An anonymous director reports

AGNICO EAGLE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Further to its news release dated April 27, 2023, Agnico Eagle Mines Ltd. has received approval from the Toronto Stock Exchange of Agnico Eagle's notice of intention to renew its normal course issuer bid (NCIB). All amounts expressed in United States dollars, unless otherwise noted.

Under the NCIB, Agnico Eagle may purchase for cancellation, on the open market at its discretion, during the period commencing on May 4, 2023, and ending on the earlier of May 3, 2024, and the completion of purchases under the NCIB, up to the lesser of: (i) 24,718,919 common shares of Agnico Eagle, which is 5 per cent of the issued and outstanding common shares; and (ii) that number of common shares that can be purchased by Agnico Eagle under the NCIB for an aggregate purchase price, excluding commissions, of not more than $500-million, subject to the normal terms and limitations of such bids. Based on the closing share price of $56.59 on April 27, 2023, 8,835,483 common shares would be purchasable under the NCIB, representing approximately 1.79 per cent of the issued and outstanding common shares as of April 27, 2023. As of April 27, 2023, Agnico Eagle had 494,378,388 issued and outstanding common shares.

Daily purchases on the TSX under the NCIB will be limited to 443,490 common shares, other than purchases made pursuant to the block purchase exception, which represents 25 per cent of the average daily trading volume of 1,773,960 on the TSX for the six months ended March 31, 2023. The actual number of common shares which may be purchased under the NCIB and the timing of any such purchases will be determined by the management of Agnico Eagle, subject to applicable law and the rules of the TSX. Purchases under the NCIB are expected to be made through the facilities of the TSX, the New York Stock Exchange and alternative trading systems in Canada or the United States, at prevailing market prices. The NCIB will be financed using Agnico Eagle's existing cash resources, and any common shares repurchased by Agnico Eagle under the NCIB will be cancelled.

Agnico Eagle believes that the NCIB will provide a flexible tool as part of Agnico Eagle's overall capital allocation program and objectives, while generating value for shareholders. Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price and other opportunities to invest capital for growth. Agnico Eagle may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws.

Agnico Eagle has established an automatic share purchase plan in connection with its NCIB to facilitate the purchase of common shares during times when Agnico Eagle would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed blackout periods. Before entering a blackout period, Agnico Eagle may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by Agnico Eagle in accordance with the share purchase plan, TSX rules and applicable securities laws. The plan has been precleared by the TSX and will be implemented effective May 8, 2023.

Under Agnico Eagle's prior NCIB, which commenced on May 4, 2022, and ends on May 3, 2023, Agnico Eagle obtained approval to purchase up to a total of 22,785,308 common shares, of which 1,669,620 common shares were purchased through the facilities of the TSX and the New York Stock Exchange at a weighted-average price of approximately $44.70 (excluding commissions) per common share.

About Agnico Eagle Mines Ltd.

Agnico Eagle is a senior Canadian gold-mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

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