AGNICO EAGLE MINES LTD — Call Transcript 2025

Thank you, Courtney. Apparently, it's very serious. I'm not supposed to, it's the first time I present here. Normally, I would do a joke. I will not. In the room, we have the group of Agnico Eagle. They are phoning me again on my watch just to make sure I will be fully concentrated. Good day, Australia. They said, OK, good. Thank you, Courtney. Let's go. I will not burn all of the time. Good morning, everyone. It's really a pleasure to be today at Diggers and Dealers. Quite impressed with everything organized. It's the second year I'm coming. I really appreciate the opportunity to present Agnico Eagle. In fact, 37 years ago, I started with Agnico Eagle from a very small mining company to now what is, in fact, a global enterprise worldwide. We are the second largest by market capitalization gold company in the world. It's not too bad. I will give you a good perspective on what we were able to accomplish and what is our vision moving forward. Please note the cautionary statement on forward-looking information. Also, all of the currency are in the U.S. dollar. Before going any further, I would like to acknowledge the traditional owners of the country where we are meeting today. I pay my respects to their culture, to the eldest past, present, and emerging. Agnico Eagle, what is our strategy? It's quite simple. We focus on a region with high geological potential and political stability, allowing us to develop mines for decades to come. More than in any region, we're looking not just to have one mine, but eventually develop a regional platform. We are global, but we are regional-oriented. We are currently in four countries: Canada, Australia, Finland, and Mexico. The majority, you can see on the chart on the right, the majority of our production, 85%, comes from Canada and northern Ontario, northern Quebec, northwest Quebec, and in Nunavut. Nunavut, it's quite north and colder than here, to be honest. When we developed this, we were able to build a competitive advantage with the different entrepreneurs or service providers. That was the core of building our business. In Canada itself, we have 12,000 employees currently. We are an employer of choice. One of the competitive advantages we have, as I mentioned, with the contractor, with the entrepreneur, with the different stakeholders, we have also our competitive advantage, we will say, I will resume in terms of the technical ability to advance our different projects. It's not too big, the team, but it's not too small. We have in the field of the different expertise, geology, mining, metallurgy, and all related to the business, we are able to support our operation to be able to improve them. In parallel, we are also able to develop our projects that we have in the pipeline. This is an angle that we, and I will come back, this is an angle that we, on this later on, this is an angle that makes a huge difference from our perspective to be where we are at this point of time. If you look at our track record over the last 20 years, you can see on the slide from 2005-2024, we passed from one operating mine to 11 currently operating mines. We were in one country. Now we are in four countries. In terms of the production profile, we're at 240,000 oz, and now we're near 3.5 million oz. The production that we'll be able to sustain moving forward, and we see some growth I will explain later on. On the key metrics, per share metrics, if you look at the three other components, we were able to substantially improve the return to our shareholders mainly on the per 1,000 share, the production per ounce, the ounces per 1,000 share, the EBITDA per 1,000 share, and as well as if you look at bottom line, the dividend. We pay dividends for many, many years. In fact, we never reduced since I'm with the company. We never cut the dividend. It was always a dividend. It's quite decent, $1.60 U.S. per share on an annual basis. You can see on the chart also in terms of our gold production, the last quarter that we just reported, we produced 866,000 oz at the cash cost, all-in sustaining cost, CAD 1,293. It's sustained. It's stable. We are within our guidance, maybe slightly above looking forward statement at the beginning. If you look at the chart below, we're able to increase the all-in sustaining cost margin percentage. Everything we do, we were able, with the technical support, with the good operation team we have, to be able to participate in the margin expansion with the price of gold going up. We are very proud, and we are working really to return as much as we can to our shareholders. To be able to develop this, we have our strategy. It's quite simple. We look to develop more and more the pipeline looking forward in the long-term pipeline. In terms of evaluation of our different project potential investment that we do, we have a dedicated team working closely with. We have our project evaluation working with the technical services and the exploration group. Exploration is key for us. This is what makes a difference to build the company we are. If you look just in terms of our exploration program, to be able to add value in the area that we focus mainly, it's resource conversion. In terms of where we have any mines, what can we explore around to be able to continue to feed our operation or the processing facilities that we have and expand mineral resources, it's one of the key drivers. This year, in 2025, the budget is above $500 million-$525 million U.S. just in terms of exploration. In terms of the drill, we have 121 drills presently worldwide for a budget above CAD 300 million. In parallel, we are, and I will talk later on, we are advancing exploration infrastructure for close to CAD 150 million. Finally, in terms of the technical study, advancing our project slightly above CAD 70 million. You have on this slide also two examples of how we're able to, when we develop a project or we move, how we're able through exploration, through the different studies, we're able to increase the value. At Kittilä, in 2005, we acquired read or written resources. Kittilä is in Finland. You see the base on resources, what we're able to achieve. Also in Nunavut Meadowbank, when we did the acquisition in 2007, from Cumberland Resources, we were able to expand the resource. For sure, we are continuing to mine it. It's a proven model that adds value. Just to give you a perspective in terms of our strategy, I took the example of in Canada, the northern Ontario and northwest of Quebec, the consolidation that we were able to do over years. Based on this, what you can see, we were able to acquire 50% of [Yamana] in 2014. We were successful to acquire the other half in 2023. We added Upper Beaver, what is an arbiter close of Macassa in Kirkland Lake. We did the merge with Kirkland Lake Gold in 2022, what brought also Fosterville into the equation. Adding Wasamac and more recently, O3 Mining in Quebec with the Project Marban. All of this presently from, you look at Canadian Malartic 2014 to now, you see again the expansion in terms of the resource base and the detour from 2020 when Kirkland Lake Gold acquired them and where we are at this point of time. Our intention is always the same. How can we continue to add value? One of the key elements is always through the drill bit. After being able to support the study and support the operation, maintaining a very decent cash cost of operation, sorry, and be able to deliver for our shareholders. Canadian Malartic, more as an example. Our plan is to go to a million oz in 2030. Bottom line, Canadian Malartic, it's a large open pit in Quebec, Canada, and 60,000 tons per day mill capacity. We have, through exploration, been able to discover an extension underground. We approved the sinking of a shaft, and it's already in operation. We continue to sink the shaft, and this will transit from 60,000 tons per day at 1 gram-ish to 20,000 tons per day from underground at 3 g. It gives us a 40,000 tons mill capacity in excess. On this presently, with continuous explorations, I feel I repeat myself, exploration. We have Guy Gosselin in the room. He is our Head of Exploration, so probably he will be very happy. Normally, I don't talk that much about the group, but we are very proud of them. We are looking to add another shaft to add more because of the size of the orebody. In excess of it, we will add the Marban Project that we just did the acquisition. It's roughly 13 km from the mill, so we are conducting a study now, and we anticipate to be in a position to bring the ore to the mill. We have also acquired Wasamac when we did the other half of Canadian Malartic. All this combined shows us that we will be in a position to produce a million ounces per year at Canadian Malartic. It gives you an example of the way we are working, really oriented with regional opportunity, how we can build from one asset and we can expand. Now, with the merge with Kirkland Lake Gold, we were fortunate to have a Fosterville mine operation. Listen, this is a good operation. Recently, they have the long-term approval, so we see at least another decade of operation. We're working to improve the asset and probably increase slightly the throughput to maintain a decent operation. On this side, we are aggressive on exploration. I don't know who knows Ian in the room. He has a strong accent. I'm telling you, he has a very strong accent. I have a hard time to understand when he talks to me. After a few beers, I understood that he said there is another one zone. We are investing more on exploration, not more, but we are aggressive on exploration. We would like to discover the full potential of Fosterville. The budget is quite substantial, as on the other projects that we have across the organization. In Australia, we are in Northern Territory. We own the entire Pine Creek District. We have a mill facility, a permitted mill process plant, and a tailing facility. It's in care and maintenance. We are doing study. We are doing also exploration. We're looking if there is an opportunity to restart the operation. Stay tuned. We will update you. We don't have a time on this, but five, yeah, good. I have 13 or 12 from Agnico Eagle. They are watching me. On this, we have five. I have five minutes. We have five key projects in our pipeline. We have a lot of projects. The major one that we are working on presently, it's to advance those projects, the study, to be able to continue to build our production profile and maintain and be sustainable. The first one is the detour. Mainly the detour. The key point is last year, we approved an exploration ramp. We will go underground. We will do a bulk sample. We will be in a position to confirm the continuity and the grade. We anticipate in 2027 to be in a position to move forward. We perceive this. It's a good addition with a higher grade to help, not help, but this is our vision also for the detour to go at a million ounces per year in the 2030-ish. [Yamana], I will not go in more detail. The study is expected in the first half of 2027. Now, Upper Beaver, it's another orebory, 10% copper in terms of revenue versus gold. We will need to have a process plant with the flotation circuit. We'll not use what we have at Macassa. We will be able to use the infrastructure or the synergy out there. We are doing an exploration shaft. Everything will be properly positioned or built to allow us to go in operation. We are doing in parallel an exploration ramp again to bulk sample, continuity of the arbory, and the grade. We prefer to be disciplined in having a prudent approach before making a final decision in terms of moving forward in operation. Now, Hope Bay in Nunavut. We have currently metal bank and Meliadine in Nunavut. We want to stay in Nunavut. We want to expand. In 2021, we acquired TMAC. From there, we decided to put in care and maintenance. It's challenging operating in the north remotely. We just decided to invest massively in exploration. Based on our experience, we need roughly 400,000 oz. We are looking at 10 years of operation. We're successful in operation. The exploration continues. The study is advancing well. We anticipate in the first half of 2026 to be in a position to update the market and potentially make a decision. In terms of Mexico, we have our JV that we recently did. We are advancing with Teck. We are advancing. This is a VMS. We're advancing the feasibility study. The permitting is all in place. We are expecting by the end of the year or early next year to be in a position to make a decision. That summarizes high-level Agnico Eagle. Across all of the regions we operate, if you recall, I said high geological potential and political stability. We are working in partnership. We're looking to have partners. When we do any investment or we work with others, we want to make sure that we'll participate, but not just financially when we invest, but also on the technical side. We are not shy to share our expertise to help to develop other projects. When time happens, if it happens, we want to be the best partner. I would like to thank the organization committee, Diggers and Dealers. Very great. I'm very pleased to be here. Thank you for listening to my presentation. Sorry for the accent. OK, but I decided to do it anyway. No, I'm not sorry. OK, so thank you.

Speaker 1: Thank you, Courtney. Apparently, it's very serious. I'm not supposed to, it's the first time I present here. Normally, I would do a joke. I will not. In the room, we have the group of Agnico Eagle. They are phoning me again on my watch just to make sure I will be fully concentrated. Good day, Australia. They said, OK, good. Thank you, Courtney. Let's go. I will not burn all of the time. Good morning, everyone. It's really a pleasure to be today at Diggers and Dealers. Quite impressed with everything organized. It's the second year I'm coming. I really appreciate the opportunity to present Agnico Eagle. In fact, 37 years ago, I started with Agnico Eagle from a very small mining company to now what is, in fact, a global enterprise worldwide. We are the second largest by market capitalization gold company in the world. Thank you, Courtney. thank you courtney Apparently, it's very serious. apparently it's very serious I'm not supposed to, it's the first time I present here. i'm not supposed to it's the first time i present here Normally, I would do a joke. normally i would do a joke I will not. i will not In the room, we have the group of Agnico Eagle. in the room we have the group of agnico eagle They are phoning me again on my watch just to make sure I will be fully concentrated. they are phoning me again on my watch just to make sure i will be fully concentrated Good day, Australia. good day australia They said, OK, good. they said ok good Thank you, Courtney. thank you courtney Let's go. let's go I will not burn all of the time. i will not burn all of the time Good morning, everyone. good morning everyone It's really a pleasure to be today at Diggers and Dealers. it's really a pleasure to be today at diggers and dealers Quite impressed with everything organized. quite impressed with everything organized It's the second year I'm coming. it's the second year i'm coming I really appreciate the opportunity to present Agnico Eagle. i really appreciate the opportunity to present agnico eagle In fact, 37 years ago, I started with Agnico Eagle from a very small mining company to now what is, in fact, a global enterprise worldwide. in fact 37 years ago i started with agnico eagle from a very small mining company to now what is in fact a global enterprise worldwide We are the second largest by market capitalization gold company in the world. we are the second largest by market capitalization gold company in the world It's not too bad. I will give you a good perspective on what we were able to accomplish and what is our vision moving forward. Please note the cautionary statement on forward-looking information. Also, all of the currency are in the U.S. dollar. Before going any further, I would like to acknowledge the traditional owners of the country where we are meeting today. I pay my respects to their culture, to the eldest past, present, and emerging. Agnico Eagle, what is our strategy? It's quite simple. We focus on a region with high geological potential and political stability, allowing us to develop mines for decades to come. More than in any region, we're looking not just to have one mine, but eventually develop a regional platform. We are global, but we are regional-oriented. We are currently in four countries: Canada, Australia, Finland, and Mexico. It's not too bad. it's not too bad I will give you a good perspective on what we were able to accomplish and what is our vision moving forward. i will give you a good perspective on what we were able to accomplish and what is our vision moving forward Please note the cautionary statement on forward-looking information. please note the cautionary statement on forward-looking information Also, all of the currency are in the U.S. dollar. also all of the currency are in the u.s dollar Before going any further, I would like to acknowledge the traditional owners of the country where we are meeting today. before going any further i would like to acknowledge the traditional owners of the country where we are meeting today I pay my respects to their culture, to the eldest past, present, and emerging. i pay my respects to their culture to the eldest past present and emerging Agnico Eagle, what is our strategy? agnico eagle what is our strategy It's quite simple. it's quite simple We focus on a region with high geological potential and political stability, allowing us to develop mines for decades to come. we focus on a region with high geological potential and political stability allowing us to develop mines for decades to come More than in any region, we're looking not just to have one mine, but eventually develop a regional platform. more than in any region we're looking not just to have one mine but eventually develop a regional platform We are global, but we are regional-oriented. we are global but we are regional-oriented We are currently in four countries: Canada, Australia, Finland, and Mexico. we are currently in four countries canada australia finland and mexico The majority, you can see on the chart on the right, the majority of our production, 85%, comes from Canada and northern Ontario, northern Quebec, northwest Quebec, and in Nunavut. Nunavut, it's quite north and colder than here, to be honest. When we developed this, we were able to build a competitive advantage with the different entrepreneurs or service providers. That was the core of building our business. In Canada itself, we have 12,000 employees currently. We are an employer of choice. One of the competitive advantages we have, as I mentioned, with the contractor, with the entrepreneur, with the different stakeholders, we have also our competitive advantage, we will say, I will resume in terms of the technical ability to advance our different projects. It's not too big, the team, but it's not too small. The majority, you can see on the chart on the right, the majority of our production, 85%, comes from Canada and northern Ontario, northern Quebec, northwest Quebec, and in Nunavut. the majority you can see on the chart on the right the majority of our production 85% comes from canada and northern ontario northern quebec northwest quebec and in nunavut Nunavut, it's quite north and colder than here, to be honest. nunavut it's quite north and colder than here to be honest When we developed this, we were able to build a competitive advantage with the different entrepreneurs or service providers. when we developed this we were able to build a competitive advantage with the different entrepreneurs or service providers That was the core of building our business. that was the core of building our business In Canada itself, we have 12,000 employees currently. in canada itself we have 12,000 employees currently We are an employer of choice. we are an employer of choice One of the competitive advantages we have, as I mentioned, with the contractor, with the entrepreneur, with the different stakeholders, we have also our competitive advantage, we will say, I will resume in terms of the technical ability to advance our different projects. one of the competitive advantages we have as i mentioned with the contractor with the entrepreneur with the different stakeholders we have also our competitive advantage we will say i will resume in terms of the technical ability to advance our different projects It's not too big, the team, but it's not too small. it's not too big the team but it's not too small We have in the field of the different expertise, geology, mining, metallurgy, and all related to the business, we are able to support our operation to be able to improve them. In parallel, we are also able to develop our projects that we have in the pipeline. This is an angle that we, and I will come back, this is an angle that we, on this later on, this is an angle that makes a huge difference from our perspective to be where we are at this point of time. If you look at our track record over the last 20 years, you can see on the slide from 2005-2024, we passed from one operating mine to 11 currently operating mines. We were in one country. Now we are in four countries. We have in the field of the different expertise, geology, mining, metallurgy, and all related to the business, we are able to support our operation to be able to improve them. we have in the field of the different expertise geology mining metallurgy and all related to the business we are able to support our operation to be able to improve them In parallel, we are also able to develop our projects that we have in the pipeline. in parallel we are also able to develop our projects that we have in the pipeline This is an angle that we, and I will come back, this is an angle that we, on this later on, this is an angle that makes a huge difference from our perspective to be where we are at this point of time. this is an angle that we and i will come back this is an angle that we on this later on this is an angle that makes a huge difference from our perspective to be where we are at this point of time If you look at our track record over the last 20 years, you can see on the slide from 2005- 2024, we passed from one operating mine to 11 currently operating mines. if you look at our track record over the last 20 years you can see on the slide from 2005- 2024 we passed from one operating mine to 11 currently operating mines We were in one country. we were in one country Now we are in four countries. now we are in four countries In terms of the production profile, we're at 240,000 oz, and now we're near 3.5 million oz. The production that we'll be able to sustain moving forward, and we see some growth I will explain later on. On the key metrics, per share metrics, if you look at the three other components, we were able to substantially improve the return to our shareholders mainly on the per 1,000 share, the production per ounce, the ounces per 1,000 share, the EBITDA per 1,000 share, and as well as if you look at bottom line, the dividend. We pay dividends for many, many years. In fact, we never reduced since I'm with the company. We never cut the dividend. It was always a dividend. It's quite decent, $1.60 U.S. per share on an annual basis. In terms of the production profile, we're at 240,000 oz, and now we're near 3.5 million oz. in terms of the production profile we're at 240,000 oz and now we're near 3.5 million oz The production that we'll be able to sustain moving forward, and we see some growth I will explain later on. the production that we'll be able to sustain moving forward and we see some growth i will explain later on On the key metrics, per share metrics, if you look at the three other components, we were able to substantially improve the return to our shareholders mainly on the per 1,000 share, the production per ounce, the ounces per 1,000 share, the EBITDA per 1,000 share, and as well as if you look at bottom line, the dividend. on the key metrics per share metrics if you look at the three other components we were able to substantially improve the return to our shareholders mainly on the per 1,000 share the production per ounce the ounces per 1,000 share the ebitda per 1,000 share and as well as if you look at bottom line the dividend We pay dividends for many, many years. we pay dividends for many many years In fact, we never reduced since I'm with the company. in fact we never reduced since i'm with the company We never cut the dividend. we never cut the dividend It was always a dividend. it was always a dividend It's quite decent, $1.60 U.S. per share on an annual basis. it's quite decent $1.60 u.s per share on an annual basis You can see on the chart also in terms of our gold production, the last quarter that we just reported, we produced 866,000 oz at the cash cost, all-in sustaining cost, CAD 1,293. It's sustained. It's stable. We are within our guidance, maybe slightly above looking forward statement at the beginning. If you look at the chart below, we're able to increase the all-in sustaining cost margin percentage. Everything we do, we were able, with the technical support, with the good operation team we have, to be able to participate in the margin expansion with the price of gold going up. We are very proud, and we are working really to return as much as we can to our shareholders. To be able to develop this, we have our strategy. It's quite simple. We look to develop more and more the pipeline looking forward in the long-term pipeline. You can see on the chart also in terms of our gold production, the last quarter that we just reported, we produced 866,000 oz at the cash cost, all-in sustaining cost, CAD 1,293. you can see on the chart also in terms of our gold production the last quarter that we just reported we produced 866,000 oz at the cash cost all-in sustaining cost cad 1,293 It's sustained. it's sustained It's stable. it's stable We are within our guidance, maybe slightly above looking forward statement at the beginning. we are within our guidance maybe slightly above looking forward statement at the beginning If you look at the chart below, we're able to increase the all-in sustaining cost margin percentage. if you look at the chart below we're able to increase the all-in sustaining cost margin percentage Everything we do, we were able, with the technical support, with the good operation team we have, to be able to participate in the margin expansion with the price of gold going up. everything we do we were able with the technical support with the good operation team we have to be able to participate in the margin expansion with the price of gold going up We are very proud, and we are working really to return as much as we can to our shareholders. we are very proud and we are working really to return as much as we can to our shareholders To be able to develop this, we have our strategy. to be able to develop this we have our strategy It's quite simple. it's quite simple We look to develop more and more the pipeline looking forward in the long-term pipeline. we look to develop more and more the pipeline looking forward in the long-term pipeline In terms of evaluation of our different project potential investment that we do, we have a dedicated team working closely with. We have our project evaluation working with the technical services and the exploration group. Exploration is key for us. This is what makes a difference to build the company we are. If you look just in terms of our exploration program, to be able to add value in the area that we focus mainly, it's resource conversion. In terms of where we have any mines, what can we explore around to be able to continue to feed our operation or the processing facilities that we have and expand mineral resources, it's one of the key drivers. This year, in 2025, the budget is above $500 million-$525 million U.S. just in terms of exploration. In terms of evaluation of our different project potential investment that we do, we have a dedicated team working closely with. in terms of evaluation of our different project potential investment that we do we have a dedicated team working closely with We have our project evaluation working with the technical services and the exploration group. we have our project evaluation working with the technical services and the exploration group Exploration is key for us. exploration is key for us This is what makes a difference to build the company we are. this is what makes a difference to build the company we are If you look just in terms of our exploration program, to be able to add value in the area that we focus mainly, it's resource conversion. if you look just in terms of our exploration program to be able to add value in the area that we focus mainly it's resource conversion In terms of where we have any mines, what can we explore around to be able to continue to feed our operation or the processing facilities that we have and expand mineral resources, it's one of the key drivers. in terms of where we have any mines what can we explore around to be able to continue to feed our operation or the processing facilities that we have and expand mineral resources it's one of the key drivers This year, in 2025, the budget is above $500 million- $525 million U.S. just in terms of exploration. this year in 2025 the budget is above $500 million- $525 million u.s just in terms of exploration In terms of the drill, we have 121 drills presently worldwide for a budget above CAD 300 million. In parallel, we are, and I will talk later on, we are advancing exploration infrastructure for close to CAD 150 million. Finally, in terms of the technical study, advancing our project slightly above CAD 70 million. You have on this slide also two examples of how we're able to, when we develop a project or we move, how we're able through exploration, through the different studies, we're able to increase the value. At Kittilä, in 2005, we acquired read or written resources. Kittilä is in Finland. You see the base on resources, what we're able to achieve. Also in Nunavut Meadowbank, when we did the acquisition in 2007, from Cumberland Resources, we were able to expand the resource. For sure, we are continuing to mine it. It's a proven model that adds value. In terms of the drill, we have 121 drills presently worldwide for a budget above CAD 300 million. in terms of the drill we have 121 drills presently worldwide for a budget above cad 300 million In parallel, we are, and I will talk later on, we are advancing exploration infrastructure for close to CAD 150 million. in parallel we are and i will talk later on we are advancing exploration infrastructure for close to cad 150 million Finally, in terms of the technical study, advancing our project slightly above CAD 70 million. finally in terms of the technical study advancing our project slightly above cad 70 million You have on this slide also two examples of how we're able to, when we develop a project or we move, how we're able through exploration, through the different studies, we're able to increase the value. you have on this slide also two examples of how we're able to when we develop a project or we move how we're able through exploration through the different studies we're able to increase the value At Kittilä, in 2005, we acquired read or written resources. at kittilä in 2005 we acquired read or written resources Kittilä is in Finland. kittilä is in finland You see the base on resources, what we're able to achieve. you see the base on resources what we're able to achieve Also in Nunavut Meadow bank, when we did the acquisition in 2007, from Cumberland Resources, we were able to expand the resource. also in nunavut meadow bank when we did the acquisition in 2007 from cumberland resources we were able to expand the resource For sure, we are continuing to mine it. for sure we are continuing to mine it It's a proven model that adds value. it's a proven model that adds value Just to give you a perspective in terms of our strategy, I took the example of in Canada, the northern Ontario and northwest of Quebec, the consolidation that we were able to do over years. Based on this, what you can see, we were able to acquire 50% of [Yamana] in 2014. We were successful to acquire the other half in 2023. We added Upper Beaver, what is an arbiter close of Macassa in Kirkland Lake. We did the merge with Kirkland Lake Gold in 2022, what brought also Fosterville into the equation. Adding Wasamac and more recently, O3 Mining in Quebec with the Project Marban. Just to give you a perspective in terms of our strategy, I took the example of in Canada, the northern Ontario and northwest of Quebec, the consolidation that we were able to do over years. just to give you a perspective in terms of our strategy i took the example of in canada the northern ontario and northwest of quebec the consolidation that we were able to do over years Based on this, what you can see, we were able to acquire 50% of [Yamana] in 2014. based on this what you can see we were able to acquire 50% of [yamana] in 2014 We were successful to acquire the other half in 2023. we were successful to acquire the other half in 2023 We added Upper Beaver, what is an arbiter close of Macassa in Kirkland Lake. we added upper beaver what is an arbiter close of macassa in kirkland lake We did the merge with Kirkland Lake Gold in 2022, what brought also Fosterville into the equation. we did the merge with kirkland lake gold in 2022 what brought also fosterville into the equation Adding Wasamac and more recently, O3 Mining in Quebec with the Project Marban. adding wasamac and more recently o3 mining in quebec with the project marban All of this presently from, you look at Canadian Malartic 2014 to now, you see again the expansion in terms of the resource base and the detour from 2020 when Kirkland Lake Gold acquired them and where we are at this point of time. Our intention is always the same. How can we continue to add value? One of the key elements is always through the drill bit. After being able to support the study and support the operation, maintaining a very decent cash cost of operation, sorry, and be able to deliver for our shareholders. Canadian Malartic, more as an example. Our plan is to go to a million oz in 2030. Bottom line, Canadian Malartic, it's a large open pit in Quebec, Canada, and 60,000 tons per day mill capacity. We have, through exploration, been able to discover an extension underground. All of this presently from, you look at Canadian Malartic 2014 to now, you see again the expansion in terms of the resource base and the detour from 2020 when Kirkland Lake Gold acquired them and where we are at this point of time. all of this presently from you look at canadian malartic 2014 to now you see again the expansion in terms of the resource base and the detour from 2020 when kirkland lake gold acquired them and where we are at this point of time Our intention is always the same. our intention is always the same How can we continue to add value? how can we continue to add value One of the key elements is always through the drill bit. one of the key elements is always through the drill bit After being able to support the study and support the operation, maintaining a very decent cash cost of operation, sorry, and be able to deliver for our shareholders. after being able to support the study and support the operation maintaining a very decent cash cost of operation sorry and be able to deliver for our shareholders Canadian Malartic, more as an example. canadian malartic more as an example Our plan is to go to a million oz in 2030. our plan is to go to a million oz in 2030 Bottom line, Canadian Malartic, it's a large open pit in Quebec, Canada, and 60,000 tons per day mill capacity. bottom line canadian malartic it's a large open pit in quebec canada and 60,000 tons per day mill capacity We have, through exploration, been able to discover an extension underground. we have through exploration been able to discover an extension underground We approved the sinking of a shaft, and it's already in operation. We continue to sink the shaft, and this will transit from 60,000 tons per day at 1 gram-ish to 20,000 tons per day from underground at 3 g. It gives us a 40,000 tons mill capacity in excess. On this presently, with continuous explorations, I feel I repeat myself, exploration. We have Guy Gosselin in the room. He is our Head of Exploration, so probably he will be very happy. Normally, I don't talk that much about the group, but we are very proud of them. We are looking to add another shaft to add more because of the size of the orebody. In excess of it, we will add the Marban Project that we just did the acquisition. We approved the sinking of a shaft, and it's already in operation. we approved the sinking of a shaft and it's already in operation We continue to sink the shaft, and this will transit from 60,000 tons per day at 1 gram-ish to 20,000 tons per day from underground at 3 g. we continue to sink the shaft and this will transit from 60,000 tons per day at 1 gram-ish to 20,000 tons per day from underground at 3 g It gives us a 40,000 tons mill capacity in excess. it gives us a 40,000 tons mill capacity in excess On this presently, with continuous explorations, I feel I repeat myself, exploration. on this presently with continuous explorations i feel i repeat myself exploration We have Guy Gosselin in the room. we have guy gosselin in the room He is our Head of Exploration, so probably he will be very happy. he is our head of exploration so probably he will be very happy Normally, I don't talk that much about the group, but we are very proud of them. normally i don't talk that much about the group but we are very proud of them We are looking to add another shaft to add more because of the size of the orebody. we are looking to add another shaft to add more because of the size of the orebody In excess of it, we will add the Marban Project that we just did the acquisition. in excess of it we will add the marban project that we just did the acquisition It's roughly 13 km from the mill, so we are conducting a study now, and we anticipate to be in a position to bring the ore to the mill. We have also acquired Wasamac when we did the other half of Canadian Malartic. All this combined shows us that we will be in a position to produce a million ounces per year at Canadian Malartic. It gives you an example of the way we are working, really oriented with regional opportunity, how we can build from one asset and we can expand. Now, with the merge with Kirkland Lake Gold, we were fortunate to have a Fosterville mine operation. Listen, this is a good operation. Recently, they have the long-term approval, so we see at least another decade of operation. We're working to improve the asset and probably increase slightly the throughput to maintain a decent operation. It's roughly 13 km from the mill, so we are conducting a study now, and we anticipate to be in a position to bring the ore to the mill. it's roughly 13 km from the mill so we are conducting a study now and we anticipate to be in a position to bring the ore to the mill We have also acquired Wasamac when we did the other half of Canadian Malartic. we have also acquired wasamac when we did the other half of canadian malartic All this combined shows us that we will be in a position to produce a million ounces per year at Canadian Malartic. all this combined shows us that we will be in a position to produce a million ounces per year at canadian malartic It gives you an example of the way we are working, really oriented with regional opportunity, how we can build from one asset and we can expand. it gives you an example of the way we are working really oriented with regional opportunity how we can build from one asset and we can expand Now, with the merge with Kirkland Lake Gold, we were fortunate to have a Fosterville mine operation. now with the merge with kirkland lake gold we were fortunate to have a fosterville mine operation Listen, this is a good operation. listen this is a good operation Recently, they have the long-term approval, so we see at least another decade of operation. recently they have the long-term approval so we see at least another decade of operation We're working to improve the asset and probably increase slightly the throughput to maintain a decent operation. we're working to improve the asset and probably increase slightly the throughput to maintain a decent operation On this side, we are aggressive on exploration. I don't know who knows Ian in the room. He has a strong accent. I'm telling you, he has a very strong accent. I have a hard time to understand when he talks to me. After a few beers, I understood that he said there is another one zone. We are investing more on exploration, not more, but we are aggressive on exploration. We would like to discover the full potential of Fosterville. The budget is quite substantial, as on the other projects that we have across the organization. In Australia, we are in Northern Territory. We own the entire Pine Creek District. We have a mill facility, a permitted mill process plant, and a tailing facility. It's in care and maintenance. We are doing study. We are doing also exploration. We're looking if there is an opportunity to restart the operation. On this side, we are aggressive on exploration. on this side we are aggressive on exploration I don't know who knows Ian in the room. i don't know who knows ian in the room He has a strong accent. he has a strong accent I'm telling you, he has a very strong accent. i'm telling you he has a very strong accent I have a hard time to understand when he talks to me. i have a hard time to understand when he talks to me After a few beers, I understood that he said there is another one zone. after a few beers i understood that he said there is another one zone We are investing more on exploration, not more, but we are aggressive on exploration. we are investing more on exploration not more but we are aggressive on exploration We would like to discover the full potential of Fosterville. we would like to discover the full potential of fosterville The budget is quite substantial, as on the other projects that we have across the organization. the budget is quite substantial as on the other projects that we have across the organization In Australia, we are in Northern Territory. in australia we are in northern territory We own the entire Pine Creek District. we own the entire pine creek district We have a mill facility, a permitted mill process plant, and a tailing facility. we have a mill facility a permitted mill process plant and a tailing facility It's in care and maintenance. it's in care and maintenance We are doing study. we are doing study We are doing also exploration. we are doing also exploration We're looking if there is an opportunity to restart the operation. we're looking if there is an opportunity to restart the operation Stay tuned. We will update you. We don't have a time on this, but five, yeah, good. I have 13 or 12 from Agnico Eagle. They are watching me. On this, we have five. I have five minutes. We have five key projects in our pipeline. We have a lot of projects. The major one that we are working on presently, it's to advance those projects, the study, to be able to continue to build our production profile and maintain and be sustainable. The first one is the detour. Mainly the detour. The key point is last year, we approved an exploration ramp. We will go underground. We will do a bulk sample. We will be in a position to confirm the continuity and the grade. We anticipate in 2027 to be in a position to move forward. We perceive this. Stay tuned. stay tuned We will update you. we will update you We don't have a time on this, but five, yeah, good. we don't have a time on this but five yeah good I have 13 or 12 from Agnico Eagle. i have 13 or 12 from agnico eagle They are watching me. they are watching me On this, we have five. on this we have five I have five minutes. i have five minutes We have five key projects in our pipeline. we have five key projects in our pipeline We have a lot of projects. we have a lot of projects The major one that we are working on presently, it's to advance those projects, the study, to be able to continue to build our production profile and maintain and be sustainable. the major one that we are working on presently it's to advance those projects the study to be able to continue to build our production profile and maintain and be sustainable The first one is the detour. the first one is the detour Mainly the detour. mainly the detour The key point is last year, we approved an exploration ramp. the key point is last year we approved an exploration ramp We will go underground. we will go underground We will do a bulk sample. we will do a bulk sample We will be in a position to confirm the continuity and the grade. we will be in a position to confirm the continuity and the grade We anticipate in 2027 to be in a position to move forward. we anticipate in 2027 to be in a position to move forward We perceive this. we perceive this It's a good addition with a higher grade to help, not help, but this is our vision also for the detour to go at a million ounces per year in the 2030-ish. [Yamana], I will not go in more detail. The study is expected in the first half of 2027. Now, Upper Beaver, it's another orebory, 10% copper in terms of revenue versus gold. We will need to have a process plant with the flotation circuit. We'll not use what we have at Macassa. We will be able to use the infrastructure or the synergy out there. We are doing an exploration shaft. Everything will be properly positioned or built to allow us to go in operation. We are doing in parallel an exploration ramp again to bulk sample, continuity of the arbory, and the grade. It's a good addition with a higher grade to help, not help, but this is our vision also for the detour to go at a million ounces per year in the 2030-ish. [Yamana] , I will not go in more detail. it's a good addition with a higher grade to help not help but this is our vision also for the detour to go at a million ounces per year in the 2030-ish [yamana] i will not go in more detail The study is expected in the first half of 2027. the study is expected in the first half of 2027 Now, Upper Beaver, it's another orebory, 10% copper in terms of revenue versus gold. now upper beaver it's another orebory 10% copper in terms of revenue versus gold We will need to have a process plant with the flotation circuit. we will need to have a process plant with the flotation circuit We'll not use what we have at Macassa. we'll not use what we have at macassa We will be able to use the infrastructure or the synergy out there. we will be able to use the infrastructure or the synergy out there We are doing an exploration shaft. we are doing an exploration shaft Everything will be properly positioned or built to allow us to go in operation. everything will be properly positioned or built to allow us to go in operation We are doing in parallel an exploration ramp again to bulk sample, continuity of the arbory, and the grade. we are doing in parallel an exploration ramp again to bulk sample continuity of the arbory and the grade We prefer to be disciplined in having a prudent approach before making a final decision in terms of moving forward in operation. Now, Hope Bay in Nunavut. We have currently metal bank and Meliadine in Nunavut. We want to stay in Nunavut. We want to expand. In 2021, we acquired TMAC. From there, we decided to put in care and maintenance. It's challenging operating in the north remotely. We just decided to invest massively in exploration. Based on our experience, we need roughly 400,000 oz. We are looking at 10 years of operation. We're successful in operation. The exploration continues. The study is advancing well. We anticipate in the first half of 2026 to be in a position to update the market and potentially make a decision. In terms of Mexico, we have our JV that we recently did. We are advancing with Teck. We are advancing. We prefer to be disciplined in having a prudent approach before making a final decision in terms of moving forward in operation. we prefer to be disciplined in having a prudent approach before making a final decision in terms of moving forward in operation Now, Hope Bay in Nunavut. now hope bay in nunavut We have currently metal bank and Meliadine in Nunavut. we have currently metal bank and meliadine in nunavut We want to stay in Nunavut. we want to stay in nunavut We want to expand. we want to expand In 2021, we acquired TMAC. in 2021 we acquired tmac From there, we decided to put in care and maintenance. from there we decided to put in care and maintenance It's challenging operating in the north remotely. it's challenging operating in the north remotely We just decided to invest massively in exploration. we just decided to invest massively in exploration Based on our experience, we need roughly 400,000 oz. based on our experience we need roughly 400,000 oz We are looking at 10 years of operation. we are looking at 10 years of operation We're successful in operation. we're successful in operation The exploration continues. the exploration continues The study is advancing well. the study is advancing well We anticipate in the first half of 2026 to be in a position to update the market and potentially make a decision. we anticipate in the first half of 2026 to be in a position to update the market and potentially make a decision In terms of Mexico, we have our JV that we recently did. in terms of mexico we have our jv that we recently did We are advancing with Teck. we are advancing with teck We are advancing. we are advancing This is a VMS. We're advancing the feasibility study. The permitting is all in place. We are expecting by the end of the year or early next year to be in a position to make a decision. That summarizes high-level Agnico Eagle. Across all of the regions we operate, if you recall, I said high geological potential and political stability. We are working in partnership. We're looking to have partners. When we do any investment or we work with others, we want to make sure that we'll participate, but not just financially when we invest, but also on the technical side. We are not shy to share our expertise to help to develop other projects. When time happens, if it happens, we want to be the best partner. I would like to thank the organization committee, Diggers and Dealers. Very great. I'm very pleased to be here. This is a VMS. this is a vms We're advancing the feasibility study. we're advancing the feasibility study The permitting is all in place. the permitting is all in place We are expecting by the end of the year or early next year to be in a position to make a decision. we are expecting by the end of the year or early next year to be in a position to make a decision That summarizes high-level Agnico Eagle. that summarizes high-level agnico eagle Across all of the regions we operate, if you recall, I said high geological potential and political stability. across all of the regions we operate if you recall i said high geological potential and political stability We are working in partnership. we are working in partnership We're looking to have partners. we're looking to have partners When we do any investment or we work with others, we want to make sure that we'll participate, but not just financially when we invest, but also on the technical side. when we do any investment or we work with others we want to make sure that we'll participate but not just financially when we invest but also on the technical side We are not shy to share our expertise to help to develop other projects. we are not shy to share our expertise to help to develop other projects When time happens, if it happens, we want to be the best partner. when time happens if it happens we want to be the best partner I would like to thank the organization committee, Diggers and Dealers. i would like to thank the organization committee diggers and dealers Very great. very great I'm very pleased to be here. i'm very pleased to be here Thank you for listening to my presentation. Sorry for the accent. OK, but I decided to do it anyway. No, I'm not sorry. OK, so thank you. Thank you for listening to my presentation. thank you for listening to my presentation Sorry for the accent. sorry for the accent OK, but I decided to do it anyway. ok but i decided to do it anyway No, I'm not sorry. no i'm not sorry OK, so thank you. ok so thank you