regional | |
| 11,300 |
| 38.4 | |
| — | |
| — |
| — |
| | | | | | | | | | | | | |
Ontario | |
| |
| | |
| | |
| |
| |
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 |
Ontario regional | |
| 24,500 |
| 92.3 | |
| — | |
| — |
| — |
| | | | | | | | | | | | | |
Nunavut | |
| |
| | |
| | |
| |
| |
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 |
Nunavut regional | |
| 11,200 |
| 20.0 | |
| — | |
| — |
| — |
| | | | | | | | | | | | | |
Australia | |
| |
| | |
| | |
| |
| |
Fosterville | |
| 18,700 |
| 63.0 | |
| 2,800 | |
| 12,300 |
| 49.3 |
Northern Territory | |
| 8,000 |
| 48.6 | |
| — | |
| — |
| — |
| | | | | | | | | | | | | |
Europe | |
| |
| | |
| | |
| |
| |
Kittila | |
| 6,900 |
| 24.2 | |
| 6,400 | |
| 7,700 |
| 77.7 |
Europe regional | |
| 8,100 |
| 20.8 | |
| — | |
| — |
| — |
| | | | | | | | | | | | | |
Mexico | |
| |
| | |
| | |
| |
| |
Pinos Altos | |
| 2,200 |
| 9.0 | |
| 3,100 | |
| — |
| 16.5 |
Mexico regional | |
| 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 and Project Expenses | | $ | 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.
8
ABITIBI REGION – QUEBEC
CANADIAN MALARTIC
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 90%. As a result, the mineral reserves of the Odyssey deposit totalled 0.3 million ounces of gold (4.8 million tonnes grading 2.12 g/t gold) at December 31, 2025, similar to the previous year.
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 62% (2.8 million ounces of gold) year over year to 7.4 million ounces of gold (94.3 million tonnes grading 2.43 g/t gold) at December 31, 2025.
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 Malartic camp at Canadian Malartic and advance the “fill-the-mill” strategy.
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.
9
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 $32.6 million for 190,700 metres of drilling at Canadian Malartic in 2026 with up to 20 drill rigs active at surface and underground to further assess the full potential of the Odyssey mine area and throughout the Canadian Malartic property package. The primary exploration targets remain the lateral extensions of the East Gouldie deposit and the Eclipse zone while at the Odyssey South and North zones infill drilling and the investigation of potential lateral extensions will continue. Studies are ongoing at the East Malartic deposit with the objective of converting mineral resources into mineral reserves as part of the Odyssey underground mine.
An additional $11 million for 45,000 metres of drilling will be spent in the Marban area for exploration and condemnation drilling around the Marban deposit under potential mining infrastructure, as well as for the purposes of mineral resource conversion and expansion of the Marban deposit.
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 48% in indicated mineral resources with the addition of a combined 729,000 ounces of gold while inferred mineral resources at LaRonde increased by 12%.
10
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 $16.3 million for 44,700 metres of drilling at LaRonde in 2026, including $3.7 million for 23,800 metres of expensed drilling and $3.8 million for 20,900 metres of capitalized drilling. Approximately $8.8 million of expensed exploration is budgeted in 2026 to extend the exploration drifts at levels 9 and 215 by a combined 1,000 metres this year to allow for the development of platforms for future exploration drilling programs.
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 0.51% copper), 205 tonnes of copper in indicated mineral resources (0.1 million tonnes grading 0.16% copper) and 8,451 tonnes of copper in inferred mineral resources (1.0 million tonnes grading 0.88% copper) at December 31, 2025.
2026 Exploration Plan and Guidance
The Company expects to spend approximately $8.9 million for 65,800 metres of drilling at Goldex in 2026, including $6.6 million on capitalized drilling that will be mainly focused on the conversion and extension of the South and Deep 2 zones. The remaining $2.3 million is for 15,800 metres of exploration drilling, including testing multiple extensional targets laterally and at depth of the main mining areas.
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 – ONTARIO
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 2% (0.5 million ounces of gold) is primarily due to the open pit production that extracted 771,000 ounces of in-situ gold.
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
11
(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 5% (0.2 million ounces of gold) net of the conversion of 1.6 million ounces of gold from inferred mineral resources to indicated mineral resources.
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.
12
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 $34.2 million for 175,000 metres of drilling at Detour Lake in 2026, including $31.3 million for 165,000 metres of capitalized drilling to continue converting the inferred mineral resources into indicated mineral resources as well as the mineral potential in the western extension of the orebody into inferred mineral resources.
For the Detour Lake underground project in 2026, an additional $7 million is budgeted for 35,800 metres of capitalized drilling and $62 million is budgeted for advancement of the exploration ramp and related infrastructure.
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 $2.9 million is budgeted for 10,000 metres of regional drilling in 2026 to explore satellite targets on the Company’s large land position on the Detour Lake property.
MACASSA
MRMR Highlights
The Macassa mine’s Main Break and SMC zones and the adjacent Near Surface and AK deposits together achieved 101% replacement of their mining depletion (a combined 321,000 ounces of in-situ gold mined) in mineral reserves in 2025.
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.
13
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 Kirkland Lake camp. The mineral reserves and mineral resources at the AK deposit also increased due to positive drilling results.
2026 Exploration Plan and Guidance
The Company expects to spend approximately $36.5 million for 202,000 metres of capitalized drilling at Macassa in 2026 with the objective of increasing and upgrading mineral resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break areas, to the west in the Lower/West SMC area and at shallower depths in the AK deposit.
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 0.24% copper), 0.5 million ounces of gold and 12,118 tonnes of copper in indicated mineral resources (7.6 million tonnes grading 2.03 g/t gold and 0.16% copper) and 0.4 million ounces of gold and 10,649 tonnes of copper in inferred mineral resources (3.0 million tonnes grading 4.12 g/t gold and 0.36% copper) at December 31, 2025.
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.
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2026 Exploration Plan and Guidance
In 2026, the Company expects to spend approximately $56.1 million at Upper Beaver, including approximately $52 million on the exploration ramp, exploration shaft and the first bulk sample, and approximately $4.1 million for 10,500 metres of high-intensity drilling. The bulk sample will be taken from the ramp at a depth of 160 metres from the upper level of the deposit, which is dominated by basaltic host lithologies, and will provide material for testing selective mining assumptions in this area of the deposit.
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 Kirkland Lake area.
HAMMOND REEF
Hammond Reef is a large Archean-age, shear-hosted disseminated gold deposit located in the Thunder Bay Mining District of Northwestern Ontario, with potential for development into an open pit operation with conventional milling. The 100%-owned project has received environmental approvals from both federal and provincial governments. Additional federal and provincial permits would be required to begin construction activities.
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, $11.2 million is budgeted for project studies at Hammond Reef, to be potentially supplemented by exploration activities.
TIMMINS EAST
The 100%-owned Timmins East land package is a series of properties in northeastern Ontario totalling 53,388 hectares and covering a 100 km strike length. The land package has a complex exploration history dating back to at least the 1930s and hosts past-producing gold mines including Aquarius, Holt, Holloway, Hislop, and Taylor.
The Company maintains an active regional exploration office in Timmins that supports ongoing fieldwork, data integration and geological assessment across its Timmins East properties.
MRMR Highlights
Mineral resources for the Timmins East project are reported for the suspended Holt mine and mill complex and the Aquarius property. At underground depths, the Holt complex hosted 1.7 million ounces of gold in measured and indicated mineral resources (11.7 million tonnes grading 4.52 g/t gold) and 1.3 million ounces of gold in inferred mineral resources (9.1 million tonnes grading 4.48 g/t gold) at December 31, 2025. At open-pit depths, Aquarius hosted 0.9 million ounces of gold in indicated mineral resources (12.3 million tonnes
15
grading 2.15 g/t gold) and 14,000 ounces of gold in inferred mineral resources (0.1 million tonnes grading 3.56 g/t gold) at December 31, 2025.
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.
NUNAVUT
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 8% increase in total mineral reserves year over year. This mineral reserve addition and price-related revisions offset the mining of 389,000 ounces of in-situ gold in 2025. Recent exploration results demonstrate that the deposits remain open at depth and laterally, supporting the potential for future growth in mineral resources and mineral reserves at Meliadine.
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 $21.3 million for 98,100 metres of capitalized drilling at Meliadine in 2026. The drilling will be focused on expanding and converting near-mine mineralization and testing multiple mineralized plunges at depth that remain open in the main deposits.
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.
16
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 $11.3 million for 26,500 metres of expensed exploration drilling and $1.3 million for 6,400 metres of capitalized drilling at Amaruq in 2026, focused on expanding mineral resources in the Kangislulik, Whale Tail and IVR areas and converting mineral resources in the Kangislulik and IVR areas.
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 40% and the gold grade increased by 10%, largely due to exploration success at the Patch 7 zone at the Madrid deposit.
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 123% to 1.7 million ounces of gold (8.0 million tonnes grading 6.57 g/t gold).
2025 Exploration Highlights
Exploration drilling in 2025 at the Madrid deposit and in the regional program at Hope Bay totalled a combined 131,208 metres and focused mainly on mineral resource expansion of the Madrid deposit following the exploration success in the Patch 7 zone during 2024 and early 2025.
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 Madrid advanced by 656 metres and reached a depth of 100 metres at year-end. The 2.1-kilometre exploration ramp is expected to be developed to a depth of 100 metres to facilitate infill and expansion drilling along the Madrid zones. At Patch 7, the excavation of the portal of the dedicated exploration ramp also commenced.
17
Selected recent drill intersections from the Madrid deposit are set out in the composite longitudinal section below and in a table in the Appendix.
[Madrid Deposit at Hope Bay – Composite Longitudinal Section]
2026 Exploration Plan and Guidance
The Company expects to spend approximately $43.4 million for 110,000 metres of drilling at Hope Bay in 2026, including $29.0 million for 70,000 metres of expensed drilling and $14.4 million for 40,000 metres of capitalized drilling for mineral resources conversion.
The main objectives in 2026 are to convert inferred mineral resources at Patch 7 into indicated mineral resources and to further test the entire Madrid deposit to expand and upgrade mineral resources. Results will be integrated into the technical evaluation of Hope Bay that is expected to be completed in the second quarter of 2026 and to contribute to a potential construction decision for Hope Bay in May 2026.
An additional $7.8 million of capitalized expenses in 2026 will be used to continue the exploration ramp development at the Madrid deposit and for technical evaluation.
AUSTRALIA
FOSTERVILLE
MRMR Highlights
Fosterville hosted 1.7 million ounces of gold in proven and probable mineral reserves (10.4 million tonnes grading 4.99 g/t gold), 1.4 million ounces of gold in indicated mineral resources (11.4 million tonnes grading 3.77 g/t gold) and 1.8 million ounces of gold in inferred mineral resources (13.3 million tonnes grading 4.19 g/t gold) at December 31, 2025.
Fosterville replaced 101% of mining depletion in 2025 with new mineral reserves. The replacement was achieved mainly through infill drilling in the Robbins Hill and South Phoenix zones. In total 170,000 ounces of gold were added to mineral reserves, offsetting the 168,000 ounces of in-situ gold that were depleted from mineral reserves by 2025 production.
The Company added 171,000 ounces of gold in underground indicated mineral resources at Fosterville, mainly due to exploration drilling and metal price revisions at the Robbins Hill and Phoenix zones and inferred mineral resources increased by 5% at year-end 2025.
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The open-pit measured and indicated mineral resources and open-pit inferred mineral resources at Fosterville were removed from the “Detailed Mineral Reserves and Mineral Resources Data (as at December 31, 2025)” below, as there are no plans to mine the deposit using open pit methods.
2025 Exploration Highlights
At Fosterville in 2025, exploration drilling totalled 74,369 metres split between programs targeting the Cygnet, Swan, Cardinal and Harrier structures. At Robbins Hill, drilling tested the Curie, Ceruti and Wu zones.
2026 Exploration Plan and Guidance
The Company expects to spend approximately $15.1 million for 49,300 metres of capitalized drilling at Fosterville in 2026, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $18.7 million is budgeted for 63,000 metres of underground and surface expensed exploration to test new geological targets, including parallel faults and folds to the main Fosterville host structure, exploring for similar geological context to the Swan Zone structure.
The exploration program will include the assessment of the Fosterville tenement acquired from S2 Resources Ltd. on December 22, 2025. This tenement surrounds the Fosterville mine and provides prime exploration ground in the search for additional mineralized structures or the extensions of known gold-bearing structures.
NORTHERN TERRITORY
Agnico Eagle holds interests across 175,064 hectares in the Northern Territory of Australia, including 62,685 hectares under 100% ownership and a further 112,379 hectares through joint ventures, where the Company’s ownership ranges from 85% to 10%. The wholly-owned tenements include the Cosmo underground mine (closed in 2020), the Union Reefs processing facility (operations suspended in 2020) and regional exploration assets within the historic Pine Creek gold district.
MRMR Highlights
At open-pit depths, the Northern Territory assets host measured and indicated mineral resources of 0.8 million ounces of gold (16.5 million tonnes grading 1.45 g/t gold) and inferred mineral resources of 0.7 million ounces of gold (13.3 million tonnes grading 1.75 g/t gold) at December 31, 2025.
At underground depth, the Northern Territory assets host indicated mineral resources of 0.7 million ounces of gold (4.5 million tonnes grading 4.75 g/t gold) and inferred mineral resources of 0.8 million ounces of gold (5.8 million tonnes grading 4.11 g/t gold) at December 31, 2025.
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 $4.1 million to complete 11,156 metres of expensed drilling at the Maud Creek, Pine Creek and Burnside projects.
2026 Exploration Plan and Guidance
During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth.
The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility with a potential upgrade of the processing facility to treat refractory ores.
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FINLAND
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 68% of mining depletion by year-end 2025.
Approximately 149,000 ounces of gold, representing an 8% year-over-year increase in gold ounces, were added to the indicated mineral resources mainly due to a revision of cut-off grades.
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 $21.0 million for 101,900 metres of drilling at Kittila in 2026, focused on the Main zone in the Roura, Suuri and Rimpi areas as well as the Sisar zone. The drilling includes 77,700 metres of capitalized drilling.
MEXICO
PINOS ALTOS
2025 Exploration Highlights
At Pinos Altos in 2025, exploration drilling totalled 16,365 metres, focused on the Pinos Altos Deep project beneath the current underground mine as well as targeting areas beneath the known mineralization at Cubiro, Oberon de Weber, Cerro Colorado and Sinter.
2026 Exploration Plan and Guidance
The Company expects to spend approximately $5.3 million for 25,500 metres of capitalized and expensed exploration drilling at Pinos Altos in 2026.
About Agnico Eagle
Canadian-based and led, Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
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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.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.
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 U.S. Securities and Exchange Commission (the “SEC”), the Company’s news release dated February 12, 2026
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announcing its full year 2025 results, as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle’s properties proceeds on a basis consistent with current expectations and plans; that the Company’s plans for its exploration, development and mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle’s expectations; that the effect of tariffs and trade disputes will not materially affect the price or availability of the inputs the Company uses in its operations; that Agnico Eagle’s current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company’s operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company’s efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company’s current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company’s current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company’s ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company’s ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company’s operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company’s stock price; risks associated with the Company’s currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF (and, when available, the AIF for the year ended December 31, 2025) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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 the United States using the Multijurisdictional Disclosure System (“MJDS”), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC’s MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.
Investors are cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports in this news release are or will be economically or legally mineable.
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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.
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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 Method* | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 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 Malartic mine3 |
| O/P |
| 36,896 |
| 0.50 |
| 597 |
| 21,697 |
| 1.22 |
| 852 |
| 58,594 |
| 0.77 |
| 1,449 |
| 88.8 |
Marban deposit4 |
| O/P |
| — |
| — |
| — |
| 51,618 |
| 0.95 |
| 1,577 |
| 51,618 |
| 0.95 |
| 1,577 |
| 90.0 |
Odyssey deposit5 |
| U/G |
| 29 |
| 2.37 |
| 2 |
| 4,758 |
| 2.12 |
| 325 |
| 4,787 |
| 2.12 |
| 327 |
| 95.0 |
East Gouldie6 |
| U/G |
| — |
| — |
| — |
| 54,943 |
| 3.23 |
| 5,699 |
| 54,943 |
| 3.23 |
| 5,699 |
| 94.4 |
Odyssey Mine Total | | |
| 29 |
| 2.37 |
| 2 |
| 59,701 |
| 3.14 |
| 6,024 |
| 59,730 |
| 3.14 |
| 6,026 |
| |
Canadian Malartic Total | | |
| 36,925 |
| 0.50 |
| 599 |
| 133,016 |
| 1.98 |
| 8,453 |
| 169,941 |
| 1.66 |
| 9,052 |
| |
Goldex7 |
| U/G |
| 6,255 |
| 1.48 |
| 298 |
| 9,065 |
| 1.68 |
| 488 |
| 15,320 |
| 1.60 |
| 786 |
| 85.9 |
Akasaba West8 |
| O/P |
| 969 |
| 0.82 |
| 26 |
| 2,807 |
| 0.96 |
| 86 |
| 3,777 |
| 0.92 |
| 112 |
| 77.6 |
Goldex Total | | |
| 7,225 |
| 1.39 |
| 324 |
| 11,872 |
| 1.51 |
| 575 |
| 19,097 |
| 1.46 |
| 898 |
| |
Wasamac |
| U/G |
| — |
| — |
| — |
| 14,757 |
| 2.90 |
| 1,377 |
| 14,757 |
| 2.90 |
| 1,377 |
| 89.7 |
Quebec Total | | |
| 53,023 |
| 1.00 |
| 1,707 |
| 174,603 |
| 2.22 |
| 12,468 |
| 227,626 |
| 1.94 |
| 14,175 |
| |
Detour Lake (At or above 0.5 g/t) |
| O/P |
| 66,690 |
| 1.08 |
| 2,313 |
| 434,448 |
| 0.90 |
| 12,641 |
| 501,138 |
| 0.93 |
| 14,954 |
| 88.4 |
Detour Lake (Below 0.5 g/t) |
| O/P |
| 53,681 |
| 0.42 |
| 722 |
| 243,242 |
| 0.37 |
| 2,899 |
| 296,923 |
| 0.38 |
| 3,621 |
| 88.4 |
Detour Lake Total9 | | |
| 120,371 |
| 0.78 |
| 3,035 |
| 677,690 |
| 0.71 |
| 15,540 |
| 798,061 |
| 0.72 |
| 18,575 |
| |
Macassa10 |
| U/G |
| 612 |
| 10.43 |
| 205 |
| 6,013 |
| 8.68 |
| 1,678 |
| 6,625 |
| 8.84 |
| 1,883 |
| 95.9 |
Macassa Near Surface11 |
| U/G |
| 3 |
| 2.11 |
| — |
| 80 |
| 3.91 |
| 10 |
| 84 |
| 3.84 |
| 10 |
| 93.5 |
AK deposit12 |
| U/G |
| 126 |
| 4.35 |
| 18 |
| 1,975 |
| 4.54 |
| 288 |
| 2,101 |
| 4.53 |
| 306 |
| 93.5 |
Macassa Total | | |
| 742 |
| 9.36 |
| 223 |
| 8,068 |
| 7.62 |
| 1,976 |
| 8,810 |
| 7.77 |
| 2,200 |
| |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 3,235 |
| 1.82 |
| 189 |
| 3,235 |
| 1.82 |
| 189 |
| 95.5 |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 19,946 |
| 4.02 |
| 2,579 |
| 19,946 |
| 4.02 |
| 2,579 |
| 95.5 |
Upper Beaver Total13 |
| | | — |
| — |
| — |
| 23,181 |
| 3.71 |
| 2,768 |
| 23,181 |
| 3.71 |
| 2,768 |
| |
Hammond Reef14 |
| O/P |
| — |
| — |
| — |
| 123,473 |
| 0.84 |
| 3,323 |
| 123,473 |
| 0.84 |
| 3,323 |
| 89.8 |
Ontario Total | | |
| 121,113 |
| 0.84 |
| 3,258 |
| 832,412 |
| 0.88 |
| 23,607 |
| 953,524 |
| 0.88 |
| 26,865 |
| |
Amaruq |
| O/P |
| 8,048 |
| 1.26 |
| 327 |
| 7,364 |
| 3.17 |
| 750 |
| 15,412 |
| 2.17 |
| 1,077 |
| 90.5 |
Amaruq |
| U/G |
| 81 |
| 4.22 |
| 11 |
| 2,221 |
| 5.12 |
| 366 |
| 2,302 |
| 5.09 |
| 377 |
| 90.5 |
Meadowbank Total15 | | |
| 8,129 |
| 1.29 |
| 338 |
| 9,585 |
| 3.62 |
| 1,116 |
| 17,714 |
| 2.55 |
| 1,454 |
| |
Meliadine |
| O/P |
| 1,142 |
| 4.24 |
| 156 |
| 4,291 |
| 3.64 |
| 503 |
| 5,433 |
| 3.77 |
| 658 |
| 96.0 |
Meliadine |
| U/G |
| 2,962 |
| 6.32 |
| 602 |
| 13,680 |
| 5.37 |
| 2,362 |
| 16,642 |
| 5.54 |
| 2,964 |
| 96.0 |
Meliadine Total16 | | |
| 4,104 |
| 5.74 |
| 757 |
| 17,971 |
| 4.96 |
| 2,864 |
| 22,075 |
| 5.10 |
| 3,622 |
| |
Hope Bay17 |
| U/G |
| 93 |
| 6.77 |
| 20 |
| 16,086 |
| 6.53 |
| 3,376 |
| 16,178 |
| 6.53 |
| 3,396 |
| 87.5 |
Nunavut Total | | |
| 12,325 |
| 2.82 |
| 1,116 |
| 43,642 |
| 5.24 |
| 7,356 |
| 55,967 |
| 4.71 |
| 8,472 |
| |
Fosterville18 |
| U/G |
| 887 |
| 5.41 |
| 154 |
| 9,516 |
| 4.95 |
| 1,516 |
| 10,403 |
| 4.99 |
| 1,670 |
| 92.0 |
Australia Total | | |
| 887 |
| 5.41 |
| 154 |
| 9,516 |
| 4.95 |
| 1,516 |
| 10,403 |
| 4.99 |
| 1,670 |
| |
Kittila19 |
| U/G |
| 931 |
| 4.66 |
| 140 |
| 23,818 |
| 4.15 |
| 3,179 |
| 24,749 |
| 4.17 |
| 3,319 |
| 86.0 |
Europe Total | | |
| 931 |
| 4.66 |
| 140 |
| 23,818 |
| 4.15 |
| 3,179 |
| 24,749 |
| 4.17 |
| 3,319 |
| |
24
Operation / Project | | Proven | | Probable | | Proven & Probable |
| ||||||||||||||||
| | Mining | | 000 | | | | | | | | | | Oz Au | | 000 | | | | | | Recovery |
|
Gold | | Method* | | Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 | | Tonnes | | g/t | | 000 Oz Au | | %** |
|
Pinos Altos |
| O/P |
| 26 |
| 0.60 |
| 1 |
| 1,629 |
| 1.00 |
| 53 |
| 1,656 |
| 1.00 |
| 53 |
| 93.6 | |
Pinos Altos |
| U/G |
| 633 |
| 2.06 |
| 42 |
| 2,374 |
| 2.29 |
| 175 |
| 3,007 |
| 2.24 |
| 216 |
| 94.2 | |
Pinos Altos Total20 |
| |
| 659 |
| 2.00 |
| 42 |
| 4,003 |
| 1.76 |
| 227 |
| 4,662 |
| 1.80 |
| 269 |
| | |
San Nicolás (50%)21 |
| O/P |
| 23,858 |
| 0.41 |
| 314 |
| 28,761 |
| 0.39 |
| 358 |
| 52,619 |
| 0.40 |
| 672 |
| 17.6 | |
Mexico Total |
| |
| 24,517 |
| 0.45 |
| 357 |
| 32,764 |
| 0.56 |
| 585 |
| 57,281 |
| 0.51 |
| 941 |
| | |
Total Gold |
| |
| 212,796 |
| 0.98 |
| 6,731 |
| 1,116,755 |
| 1.36 |
| 48,711 |
| 1,329,551 |
| 1.30 |
| 55,442 |
| | |
| | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Proven | | Probable | | Proven & Probable | | ||||||||||||||||
|
| Mining |
| 000 |
| |
| |
| |
| |
| Oz Au |
| 000 |
| |
| |
| Recovery | |
Silver | | Method* | | Tonnes | | g/t | | 000 Oz Ag | | 000 Tonnes | | g/t | | 000 | | Tonnes | | g/t | | 000 Oz Ag | | %** | |
LaRonde mine |
| U/G |
| 2,469 |
| 10.46 |
| 830 |
| 8,158 |
| 20.75 |
| 5,443 |
| 10,627 |
| 18.36 |
| 6,273 |
| 78.1 | |
Pinos Altos |
| O/P |
| 26 |
| 8.57 |
| 7 |
| 1,629 |
| 34.82 |
| 1,824 |
| 1,656 |
| 34.40 |
| 1,831 |
| 44.5 | |
Pinos Altos |
| U/G |
| 633 |
| 45.29 |
| 922 |
| 2,374 |
| 27.30 |
| 2,083 |
| 3,007 |
| 31.09 |
| 3,005 |
| 50.0 | |
Pinos Altos Total |
| |
| 659 |
| 43.81 |
| 929 |
| 4,003 |
| 30.36 |
| 3,907 |
| 4,662 |
| 32.26 |
| 4,836 |
| | |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 23.93 |
| 18,356 |
| 28,761 |
| 20.91 |
| 19,333 |
| 52,619 |
| 22.28 |
| 37,689 |
| 38.6 | |
Total Silver |
| |
| 26,986 |
| 23.18 |
| 20,116 |
| 40,923 |
| 21.80 |
| 28,682 |
| 67,909 |
| 22.35 |
| 48,798 |
| | |
| | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Proven | | Probable | | Proven & Probable | | ||||||||||||||||
|
| Mining |
| 000 |
| | | |
| |
| | | |
| 000 |
| | | |
| Recovery | |
Copper | | Method* | | Tonnes | | % | | Tonnes Cu | | 000 Tonnes | | % | | Tonnes Cu | | Tonnes | | % | | Tonnes Cu | | %** | |
LaRonde mine |
| U/G |
| 2,469 |
| 0.17 |
| 4,081 |
| 8,158 |
| 0.30 |
| 24,751 |
| 10,627 |
| 0.27 |
| 28,831 |
| 82.8 | |
Akasaba West |
| O/P |
| 969 |
| 0.48 |
| 4,640 |
| 2,807 |
| 0.53 |
| 14,810 |
| 3,777 |
| 0.51 |
| 19,451 |
| 79.0 | |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 3,235 |
| 0.14 |
| 4,477 |
| 3,235 |
| 0.14 |
| 4,477 |
| 79.2 | |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 19,946 |
| 0.25 |
| 50,453 |
| 19,946 |
| 0.25 |
| 50,453 |
| 79.2 | |
Upper Beaver Total |
| |
| — |
| — |
| — |
| 23,181 |
| 0.24 |
| 54,930 |
| 23,181 |
| 0.24 |
| 54,930 |
| | |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 1.26 |
| 299,809 |
| 28,761 |
| 1.01 |
| 291,721 |
| 52,619 |
| 1.12 |
| 591,530 |
| 78.2 | |
Total Copper |
| |
| 27,296 |
| 1.13 |
| 308,530 |
| 62,908 |
| 0.61 |
| 386,213 |
| 90,204 |
| 0.77 |
| 694,743 |
| | |
| | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Proven | | Probable | | Proven & Probable | | ||||||||||||||||
|
| Mining |
| 000 |
| | | |
| |
| | | |
| 000 |
| | | |
| Recovery | |
Zinc | | Method* | | Tonnes | | % | | Tonnes Zn | | 000 Tonnes | | % | | Tonnes Zn | | Tonnes | | % | | Tonnes Zn | | %** | |
LaRonde mine |
| U/G |
| 2,469 |
| 0.36 |
| 8,951 |
| 8,158 |
| 1.09 |
| 88,811 |
| 10,627 |
| 0.92 |
| 97,762 |
| 70.2 | |
San Nicolás (50%) |
| O/P |
| 23,858 |
| 1.61 |
| 383,313 |
| 28,761 |
| 1.37 |
| 394,115 |
| 52,619 |
| 1.48 |
| 777,428 |
| 80.9 | |
Total Zinc |
| |
| 26,327 |
| 1.49 |
| 392,263 |
| 36,920 |
| 1.31 |
| 482,926 |
| 63,246 |
| 1.38 |
| 875,190 |
| | |
* Open Pit (“O/P”), Underground (“U/G”)
** Represents metallurgical recovery percentage
1 LaRonde mine: Net smelter value cut-off varies according to mining type and depth, not less than C$95/t for LP1 (Area 11-3) and not less than C$228/t for LaRonde.
2 LaRonde Zone 5: Gold cut-off grade varies according to stope size and depth, not less than 1.46 g/t.
3 Canadian Malartic: Gold cut-off grade is 0.35 g/t.
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 C$33.28/t.
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 Kirkland (“AK”) deposit: Gold cut-off grade not less than 2.10 g/t.
13 Upper Beaver: Net smelter value cut-off varies according to mining type, not less than C$118.17/t for underground and C$43.49/t for open pit.
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).
25
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 Fosterville: Gold cut-off grade varies according to mining zone and type, not less than 3.00 g/t.
19 Kittila: Gold cut-off grade varies according to haulage distance, not less than 2.63 g/t.
20 Pinos Altos: Net smelter value cut-off varies according to mining zone and type, not less than C$25.44/t for open pit mineral reserves and US$85.97/t for the underground mineral reserves.
21 San Nicolás (50%): Net smelter return cut-off values for low zinc/copper ore of $9.71/t and for high zinc/copper ore of $13.15/t.
Mineral Resources as at December 31, 2025 | | ||||||||||||||||||||||||||
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | | ||||||||||||||||||
Gold | | Mining Method | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au |
|
LaRonde mine | | U/G | | — | | — | | — | | 6,457 | | 3.59 | | 746 | | 6,457 | | 3.59 | | 746 | | 1,366 | | 6.03 | | 265 |
|
LaRonde Zone 5 | | U/G | | — | | — | | — | | 24,207 | | 1.93 | | 1,506 | | 24,207 | | 1.93 | | 1,506 | | 11,677 | | 3.00 | | 1,127 |
|
LaRonde Total | | | | — | | — | | — | | 30,664 | | 2.28 | | 2,251 | | 30,664 | | 2.28 | | 2,251 | | 13,043 | | 3.32 | | 1,392 |
|
Canadian Malartic mine |
| O/P |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 5,011 |
| 0.73 |
| 118 | |
Marban deposit |
| O/P |
| — |
| — |
| — |
| 3,875 |
| 0.51 |
| 63 |
| 3,875 |
| 0.51 |
| 63 |
| 2,956 |
| 0.66 |
| 63 | |
Marban deposit |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 4,544 |
| 2.14 |
| 313 | |
Marban regional |
| O/P |
| — |
| — |
| — |
| 14,794 |
| 1.22 |
| 582 |
| 14,794 |
| 1.22 |
| 582 |
| 11,272 |
| 1.08 |
| 390 | |
Marban regional |
| U/G |
| — |
| — |
| — |
| 296 |
| 3.36 |
| 32 |
| 296 |
| 3.36 |
| 32 |
| 183 |
| 3.37 |
| 20 | |
Odyssey deposit |
| U/G |
| — |
| — |
| — |
| 4,493 |
| 1.63 |
| 236 |
| 4,493 |
| 1.63 |
| 236 |
| 20,176 |
| 2.23 |
| 1,445 | |
East Malartic |
| U/G |
| — |
| — |
| — |
| 48,216 |
| 1.92 |
| 2,976 |
| 48,216 |
| 1.92 |
| 2,976 |
| 63,275 |
| 1.89 |
| 3,835 | |
East Gouldie |
| U/G |
| — |
| — |
| — |
| 5,048 |
| 1.42 |
| 230 |
| 5,048 |
| 1.42 |
| 230 |
| 94,278 |
| 2.43 |
| 7,372 | |
Odyssey Mine Total |
| | | — |
| — |
| — |
| 57,757 |
| 1.85 |
| 3,442 |
| 57,757 |
| 1.85 |
| 3,442 |
| 177,729 |
| 2.21 |
| 12,652 | |
Canadian Malartic Total |
| | | — |
| — |
| — |
| 76,723 |
| 1.67 |
| 4,120 |
| 76,723 |
| 1.67 |
| 4,120 |
| 201,694 |
| 2.09 |
| 13,556 | |
Goldex |
| U/G |
| 12,360 |
| 1.86 |
| 739 |
| 21,245 |
| 1.45 |
| 988 |
| 33,604 |
| 1.60 |
| 1,727 |
| 17,951 |
| 1.46 |
| 842 | |
Akasaba West |
| O/P |
| — |
| — |
| — |
| 130 |
| 0.38 |
| 2 |
| 130 |
| 0.38 |
| 2 |
| — |
| — |
| — | |
Akasaba West |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 966 |
| 1.60 |
| 50 | |
Goldex Total |
| | | 12,360 |
| 1.86 |
| 739 |
| 21,374 |
| 1.44 |
| 989 |
| 33,734 |
| 1.59 |
| 1,728 |
| 18,917 |
| 1.47 |
| 892 | |
Akasaba regional |
| U/G |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 3,052 |
| 3.24 |
| 318 | |
Wasamac |
| U/G |
| — |
| — |
| — |
| 9,479 |
| 2.19 |
| 667 |
| 9,479 |
| 2.19 |
| 667 |
| 3,911 |
| 2.48 |
| 312 | |
Quebec Total |
| | | 12,360 |
| 1.86 |
| 739 |
| 138,241 |
| 1.81 |
| 8,027 |
| 150,601 |
| 1.81 |
| 8,766 |
| 240,618 |
| 2.13 |
| 16,469 | |
Detour Lake |
| O/P |
| 35,300 |
| 1.16 |
| 1,312 |
| 587,007 |
| 0.66 |
| 12,373 |
| 622,307 |
| 0.68 |
| 13,685 |
| 51,442 |
| 1.38 |
| 2,290 | |
Detour Lake |
| U/G |
| — |
| — |
| — |
| 52,924 |
| 2.04 |
| 3,472 |
| 52,924 |
| 2.04 |
| 3,472 |
| 59,549 |
| 2.03 |
| 3,878 | |
Detour Lake Zone 58N |
| U/G |
| — |
| — |
| — |
| 2,868 |
| 5.80 |
| 534 |
| 2,868 |
| 5.80 |
| 534 |
| 973 |
| 4.35 |
| 136 | |
Detour Lake Total |
| | | 35,300 |
| 1.16 |
| 1,312 |
| 642,798 |
| 0.79 |
| 16,379 |
| 678,098 |
| 0.81 |
| 17,691 |
| 111,964 |
| 1.75 |
| 6,304 | |
Macassa |
| U/G |
| 379 |
| 10.30 |
| 125 |
| 2,818 |
| 5.85 |
| 530 |
| 3,197 |
| 6.38 |
| 656 |
| 5,448 |
| 7.00 |
| 1,226 | |
Macassa Near Surface |
| U/G |
| — |
| — |
| — |
| 59 |
| 4.02 |
| 8 |
| 59 |
| 4.02 |
| 8 |
| 309 |
| 3.99 |
| 40 | |
AK deposit |
| U/G |
| — |
| — |
| — |
| 212 |
| 2.53 |
| 17 |
| 212 |
| 2.53 |
| 17 |
| 308 |
| 3.40 |
| 34 | |
Macassa Total |
| | | 379 |
| 10.30 |
| 125 |
| 3,090 |
| 5.59 |
| 555 |
| 3,469 |
| 6.10 |
| 681 |
| 6,066 |
| 6.66 |
| 1,299 | |
Aquarius |
| O/P |
| — |
| — |
| — |
| 12,364 |
| 2.15 |
| 856 |
| 12,364 |
| 2.15 |
| 856 |
| 122 |
| 3.59 |
| 14 | |
Holt complex |
| U/G |
| 5,806 |
| 4.29 |
| 800 |
| 5,884 |
| 4.75 |
| 898 |
| 11,690 |
| 4.52 |
| 1,699 |
| 9,097 |
| 4.48 |
| 1,310 | |
Anoki-McBean |
| U/G |
| — |
| — |
| — |
| 3,919 |
| 2.77 |
| 349 |
| 3,919 |
| 2.77 |
| 349 |
| 867 |
| 3.84 |
| 107 | |
Upper Beaver |
| O/P |
| — |
| — |
| — |
| 54 |
| 0.87 |
| 2 |
| 54 |
| 0.87 |
| 2 |
| — |
| — |
| — | |
Upper Beaver |
| U/G |
| — |
| — |
| — |
| 7,510 |
| 2.04 |
| 493 |
| 7,510 |
| 2.04 |
| 493 |
| 2,953 |
| 4.12 |
| 391 | |
Upper Beaver Total |
| | | — |
| — |
| — |
| 7,564 |
| 2.03 |
| 495 |
| 7,564 |
| 2.03 |
| 495 |
| 2,953 |
| 4.12 |
| 391 | |
Upper Canada |
| O/P |
| — |
| — |
| — |
| 1,477 |
| 1.66 |
| 79 |
| 1,477 |
| 1.66 |
| 79 |
| 1,408 |
| 1.47 |
| 66 | |
Upper Canada |
| U/G |
| — |
| — |
| — |
| 9,546 |
| 2.40 |
| 738 |
| 9,546 |
| 2.40 |
| 738 |
| 22,736 |
| 2.93 |
| 2,145 | |
Upper Canada Total |
| | | — |
| — |
| — |
| 11,024 |
| 2.30 |
| 817 |
| 11,024 |
| 2.30 |
| 817 |
| 24,143 |
| 2.85 |
| 2,211 | |
Hammond Reef |
| O/P |
| 47,063 |
| 0.54 |
| 819 |
| 86,304 |
| 0.53 |
| 1,478 |
| 133,367 |
| 0.54 |
| 2,298 |
| — |
| — |
| — | |
Ontario Total |
| | | 88,548 |
| 1.07 |
| 3,057 |
| 772,946 |
| 0.88 |
| 21,829 |
| 861,494 |
| 0.90 |
| 24,885 |
| 155,212 |
| 2.33 |
| 11,636 | |
26
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
Gold | | Mining Method | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au | | 000 Tonnes | | g/t | | 000 Oz Au |
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 |
Fosterville |
| U/G | | 651 |
| 4.06 |
| 85 | | 10,702 |
| 3.76 |
| 1,293 | | 11,353 |
| 3.77 |
| 1,377 | | 13,328 |
| 4.19 |
| 1,795 |
Northern Territory |
| O/P | | 337 |
| 3.72 |
| 40 | | 16,203 |
| 1.41 |
| 732 | | 16,539 |
| 1.45 |
| 772 | | 13,255 |
| 1.75 |
| 745 |
Northern Territory |
| U/G | | — |
| — |
| — | | 4,470 |
| 4.75 |
| 683 | | 4,470 |
| 4.75 |
| 683 | | 5,807 |
| 4.11 |
| 767 |
Northern Territory Total |
| | | 337 | | 3.72 |
| 40 |
| 20,672 | | 2.13 |
| 1,415 |
| 21,009 | | 2.15 |
| 1,455 |
| 19,062 | | 2.47 |
| 1,512 |
Australia Total |
| | | 987 | | 3.94 |
| 125 |
| 31,374 | | 2.68 |
| 2,707 |
| 32,362 | | 2.72 |
| 2,832 |
| 32,391 | | 3.18 |
| 3,307 |
Kittila |
| O/P | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 373 |
| 3.89 |
| 47 |
Kittila |
| U/G | | 4,669 |
| 2.87 |
| 431 | | 17,874 |
| 2.81 |
| 1,617 | | 22,544 |
| 2.83 |
| 2,048 | | 6,209 |
| 4.66 |
| 930 |
Kittilä Total |
| | | 4,669 | | 2.87 |
| 431 |
| 17,874 | | 2.81 |
| 1,617 |
| 22,544 | | 2.83 |
| 2,048 |
| 6,582 | | 4.62 |
| 977 |
Barsele (55%) |
| O/P | | — |
| — |
| — | | 3,178 |
| 1.08 |
| 111 | | 3,178 |
| 1.08 |
| 111 | | 2,260 |
| 1.25 |
| 91 |
Barsele (55%) |
| U/G | | — |
| — |
| — | | 1,158 |
| 1.77 |
| 66 | | 1,158 |
| 1.77 |
| 66 | | 13,552 |
| 2.10 |
| 914 |
Barsele (55%) Total1 |
| | | — | | — |
| — |
| 4,335 | | 1.27 |
| 176 |
| 4,335 | | 1.27 |
| 176 |
| 15,811 | | 1.98 |
| 1,005 |
Europe Total |
| | | 4,669 | | 2.87 |
| 431 |
| 22,210 | | 2.51 |
| 1,794 |
| 26,879 | | 2.57 |
| 2,224 |
| 22,393 | | 2.75 |
| 1,982 |
Pinos Altos |
| O/P | | — |
| — |
| — | | 1,530 |
| 0.90 |
| 44 | | 1,530 |
| 0.90 |
| 44 | | 154 |
| 0.57 |
| 3 |
Pinos Altos |
| U/G | | — |
| — |
| — | | 12,659 |
| 2.14 |
| 872 | | 12,659 |
| 2.14 |
| 872 | | 1,378 |
| 2.04 |
| 90 |
Pinos Altos Total |
| | | — | | — |
| — |
| 14,189 | | 2.01 |
| 916 |
| 14,189 | | 2.01 |
| 916 |
| 1,533 | | 1.89 |
| 93 |
La India |
| O/P | | 4,478 |
| 0.52 |
| 74 | | 880 |
| 0.53 |
| 15 | | 5,358 |
| 0.52 |
| 89 | | — |
| — |
| — |
San Nicolás (50%) |
| O/P | | 261 |
| 0.08 |
| 1 | | 3,037 |
| 0.20 |
| 19 | | 3,297 |
| 0.19 |
| 20 | | 2,468 |
| 0.13 |
| 10 |
Tarachi |
| O/P | | — |
| — |
| — | | 19,290 |
| 0.58 |
| 361 | | 19,290 |
| 0.58 |
| 361 | | 242 |
| 0.52 |
| 4 |
Chipriona |
| O/P | | — |
| — |
| — | | 11,652 |
| 0.77 |
| 287 | | 11,652 |
| 0.77 |
| 287 | | 1,284 |
| 0.63 |
| 26 |
El Barqueño Gold |
| O/P | | — |
| — |
| — | | 8,431 |
| 1.24 |
| 335 | | 8,431 |
| 1.24 |
| 335 | | 9,696 |
| 1.12 |
| 349 |
Santa Gertrudis |
| O/P | | — |
| — |
| — | | 19,267 |
| 0.91 |
| 563 | | 19,267 |
| 0.91 |
| 563 | | 9,819 |
| 1.36 |
| 429 |
Santa Gertrudis |
| U/G | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 9,079 |
| 3.44 |
| 1,004 |
Santa Gertrudis Total |
| | | — | | — |
| — |
| 19,267 | | 0.91 |
| 563 |
| 19,267 | | 0.91 |
| 563 |
| 18,898 | | 2.36 |
| 1,433 |
Total Mexico |
| | | 4,739 | | 0.49 |
| 75 |
| 76,746 | | 1.01 |
| 2,496 |
| 81,485 | | 0.98 |
| 2,571 |
| 34,120 | | 1.75 |
| 1,915 |
Total Gold |
| | | 113,254 | | 1.28 |
| 4,656 |
| 1,086,470 | | 1.21 |
| 42,420 |
| 1,199,724 | | 1.22 |
| 47,076 |
| 522,289 | | 2.49 |
| 41,815 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
Silver |
| Mining Method | | 000 Tonnes |
| g/t |
| 000 Oz Ag | | 000 Tonnes |
| g/t |
| 000 Oz Ag | | 000 Tonnes |
| g/t |
| 000 Oz Ag | | 000 Tonnes |
| g/t |
| 000 Oz Ag |
LaRonde mine |
| U/G | | — |
| — |
| — | | 6,457 |
| 14.92 |
| 3,097 | | 6,457 |
| 14.92 |
| 3,097 | | 1,366 |
| 15.50 |
| 680 |
Pinos Altos |
| O/P | | — |
| — |
| — | | 1,530 |
| 20.28 |
| 997 | | 1,530 |
| 20.28 |
| 997 | | 154 |
| 13.90 |
| 69 |
Pinos Altos |
| U/G | | — |
| — |
| — | | 12,659 |
| 54.77 |
| 22,294 | | 12,659 |
| 54.77 |
| 22,294 | | 1,378 |
| 48.42 |
| 2,146 |
Pinos Altos Total |
| | | — | | — |
| — |
| 14,189 | | 51.05 |
| 23,291 |
| 14,189 | | 51.05 |
| 23,291 |
| 1,533 | | 44.95 |
| 2,215 |
La India |
| O/P | | 4,478 |
| 2.72 |
| 391 | | 880 |
| 2.58 |
| 73 | | 5,358 |
| 2.70 |
| 464 | | — |
| — |
| — |
San Nicolás (50%) |
| O/P | | 261 |
| 6.40 |
| 54 | | 3,037 |
| 11.86 |
| 1,158 | | 3,297 |
| 11.43 |
| 1,211 | | 2,468 |
| 9.26 |
| 735 |
Chipriona |
| O/P | | — |
| — |
| — | | 11,652 |
| 100.69 |
| 37,722 | | 11,652 |
| 100.69 |
| 37,722 | | 1,284 |
| 76.97 |
| 3,176 |
El Barqueño Silver |
| O/P | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 4,462 |
| 121.28 |
| 17,399 |
El Barqueño Gold |
| O/P | | — |
| — |
| — | | 8,431 |
| 5.15 |
| 1,396 | | 8,431 |
| 5.15 |
| 1,396 | | 9,696 |
| 16.00 |
| 4,989 |
Santa Gertrudis |
| O/P | | — |
| — |
| — | | 19,267 |
| 3.66 |
| 2,269 | | 19,267 |
| 3.66 |
| 2,269 | | 9,819 |
| 1.85 |
| 585 |
Santa Gertrudis |
| U/G | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 9,079 |
| 23.31 |
| 6,803 |
Santa Gertrudis Total |
| | | — | | — |
| — |
| 19,267 | | 3.66 |
| 2,269 |
| 19,267 | | 3.66 |
| 2,269 |
| 18,898 | | 12.16 |
| 7,389 |
Total Silver |
| | | 4,739 | | 2.92 |
| 445 |
| 63,913 | | 33.58 |
| 69,005 |
| 68,652 | | 31.47 |
| 69,450 |
| 39,705 | | 28.66 |
| 36,582 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
Copper |
| Mining Method | | 000 Tonnes |
| % | | Tonnes Cu | | 000 Tonnes |
| % | | Tonnes Cu | | 000 Tonnes |
| | % | Tonnes Cu | | 000 Tonnes |
| % | | Tonnes Cu |
LaRonde mine |
| U/G | | — |
| — |
| — | | 6,457 |
| 0.15 |
| 9,387 | | 6,457 |
| 0.15 |
| 9,387 | | 1,366 |
| 0.26 |
| 3,526 |
Akasaba West |
| O/P | | — |
| — |
| — | | 130 |
| 0.16 |
| 205 | | 130 |
| 0.16 |
| 205 | | — |
| — |
| — |
Akasaba West |
| U/G | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 966 |
| 0.88 |
| 8,451 |
Akasaba West Total |
| | | — | | — |
| — |
| 130 | | 0.16 |
| 205 |
| 130 | | 0.16 |
| 205 |
| 966 | | 0.88 |
| 8,451 |
Upper Beaver |
| O/P | | — |
| — |
| — | | 54 |
| 0.10 |
| 56 | | 54 |
| 0.10 |
| 56 | | — |
| — |
| — |
Upper Beaver |
| U/G | | — |
| — |
| — | | 7,510 |
| 0.16 |
| 12,063 | | 7,510 |
| 0.16 |
| 12,063 | | 2,953 |
| 0.36 |
| 10,649 |
Upper Beaver Total |
| | | — | | — |
| — |
| 7,564 | | 0.16 |
| 12,118 |
| 7,564 | | 0.16 |
| 12,118 |
| 2,953 | | 0.36 |
| 10,649 |
San Nicolás (50%) |
| O/P | | 261 |
| 1.35 |
| 3,526 | | 3,037 |
| 1.17 |
| 35,489 | | 3,297 |
| 1.18 |
| 39,015 | | 2,468 |
| 0.94 |
| 23,144 |
Chipriona |
| O/P | | — |
| — |
| — | | 11,652 |
| 0.16 |
| 18,768 | | 11,652 |
| 0.16 |
| 18,768 | | 1,284 |
| 0.11 |
| 1,377 |
El Barqueño Gold |
| O/P | | — |
| — |
| — | | 8,431 |
| 0.21 |
| 17,650 | | 8,431 |
| 0.21 |
| 17,650 | | 9,696 |
| 0.22 |
| 21,555 |
El Barqueño Silver |
| O/P | | — |
| — |
| — | | — |
| — |
| — | | — |
| — |
| — | | 4,462 |
| 0.04 |
| 1,852 |
Total Copper |
| | | 261 | | 1.35 |
| 3,526 |
| 37,270 | | 0.25 |
| 93,617 |
| 37,531 | | 0.26 |
| 97,143 |
| 23,193 | | 0.30 |
| 70,555 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Operation / Project | | Measured | | Indicated | | Measured & Indicated | | Inferred | ||||||||||||||||||
Zinc |
| Mining Method | | 000 Tonnes |
| % | | Tonnes Zn | | 000 Tonnes |
| % | | Tonnes Zn | | 000 Tonnes |
| % | | Tonnes Zn | | 000 Tonnes |
| % | | Tonnes Zn |
LaRonde mine |
| U/G | | — |
| — |
| — | | 6,457 |
| 0.98 |
| 63,087 | | 6,457 |
| 0.98 |
| 63,087 | | 1,366 |
| 0.43 |
| 5,856 |
San Nicolás (50%) |
| O/P | | 261 |
| 0.39 |
| 1,012 | | 3,037 |
| 0.71 |
| 21,618 | | 3,297 |
| 0.69 |
| 22,630 | | 2,468 |
| 0.62 |
| 15,355 |
Chipriona |
| O/P | | — |
| — |
| — | | 11,652 |
| 0.87 |
| 101,211 | | 11,652 |
| 0.87 |
| 101,211 | | 1,284 |
| 0.72 |
| 9,178 |
Total Zinc |
| | | 261 | | 0.39 |
| 1,012 |
| 21,146 | | 0.88 |
| 185,916 |
| 21,407 | | 0.87 |
| 186,928 |
| 5,117 | | 0.59 |
| 30,389 |
* Open Pit (“O/P”), Underground (“U/G”)
27
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.
28
Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.
Additional Information
Additional information about each of the Company’s material mineral projects as at December 31, 2025, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company’s AIF and 2025 MD&A filed on SEDAR+ and with the SEC on EDGAR and in the following technical reports filed on SEDAR+ in respect of the Company’s material mineral properties: Detour Lake Operation, Ontario, Canada, NI 43-101 Technical Report (September 20, 2024); NI 43-101 Technical Report of the LaRonde complex in Quebec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Quebec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); and the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015).
29
APPENDIX – EXPLORATION DETAILS
Eclipse zone and East Gouldie, East Malartic and Odyssey deposits at Odyssey
| | | | | | | | | | | | | | |
| | | | | | | | Depth of | | | | | | |
| | | | | | | | midpoint | | Estimated | | Gold grade | | Gold grade |
| | | | From | | To | | below surface | | true width | | (g/t) | | (g/t) |
Drill hole | | Deposit / Zone | | (metres) | | (metres) | | (metres) | | (metres) | | (uncapped) | | (capped)* |
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 |
| East Malartic |
| 108.6 |
| 113.1 |
| 96 |
| 4.6** |
| 7.2 |
| 7.1 |
and |
| East Malartic |
| 222.0 |
| 234.0 |
| 204 |
| 12.0** |
| 2.1 |
| 2.1 |
MEX25-351 |
| East Malartic |
| 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 East Malartic use a capping factor of 40 g/t gold.
** Core length. True width undetermined.
30
West Pit and West Extension zones at Detour Lake
| | | | | | | | Depth of | | | | |
| | | | | | | | midpoint | | Estimated | | Gold grade |
| | | | From | | To | | below surface | | true width | | (g/t) |
Drill hole | | Zone | | (metres) | | (metres) | | (metres) | | (metres) | | (uncapped)* |
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.
31
Madrid deposit at Hope Bay
| | | | | | | | | | | | | | |
| | | | | | | | Depth of | | | | | | |
| | | | | | | | midpoint | | Estimated | | Gold grade | | Gold grade |
| | | | From | | To | | below surface | | true width | | (g/t) | | (g/t) |
Drill hole | | Zone | | (metres) | | (metres) | | (metres) | | (metres) | | (uncapped) | | (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 |
| 1,041.0 |
| 1,050.0 |
| 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 Madrid deposit at Hope Bay use a capping factor of 100 g/t gold.
32
EXPLORATION DRILL COLLAR COORDINATES
| | | | | | Elevation | | | | | | |
| | | | | | (metres above | | Azimuth | | Dip | | Length |
Drill hole | | UTM East* | | UTM North* | | sea level) | | (degrees) | | (degrees) | | (metres) |
Odyssey mine | | | | | | | | | | | | |
MEX25-341 | | 719014 | | 5334200 | | 309 | | 172 | | -58 | | 1203 |
MEX25-346WZ | | 717451 | | 5334739 | | 309 | | 143 | | -78 | | 2183 |
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 |
| 1628 |
MEX25-350 |
| 716852 |
| 5334693 |
| 316 |
| 199 |
| -68 |
| 875 |
MEX25-350 | | 716852 | | 5334693 | | 316 | | 199 | | -68 | | 875 |
MEX25-351 | | 716867 | | 5334695 | | 317 | | 149 | | -53 | | 1527 |
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 | | 1239 |
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 | | 1176 |
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 |
| 1148 |
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 |
| 1155 |
HBM-25-401 |
| 434309 |
| 7549316 |
| 48 |
| 74 |
| -69 |
| 1036 |
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.
33