Mr. Ammar Al-Joundi reports

AGNICO EAGLE REPORTS THIRD QUARTER 2023 RESULTS - SOLID QUARTERLY GOLD PRODUCTION AND COST PERFORMANCE; WELL POSITIONED TO ACHIEVE ANNUAL COST GUIDANCE AND GOLD PRODUCTION ABOVE THE MID-POINT OF ANNUAL GUIDANCE

Agnico Eagle Mines Ltd. has released financial and operating results for the third quarter of 2023 (all amounts expressed in U.S. dollars unless otherwise noted).

"Agnico Eagle had another solid quarter with production and costs coming in as expected. The Canadian Malartic and Meadowbank complexes delivered strong results in the quarter, offsetting unscheduled mill downtime at Detour Lake and highlighting the benefit of our diverse portfolio of mines," said Ammar Al-Joundi, Agnico Eagle's president and chief executive officer. "We are expecting a strong finish to the year, and based on our year-to-date performance we are well positioned to achieve our cost guidance and expect gold production to come in above the midpoint of our annual production guidance," added Mr. Al-Joundi.

Third quarter 2023 highlights:

• Quarterly gold production and cost performance remain solid -- Payable gold production (1) in the third quarter of 2023 was 850,429 ounces at production costs per ounce of $893, total cash costs per ounce (2) of $898 and all-in sustaining costs (AISC) per ounce (3) of $1,210.
• Strong quarterly financial results -- The company reported quarterly net income of 36 cents per share in the third quarter of 2023 and adjusted net income (4) of 44 cents per share. Cash provided by operating activities was $1.01 per share ($1.35 per share before working capital adjustments (5)).
• Canadian Malartic and Meadowbank drive solid production -- Gold production in the third quarter of 2023 was led by strong production at the Canadian Malartic and Meadowbank complexes as well as the Kittila mine, offsetting lower production at Detour Lake and Fosterville. The strong performance at Canadian Malartic was driven by positive grade reconciliation at the Barnat pit and higher throughput from softer rock conditions.
• Temporary transformer issue at Detour Lake resulted in unscheduled mill downtime -- The transformer powering the semi-autogenous grinding (SAG) mill on one of the two grinding circuits at the Detour Lake mill (line 1) failed unexpectedly in August, 2023. Leveraging the procurement network in the Abitibi region, the company was able to refurbish the failed transformer within 25 days. During the SAG unit downtime on line 1, the company operated the Detour Lake mill at approximately 70 per cent of normal operating rates, resulting in lower production in the third quarter of 2023. The mill returned to normal operating levels in the second half of September, 2023. The company believes Detour Lake is well positioned to achieve the low end of its annual production guidance.
• Supreme Administrative Court of Finland (SAC) decision on the Kittila operating permit remains pending -- The SAC has informed the company that it will issue its decision on Kittila's operating permit in October, 2023. If the SAC reverses the lower court ruling and reinstates the operating permit at 2.0-million tonnes per annum (mtpa) by the end of October, 2023, the company expects Kittila to produce up to an additional 30,000 ounces of gold in the fourth quarter of 2023 as compared with current production guidance. If the SAC does not release its decision by the end of October or upholds the lower court decision and maintains the current operating permit at 1.6 mtpa, the company will be required to partially suspend its activities in the fourth quarter of 2023 to remain within the permitted rate. Under this scenario, Kittila's annual production is still expected to be within the annual guidance range of between 190,000 and 210,000 ounces of gold, which was based on a rate of 1.6 mtpa.
• Gold production, cost and capital expenditure guidance reiterated for 2023 -- Based on operating performance in the first nine months of 2023, the company is on track to be above the midpoint of its production guidance for 2023. Expected payable gold production in 2023 remains unchanged at approximately 3.24-million to 3.44-million ounces with total cash costs per ounce expected to be between $840 and $890 and AISC per ounce expected to be between $1,140 and $1,190. Estimated total capital expenditures (excluding capitalized exploration) for 2023 remain at approximately $1.42-billion.
• Update on key value drivers and pipeline projects
  • Odyssey project at the Canadian Malartic complex - Production via the ramp at the Odyssey South deposit increased through the quarter reaching 3,300 tonnes per day ("tpd") in September, approaching the planned mining rate of 3,500 tpd for 2024. With a positive reconciliation of 18% in gold ounces for the first four stopes mined compared to plan, the internal zones continue to provide upside in tonnage and grade at Odyssey South. Shaft sinking activities continued in the third quarter of 2023, reaching a depth of 130 metres at the end of the quarter. Ramp development continued to exceed targets, reaching a depth of 649 metres at the end of the third quarter of 2023. With this strong development performance, the Company is advancing shaft pre-sinking activities. Exploration drilling in the quarter focused on infilling the internal zones at the Odyssey South deposit and mineral resource expansion of the East Gouldie deposit to the east and west
  • Detour Lake - Prior to the transformer failure, the mill availability was at 92%, which was the targeted rate for 2023 and reflected sustained improvements to the maintenance strategy. At the time, throughput was also on track to achieve the expected level of 27.2 mtpa for 2023 and it is now expected to be approximately 25.9 mtpa for 2023. Mill optimization initiatives continued through the quarter with the objective of continuing to increase throughput to 28.0 mtpa by 2025. Drilling continues to investigate the West Pit extension of the deposit, while tighter infill drilling in two test areas confirming continuity of higher grade zones which supports a potential underground mining scenario
  • Hope Bay - At Madrid, six exploration drills continued to advance step-out drilling on a two-kilometre long, previously untested gap between the Suluk and Patch 7 zones. Initial results show the potential to define a new high grade zone, with intercepts up to 15.9 g/t gold over 4.6 metres at 609 metres depth
• Executive chair transition -- The company installed the executive chair board structure at the time of the merger with Kirkland Lake Gold to assist in managing the integration of the businesses, with the intention to transition to a traditional chair structure in time. With the integration of Agnico Eagle and Kirkland Lake Gold successfully completed, the company now announces that Mr. Boyd will transition from executive chair to chair of the board of directors of Agnico Eagle with an effective date of Dec. 31, 2023. In this new role, the company will continue to benefit from Mr. Boyd's leadership, decades of experience and strategic vision. Mr. Sokalsky will remain lead director, and Mr. Parr will remain vice-chair.
• A quarterly dividend of 40 cents per share has been declared.

1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.

2 Total cash costs per ounce is a non-GAAP ratio that is not a standardized financial measure under IFRS and, unless otherwise specified, is reported on a by-product basis in this news release.

3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and, unless otherwise specified, is reported on a by-product basis in this news release.

4 Adjusted net income and adjusted net income per share are non-GAAP measures that are not standardized financial measures under IFRS.

5 Cash provided by operating activities before working capital adjustments is a non-GAAP measure that is not standardized financial measures under IFRS.

Third Quarter 2023 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Thursday, October 26, 2023 at 11:00 AM (E.D.T.) to discuss the Company's third quarter 2023 financial and operating results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company's website.

Via Telephone:

For those preferring to listen by telephone, please dial 1-416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Replay Archive:

Please dial 1-416-764-8677 or toll-free 1-888-390-0541, access code 587191#. The conference call replay will expire on November 26, 2023.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Gold production:

• Third quarter of 2023 -- Gold production increased when compared with the prior-year period due to additional production from the acquisition of the remaining 50 per cent of the Canadian Malartic complex following the closing of the transaction with Yamana Gold Inc., partially offset by lower production at the Detour Lake and Fosterville mines and the LaRonde complex.
• First nine months of 2023 -- Gold production increased when compared with the prior-year period as a result of a full nine-month contribution in 2023 from the Detour Lake, Macassa and Fosterville mines as opposed to 234 days in the first nine months of 2022 following the closing of the merger with Kirkland Lake Gold Ltd. on Feb. 8, 2022, and the additional production from the acquisition of the remaining 50 per cent of the Canadian Malartic complex, partially offset by lower production at the LaRonde and Fosterville mines.

Production costs per ounce:

• Third quarter of 2023 -- Production costs per ounce increased when compared with the prior-year period primarily due to higher mine site costs per tonne resulting from inflation. A detailed description of the mine site costs per tonne at each mine is set out below.
• First nine months of 2023 -- Production costs per ounce increased when compared with the prior-year period for the same reason as set out above in respect of the third quarter of 2023.

Total cash costs per ounce:

• Third quarter of 2023 -- Total costs per ounce increased when compared with the prior-year period primarily due to higher mine site costs per tonne resulting from inflation and higher royalties resulting from the acquisition of the remaining 50 per cent of the Canadian Malartic complex in the third quarter of 2023. A detailed description of the mine site costs per tonne at each mine is set out below.
• First nine months of 2023 - Total cash costs per ounce increased when compared with the prior-year period for the same reasons as set out above in respect of the third quarter of 2023.

AISC per ounce:

• Third quarter of 2023 -- AISC per ounce increased when compared with the prior-year period due to the same reasons that caused higher total cash costs per ounce during the period.
• First nine months of 2023 -- AISC per ounce increased when compared to the prior-year period due to the same reasons that caused higher total cash costs per ounce during the period.

Net income:

• Third quarter of 2023:
  • Net income was $178.6-million (36 cents per share). This result includes the following items (net of tax): derivative losses on financial instruments of $23.6-million (four cents per share), foreign currency translation loss on deferred tax liabilities of $10.4-million (two cents per share), non-cash foreign currency translation gain of $6.5-million (one cent per share), transaction costs related primarily to the San Nicolas development project joint venture of $4.6-million (one cent per share) and various other adjustment losses of $9.2-million (two cents per share).
  • Excluding the above items results in adjusted net income of $219.9-million or 44 cents per share for the third quarter of 2023.
  • Included in the third quarter of 2023 net income, and not adjusted above, is a non-cash stock option expense of $2.5-million (one cent per share).
  • Net income increased in the third quarter of 2023 compared with the prior-year period primarily due to higher mine operating margins (8) from higher realized gold prices, higher sales volumes resulting from the acquisition of the remaining 50 per cent of Canadian Malartic, a smaller loss on derivative financial instruments and lower income and mining tax expenses, partially offset by higher amortization.
• First nine months of 2023 -- Net income increased in the first nine months of 2023 compared with the prior-year period primarily due to a remeasurement gain at the Canadian Malartic complex resulting from the application of purchase accounting relating to a business combination attained in stages, which requires the remeasurement of the company's previously held 50-per-cent interest in the Canadian Malartic complex to fair value, higher realized gold prices and higher sales volumes. The fair value of the company's previously held 50-per-cent interest and the resulting gain on remeasurement, along with the fair values allocated to assets acquired and liabilities assumed are preliminary, and are subject to adjustment based on further analysis and evaluation over the course of the measurement period which may not exceed 12 months from the acquisition date.

6 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS.

7 Free cash flow and free cash flow before changes in non-cash components of working capital are non-GAAP measures or ratios that are not standardized financial measures under IFRS.

8 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS.

Adjusted EBITDA:

• Third quarter of 2023 -- Adjusted EBITDA increased when compared with the prior-year period primarily due to higher mine operating margins from higher sales volumes resulting from the acquisition of the remaining 50 per cent of Canadian Malartic and a smaller loss on derivative financial instruments
• First nine months of 2023 -- Adjusted EBITDA increased when compared with the prior-year period primarily due to the reasons set out above.

Cash Provided by Operating Activities

Third Quarter of 2023 - Cash provided by operating activities decreased when compared to the prior-year period primarily due to increased working capital requirements from the seasonality of the Nunavut sealift. Cash provided by operating activities before working capital adjustments increased when compared to the prior-year period primarily due to higher revenues from higher sales volumes from the acquisition of the remaining 50% of the Canadian Malartic complex and higher realized gold prices, partially offset by higher production costs

First Nine Months of 2023 - Cash provided by operating activities and cash provided by operating activities before working capital adjustments increased when compared to the prior-year period primarily due to higher sales volumes from a full nine months contribution in 2023 from the Detour Lake, Macassa and Fosterville mines as opposed to 234 days in the first nine months of 2022 following the closing of the Merger and higher sales volumes from the acquisition of the remaining 50% of the Canadian Malartic complex

Capital Expenditures

For a discussion of capital expenditures, please see below

Free Cash Flow Before Changes in Non-Cash Components of Working Capital

Third Quarter of 2023 - Free cash flow before changes in non-cash components of working capital increased when compared to the prior-year period due to the reasons described above relating to cash provided by operating activities and lower additions to property, plant and mine development

First Nine Months of 2023 - Free cash flow before changes in non-cash components of working capital increased when compared to the prior-year period due to the reasons described above relating to cash provided by operating activities, partially offset by lower additions to property, plant and mine development

Investment Grade Balance Sheet Remains Strong

Cash and cash equivalents decreased when compared to the prior quarter primarily due to lower cash provided by operating activities arising from increased working capital requirements from the seasonality of the Nunavut sealift. At September 30, 2023, the Company's debt (current and long-term) was $1,942.6-million and, despite the Nunavut sealift, net debt only increased slightly to $1,587.1-million from the June 30, 2023 balance of $1,509.5-million.

As of September 30, 2023, the outstanding balance on the Company's unsecured revolving bank credit facility remained at $100-million, and available liquidity under this facility was approximately $1.1 billion, not including the uncommitted $600-million accordion feature.

Hedges

The Company continues to benefit from a stronger US dollar against the currencies in the jurisdictions in which it operates; the Canadian dollar, Euro, Australian dollar and Mexican peso. These currency tailwinds have provided some relief against inflationary pressures. Approximately 64% of the Company's estimated Canadian dollar exposure for the remainder of the year is hedged at an average floor price above 1.32 C$/US$. Approximately 29% of the Company's estimated Euro exposure for the remainder of the year is hedged at an average floor price of approximately 1.03 US$/EUR. Approximately 58% of the Company's estimated Australian dollar exposure for the remainder of the year is hedged at an average floor price above 1.46 A$/US$. Approximately 33% of the Company's estimated Mexican peso exposure for the remainder of the year is hedged at an average floor price above 20.70 MXP/US$. The Company's full year 2023 cost guidance is based on assumed exchange rates of 1.32 C$/US$, 1.10 US$/EUR, 1.40 A$/US$ and 20.00 MXP/US$.

With the 2023 sealift purchase of diesel for the Company's Nunavut operations completed, approximately 72% of the Company's diesel exposure for the remainder of the year is hedged at an average price of $0.70 per litre, compared to the 2023 cost guidance assumption of $0.93 per litre. The sea-lift purchase, along with financial hedges, will continue to help mitigate operating cost risks and are expected to provide protection against diesel price inflation for the remainder of the year.

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. Current hedging positions are not factored into 2023 and future guidance.

9 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS.

Capital Expenditures

The following table sets out capital expenditures (including sustaining capital expenditures10 and development capital expenditures10) and capitalized exploration in the third quarter of 2023. Total expected capital expenditures (including capitalized exploration) remain in line with guidance for the full year 2023.

10 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS. For a discussion of the composition and usefulness of this non-GAAP measure as well as a reconciliation to additions to property, plant and mine development per the condensed interim consolidated statements of cash flows, see "Reconciliation of Non-GAAP Financial Performance Measures"and "Note Regarding Certain Measures of Performance" below.

2023 Guidance

The Company believes it is on track to be above the mid-point of its 2023 gold production guidance of between 3.24 and 3.44-million ounces, which is based on the assumption that the Kittila mill operates at an annual rate of 1.6 mtpa. Through the first nine months of 2023, Kittila has maintained operational flexibility to process 2.0 mtpa in 2023. The SAC has informed the Company that it will issue its decision on Kittila's operating permit in October 2023. If the SAC reverses the lower court ruling and reinstates the operating permit at 2.0 mtpa by the end of October 2023, the Company expects Kittila to produce up to an additional 30,000 ounces of gold in the fourth quarter of 2023 as compared to current production guidance. If the SAC does not release its decision by the end of October or upholds the lower court decision and maintains the current operating permit at 1.6 mtpa, the Company will be required to partially suspend its activities in the fourth quarter of 2023 to remain within the permitted rate. Kittila's annual production is still expected to be within the annual guidance range of between 190,000 and 210,000 ounces of gold, which was based on a rate of 1.6 mtpa.

The Company also believes it is on track to meet its 2023 guidance for total cash costs per ounce and AISC per ounce of between $840 and $890 and between $1,140 and $1,190, respectively. Total expected capital expenditures (excluding capitalized exploration) for 2023 remain at approximately $1.42 billion.

The closing of the Yamana Transaction on March 31, 2023 resulted in a remeasurement of the Company's previously-held 50% ownership of Canadian Malartic. This remeasurement will continue to affect the Company's depreciation and amortization for the remainder of the year as 100% of the assets are re-measured to fair value. The 2023 depreciation and amortization expense guidance remains between $1.50 to $1.55 billion for the full year 2023.

Update on Key Value Drivers and Pipeline Projects

Highlights on the key value drivers (Odyssey project, Detour Lake mine and optimization of assets and infrastructure in the Abitibi region of Quebec), the Hope Bay project and the San Nicolas project are set out below. Details on certain mine expansion projects (Macassa new ventilation system, Kittila shaft, Meliadine Phase 2 expansion and Amaruq underground) are set out in the applicable operational sections of this news release.

Odyssey Project

Underground development and construction activities progressed well in the third quarter of 2023. The development rate has improved month over month, setting a monthly record of 1,030 equivalent metres achieved in September 2023. The Company is on track to reach the 1,200 metres per month rate target in 2024. The increased use of automated equipment continues to support the gain in development productivity, with scoops, jumbos and cable bolters remotely operated between shifts.

Advancing the main ramp remains the development priority for the project. In the first nine months of 2023, the Company achieved a lateral development rate of 166 metres per month, exceeding the target of 150 metres per month. As at September 30, 2023, the ramp was at a depth of 649 metres. At the current ramp development rate, the Company expects to reach the first level of the top of the East Gouldie deposit at a depth of 750 metres in the first half of 2024.

On Level 54, the position of the first shaft station, the development of the first underground maintenance shop is ongoing. The maintenance shop will include four maintenance bays, a fuel and lube bay, a warehouse and other service bays.

Shaft sinking activities continued to ramp-up through the third quarter of 2023, albeit at a slower rate than anticipated due to equipment reliability issues and water infiltration requiring grout injection. An action plan is in place to address equipment reliability and the Company anticipates the ramp up of sinking activities to achieve the target rate of 2.0 metres per day in the fourth quarter of 2023. With ramp development performance better-than-expected, the Company is advancing with the pre-sinking of two legs of the shaft from Levels 26 to 36 and Levels 54 to 64. The excavation of the leg between Levels 26 and 36 as well as the overcut on Level 54 are completed.

The paste backfill plant was commissioned in July 2023. The introduction of paste backfill facilitated an increase in production rates from 900 tpd in August 2023 to 3,300 tpd in September, approaching the planned mining rate of 3,500 tpd for 2024.

The integration of internal zones at Odyssey South demonstrated upside potential in tonnes and gold grade in the short term. The mining of the first four stopes resulted in a positive reconciliation of 18% in gold ounces compared to plan. The Company continues to advance the delineation drilling to help with the predictability and modeling of these zones.

Exploration drilling at the Odyssey project during the third quarter of 2023 continued to focus on three objectives: infill drilling the Odyssey South zone and adjacent internal zones; infill drilling the core portion of the East Gouldie zone; and investigating the lateral extensions along the favourable mineralized horizon to the east and the west. An addition of mineral reserves is expected at the Odyssey project at year-end 2023 with the conversion of indicated mineral resources at the East Gouldie deposit.

In regional exploration during the third quarter of 2023, the next phase of exploration drilling commenced at the adjacent Camflo property to the north and drilling targeted potential mineralization analogous to the Odyssey South and Odyssey North deposits on the Rand Malartic property to the east.

Detour Lake Mine

In the third quarter of 2023, the Detour Lake mine was affected by the failure of the transformer powering the SAG unit of one of the two grinding circuit lines. A detailed description of the incident and remediation actions taken by the Company is set out in the Detour Lake operational section of this news release.

Prior to the transformer failure, the mill availability was at 92%, reflecting sustained improvements to the maintenance strategy and a continued effort to optimize mill processes. At the time, throughput was also on track to achieve the expected level of 27.2 mtpa for 2023 and it is now expected to be approximately 25.9 mtpa for 2023.

In the third quarter of 2023, the Company continued to advance several projects to improve runtime of the mill and sustain throughput of 28.0 mtpa. Areas of focus include improvements to the secondary crusher re-feed system, the ball mill discharge Grizzly and the SAG discharge lip, as well as improvements to secondary crusher liner profiles to extend wear life and optimization of the secondary crusher.

The Company is also assessing several projects to potentially exceed mill throughput of 28.0 mtpa, including the implementation of advanced process control utilizing artificial intelligence (expert systems) and ore sorting. In the third quarter of 2023, the Company continued to operate an ore sorting pilot plant. The Company is targeting the pilot project to process approximately 1.5-million tonnes of low-grade material to establish the key design criteria of a full-size sorting plant and to help determine the economic viability of a full-size sorting operation at Detour Lake.

Exploration drilling during the third quarter of 2023 continued to investigate the deposit below the West Pit mineral reserve and the western plunge extension of the mineralization to confirm the mineralized zones potentially amenable to underground mining, with 53,283 metres of drilling completed during the third quarter or 181,822 metres completed during the first nine months of 2023.

Optimization of Assets and Infrastructure in the Abitibi Region

During the third quarter of 2023, the Company continued to advance the internal studies to assess potential production opportunities at the Macassa Near Surface ("NSUR") and Amalgamated Kirkland ("AK") deposits, and the Upper Beaver and Wasamac projects. Among the alternatives considered, the Company is evaluating the potential to transport ore via rail or truck to the LaRonde and Canadian Malartic processing facilities, which are expected to have excess mill capacity in the future. Leveraging existing regional infrastructure has the potential to support regional production growth at lower capital costs and with a reduced environmental footprint, which could also be beneficial to future permitting activities.

The NSUR and AK deposits are accessible from an existing surface ramp at Macassa (the "Portal"). Production from the NSUR deposit was processed at the Macassa mill in the third quarter of 2023, with gold production of 2,778 ounces. Production from the AK deposit is expected to begin in the second half of 2024. With the commissioning of the Shaft #4 and increased productivity from the Macassa deep mine, the Macassa mill is expected to reach its full capacity of 1,650 tpd by mid-2024. The LaRonde Zone 5 ("LZ5") processing facility at the LaRonde complex, which is approximately 130 kilometres away, was placed on care and maintenance in the third quarter of 2023. The facility could accommodate the processing of the NSUR and AK ores in 2024, thus avoiding capital costs associated with a mill expansion at Macassa. Average annual production from these two deposits could potentially be between 20,000 and 40,000 ounces of gold, commencing in 2024.

The Company is assessing the potential economic benefits of transporting and processing the ores from the Upper Beaver and Wasamac projects at either the LaRonde or Canadian Malartic processing facilities. Both mill complexes are close to existing road and rail infrastructure. A preliminary analysis of additional infrastructure that would be required to load, transport and unload ore for processing and the tailings required for paste backfill was completed in the third quarter of 2023. The Company initiated discussions with the rail operator to evaluate the operational feasibility and operating costs of this scenario. Both Upper Beaver and Wasamac have the potential to be low-cost mines with annual production of 150,000 to 200,000 ounces of gold with moderate capital outlays and initial production potentially commencing in approximately 2030 and 2029, respectively. The Company expects to consolidate the results of these various internal evaluations early in 2024 and report results through the first half of 2024.

Hope Bay - Step-Out Drilling Continues to Extend Madrid's High-Grade Patch 7 Zone at Depth and Laterally

At the Hope Bay project, exploration continued during the third quarter of 2023 with seven drill rigs in operation targeting the Doris and Madrid-area deposits and regionally for a total of 31,074 metres completed in 46 drill holes, and 119,771 metres completed in 194 holes during the first nine months of 2023.

Exploration at Madrid remained focused on drilling wide step-out holes spaced approximately 200 metres apart into the underexplored 2-kilometre strike extension gap between the Suluk and Patch 7 deposits at depths between 400 and 700 metres, with a new highlight intercept in hole HBM23-109 of 15.9 g/t gold over 4.6 metres at 609 metres depth or approximately 300 metres beneath the Patch 7 mineral resource. The recent results and several occurrences of visual gold (assays pending) have extended this promising area of mineralization in the gap by an additional 300 metres to the south and up to 500 metres to the north, and indicate that gold mineralization may also extend south of Patch 7.

The exploration drilling programs at Doris and Madrid recently ramped down for the seasonal transition and are expected to resume at full capacity when the snow- and ice-based drilling will be suitable in January, with a continued focus on the wide step-out strategy at Madrid to assess the mineral resource potential of the gap between Suluk and Patch 7 as well as the area south of Patch 7.

The objective of the exploration program remains to grow the mineral resources at Doris and Madrid to support future project studies and potentially resume mining at Hope Bay. In the meantime, technical studies continue to progress while larger production scenarios for Hope Bay are being evaluated.

San Nicolas Project

In the third quarter of 2023, Minera de San Nicolas, which is jointly owned by the Company and Teck Resources Limited, continued to work on the feasibility study at San Nicolas in Zacatecas State, Mexico, and stakeholder engagement on the permitting process.

Environment, Social and Governance Performance Summary

Environment and Permitting

The Nunavut Impact Review Board ("NIRB") public hearing process was held in September 2023 as part of the regulatory process to amend the Meliadine mine's permit to include future underground mining and associated saline water management infrastructure at the Pump, F-Zone and Discovery deposits. Construction and operation of a wind-farm is also included in this application

Community Relations, Governance and People

In September 2023, the Company celebrated the completion and commissioning of the Shaft #4 at the Macassa mine and commemorated the mine's 90th anniversary. As part of the celebration, the Company announced a 10-year, $3-million commitment to the Canadian Cancer Society to improve the lives of people affected by cancer living in rural and remote communities in Northern Ontario by providing access to cancer prevention programs and support services. This includes improved facilitation of Northern Ontario Indigenous populations' ability to source and receive culturally appropriate and relevant cancer resources and support

In August 2023, the Company signed a collaboration agreement with the Abitibiwinni First Nation (Pikogan) with the goal of fostering and sustaining a long term relationship between the Pikogan community and the LaRonde complex. The collaboration agreement sets out measures to increase participation in LaRonde's activities with regards to training, jobs, business opportunities and environmental protection, as well as providing for annual financial contributions. In addition, while the Company is continuing its efforts to develop additional agreements with the Algonquin Nations of the Abitibi region, it remains supportive of a collective approach if that is the preferred approach of the Algonquin Nations of the Abitibi region

In September 2023, the Company announced the new Inunnguiniq project in Nunavut which will create partnerships with three significant community organizations and partners with total contributions of C$5-million: Breakfast Club of Canada (C$2.5-million); Illitaqsiniq (C$2.25-million); and the Arctic Rose Foundation (C$250,000). The objective of the project is to promote well-being through food security and "on the land" traditional activities in Nunavut

Dividend Record and Payment Dates for the Third Quarter of 2023

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on December 15, 2023 to shareholders of record as of December 1, 2023. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2023 Fiscal Year

Record Date        Payment Date       

March 1, 2023*     March 15, 2023*    
June 1, 2023*      June 15, 2023*     
September 1, 2023* September 15, 2023*
December 1, 2023** December 15, 2023**

*Paid     
**Declared

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.

About Agnico Eagle

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.

We seek Safe Harbor.