Agnico Eagle Approves Hope Bay Investment Decision; Strong Economic Returns with Expected Annual Gold Production of over 400,000 Ounces

Press Release

TORONTO, May 19, 2026  – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) is pleased to report a positive investment decision for its Hope Bay project, located in Nunavut, Canada. Following significant exploration success in recent years, the Company has completed a preliminary economic assessment (the “2026 Study”) which contemplates an underground mining operation supported by a 6,000 tonnes per day (“tpd”) processing facility with estimated annual gold production of between 400,000 and 435,000 ounces. The 2026 Study outlines an initial mine life of 11 years, with substantial upside potential from regional exploration across the highly prospective 80-kilometre greenstone belt extending south from the Doris mine to the Boston deposit, where the Company continues to pursue an aggressive exploration program.

“We are incredibly proud of our team for transforming Hope Bay from a vision into one of Canada’s most important new mines in just five years. With expected annual production of over 400,000 ounces and total cash costs below $1,000 per ounce, based on only half the declared mineral resources drilled, Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “The construction and redevelopment of Hope Bay will support the long‑term sustainability of our Nunavut operating platform at between 800,000 ounces and one million ounces of annual gold production and represents the first major milestone toward delivering our targeted 20% to 30% production growth over the next decade. We are also proud that this investment will contribute to the economic development of Northern Canada and enable meaningful, long‑term economic participation for Indigenous organizations and partners, including the Kitikmeot Inuit Association,” added Mr. Al-Joundi.

Highlights from the 2026 Study include:

• Development of the next large-scale gold mine in Nunavut
  • Large and high-quality mineral resource base of 5.79 million ounces of gold (31.97 million tonnes grading 5.63 grams per tonne (“g/t”) gold) in the measured and indicated category and 3.33 million ounces of gold (17.33 million tonnes grading 5.97 g/t gold) in the inferred category
  • An initial 11‑year mine life which incorporates only approximately 55% of measured and indicated mineral resources and 48% of inferred mineral resources, highlighting substantial upside potential. With continued infill and expansion drilling, the Hope Bay project demonstrates strong prospects to extend mine life and further grow its production profile
  • Startup plan contemplates three mining fronts (Doris at the Doris deposit; and Madrid and Patch 7 at the Madrid deposit) supported by a conventional 6,000 tpd milling facility
  • Average annual steady state gold production of approximately 435,000 ounces and an average of approximately 408,000 ounces over the full initial 11-year mine life
• Attractive economics with meaningful upside leverage
  • Initial development capital expenditures¹ are estimated at approximately $2.4 billion, including reconstruction of the processing facility, addition of a 37 megawatt diesel generator power plant, mobile equipment, upgrades to the tailings facility and approximately 33 kilometres in underground development, positioning the operation for multi-decade potential
  • Cost structure is below the Company’s current peer-leading cost profile, with projected average total cash costs per ounce² and all in sustaining costs (“AISC”) per ounce² of approximately $958 and $1,214, respectively, using current gold prices of $4,500 per ounce and a C$/US$ exchange rate of 1.36
  • In this initial phase, the Hope Bay project is expected to generate an after-tax internal rate of return (“IRR”) of approximately 26% based on the same assumptions
  • Significant exploration upside is expected to extend mine life through mineral resource conversion and expansion drilling at the Doris and Madrid deposits in the short-term and the potential addition of Boston as a satellite deposit in the medium- to long-term
• Project significantly de-risked and execution-ready
  • Detailed engineering is approximately 62% complete, providing a high level of confidence in the capital cost estimate and execution plan
  • Significant surface infrastructure upgrades completed, including enhancements to port facilities, camp infrastructure and water management systems, supporting the ramp-up of construction activities
  • Leveraging the Company’s nearly 20 years of proven expertise in Arctic mine construction and operations
  • Key underground access points are advanced, including the Naartok East exploration ramp and the Patch 7 exploration portal and ramp
  • Continued aggressive exploration program planned in the coming years across the broader Hope Bay property

“Over nearly 20 years, we have consistently created value through the drill bit across our Nunavut assets. At Hope Bay, the discovery of the new mineralized zone at Patch 7 was transformative, with high‑grade and thick mineralized intercepts defining a new mining area within the Madrid deposit. This success reflects the strength and agility of our exploration team, which quickly identified this high‑potential opportunity following the acquisition of the project and delivered results through an aggressive and well‑executed exploration program over the last five years,” said Guy Gosselin, Agnico Eagle’s Executive Vice President, Exploration. “Patch 7 underscores the significant exploration upside of the Hope Bay greenstone belt, and we remain highly encouraged by the opportunity to continue growing mineral resources both at depth and laterally at Doris and Madrid in the near term, at the Boston deposit in the medium-to long-term and continue to unlock further value across the highly prospective 80‑kilometre belt,” added Mr. Gosselin.

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