Mr. Ammar Al-Joundi reports

AGNICO EAGLE REPORTS FIRST QUARTER 2024 RESULTS - STRONG QUARTERLY GOLD PRODUCTION AND COST PERFORMANCE DRIVE RECORD QUARTERLY FREE CASH FLOW; 2023 SUSTAINABILITY REPORT RELEASED

Agnico Eagle Mines Ltd. has released its financial and operating results for the first quarter of 2024 (all amounts expressed in U.S. dollars unless otherwise noted).

"Building on a very strong close to 2023, we are reporting our second consecutive quarter of record operating margins and record free cash flow, on the back of solid operational and cost performance. With this strong start to the year, we are well positioned to achieve our production and cost guidance for 2024," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, we continued to advance our key value drivers and project pipeline, and our exploration program yielded significant results at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our balance sheet in the quarter and our focus remains on capital discipline and cost control, while investing in our projects pipeline and providing returns to shareholders," added Mr. Al-Joundi.

First quarter 2024 highlights:

• Strong quarterly gold production - Payable gold production1 in the first quarter of 2024 was 878,652 ounces at production costs per ounce of $892, total cash costs per ounce2 of $901 and all-in sustaining costs ("AISC") per ounce3 of $1,190. Gold production in the first quarter of 2024 was led by record quarterly production at Canadian Malartic and strong production from Macassa and the Company's Nunavut operations
• Record quarterly cash provided by operating activities and free cash flow - The Company reported quarterly net income of $347.2 million or $0.70 per share and adjusted net income4 of $377.5 million or $0.76 per share for the first quarter of 2024. Cash provided by operating activities was $1.57 per share ($1.56 per share before changes in non-cash working capital balances5) and free cash flow5 was $0.79 per share ($0.78 per share before changes in non-cash working capital balances5)
• Strengthening investment grade balance sheet - In the first quarter of 2024, the Company increased its cash position by $186 million and reduced net debt. In addition, in March 2024, Moody's upgraded the Company's long-term issuer rating to Baa1 from Baa2
• 2024 gold production, cost and capital expenditure guidance reiterated - Expected payable gold production remains unchanged at approximately 3.35 to 3.55 million ounces in 2024, with total cash costs per ounce and AISC per ounce in 2024 unchanged at $875 to $925 and $1,200 to $1,250, respectively. Total capital expenditures (excluding capitalized exploration) for 2024 are still estimated to be between $1.6 billion to $1.7 billion
• Update on key value drivers and pipeline projects
  • Construction of Odyssey mine at the Canadian Malartic complex progressing well - In the first quarter of 2024, ramp development continued to exceed target, reaching the first production level of East Gouldie in February 2024 and a depth of 765 metres as at March 31, 2024. Shaft sinking improved during the quarter, with an average sinking rate of 2.4 metres per day (including pre-sinking). The temporary loading pocket, previously planned at level 102, will now be built at Level 64, which is expected to provide hoisting capacity by mid-2025, six months earlier than previously planned and will provide added development and production flexibility. Surface construction is progressing as planned, with a focus on the main hoist building, phase two of the paste plant and the operational complex
  • Positive exploration results at Odyssey mine - Exploration drilling continues to return positive results to the east of the East Gouldie mineral resources, including 4.5 g/t gold over 30.0 metres at 1,162 metres depth and 1,060 metres east of current mineral reserves; and 3.1 g/t gold over 32.8 metres at 1,556 metres depth and 420 metres east of the lower portion of the East Gouldie mineral reserves
  • Detour Lake - The mill delivered a solid performance with a throughput rate of 71,451 tonnes per day ("tpd"), which was the highest for a first quarter period, demonstrating continued mill improvement year-over-year. The Company continues to evaluate underground mining scenarios at Detour Lake and expects to provide an update on the project, mill optimization efforts and ongoing exploration results in the second quarter of 2024. Exploration during the first quarter included infill drilling in the shallow portion of the West Pit Extension, with highlight intercepts of 3.9 g/t gold over 25.4 metres at 369 metres depth and 5.4 g/t gold over 16.6 metres at 307 metres depth, both at underground depths near the proposed exploration ramp
  • Hope Bay - Exploration drilling during the first quarter totalled 30,600 metres and returned strong results in the Patch 7 area of the Madrid deposit, including 20.8 g/t gold over 17.7 metres at 461 metres depth and 14.1 g/t gold over 16.4 metres at 480 metres depth in a cluster of high-grade intersections approximately 200 metres north of Patch 7 mineral resources
• 2023 Sustainability Report published - The Company continues to demonstrate its commitment to ESG performance. In 2023, the Company recorded its best safety performance in its 66-year history and maintained or improved performance across other key ESG indicators, including efficient management of water resources and increased local employment. In addition, efforts continued in 2023 to maintain a climate resilient business and meet our interim reduction target of 30% of absolute Scope 1 and 2 emissions by 2030
• Continued focus on shareholder returns - In the first quarter of 2024, a quarterly dividend of $0.40 per share has been declared and the Company repurchased 375,000 common shares for $19.9 million through its normal course issuer bid ("NCIB")

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 in this news release, unless otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis.

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

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

5 Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before changes in non-cash working capital balances are non-GAAP measures or ratios that are not standardized financial measures under IFRS.

First Quarter 2024 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Friday, April 26, 2024 at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

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

Via URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number on-line to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator (see "Via Telephone" details below).

Via Telephone:

For those preferring to listen by telephone, please dial 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 416.764.8677 or toll-free 1.888.390.0541, access code 505445#. The conference call replay will expire on May 26, 2024.

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

Annual Meeting

The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 26, 2024 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.

The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online.

For details explaining how to attend, communicate and vote virtually at the AGM please see the Company's Management Information Circular dated March 22, 2024, filed under the Company's profile on SEDAR+ and on EDGAR. Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone at 1.888.822.6714 or by email at i nvestor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or by e-mail at assistance@laurelhill.com .

First Quarter 2024 Production and Costs

Gold Production

Gold production increased in the first quarter of 2024 when compared to the prior-year period primarily due to additional production from the acquisition of the remaining 50% of the Canadian Malartic complex following the closing of the acquisition of the Canadian assets of Yamana Gold Inc. (the "Yamana Transaction") and higher production from the Meadowbank complex, partially offset by lower production at the Fosterville mine.

Production Costs per Ounce

Production costs per ounce increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher production costs at most mine sites resulting from inflation, combined with the impact of the timing of inventory sales and lower production at the LaRonde complex, a lower build-up of ore stockpiles, lower gold production at the Detour Lake mine and the timing of inventory sales at the Meliadine mine, partially offset by higher gold production and lower production costs at the Meadowbank complex.

Total Cash Costs per Ounce

Total cash costs per ounce increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher operating costs at most mine sites resulting from inflation, higher royalties arising from higher gold prices and gold production, and the impact of lower gold grades at the LaRonde complex, the Detour Lake mine and the Fosterville mine due to mining sequence, partially offset by higher gold production and lower production costs at the Meadowbank complex.

AISC per Ounce

AISC per ounce increased in the first quarter of 2024 when compared to the prior-year period due to higher total cash costs per ounce and higher sustaining capital expenditures during the period associated with the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by higher production.

AISC per ounce in the first quarter of 2024 was lower than expected primarily as a result of the deferral of certain sustaining capital expenditures at the Detour Lake mine to later in 2024. AISC per ounce is expected to be higher in the remainder 2024 as the Company still expects company-wide AISC per ounce for the full year 2024 to be in the range of $1,200 to $1,250 per ounce.

Net Income

In the first quarter of 2024, net income was $347.2 million ($0.70 per share). This result includes the following items (net of tax): derivative losses on financial instruments of $29.2 million ($0.05 per share), net asset disposal losses of $2.6 million ($0.01 per share), foreign exchange gains of $4.5 million ($0.01 per share), and foreign currency translation losses on deferred tax liabilities and various other adjustments totaling $3.0 million ($0.01 per share).

Excluding the above items results in adjusted net income of $377.5 million or $0.76 per share for the first quarter of 2024. Included in the first quarter of 2024 net income, and not adjusted above, is a non-cash stock option expense of $4.2 million ($0.01 per share).

Net income of $347.2 million in the first quarter of 2024 decreased when compared to net income of $1,816.9 million in the prior-year period primarily due to the recognition of a $1,543.4 million remeasurement gain on the 50% of the Canadian Malartic complex that the Company owned prior to the Yamana Transaction in the prior-year period, partially offset by higher revenues from higher gold sales and higher realized gold prices in the current period.

Adjusted EBITDA

Adjusted EBITDA increased in the first quarter of 2024 when compared to the prior-year period primarily due to record operating margins10 from higher gold sales and higher realized gold prices, partially offset by higher production costs.

Cash Provided by Operating Activities

Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances both increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher revenues from higher gold sales and higher realized gold prices, partially offset by higher production costs.

Free Cash Flow Before Changes in Non-Cash Working Capital Balances

Free cash flow before changes in non-cash working capital balances was a record in the first quarter of 2024 and increased when compared to the prior-year period primarily due to the reasons described above in respect of cash provided by operating activities, partially offset by higher capital expenditures.

Capital Expenditures

The capital expenditures in the first quarter of 2024 were lower than forecast primarily due to the deferral of certain sustaining capital expenditures at Detour Lake mine to later in 2024. Total expected capital expenditures (including capitalized exploration) remain in line with guidance for the full year 2024.

The following table sets out a summary of capital expenditures (including sustaining capital expenditures11 and development capital expenditures11) and capitalized exploration in the first quarter of 2024.

10 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to net income see "Summary of Operations Key Performance Indicators" and "Note Regarding Certain Measures of Performance", respectively, below.

11 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 these non-GAAP measures and a reconciliation to additions to property, plant and mine development per the consolidated statements of cash flows, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

2024 Guidance Reiterated

The Company is well positioned to achieve its 2024 gold production guidance of approximately 3.35 to 3.55 million ounces, its 2024 total cash costs per ounce guidance of $875 to $925 and its 2024 AISC per ounce guidance of $1,200 to $1,250.

Total expected capital expenditures (excluding capitalized exploration) for 2024 are still estimated to be between $1.6 billion to $1.7 billion.

Strong Cash Flow Generation Enhances Investment Grade Balance Sheet Alongside Continued Commitment to Shareholder Returns

As at March 31, 2024, the Company's long-term debt was $1,841.0 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2024.

Cash and cash equivalents increased by $186.0 million when compared to the prior quarter primarily due to higher cash provided by operating activities as a result of higher revenues from higher gold sales and higher realized gold prices, and lower capital expenditures.

The following table sets out the calculation of net debt12, which decreased by $188.1 million when compared to the prior quarter primarily as a result of higher cash and cash equivalents.

In order to maintain financial flexibility, and consistent with past practice, the Company intends to file a new base shelf prospectus in the second quarter of 2024. The Company has no present intention to offer securities pursuant to the new base shelf prospectus. The notice set out in this paragraph does not constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any securities.

12 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see "Reconciliation of non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

Credit Facility and Credit Rating

As at March 31, 2024, available liquidity under the Company's new unsecured revolving bank credit facility (as further described below) was approximately $2.0 billion, not including the uncommitted $1.0 billion accordion feature.

On February 12, 2024, the Company replaced its $1.2 billion unsecured revolving bank credit facility with a new $2.0 billion unsecured revolving bank credit facility, including an increased uncommitted accordion feature of $1.0 billion, and having a maturity date of February 12, 2029. In addition to the increased size and extended term of the new unsecured revolving bank credit facility, the new credit facility includes enhancements to its terms and conditions more in line with the Company's credit profile and improves its financial flexibility and strengthens its financial position. At the same time, the Company's $600.0 million term loan was amended to align the terms and conditions with the new unsecured revolving credit facility.

On March 28, 2024, Moody's Ratings upgraded the Company's investment grade credit rating to Baa1 with a Stable Outlook recognizing the Company's financial strength and stability. In addition, Fitch has provided an investment grade credit rating of BBB+ (Stable Outlook). These ratings underscore the Company's strong business and credit profile, with low leverage and conservative financial policies, and recognize the benefits of the Company's size and scale and operations in favourable mining jurisdictions. The Company remains committed to maintaining a strong financial position and an investment grade balance sheet.

Hedges

Approximately 72% of the Company's remaining estimated Canadian dollar exposure for 2024 is hedged at an average floor price providing protection above 1.34 C$/US$. Approximately 25% of the Company's remaining estimated Euro exposure for 2024 is hedged at an average floor price providing protection below 1.10 US$/EUR. Approximately 69% of the Company's remaining Australian dollar exposure for 2024 is hedged at an average floor price providing protection above 1.46 A$/US$. The Company does not currently hedge its exposure to the Mexican peso. The Company's full year 2024 cost guidance is based on assumed exchange rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45 A$/US$ and 16.50 MXP/US$.

Including the diesel purchased for the Company's Nunavut operations that was delivered in the 2023 sealift, approximately 46% of the Company's remaining estimated diesel exposure for 2024 is hedged at an average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility in 2024. The Company's full year 2024 cost guidance is based on an assumed diesel benchmark price of $0.80 per litre (excluding transportation and taxes).

The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs. Hedging positions are not factored into 2024 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the Second Quarter of 2024

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on June 14, 2024 to shareholders of record as of May 31, 2024. Agnico Eagle has declared a cash dividend every year since 1983.

Normal Course Issuer Bid

In addition to the quarterly dividend, the Company believes that its NCIB provides a flexible and complementary tool as part of the Company's overall capital allocation program and that it generates value for shareholders. In the first quarter of 2024, the Company repurchased 375,000 common shares for an aggregate of $19.9 million under the NCIB. The NCIB permits the Company to purchase up to $500.0 million of its common shares subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2023.

The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms. Additional details will be provided at the time of the renewal.

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.

2023 Sustainability Report Illustrates Continued Commitment to Strong ESG Performance and Transparency

On April 25, 2024, the Company released its 2023 Sustainability Report (the "Report") which provides an update on the Company's strategy, practices and risk management approach in the key areas of health and safety, ESG and the sustainability performance of mining operations.

This marks the 15th year that the Company has produced a detailed account of its ESG performance. The Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, is aligned with the Task Force on Climate Related Financial Disclosures (TCFD) and includes additional mining industry specific indicators from the Sustainability Accounting Standards Board (SASB) Metals and Mining disclosures and metrics.

The theme of the Report, "Global Approach, Regional Focus", reflects the Company's commitment that, as the Company expands and evolves as an organization, it remains deeply rooted in and committed to the regions in which it operates.

The Company aims to be a partner of choice within the mining industry by:

• Having strong ESG performance - In 2023, the Company achieved the best safety performance in its over 66-year history and maintained or improved performance across many other key ESG indicators, including zero significant environmental incidents, the efficient management of water (reducing freshwater usage per ounce of gold produced) and increased local employment and procurement
• Addressing climate change and working towards net-zero by 2050 - In 2023, the Company's decarbonization efforts focused on energy efficiency, technology transition and increased renewable energy. In accordance with best practices, the Company's greenhouse gas emissions (GHG) were calculated to account for the acquisition of Canadian Malartic. The Company continues to be a low intensity gold producer and its GHG intensity per ounce of gold for all its operations are below the industry average
• Being a great place to work - The Company is committed to providing a safe, diverse, inclusive and collaborative workplace for its people. In 2023, 66% of our workforce were local residents
• Investing in communities - Being a trusted and valued member of the communities associated with the Company's operations remains a fundamental principle and priority for Agnico Eagle. In 2023, the Company's donations and sponsorships to local organizations in the regions it operates were approximately $16 million and the Company spent approximately $1.9 billion on locally-sourced goods and services, approximately $1 billion of which went to Indigenous businesses
• Mining responsibly - The Company is committed to being a responsible miner and contributing to the sustainable development of the regions in which we operate. The Company is a long-time supporter of recognized international sustainability frameworks, including Towards Sustainable Mining (TSM), Responsible Gold Mining Principles (RGMP), the Voluntary Principles on Security and Human Rights (VPSHRs), the Conflict-Free Gold Standard and the Task Force on Climate-related Financial Disclosures

The Company's 2023 Sustainability Report can be accessed on-line .

About Agnico Eagle

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.

We seek Safe Harbor.