AGNICO EAGLE REPORTS THIRD QUARTER 2026 RESULTS - STRONG FREE CASH FLOW GENERATION DRIVEN BY SOLID OPERATIONAL PERFORMANCE; ON TRACK TO ACHIEVE 2026 PRODUCTION AND COST GUIDANCE

Canada NewsWire

TORONTO, Oct. 28, 2026

Stock Symbol: AEM (NYSE and TSX)

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

TORONTO , Oct. 28, 2026 /CNW/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2026.

"Our business continues to perform well, reflecting the consistent execution of our teams across the Company. Solid operational performance contributed to strong free cash flow generation and we remain on track to achieve our full year guidance, with production expected near the lower end of the range and costs within the range despite inflationary cost pressures," said Ammar Al-Joundi, President and Chief Executive Officer. "We are making excellent progress across our project pipeline, with the focus on continuing our long track record of increasing gold production per share for our owners. Construction is ramping up at Hope Bay, the first phase of shaft sinking is complete at Odyssey and project infrastructure continues to advance at Upper Beaver and Detour Lake. Our strong free cash flow generation provides the flexibility to advance these growth opportunities while continuing to return significant capital to shareholders through dividends and share repurchases."

Third quarter 2026 highlights:

Third Quarter 2026 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Thursday, October 29, 2026, at 11:00 AM (E.D.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 46013#. The conference call replay will be available until November 29, 2026.

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

Third Quarter 2026 Production and Costs

Gold Production

Production Costs per Ounce

Total Cash Costs per Ounce

AISC per Ounce

Refer to the Company's Management Discussion and Analysis for the third quarter of 2026 (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.

Third Quarter 2026 Financial Results

Net Income

Adjusted EBITDA

Cash Provided by Operating Activities

Free Cash Flow

Capital Expenditures

In the third quarter of 2026, capital expenditures were $848 million and capitalized exploration expenditures were $73 million, for a total of $921 million. For the first nine months of 2026, capital expenditures were $2,036 million and capitalized exploration expenditures were $260 million, for a total of $2,296 million.

The table below sets out a summary of capital expenditures and capitalized exploration in the third quarter of 2026 and the first nine months of 2026, in each case broken down between sustaining capital expenditures and development capital expenditures and by mine.

2026 Guidance

As disclosed on July 2, 2026, the Company expects full year 2026 production to be near the lower end of its previously disclosed guidance range of 3.3 million to 3.5 million ounces of gold, reflecting the adjusted mine plan for the Barnat open pit at Canadian Malartic. Full year total cash costs per ounce and AISC per ounce guidance for 2026 are expected to be near the upper end of the guidance range of $1,020 to $1,120 and $1,400 to $1,550, respectively, reflecting the adjusted production plan and input cost pressures. Refer to the "Abitibi Region, Quebec" section below for further updates on the Barnat open pit.

Total capital expenditures expected for 2026 (excluding capitalized exploration) remain between $2.6 billion and $2.8 billion and expected capitalized exploration remains between $290 million and $330 million.

A summary of the Company's guidance is set out below.

Cost Considerations Amid Continued Market Uncertainty

The Company is experiencing input cost pressures, primarily related to diesel and consumables. Despite these pressures, total cash costs per ounce and all-in sustaining costs per ounce are expected to remain within the full year guidance ranges, albeit towards the upper end.

Diesel

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 2026 sealift purchases across the Company's Nunavut operations were successfully completed amidst heightened volatility, representing approximately 185 million litres of diesel required for the balance of 2026 and through to the 2027 sealift. The Company's Nunavut diesel inventories were delivered, with purchases made at prices below current spot prices though approximately 45% higher than budgeted for 2026 (net of hedges). This is expected to reduce the Company's exposure to further diesel price volatility and supply chain disruptions for the remainder of 2026 and into 2027.

Diesel now represents approximately 11% of the Company's operating costs, comprising approximately 8% related to direct consumption for mobile equipment and on-site power generation and approximately 3% related to transportation and freight. For the fourth quarter of 2026, the Company expects the 2026 Nunavut sealift purchases to impact production costs by approximately $21 million. The Company also estimates that for every 10% change in diesel prices, total cash costs per ounce for the fourth quarter of 2026 will be affected by approximately $3 per ounce from direct diesel exposure and approximately $1 per ounce from indirect diesel exposure related to transportation. The Company will continue to monitor market conditions and opportunistically add to its diesel hedges.

Consumables

Consumables and supplies, which represent approximately 30% of the Company's total operating costs, are beginning to face inflationary pressures of approximately 6%. Year-over-year price increases were most notable for steel-related products (approximately 6%), drill bits (approximately 50%, driven in part by tungsten export controls from China), cyanide (approximately 7%) and grinding media (approximately 4%).

Tariffs

The trade disputes initiated by U.S. tariffs on certain Canadian imports, and the subsequent retaliatory tariffs imposed by Canada on certain U.S. imports in September 2026 following the cessation of trade negotiations in August 2026 continue to create uncertainty. The Company expects its revenue to remain unaffected, as its gold production is refined in Canada, Australia and Europe. Following a review of its supply chain exposure, the Company estimates that the Canadian retaliatory tariffs will increase total cash costs per ounce by approximately $5 per ounce. This estimated impact has been incorporated into the cost guidance provided in this news release. The Company continues to monitor developments in the trade environment and evaluate alternative sourcing strategies where appropriate to mitigate potential impacts on its operations and cost structure.

Foreign Exchange

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$/US$ exchange rate assumption for 2026 cost estimates, the Company has hedged approximately 62% of its estimated remaining 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 1.41 C$/US$.

The stronger U.S. dollar and higher by-product metal prices, particularly for silver and copper, have helped mitigate the impact of diesel price pressures compared to the Company's full year 2026 cost guidance. The Company will continue to monitor market conditions and opportunistically add to its operating currency hedges to strategically support its key input costs for 2026.

Cash Taxes

The Company's expected effective tax rate continues to be approximately 34% to 36% for the full year 2026. For the first nine months of 2026, total cash taxes paid were $2.9 billion, which included a $1.3 billion payment in the first quarter of 2026 for the remaining cash tax liability for 2025. The remaining cash taxes in 2026 are expected to range between $525 million and $575 million.

Depreciation and Amortization Expense

The Company now expects depreciation and amortization expense to be towards the upper end of the $1.55 billion to $1.75 billion guidance range, primarily due to a higher amortization rate used at Canadian Malartic following adjustments to the Barnat open pit mine plan. The adjusted mine plan uses a higher units-of-production amortization rate resulting from a decrease in the total tonnes over the life of mine.

Strong Cash Flow Generation and Enhanced Liquidity Support a Balanced Capital Allocation Strategy

Cash and cash equivalents increased by $149 million from the prior quarter. The increase is primarily due to $1,755 million of cash provided by operating activities, partially offset by $903 million of capital expenditures (including working capital adjustments) and $478 million returned to shareholders during the quarter through dividends and share repurchases under the NCIB.

As at September 30, 2026, the Company's total long-term debt was $197 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2026 and available liquidity under the facility remained at approximately $2 billion, not including the uncommitted $1 billion accordion feature.

In order to maintain financial flexibility, and consistent with past practice, the Company plans to file a new base shelf prospectus in November 2026. The Company has no present intention to offer securities pursuant to the base shelf prospectus and the notice set out in this paragraph does not constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any securities.

As a result of the increase in cash and cash equivalents of $149 million, net cash increased to $3,416 million in the third quarter of 2026 compared to the prior quarter balance of $3,267 million.

Subsequent to the quarter-end, the Company amended and restated its $2 billion unsecured revolving bank credit facility, increasing the facility to $3 billion with an increased uncommitted accordion feature of $1.5 billion, and with a maturity date of October 28, 2031. In addition to the increased size and extended term of the unsecured revolving bank credit facility, the amended and restated credit facility includes enhancements to its pricing, terms and conditions that reinforces the Company's strong investment grade credit profile. This aligns with the size and scale of the Company while improving its financial flexibility.

Shareholder Returns

The Company remains committed to delivering strong returns to shareholders in 2026 through a combination of the dividend and share repurchases under the NCIB. The Company believes that the 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.

The Company prioritizes delivering stable returns to shareholders through its dividend program and continuing to reinvest in the business to support long-term value creation. Excess cash flow may be returned opportunistically through the NCIB when the Company believes market conditions provide an attractive opportunity to repurchase shares. At current spot gold prices and subject to operational needs, the Company anticipates returning more than 50% of free cash flow to shareholders in 2026 through dividends and share repurchases.

The Company paid $228 million and $678 million in gross dividends in the third quarter of 2026 and the first nine months of 2026, respectively, at $0.45 per common share outstanding per quarter.

In the third quarter of 2026, the Company repurchased 1,297,940 common shares under the NCIB at an average price of $192.60 per share for aggregate purchases of approximately $250 million. In the first nine months of 2026, the Company repurchased 4,255,098 common shares under the NCIB at an average price of $187.94 per share for aggregate purchases of approximately $800 million.

Dividend Record and Payment Dates for the Third Quarter of 2026

The Company's Board of Directors has declared a quarterly cash dividend of $0.45 per common share, payable on December 15, 2026 to shareholders of record as of December 1, 2026. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2026 Fiscal Year

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 .

Key Value Drivers – Advancing the Next Phase of Growth

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% to 30% over the next decade, with a first step-up in production expected in 2030 and the potential to exceed 4.0 million ounces in the early 2030s. The growth is anchored in the expansions of Canadian Malartic and Detour Lake, as well as the construction of Upper Beaver and Hope Bay, which are located in regions where the Company operates and has technical expertise, established community relationships, existing infrastructure and established supply chains, supporting compelling risk-adjusted returns.

The forecast parameters surrounding certain projects, including Detour Lake underground, Upper Beaver, Hope Bay and the "fill-the-mill" strategy at Canadian Malartic (Odyssey Shaft #1, Odyssey Shaft #2, Marban, Wasamac), were based on internal evaluations, which are preliminary in nature and include inferred mineral resources. For further information see Notes to Investors Regarding Certain Project Evaluations 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, including the development of Odyssey Shaft #1. The Company is also advancing internal evaluations on three projects that, together, have the potential to increase annual gold production towards one million ounces starting as early as 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. The Company believes that the rock mass movement that occurred at the Barnat open pit at Canadian Malartic on July 1, 2026, will not affect the development or production outlook for the Odyssey mine. Refer to the "Abitibi Region, Quebec" section below for further updates on the Barnat open pit.

Odyssey Development

During the third quarter of 2026, mine development advanced by 4,874 metres, with work focused on developing the East Gouldie production levels and advancing the main ramp toward the shaft bottom, which reached a depth of 1,232 metres as of September 30, 2026. Development rates improved through the quarter as the Company continued to advance productivity initiatives, including haul truck payload optimization and the expanded use of automated equipment. In the fourth quarter of 2026, the extension of the auxiliary cage will allow for workforce transportation down to level 111. This is expected to further improve productivity by reducing travel times and congestion at the main ramp.

The first phase of shaft sinking of Odyssey Shaft #1 was completed on July 9, 2026, reaching a depth of 1,586 metres, and excavation of level 158 was completed in August. Preparations for the headframe changeover to the production hoist continued during the quarter, with structural and mechanical work advancing, including the installation of the production sheaves and the dismantling of the sinking infrastructure. The second phase of shaft sinking is expected to commence in 2029 and be completed in 2031, extending the shaft to its final planned depth of 1,870 metres, while the third loading station, located between levels 172 and 181, is expected to be commissioned in 2031.

At the first loading station between levels 102 and 111, development and construction activities remained focused on advancing underground infrastructure to support the planned start of shaft-hoisted production from East Gouldie in the second quarter of 2027. Excavation of the rock-handling infrastructure is substantially complete, while development of the maintenance shop and service bays progressed as planned. Construction of the crusher room advanced during the quarter, with the completion of the overhead crane installation and coarse ore liner installation in the silo. Mechanical and electrical installation of the crusher and apron feeders continued to progress, while initial concrete work commenced in the loading conveyor area.

Construction of key surface infrastructure continued to advance during the quarter. Phase 2 of the paste plant (20,000 tonnes per day ("tpd") capacity) progressed with the completion of the binder silo installation, while electrical work continued ahead of testing in the fourth quarter of 2026 and commissioning in the second quarter of 2027. At the production hoist, lubrication and cooling piping circuits were completed, program testing and simulations were successfully finalized, and electrical and control system installations continued in support of commissioning in the second quarter of 2027.

Odyssey Shaft #2

The Company is advancing an internal technical evaluation of a potential second shaft at the Odyssey mine. Current work is focused on mine design, planning and geotechnical analysis to determine the optimal mining rate at the East Gouldie deposit, which will inform the size, design and overall scope of the proposed second shaft. Studies supporting the surface layout, headframe design and permitting activities continue to progress and the Company expects to submit a decree modification application in the first quarter of 2027, with the permitting process expected to take approximately 18 months.

Exploration at Odyssey

During the third quarter of 2026, ten surface rigs and seven underground rigs were in operation at the Odyssey mine, drilling a total of 35,100 metres (128,400 metres during the first nine months of 2026). This was supplemented by an additional three surface rigs, completing 15,500 metres (85,700 metres during the first nine months of 2026) of drilling dedicated to regional exploration around Canadian Malartic, including the Marban project.

Exploration drilling targeted multiple areas of the Odyssey mine, continuing to return positive results in the deeper areas of the East Gouldie deposit, in the subparallel Eclipse zone and in the Odyssey and East Malartic deposits.

In the deepest portions of the East Gouldie deposit, underground drilling returned several high-grade results, including: 2.2 g/t gold over 14.8 metres at 1,860 metres depth and 2.8 g/t gold over 34.1 metres at 1,951 metres depth in hole MEX25-354Z, which is a branch from the Shaft #2 pilot hole; and 2.5 g/t gold over 41.5 metres at 1,901 metres depth, including 5.1 g/t gold over 7.5 metres at 1,915 metres depth, in hole MEX26-361ZB in an intersection located further west and outside the current mineral resource. The results further demonstrate the potential to extend mineralization at East Gouldie at depth in proximity to planned infrastructure.

Conversion drilling at depth in East Gouldie further east and below the current inferred mineral resource was highlighted by hole MEX26-356ZA intersecting 3.8 g/t gold over 38.8 metres at 1,707 metres depth, including 5.9 g/t gold over 4.6 metres at 1,702 metres depth and 8.1 g/t gold over 7.4 metres at 1,719 metres depth.

Exploration drilling into the Eclipse zone confirmed and extended the zone, with highlights of 2.9 g/t gold over 27.6 metres (core length) at 1,585 metres depth and 3.8 g/t gold over 36.3 metres (core length) at 1,622 metres depth in hole MEX26-361ZB; and 4.0 g/t gold over 10.6 metres (core length) at 940 metres depth in hole MEX26-364Z.

At the Odyssey North zone, conversion drilling intersected significant mineralization within the internal Artemis porphyry sub-zone. Highlights included: hole UGOD-102-022 intersecting 9.5 g/t gold over 18.9 metres (core length) at 1,061 metres depth; hole UGOD-102-023 intersecting 8.8 g/t gold over 14.2 metres (core length) at 1,030 metres depth; and hole UGOD-102-027 intersecting 3.6 g/t gold over 25.0 metres (core length) at 989 metres depth. The results have further enhanced the geological understanding of this new sub-zone which is currently undergoing geological reinterpretation.

Selected recent drill intersections from the Odyssey mine are set out in the composite longitudinal section below and in a table in Appendix A.

[Odyssey – Composite Cross and Longitudinal Sections]

Marban

At the Marban deposit, located approximately 12 kilometres from the Canadian Malartic mill, the Company envisions the potential development of a satellite open pit operating at a planned mining rate between 14,000 to 16,000 tpd and producing approximately 120,000 to 150,000 ounces of gold annually over a mine life of approximately 12 years with the potential for initial production as early as 2033.

During the third quarter of 2026, the Company initiated a new drilling program targeting the extension of mineralization at depth northwest of the main Marban deposit.

Wasamac

At Wasamac, located approximately 100 kilometres from the Canadian Malartic mill, the Company envisions an underground satellite operation with a planned mining rate of approximately 3,200 tpd. Ore is expected to be transported to the Canadian Malartic mill for processing, with average annual gold production expected to be approximately 90,000 ounces with the potential for initial production as early as 2033. In the third quarter of 2026, the Company continued to advance studies to complete the Environmental and Social Impact Assessment, alongside engagement with stakeholders.

Detour Lake – Potential for 300,000 to 350,000 ounces of incremental annual gold production

Detour Lake is Canada's largest gold mine, with gold production of 692,675 ounces at a processing rate of 76,353 tpd in 2025. The Company is advancing an expansion project that will combine continued open pit mining with a proposed 11,200 tpd underground operation and an expansion of mill throughput to 79,450 tpd. This integrated operation is expected to support annual gold production of approximately one million ounces by 2030.

The Detour Lake underground exploration ramp reached a total length of 1,889 metres of lateral development and a depth of 207 metres as at September 30, 2026. Development is currently progressing from two active headings with dedicated crews, supporting advancement of the exploration ramp and the lateral development towards the mineralized domain where the bulk sample is planned. The Company plans to add a third development crew in 2027 to advance the future conveyor ramp.

Results from the bulk sample will inform the planned mine development within one of the main mineralized domains  within the West Extension zone, which could enable the commencement of underground production as early as 2028. The Company expects to provide an updated project outlook in 2027.

Other activities supporting the underground project continued to advance during the third quarter of 2026. Overburden removal for the conveyor ramp portal near the mill progressed, supporting the planned commencement of the underground conveyor ramp development in 2027. Construction activities also progressed for key site infrastructure, including the camp expansion and the multi-services building. The camp expansion remains on track for completion in 2027.

Detailed engineering for the paste plant, ore-handling system, underground infrastructure and electrical infrastructure also continued to advance during the quarter, with a focus on supporting the execution of future project development activities.

Exploration drilling at Detour Lake during the third quarter of 2026 totalled 49,389 metres (141,204 metres during the first nine months of 2026). The program continued to expand and infill the mineralization below and to the west of the mineral resource pit. Underground exploration drilling totalling 4,680 metres during the third quarter (6,810 metres year-to-date with the first underground drill rig mobilized in the exploration ramp in March 2026). A second underground drill rig is planned to be added in the fourth quarter of 2026.

Conversion drilling of underground mineralization in the West Pit zone below the current open pit mineral reserve continued to generate positive results, highlighted by hole DLM26-1405 intersecting 8.1 g/t gold over 2.7 metres at 191 metres depth, 8.0 g/t gold over 4.0 metres at 479 metres depth and 11.9 g/t gold over 5.4 metres at 583 metres depth.

The Company continued the high-intensity drilling program targeting Domain 54 in the West Pit zone during the third quarter to validate the continuity of mineralization and improve the accuracy of the geological model to complement the planned bulk sample at level 200. Highlights from this drilling included hole DLM26-1367 intersecting 18.9 g/t gold over 26.4 metres at 331 metres depth, including 182.7 g/t gold over 2.7 metres at 320 metres depth; and hole DLM26-1362A intersecting 12.0 g/t gold over 6.2 metres at 326 metres depth.

Drilling in the West Extension zone, approximately 1.0 kilometre west of the mineral resource pit outline, continued to extend the underground mineral potential to the west with highlights of hole DLM26-1361 intersecting 22.4 g/t gold over 2.9 metres at 682 metres depth and 2.5 g/t gold over 29.1 metres at 733 metres depth, including 9.0 g/t gold over 3.5 metres at 733 metres depth; and hole DLM26-1342W intersecting 4.3 g/t gold over 9.0 metres at 700 metres depth, 4.5 g/t gold over 4.4 metres at 874 metres depth and 4.8 g/t gold over 7.4 metres at 894 metres depth.

Selected recent drill intersections from Detour Lake are set out in the composite longitudinal section below and in a table in Appendix A.

[ Detour Lake – Composite Longitudinal Section]

Upper Beaver – Potential for 200,000 to 225,000 ounces of annual gold production and 3,600 tonnes of annual copper production

Located approximately 20 kilometres from the Company's Macassa mine, the Upper Beaver project is envisioned as a standalone mine and mill, with the potential to produce 200,000 to 225,000 ounces of gold and 3,600 tonnes of copper per year, based on a planned mining and milling rate of 5,000 tpd.

Development activities performed well during the quarter, with ramp development advancing to a depth of 210 metres as at September 30, 2026. Ramp development remained ahead of schedule and achieved a fifth consecutive quarterly productivity record.

Shaft sinking reached a depth of 732 metres as at September 30, 2026, surpassing the halfway milestone. The Company expects to reach the 760 level and commence excavation of the 760 level station in the fourth quarter of 2026. Following the completion of the high-intensity drilling program in the second quarter of 2026, the Company continues to evaluate opportunities to expand exploration activities, including extending the shaft to a depth of 1,220 metres and establishing additional drill stations to support infill drilling and potential mineral resource growth in the lower portions of the deposit.

Permitting activities for production continued to progress as planned during the quarter, with submission of the Environmental Impact Statement to the Impact Assessment Agency of Canada expected in the fourth quarter of 2026. The Company expects to provide a project update in 2027.

Hope Bay – Expected annual gold production of 400,000 to 435,000 ounces

Following the positive investment decision announced in May 2026, the Company continued to advance construction of a new underground mining operation and 6,000 tpd processing facility, which is expected to produce 400,000 to 435,000 ounces of gold annually. The project remains on track for completion in 2029, with first gold production expected in 2030.

Construction activities continued to progress during the quarter. Detailed engineering reached approximately 76% completion as at September 30, 2026, while overall construction progress reached approximately 13%, slightly ahead of plan. The Company also completed the 2026 sealift campaign, delivering approximately 207,000 cubic metres of cargo, 16 million litres of fuel and construction materials using nine cargo vessels, a dedicated wind turbine vessel and a fuel tanker. With all planned materials and equipment received, the project is well-positioned to maintain construction momentum through 2027 ahead of the next sealift season, a key component of the project's development path.

At Doris, progress was achieved on camp and site infrastructure, including the completion of foundations for two new accommodation wings, kitchen and common-area facilities, and continued advancement of the power plant structure. Construction also progressed on the mill services building and the Roberts Bay fuel farm, where tank foundation works were completed and tank installation activities are underway.

At Madrid, underground development continued with the Naartok East ramp reaching a depth of 139 metres and the Naartok West ramp reaching a depth of 115 metres as at September 30, 2026. At Patch 7, temporary infrastructure to support ramp development, including a laydown area, heated shelter and storage, was completed during the quarter. Approximately 235 metres of development is planned at Patch 7 for 2026.

The Company achieved an important milestone with the execution of a new framework agreement with the Kitikmeot Inuit Association in October 2026, extending the Hope Bay Inuit Impact and Benefit Agreement to 2056 and expanding its coverage across the entire Hope Bay Belt. The water licence amendment process also continued to advance as planned, with the public hearing completed in October 2026 and licence approval expected in the first quarter of 2027.

Conversion and exploration drilling at Hope Bay totalled 14,429 metres during the third quarter (83,816 metres during the first three quarters of 2026), using up to seven surface drill rigs. Drilling primarily targeted the Patch 7 zone at the Madrid deposit and the Boston deposit, located 50 kilometres south of Madrid, where the Company completed its first drilling program since acquiring the Hope Bay project in 2021. Drilling at Patch 7 included 7,617 metres of conversion drilling and 735 metres of expansion drilling during the third quarter. Exploration drilling at Boston, which started in the second quarter of 2026, saw 4,259 metres completed during the third quarter (7,529 metres year-to-date in eight holes).

At Patch 7, the conversion drilling program continued to demonstrate the strong continuity of the high-grade mineralization, which remains open along strike and at depth. Recent highlights included hole HBM26-500A intersecting 37.1 g/t gold over 2.8 metres at 686 metres depth, including 100.0 g/t gold over 0.9 metres at 686 metres depth, in the deeper portion of the zone to the north; and hole HBM26-496 intersecting 8.5 g/t gold over 8.6 metres at 413 metres depth, including 35.2 g/t gold over 1.0 metre at 410 metres depth, in the shallower portion of the zone to the south.

These results are expected to contribute positively to the internal prefeasibility study planned to be completed at year-end 2026 and to the year-end mineral reserve and mineral resource estimate for Hope Bay that is anticipated to include a substantial reclassification of mineral resources to mineral reserves.

At the Boston deposit, drilling into the core of the high-grade B2 zone further improved geological understanding of the zone with highlight hole HBB26-006 intersecting 11.0 g/t gold over 12.3 metres at 298 metres depth within indicated mineral resources.

Drilling into the B3 zone in the southern portion of the Boston deposit was highlighted by hole HBB26-004 intersecting 17.0 g/t gold over 4.5 metres at 308 metres depth and hole HBB26-008 intersecting 6.3 g/t gold over 6.3 metres at 565 metres depth. The results further demonstrate the potential for mineral resource expansion at shallow and moderate depths of the deposit, which remains open laterally and at depth.

Selected recent drill intersections from the Boston deposit are set out in the composite longitudinal section below and in a table in Appendix A.

[ Boston Deposit at Hope Bay – Composite Longitudinal Section ]

San Nicolás Copper Project (50/50 joint venture with Teck Resources Limited)

Minas de San Nicolás ("MDSN") received the land use change (ETJ) and the environmental impact assessment (MIA-R) permits in July 2026. During the third quarter of 2026, MDSN continued to advance engineering, critical infrastructure and secondary permitting for power and water infrastructure, as well as other pre-construction authorizations and licenses required under Mexican law before construction or operations can commence. Drilling activities are continuing with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area. These activities continue to strengthen confidence in the project, reducing execution risk, refining capital cost estimates and advancing construction and operational readiness, as MDSN moves toward a potential project approval decision in late 2027 or 2028, subject to the receipt of additional permits and authorizations required.

Third Quarter 2026 Operating Results

Regional operating statistics and highlights for the third quarter of 2026 are set out below. See the MD&A under the caption "Financial and Operating Results" for a variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year period.

ABITIBI REGION, QUEBEC

Quarterly Gold Production in Line with Adjusted Plan; Barnat Mining Operations Restarted on Schedule; Odyssey Delivers Record Quarterly Tonnes Mined

Regional Highlights

Update on Barnat Open Pit at Canadian Malartic

ABITIBI REGION, ONTARIO

Record Mine Performance and Higher Grades Drive Strong Gold Production at Detour Lake as Mine Pours Eight Millionth Ounce; Macassa Delivers Third Consecutive Quarter of Record Mill Throughput

Regional Highlights

Exploration Highlights at Macassa

[ Macassa – Isometric View and Composite Longitudinal Section]

NUNAVUT

Solid Quarterly Production at Meliadine Supported by Strong Open Pit Mining Performance; Gold Grades at Meadowbank Expected to Increase in the Fourth Quarter of 2026

Regional Highlights

Exploration Highlights at Meliadine

[Meliadine – Plan Map and Composite Longitudinal Section]

AUSTRALIA

Strong Quarterly Gold Production Driven by Higher Grades and Solid Operational Performance

Highlights

FINLAND

Significant Improvement in Mill Recoveries Supports Strong Gold Production; Exploration Drilling At Helmi, Along the Ikkari Trend, Yields Positive Results

Highlights – Kittila

Highlights – Ikkari Project and Contingent Value Rights

[ Ikkari – Plan Map and Composite Longitudinal Section]

MEXICO

Strong Mill Throughput Drives Gold Production at Pinos Altos

About Agnico Eagle

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

About this News Release

Unless otherwise stated, references to "Canadian Malartic", "Goldex", "LaRonde" and "Meadowbank" are to the Company's operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively. The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining and processing operations at LZ5. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. References to other operations are to the relevant mines, projects or properties, as applicable.

When used in this news release, the terms "including" and "such as" mean including and such as, without limitation.

The information contained on any website linked to or referred to herein (including the Company's website) is not part of this news release.

Further Information

For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com  or call (416) 947-1212.

Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures, including "total cash costs per ounce", "minesite costs per tonne", "all-in sustaining costs per ounce" (or "AISC per ounce"), "adjusted net income", "cash provided by operating activities before changes in non-cash components of working capital", "EBITDA", which means earnings before interest, taxes, depreciation and amortization, "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash components of working capital", "capital expenditures", "sustaining capital expenditures", "development capital expenditures", "sustaining capitalized exploration", "development capitalized exploration" and "net cash (debt)", as well as, for certain of these measures, their related per share measures that are not standardized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers and should be considered together with other data prepared in accordance with IFRS Accounting Standards. See below for a reconciliation of these measures to the most directly comparable financial information reported in the condensed interim consolidated financial statements for the three months ended March 31, 2026 (the "First Quarter Financial Statements") prepared in accordance with IFRS Accounting Standards. Adjustments that are not applicable in respect of the periods for which reconciliations are provided are not shown in the quantitative reconciliation.

Total Cash Costs per Ounce of Gold Produced and Minesite Costs per Tonne

Total Cash Costs per Ounce

Total cash costs per ounce is calculated on a per ounce of gold produced basis and is reported either on a by-product basis (deducting the impact of by-product metals from production costs to isolate the cost of producing an ounce of gold) and, where indicated, on a co-product basis (without deducting the impact of by-product metals). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the Third Quarter Financial Statements for (i) the impact of by-products, (ii) inventory production costs, (iii) the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting, (iv) realized gains and losses on hedges of production costs, (v) in-kind royalty costs, and (vi) smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (discussed further below), which adjustment only affects this non-GAAP measure only insofar as the measure includes costs from Meadowbank (that is, for Meadowbank, the Nunavut region and the consolidated Company). The Company's calculation of total cash costs per ounce for other mines and regions that do not include Meadowbank are not affected by this change.

The NTI Payment is the payment to Nunavut Tunngavik Inc. ("NTI") under the Company's mineral production lease in respect of the Amaruq mine at Meadowbank, which is a royalty based on net profits, subject to a minimum profit margin ("NTI Payment"). NTI is the body that represents the Inuit of Nunavut under the Nunavut Land Claims Agreement and holds the subsurface mineral rights on certain parcels of Inuit owned land, including at the Amaruq mine. The royalty payments under the mining leases with NTI are based on net profits at the mine, subject to a cap on allowable costs as a percentage of gross revenue. At mines located on lands in Nunavut where the subsurface mineral rights are not held by NTI (whether or not on Inuit owned lands), the Crown holds the subsurface mineral rights and imposes a net profits royalty (the "Crown royalty") under the Nunavut Mining Regulations (the "NMR"). The Company does not include the Crown royalty in its calculations of total cash costs per ounce and certain other of its non-GAAP measures as the Company classifies these costs as an income tax for financial statement purposes in accordance with IFRS Accounting Standards and income taxes are generally excluded from the calculation of such non-GAAP measures. The Crown royalty is not applicable where NTI is the holder of the subsurface mineral rights. Where NTI is holder of the subsurface mineral rights, the Company instead is required to make the payment under the mining leases with NTI, which the Company views as having similar characteristics to the payments under the Crown royalty. Accordingly, to ensure comparability across the Company's mines in Nunavut, the Company revised its calculation of such non-GAAP measures to also adjust for the NTI Payment where applicable. In this news release, total cash costs per ounce for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.

Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce on a by-product basis, except that the impact of by-product metals is not deducted. Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production of by-product metals.

Total cash costs per ounce is intended to provide investors information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are helpful to investors so investors can, understand and monitor the performance of the Company's mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine's cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.

In this news release, unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product basis because (i) gold is the Company's primary product and source of substantially all its revenues, (ii) the Company mines ore, which may contain gold, silver, zinc, copper and other metals, and the Company believes that isolating the cost of producing gold is a more meaningful measure of operating performance, (iii) it is a method used by management and the Board to monitor operations, and (iv) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite Costs per Tonne

Minesite costs per tonne are calculated by adjusting production costs as recorded in the Third Quarter Financial Statements for (i) inventory production costs, (ii) in-kind royalty costs, and (iii) smelting, refining and marketing charges, and then dividing by tonnage of ore processed. For periods commencing on or after January 1, 2026, the Company also adjusts production costs for the NTI Payment (as discussed above in " Total Cash Costs per Ounce "), which adjustment only affects minesite costs per tonne at Meadowbank and for the Nunavut region. The Company's calculation of minesite costs per tonne for other mines and regions other than the Nunavut region are not affected by this change. In this news release, minesite costs for periods that commenced prior to January 1, 2026 have been calculated using this revised methodology.

As the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. For the reasons noted above in respect of revisions to the composition of total cash costs per ounce, for the purposes of calculating this non-GAAP measure, the Company now adjusts production costs for the amount of the NTI Payment. The Company believes that this revision is helpful to both management and investors as it better reflects the cost performance at the Amaruq mine at Meadowbank and makes the reported measure more comparable across all of the Company's mines. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS Accounting Standards.

The following table sets out the production costs per minesite for the three and nine months ended September 30, 2026 and September 30, 2025, as presented in the Third Quarter Financial Statements in accordance with IFRS Accounting Standards.

The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs for the three and nine months ended September 30, 2026 and September 30, 2025, exclusive of amortization, as presented in the Third Quarter Financial Statements in accordance with IFRS Accounting Standards.