Kittila Court Decision Issued – Kittila'S Operating Permit Restored to 2 Million Tonnes PER Annum; Total 2023 GOLD Production Now Expected to Be Near Upper End of Annual Guidance Range
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Stock Symbol: AEM (NYSE and TSX)
For further information: Investor Relations
(416) 947-1212
KITTILA COURT DECISION ISSUED – KITTILA'S OPERATING PERMIT RESTORED TO 2 MILLION
TONNES PER ANNUM; TOTAL 2023 GOLD PRODUCTION NOW EXPECTED TO BE NEAR UPPER
END OF ANNUAL GUIDANCE RANGE
Toronto (October 27, 2023) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or
the "Company") today announced that the Supreme Administrative Court of Finland ("SAC") issued its ruling
on Kittila's operating permit and has restored Kittila's operating permit to 2 million tonnes per annum ("mtpa").
"We are pleased with the positive ruling by the Supreme Administrative Court of Finland, which allows Kittila
to continue to operate at a rate of 2 mtpa. This ruling is consistent with our excellent environmental
performance at Kittila, where we are well below the environmental emission limits . We now expect
approximately 30,000 ounces of additional production from t he Kittila mine in the fourth quarter of 2023 and
we are now expecting to be near the upper end of our total annual production guidance of between 3.24
million ounces to 3.44 million ounces of gold in 2023," said Ammar Al-Joundi, Agnico Eagle's President and
Chief Executive Officer.
In 2020, the Regional State Administrative Agency of Northern Finland granted Agnico Eagle Finland Oy
("Agnico Finland") environmental and water permits that would allow Agnico F inland to enlarge the CIL2
tailings storage facility, expand the operations of the Kittila mine to 2.0 mtpa and build a new discharge
waterline. The permits were subsequently appealed to the Vaasa Administrative Court in Finland. The
appeals were granted, in part, in July 2022 with the result that the permits were returned for reconsideration
by the Regional St ate Administrative Agency of Northern Finland . In August 2022, the Company appealed
the decisions of the Vaasa Administrative Court to the SAC and requested that the SAC restore the permits.
No further appeals are available.
On October 27, 2023, the SAC confirmed that the environmental permits granted to Agnico Finland in 2020
remain valid and production can continue at a rate of 2.0 mtpa in accordance with the permit. The Company
operated Kittila at an annualized rate of 2.0 mtpa in the first nine months of 2023 and is now expected to
maintain that production rate through the fourth quarter of 2023, providing approximately 30,000 ounces of
additional gold production. Overall, the Company now expects gold production to be near the upper end of
its annual production guidance of between 3.24 million ounces to 3.44 million ounces per year in 2023.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in
Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects
in these countries as well as in the United St ates. Agnico Eagle is a partner of choice within the mining
industry, recognized globally for its leading environmental, social and governance practices. The Company
was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every
year since 1983.
Further Information
For further information regarding Agnico Eagle, contact Investor Relations at
[email protected] or call (416) 947-1212.
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Forward-Looking Statements
The information in this news release has been prepared as at October 27, 2023. Certain statements
contained in this news release constitute "forward- looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions
of Canadian provincial securities laws and are referred to herein as "forward -looking statements". All
statements, other than statements of historical fact, that address circumstances, events, activi ties or
developments that could, or may or will occur are forward looking statements. When used in this news
release, the words "achieve", "aim", "anticipate", "could", "estimate", "expect", "forecast", "future", "plan",
"possible", "potential", "schedule", "target", "tracking", "will", and similar expressions are intended to identify
forward-looking statements. Such statements include, without limitation: the Company's forward- looking
guidance, including gold production; the potential for additional gold production at Kittila; the Company's
ability to obtain the necessary permits and authorizations in connection with its proposed or current
exploration, development and mining operations and the anticipated timing thereof; and operations at and
expansion of the Kittila mine following the decision of the Fin nish courts and administrative bodies. Such
statements reflect the Company's views as at the date of this news release and are subject to certain risks,
uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-
looking statements are necessarily based upon a number of factors and assumptions that, while considered
reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The material factors and assumptions used in
the preparation of the forward looking statements contained herein, which may prove to be incorrect, include,
but are not limited to, the assumptions set forth herein and in the Company 's earnings release for the third
quarter of 2023 issued on October 25, 2023, management's discussion and analysis ("MD&A") and the
Company's Annual Information Form ("AIF") for the year ended December 31, 2022 filed with Canadian
securities regulators and that are incl uded in its Annual Report on Form 40- F for the year ended December
31, 2022 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that
there are no significant disruptions affecting operations; that production, permitting, development, expansion
and the ramp- up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with
current expectations and plans; that the relevant metal prices, foreign exchange rates and prices for key
mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's
expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades
and metal recovery are accurate; that seismic activity at the Company's operations at LaRonde, Goldex and
other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining
operations are successful; that the Company's current plans to optimize production are successful; that there
are no material variations in the current tax and regulatory environment; that governments, the Company or
others do not take additional measures in response to the COVID-19 pandemic or otherwise that, individually
or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that
measures taken relating to, or other effects of, the COVID -19 pandemic do not affect the Company's ability
to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could
cause the actual results to be materially different from those expressed or implied by such forward looking
statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals;
uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates;
uncertainty of future production, project development, capital expenditures and other costs; foreign exchange
rate fluctuations; inflationary pressures; financi ng of additional capital requirements; cost of exploration and
development programs; seismic activity at the Company's operations, including the LaRonde complex and
Goldex mine; mining risks; community protests, including by First Nations groups; risks ass ociated with
foreign operations; governmental and environmental regulation; the volatility of the Company's stock price;
risks associated with the Company's currency, fuel and by -product metal derivative strategies; the current
rising interest rate environ ment; the potential for major economies to encounter a slowdown in economic
activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe
and the Middle East; and the extent and manner to which COVID -19, its variants, and other communicable
diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate
the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks
and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-
looking statements contained in this news release, see the AIF and MD&A filed on SEDAR at
www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's
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other filings with the Canadian securities regulators and the SEC. Other than as required by law, the
Company does not intend, and does not assume any obligation, to update these forward-looking statements.