Thursday, October 29, 2026
MineTerminalPro TheDeepDive SEDITracker
MiningNewsTerminal
Thursday, October 29, 2026 Admin

AEM.TO ·

Agnico Eagle Reports Fourth Quarter and Full Year 2025 Results – Record Quarterly and Annual Free Cash Flow; 2025 Production Guidance Achieved; Total 2025 Shareholder Returns of $1.4 Billion; Dividend Increased by 12.5%; Updated

Production Results Financials Corporate Actions

Stock Symbol: AEM (NYSE and TSX) For further information: Investor Relations (416) 947-1212 (All amounts expressed in U.S. dollars unless otherwise noted) AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS – RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCE Toronto (February 12, 2026) – 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 2025, as well as future operating guidance.

"In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns.

W e ' v e a l s o u p d a t e d o u r t h r e e - y e a r o u t l o o k w h i c h r e f l e c t s s t a b l e p r o d u c t i o n a t p e e r - l e a d i n g c o s t s , " s a i d Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade. What excites me most is the depth and quality of our growth pipeline, which has the potential to increase annual gold production by 20% to 30% over the next decade, exceeding four million ounces by the early 2030s. These expansion and growth projects offer exceptional returns at current gold prices, and we are assessing opportunities to advance them more quickly. As we build our project pipeline and sustain our exploration momentum, we are well positioned to drive our next phase of growth."

Fourth quarter and full year 2025 h i g h l i g h t s a n d t h e C o m p a n y ' s s h o r t t o m e d i u m - t e r m o u t l o o k a r e s e t o u t below.

  • 1) Record 2025 Financial Results Driven by Strong Operations, Resulting in a Strengthened Balance Sheet and Record Shareholder Returns
  • Annual production guidance achieved with solid cost performance despite higher royalties from higher gold prices – Payable gold production 1 in 2025 was 3,447,367 ounces, above the midpoint of the 2025 guidance range, at production costs per ounce of $965.

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. Total cash costs per ounce2 of $979 and all-in sustaining costs ("AISC") per ounce 2 of $1,339 were slightly above the top end of 2025 guidance, primarily due to higher royalty costs (approximately $42 per ounce) driven by an average realized gold price of $3,453 per ounce, well above the Company's assumption of $2,500. Under the Company's revised composition of total cash costs per ounce and AISC per ounce, these measures were $953 and $1,313, respectively, in 20252

  • Record annual free cash flow driven by consistent and reliable operational performance – Cash provided by operating activities for the full year 2025 was a record of $6,817 million or $13.58 per share and free cash flow 3 was a record of $4,399 million or $8.76 per share. The Company's continued focus on operational efficiencies resulted in several annual throughput and mining rate records during the year
  • Solid quarterly performance, with record quarterly adjusted net income and free cash flow generation – Payable gold production in the fourth quarter of 2025 was 840,608 ounces at production costs per ounce of $1,113, total cash costs per ounce of $1,089 and AISC per ounce of $1,517. The higher realized gold price of $4,163 per ounce in the fourth quarter resulted in strong margins and cash flows, while increasing royalty costs. The Company reported quarterly net income of $1,523 million or $3.04 per share and record a djusted net income 3 of $1,351 million or $2.70 per share. The Company generated cash provided by operating activities of $2,112 million or $4.22 per share and record free cash flow of $1,310 million or $2.62 per share
  • Financial position further strengthened through increased cash balances, providing a solid foundation for the next phase of growth – The Company increased its net cash 3 position to $2,670 million as at December 31, 2025 as a result of the increase in its cash balance by $511 million to $2,866 million during the quarter and total debt outstanding as at December 31, 2025 of $196 million
  • Record shareholder returns of $1.4 billion in 2025 through dividend and share repurchase programs
  • Under its normal course issuer bid ("NCIB"), the Company repurchased 1,784,038 common shares at an average share price of $168.11 for aggregate purchases of $300 million during the quarter, and 4,114,150 common shares at an average share price of $145.76 for aggregate purchases of $600 million in 2025
  • Quarterly dividend of $0.40 per share paid in the quarter, with total dividend payments of $803 million paid in 2025
  • Quarterly dividend increased by 12.5% and expected renewal of NCIB – A quarterly dividend of $0.45 per share has been declared, reflecting the strength of the business and higher gold price environment. Additionally, at current gold prices, the Company expects to remain active on its share repurchase program. The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its 2 Total cash costs per ounce and all-in sustaining costs per ounce (or AISC per ounce) are non-GAAP measures that are not standardized financial measures under IFRS® Accounting Standards. For periods commencing on or after January 1, 2026, the Company has revised the composition of these measures to adjust for costs related to certain payments to Nunavut Tunngavik Inc. at Meadowbank, for consistency and comparability at the Nunavut operations. These revisions only affect such measures insofar as results from Meadowbank are included (that is, for Meadowbank, the Nunavut region and the consolidated Company). In this news release, unless otherwise specified, these non-GAAP measures are reported on (a) a per ounce of gold production basis, (b) a byproduct basis, and (c) using the composition for the applicable period (that is, (i) periods ending on or before December 31, 2025, or
  • (ii) periods commencing on or after January 1, 2026). For reconciliations of each of these non-GAAP measures to production costs on both a by-product and a co-product basis, a description of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of this measure for periods on or after January 1, 2026, see "Note Regarding Certain Measures of Performance" below.

3 Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital, adjusted net income, net cash (debt) (also referred to as "net debt") and, where applicable, their related per share measures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to the most comparable measure prepared in accordance with IFRS Accounting Standards, see "Note Regarding Certain Measures of Performance" below.

internal limit on purchases under the NCIB to $2 billion of common shares. Additional details will be provided at the time of the renewal 2 ) S t r o n g M o m e n t u m C o n t i n u i n g I n t o 2 0 2 6 , S u p p o r t e d b y a S t a b l e T h r e e - Y e a r P r o d u c t i o n O u t l o o k a t P e e r - L e a d i n g C o s t s , R e c o r d M i n e r a l R e s e r v e s a n d a S u b s t a n t i a l I n c r e a s e i n M i n e r a l Resources

  • Three-year production guidance reflects stable production – Payable gold production is forecast to remain stable at approximately 3.3 to 3.5 million ounces annually from 2026 to 2028.

Both 2026 and 2027 gold production guidance is consistent with the prior three-year guidance issued on February 13, 2025 ("Previous Guidance"). The outlook for 2028 has improved, supported by the extension of production at Meadowbank through 2030 and potentially beyond, as well as contributions from East Gouldie at Canadian Malartic, Fosterville and Kittila, which are expected to offset a temporary lower gold grade sequence anticipated at Detour Lake

  • Peer-leading total cash costs and AISC – Total cash costs per ounce and AISC per ounce are forecast to be in the range of $1,020 to $1,120 and $1,400 to $1,550, respectively, in 2026. The midpoints of these ranges represent an approximate 12% increase (or $117 per ounce and $157 per ounce, respectively) compared to 2025, with approximately 60% of the increase reflecting higher royalty costs and a strong Canadian dollar, and 40% of the increase reflecting cost inflation of approximately 4% and the mining sequence
  • Investment in pipeline projects to support future production growth – Capital expenditures4 in 2025 (excluding capitalized exploration) were $2.1 billion and are expected to be between $2.2 billion and $2.4 billion in 2026. Capitalized exploration in 2025 was $318 million and is forecast to be between $290 million and $330 million in 2026. The anticipated increase reflects additional investment to further advance the construction and ramp-up of the project pipeline, including at Detour Lake underground and Upper Beaver. Total expected development capital expenditures for 2026 include an initial $102 million related to Hope Bay, which could be supplemented by between $300 million and $350 million for the reminder of the year in the event the potential construction announcement expected, in the second quarter of 2026, is made
  • Record gold mineral reserves – Year-end 2025 gold mineral reserves increased by 2.1% to a record of 55.4 million ounces of gold (1,330 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is attributable to strong mineral reserve replacement from operating mines and the initial declaration of mineral reserves at Marban following the acquisition of O3 Mining. For further details, see the Company's exploration news release dated February 12, 2026
  • Record mineral resources support growth pipeline and potential mine life extensions – At year-end 2025, measured and indicated mineral resources increased by 9.6% to a record of 47.1 million ounces (1,200 million tonnes grading 1.22 g/t gold) and inferred mineral resources increased by 15.5% to a record of 41.8 million ounces (522 million tonnes grading 2.49 g/t gold), primarily due to exploration drilling success at East Gouldie, Hope Bay, Detour Lake and Meliadine.

For further details, see the Company's exploration news release dated February 12, 2026 3 ) W e l l P o s i t i o n e d f o r t h e N e x t P h a s e o f G r o w t h , S u p p o r t e d b y a H i g h - Q u a l i t y P r o j e c t P i p e l i n e w i t h Potential to Increase Annual Gold Production by 20-30% Over the Next Decade

  • Advancing expansion and growth projects with the potential to deliver between 1.3 to 1.5 Moz of gold production, with initial step-up expected in 2030, which could result in a net addition of 0.7 to 1.0 Moz over the next decade – The Company is advancing a disciplined, phased development strategy that supports a path to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s, while 4 Capital expenditures, sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a discussion of the composition and usefulness of these non- GAAP measures and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below.

maintaining a strong focus on safety, exploration success, operational excellence and generating attractive returns for shareholders. The Company believes this strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns

  • Canadian Malartic, expansion to one million ounces of annual gold production – Drilling continued to expand the mineral reserve and mineral resource base, supporting the potential for a meaningful extension of the mine life at Odyssey and providing a strong foundation for a larger production profile. The transition to underground mining continues to advance ahead of schedule, with production from East Gouldie now expected to begin from the ramp in the first quarter of 2026 and from the shaft in the second quarter of 2027.

The Company is evaluating the potential for a second shaft and additional satellite deposits, which may position Canadian Malartic to potentially ramp-up to approximately one million ounces of annual gold production beginning in 20335

  • Detour Lake, expansion to one million ounces of annual gold production – Drilling continued to expand underground mineral resources and reinforce confidence in the geological model. With the exploration ramp advancing on schedule, the Company has allocated additional capital to accelerate construction of service and operational facilities, procure mobile equipment to support a faster development pace and advance work on the c o n v e y o r - r a m p p o r t a l a n d a s s o c i a t e d r a m p d e v e l o p m e n t5
  • Upper Beaver, unlocking potential in the Kirkland Lake camp – Development activities continued to advance ahead of schedule. The headframe and hoist room were commissioned during the year, and shaft sinking began with the first blast completed in e a r l y N o v e m b e r , r e a c h i n g a d e p t h o f 1 5 5 m e t r e s b y y e a r - e n d 2 0 2 5 . B a s e d o n s t r o n g execution to date, the Company has allocated additional capital to accelerate s i t e - r e a d i n e s s f o r c o n s t r u c t i o n a n d e x t e n d t h e e x p l o r a t i o n r a m p t o a d e p t h o f 4 0 0 m e t r e s
  • Hope Bay, path to develop next large gold mine in Nunavut – Drilling continued to e x p a n d a n d u p g r a d e m i n e r a l r e s o u r c e s a t P a t c h   7 , c o n f i r m i n g i t s p o t e n t i a l t o s e r v e a s a third mining front alongside Doris and Madrid in support of the planned redevelopment of Hope Bay. A technical evaluation is underway that contemplates an operation similar in scale to the Company's Meliadine mine in Nunavut, with anticipated annual gold production of 400,000 to 425,000 ounces 5. The Company expects to provide a project update, including a potential construction decision, in the second quarter of 2026
  • San Nicolás, potential for base metal production in Mexico – Minas de San Nicolás continued to advance the feasibility study and execution strategy, targeting completion of 50% of the engineering by mid-year 2026 . Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area
  • Several initiatives underway to enhance near-term gold production profile – The Company is advancing plans to increase mining and processing rates at Macassa to 2,150 tonnes per day ("tpd") and at Fosterville to 3,300 tpd over the next three years, with both initiatives factored into the 2026 guidance. Additionally, the Company is advancing other optimization initiatives, including the potential to further extend operations at Meadowbank beyond 2030 through an u n d e r g r o u n d - o n l y m i n e p l a n a n d t h e o n g o i n g d e p l o y m e n t o f a u t o m a t i o n a n d t e c h n o l o g y u p g r a d e s across the Company's operations to support productivity gains
  • Assessing additional portfolio optionality in high gold price environment – The Company has a number of higher potential portfolio projects (Hammond Reef, Timmins East and Northern Territory) that are being re-evaluated in light of the high gold price environment. These projects are 5 The forecast parameters were based on an internal evaluation which is preliminary in nature and includes inferred mineral resource. For a description see "Notes to Investors Regarding Certain Project Evaluations" below. located in safe jurisdictions, where the Company currently operates and, in some cases, in close proximity to existing mining infrastructure and have the potential to provide additional production growth Fourth Quarter and Full Year 2025 Results Conference Call and Webcast Tomorrow The Company's senior management will host a conference call on Friday, February 13, 2026, at 11:00 AM (E.S.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 437.900.0527 or toll-free 1.888.510.2154 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 38514#. The conference call replay will expire on March 13, 2026.

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

Fourth Quarter and Full Year 2025 Production and Costs Production and Cost Results Summary Three Months Ended December 31, Year Ended December 31,

2025 2024 2025 2024

Gold production* (ounces) . . . . . . . . . . . . . . . . . . . . . . . . 840,608 847,401 3,447,367 3,485,336 Gold sales (ounces)** . . . . . . . . . . . . . . . . . . . . . . . . . . . . 842,556 824,902 3,400,919 3,434,094 Production costs per ounce . . . . . . . . . . . . . . . . . . . . . . . $ 1,113 $ 881 $ 965 $ 885 Total cash costs per ounce . . . . . . . . . . . . . . . . . . . . . . . . $ 1,089 $ 923 $ 979 $ 903 AISC per ounce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,517 $ 1,316 $ 1,339 $ 1,239

  • Gold production for the three months ended December 31, 2025 excludes payable gold production at La India and Creston Mascota of 925 and 70 ounces, respectively, which were produced from residual leaching and 7,026 ounces of gold recovered at Hope Bay. Gold production for the full year 2025 excludes payable gold production at La India and Creston Mascota of 4,539 and 323 ounces, respectively, and 9,468 ounces of gold recovered at Hope Bay.

** Payable metals sold at Canadian Malartic, Detour Lake and Macassa exclude the in-kind royalties of 5.0%, 2.0% and 1.5%, respectively, paid in respect of gold production at such mines. For the full year 2025, 2,500 ounces of gold sales are excluded at La India.

Gold Production

  • Fourth Quarter of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Macassa (lower grade and throughput) and LaRonde (lower throughput), partially offset by higher production from Detour Lake (higher grade) and Canadian Malartic (higher grade and throughput)
  • Full Year 2025 – Gold production decreased when compared to the prior year primarily due to lower production from Fosterville (lower grade and throughput ) and La India (end of mine life), partially offset by higher production from Macassa and LaRonde (higher grades) Production Costs per Ounce
  • Fourth Quarter of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices
  • Full Year 2025 – Production costs per ounce increased when compared to the prior year primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar Total Cash Costs per Ounce
  • Fourth Quarter and Full Year 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in each respective period AISC per Ounce
  • Fourth Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher sustaining capital expenditures, primarily at Meadowbank and LaRonde, partially offset by lower general and administrative expenses
  • Full Year 2025 – AISC per ounce increased when compared to the prior year due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville , and higher general and administrative expenses Refer to the Company's Management Discussion and Analysis for the fourth quarter of 2025 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Fourth Quarter and Full Year 2025 Financial Results Financial Results Summary Three Months Ended December 31, Year Ended December 31,

2025 2024 2025 2024

Realized gold price (per ounce)6 . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,163 $ 2,660 $ 3,454 $ 2,384 Net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,523 $ 509 $ 4,461 $ 1,896 Adjusted net income (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,351 $ 632 $ 4,169 $ 2,118 EBITDA (millions)7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,756 $ 1,198 $ 8,440 $ 4,462 Adjusted EBITDA (millions)7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,509 $ 1,332 $ 8,090 $ 4,694 Cash provided by operating activities (millions) . . . . . . . . . . . . $ 2,112 $ 1,132 $ 6,817 $ 3,961 Cash provided by operating activities before changes in noncash working capital balances (millions) . . . . . . . . . . . . . . . . . . $ 1,810 $ 1,090 $ 6,013 $ 3,881 Capital expenditures (millions)8 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 790 $ 576 $ 2,391 $ 1,841 Free cash flow (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,310 $ 570 $ 4,399 $ 2,143 Free cash flow before changes in non-cash working capital balances (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,009 $ 528 $ 3,595 $ 2,063 Net income per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3.04 $ 1.02 $ 8.89 $ 3.79 Adjusted net income per share (basic) . . . . . . . . . . . . . . . . . . . . $ 2.70 $ 1.26 $ 8.31 $ 4.24 Cash provided by operating activities per share (basic) . . . . . $ 4.22 $ 2.26 $ 13.58 $ 7.92 Cash provided by operating activities before changes in noncash working capital balances per share (basic) . . . . . . . . . . . $ 3.61 $ 2.17 $ 11.98 $ 7.76 Free cash flow per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.62 $ 1.14 $ 8.76 $ 4.29 Free cash flow before changes in non-cash working capital balances per share (basic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.01 $ 1.05 $ 7.16 $ 4.13 Net Income

  • Fourth Quarter of 2025
  • Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices a nd an impairment reversal (net of tax) of $156 million related to Macassa , partially offset by higher income and mining taxes
  • Net income of $1,523 million ($3.04 per share) includes the following items (net of tax): Macassa impairment reversal of $156 million ( $0.31 per share ), net gains on derivative financial instruments of $40 million ( $0.08 per share ), net asset disposal losses of $17 million ($0.03 per share), reclamation adjustments of $14 million ($0.03 per share) and foreign exchange gains of $7 million ( $0.01 per share ). Excluding these items results in adjusted net income of $1,351 million or $2.70 per share
  • Full Year 2025 – N et income increased when compared to the prior year primarily due to record operating margins resulting from higher realized gold prices, gains on derivative financial instruments (compared to losses in the prior year) and an impairment reversal at Macassa, partially 6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. 7 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below.

8 Includes capitalized exploration.

offset by higher income and mining taxes, higher royalty costs from higher gold prices and higher amortization of property, plant and mine development Macassa Impairment Reversal In 2023, an impairment loss relating to the Macassa mine was incurred in connection with the annual goodwill impairment test performed in accordance with the requirements of International Financial Reporting Standards ("IFRS"). The impairment loss (net of tax) was $594 million, with $421 million allocated to goodwill and $173 million allocated to non-current assets of the Macassa mine.

In 2025, the Company identified indicators of impairment reversal driven by the effect of a significant and sustained increase in long-term gold price assumptions. Based on the impairment reversal assessment, an impairment reversal (net of tax) of $156 million was recognized with a corresponding increase in the value of the mineral properties at Macassa. This impairment reversal represents the full reversal of prior impairment allocated to property, plant and mine development, as adjusted for amortization.

Adjusted EBITDA

  • Fourth Quarter of 2025 – Adjusted EBITDA increased when compared to the prior-year period primarily due to higher revenues from mining operations (hi gher realized gold prices and higher gold sales), partially offset by higher production costs (higher royalty costs)
  • Full Year 2025 – Adjusted EBITDA increased when compared to the prior year primarily due to higher revenues from mining operations (hi gher realized gold prices), partially offset by lower gold sales, higher production costs (higher royalty costs) and higher general and administrative expenses Cash Provided by Operating Activities
  • Fourth Quarter and Full Year 2025 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA. Cash provided by operating activities benefited from favourable changes in non-cash working capital balances, primarily due to an increase in the accrued taxes payable as a result of higher operating margins Free Cash Flow
  • Fourth Quarter and Full Year 2025 – Free cash flow and free cash flow before changes in non-cash working capital balances were a record and increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development Capital Expenditures The table below sets out a summary of capital expenditures, in each case broken down between sustaining capital expenditures and development capital expenditures, and capitalized exploration by mine in the fourth quarter and the full year 2025.

Dec 31, 2025 Dec 31, 2025 Dec 31, 2025 Dec 31, 2025

Sustaining Capital Expenditures

LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,635 $ 93,766 $ 1,394 $ 4,473 Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . 41,870 129,507 432 2,050 Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,364 44,085 366 1,889 Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,869 267,358 2,192 8,412 Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,415 225,487 — — Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,776 55,897 735 1,770 Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,191 281,384 735 1,770 Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,328 71,531 2,342 6,916 Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,453 132,085 — — Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,781 203,616 2,342 6,916 Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,206 67,821 665 665 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,206 67,821 665 665 Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,533 68,835 1,118 3,520 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,533 68,835 1,118 3,520 Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,429 33,989 279 1,807 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,429 33,989 279 1,807 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,894 8,195 89 665 Total Sustaining Capital Expenditures . . . . . . . . . . $ 288,903 $ 931,198 $ 7,420 $ 23,755 Development Capital Expenditures LaRonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,739 $ 84,760 $ — $ 11 Canadian Malartic . . . . . . . . . . . . . . . . . . . . . . . . 133,223 331,050 5,889 25,678 Goldex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,335 17,504 2,285 4,534 Quebec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,297 433,314 8,174 30,223 Detour Lake . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,475 285,441 9,245 35,763 Macassa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,695 91,908 7,147 34,942 Ontario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,170 377,349 16,392 70,705 Meliadine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,095 72,456 3,722 16,439 Meadowbank . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,846 20,135 — — Nunavut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,941 92,591 3,722 16,439 Fosterville . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,323 44,417 805 8,885 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,323 44,417 805 8,885 Kittila . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 520 2,824 7,600 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 520 2,824 7,600 Pinos Altos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,338 6,255 9 41 San Nicolás (50%) . . . . . . . . . . . . . . . . . . . . . . . 4,490 11,103 — — Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,828 17,358 9 41 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,097 176,205 49,266 160,787 Total Development Capital Expenditures . . . . . . . $ 412,830 $ 1,141,754 $ 81,192 $ 294,680 Total Capital Expenditures . . . . . . . . . . . . . . . . . . $ 701,733 $ 2,072,952 $ 88,612 $ 318,435 Summary of Capital Expenditures (thousands) Capital Expenditures* Capitalized Exploration Three Months Ended Year Ended Three Months Ended Year Ended

  • Excludes capitalized exploration Record Free Cash Flow Drives Further Balance Sheet Strength Cash and cash equivalents increased by $511 million from the prior quarter, primarily due to cash provided by operating activities resulting from strong operating margins (higher realized gold prices) and favourable changes in non-cash components of working capital (increase in accrued taxes payable as a result of higher operating margins). The increase was partially offset by $801 million of capital expenditures and $501 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.

For the full year 2025, cash and cash equivalents increased by $1,940 million and a total of $950 million of debt was repaid, resulting in a transition from the net debt position of $217 million at the beginning of the year to the net cash position of $2,670 million as at December 31, 2025.

As at December 31, 2025 , the Company's total long-term debt was $196 million . No amounts were outstanding under the Company's unsecured revolving bank credit facility as at December 31, 2025 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.

In 2025, the Company received an upgrade to its credit rating from Moody's Ratings to A3 with a Stable Outlook. This strong investment grade credit rating reflects the Company's strong portfolio of mining assets, continued strengthening of its credit profile and conservative financial policies. The Company strives to maintain a strong financial position and an investment grade balance sheet.

The following table sets out the calculation of net cash (debt).

Net Cash Summary (millions) As at As at As at

Dec 31, 2025 Sep 30, 2025 Dec 31, 2024

Current portion of long-term debt . . . . . . . . . . . . . . . . $ — $ — $ (90) Non-current portion of long-term debt . . . . . . . . . . . . (196) (196) (1,053) Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (196) $ (196) $ (1,143) Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 2,866 2,355 926 Net cash (debt) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,670 $ 2,159 $ (217) Hedges The Company's full year 2026 cost guidance is based on assumed exchange rates of 1.36 C$/US$, 1.18 US$/EUR, 1.40 A$/US$ and 17.50 MXN/US$.

Based on its C$/US$ assumption for 2026 cost estimates, the Company has hedged approximately 40% of the Company's total estimated Canadian dollar exposure for 2026 at an average floor price providing protection in respect of exchange rate movements below 1.38 C$/US$, while allowing for participation in respect of exchange rate movements up to an average of 1.42 C$/US$.

Including the diesel purchased for the Company's Nunavut operations that was delivered as part of the 2025 sealift, approximately 56% of the Company's total estimated diesel exposure for 2026 is hedged at an average benchmark price of $0.69 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility for 2026. The Company's full year 2026 cost guidance is based on an assumed diesel benchmark price of $0.78 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 for 2026. Current hedging positions are not factored into 2026 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the First Quarter of 2026 The Company's Board of Directors has approved an increase in the quarterly dividend of 12.5% and has declared a quarterly cash dividend of $0.45 per common share (previously $0.40 per share) , payable on March 16, 2026 to shareholders of record as of March 2, 2026. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2026 Fiscal Year Record Date Payment Date

March 2, 2026* March 16, 2026*
June 1, 2026 June 15, 2026
September 1, 2026 September 15, 2026
December 1, 2026 December 15, 2026

  • Declared Dividend Reinvestment Plan For information on the Company's dividend reinvestment plan, see: Dividend Reinvestment Plan.

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 at www.investorcentre.com or www.computershare.com/investor.

Normal Course Issuer Bid

In the fourth quarter of 2025 , the Company repurchased 1,784,038 common shares under the NCIB at an average share price of $168.11 for aggregate purchases of $300 million. During the year ended December 31, 2025, the Company repurchased 4,114,150 common shares under the NCIB at an average share price of $145.76 for aggregate purchases of $600 million.

The Company believes that its NCIB is a flexible and effective complementary tool that, together with the quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. Under the NCIB, the Company may purchase a maximum of 5% of the issued and outstanding common shares, subject to maximum authorized purchases of $1 billion. Purchases under the NCIB may continue for up to one year from its commencement on May 4, 2025.

The Company intends to seek approval from the TSX to renew the NCIB for another year in May 2026 on substantially the same terms; but intends to increase its internal limit on purchases to $2 billion of common shares. Additional details will be provided at the time of the renewal.

Fourth Quarter 2025 Sustainability Highlights

  • Focus on Strong Health and Safety Standards – The Company is committed to maintaining high standards of health and safety across its operations. In 2025, the Company delivered solid global safety performance, with a Global Combined Injury Frequency Rate ("GCIFR") of 2.6 per million hours worked, including employees and contractors. Overshadowing good safety performance during the year, there was a tragic fatal incident involving a contractor at Fosterville in early December 2025. Health and safety remains a fundamental priority for the Company, which continues to focus on operating a safe and healthy workplace with the objective being injury and fatality-free
  • Towards Sustainable Mining ("TSM") Leadership Awards – Seven of the Company's operations received a TSM Leadership Award from the Mining Association of Canada, reflecting each operation's excellence across all TSM categories of safety, environmental stewardship and community engagement. This recognition highlights the dedication of our teams to responsible mining practices and continuous improvement across our operations
  • Continued Improvement in Employee Engagement – The Company continued to see year-overyear increases in employee satisfaction as measured in the annual Great Place to Work ® survey.

The survey is driven by employee feedback, reinforcing the Company's shared commitment to creating a positive and collaborative workplace culture, where employee satisfaction and engagement help support strong retention rates across the organization

  • Commitment to Trusted Community Partnerships – The Company completed an independent perception survey across its Canadian and Australian operations, establishing a measurable baseline for community trust and acceptance. The survey provides insight into how communities view the Company's environmental practices, communications, responsiveness and overall social impact. These findings will be used to develop a practical roadmap to strengthen relationships and track community sentiment over time Record Gold Mineral Reserves and Gold Mineral Resources at Year-end 2025 The table below sets out the gold mineral reserves and gold mineral resources as at December 31, 2025 and December 31, 2024.

As at December 31, 2025 As at December 31, 2024

Category Tonnes (000s) Grade (g/t) Gold (000s oz) Tonnes (000s) Grade (g/t) Gold (000s oz) Change in Gold (%) Mineral Reserves

Proven 212,796 0.98 6,731 215,249 0.93 6,433 4.6%
Probable 1,116,755 1.36 48,711 1,061,639 1.40 47,852 1.8%
Total Proven & Probable 1,329,551 1.30 55,442 1,276,888 1.32 54,284 2.1%

Mineral Resources

Measured 113,254 1.28 4,656 111,028 1.23 4,397 5.9%
Indicated 1,086,470 1.21 42,420 1,056,019 1.14 38,553 10.0%
Total Measured & Indicated 1,199,724 1.22 47,076 1,167,047 1.14 42,950 9.6%
Total Inferred 522,289 2.49 41,815 451,483 2.49 36,208 15.5%

For detailed mineral reserves and mineral resources data, including the economic parameters used to estimate the mineral reserves and mineral resources and by-product silver, copper and zinc at the Company's mines and advanced projects for the December 31, 2025 estimate, see "Detailed Mineral Reserve and Mineral Resource Data" and "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below, as well as the Company's exploration news release dated February 12, 2026, and for the December 31, 2024 estimate, see the Company's news release dated February 13, 2025.

Gold Mineral Reserves

Proven and probable gold mineral reserves increased by 2.1% to a record of 55.4 million ounces as at December 31, 2025. The increase in mineral reserves at December 31, 2025 is the result of the replacement of 3.0 million ounces of gold mined from operating assets, including Odyssey, Meliadine, LaRonde, Goldex, Fosterville and Macassa, combined with the acquisition of the Marban project, where initial mineral reserves were declared at year-end 2025.

Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions that include Detour Lake open pit using $1,500 per ounce; Amaruq and Pinos Altos using $2,000 per ounce; and variable assumptions for some other pipeline projects, including Marban and Wasamac using $1,650 per ounce. See "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below for more details.

Gold Mineral Resources

Measured and indicated gold mineral resources increased by 9.6% to a record of 43.0 million ounces as at December 31, 2025. The year-over-year increase in measured and indicated mineral resources is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5 ("LZ5") and Meliadine, partially offset by the upgrade of mineral resources to mineral reserves at Meliadine, Macassa, LZ5 and Fosterville.

Inferred gold mineral resources increased by 15.5% to a record of 36.2 million ounces as at December 31, 2025. The year-over-year increase in inferred mineral resources is primarily due to exploration drilling success at Odyssey, Hope Bay and Detour Lake underground. The grade of the inferred mineral resources at year-end 2025 remained unchanged at 2.49 g/t gold compared to the prior year.

Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions that include $2,400 per ounce of gold used for Amaruq; $2,400 per ounce of gold and $28.00 per ounce of silver used for Pinos Altos; and variable assumptions for some other sites and pipeline projects. See "Assumptions used for the December 31, 2025 mineral reserve and mineral resource estimates reported by the Company" below for more details.

Pipeline Projects Continue to Advance – Building the Next Phase of Growth; Opportunities to Further Enhance Longer-Term Production The Company is advancing a disciplined growth strategy aimed at enhancing the gold production profile in the short-term and supporting a pathway to increase annual gold production by 20-30% over the next decade, with the potential to exceed 4.0 million ounces in the early 2030s . The Company believes that this plan balances responsible, phased investment with a continued focus on exploration success, operational excellence and delivering strong returns to shareholders. The Company believes this growth strategy carries low execution and jurisdictional risk, as it is anchored in the expansions of world-class assets at Canadian Malartic and Detour Lake, as well as new mines in regions where the Company operates and has operating and technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling, risk-adjusted returns.

Key Project

2026 Gold Production Guidance (000s oz) Anticipated Production Ramp-up Year Anticipated Incremental Annual Gold Production* (000s oz) Anticipated Incremental Annual Copper Production (tonnes)

Canadian Malartic 575 — 590 2033 400 — 500 —
Detour Lake 700 — 715 2030 300 — 350 —
Upper Beaver — 2030 200 — 225 3,600

Hope Bay — 2030 400 — 425 —

San Nicolás (50%)** — 2030 — 50,000 - 60,000

  • The forecast parameters were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For a description see "Notes to Investors Regarding Certain Project Evaluations" below ** San Nicolás incremental annual production also includes approximately 150,000 to 160,000 tonnes of zinc in first eight years of production and 20,000 to 30,000 tonnes of zinc in subsequent years The Company's growth strategy includes the potential development of five organic projects that together could add up to an estimated 1.3 to 1.5 million ounces of annual gold production, along with 50,000 to 60,000 tonnes of copper and 150,000 to 160,000 tonnes of zinc per year, with ramp-up expected to begin starting in 2030. Construction activities at Canadian Malartic and the development of the exploration shaft and ramp at Upper Beaver are progressing ahead of schedule, while the development of the exploration ramp remains on schedule at Detour Lake. At Hope Bay, surface infrastructure upgrades have been completed, supporting a potential construction decision in the first half of 2026. At San Nicolás, the joint venture continues to advance the feasibility study and detailed engineering, while supporting the permitting process. Additional details on each of these projects are set out below.

Canadian Malartic – Potential for 400,000 to 500,000 ounces of incremental annual gold production The Company continues to advance the transition to underground mining with the construction of the Odyssey mine. Once the Barnat pit at Canadian Malartic is depleted in 2029, annual gold production is expected to be in the range of 550,000 to 600,000 ounces, supported by an underground mining rate of approximately 19,000 tpd from four deposits. At that time, the processing plant is expected to have approximately 40,000 tpd of excess capacity. The Company is advancing three projects to potentially utilize a portion of this excess capacity and position Canadian Malartic to ramp-up toward one million ounces of annual gold production starting in 2033. These projects include (i) a second shaft at Odyssey, (ii) the development of a satellite open pit at Marban and (iii) the development of the Wasamac underground project. Marban and Wasamac are located approximately 12 kilometres and 100 kilometres from the Canadian Malartic mill, respectively.

Odyssey mine

Exploration drilling in 2025 continued to expand the mineral reserves and mineral resources at the Odyssey mine, further demonstrating the quality and scale of the East Gouldie and Odyssey deposits. The table below sets out the mineral reserve and mineral resources at the Odyssey mine.

Mineral Reserve and Mineral Resources – Odyssey mine (100% basis)

As at December 31, 2025 As at December 31, 2022*

Category Tonnes (000s) Grade (g/t) Gold (000s oz) Tonnes (000s) Grade (g/t) Gold (000s oz) Change in Gold Ounces (000s oz) Mineral Reserves

Proven & Probable 59,730 3.14 6,026 2,757 2.22 197 5,829

Mineral Resources

Measured & Indicated 57,757 1.85 3,442 64,202 2.99 6,165 (2,723)
Inferred 177,729 2.21 12,652 132,442 2.17 9,233 3,419

  • See the Company's news release dated June 20, 2023 for the June 2023 technical update that was based on the December 31, 2022 mineral reserve and mineral resource estimate The June 2023 technical update incorporated approximately 9.0 m

← Back to feed