Agnico Eagle Mines Limited Reports Second Quarter 2022 Results

Strong Operational Performance Drives Record Quarterly Gold Production; Production And Cost Guidance Reiterated For 2022; Updated Detour Lake Mine Plan Based On 38% Increase In Mineral Reserves

TORONTO, July 27, 2022 - Agnico Eagle (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2022.


Second quarter of 2022 highlights:

- Record gold production and strong earnings and cash flow generation in the second quarter of 2022 – Payable gold production1 in the second quarter of 2022 was 858,170 ounces at production costs per ounce of $766, total cash costs per ounce2 of $726 and all-in sustaining costs ("AISC") per ounce3 of $1,026. These results include the first full quarter of production following the completion of the merger between Agnico Eagle and Kirkland Lake Gold Ltd. ("Kirkland Lake Gold") on February 8, 2022 (the "Merger"). For the second quarter of 2022, the Company reported quarterly net income of $0.61 per share, with adjusted net income4 of $0.76 per share. Operating cash flow was of $1.39 per share
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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 Production costs per ounce and total cash costs per ounce are non-GAAP ratios that are not standardized financial measures under the financial reporting framework used to prepare the Company's financial statements and, unless otherwise specified, is reported on a by-product basis in this news release. For the detailed calculation of production costs per ounce and the reconciliation to production costs and for total cash costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and, unless otherwise specified, is reported on a by-product basis in this news release. For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

4 Adjusted net income and adjusted net income per share are non-GAAP measures that are not standardized financial measures under the financial reporting framework used to prepare the Company's financial statements. For a reconciliation to net income and net income per share see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".


- Ontario and Nunavut platforms drive solid operational performance – Gold production and costs in the second quarter of 2022 were better-than-expected primarily due to positive grade reconciliation at Amaruq and Detour Lake and productivity improvements at Macassa. Better grade performance allowed Amaruq to have its best operational quarter since start up with payable production of 96,698 ounces of gold at production costs per ounce of $1,110 and total cash costs per ounce of $993. In total, Nunavut payable production was 194,270 ounces of gold at production costs per ounce of $997 and total cash costs per ounce of $915. In Ontario, payable production was 256,777 ounces of gold at production costs per ounce of $664 and total cash costs per ounce of $626. The strong operational performance in the second quarter of 2022 puts the Company in a good position to deliver on 2022 guidance forecasts

- Gold production, cost and capital expenditure guidance reiterated for 2022 – Expected payable gold production in 2022 remains unchanged at between 3.2 and 3.4 million ounces with total cash costs per ounce and AISC per ounce between $725 and $775 and $1,000 and $1,050, respectively. Given that inflationary pressures are expected to continue in the second half of 2022, the Company believes that total cash costs per ounce and AISC per ounce could trend towards the top end of these ranges. Gold production in the second half of 2022 is expected to be approximately equally split between the third and fourth quarters. Total expected capital expenditures (excluding capitalized exploration) for 2022 remain estimated to be approximately $1.4 billion. Guidance for 2022 includes production, costs and capital for the period commencing January 1, 2022 for the Detour Lake, Macassa and Fosterville mines

- Inflationary environment expected to remain challenging in the second half of 2022 – During the first half of 2022, cost pressures were largely offset by strong operational performance, optimization and cost saving initiatives, positive foreign exchange impacts (weaker Euro and Canadian and Australian dollars) and currency and fuel hedging programs. In the second half of 2022, the Company's focus will continue to be on increasing operational efficiencies and cost optimization at all mining operations. In addition, the Company anticipates continuing to opportunistically add to operating currency and fuel hedges

- Corporate synergies largely completed and exceed initial estimate; Focus shifts to delivering operational synergies and strategic optimizations – Corporate synergies related to the Merger (approximately $40 million to date) have been the primary driver of realized synergies in 2022. While the realization of the operational synergies and strategic optimization will be a multi-year endeavour, further progress to identify and secure opportunities was made in the second quarter of 2022 including:

-- Expected Corporate G&A synergies (before tax) are now estimated to be up to $225 million in the first five years (up from previous guidance of $200 million and initial guidance of $145 million) and up to $425 million over the next ten years (up from previous guidance of $400 million and initial guidance of $320 million)

-- The estimate for potential operational synergies remains unchanged at approximately $130 million per year ($440 million over five years, $1.1 billion over 10 years). The estimate of strategic opportunities to reduce current and future expenditures as part of the project pipeline also remains unchanged at up to $240 million over five years and $590 million over 10 years

- Detour Lake Mine update – A recently completed technical evaluation shows increased mineral reserves, a more robust mine plan and potential for exploration and production upside – Among other things, the new technical evaluation lowers the mine plan's risk, extends expected mine life by 10 years to 2052, increases gold reserves by 38% (or 5.6 million ounces ("Moz")) to 20.4Moz (835.1 million tonnes at 0.76 grams per tonne ("g/t") of gold), increases recovered gold by 38%, increases production in 2028 to 2031 by 0.4Moz (reduces a dip in production that was in previous mine plan), increases production in 2032 to 2042 by 1.8Moz, increases production in 2043 to 2052 by 3.0Moz, has higher average grades and lowers average costs for period between 2022 and 2042. The Detour Lake mine continues to have strong exploration upside primarily to the west and at depth, suggesting potential for an underground mine and extensions to the current open pits. The Company is evaluating additional scenarios to potentially increase mill throughput beyond 28.0 million tonnes per year ("Mtpa") after 2025. In addition, the Company is assessing the potential for Detour Lake to increase production to 1.0 million ounces or more per year. The Company expects to have an initial assessment on this potential completed in late 2023

- Drilling at Detour Lake has encountered significant intersections that extend the deposit two kilometres west of the current pit outline – Drilling has encountered gold-bearing mineralization along the Sunday Lake Deformation Zone and has continued to intersect a key gold-bearing chloritic-greenstone geological marker horizon found in both the Main Pit and West Pit zones. Highlights include 32.3 g/t gold over 4.8 metres at 955 metres depth (a two kilometre step-out hole), 2.9 g/t gold over 29.7 metres at 305 metres depth and 6.0 g/t gold over 32.7 metres at 481 metres depth. The Company plans drilling to further investigate the westerly trend of the deposit to assess the potential for pit extensions and underground mining

- Key Exploration and Development Projects Continue to Advance

-- Odyssey Project – Underground development and surface construction activities are progressing on schedule and on budget, with initial pre-commercial production expected near the end of the first quarter of 2023. Twenty drills are active, with four underground drills completing infill drilling on the Odyssey South deposit and 12 surface drills focused on infilling and expanding the East Gouldie deposit and four drills active in regional exploration. Recent drilling has extended the East Gouldie deposit to the west by approximately 225 metres and to the east at depth by approximately 500 metres to more than 1,700 metres from the current mineral resources outline

-- Kirkland Lake region – At Macassa, the focus remains on completing the Shaft #4 infrastructure, which the Company expects to occur close to year-end 2022, and ramping up production. At the Amalgamated Kirkland ("AK") deposit, two underground and two surface drills are working to infill and expand the existing mineral resource. The Company is evaluating the deposit as a potential ore source for the Macassa mine which, if the evaluations are positive, could commence as early as 2024. At Upper Beaver, the infill drilling program was completed in the second quarter of 2022 and the results will be incorporated into the economic model. Several development scenarios for Upper Beaver are currently being evaluated

-- Hope Bay — Drilling continued to ramp-up in the second quarter of 2022, completing 30,761 metres (46,658 metres year to date) with three drill rigs now operating underground at Doris, three drill rigs targeting deep extension at Doris and a seventh drill rig operating at Madrid. Drill results continue to show excellent potential at Doris at depth below the dike in the BTD Connector and BTD Extension targets and in the Doris Central extension to the south. Recent highlights include: 12.2 g/t gold over 7.1 metres at 456 metres depth from BTD Connector; and 20.9 g/t gold over 2.3 metres at 344 metres depth from BTD Extension. On the back of the drilling success at Doris in the first half of 2022, the Company is considering an increase to the exploration budget at Hope Bay for the second half of 2022. Exploration is expected to continue through 2023 while a larger production scenario is being evaluated

-- Strong investment grade balance sheet; $125M debt repayment in April 2022 and commencement of normal course issuer bid ("NCIB") in June 2022 – On April 7, 2022, the Company repaid with cash the $125 million 6.77% Series C senior notes at maturity. At June 30, 2022, the Company's net debt5 totaled $434.3 million. Subsequent to the quarter end, the Company repaid with cash the $100 million 4.87% Series C senior notes at maturity on July 24, 2022, further reducing the Company's indebtedness. The Company's NCIB was initiated in June 2022 and 453,000 common shares were repurchased in the second quarter of 2022 for $22.3 million. Under the NCIB, the Company is authorized to purchase up to $500 million of its common shares (up to a maximum of 5% of its issued and outstanding common shares)

-- A quarterly dividend of $0.40 per share has been declared

"In the second quarter of 2022 the Company set a new quarterly production record driven by both strong operational and safety performance. In Nunavut, Amaruq had a record quarter for both costs and production, and the Ontario mines exceeded forecast. This strong production performance led to better than expected earnings and cashflow and puts us in a good position to deliver on 2022 guidance forecasts, despite ongoing inflationary cost pressures," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, exploration continued to deliver exciting results at Detour Lake, Odyssey and Hope Bay. I am particularly excited by the step-out drilling at Detour which suggests good potential for an underground operation and extensions to the current open pits. A number of opportunities to improve the mining operations and enhance production are currently under evaluation, and the Company's long-term vision for Detour Lake is to increase production to 1.0 million ounces per year or more," added Mr. Al-Joundi.
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5 Net debt is a non-GAAP measure that is not a standardized measure under the financial reporting framework used to prepare the Company's financial statements. For a reconciliation to long-term debt see "Reconciliation of Non-GAAP Financial Performance Measures – Reconciliation of Long-Term Debt to Net Debt". See also "Note Regarding Certain Measures of Performance".


Second Quarter 2022 Financial and Production Results

In the second quarter of 2022, net income was $275.8 million ($0.61 per share). This result includes the following items (net of tax): a non-cash fair value adjustment on inventory sold during the quarter related to the Merger included in production costs of $27.1 million ($0.06 per share), mark-to-market losses of $18.4 million ($0.04 per share) on the Company's investment portfolio, foreign currency translation losses on deferred tax liabilities of $14.6 million ($0.03 per share), derivative losses on financial instruments of $11.2 million ($0.02 per share), non-cash foreign currency translation gains of $10.3 million ($0.02 per share), severance costs of $8.1 million ($0.01 per share) and various other adjustment losses of $2.2 million ($0.01 per share). Excluding these items would result in adjusted net income6 of $347.1 million or $0.76 per share for the second quarter of 2022. For the second quarter of 2021, the Company reported net income of $196.4 million ($0.81 per share).

Included in the second quarter of 2022 net income, and not adjusted above are care and maintenance costs net of tax of $5.7 million ($0.01 per share) and a non-cash stock option expense of $3.2 million ($0.01 per share).

In the first six months of 2022, the Company reported net income of $385.6 million ($0.92 per share). This compares with the first six months of 2021, when net income was $341.6 million ($1.40 per share).

For financial reporting purposes, the Merger was determined to be a business combination with Agnico Eagle identified as the acquirer. As a result, the purchase consideration was allocated to the identifiable assets and liabilities of Kirkland Lake Gold based on their fair values as of February 8, 2022 (the "Purchase Price Allocation") and was recorded in the first quarter of 2022. The finalization of the Purchase Price Allocation will take place within twelve months following the acquisition date.

Upon closing of the Merger, under the Purchase Price Allocation, any gold inventory held by Kirkland Lake Gold on February 8, 2022 was revalued at the forecasted gold price in the period the inventory was expected to be sold. The revalued inventory subsequently sold during the second quarter of 2022 resulted in additional production costs of approximately $39.2 million ($27.1 million after tax) during the quarter. The revalued inventory subsequently sold during the first six months of 2022 resulted in additional production costs of approximately $152.9 million ($105.9 million after tax). Given the extraordinary nature of the fair value adjustment on inventory related to the Merger, this non-cash adjustment, which increased the cost of inventory sold during the quarter, was normalized from net income and net income per share and adjusted out of the total cash costs per ounce and AISC in the second quarter of 2022.

The increase in net income in the second quarter and first six months of 2022 compared to the prior-year period is primarily due to higher mine operating margins6 (from higher sales volumes following the Merger and higher realized metal prices). The overall increase in net income was partially offset by higher exploration costs and amortization due to the inclusion of the Detour, Fosterville and Macassa mines and higher general and administrative costs. In addition, higher losses on derivatives, other expenses and care and maintenance costs offset the higher operating margins.

In the second quarter of 2022, cash provided by operating activities was $633.3 million ($706.0 million before changes in non-cash components of working capital), compared to the second quarter of 2021 when cash provided by operating activities was $419.4 million ($444.6 million before changes in non-cash components of working capital). A non-cash fair value adjustment on inventory related to the Merger of $39.2 million was included in production costs and as result included in cash provided by operating activities before changes in non-cash components of working capital for the second quarter of 2022. The non-cash fair value adjustment on inventory was then reversed through changes in non-cash components of working capital.

Excluding the non-cash fair value adjustment on inventory of $39.2 million related to the Merger, cash provided by operating activities before changes in non-cash components of working capital was $745.2 million in the second quarter of 2022 and increased when compared to the prior-year period primarily due to higher sales volumes and higher realized prices. This included non-recurring costs related to the Merger of $10.8 million in severance costs.
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6 Operating margin is a non-GAAP measure. For a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".


In the first six months of 2022, cash provided by operating activities was $1,140.7 million ($1,072.0 million before changes in non-cash components of working capital), compared to the first six months of 2021 when cash provided by operating activities was $786.0 million ($870.1 million before changes in non-cash components of working capital). Excluding the non-cash fair value adjustment on inventory of $152.9 million related to the Merger, cash provided by operating activities before changes in non-cash components of working capital was $1,224.9 million in the first six months of 2022.

The increase in cash provided by operating activities in the second quarter and first six months of 2022, compared to the prior-year periods, is primarily due to higher net income driven by higher sales volumes following the Merger and higher realized metal prices. This included non-recurring costs related to the Merger of $34.8 million in transaction costs and $56.8 million in severance costs.

In the second quarter of 2022, the Company's payable gold production was a record 858,170 ounces. This compares to quarterly payable gold production of 526,006 ounces in the prior-year period.

In the first six months of 2022, the Company's gold production was a record 1,518,774 ounces. Including the entire first six month's production from the pre-Merger Kirkland Lake Gold mines, total gold production in the first half of 2022 was 1,664,499. This compares to payable gold production of 1,042,810 ounces in the first six months of 2021, which included 17,176 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively.

Gold production in the second quarter of 2022 and the first six months of 2022, when compared to the prior-year periods, was higher primarily due to the inclusion of the production from the Detour Lake, Fosterville and Macassa mines. This was partially offset by the cessation of gold production in 2022 at the Hope Bay mine following the Company's decision to dedicate the infrastructure to exploration activities and lower production at the Company's Pinos Altos mine, as a result of lower tonnage sourced from the underground mine.

Production costs per ounce in the second quarter of 2022 were $766, compared to $838 in the prior-year period. Total cash costs per ounce in the second quarter of 2022 were $726, compared to $748 in the prior-year period.

Production costs per ounce in the first six months of 2022 were $869, compared to $829 in the prior-year period. Total cash costs per ounce in the first six months of 2022 were $763, compared to $741 in the prior-year period. Including the entire first six month's production from the pre-Merger Kirkland Lake Gold mines, total cash costs per ounce in the first six months of 2022 were slightly below the mid-point of 2022 cost guidance.

In the second quarter, production costs per ounce and total cash costs per ounce decreased when compared to the prior-year period primarily due to lower minesite costs per tonne. Total cash costs per ounce also decreased when compared to the prior-year period due to the fair value adjustment on inventory sold during the second quarter, partially offset by lower by-product metal revenue from lower silver and zinc production in 2022. In the first six months of 2022, production costs per ounce and total cash costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne and lower production at various operations in the first three months of the year. A detailed description of the minesite costs per tonne at each mine is set out below.

AISC per ounce in the second quarter of 2022 were $1,026, compared to $1,037 in the prior-year period. AISC per ounce in the first six months of 2022 were $1,051, compared to $1,022 in the prior-year period.

AISC per ounce in the second quarter of 2022 decreased when compared to the prior-year period primarily due to lower total cash costs per ounce, partially offset by higher sustaining capital expenditures. 7 AISC per ounce in the first six months of 2022 increased when compared to the prior-year period primarily due to higher total cash costs per ounce in the first six months of 2022 and slightly higher sustaining capital expenditures and general and administrative costs.


Update on Key Value Drivers

Activities are progressing well at the Company's key exploration, development, and mine expansion projects. Highlights on the key value drivers are set out below and details on the various mine expansion projects (Kittila shaft, Meliadine Phase 2, Macassa Shaft #4 and Amaruq underground) are set out in the operational section of this news release.

Detour Lake Mine technical evaluation – Mineral reserves increased by 38% to 20.4 million ounces; Production profile improved and extended by 10 years; Ongoing exploration expected to further increase mineral resources; Future focus on potential expansion scenarios
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7 Sustaining capital is a non-GAAP measure that is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements. See "Note Regarding Certain Measures of Performance".


During the second quarter of 2022, the Company completed a technical evaluation on its Detour Lake Mine. This evaluation is a follow up to a National Instrument 43-101 – Standards of Disclosure for Mineral Projects Technical Report on the Detour Lake Operations that was filed by Kirkland Lake Gold in October 2021. In this evaluation, there are no significant changes to the geological setting, or the mining, milling and metallurgical processes used at the Detour Lake operations.

The goal of this technical evaluation was to convert a portion of the 2021 measured and indicated mineral resources into mineral reserves, update the life of mine plan and incorporate updated timelines on several mill optimization projects that were designed to increase the mill throughput to 28 Mtpa by 2025. Highlights from this evaluation include:

- Lower risk mine plan

- Added 10 years to the mine life (until 2052)

- +38% in gold reserves (+5.6Moz to 20.4Moz (835.1 million tonnes at 0.76 g/t gold))

- +38% in recovered gold:
-- +0.4Moz added in 2028-2031 (reduces a production dip in the previous mine plan)
-- +1.8Moz added in 2032-2042
-- +3.0Moz added in 2043-2052

- Higher average grade, lower average costs, 2022 - 2042

The Company continues to evaluate the exploration upside and the potential to further expand production at the Detour Lake mine, including through the following:

- Increasing mill capacity beyond 28.0 Mtpa – current permitting allows for processing of up to 32.8 Mtpa

- Assessing the potential for underground mining

- Installing an electric trolley assisted haulage system to improve haulage efficiency and support carbon emission reductions

- Improving grade control processes

- Further optimizing of mine and mill processes

- Additional exploration potential in the region


Successful exploration in 2021 drove significant increase in mineral resources at year end 2021

Exploration drilling in 2021 provided additional evidence of a broad and continuous corridor of mineralization extending from the Main Pit through the Saddle Zone to the planned West Pit to a depth of at least 800 metres. This drilling resulted in a significant increase in mineral resources at Detour Lake at year end 2021.

Detour Lake's combined measured and indicated mineral resources totaled 15.2 million ounces of gold (574.9 million tonnes grading 0.83 g/t gold) at year-end 2021, which was a 194% increase in ounces (10.1 million ounces) compared to the 5.2 million ounces (134.1 million tonnes grading 1.21 g/t gold) estimated at December 31, 2020. The increase in measured and indicated mineral resources was driven by significant drilling success in 2021. In addition, Detour Lake contained inferred mineral resources of 1.3 million ounces of gold (53.3 million tonnes grading 0.78 g/t gold) at year-end 2021.

The Detour Lake mine was estimated to contain proven mineral reserves of 80.3 million tonnes grading 1.13 g/t gold for approximately 2.9 million ounces of gold and probable mineral reserves of 493.0 million tonnes grading 0.76 g/t gold for approximately 12.1 million ounces of gold, as of December 31, 2021.

Technical evaluation increases mineral reserves by 38% to 20.4 million ounces; mineral resources essentially unchanged at March 31, 2022

As part of the new Detour Lake technical evaluation, additional drill results were incorporated into the mineral resource and mineral reserve database and new estimates were completed as of March 31, 2022.

The Detour Lake mine is estimated to contain proven mineral reserves of 77.59 million tonnes grading 1.12 g/t gold for approximately 2.8 million ounces of gold and probable mineral reserves of 757.5 million tonnes grading 0.72 g/t gold for approximately 17.6 million ounces of gold, as of March 31, 2022. Proven and probable reserves now total 20.4 million ounces (835.1 million tonnes at 0.76 g/t gold), which is approximately a 38% increase from December 31, 2021 mineral reserve estimate net of the first quarter of 2022 depletion.

Detour Lake's combined measured and indicated mineral resources totaled 14.2 million ounces of gold (590.1 million tonnes grading 0.75 g/t gold) at March 31, 2022. The slight decline results from the conversion of mineral resources to mineral reserves at March 31 2022. In addition, Detour Lake contained inferred mineral resources of 1.8 million ounces of gold (75.2 million tonnes grading 0.75 g/t gold) at March 31, 2022. Total mineral resources are essentially unchanged from year-end 2021, despite a significant conversion to mineral reserves.

Additional details on the Detour Lake mineral reserves and mineral resources at December 31, 2021 are presented in the Company's news release dated February 23, 2022. Additional details on the Detour Lake mineral reserves and mineral resources at March 31, 2022 are presented in the Appendix of this news release.

New mine plan adds 5.1 million ounces of recovered gold; improved production in 2028 to 2031; and mine life extended by 10 years to 2052

The Company has undertaken several projects to gradually increase the mill throughput to 28.0 Mtpa by 2025. These include:

- Pre-screening before the secondary crusher is expected to help de-bottleneck the grinding circuit and contribute an additional approximately 2.0 Mtpa to the mill throughput. The project is approximately 69% complete and is expected to be fully completed in the fourth quarter of 2022

- The construction of four additional carbon-in-pulp leach tanks are expected to increase the leach retention time and capacity by approximately 20% and improve gold recovery. Engineering is expected to be completed in 2022; foundation work is planned to be completed in 2023 with the tank installation planned for 2024

- An upgrade to the gravity circuit is planned which is expected to increase free gold recovery from 25% to approximately 40%. The project is approximately 53% complete with commissioning expected to be completed in the fourth quarter of 2022

- A new automated laboratory to analyze samples from delineation and production drilling is being built. The project is approximately 78% complete, with commissioning expected in early 2023

- An upgrade of the 230kV main substation is planned to improve the power quality at the mine. In addition, the upgrade will improve the site readiness for future power expansion for projects such as the trolley assist mine haulage system. The upgrade is expected to be completed in late 2023 or early 2024 depending on the timing of equipment deliveries

The Detour Lake mine plan has been revised to reflect the new mineral reserves and mineral resources as of March 31, 2022 and the steady progress on the mill optimization projects.

With the new mineral reserve addition, approximately 5.1 million ounces of gold have been added to the mine plan, and the mine life has been extended from 2042 through 2052. A chart showing the recovered ounce profile for the previously released 2020 life-of-mine plan ("LOMP") and the updated 2022 life-of-mine plan is presented below.


Detour Lake Mine – Recovered Ounce Profile – 2022 Life of Mine Plan vs 2020 Life of Mine Plan

Detailed production metrics, operating and capital cost details are presented in the summary table below.


Detour Lake – 2022 LOMP Update

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