Agnico Eagle Reports Fourth Quarter and Full Year 2022 Results – Larger Asset Portfolio Drives Record Annual Gold Production, Operating Cash Flow and Global Mineral Reserves; Updated Three

Stock Symbol: AEM (NYSE and TSX)

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(All amounts expressed in U.S. dollars unless otherwise noted)

AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS – LARGER ASSET PORTFOLIO DRIVES RECORD ANNUAL GOLD PRODUCTION, OPERATING CASH FLOW AND GLOBAL MINERAL RESERVES; UPDATED THREE YEAR GUIDANCE PROVIDED; 2023 FOCUS ON OPTIMIZING DETOUR LAKE AND CANADIAN MALARTIC AND LEVERAGING EXCESS MILL CAPACITY IN THE ABITIBI REGION TO ADVANCE KEY PIPELINE PROJECTS

Toronto (February 16, 2023) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the fourth quarter and full year of 2022, as well as future operating guidance.

Fourth quarter and full year 2022 highlights – Solid Operational Performance, Important Strategic Consolidations

In the fourth quarter of 2022 and throughout 2022, Agnico Eagle delivered solid operating performance in a challenging cost and workforce environment. The Company had strong production and cost control, increased mineral reserves and mineral resources, progressed expansion projects and delivered the best safety performance in the Company's 66-year history. The year also saw important strategic acquisitions aimed at furthering Agnico Eagle's core strategy of consolidating positions in premier mining jurisdictions, with the integration of Kirkland Lake Gold, and the announced acquisition of Yamana Gold's Canadian assets (including the other half of the world-class Canadian Malartic mine).

• Operations delivered in the fourth quarter despite challenging cost environment – Payable gold production¹ in the fourth quarter of 2022 was 799,438 ounces at production costs per ounce of $834, total cash costs per ounce² of $863 and all-in sustaining costs ("AISC") per ounce³ of $1,231. Quarterly unit costs were affected by the impact of inflationary pressures at the Nunavut and Kittila operations and lower production at LaRonde, Kittila and Pinos Altos
• Solid quarterly financial results – The Company reported quarterly net income of $0.45 per share in the fourth quarter of 2022, with adjusted net income⁴ of $0.41 per share. Operating cash flow was $0.84 per share
• Record annual gold production and operating cash flow resulting from solid operational performance across the recently integrated asset portfolio – Payable gold production in 2022 was 3,135,007 ounces at production costs per ounce of $843, total cash costs per ounce of $793 and AISC per ounce of $1,109. Including the full year of production from the legacy Kirkland Lake Gold mines, which were acquired on February 8, 2022, total payable gold production in 2022 was 3,280,731 ounces at production costs per ounce of $821, total cash costs per ounce of $780 and AISC per ounce of $1,090, in line with the mid-point of 2022 production guidance and slightly above the top end of the cost guidance announced in February 2022

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 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, the reconciliation of total cash costs to production costs and information about total cash costs per once 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".

• Gold mineral reserves increased to a record level – Year-end 2022 gold mineral reserves increased by 9% to 48.7 million ounces of gold (1,186 million tonnes grading 1.28 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is largely due to significant additions at Detour Lake as well as successful conversion of mineral resources at several other operations. At year-end 2022, measured and indicated mineral resources were 44.2 million ounces (1,178 million tonnes grading 1.17 g/t gold) and inferred mineral resources were 26.3 million ounces (311 million tonnes grading 2.63 g/t gold)
• Acquisition of Yamana's Canadian assets expected to close in March 2023, leading to continued consolidation of the Abitibi gold belt – The pending acquisition of Yamana Gold's Canadian assets ("Yamana Transaction") is expected to close in March 2023, subject to regulatory approvals. Following closing, the Company will own 100% of the Canadian Malartic mine, 100% of the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba. The Yamana Transaction further solidifies the Company's presence in the Abitibi gold belt, a region of low political risk and high geological potential, where the Company has a strong competitive advantage from having operated there for over 50 years. With the acquisition, the Company's production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year through 2025

2023 and Expected Future Highlights – Optimizing Detour Lake, Canadian Malartic, and Leveraging Existing Infrastructure

In 2023, Agnico Eagle will focus on optimizing its expanded strategic positions in the Abitibi region of Ontario and Quebec ("Abitibi Gold Belt"), with the aim of increasing profitable production. The Company will evaluate opportunities to leverage existing infrastructure which has the potential to significantly increase future gold production at lower capital costs and a reduced environmental footprint. If realized, these opportunities have the potential to deliver increased capital returns with reduced execution and operating risk.

• Detour Lake Mine – Mill expansion activities progressed as planned in 2022. These activities, combined with strong operational performance, resulted in record annual gold production of 732,572 ounces for the full year 2022, which the Company believes makes Detour Lake the largest gold mine in Canada. In 2023, the focus remains on optimizing mill processes and improving runtime to achieve, and potentially surpass, 28.0 million tonnes per year ("Mtpa") throughput. Continued

exploration success in 2022 resulted in the addition of 5.6 million ounces of gold in mineral reserves to 20.7 million ounces of gold (850.4. million tonnes grading 0.76 g/t gold) and 3.2 million ounces in measured and indicated mineral resources to 18.5 million ounces of gold (731.5 million tonnes grading 0.79 g/t gold) compared to December 31, 2021. In 2023, exploration is expected to focus on extending mineralization to the west and establishing an initial underground mineral resource in order to support potential underground mining operations. Later in 2023, the Company expects to provide an update on the pathway to potentially increase production to one million ounces of gold per year

• Odyssey Project – Underground development remains on schedule with initial production and start of shaft sinking expected in March 2023. Delineation drilling of the internal zones at Odyssey South in 2022 showed potential to add production in 2024 to 2026. Exploration in 2023 is expected to focus on further testing of the internal zones, expanding the East Gouldie Zone to the east and west and mineral resource conversion. Drilling will also be carried out to test other near surface and underground opportunities to leverage excess mill capacity and infrastructure
• Optimization of assets and capital infrastructure, including excess mill capacity in the Abitibi region of Quebec – At Canadian Malartic, the Company expects to have up to 40,000 tonnes per day ("tpd") of excess mill capacity starting in 2028. At the LaRonde Complex, the Company could have up to 2,000 tpd of excess mill capacity at the LaRonde Zone 5 ("LZ5") mill circuit starting in the second quarter of 2023. By maximizing the mill throughput in the region, the Company believes there is potential to increase future gold production at lower capital costs and a reduced environmental footprint, which could also be beneficial to facilitating the permitting process. Additional production could begin at approximately 20,000 ounces in 2024 which will use this excess capacity and has the potential to increase up to approximately 500,000 ounces of gold per year by 2030. Potential future sources of ore could include:
  • Macassa near surface deposits and the Amalgamated Kirkland ("AK") deposit
  • Upper Beaver and other Kirkland Lake satellite deposits
  • Wasamac project
• Gold production guidance shows 7% estimated growth through 2025 when compared to 2022 gold production – Annual payable gold production is forecast to grow from 3.28 million ounces in 2022 (full-year basis) to an expected range of

approximately 3.40 to 3.60 million ounces in 2025. Payable gold production for 2023 is forecast to be approximately 3.24 to 3.44 million ounces (substantially unchanged from prior three-year guidance issued on February 23, 2022 ("Previous Guidance")). The Company's 2023 production and costs guidance assumes 50% ownership of Canadian Malartic for the first three months of 2023 and 100% ownership for the last nine months of the year. The addition of nine months of 100% production from Canadian Malartic and improvements in Amaruq's production profile compared to Previous Guidance are offset by revisions to the mine plans at LaRonde, Fosterville, Kittila and Pinos Altos. Payable gold production is expected to increase to approximately 3.35 to 3.55 million ounces in 2024 and 3.40 to 3.60 million ounces in 2025. There is potential to add between 30,000 to 80,000 ounces of annual gold production starting in 2023, subject to the resolution of permits and noise restrictions at Kittila and Fosterville, respectively

• Unit cost forecasts reflect the expectation of inflationary cost pressures in 2023 and lower costs in 2024 and 2025 – Total cash costs per ounce and AISC per ounce in 2023 are forecast to be $840 to $890 and $1,140 to $1,190, respectively. This compares to the Previous Guidance range of $725 to $775 and $1,000 to $1,050, respectively. The expected cost increases in 2023 are mostly related to inflationary pressures on labour, electricity, fuel and consumables. The Company expects some easing on input costs to occur later in 2023 and, combined with increased gold production, unit costs are expected to be lower in 2024 and 2025
• 2023 capital expenditures are forecast to be in line with 2022 – Capital expenditures in 2023 (excluding capitalized exploration) are forecast to be approximately $1.42 billion, which is in line with Previous Guidance of $1.41 billion. Development capital expenditures⁵ are forecast to decrease to approximately $616.0 million in 2023, as a result of the substantial completion of several major development projects in 2022. Sustaining capital expenditures⁵ are forecast to increase to $799.6 million in 2023, as a result of additional capital expenditures at Canadian Malartic (which includes 100% ownership for the last 9 months of 2023), higher deferred stripping costs at Detour Lake and Amaruq and overall inflationary cost pressures

5 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under the financial reporting framework used to prepare the Company's financial statements. See "Note Regarding Certain Measures of Performance" and "Reconciliation of Non- GAAP Performance Measures – Reconciliation of Sustaining Capital Expenditures to Consolidated Statements of Cash Flow."

• Pipeline projects continue to advance – The Company has a number of advanced stage projects in the pipeline and the current focus is on how to advance these projects to production in a cost efficient and environmentally friendly manner. Highlights include:
  • AK and Near Surface Deposits at Macassa – These deposits are accessible from an existing surface ramp at Macassa. Production from the Near Surface deposits are expected to begin in 2023. Production from the AK deposit could potentially begin in 2024. Alternatives to process these ores at the LaRonde Complex, which is approximately 130 kilometres away, and avoid capital costs associated with a mill expansion at Macassa are under review. Average annual production from these two deposits could potentially be 20,000 to 40,000 ounces of gold, commencing in 2024
  • Upper Beaver Project – Upper Beaver has the potential to be a low-cost mine with the Company modelling scenarios with annual production of 150,000 to 200,000 ounces of gold with moderate capital outlays. The Company believes initial production could potentially commence in 2029. Processing scenarios with the potential to reduce initial capital costs are being evaluated, including transporting the ore to the Canadian Malartic mill for processing. An updated technical evaluation of the project is expected to be completed in late 2023
  • Wasamac Project – The Wasamac property will be acquired as part of the Yamana Transaction and contains historical mineral reserves of 2.2 million ounces of gold. The Company believes this has the potential to be an underground bulk mining operation with production of up to 200,000 ounces of gold per year. The Company is reviewing technical aspects of the project with a focus on ore processing at the Canadian Malartic mill, which is expected to reduce the project footprint and capital cost. An internal evaluation of the project is expected in the fourth quarter of 2023
  • Hope Bay Project – Drilling in 2022 confirmed the potential to upgrade and expand mineral resources at Doris. Exploration in 2023 will primarily shift to the Madrid deposit to further expand the mineral resources with a focus on defining areas of higher-grade mineralization. Work continues on evaluating larger production scenarios (targeting 350,000 to 400,000 ounces of gold per year)
• A quarterly dividend of $0.40 per share has been declared

"From a safety and operational standpoint, 2022 was another strong year as we had our best safety performance in our 66 year history, we met production forecasts and managed our costs in a highly inflationary environment," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "It was a transformational year for Agnico Eagle. The merger with Kirkland Lake Gold and the pending acquisition of Yamana's Canadian assets will result in the consolidation of the Abitibi Gold Belt, one of the best gold regions in the world, and positions us well to continue to grow and create value for all our stakeholders for years to come. In 2023, our focus will be on optimizing and growing Detour Lake and Canadian Malartic and on establishing a plan to capitalize on existing infrastructure, including our excess mill capacity, in the Abitibi region of Quebec, with the potential to produce up to 500,000 ounces of gold per year by the end of the decade," added Mr. Al-Joundi.

This release contains:

• Fourth Quarter 2022 Financial and Production Results
• Dividend Record and Payment Dates for the First Quarter of 2023
• Updated Three-Year Guidance Plan
• Update on Key Value Drivers
• Mineral Reserves and Mineral Resources as at December 31, 2022
• An Update on Pending Transactions
• A Discussion on Operational Results
• Appendix with Detailed Mineral Reserve and Mineral Resource Tables

Fourth Quarter 2022 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Friday, February 17, 2023 at 9:00 AM (E.S.T.) to discuss the Company's fourth quarter and full year 2022 financial and operating results.

Via Webcast:

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

Via URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number at https://bit.ly/3jHI5k7 to receive an instant automated call back.

You can also dial direct to be entered to the call by an Operator (see "Via Telephone" below).

Via Telephone:

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

Replay Archive:

Please dial 1-416-764-8677 or toll-free 1-888-390-0541, access code 091417#. The conference call replay will expire on March 17, 2023.

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

Fourth Quarter 2022 Financial and Production Results

In the fourth quarter of 2022, net income was $205.0 million ($0.45 per share). This result includes the following items (net of tax): derivative gains on financial instruments of $76.9 million ($0.17 per share), an impairment charge at the La India mine (further details below) of $52.7 million ($0.13 per share), foreign currency translation gains on deferred tax liabilities of $22.3 million ($0.05 per share), non-cash foreign currency translation losses of $10.3 million ($0.02 per share), insurance losses of $6.5 million ($0.01 per share), reclamation adjustments of $6.5 million ($0.01 per share), and various other adjustment losses of $3.6 million ($0.01 per share).

Excluding the above items would result in adjusted net income⁶ of $185.4 million or $0.41 per share for the fourth quarter of 2022. For the fourth quarter of 2021, the Company reported net income of $101.4 million ($0.41 per share).

6 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".

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

The impairment at the Company's La India mine is primarily due to the depletion of the mineral resource as production winds down over the next two years as the project nears the end of its life, combined with rising input costs due to inflationary pressures. The Company is also assigning less value to the adjacent La Chipriona project as a result of higher estimated costs to build and operate the project.

In the full year 2022, the Company reported net income of $670.2 million ($1.53 per share). This compares with the full year 2021, when net income was $561.9 million ($2.31 per share).

For financial reporting purposes, the merger between Agnico Eagle and Kirkland Lake Gold Ltd. (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 finalized in the fourth quarter of 2022.

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 forecast gold price in the period the inventory was expected to be sold. The revalued inventory sold during the fourth quarter of 2022 resulted in additional production costs of approximately $2.6 million ($1.8 million after tax) during the quarter. The revalued inventory sold during the full year 2022 resulted in additional production costs of approximately $158.5 million ($109.8 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 and the year, was normalized from net income and net income per share and adjusted out of the total cash costs per ounce and AISC in the fourth quarter and full year 2022.

The increase in net income in the fourth quarter of 2022 compared to the prior-year period is primarily due to higher mine operating margins⁷ (from higher sales volumes following

7 Operating margin 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 net income see

Measures of Performance".

the Merger) and gains from derivative financial instruments, partially offset by higher amortization, exploration and general and administrative expenses from the inclusion of the Detour Lake, Fosterville and Macassa mines and the impairment on the La India mine.

The increase in net income in the full year 2022 compared to the prior-year period is primarily due to higher mine operating margins (from higher sales volumes following the Merger). The overall increase in net income was partially offset by higher exploration and amortization costs due to the inclusion of the Detour Lake, Fosterville and Macassa mines, higher general and administrative costs, realized losses on foreign exchange hedges and other expenses and care and maintenance costs.

In the fourth quarter of 2022, cash provided by operating activities was $380.5 million ($485.5 million before changes in non-cash components of working capital), compared to the fourth quarter of 2021 when cash provided by operating activities was $262.1 million ($336.6 million before changes in non-cash components of working capital).

The increase in cash provided by operating activities (before changes in non-cash components of working capital) in the fourth quarter of 2022, compared to the prior-year period, is primarily due to higher sales volumes following the Merger, partially offset by lower realized metal prices.

In the full year 2022, cash provided by operating activities was $2,096.6 million ($2,115.9 million before changes in non-cash components of working capital), compared to the full year 2021 when cash provided by operating activities was $1,345.3 million ($1,626.5 million before changes in non-cash components of working capital). A non-cash fair value adjustment on inventory related to the Merger of $158.5 million was included in production costs and, as a result, was included in cash provided by operating activities before changes in non-cash components of working capital for the full year 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 $158.5 million, cash provided by operating activities before changes in non-cash components of working capital was $2,274.4 million in the full year 2022. The Company believes this non- GAAP measure is useful to form a comparison of cash provided by operating activities between periods.

The increase in cash provided by operating activities in the full year 2022, compared to the prior-year period, is primarily due to higher net income driven by higher sales volumes following the Merger. This included non-recurring costs related to the Merger of $35.3 million in transaction costs and $59.7 million in severance costs.

In the fourth quarter of 2022, the Company's payable gold production was 799,438 ounces. This compares to quarterly payable gold production of 501,932 ounces in the prior-year period. In the full year 2022, the Company's gold production was a record 3,135,007 ounces. Including the entire full year's production from the pre-Merger Kirkland Lake Gold mines, total gold production in the full year 2022 was 3,280,731 ounces. This compares to payable gold production of 2,086,405 ounces in the full year 2021, which included 24,057 ounces and 1,956 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively.

Gold production in the fourth quarter of 2022 and the full year 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 Hope Bay following the Company's decision to dedicate the infrastructure at Hope Bay to exploration activities and lower production at the Company's Pinos Altos mine, Kittila mine and the LaRonde Complex.

Production costs per ounce in the fourth quarter of 2022 were $834, compared to $934 in the prior-year period. Total cash costs per ounce in the fourth quarter of 2022 were $863, compared to $814 in the prior-year period.

Production costs per ounce in the full year 2022 were $843, compared to $861 in the prioryear period. Total cash costs per ounce in the full year 2022 were $793, compared to $770 in the prior-year period. Including the entire full year's production from the pre-Merger Kirkland Lake Gold mines, total cash costs per ounce in the full year 2022 were $780, slightly above the top end of the cost guidance announced in February 2022.

In the fourth quarter and full year 2022, production costs per ounce decreased when compared to the prior-year period primarily as a result of the combination of operations following the Merger. A detailed description of the minesite costs per tonne at each mine is set out below. In the fourth quarter and full year 2022, total cash costs per ounce increased when compared to the prior year period primarily due to realized losses on foreign exchange hedges in 2022 and lower by-product revenues from the LaRonde mine and Pinos Altos mine.

AISC per ounce in the fourth quarter of 2022 were $1,231, compared to $1,136 in the prioryear period. AISC per ounce in the full year 2022 were $1,109, compared to $1,059 in the prior-year period. Including the entire full year's production from the pre-Merger Kirkland Lake Gold mines, AISC per ounce in the full year 2022 were $1,090, above the top end of the cost guidance of $1,050 announced in February 2022.

AISC per ounce in the fourth quarter of 2022 and full year 2022 increased when compared to the prior-year periods primarily due to higher sustaining capital expenditures and lower by-product metal revenues from lower production volumes.

Emphasis on Capital Management and Returns to Shareholders

Cash and cash equivalents decreased to $658.6 million at December 31, 2022, from the September 30, 2022 balance of $821.8 million, primarily due to the increase in payments to suppliers related to the completion of the sealift season in Nunavut and the timing of capital projects which were weighted to the fourth quarter of 2022. As of December 31, 2022, the outstanding balance on the Company's unsecured revolving bank credit facility was nil, and available liquidity under this facility was approximately $1.2 billion, not including the uncommitted $600.0 million accordion feature.

In April 2022 and July 2022, the Company repaid $125.0 million and $100.0 million, respectively of senior notes with available cash, reducing the Company's indebtedness and demonstrating its commitment to maintaining a strong investment grade balance sheet. At December 31, 2022, the Company's net debt⁸ totaled $683.4 million.

In addition to the quarterly dividend, the Company contributed to shareholder returns through its normal course issuer bid ("NCIB"). In the fourth quarter of 2022, under the NCIB, the Company repurchased 117,300 common shares for $5.0 million. In the full year 2022, under the NCIB, the Company repurchased 1,569,620 common shares for $69.9 million. NCIB permits the Company to purchase up to $500.0 million of its common shares (up 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 of May 4, 2022.

Approximately 52% of the Company's 2023 estimated Canadian dollar exposure is hedged at an average floor price above 1.31 C$/US$. Approximately 27% of the Company's remaining 2023 estimated Euro exposure is hedged at an average floor price of approximately 1.03 US$/EUR. Approximately 30% of the Company's remaining 2023 estimated Australian dollar exposure is hedged at an average floor price above 1.45 A$/US$. Approximately 30% of the Company's remaining 2023 estimated Mexican peso exposure is hedged at an average floor price above 20.70 MXP/US$. The Company's full

8 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

Measures of Performance".