Agnico Eagle Mines Ltd. Mining Forum Americas 2026

What is the most important message I can give you? If I have got 10 minutes up here, there is really only one thing I want to focus on that matters to you, our owners, and that is how are we going to make you money over the next 10 years like we have in the past. It is really about, if you take a look at this picture, look at the box on the right at the top and focus on gold production per share. That is going to be the theme of my discussion today. Barrick, it is nice to see. I just want to make a quick call-out to Marc. I have worked with Marc for a long time. He is a great guy, and congratulations, Marc, on the new position. I wanted to make sure I said that. Agnico, we have been around for 70 years.

Our strategy is a little bit different than most of our peers. Our strategy really is to focus on regions that have the geologic potential for multiple mines over multiple decades and the political stability to allow us to operate multiple mines over multiple decades. This strategy gives us advantages operationally. We know all of our suppliers, we know all the contractors. We have somewhere between half and a third the turnover rate of our peers. We are the number one customer for our suppliers. We produce more gold in Canada than the next eight companies combined. It does not give us just an operational advantage, it gives me and our team a capital allocation advantage. When my team comes and says they want to build a second shaft at Malartic and they give me a price, it is the same team that just built the first shaft at Malartic.

When we build a water treatment plant at Upper Beaver, it is the exact same water treatment plant that we have built a dozen times for a number of our mines. Does this strategy work? If you take a look at the bottom right chart, it does work. Our compounded annual return over the last 20 years is 13.5%, double the industry average. How have we achieved it? Remember, I said the key I am going to focus on is how are we going to make you money, and by definition, that is money per share. If you take a look at the chart right above it, from 2005 to 2025, and we all talk about growth, we have grown from 240,000 ounces a year to 3.5 million ounces a year, a factor of 14. That is pretty good, but honestly, you do not care.

We do not get paid to increase production. We get paid to make you money per share, and one of the ways we do it, and the reason we have had double the return of our peer group over the last 20 years, is the line right below it. We have increased production per share by a factor of three. That is hard to do. It is not hard for me to issue shares to buy a company and say I have grown production. What is hard is to be able to grow production per share. That is discipline. That production per share, when you add it to the increase in gold price, our earnings per share are up almost by a factor of 20, and our dividends, which by the way we have been paying for 43 years, are up by a factor of 50.

The theme today is going to be continuing production per share that we have delivered over the last 20 years. What I am really proud of is that we are going to continue to grow production per share over the next decade. I am going to show you explicitly which projects are going to do it. What I want to do is show you pictures to demonstrate that these projects are actually happening now, and they are going into production starting in 2030. These four projects alone, and there are others, are going to add about 1.5 million ounces of additional production. 1.5 million ounces of additional production, and at these gold prices, that is going to be additional production per share. A big mine is 500,000 ounces a year.

Just these expansions and growth are going to be 1.5 million ounces a year, and we are going to go through them. I am going to start with Hope Bay. Hope Bay is going to be our fourth mine that we have built in Nunavut in the last 20 years. It is being built by the same team that built the other three. By the way, how did we grow our production per share over the last 20 years? By building 11 mines. We know how to build mines. We build our own mines. When I build a mine, when we build a mine in Ontario or in Quebec or in Nunavut, it is the same engineering team, it is our engineers. If I had to build a mine in Papua New Guinea, I do not have engineers in Papua New Guinea.

I would be hiring Bechtel or Fluor, and that would make sense. Agnico Eagle, we build our own mines. We are building Hope Bay. I was up there 2 weeks ago. It is going to go into production starting in 2030. It is going to be between 400,000 and 450,000 ounces a year, and it is going to operate for decades. We are just in the first 12 kilometers of two parallel 80-kilometer zones. Guy mentioned yesterday at Boston, 80 kilometers south, he hit yet another hole. It was 17 grams over almost 7 meters. We are going to be operating there for decades. What I want to show, if I can go backwards, actually, is take a look at the pictures. I really told our team this is not just promises, this is actually happening. Take a look at the pictures. On the top left, you will see three squares.

That camp is already 500 people. That is a brand-new camp. It is going to be another 500 next year. You take a look at the right, that is the upgraded port facility. Take a look at the bottom left, that is the Patch 7, the new underground portal. Take a look at the bottom middle. That is the foundation for the new power plant. Take a look at the bottom right. That is a 5.5 megawatt windmill. This is happening today. If we take a look at Canadian Malartic, that mine is going to be adding an additional 300,000 to 350,000 ounces a year. This is a mine that has been around since 1923. We have discovered in the last 10 years alone, 22 million ounces. 22 million ounces in one mine that is going to be a million-ounce-a-year producer.

This is a mine that is operating. If you take a look at the expansion, look at the bottom middle picture, you see the headframe is in place, you see the paste plant is in place, the operations center is in place. We are already 1.6 kilometers underground on the shaft ahead of schedule. We are ahead of schedule on the ramp. You can take a look at the right. The production hoists are in place.