Mr. Guy Gosselin reports

AGNICO EAGLE PROVIDES AN UPDATE ON 2023 EXPLORATION RESULTS AND 2024 EXPLORATION PLANS - MINERAL RESERVES UP 10.5% YEAR-OVER-YEAR TO 54 MOZ; INITIAL MINERAL RESERVES OF 5.2 MOZ DECLARED AT EAST GOULDIE; INITIAL UNDERGROUND MINERAL RESOURCES DECLARED AT DETOUR LAKE OF 1.6 MOZ

Agnico Eagle Mines Ltd. has provided an update on year-end 2023 mineral reserves and mineral resources, exploration activities at mine sites, select advanced projects in 2023, and the exploration plan and budget for 2024. The company's exploration focus remains on extending mine life at existing operations, testing near-mine opportunities and advancing key value driver projects. (All dollar amounts are expressed in U.S. dollars unless otherwise noted.)

"The company's ambitious exploration program in 2023 and continuing into 2024 is yielding exciting results. At Detour Lake, stepout drilling suggests potential for an underground operation and, together with optimization of the current open pits and mill, bringing the Detour Lake mine to a production rate of one million ounces per year. At Odyssey, stepout drilling continues to significantly extend the East Gouldie deposit to the west and east. At Hope Bay, drill results confirm the expansion of the Madrid deposit at depth with wide high-grade intercepts in line with our expectations for the exploration upside of this project," said Guy Gosselin, Agnico Eagle's executive vice-president, exploration. "In addition, we continue to generate significant exploration results elsewhere across our portfolio, including Fosterville, Amaruq, Macassa and Kittila. These positive results demonstrate the success of our strategy, and we will continue the steady funding of our exploration efforts in 2024 as we aim to grow the deposits at existing operations and to realize the potential of the key projects in the company's pipeline," added Mr. Gosselin.

Highlights from 2023 include:

• Gold mineral reserves increase to record level: Year-end 2023 gold mineral reserves increased by 10.5 per cent to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne gold). The year-over-year increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining 50-per-cent interest in the Canadian Malartic complex, and mineral reserve replacement at Macassa and Fosterville. At year-end 2023, measured and indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 grams per tonne gold), and inferred mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake.
• Detour Lake: The company's exploration success outside of the mineral resource open pit continued, with results of up to 24.8 g/t gold over 7.4 metres at a 420-metre depth approximately 860 metres west of the mineral resource open pit. An initial underground inferred mineral resource was declared below and to the west of the existing pit, totalling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold). Exploration in 2024 is expected to continue to test and extend the west plunge of the main deposit. The company expects to provide an update on the Detour underground project and continuing exploration results in the first half of 2024.
• Odyssey mine at the Canadian Malartic complex: Initial mineral reserves of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) were declared in the central portion of the East Gouldie deposit at year-end 2023. Successful exploration over the past year has extended the limits of the East Gouldie inferred mineral resource laterally to the west by 870 metres, with results of up to 6.2 g/t gold over 6.7 metres at a 1,299-metre depth. Recent drilling continues to return good results toward the east with results of up to 6.7 g/t gold over 13.5 metres at a 1,467-metre depth and 140 metres to the east of the current mineral resource outline. Inferred mineral resources at the East Gouldie deposit were 3.3 million ounces of gold (45.2 million tonnes grading 2.29 g/t gold).
• Hope Bay: Exploration drilling in 2023 totalled more than 125,000 metres, with work focused on the Madrid and Doris deposits. At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6 metres at a 385-metre depth and 12.7 g/t gold over 4.6 metres at a 677-metre depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based on recent exploration success, the company is evaluating a larger potential production scenario for Hope Bay. The company expects to report results from this internal technical evaluation in 2025.
• Fosterville: Continued exploration success in the Robbins Hill and Lower Phoenix areas and improved mining limits led to full replacement of 2023 production. Mineral reserves are stable year over year at 1.7 million ounces of gold (8.6 million tonnes grading 6.10 g/t gold). The lower average grade of the mineral reserves compared with year-end 2022 is the result of the depletion of the high-grade Swan zone that has been replaced mostly by lower-grade mineral reserves from the Robbins Hill area.
• Amaruq: Positive grade reconciliation led to adjustments in the ore zone model and mineral reserve estimation limits, resulting in a new proven and probable mineral reserve estimate of 1.8 million ounces of gold (15.4 million tonnes grading 3.72 g/t gold). Based on these results, the company has approved an extension to the IVR open pit, which is expected to contribute approximately 70,000 ounces of gold to the 2026 production profile and extend the mine life to 2028 (previous mine life was 2026). Exploration also continued to return significant mineralization at depth, with results up to 11.3 g/t gold over 6.4 metres at a 979-metre depth.
• Macassa: Continued exploration success in the Main Break and the South mine complex zones contributed to growth in proven and probable mineral reserves at Macassa to 2.0 million ounces gold (4.2 million tonnes grading 14.45 g/t gold), and in the Amalgamated Kirkland deposit to 160,000 ounces of gold (742,000 tonnes grading 6.69 g/t gold), with drill results in AK of up to 25.0 g/t gold over 5.0 metres at a 365-metre depth.
• Kittila: Exploration in 2023 identified an underexplored, parallel mineralized structure named the East zone located in the Suuri area at shallow depth, approximately 140 metres east of the mine's producing Main zone and outside of current mineral resources. Recent drilling in the East zone returned an intersection of 11.5 g/t gold over 7.8 metres at a 204-metre depth.
• Exploration budget: The company has budgeted $259.0-million for expensed and capitalized exploration and $77.7-million for studies and other expenses in 2024. 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 2024 include drilling the deeper portions of the Detour Lake deposit, increasing exploration at the Canadian Malartic camp to extend known deposits and identify new mineralized zones to optimize utilization of the Canadian Malartic processing facility in the future, and continuing large exploration programs at other operating assets and Hope Bay.

Gold mineral reserves

At Dec. 31, 2023, the company's proven and probable mineral reserve estimate totalled 53.8 million ounces of gold (1,287 million tonnes grading 1.30 g/t gold). This represents a 10.5-per-cent (5.1-million-ounce) increase in contained ounces of gold compared with the proven and probable mineral reserve estimate of 48.7 million ounces of gold (1,186 million tonnes grading 1.28 g/t gold) at year-end 2022 (see the company's news release dated Feb. 16, 2023, for details regarding the company's Dec. 31, 2022, proven and probable mineral reserve estimate).

The year-over-year increase in mineral reserves at Dec. 31, 2023, is largely due to a substantial new mineral reserve addition of 5.2 million ounces of gold at the East Gouldie deposit at the Odyssey mine. The acquisition of the remaining 50-per-cent interest in the Canadian Malartic complex as part of the acquisition of Yamana Gold Inc.'s Canadian assets on March 31, 2023, also contributed to adding 1.5 million ounces of gold in mineral reserves.

In Zacatecas state in central Mexico, the San Nicolas volcanogenic-hosted massive sulphide deposit is jointly owned by the company and Teck Resources Ltd. As at Dec. 31, 2023, the company has reported 52.6 million tonnes of proven and probable mineral reserves grading 0.40 g/t gold, 22.28 g/t silver, 1.12 per cent copper and 1.48 per cent zinc, containing 700,000 ounces of gold, 37.7 million ounces of silver, 592,000 tonnes of copper and 777,000 tonnes of zinc (each reported on a 50-per-cent basis) at San Nicolas.

Mineral reserves were calculated using a gold price of $1,400 per ounce for all operating assets, except the Detour Lake open pit, for which a gold price of $1,300 per ounce was used, and using variable assumptions for the pipeline projects.

The ore extracted from the company's mines in 2023 contained 3.72 million ounces of gold in situ (61.8 million tonnes grading 1.88 g/t gold). This includes the company's 50-per-cent share of the production up to March 30, 2023, at the Canadian Malartic complex prior to the closing of the Yamana transaction.

The company's gold mineral reserves as at Dec. 31, 2023, are set out in an attached table and are compared with the gold mineral reserves as at Dec. 31, 2022. 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.

The company estimates that at a gold price 10 per cent higher than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 17-per-cent increase in the gold contained in proven and probable mineral reserves. Conversely, the company estimates that at a gold price 10 per cent lower than the assumed gold price (leaving other assumptions unchanged), there would be an approximate 11-per-cent decrease in the gold contained in proven and probable mineral reserves.

Gold mineral resources

At Dec. 31, 2023, the company's measured and indicated mineral resource estimate totalled 44.0 million ounces of gold (1,189 million tonnes grading 1.15 g/t gold). This represents a 0.6-per-cent (300,000-ounce) decrease in contained ounces of gold compared with the measured and indicated mineral resource estimate at year-end 2022 (see the company's news release dated Feb. 16, 2023, for details regarding the company's Dec. 31, 2022, measured and indicated mineral resource estimate).

The year-over-year decrease in measured and indicated mineral resources is primarily due to the upgrade of mineral resources at East Gouldie to mineral reserves, largely offset by the successful conversion of inferred mineral resources into measured and indicated mineral resources and the acquisition of the remaining 50-per-cent interest in the Canadian Malartic complex and the Wasamac project as a result of the Yamana transaction.

At Dec. 31, 2023, the company's inferred mineral resource estimate totalled 33.1 million ounces of gold (411 million tonnes grading 2.50 g/t gold). This represents a 26-per-cent (6.8-million-ounce) increase in contained ounces of gold compared with the inferred mineral resource estimate a year earlier (see the company's news release dated Feb. 16, 2023, for details regarding the company's Dec. 31, 2022, inferred mineral resource estimate).

The year-over-year increase in inferred mineral resources is primarily due to the acquisition of the remaining 50-per-cent interest in the Canadian Malartic complex and the Wasamac project as part of the Yamana transaction, as well as an initial underground inferred mineral resource at Detour Lake.

The company's gold mineral resources as at Dec. 31, 2023, are set out in an attached table.

The economic limits used to estimate mineral reserves and mineral resources for all properties are set out herein.

The metal price assumptions are below the three-year historic average (from Jan. 1, 2021, to Dec. 31, 2023) of approximately $1,853 per ounce of gold, $23.50 per ounce of silver, $4.03 per pound of copper and $1.38 per pound of zinc.

2024 exploration budget

The company has budgeted $336.7-million for exploration expenditures and project expenses in 2024, composed of $151.1-million for expensed exploration, $107.9-million for capitalized exploration, and $77.7-million for project studies, 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 2024 include drilling the western and deep extension of the Detour Lake deposit to assist in the optimization of the open-pit operations and to further advance a potential underground mining scenario, increasing the underground mineral reserve and mineral resource at the Odyssey mine, and continuing large exploration programs at other operating assets and Hope Bay.

The company's exploration and corporate development budget for 2024 is set out herein.

Abitibi region -- Quebec

Canadian Malartic complex

MRMR highlights

The strong growth in mineral reserves at the Odyssey mine at year-end 2023 is largely due to successful conversion drilling in the East Gouldie deposit, and the completion of an internal study and infill drilling, which increased the proven and probable mineral reserves by 5.2 million ounces of gold (47 million tonnes grading 3.42 g/t gold) as at Dec. 31, 2023. An additional 150,000 ounces of gold in the mineral reserves are attributed to the Odyssey South deposit and the Odyssey internal zones as the understanding of these two mineralized areas continues to improve with continuing drilling and mine development.

The Canadian Malartic open-pit mine saw an increase of approximately 122,000 ounces of gold in proven and probable mineral reserves (reflecting the company's 100-per-cent interest). The increase is due to the completion of the Yamana transaction combined with a review of the model using the positive reconciliation performance, that was offset by 695,400 ounces of gold mined in situ (100-per-cent interest) in the Barnat pit and the now-depleted Canadian Malartic pit.

The acquisition of the remaining 50-per-cent interest in the Canadian Malartic complex as a result of the Yamana transaction also contributed to adding 1.5 million ounces of gold in mineral reserves, 3.1 million ounce of gold in measured and indicated mineral resources, and 4.7 million ounces of gold in inferred mineral resources at the Canadian Malartic complex.

At East Gouldie, new inferred mineral resources of 1.7 million ounces of gold were added through exploration drilling, offset by one million ounces of gold converted to measured and indicated mineral resources and the alignment of gold prices with the company's assumptions. At year-end 2023, inferred mineral resources at East Gouldie totalled 3.3 million ounces of gold (45.2 million tonnes grading 2.29 g/t gold).

2023 exploration highlights

At the Odyssey mine in 2023, exploration drilling totalled 131,565 metres, which exceeded the budget of 101,500 metres after the program was augmented midyear by a supplemental budget for 25,000 metres of additional drilling.

Exploration drilling at the Odyssey mine in 2023 continued to focus on three objectives: infill drilling of the Odyssey South deposit and the adjacent Odyssey internal zones; investigating lateral extensions to the west and to the east along the favourable East Gouldie mineralized corridor to increase the inferred mineral resources at East Gouldie; and adding holes in the planned upper mining levels in the East Gouldie deposit to further derisk the project.

Recent drilling highlights from Odyssey South and the internal zones include: 4.2 g/t gold over 6.8 metres at a 383-metre depth in hole MEV23-293 in the shallow, western portion of Odyssey South; 6.8 g/t gold over 12.6 metres (core length) at a 478-metre depth in hole UGOD-016-176 in the Odyssey internal zones; and 3.0 g/t gold over 14.3 metres (core length) at a 374-metre depth in hole UGOD-016-199.

The continued positive results from the Odyssey internal zones show the potential with further drilling to add mineral resources at shallow depth near existing underground mine infrastructure.

Hole MEX22-251RWZ intersected 2.2 g/t gold over 50 metres at a 1,659-metre depth, demonstrating the thickness of mineralization encountered in the lower portion of the East Gouldie mineral reserves.

In the program to extend the East Gouldie deposit laterally, drilling highlights include 5.0 g/t gold over 15.9 metres at a 1,355-metre depth in hole MEX23-304 and 6.2 g/t gold over 6.7 metres at a 1,299-metre depth in hole MEX23-304Z, with the intersections located approximately 300 metres and 200 metres laterally to the west, respectively, of the western limit of the current inferred mineral resources at East Gouldie. Drilling in the eastern portion of the East Gouldie corridor intersected 6.7 g/t gold over 13.5 metres at a 1,467-metre depth in hole MEX23-305Z, approximately 140 metres east of the inferred mineral resources at East Gouldie. The holes demonstrate the potential to add inferred mineral resources laterally at East Gouldie with further drilling into these extensions of mineralization.

2024 exploration plan and budget

The company expects to spend approximately $20.4-million for 137,000 metres of drilling at the Canadian Malartic complex in 2024. Exploration at the Odyssey mine includes $12.9-million for 102,500 metres of drilling with five objectives: continued conversion drilling of East Gouldie inferred mineral resources to indicated mineral resources, testing the immediate extensions of East Gouldie, continued conversion drilling of the Odyssey South deposit inferred mineral resources to indicated mineral resources, further investigating the Odyssey internal zones and converting inferred mineral resources to indicated mineral resources in the Odyssey North deposit.

The remaining $7.5-million is planned to be spent on 34,500 metres of exploration drilling into prospective gold targets along the Barnat and East Gouldie mineralized corridors on the Canadian Malartic, Rand Malartic and Midway properties.

Following the consolidation of 100-per-cent interests in properties along this prospective 16-kilometre portion of the Cadillac-Larder Lake deformation zone, the company envisions increasing its exploration efforts along the belt from surface and eventually from underground to test the full potential of this area. The strategy is similar to the one that the company has employed around the LaRonde mine since the 1980s.

Wasamac

The Wasamac gold project was acquired on March 31, 2023, as part of the Yamana transaction. The Wasamac deposit is characterized by shear hosted disseminated pyrite mineralization within an albite-sericite-carbonate alteration zone that ranges in thickness from a few metres up to 30 metres within the 50- to 55-degree, north-dipping Wasa shear.

MRMR highlights

The measured and indicated mineral resource estimate at year-end 2023 for the Wasamac project totalled 2.2 million ounces of gold (27.8 million tonnes grading 2.43 g/t), and inferred mineral resources were 800,000 ounces of gold (9.2 million tonnes grading 2.66 g/t).

This is the first estimate of mineral resources at Wasamac published by Agnico Eagle. The company continues to assess various scenarios regarding optimal mining rates and milling strategies for possible mine construction at the project. While these evaluations continue, the company has decided to not include the historical mineral reserve estimate at Wasamac into the company's mineral reserve estimate. Rather, the company has classified the Wasamac project entirely as mineral resources.

2023 exploration highlights

At the Wasamac project in 2023, exploration drilling of 16,600 metres was completed by Agnico Eagle after the closing of the Yamana transaction. The full-year program, including drilling by the previous owner, was composed of infill and conversion drilling of the main Wasamac deposit (19,000 metres for 27 holes) and exploration drilling at the Francoeur area (6,400 metres for 15 holes) and the Wildcat area (5,800 metres for 13 holes) for a total of 31,200 metres in 55 holes drilled during the full year.

Recent highlights from the exploration program at the Wasamac deposit include 4.9 g/t gold over 13.4 metres (core length) at a 590-metre depth in hole WS23-666; 2.8 g/t gold over 18.8 metres at a 565-metre depth in hole WS23-663 in the Main zone; and 4.4 g/t gold over 3.9 metres at a 484-metre depth in hole WS23-634 in zones 3 and 4.

At Francoeur, hole FS23-129 targeted the eastern extension of the Francoeur shear related to the Horne-Creek fault and returned 4.5 g/t gold over 5.3 metres (core length) at a 324-metre depth.

At Wildcat, highlight hole WS23-661 returned 3.6 g/t gold over 20.6 metres (core length) at a 44-metre depth and 5.6 g/t gold over 4.1 metres (core length) at a 123-metre depth; and hole WS23-653 returned 3.4 g/t gold over 5.4 metres (core length) at a 267-metre depth.

2024 exploration plan and budget

The company expects to spend approximately $2.8-million for 16,700 metres of drilling at the Wasamac project in 2024 as part of a larger Quebec regional exploration budget totalling $7.1-million for 39,700 metres. The program at Wasamac will focus on exploring the eastern extension of the Wasamac deposit in the Wasa shear zone. At Francoeur, drilling will focus on the Francoeur shear to explore for broader zones of mineralization similar to the Wasamac deposit. At Wildcat, the interpreted lateral extensions of the mineralization will be tested to confirm and improve the geological interpretation.

As part of the company's Abitibi platform optimization program, the company continues to assess various scenarios regarding the mining rates and milling strategies for the project.

LaRonde complex

2023 exploration highlights

At the LaRonde Zone 5 and LaRonde mines at the LaRonde complex in 2023, exploration drilling totalled 41,300 metres, with eight drill rigs operating underground and two operating from surface.

Exploration drilling in the western depth extension of the LZ5 deposit on the Ellison property returned highlights of 1.8 g/t gold over 24.8 metres at a 686-metre depth in hole BZ-2023-007; 3.0 g/t gold over 26.4 metres at a 627-metre depth in hole BZ-2023-007A; and 2.1 g/t gold over 16.8 metres at an 857-metre depth in hole BZ-2023-026. These results demonstrate the continuity of mineralization at depth and to the west of the current mineral reserves and mine workings at the LZ5 mine.

Further progress was made in 2023 in rehabilitating Level 9 and extending the exploration drift at Level 215 to provide additional drill platforms to test the vertical extensions of known zones on the Bousquet property and below the LZ5 deposit.

2024 exploration plan and budget

The company expects to spend approximately $10.4-million for 50,200 metres of drilling at the LaRonde complex in 2024, including $2.3-million for 14,800 metres of capitalized drilling and $8.1-million for exploration drift development and 35,400 metres of exploration drilling into targets, including Zone 20N East and West mines, Zone 3-1, Zone 3-4, Zone 4, and Zone 5, with the aim of adding new mineral reserves and mineral resources to extend expected mine life into the 2030s.

The planned work program above includes $2.7-million budgeted for further extension of the exploration drift on Level 215 by 450 metres to the west.

Goldex

MRMR highlights

At the Goldex mine, drilling in the Deep 2 and South zones and western part of the Main zone during 2023 added 99,000 ounces of gold in mineral reserves, replacing in part the mining of 161,000 ounces of in situ gold for 2023.

2023 exploration highlights

At the Goldex mine in 2023, exploration drilling targeted mainly the W zone, which is the extension of the Goldex diorite host rock and is located approximately 200 metres west of the main deposit at relatively shallow depths compared with the current mine workings. A total of 13,408 metres were drilled into the W zone in 2023 with highlights including: 1.2 g/t gold over 35.0 metres at a 476-metre depth in hole GD27-053; 1.5 g/t gold over 45.0 metres at a 591-metre depth in hole GD27-056; and 1.1 g/t gold over 42.0 metres at a 607-metre depth in hole GD27-063.

Exploration at the W zone could lead to the addition of mineral resources in the near future should exploration drilling continue to be successful.

2024 exploration plan and budget

The company expects to spend approximately $5.1-million for 40,400 metres of drilling at Goldex in 2024, including $2.9-million on capitalized drilling mainly focused on the conversion and extension of Sector 3 in the South zone. The remaining $2.2-million is budgeted for 18,400 metres of exploration drilling, including 15,400 metres to test and extend the W zone mineralization to the west and at depth; 2,000 metres drilled at the nearby Mine Ecole target; and 1,000 metres drilled to the west of the G zone.

Abitibi region -- Ontario

Detour Lake

MRMR highlights

An initial underground inferred mineral resource was declared and to the west of the existing pit, totalling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold). The company believes that these inferred mineral resources represent only a portion of the mineralized potential located below the mineral resource pit shell.

2023 exploration highlights

At the Detour Lake mine in 2023, exploration drilling totalled 213,000 metres in 306 holes for the full year. The program defined continuity of mineralization below and west of the mineral resource pit, resulting in the initial underground inferred mineral resource estimate.

The results below and west of the mineral reserves pit include the following highlights: 11.4 g/t gold over 5.6 metres at a 319-metre depth in hole DLM23-730W; 2.7 g/t gold over 47.2 metres at a 233-metre depth, including 6.5 g/t gold over 13.3 metres at a 220-metre depth, hole DLM23-757; and 5.5 g/t gold over 16.6 metres at a 307-metre depth in hole DLM23-775.

The drilling program also demonstrated the continuity of the mineralization outside of the mineral resource footprint over a 2.5-kilometre strike length in the western plunge of the known orebody. Highlight intercepts include: 18.3 g/t gold over 12.6 metres at a 545-metre depth in hole DLM23-733A; 7.8 g/t gold over 2.7 metres at a 1,030-metre depth in hole DLM23-747; 6.0 g/t gold over 22.4 metres at a 236-metre depth in hole DLM23-735; 24.8 g/t gold over 7.4 metres at a 420-metre depth in hole DLM23-767; and 19.3 g/t gold over 2.7 metres at an 845-metre depth in hole DLM23-773.

Exploration plan and budget for 2024

The company expects to spend approximately $27.7-million for 160,000 metres of drilling at Detour Lake in 2024, including $20.3-million for 120,000 metres of capitalized drilling into the western plunge of the main deposit to increase confidence in the mineralization's continuity, both in the inferred mineral resources for conversion purposes and to continue extending the mineralized trend to the west. An exploration ramp is also being considered to increase confidence in the continuity of the inferred mineral resource and to potentially collect a bulk sample.

In addition, the company expects to spend approximately $7.4-million for 40,000 metres of regional drilling in 2024 and to explore satellite targets on the company's large 107,400-hectare land position around the Detour Lake and adjacent Detour East properties that could potentially provide mill feed to the Detour Lake operation.

The company continues to evaluate the potential for underground mining. The company expects to provide an update for the Detour underground project and continuing exploration results in the first half of 2024.

Macassa

MRMR highlights

The Macassa mine achieved a 171-per-cent replacement of its mining depletion in 2023, with an underground infill drilling campaign that resulted in a net mineral reserves addition totalling 115,000 ounces of gold. The addition is mainly due to the expansion of mineral reserves in the deep eastern portion of the mine and an optimized mine plan resulting from improved mine infrastructure with the completion of the No. 4 shaft and new ventilation facilities.

The realized synergies between Macassa and the nearby AK and near-surface deposits continued to benefit the Macassa mine, with the addition of 67,000 ounces of gold in mineral reserves at the AK and NSUR deposits, net of production. Total mineral reserves at AK now stand at 160,000 ounces of gold (741,500 tonnes grading 6.69 g/t gold) at year-end 2023, and production is expected to start in 2024, demonstrating the achievement of operational synergies from the merger.

2023 exploration highlights

At the Macassa mine in 2023, exploration drilling totalled metres, including 86,221 metres in the SMC and Main Break zones and 26,946 metres in the NSUR and AK deposits.

Drilling intersected significant results east of the current mineral resource, further supporting a lateral extension to SMC East, with highlight hole 53-4782 returning 43.0 g/t gold over 1.9 metres at a 1,664-metre depth and hole 53-4813A returned 40.4 g/t gold over 1.9 metres at a 1,698-metre depth.

In the Lower/West SMC, the drill program was successful in identifying multiple mineralized zones and visible gold, which suggests potential for lateral extensions and localized hangingwall splays. Recent significant results from the program include: 78.9 g/t gold over 1.9 metres at a 1,827-metre depth in hole 57-1394; 67.6 g/t over 1.9 metres at a 1,846-metre depth in hole 57-1442; and 69.6 g/t gold over 1.5 metres at a 1,879-metre depth and 110.4 g/t gold over 1.5 metres at a 1,884-metre depth in hole 57-1445.

In the Main Break, results to the east and uptrend of known mineral resources support the extension of mineral resources and confirm the potential for further mineralization to the east. Highlights include: 16.7 g/t gold over 1.3 metres at a 2,122-metre depth in hole 58-892; 25.1 g/t gold over 1.3 metres at a 2,086-metre depth in hole 58-894; and 39.6 g/t gold over 3.2 metres at a 2,000-metre depth and 50.1 g/t gold over 3.3 metres at a 2,007-metre depth in hole 58-920.

In the AK and NSUR deposits, drilling also expanded the mineral reserve base by 60 per cent and confirmed the geological interpretation of AK, while providing further opportunities for mineral resource growth at AK, where underground development and mining will start in 2024. Highlights from drilling at AK include: 21.8 g/t gold over 4.4 metres at a 319-metre depth in hole KLAK-242; 25.0 g/t gold over 5.0 metres at a 365-metre depth in hole KLAK-245; and 12.2 g/t gold over 4.3 metres at a 318-metre depth in hole KLAK-261.

2024 exploration plan and budget

The company expects to spend approximately $19.2-million for 161,900 metres of capitalized drilling at Macassa in 2024, aiming to increase and upgrade mineral resources. The exploration program will continue to build the mineral resource base to the east in the SMC East and Main Break, and to the west in the Lower/West SMC. Drilling in the AK and NSUR deposits will target mineral resource expansion. In addition, $14.1-million is budgeted for capitalized exploration to further develop exploration drifts that will allow drilling to the east of current mine infrastructure along strike and at depth of the SMC and Main Break toward the historic Lake Shore mine.

As a part of an Ontario regional exploration budget totalling $13.5-million for 19,400 metres, a surface exploration campaign will include drill holes to test the deep extensions of the Main Break east of the underground infrastructure of the SMC and below all historical mining levels of the Kirkland Lake camp to provide support for future underground exploration drifts.

Nunavut

Meliadine

2023 exploration highlights

At the Meliadine mine in 2023, exploration drilling totalled 91,579 metres, with work focused on three areas: deep exploration and conversion drilling at the Pump deposit; infill drilling of inferred mineral resources at depth in the Wesmeg and Tiriganiaq deposits; and exploration drilling at the F-Zone deposit. The continuing development of an exploration drift is providing improved access for new underground drilling platforms to investigate the lateral and depth extensions of the main Tiriganiaq deposit.

The positive results from exploration drilling at shallow depth into the Pump North zone include: hole M23-3596 intersecting 10.8 g/t gold over 4.9 metres at a 210-metre depth and 4.5 g/t gold over 6.7 metres at a 220-metre depth, including 8.3 g/t gold over 3.3 metres at a 220-metre depth; hole M23-3577A, drilled on the same section, which returned 16.1 g/t gold over 3.6 metres at a 361-metre depth and 10.8 g/t gold over 4.3 metres at a 383-metre depth; hole M23-3595, drilled 115 metres to the west of hole M23-3577A, which intersected 10.7 g/t gold over 3.9 metres at a 305-metre depth; and hole M23-3580, drilled 25 metres west of hole M23-3595, which returned 5.0 g/t gold over 5.8 metres at a 437-metre depth and 4.7 g/t gold over 5.1 metres at a 455-metre depth, indicating that the mineralized folded iron formation is still open at depth.

At Tiriganiaq, drilling is converting sectors to the west and exploring outside of the mineral resource limits in the east, and returned results such as hole M23-3760 intersecting 6.0 g/t gold over 3.0 metres at a 299-metre depth. This interval is approximately 200 metres deeper and 100 metres east of the current inferred mineral resource and mineral reserve limits, demonstrating continuity at depth toward one of the major known Tiriganiaq ore shoots.

At Wesmeg North, recent highlights include hole ML300-10340-D4, which intersected 6.1 g/t gold over 11.7 metres at a 467-metre depth, as well as hole ML300-10340-D1, which intersected 7.5 g/t gold over 7.9 metres at a 519-metre depth. These intervals are located down plunge of one of the deposit's high-grade ore shoots and demonstrate its continuity. Additionally, hole ML300-10340-D6 returned 11.1 g/t gold over 5.3 metres at a 303-metre depth, demonstrating the potential to develop a new ore shoot outside of the mineral resource.

At Wesmeg, hole M23-3659 intersected 9.4 g/t gold over 3.7 metres at a 351-metre depth, and on the same section, hole ML400-10200-F1 intersected 15.4 g/t gold over 3.7 metres at a 396-metre depth and 12.6 g/t gold over 3.3 metres at a 402-metre depth. Approximately 100 metres farther east, hole ML300-10340-D2 intersected 11.4 g/t over 3.9 metres at a 494-metre depth.

2024 exploration plan and budget

The company expects to spend approximately $18.6-million for 77,700 metres of capitalized drilling at Meliadine in 2024, including $2.6-million for further extension of the exploration drift. The drilling will principally focus on expanding and converting existing mineral resources in the Tiriganiaq, Wesmeg and Pump deposits. As the development of the exploration drift continues at Tiriganiaq, it will provide new access farther into the eastern and western extensions of the mineral resource at depth starting in the first quarter of 2024.

Amaruq at Meadowbank

MRMR highlights

The Amaruq mine at the Meadowbank complex saw continued positive reconciliation performance during 2023, and, as a result, the estimation limits and mining assumptions were adjusted, which resulted in an increase of 150,000 ounces of gold in mineral reserves that were offset by production depletion.

2023 exploration highlights

At Amaruq in 2023, exploration drilling totalled 29,133 metres, including conversion drilling. The main objectives of this exploration program were: to infill Whale Tail underground mineral resources, to confirm IVR open-pit mineral resources for an eventual pit pushback, and to extend underground mineral resources at depth in the Whale Tail and IVR deposits.

Exploration drilling in proximity to the underground mineral resources of the Whale Tail deposit intersected significant mineralization from Zone QZ03 and Zone IC with the following highlights: 3.8 g/t gold over 6.8 metres at a 503-metre depth in hole AMQ23-3034; 4.9 g/t gold over 6.7 metres at a 595-metre depth in hole AMQ23-3043B; and 7.4 g/t gold over 2.4 metres at a 554-metre depth in hole AMQ23-3046.

The drilling at depth at the IVR deposit intercepted significant mineralized zones, including the following highlights: 5.1 g/t gold over 17.4 metres at a 901-metre depth, hole AMQ23-3062; and hole AMQ23-3064A intercepting three intersections from a folded zone, including 6.3 g/t gold over 5.2 metres at a 967-metre depth, 11.3 g/t gold over 6.4 metres at a 979-metre depth and 4.4 g/t gold over 9.2 metres at a 1,013-metre depth. These results demonstrate that the IVR deposit remains open at depth and further demonstrate the potential to increase underground mineral resources at Amaruq.

2024 exploration plan and budget

The company expects to spend approximately $1.9-million for 6,800 metres of expensed exploration drilling at Amaruq in 2024, focused on testing for potential extensions to the open pits and, based on recent exploration success, testing the depth extensions of Whale Tail and IVR high-grade gold mineralization. The aim of these programs is to further extend the life of the Amaruq mine.

Hope Bay

MRMR highlights

Exploration drilling at Hope Bay added 336,000 ounces of inferred mineral resources at year-end 2023, mostly from the Patch 7 zone, which was partially offset by a reduction of 177,000 ounces of gold in inferred mineral resources due to project-wide conversion to indicated mineral resources and improvement of mining limits.

2023 exploration highlights

At the Hope Bay project in 2023, exploration drilling totalled 125,150 metres in 224 holes, focused on the Madrid and Doris gold deposits, as well as regionally in the Hope Bay gold belt. The program had up to nine drill rigs in operation and was divided between Doris (55,119 metres in 121 holes), Madrid (59,795 metres in 79 holes) and regional exploration (10,236 metres in 24 holes).

Based on the positive results at Madrid and Doris in the first half of 2023, the company approved a supplemental exploration budget at Hope Bay of $14.5-million for an additional 58,000 metres of drilling during the second half of 2023.

Exploration at Madrid during the second half of 2023 remained focused on drilling wide stepout holes spaced approximately 200 metres apart into the underexplored, two-kilometre strike extension gap between the Suluk and Patch 7 zones at depths between 300 and 700 metres, as well as to the south of the Patch 7 zone.

Recent results have extended this area of mineralization to a minimum of 2,200 metres in lateral distance and 500 metres in vertical distance, and demonstrated that gold mineralization extends approximately 200 metres south of the Patch 7 deposit.

Hole HBM23-143 returned 16.3 g/t gold over 28.6 metres at a 385-metre depth in Patch 7 and represents one the best holes drilled to date in the Madrid mineralized corridor. The intercept is 100 metres updip of previously reported hole HBM23-086 (13.7 g/t gold over 4.6 metres at a 697-metre depth (see the company's news release dated July 26, 2023)) and more than 200 metres from other drill holes above and laterally, highlighting the opportunity to significantly expand this mineralized area.

In the northern extension of the gap target, hole HBM23-140 returned 12.7 g/t gold over 4.6 metres at a 677-metre depth in the Suluk zone. This intercept is located 580 metres north of previously reported hole HBM23-105 (10 g/t gold over 14.0 metres at 677-metre depth (see the company's news release dated July 26, 2023)) and 1,100 metres north of hole HBM23-143, further demonstrating the lateral extent of the Suluk-Patch 7 mineralized trend.

Drilling that targeted the southern extension of the Patch 7 zone was highlighted by hole HBM23-132, which returned 5.0 g/t gold over 4.4 metres at a 460-metre depth and 5.9 g/t gold over 2.3 metres at a 530-metre depth, approximately 200 metres south of the mineral resources at Patch 7. This hole demonstrates the southern extension of the known favourable gold mineralization at Patch 7, and the trend remains open in the one-kilometre-long underexplored area to the south between the Patch 7 and Patch 14 zones.

At Doris, the planned exploration drilling program for 2023 was completed early in the third quarter, and results continued to confirm and expand the known mineralized zones. Drilling at Doris and nearby targets will resume in early 2024.

In regional exploration during 2023, one drill rig tested early-stage targets in the northern part of the Hope Bay greenstone belt and a regional lake sediment survey was completed in the Elu belt. A significant follow-up regional exploration program is planned for 2024.

2024 exploration plan and budget

After a pause in drilling during the transition to winter, the Hope Bay project is ramping back up to full capacity with seven surface drill rigs. The company expects to spend approximately $22.0-million for 50,000 metres of drilling at the Hope Bay project in 2024. This program will focus on high-potential areas at Madrid and Doris, including the wide stepout strategy at Madrid to further assess the mineral resource potential of the gap between Suluk and Patch 7, as well as the area south of Patch 7. This first phase of drilling is expected to be completed before the end of the second quarter, and additional drilling will be considered for the third and fourth quarters. The wider objective of the exploration program at Hope Bay remains to increase the mineral reserves and mineral resources at Madrid and Doris to support continuing project studies and potential mining activities.

Australia

Fosterville

MRMR highlights

The Fosterville mine replaced 102 per cent of mining depletion in 2023 with new mineral reserves. The replacement was achieved through infill drilling that, combined with the revision of the mine production plan, resulted in an addition of 289,000 ounces of gold in mineral reserves that has offset 285,000-ounce mining depletion in 2023.

Fosterville also saw a net addition of 277,000 ounces of gold in mineral resources year over year with a combination of new inferred mineral resources at Phoenix and Robbins Hill through drilling and improved economic limits, offset by conversion and a model update.

2023 exploration highlights

At the Fosterville mine in 2023, exploration drilling totalled 84,310 metres in 309 holes, composed of 68,687 metres of underground drilling and 15,623 metres of surface drilling, as well as further development of underground drifts to support drill programs.

At the Phoenix/Lower Phoenix area, drilling in Lower Phoenix focused on the mineralized Cardinal, Swan/Lower Phoenix and Cygnet zones and the Cygnet hangingwall structure. At Robbins Hill, drilling tested the Hoffman and Curie zones, as well as four structures that link Curie and Hoffman, including the Wu structure.

Recent highlight holes at Fosterville show high gold grades and demonstrate the potential for several zones at Phoenix and Robbins Hill to provide additional mineral reserves and mineral resources.

In the Phoenix area, highlight hole UDH4729B intersected 69.1 g/t gold over 3.7 metres at a 1,773-metre depth in the Cardinal structure, including 120.0 g/t gold over 2.1 metres at a 1,772-metre depth. The intersection is approximately 115 metres down plunge of the Cardinal mineral reserves and is within a 200-metre down plunge extent of visible gold.

Also in the Phoenix area, hole UDH4859 intersected 17.3 g/t gold over 8.3 metres at a 1,166-metre depth, approximately 10 metres outside of the Cygnet zone mineral reserves in a newly identified mineralized trend named the Peregrine zone, where follow-up drilling is planned in 2024.

At Robbins Hill, hole UDR047 intersected 5.0 g/t gold over 6.0 metres at a 574-metre depth in the Hoffman zone in a sulphide intercept located 900 metres south of the current Hoffman mineral reserves.

In the Curie zone at Robbins Hill, hole UDH4834 intersected 149.6 g/t over 5.6 metres at a 566-metre depth within the lower portion of the Curie mineral reserves.

Highlight hole UDH4580A intersected 301.4 g/t gold over 2.0 metres at a 636-metre depth in the underexplored Wu zone, which extends for more than 700 metres in length within the Robbins Hill system.

2024 exploration plan and budget

The company expects to spend approximately $10.9-million for 38,700 metres of capitalized drilling at Fosterville in 2024, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill. An additional $11.7-million is budgeted for 36,500 metres of underground and surface expensed exploration to test new geological targets, including underground exploration at Harrier. Up to six underground rigs and one surface rigs are expected to be used during the year.

Regionally at Fosterville, preparation is under way for surface exploration programs to identify favourable structural environments with folding and faulting similar to the Fosterville fault that hosts the Swan zone, and could potentially host significant gold mineralization, with follow-up drilling planned for any new prospective targets.

Finland

Kittila

MRMR highlights

At the Kittila mine, improved modelling of the deposit and conversion drilling in the Suuri and Roura Deep areas resulted in the addition of 182,000 ounces of gold in mineral reserves, replacing 65 per cent of 2023 mining depletion.

2023 exploration highlights

At the Kittila mine in 2023, exploration and conversion drilling totalled 58,000 metres, mainly targeted at the Main and Sisar zones in the northern and southern portions of the deposit at an approximately 1.0- to 1.4-kilometre depth.

To the north in the Rimpi area, highlight hole RIE23-630 intersected 5.1 g/t gold over 4.7 metres at a 1,059-metre depth in the Main zone, representing a 200-metre extension of the Main zone to the north at moderate depths. Drilling is continuing in this area.

The exploration and conversion drilling program in the central Roura area near the bottom of the shaft was highlighted by hole RUG23-515, which intersected 7.0 g/t gold over 19.8 metres at a 1,133-metre depth in the Sisar zone, including 18.8 g/t gold over 4.1 metres at a 1,129-metre depth; and hole ROD23-7000D, which intersected 7.8 g/t gold over 4.2 metres at a 1,154-metre depth in the Main zone. These intersections are northern extensions of the gold mineralization in the Suuri zone, and they demonstrate the potential to add mineral reserves in this area, which remains open at depth.

In stepout drilling toward the south in the Suuri area, hole SUU23-700C intersected 3.4 g/t gold over 3.8 metres at a 935-metre depth in the Main zone, extending gold mineralization by 250 metres to the south. Approximately 400 metres above hole SUU237-00C, hole SUU23-606 intersected 10.0 g/t gold over 5.9 metres at a 506-metre depth in the Main zone, demonstrating the wide exploration target for continued exploration drilling to the south.

During the second half of 2023, exploration drilling from surface began targeting an underexplored, parallel mineralized structure named the East zone located in the Suuri area approximately 140 metres east of the mine's producing Main zone and outside of current mineral resources. Following up on the previously announced hole SUU23004 in the East zone, which intersected 11.8 g/t gold over 9.9 metres at a 208-metre depth, including 18.2 g/t gold over 4.8 metres at a 206-metre depth (see the company's news release dated Oct. 25, 2023), two recent holes returned further significant gold mineralization at shallow depths in the East zone: hole SSU23-008 intersected 11.5 g/t gold over 7.8 metres at a 204-metre depth, including 20.5 g/t gold over 3.7 metres at a 205-metre depth, with the intersection located 73 metres south of hole SUU23-004; and hole SUU23-001 intersected 4.3 g/t gold over 2.7 metres at a 158-metre depth, approximately 200 metres north of hole SUU23-004.

The newly identified East zone is an attractive, high-grade parallel zone at shallow depth that has the potential to provide an additional source of ore proximal to existing mine infrastructure.

2024 exploration plan and budget

The company expects to spend approximately $11.8-million for 70,000 metres of drilling at the Kittila mine in 2024, focused on the Main zone in the Roura and Rimpi areas, as well as the Sisar zone. The drilling includes 16,000 metres of capitalized conversion and 35,500 metres of capitalized exploration. The 18,500 metres of expensed exploration drilling will be focused on targets beyond the current mineral reserve area, including from a 1,500- to 2,000-metre depth and in the extension of the central Roura area near the bottom of the shaft. Follow-up drilling is also planned in the East zone in the Suuri area at shallow depths.

Mexico

Pinos Altos

2023 exploration highlights

At the Pinos Altos mine in 2023, exploration drilling totalled 21,264 metres in 81 holes, focused on the Pinos Altos Deep project beneath the mine, the advanced Cubiro underground project in the northwest of the property, and the Moctezuma and Reyna mineralized trends.

At Pinos Altos Deep, drilling beneath the Oberon de Weber mining zone was highlighted by hole US23-299, which intersected 4.9 g/t gold and 193 g/t silver over 6.9 metres at a 254-metre depth, including 10.5 g/t gold and 186 g/t silver over 2.3 metres at a 254-metre depth, demonstrating the potential to add mineral resources and mineral reserves approximately 100 metres below current underground mine workings.

The positive results from recent exploration show the potential to continue to add and convert remaining mineral resources into mineral reserves and to extend the life of mine at Pinos Altos.

Exploration plan and budget for 2024

The company expects to spend approximately $4.6-million for 20,700 metres of capitalized and expensed exploration drilling at Pinos Altos in 2024.

About Agnico Eagle Mines Ltd.

Agnico Eagle is a Canadian based and led senior gold mining company and the third-largest gold producer in the world, 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.

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 PGeo, executive vice-president, exploration, and Olivier Grondin, PGeo, vice-president, exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, PGeo, vice-president, mineral resources management, each of whom is a qualified person for the purposes of National Instrument 43-101.

We seek Safe Harbor.