Agnico Eagle Reports First Quarter 2022 Results – Strong Operational Performance; Integration Ahead of Schedule and Corporate Merger Synergies Better Than Expected; Good

Stock Symbol: AEM (NYSE and TSX)

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

AGNICO EAGLE REPORTS FIRST QUARTER 2022 RESULTS – STRONG OPERATIONAL PERFORMANCE; INTEGRATION AHEAD OF SCHEDULE AND CORPORATE MERGER SYNERGIES BETTER THAN EXPECTED; GOOD PROGRESS AT KEY EXPLORATION AND DEVELOPMENT PROJECTS

Toronto (April 28, 2022) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2022.

First quarter of 2022 highlights:

• Solid quarterly production and costs despite COVID-19 challenges – Payable gold production¹ in the first quarter of 2022 was 660,604 ounces at production costs per ounce of $1,002, total cash costs per ounce² of $811 and all-in sustaining costs ("AISC") per ounce³ of $1,079. These results include a full quarter of production

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".

from the Agnico Eagle mines and 52 days of production from the legacy Kirkland Lake Gold Ltd. ("Kirkland Lake Gold") mines (Detour Lake, Macassa and Fosterville) reflecting the period after the closing of the merger between Agnico Eagle and Kirkland Lake Gold on February 8, 2022 (the "Merger"). Including a full quarter of production from the legacy Kirkland Lake Gold mines, total payable gold production in the first quarter of 2022 was 806,329 ounces with total cash costs per ounce approximately in line with the mid-point of 2022 total cash cost guidance announced in February 2022

• Several key cornerstone assets delivered strong operational performance in the first quarter of 2022 – The LaRonde Complex and the Detour Lake and Fosterville mines all encountered higher grades which resulted in better than expected gold production and costs. At LaRonde, production was 105,037 ounces of gold at total cash costs per ounce of $560. In the post-Merger period, Detour Lake produced 100,443 ounces of gold at total cash costs per ounce of $600, while Fosterville produced 81,827 ounces of gold at total cash costs per ounce of $309. The strong operational performance in the first quarter of 2022 puts these mines in a good position to deliver on 2022 guidance forecasts
• COVID-19 challenges seen in late 2021 and early 2022 appear to be moderating – Most of the Company's operations were affected by COVID-19 over the past few months, but production levels and costs in the first quarter of 2022 were generally in line with forecasts. All sites are still maintaining active protocols but risks now appear to be more manageable and the situation improved through the quarter. As a result, the Company began the reintegration of its Nunavummiut workforce (which had been sent home in December 2021) in mid-March, after consultation with the Nunavut Government and other local stakeholders. The reintegration was completed in early April 2022
• Gold production, cost and capital expenditure guidance reiterated for 2022 – Expected payable gold production in 2022 remains unchanged at approximately 3.2 to 3.4 million ounces with total cash costs per ounce expected to be between $725 and $775 and AISC per ounce expected to be between $1,000 and $1,050. Total capital expenditures (excluding capitalized exploration) for 2022 are still 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 cost environment continues to evolve – Cost pressures were relatively minor in the first quarter of 2022, largely due to cost savings initiatives, long-term agreements with local suppliers, existing fuel hedges and the predominantly locally sourced labour force. The inflationary cost environment continues to be dynamic given the changing political landscape and the effects of COVID-19. As such, the Company will continue to monitor and assess any impacts on forecast costs in the coming months as inflation could have more of an effect during the remainder of the year
• Merger completed February 8, 2022; Focus Now on Delivering Synergies and Maximizing Value Drivers – The Merger with Kirkland Lake Gold was completed on February 8, 2022 and the integration process is gaining momentum. The senior management team has been finalized and is focused on optimizing and leveraging best practices to deliver on corporate and operational synergies and to maximize value drivers:
  • Expected Corporate G&A synergies (before tax) are now expected to be up to $200 million in the first five years (up from previous guidance of $145 million) and up to $400 million over the next ten years (up from previous 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. While realization of these benefits will be a multi-year endeavour, encouraging progress was made in the first quarter of 2022
  • Updates on key value drivers are set out below and additional summaries are provided in the operational section of this news release
• Update on key value drivers
  • Odyssey project – Underground development and surface construction activities remain on schedule and on budget. Inflationary cost pressures remain manageable at this time. From a labour perspective, the Company is successfully building a highly skilled team and the Odyssey project is considered an employer of choice in the Abitibi. Fifteen drills are active on

the property, with three underground drills completing infill drilling on the Odyssey South deposit and 12 surface drills focused on infilling and expanding the East Gouldie mineralization. Shaft sinking is expected to begin in the fourth quarter of 2022 and the first underground production is expected to commence in the first half of 2023

• Detour Lake – Mill optimization projects are progressing as planned and drilling continues to intersect mineralization west of the resource pit shells, including 30.9 grams per tonne ("g/t") gold over 16.0 metres at 451 metres depth. Additional mineralization has also been encountered at depth (3.5 g/t over 45.1 metres at 822 metres depth), further supporting the potential for future underground mining. A technical evaluation is underway with the goal of converting a portion of last year's measured and indicated mineral resources into mineral reserves in the second quarter of 2022
• Kirkland Lake regional update – At the Amalgamated Kirkland ("AK") deposit, the underground ramp from Macassa has been extended by 225 metres and nine drill holes have been completed in the higher-grade portion of the deposit (assays pending). AK ore could complement the feed at the Macassa mill as early as 2024. At Upper Beaver, infill drilling continues to intersect significant mineralization, including 7.4 g/t gold and 0.4% copper over 14.2 metres at 1,582 metres depth. In addition, drilling appears to have encountered a new zone of mineralization 500 metres southeast of the main mineralized zone (assays pending)
• Hope Bay – Drilling at the Doris deposit has discovered extensions to the known mineralized zones. Deep exploration drilling in the BTD Connector area returned highlights of 23.0 g/t gold over 5.0 metres at 502 metres depth and 9.4 g/t gold over 14.9 metres at 491 metres depth. Additional drills are expected to begin operating in the coming weeks. Exploration is expected to continue through 2023 while a larger production scenario is being evaluated
• Strong investment grade balance sheet; normal course issuer bid ("NCIB") expected to commence in early May 2022 – On February 9, 2022, Fitch Ratings placed Agnico Eagle's BBB credit rating on a Positive Outlook. At March 31, 2022,

the Company's net debt⁴ totaled $503.7 million. Subsequent to the quarter end, the Company repaid with cash the $125 million 6.77% Series C senior notes at maturity on April 7, 2022. Under the proposed NCIB, the Company intends 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

"I am pleased to report that our newly consolidated operations have performed very well in the first quarter of 2022 despite challenges related to COVID-19. Supported by strong metal prices, the first quarter generated solid operating cash flow which allowed the Company to continue to deliver on shareholder returns while paying down debt, and investing in our operations and pipeline projects," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, we made good progress on the integration of the Kirkland Lake Gold management team, workforce and mining operations, and corporate synergies from the merger are now expected to be better than originally expected. While most of our operations are keeping costs in line with forecast, we do remain cautious as inflation and the global political and economic context has increased pressure on costs and supply chains," added Mr. Al-Joundi.

First Quarter 2022 Financial and Production Results

In the first quarter of 2022, net income was $109.8 million ($0.29 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 $78.8 million ($0.20 per share), severance costs of $34.5 million ($0.09 per share), transaction costs relating to the Merger of $31.3 million ($0.08 per share), derivative gains on financial instruments of $16.0 million ($0.04 per share) and various other adjustment gains of $2.8 million ($0.01 per share). Excluding these items would result in adjusted net income⁵ of $235.6 million or $0.61 per share for the first quarter of 2022. For the first quarter of 2021, the Company reported net income of $145.2 million or net income of $0.60 per share.

4 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".

5 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 first quarter of 2022 net income, and not adjusted above, is a non-cash stock option expense of $6.1 million ($0.02 per share), care and maintenance costs of $6.3 million ($0.02 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $5.2 million ($0.01 per share).

For financial reporting purposes, the Merger has been 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 first quarter of 2022 resulted in additional production costs of approximately $113.7 million ($78.8 million after tax) during the quarter. 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 first quarter of 2022.

The decrease in net income in the first quarter of 2022 compared to the prior-year period is primarily due to Merger costs recognized in the quarter, including a fair value adjustment on inventory sold during the quarter (included in production costs) and transaction and severance costs. In addition, higher exploration and development costs, higher amortization due to the inclusion of the Detour, Macassa and Fosterville mines and higher general and administrative costs contributed to the decrease in net income in the first quarter of 2022 compared to the prior-year period. These higher costs were partially offset by higher operating margins⁶ (higher average realized metal prices and higher sales volumes) and higher gains on derivatives.

In the first quarter of 2022, cash provided by operating activities was $507.4 million ($366.0 million before changes in non-cash components of working capital), compared to the first quarter of 2021 when cash provided by operating activities was $366.6 million ($425.5

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".

million before changes in non-cash components of working capital). The non-cash fair value adjustment on inventory related to the Merger of $113.7 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 first quarter of 2022. The noncash 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 $113.7 million related to the Merger, cash provided by operating activities before changes in non-cash components of working capital was $479.7 million in the first quarter of 2022 and increased when compared to the prior year period primarily due to higher sales volumes and higher realized prices. The cash provided by operating activities before changes in non-cash components of working capital of $479.7 million included non-recurring costs related to the Merger of $34.8 million in transaction costs and $46.0 in severance costs.

In the first quarter of 2022, the Company's payable gold production was 660,604 ounces. Including the entire quarter's production from the legacy Kirkland Lake Gold mines, total gold production in the first quarter of 2022 was 806,329 ounces. This compares to quarterly payable gold production of 516,804 ounces in the prior-year period.

Gold production in the first quarter of 2022, when compared to the prior-year period, was higher primarily due to the inclusion of the production from the Detour Lake, Macassa and Fosterville mines. This was partially offset by lower production at the Meadowbank Complex and the Meliadine mine largely due to the reduction of activities at the beginning of the quarter due to the impacts of COVID-19.

Production costs per ounce in the first quarter of 2022 were $1,002, compared to $821 in the prior-year period. Total cash costs per ounce in the first quarter of 2022 were $811, compared to $734 in the prior-year period. Including the entire quarter's production from the Kirkland Lake Gold mines, total cash costs per ounce in the first quarter of 2022 were approximately in line with the mid-point of the 2022 cost guidance.

In the first quarter 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 including the Meadowbank Complex and the Meliadine, Kittila and Pinos Altos mines. Production costs per ounce also increased when compared to the prior-year period due to the fair value adjustment on inventory sold during the quarter as discussed above. A detailed description of the minesite costs per tonne at each mine is set out below.

AISC per ounce in the first quarter of 2022 were $1,079, compared to $1,007 in the prioryear period. AISC per ounce in the first quarter of 2022 increased when compared to the prior-year period primarily due to higher total cash costs per ounce, partially offset by lower sustaining capital expenditures.⁷

Integration Process Gaining Momentum; Focus on Maximizing Key Value Drivers

The senior management team has now been finalized and is working at optimizing and leveraging best practices across the Company's combined operations, with a focus on delivering previously announced synergies and maximizing value creation. With the second quarter of 2022 being the first full quarter of combined operations, the Company expects to add further value in 2022 through increased production and operating cash flow per share.

Key value drivers are listed below with additional details set out in the operational section of this news release.

• Detour Lake mine – An updated life of mine plan is expected to be included in the second quarter of 2022 news release in July. The Company is also evaluating the potential to expand operations to 32 million tonnes per year and develop an underground mining operation
• Kirkland Lake region – At Macassa, the focus is on completing Shaft #4 infrastructure and ramping up production. The Company is also evaluating the potential integration of the AK deposit (potential production start in 2024) and the Upper Beaver project with the existing regional infrastructure
• Odyssey project – The Canadian Malartic GP (the"Partnership remains focused on maintaining the project schedule and budget and finding additional sources of ore to maximize the production profile especially early in the mine life
• Kittila mine – The key priority is the completion of the shaft project and the potential increase in throughput to 2.35 million tonnes per year
• Meliadine mine – The Phase 2 expansion to 6,000 tonnes per day ("tpd") is expected to be complete by mid-2024. Exploration efforts are focused on increasing mineral reserves and mineral resources to extend mine life
• Meadowbank Complex – At Amaruq, the focus remains on optimizing open pit operations and ramping up underground production starting in the second half of 2022

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".

• Hope Bay project – Exploration activities are ramping up with a primary focus on the Doris, Madrid and Boston deposits. The Company is also evaluating the potential to develop a larger production scenario

2022 Synergy and Optimization Benefits Ahead of Estimates

Work continued in the first quarter of 2022 to realize the previously disclosed synergy and optimization benefit estimates of $800 million before tax over the next five years and $2 billion over the next ten years. More opportunities were realized in the first quarter of 2022 than expected, with approximately $45 million of synergies achieved to date, $35 million of which are expected to be repeatable on an annual basis. The Company now expects 2022 Merger-related synergies to be at the top end of the previously disclosed range of $40 million to $60 million.

Corporate General and Administrative ("G&A") Synergies Ahead of Plan

Corporate G&A synergies were the primary driver of realized synergies in the first quarter of 2022 as the Company exceeded its original full-year 2022 estimate of $15-$25 million, and the Company also surpassed the expected annual run rate of $35 million per year earlier than expected. The Company now anticipates being able to achieve $40 million to $50 million of corporate G&A synergies in future years.

The key components of the realized corporate G&A synergies are:

• Streamlining of the business resulting in personnel cost savings estimated to be approximately $25 million in 2022, expected to grow to $30 million by 2024
• Lower finance and insurance costs of approximately $10 million on an ongoing basis
• Reduction and consolidation of regional office space, resulting in savings of approximately $9 million (a combination of one-time and ongoing)
• Streamlining of service contracts and the elimination of external service providers resulting in IT savings of $3 million per year

As a result of the success to date, the Company is revising upwards its expected corporate G&A synergies to up to $200 million before tax in the first five years (up from $145 million) and to up to $400 million over the next ten years (up from $320 million).

Operational Synergies

The Company is maintaining its estimate for potential operational synergies in excess of $130 million per year ($440 million over five years, ramping up to $1.1 billion over 10 years). While realization of these benefits will be a multi-year endeavour, encouraging progress was made in the first quarter of 2022.

Procurement

• The Kirkland Lake Gold and Agnico Eagle procurement teams have been combined to create one global team for the combined business
• The process to tender/renegotiate contracts to take advantage of economies of scale has started, with the largest categories taking priority
• The team maintains its objective of ramping up to annual savings of between $35 million and $50 million by 2024, expecting up to $10 million of savings in 2022

Operational Improvements

• The Company is evaluating the potential of implementing best practices from the Canadian Malartic mill to improve overall availability. An improvement of 1% in mill availability could result in approximately 7,000 ounces of additional gold production
• The Company continues to evaluate increasing the slope angle of the Detour North pit wall which could result in a reduced strip ratio. This reduction in strip ratio could potentially result in savings totaling more than $100 million over the life of mine

Other Operational Synergies

• Planning has started to implement the first local centralized control room in the Abitibi region. This will be a pilot project, developing strategies and systems to derisk a larger deployment in the future
• Discussions with refining partners are underway to optimize the fee structure having regard to the Company's larger production volume. These benefits are expected to begin in the second half of 2022
• Enhanced data analysis on energy consumption across the business was initiated in the first quarter of 2022. This analysis will be incorporated into energy management systems to develop strategies to optimize energy usage and cost. The Company believes these efforts could result in significant annual savings starting in 2024
• Core scanning technology that is being implemented in the Quebec and Ontario regions is expected to improve ore body definition, saving time and cost as compared to traditional geological interpretation tools
• Taken together, these operational synergies are estimated to generate between $75 million to $100 million in annual savings by 2024

The Company estimates the operational synergies and other cost reduction measures have the potential to reduce production costs by up to $10 per ounce in 2022, and up to $30-$40 per ounce in later years. Given the work and complexity involved in attaining these synergies, and given the volatile and inflationary price environment, these synergies were not reflected in the February 2022 production and cost guidance.

Strategic Optimization

The Company continues its review of strategic opportunities to reduce current and future expenditures as part of its project pipeline, maintaining the original estimate of up to $240 million over five years and $590 million over 10 years.

Mining the AK deposit from Macassa Infrastructure

• Ore from the AK deposit could complement the feed at the Macassa mill as early as 2024, with the potential of ramping up to an average of 40,000 extra ounces of gold per year
• At current spot prices, based on preliminary estimates, this could generate approximately $40 million of incremental annual pre-tax cash flow
• During the first quarter of 2022, 225 metres of a planned 984 metre exploration decline from Macassa's existing Near Surface Ramp was completed
• The decline will allow a planned exploration campaign to better delineate the AK deposit
• Permitting work continues and a production decision could be reached later in 2022

Upper Beaver project review

• To date, roughly $20 million of potential savings for the Upper Beaver project have been identified resulting from equipment synergies with Macassa's #4 shaft
• Using the experienced workforce from Macassa's shaft-sinking project at Upper Beaver would lower overall shaft sinking costs and potentially accelerate the schedule
• Work continues on evaluating the potential to use existing infrastructure, reducing capex and operating costs

Strong Financial Position Allows for Asset Development, Debt Repayment and Shareholder Returns

Cash and cash equivalents increased to $1,062.0 million at March 31, 2022, from the December 31, 2021 balance of $185.8 million, primarily due to the cash and cash equivalents of $838.7 million acquired as a result of the closing of the Merger during the quarter and higher cash flow from operations (higher sales volumes and realized gold prices). As of March 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 million accordion feature.

At March 31, 2022, the Company's net debt totaled $503.7 million. Subsequent to the quarter end, the Company further reduced gross debt with the cash repayment of the $125 million 6.77% Series C senior notes at maturity on April 7, 2022.

Approximately 39% of the Company's remaining 2022 estimated Canadian dollar exposure is hedged at an average floor price above 1.25 C$/US$. Approximately 45% of the Company's remaining 2022 estimated Mexican peso exposure is hedged at an average floor price above 20.35 MXP/US$. Approximately 24% of the Company's remaining 2022 estimated Euro exposure is hedged at an average floor price of approximately 1.18 US$/EUR. The Company's remaining 2022 Australian dollar exposure is currently unhedged. The Company's full year 2022 cost guidance is based on assumed exchange rates of 1.25 C$/US$, 20.00 MXP/US$, 1.20 US$/EUR and 1.32 A$/US$.

Including the diesel purchased for the Company's Nunavut operations on the 2021 sealift (consumed to mid-year 2022), approximately 40% of the Company's diesel exposure for 2022 is hedged at an average price below the 2022 cost guidance assumption of C$0.90 per litre. These hedges have partially mitigated the effect of inflationary pressures to date and are expected to provide a degree of protection against inflation for the 2022 sealift diesel costs.

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. Current hedging positions are not factored into 2022 guidance.

On February 23, 2022, the Company announced that it intended to launch a normal course issuer bid ("NCIB"). The Company has now submitted draft documentation to the TSX for approval of an NCIB pursuant to which the Company would be permitted to purchase up to $500 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 expected commencement date of May 4, 2022. If approved, purchases under the NCIB will be made through the facilities of the TSX, the NYSE or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled.