An anonymous director of Agnico Eagle reports

AGNICO EAGLE ANNOUNCES INVESTMENT IN CANADA NICKEL COMPANY INC.

Agnico Eagle Mines Ltd. has acquired 19.6 million units of Canada Nickel Company Inc. at a price of $1.18 per unit for total consideration of approximately $23,128,000 from several sellers that acquired the units in connection with an offering of flow-through units by Canada Nickel. Each unit was composed of one common share of Canada Nickel and 0.35 of one common share purchase warrant of Canada Nickel. Each warrant entitles the holder to acquire one common share at a price of $1.77 at any time prior to Dec. 29, 2026, subject to acceleration of the expiry date upon the occurrence of certain events.

Agnico Eagle has spent approximately two years evaluating the critical minerals sector, focusing on Canada and the regions where it operates, where the company believes it has a competitive advantage. Agnico Eagle's investment in Canada Nickel represents an early stage investment in this growing sector. Canada Nickel's large, prospective land package and portfolio of early-stage nickel-sulphide deposits are located in Northern Ontario, in close proximity to Agnico Eagle's operations in the Abitibi region of Ontario and Quebec. Canada Nickel's Crawford nickel-cobalt sulphide project has a large nickel resource and is expected to have a low carbon footprint. Aligning with Agnico Eagle's well-established strategy of early-stage project investments, this investment represents an opportunity to establish a presence in an emerging nickel belt and monitor both the project's progress and emerging technologies relevant to its development.

Prior to the share purchases, Agnico Eagle did not own any common shares. Following the share purchases, Agnico Eagle owns 19.6 million common shares and 6.86 million warrants, representing approximately 12 per cent of the issued and outstanding common shares on a non-diluted basis and 15.6 per cent of the issued and outstanding common shares on a partially diluted basis (assuming the exercise of the warrants).

Concurrently with the share purchases, Agnico Eagle and Canada Nickel entered into an investor rights agreement, pursuant to which Agnico Eagle is entitled to certain rights, provided Agnico Eagle maintains certain ownership thresholds in Canada Nickel, including: (a) the right to participate in equity financings and top up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in Canada Nickel at the time of such financing or acquire up to a 15.6-per-cent ownership interest, on a partially diluted basis, in Canada Nickel; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person to the board of directors of Canada Nickel.

Agnico Eagle acquired the common shares and the warrants for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional common shares, common share purchase warrants or other securities of Canada Nickel or dispose of some or all of the common shares, common share purchase warrants or other securities of Canada Nickel that it owns at such time.

An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Agnico Eagle's head office at 400, 145 King St. East, Toronto, Ont., M5C 2Y7. Canada Nickel's head office is located at 1900, 130 King St. West, Toronto, Ont. M5X 1E3.

About Agnico Eagle 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. 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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