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AGNICO EAGLE PROVIDES AN UPDATE ON YEAR-TO-DATE EXPLORATION RESULTS: DETOUR LAKE RETURNING HIGH GRADE INTERCEPTS UP TO 2 KM AWAY FROM CURRENT OPEN PIT; EAST GOULDIE DELIVERING SOLID INFILL CONVERSION RESULTS AND STEP-OUT DRILLING TO THE EAST AND WEST; HOPE BAY RETURNING WIDE HIGH GRADE INTERSECTIONS BELOW THE DORIS DEPOSIT; EXPLORATION OF AMALGAMATED KIRKLAND DEPOSIT IN KIRKLAND LAKE ADVANCING FROM SURFACE AND UNDERGROUND

·70 min read

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

TORONTO, Aug. 11, 2022 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on exploration activities at several projects and select mine sites. The Company's exploration focus remains on pipeline projects, near-mine opportunities and mineral reserve and mineral resource replacement and growth. Exploration highlights during the first half of 2022 include:

  • Detour Lake – Conversion and expansion drilling continue to return promising results within and immediately adjacent to the current open pit, representing an opportunity to further optimize the recently updated mine plan. By the end of June 2022, more than 84,660 metres of drilling had been completed since the closure of the database in early February 2022 in connection with the most recent mineral resource estimate. Highlight intercepts of 1.1 grams per tonne ("g/t") gold over 55.9 metres at 354 metres depth and 1.4 g/t gold over 78.9 metres at 565 metres depth in hole DLM-22-425 in the Saddle Zone demonstrate the potential to deepen the pit and extend it further north. Step-out drilling returned 32.3 g/t gold over 4.8 metres at 955 metres depth in an intersection located more than two kilometres west of the open pit, demonstrating the potential for a significant extension of the deposit to the west that will be considered for underground mining opportunities

  • Odyssey Underground Project at Canadian Malartic – Infill drilling continues to return strong results in the Odyssey South Zone, with recent results of 5.2 g/t gold over 17.0 metres at 359 metres depth. An initial mineral reserve estimate is expected at year-end 2022 and pre-commercial production from the Odyssey South orebody is expected to begin before the end of March 2023. Infill drilling also continues to return wide, high-grade intersections in the core of the East Gouldie deposit, with recent results including 4.9 g/t gold over 45.3 metres at 1,072 metres depth. Eastern extension and western extension of the deposit continues to be tested with recent results of 1.8 g/t gold over 62.9 metres at 1,580 metres depth, extending the zone 225 metres towards the west, filling the gap between the East Gouldie and the Norrie zones and providing potential for mineral resources addition

  • Hope Bay – More than 46,000 metres of drilling have been completed year to date with seven drill rigs now operating at the Doris and Madrid deposits. Recent results at Doris confirm the potential to expand the deposit along strike to the north in the BTD Extension Zone and to the south in the Central and West Valley zones and demonstrate the potential for finding additional high grade fold-hinge structures below the historical zones with a recent intersection in the BTD Connector zone of 6.9 g/t gold over 32.2 metres at 495 metres depth

  • Kirkland Lake Region – Following the merger with Kirkland Lake Gold Ltd. (the "Merger") that closed on February 8, 2022, the extension of the ramp from Macassa is now allowing drilling of the Amalgamated Kirkland ("AK") deposit from underground to complement surface drilling and accelerate the infill drilling of AK. The Company believes ore could be sourced for the Macassa mill in early 2024, which could provide flexibility to the operations. Recent results include a highlight intercept of 8.1 g/t gold over 13.8 metres at 208 metres depth. Infill drilling has also been completed at the Upper Beaver deposit, with a recent highlight intercept of 8.8 g/t gold and 0.54% copper over 12.0 metres at 1,600 metres depth. The Company's internal study on Upper Beaver is expected to be updated in 2023 taking into consideration synergy opportunities from the Merger

"The Company's ambitious exploration program for 2022 is yielding exciting results. At Detour Lake, the step-out drilling suggests good potential for an underground operation and extensions to the current open pits. At Canadian Malartic, the step-out drilling continues to significantly extend the East Gouldie deposit to the east and the west. At Hope Bay, the drill results confirm the expansion of the Doris deposit at depth with wide high grade intercepts, well ahead of our expectations," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "In addition, we continue to generate significant exploration results at producing assets including Fosterville, Meliadine, LaRonde and Kittila. With these positive results, we are adding $30 million dollars to our exploration budget in 2022 as we aim to accelerate the realization of the full potential of existing operations and key projects in the Company's pipeline," added Mr. Al-Joundi.

Based on positive exploration results in the first half of 2022, a supplemental exploration budget of $30 million has been approved – The Company has numerous mines and pipeline projects with excellent potential to replace and increase mineral reserves and has prioritized assessing the full potential of its portfolio through exploration (see the Company's news release dated February 23, 2022 for a breakdown of the 2022 exploration budget). Positive exploration results in the first half of 2022 support the focused addition of supplemental budgets at several projects. An update on selected exploration programs and budgets is set out in the sections below.

Targeting growth of the Company's mineral reserves and mineral resources at year-end 2022 from a record level at year-end 2021 – At December 31, 2021, Agnico Eagle's proven and probable mineral reserve estimate totaled approximately 25.7 million ounces of gold, consisting of 2.4 million ounces of gold of proven mineral reserves (38.7 million tonnes grading 1.92 g/t gold) and of 23.3 million ounces of probable mineral reserves (298.3 million tonnes grading 2.43 g/t gold.) This was an increase of approximately 1.6 million ounces of gold (7%) and a 10% increase in grade compared with the prior year. At December 31, 2021, prior to the Merger, Kirkland Lake Gold's proven and probable mineral reserves totaled approximately 18.9 million ounces of gold, consisting of 3.7 million ounces of gold of proven mineral reserves (81.7 million tonnes grading 1.41 g/t gold) and of 15.2 million ounces of probable mineral reserves (502 million tonnes grading 0.94 g/t gold).

For a breakdown of the Company's mineral reserves and mineral resources as at December 31, 2021 by deposit refer to the Company's news release dated February 23, 2022. For Detour Lake's mineral reserves and mineral resources as at March 31, 2022 refer to the Detour Lake section of this new release and the Company's news release dated July 27, 2022.

A wide selection of recent drill results is compiled in a table in the Appendix to this news release, while highlight intercepts are set out in the sections below. Drill hole collar coordinates for the holes in this news release are also set out in the Appendix.

ABITIBI REGION, QUEBEC

Agnico Eagle is Quebec's largest gold producer with a 100% interest in the LaRonde complex (which includes the LaRonde and LaRonde Zone 5 ("LZ5") mines), the Goldex mine and a 50% interest in the Canadian Malartic mine. The Company has a multi-decade track record of exploration success in the Abitibi region, building on the discovery in the 1980s of the world-class LaRonde gold-rich polymetallic volcanic massive sulphide deposit, which has served as an operations and exploration hub that provides operating synergies to the Company's nearby mines and allows for the sharing of technical expertise.

LaRonde Complex – Three Underground Development Drifts Progressing Westward from LaRonde 3 Infrastructure; Drilling on Level 9 Tests Vertical Extension of Zone 3-1; Infill Drilling Confirms Grade and Width of Zone 11-3; Drilling Shows Potential for Westward Extension of LZ5 Mineralization

At the LaRonde complex, the Company now expects to spend approximately $14.8 million in 2022 to drill 43,500 metres and to develop, extend or rehabilitate three new exploration drifts on levels 9, 215 and 290 West from the LaRonde 3 infrastructure towards the west below the LZ5 mine workings.

A total of 13,434 metres of definition and exploration drilling was completed in the first half of 2022, amid a challenging environment for diamond driller staffing and as new exploration drifts are being developed for future drilling.

In the track drift on Level 9, a second drill station has been completed and a drill rig is now operating and targeting the down-plunge extension of the historical Bousquet Zone 3-1.

In the exploration drift on Level 215, the development is progressing faster than budgeted with a total of 1,015 metres developed in the first half of 2022. The rehabilitation work is completed, and the drift is currently being extended further to the west. Considering the good progress being made, the Company has allocated an additional $2.9 million budget to extend the exploration drift compared to the original February budget. A first drill is expected to be mobilized into the drift in the second quarter of 2023. The exploration drilling program from the Level 215 exploration drift will test vertical extensions between 1.5 and 3 kilometres depth of several known mineralized zones — Zone 3-1, Zone 3-4, the Bousquet 1 mine and the LZ5 mine — as the drift is advanced to the west.

In the exploration drift on Level 290 West, development progressed by 136 metres during the first half of 2022 before being paused until year-end to focus on Level 215 and other priority developments in the mine.

At the LZ5 mine, Zone 5 was extended to the west during the first half of 2022, with recent drilling highlights that included: 2.4 g/t gold over 18.1 metres at 692 metres depth in hole BZ-2021-008; 1.4 g/t gold over 16.0 metres at 1,017 metres depth in hole BZ-2021-009; and 2.1 g/t gold over 17.5 metres at 841 metres depth in hole BZ-2022-001. These wide and low-grade intercepts show the potential for the vertical and westward extension of Zone 5 mineral reserves and mineral resources onto the Company's 100%-owned Ellison property, which is immediately adjacent to the infrastructure at the LZ5 mine.

In Zone LR11-3, which is located at depth in the past-producing Bousquet 2 mine, infill drilling was completed to validate historical results and infill the zone prior to development in the ore. Gold production from LR11-3 development ore is expected to begin in late 2022 and full production is expected to start in the first half of 2023.

Selected recent drill results from Zone LR11-3 and the LZ5 mine are set out in a table in the Appendix and in the composite longitudinal map below.

[LaRonde Complex – Composite Longitudinal Section]

Goldex – Exploration Continues to Expand South Zone; Drilling Ongoing into Mineralization Below the Deep 2 Zone and in the West Area

At the Goldex mine, the Company expects to spend approximately $5.6 million in 2022 for 45,300 metres of drilling comprised of 39,300 metres of conversion drilling and 6,000 metres of exploration drilling, focused on the South Zone, M Zone, West area and at depth in the Deep 3 Zone.

The main target of exploration at Goldex in 2022 is the South Zone, which is located in the volcanic rocks south of the Goldex main deposit. The South Zone gold mineralization is hosted in multiple quartz-biotite-sulphide veins that have higher grades than those in the primary mineralized zones at Goldex.

Seven drills are currently active on the property and have completed a total of 22,036 metres of capitalized definition drilling and 1,697 metres of expensed exploration drilling during the first half of 2022.

Recent results from the western extension of the South Zone in Sector 2 include a highlight of 14.7 g/t gold over 3.0 metres at 955 metres depth in hole GD96-002. In the eastern extension of the South Zone, in Sector 3, the conversion drilling program continues to return excellent results, including 4.1 g/t gold over 20.0 metres at 1,291 metres depth in hole GD128-057. The Company expects that the South Zone will be an important contributor to the replacement of mineral reserves at Goldex at year-end 2022.

Exploration is also being conducted to test the deposit at depth below the Deep 2 mine and in the West area.

Selected recent drill results from Goldex are set out in the table in the Appendix and in the composite longitudinal section below.

[Goldex Mine – Composite Longitudinal Section]

Odyssey Project – Infill Drilling Progressing in the Odyssey South Zone with Expectations of Initial Mineral Reserves to be Declared at Year-end 2022 and Pre-commercial Production to Begin before the end of March 2023 from an Underground Ramp; Infill Drilling at East Gouldie Continues to Confirm Grade and Width in the Core of the Deposit while Exploration Drilling Continues to Expand the Zone to the East and West; Underground Development and Surface Construction Progressing on Schedule and on Budget

At the Canadian Malartic mine, the Company expects to spend approximately $11.9 million (50% basis) in 2022 for 136,800 metres (100% basis) of exploration and conversion drilling focused on aggressive infill drilling of the East Gouldie deposit to improve confidence in the mineral resource, to continue the conversion of inferred mineral resources to indicated mineral resources and to refine the geological model. With ramp development continuing as part of the Odyssey mine project, Canadian Malartic GP (the "Partnership") is conducting underground conversion drilling from the ramp.

Twenty drills are currently active on the property, with four underground drills completing infill drilling on the Odyssey South deposit, 12 surface drills focused on infilling and expanding the East Gouldie mineralization and four drills active in regional exploration. The Partnership drilled 95,030 metres (100% basis) during the first half of 2022.

Underground development in the first half of 2022 completed 685 metres of ramp and 2,622 metres of lateral development, with the ramp now reaching a depth of 380 metres below surface.

Selected recent exploration drill results from Odyssey South, East Gouldie and the regional program on the wider Canadian Malartic property portfolio are set out in a table in the Appendix and in the composite longitudinal section below.

[Goldex Mine – Composite Longitudinal Section]

Odyssey Project – Infill Drilling Progressing in the Odyssey South Zone with Expectations of Initial Mineral Reserves to be Declared at Year-end 2022 and Pre-commercial Production to Begin before the end of March 2023 from an Underground Ramp; Infill Drilling at East Gouldie Continues to Confirm Grade and Width in the Core of the Deposit while Exploration Drilling Continues to Expand the Zone to the East and West; Underground Development and Surface Construction Progressing on Schedule and on Budget

At the Canadian Malartic mine, the Company expects to spend approximately $11.9 million (50% basis) in 2022 for 136,800 metres (100% basis) of exploration and conversion drilling focused on aggressive infill drilling of the East Gouldie deposit to improve confidence in the mineral resource, to continue the conversion of inferred mineral resources to indicated mineral resources and to refine the geological model. With ramp development continuing as part of the Odyssey mine project, Canadian Malartic GP (the "Partnership") is conducting underground conversion drilling from the ramp.

Twenty drills are currently active on the property, with four underground drills completing infill drilling on the Odyssey South deposit, 12 surface drills focused on infilling and expanding the East Gouldie mineralization and four drills active in regional exploration. The Partnership drilled 95,030 metres (100% basis) during the first half of 2022.

Underground development in the first half of 2022 completed 685 metres of ramp and 2,622 metres of lateral development, with the ramp now reaching a depth of 380 metres below surface.

Selected recent exploration drill results from Odyssey South, East Gouldie and the regional program on the wider Canadian Malartic property portfolio are set out in a table in the Appendix and in the composite longitudinal section below.

[Canadian Malartic Mine – Composite Longitudinal Section]

Odyssey South

Drilling from underground gradually increased during the first half of 2022 as ramp development provided access to new diamond drill bays to test the Odyssey South and Odyssey Internal zones. Recent results continue to confirm the grades of these zones and the Company expects that the core portion of the Odyssey South deposit will be classified as mineral reserves at year-end 2022, with pre-commercial production to begin before the end of March 2023. The new underground access also allowed for additional drilling into the Odyssey internal zones where recent results continue to better define the continuity of zones within the porphyry, which is expected to have a positive impact on the mineral resources update at year-end.

East Gouldie

With the continued success at infilling East Gouldie at 75-metre spacing in the core of the deposit, the Company expects a significant portion of the East Gouldie deposit to be classified as indicated mineral resources at year-end 2022.

Recent expansion drilling to the west at depth is producing positive results, with highlight hole MEX22-231 returning 1.8 g/t gold over 62.9 metres at 1,580 metres depth in the western extension of the East Gouldie deposit approximately 225 metres west of the current mineral resources outline (previously reported on July 27, 2022). This intercept is approximately halfway between the East Gouldie deposit and the Norrie Zone to the west and shows the potential for East Gouldie to connect with other mineral inventories in the Norrie and South Sladen mineralized zones that are not yet classified as mineral resources.

Regional Exploration

In regional exploration at Canadian Malartic, the Company is planning to spend approximately $4.1 million (50% basis) in 2022 on 21,900 metres (100% basis) primarily to expand mineralization towards the east in the East Gouldie horizon and the new Titan zone at depth on the Rand Malartic property. During the first half of 2022, 18,896 metres (100% basis) were completed on the Rand Malartic, East Amphi and Midway properties.

Rand Malartic

On the Rand Malartic property, the priority remains to test the eastern extension of the East Gouldie deposit while also testing the eastern extension of the Odyssey North and Odyssey South zones associated with porphyry mineralization within the Piché Group. As previously disclosed during the first quarter of 2022, the Partnership repurchased the 2% NSR royalty on the Rand Malartic property for $7 million.

Recent hole RD20-4677B has intersected a new mineralized porphyry intrusion, returning 1.6 g/t gold over 29.3 metres (core length) at 1,208 metres depth approximately 820 metres east of the easternmost limit of Odyssey South Zone mineral resources, demonstrating potential to discover "Odyssey North and South" style of mineralization as exploration drilling advances towards the east.

In the eastern extension of East Gouldie, previously reported hole RD21-4689AA intersected 3.1 g/t gold over 7.9 metres (core length) at 2,537 metres depth, making it the deepest and easternmost drill hole to date. This intersection extends the East Gouldie mineralized corridor eastward by 500 metres, to approximately 1,700 metres east of the current mineral resources outline. Mineralization remains open to the east.

East Amphi and Camflo

Elsewhere on the Partnership's 13,582 hectare land position, exploration continues with work testing the deep extension of the East Amphi deposit and the ongoing compilation of all historical information around the Camflo deposit on the Camflo property, which the Partnership acquired in 2021.

The Camflo property lies to the north of the Odyssey project and includes the past producing Camflo mine which had historical production of approximately 1.6 million ounces of gold.

The Partnership's initial evaluation of the Camflo property has identified porphyry hosted gold mineralization that could potentially be mined via an open pit. Additional studies are underway to evaluate this mineralization and additional potential mineralization in adjacent rock types. A follow-up exploration program is planned for Camflo in 2023.

ABITIBI REGION, ONTARIO

Agnico Eagle acquired the Detour Lake and Macassa mines on February 8, 2022 as a result of the Merger. With the inclusion of these two assets in its portfolio, the Company is now Ontario's largest gold producer. Furthermore, the proximity of these mines to the Company's operations located in the Abitibi region of Quebec provides operating synergies and allows for the sharing of technical expertise.

Detour Lake – Drilling Confirms a Broad Corridor of Mineralization Extending from the Main Pit Continuing Through to the Planned West Pit; Potential to Continue Growing "Out-pit" Mineralization Two Kilometres West of the Current Resource Pit

At the Detour Lake mine, the Company expects to spend approximately $35.8 million in 2022 for 194,000 metres of capitalized drilling to expand mineral resources at depth and to the west, and $10.1 million for 40,000 metres for exploration drilling to continue to investigate the Sunday Lake Deformation Zone to the east and west of the current pit's mineral resources.

During the first half of 2022 at Detour Lake, the Company completed 99 holes totalling 108,023 metres of combined capitalized and expensed drilling. Approximately 84,660 metres of the drilling completed in the first half of 2022 was not included in the latest mineral reserve and mineral resource update for Detour Lake, which utilized a database that closed on February 5, 2022.

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

[Detour Lake Mine – Plan Map and Composite Longitudinal Section]

During the first half of 2022, drill results inside and proximate to the Saddle and future West Pit areas continue to confirm the presence of a broad corridor of mineralization extending from the Main Pit and continuing through to the planned West Pit. Recent results have been positive and are expected to support further resource upgrades and the identification of new resources north and below the current resource pit shell.

Highlights from recent drilling inside and near the future West Pit area include: hole DLM21-348A, which intersected 1.0 g/t gold over 41.0 metres at 488 metres depth and 5.0 g/t gold over 4.6 metres at 614 metres depth; hole DLM22-414, which intersected 2.1 g/t gold over 27.4 metres at 561 metres depth; hole DLM22-425, which intersected 1.1 g/t gold over 55.9 metres at 354 metres depth and 1.4 g/t gold over 78.9 metres at 565 metres depth; and hole DLM22-450W, which intersected 19.9 g/t gold over 2.7 metres at 315 metres depth and 2.2 g/t gold over 21.0 metres at 548 metres depth.

Drilling in the westerly plunge of the deposit both below and west of the future West Pit has continued to return wide intervals inclusive of a higher grade portion that support the potential to continue growing the "out-pit" mineralization, which now extends two kilometres west of the current resource pit. Recent drill results include the intersection of a new mineralized zone south and below the western extent of the West Pit resources.

Highlights from recent drilling below and immediately west of the West Pit include: hole DLM22-404W, which intersected 2.3 g/t gold over 88.2 metres at 806 metres depth, including 3.6 g/t gold over 45.1 metres at 822 metres depth; hole DLM22-446, which intersected 1.0 g/t gold over 53.0 metres at 691 metres depth and 2.1 g/t gold over 37.0 metres at 739 metres depth; hole DLM22-451, which intersected 1.8 g/t gold over 22.3 metres at 684 metres depth, and 1.0 g/t gold over 71.0 metres at 753 metres depth; and hole DLM22-422W, which intersected 13.1 g/t gold over 9.2 metres at 689 metres depth.

Continued drilling along the West Pit Extension has been encouraging, with mineralization occurring both within the Chloritic Greenstone (CG) unit, a marker horizon associated with mineral reserves and mineral resources in both the Main Pit and West Pit, and within altered mafic pillow flows, below and footwall to the CG unit, which is similar in nature to the mineralized zones in the West Pit.

In the first half of 2022, drilling intersected wide zones of mineralization with some containing high grade inclusions. In addition to holes highlighted in the July 27, 2022 news release (DLM22-448, which returned 32.3 g/t gold over 4.8 metres at 955 metres depth and hole DLM22-453, which returned 6.0 g/t gold over 5.6 metres at 940 metres depth and 4.9 g/t gold over 3.7 metres at 1,019 metres depth), hole DLM22-469 intersected 5.8 g/t gold over 13.1 metres at 917 metres depth, including 24.5 g/t gold over 2.6 metres at 913 metres depth; hole DLM-22-471 intersected 0.9 g/t gold over 30.3 metres at 951 metres depth and hole DLM22-430A intersected 3.6 g/t gold over 7.3 metres at 669 metres depth.

Results obtained during the first half of 2022 after the closure of the database on February 5, 2022, combined with results during the second half of 2022, are expected to have a positive impact on the mineral reserves and mineral resources estimate for the open pit at year-end 2022.

In addition, continued success in extending the mineralized zone outside of the pit towards the west is expected to result in an initial mineral resource estimate at year-end 2022 that would be the basis for potential underground mining scenarios. As part of the ongoing optimization of the Detour Lake mine, an evaluation of the underground potential has been initiated and is expected to be completed by year-end 2023.

Regional drilling planned at Detour Lake for the remainder of 2022 includes targets further west along the Sunday Lake Deformation Zone and the West Pit Extension. These targets have been optimized by the completion of ground geophysical surveying in the second quarter of 2022 which surveyed a 105 kilometre grid west and north of Hopper Lake along main structural trends. Investigative drilling East of the Main Pit is also planned to gather new geological information at depth in relatively untested ground.

As set out in the news release of July 27, 2022, the Company increased the mineral reserves at Detour Lake by 38% as at March 31, 2022 compared to the mineral reserves as at December 31, 2021.

At March 31, 2022, the Detour Lake mine is estimated to contain proven mineral reserves of 77.6 million tonnes grading 1.12 g/t gold for approximately 2.8 million ounces of gold and probable mineral reserves of 757.5 million tonnes grading 0.72 g/t gold for approximately 17.6 million ounces of gold.

Detour Lake's measured mineral resources totaled 1.3 million ounces of gold (27.8 million tonnes grading 1.44 g/t gold) and indicated mineral resources totaled 12.9 million ounces of gold (562.3 million tonnes grading 0.71 g/t gold) at March 31, 2022. In addition, Detour Lake contained inferred mineral resources of 1.8 million ounces of gold (75.2 million tonnes grading 0.75 g/t gold) at March 31, 2022.

Macassa and AK Deposit – Underground Drilling at Macassa Intersects High Grade Gold Mineralization on Four Mine Levels; New Exploration Ramp Provides Platform to Test AK Deposit from Underground; AK Surface Drilling Completed to Support Underground Project Development

With the completion of the Merger, Agnico Eagle's land position in the Kirkland Lake area of northeastern Ontario is now centered around the Macassa mine and covers over 29,469 hectares (approximately 35 kilometres long by up to 17 kilometres wide) of this prolific mining district. The Company's assets within the camp include the Macassa mine, the adjacent AK deposit, the Upper Beaver and Upper Canada deposits farther east as well as several other occurrences and adjacent joint venture interests.

This year at Macassa, the Company expects to spend approximately $20.3 million to develop exploration drifts to support 99,850 metres of capitalized drilling to expand mineral resources and $18.9 million for 89,700 metres of exploration drilling to investigate the South Mine Complex and Main Break along strike and at depth as well as the development of an exploration drift to support drilling and access to the AK deposit.

In the first half of 2022, the Company completed approximately 49,578 metres of underground drilling at Macassa, using up to nine underground drills on the 3400, 5100, 5300 and 5800 levels.

Selected recent drill intercepts from Macassa and AK are set out in a table in the Appendix and in the composite longitudinal sections below.

[Macassa Mine and AK Deposit – Composite Longitudinal Section]

[AK Deposit – Composite Longitudinal Section]

Drilling from the 3410 Incline targeted an underexplored area of the '04/Main Break west of historic mining areas.

The 5100 level drill program is targeting the '04 Break west of the Amikougami Cross Fault where little historic drilling was completed. At the end of the second quarter, a total of 6,863 metres of drilling had been completed in 16 holes, with hole 51-656 returning 3.7 g/t gold over 2.3 metres at 1,506 metres depth.

Drilling on the 5300 level was focused on extending and infilling the South Mine Complex to the east, with 13,009 metres of drilling completed in 36 holes during the first half of 2022. This program continues to see favourable results from both the extension and infill drilling with highlights including: 62.7 g/t gold over 2.0 metres at 1,635 metres depth in infill hole 53-4587; 47.3 g/t gold over 2.0 metres at 1,834 metres depth and 41.8 g/t gold over 2.0 metres at 1,841 metres depth in infill hole 53-4581; 14.2 g/t gold over 2.0 metres at 1,659 metres depth in extension hole 53-4552; and 14.1 g/t gold over 2.0 metres at 1,784 metres depth in extension hole 53-4544. Development advanced 185 metres in the first half of 2022 and included the excavation of two diamond drill bays.

Drilling on the 5300 level was also focused on extending and infilling the Lower South Mine Complex and South Mine Complex West. During the first half of 2022, a total of 6,477 metres of drilling was completed in 14 holes into these two targets, with highlights that include: 12.2 g/t gold over 2.0 metres (core length) at 1,946 metres depth in hole 53-4578 in the Lower South Mine Complex; and 30.9 g/t gold over 2.1 metres (core length) at 1,639 metres depth in hole 53-4580 in the South Mine Complex West.

Drilling from the 5807 Decline mainly tested the Deep Main Break east of Shaft #4 below the Kirkland Minerals property. Exploration development continued to advance in the first half of 2022 with 120 metres completed. At the end of the second quarter of 2022, a total of 11,040 metres of drilling had been completed in 21 holes, with highlights that include: 17.5 g/t gold over 2.0 metres at 2,362 metres depth in hole 58-730; 20.5 g/t gold over 1.7 metres at 2,211 metres depth in hole 58-723; and 12.7 g/t over 2.0 metres (core length) at 1,831 metres depth in hole 58-721. Drilling into this target will continue for the remainder of the year as development continues.

AK Deposit

Following completion of the Merger, the Company initiated development of an exploration decline from the existing near surface ramp infrastructure at Macassa to provide platforms to test the AK deposit from underground.

Mineralization at the AK deposit is generally vertical and controlled by quartz-carbonate veinlet envelopes that pinch and swell vertically and laterally, varying from 1 to 15 metres in thickness with local high grade, visible gold intercepts.

Out of a planned 982 metres, a total of 809 metres of exploration ramp development has been completed to date, including the excavation of five new underground drill platforms.

An underground diamond drilling program commenced in May 2022 and, by the end of the second quarter of 2022, a total of 3,068 metres of drilling from three platforms had been completed, testing the continuity of the higher-grade area of the AK deposit. Recent highlights from this underground program include: 14.1 g/t gold over 6.5 metres at 222 metres depth in hole KLAK-010; and 23.9 g/t gold over 2.0 metres at 112 metres depth in hole KLAK-011. This phase of the underground program at AK is on schedule for completion late in the fourth quarter of 2022.

Resource conversion drilling was also conducted from surface into the AK deposit, with 48 drill holes totalling 12,692 metres completed during the first half of 2022.

The surface infill drilling confirmed the grade, continuity and thickness of the higher-grade portions of the mineralized panel at AK. Recent highlights include hole KLAKC22-162 returning 8.7 g/t gold over 7.6 metres at 146 metres depth; and hole KLAKC22-152 returning 12.9 g/t gold over 12.6 metres at 171 metres depth.

Several deeper holes drilled into AK from the surface also returned positive results, including: hole KLAKC22-163W2, which intersected 18.3 g/t gold over 2.4 metres at 407 metres depth; and hole KLAKC22-166W2, which intersected 13.0 g/t gold over 2.5 metres at 496 metres depth.

The recent drill results from surface and underground will provide additional information for the technical evaluation of the AK deposit with an expected inclusion of AK mineralization in the mine's mineral reserves in 2023.

Once drilling from underground is advanced at AK, the Company will consider developing into the AK deposit and conducting a bulk sample. The AK deposit has the potential to be beneficial to the Macassa mine operation by providing a near surface, ramp accessible source of ore to supplement underground production.

The further expansion potential of the AK deposit is now being assessed, as the elimination of property boundaries as a result of the Merger simplifies targeting and exploration in the eastern extension of the deposit.

Regional exploration will also benefit from the recent land consolidation resulting from the Merger. The historic Main Break deposit of Kirkland Lake, where over 25 million ounces of gold have been produced historically, is now consolidated from its most western known extension at Macassa to the past-producing Sylvanite mine.

The Company has applied to obtain an Exploration License of Occupation for the Toburn mine, the easternmost past-producer on the Main Break. If granted this exploration license will permit the Company to carry out a comprehensive interpretation of the Main Break orebody and identify exploration targets similar to the South Mine Complex-type mineralization east of current mining operations at Macassa.

Upper Beaver – Resource Conversion Drilling Completed and New Target Areas Being Tested Outside the Mineral Resources Footprint

The Upper Beaver deposit is a gold-copper rich orebody that contains both vein and replacement-style mineralization. It extends from surface to approximately two kilometres below surface and remains open at depth. Gold mineralization occurs either as free/visible gold that is relatively common throughout the deposit or associated with sulphides. Copper mineralization occurs predominantly as chalcopyrite and occasionally as bornite in disseminations or in stringers/stockwork veinlets.

A total of 30 holes for 14,292 metres were drilled at the Upper Beaver project during the first half of 2022.

Selected recent drill intercepts from Upper Beaver set out in a table in the Appendix and in the composite longitudinal section below.

[Upper Beaver – Composite Longitudinal Section]

The recently completed resource conversion drilling program at Upper Beaver achieved multiple objectives that will benefit the technical evaluation and mineral reserve and mineral resource update expected in 2023. Among them, the recent drilling filled in gaps in the eastern portion of the Footwall Zone mineralized corridor, located between 800 and 1,000 metres below surface. Highlight intercepts include 16.7 g/t gold over 7.0 metres at 865 metres depth in hole KLUB22-751W3 and 12.4 g/t gold over 9.0 metres at 920 metres depth in hole KLUB21-137W5.

An increase in mineral resources is expected from this newly drilled gap area where no information was available for previous mineral resource estimates for Upper Beaver.

In addition, all drill holes targeting the gap areas of the Footwall Zone provided the opportunity to add drilling intercepts in the main Porphyry Zone, resulting in tighter spacing and increased confidence in the shape and continuity of the zone. For example, hole KLUB22-137W5, reported above, also returned 5.0 g/t gold over 14.1 metres in the Porphyry Zone at 839 metres depth.

Deeper conversion drilling also returned results confirming grades and thicknesses for both the Porphyry and Footwall zones of the Upper Beaver deposit. Hole KLUB21-328W11 returned 4.7 g/t gold and 0.3% copper over 7.0 metres at 1,550 metres depth in the Porphyry Zone and hole KLUB21-328W15 returned 8.8 g/t gold and 0.5% copper over 12.0 metres at 1,600 metres depth in the Footwall Zone.

With the resource conversion drilling completed, the focus of drilling at Upper Beaver has shifted outside of the mineral resources footprint to identify areas of potential future mineral resource growth and two areas have already delivered promising results.

Approximately 500 metres east of the main Upper Beaver deposit, hole KLUB22-172E intersected veining and alteration typical of the mineralization observed at Upper Beaver and assays returned 3.6 g/t gold and 1.1% copper over 1.2 metres (core length) at 1,550 metres depth. Follow-up hole KLUB22-172W2 returned 11.3 g/t gold and 0.1% copper over 0.7 metres (core length) at 1,464 metres depth in the same area, and more drilling is underway to further assess this new discovery.

To the west and approximately 800 metres north of the main Upper Beaver deposit, hole KLUB22-768 intersected low-angle veining with visible gold returning 11.5 g/t gold over 5.5 metres (core length) at 618 metres depth and 51.5 g/t gold over 5.2 metres (core length) at 629 metres depth. This mineralization is interpreted as the possible faulted and offset extension of the known North Basalt zone. Exploration drilling is ongoing to define the geometry of this new mineralization.

Regional exploration activity in the greater Upper Beaver area includes diamond drilling, geophysical and geochemical surveying, mapping and prospection. The objective is to develop additional mill feed for a future Upper Beaver mining operation, which includes target areas such as Upper Canada, Anoki-McBean, Munro and Bidgood.

NUNAVUT REGION

Agnico Eagle has identified Nunavut as a politically attractive and stable jurisdiction with enormous geological potential. With the Company's Meliadine mine and Meadowbank complex (including the Amaruq satellite deposit), together with the Hope Bay project and other exploration projects, Nunavut is a strategic operating platform that builds on the Company's established infrastructure, access roads, procurement synergies and the region's tremendous geological potential, with the ability to generate strong gold production and cash flows over several decades.

Meliadine – Significant Exploration and Conversion Results from Pump Deposit Near Surface and Down-Plunge at Depth

The Meliadine property includes seven gold deposits, six of which are part of the current mine plan. Tiriganiaq is the largest of the deposits with a strike length of approximately 3.0 kilometres at surface and a known depth of 812 metres.

Exploration during the first half of 2022 at the Meliadine mine site and surrounding areas totaled 35,606 metres, with work focused on three areas: deep exploration and conversion drilling at the Pump deposit, infill drilling of inferred mineral resources at depth in the Wesmeg and Tiriganiaq deposits and exploration drilling at the F-Zone deposit.

Selected recent exploration drill intercepts from the Pump deposit at the Meliadine property are set out in a table in the Appendix and in the plan map and composite longitudinal section below.

[Meliadine Mine – Plan Map & Pump Composite Longitudinal Section]

During the first half of 2022 at the Pump deposit, the Company completed 51 holes from surface totalling 16,890 metres to convert and expand the mineral resources at the Pump South and North zones.

The positive results from infill drilling at shallow depth into the Pump South Zone are expected to convert a portion of inferred mineral resources into indicated mineral resources in the eastern (main) ore plunge. Highlights include: hole M22-3364, which intersected 6.5 g/t gold over 4.1 metres at 143 metres depth; and hole M22-3361, drilled 36 metres to the east, which intersected 11.7 g/t gold over 4.2 metres at 125 metres depth. Other notable infill drilling results include hole M22-3362, drilled 51 metres further east, which returned 6.4 g/t gold over 5.4 metres at 76 metres depth; and hole M22-3360, drilled 93 metres east of hole M22-3364, which returned 9.4 g/t gold over 3.0 metres at 87 metres depth.

Approximately 200 metres deeper down-plunge in the same gold-mineralized oreshoot, hole M22-3380A intersected 9.3 g/t gold over 4.2 metres at 328 metres depth. Hole M22-3382A, drilled 33 metres to the east, intersected 7.7 g/t gold over 5.0 metres at 321 metres depth and hole M22-3384, drilled 80 metres east of hole M22-3364, intersected 20.4 g/t gold over 3.7 metres at 339 metres depth. These holes are expected to convert inferred mineral resources located between two substantial areas of indicated mineral resources.

In 2021, the exploration drilling program identified an important mineral inventory at the limits of the mineral resource along the main plunge. This year's follow-up drilling program has confirmed the grade, thickness and continuity of this new mineralized zone. Hole M22-3391, which returned 18.8 g/t gold over 5.3 metres at 565 metres depth, is expected to extend the inferred mineral resources down plunge. Hole M22-3401, drilled into inferred mineral resources located 106 metres to the east, returned 10.1 g/t gold over 5.0 metres at 488 metres depth.

Drilling of the Pump North and Pump South targets is planned to resume next winter. An internal study is underway of the underground portion of the Pump deposit and is due for completion in early 2023.

Elsewhere on the Meliadine property in the first half of 2022, a total of 18,716 metres of exploration and conversion drilling was carried out in Tiriganiaq and Wesmeg deposits from the newly developed exploration drift as well as from surface in the F-Zone deposit.

Based on recent success of the exploration programs at Meliadine in the first half of 2022, $6 million of the additional $30 million in exploration expenditure will be dedicated to drill an additional 40,000 metres to support mineral resources to mineral reserves conversion and the addition of mineral resources in the extensions of the known deposits.

Meadowbank – Infill Drilling at Whale Tail Underground Confirms Grade and Width of Stopes with Underground Production to Ramp Up in the Second Half of 2022; Exploration Drilling in Gap Between IVR Pit and IVR Underground Returns Positive Results; Deep Drilling Campaign Underway Below Whale Tail, IVR and Mammoth

The exploration program at Amaruq in 2022 is budgeted at $19.5 million for a planned 61,800 metres of exploration and conversion drilling, with 31,996 metres of drilling completed during the first half of 2022.

The exploration drilling in 2022 has several objectives: completing definition drilling of mineral resources to allow evaluation for possible Whale Tail Pit extension at its western end toward the Mammoth prospect as well as extending mineral resources at depth in the Whale Tail, IVR and Mammoth deposits; below the IVR pit, testing a gap between the open pit and the underground mineral resources; and continuing delineation drilling in the underground mine in the Whale Tail deposit to confirm the final shapes of stopes as production will gradually ramp up in the second half of 2022.

Selected recent drill intercepts from the exploration and conversion drilling at Amaruq are set out in a table in the Appendix and in the composite longitudinal section below.

[Meadowbank Complex – Amaruq Composite Longitudinal Section]

Underground infill drilling in the Whale Tail deposit during the first half of 2022 has increased confidence in the geological modelling of the deposit and better defined the stopes that are scheduled for production during the second half of 2022.

Highlights from this infill drilling include: hole AMQ-290-200-F1 returning 5.2 g/t gold over 7.2 metres at 285 metres depth and 5.5 g/t gold over 20.8 metres at 284 metres depth; hole AMQ-320-200-U1 returning 5.6 g/t gold over 27.0 metres at 305 metres depth; hole AMQ-320-201-U1 returning 3.4 g/t gold over 25.2 metres at 299 metres depth; hole AMQ-320-204-F1 returning 6.3 g/t gold over 20.0 metres at 314 metres depth; and hole AMQ-320-205-U1A returning 9.3 g/t gold over 21.2 metres at 282 metres depth.

Drilling into the gap between the IVR pit and the underground IVR mineral resources intersected significant mineralization that will likely contribute to increased mineral resources and the conversion of inferred mineral resources into indicated mineral resources in the upper portion of the underground IVR mineral resources. Highlights from this drilling include 6.8 g/t gold over 5.9 metres at 223 metres depth in hole AMQ21-2729, 5.3 g/t gold over 8.1 metres at 352 metres depth in hole AMQ21-2707A, 5.4 g/t gold over 9.5 metres at 296 metres depth in hole AMQ21-2745 and 20.3 g/t gold over 5.1 metres at 336 metres depth in hole AMQ21-2728A.

Drilling along the western limits of the IVR deposit resulted in highlights such as 13.5 g/t gold over 5.2 metres at 360 metres depth and 7.3 g/t gold over 3.3 metres at 401 metres depth in hole AMQ21-2690A. In the central portion of the IVR deposit, conversion hole AMQ21-2680 returned 6.0 g/t gold over 22.4 metres at 391 metres depth.

A deep drilling campaign began at Amaruq in late April with the objective of extending underground mineral resources under the Whale Tail, IVR and Mammoth known orebodies. To date, two deep holes at Whale Tail and two others at Mammoth were completed and intersected the targeted mineralized horizons, with all results pending. Drilling is also ongoing at IVR at depth where the deposit remains open.

Hope Bay – Drilling Tests Extensions of High-Grade Zones at Doris; Larger Production Scenarios Continue to be Evaluated

On February 18, 2022, the Company announced that it decided to maintain the suspension of production activities at the Hope Bay mine in order to dedicate the infrastructure of the Hope Bay site to exploration activities. Infrastructure work for water treatment and camp maintenance is also underway while the Company is studying larger production scenarios integrating the most recent results and the progress of the ongoing exploration campaign.

The exploration program is continuing to ramp up at Hope Bay, with 136 drill holes totalling 46,658 metres completed from surface and underground during the first half of 2022. Three drill rigs are now operating underground at the Doris deposit, three drill rigs are targeting deep extensions of the Doris deposit from surface and a seventh surface drill rig is operating at the Madrid deposit.

Doris Deposit

During the first half of 2022 at the Doris deposit, three drill rigs operating underground explored extensions of the BTD Extension, BTD Connector, Connector, Central and West Valley zones, and three drill rigs at surface tested deep extensions of the BTD Connector and BTD Central zones.

Selected recent drill intercepts from these zones extensions at Doris are set out in a table in the Appendix and in the composite longitudinal section below.

[Doris Deposit at Hope Bay Mine – Composite Longitudinal Section]

Drill results continue to demonstrate the excellent potential to grow the Doris deposit at depth below the dike in the BTD Extension and BTD Connector zones, and in the West Valley Zone above the dike to the south.

Drilling in the northernmost portion of the BTD Extension Zone has confirmed that the main hinge zone extends further north. Recent highlights include 20.9 g/t gold over 2.3 metres at 344 metres depth in hole HBDBE22-50888 and 20.9 g/t gold over 3.5 metres at 327 metres depth in hole HBDBE22-50886. Follow up drilling is ongoing in this area.

Drilling in the BTD Connector Zone has continued to confirm the northern and southern extensions of the West Limb and has extended the East Limb at depth. Recent highlights from BTD Connector include hole HBD22-036, which intersected 6.9 g/t gold over 32.2 metres at 495 metres depth, including 25.9 g/t gold over 5.0 metres at 494 metres depth; hole HBD22-030, which intersected 12.2 g/t gold over 7.1 metres at 492 metres depth; and hole HBD22-026, which intersected 20.4 g/t gold over 3.3 metres at 550 metres depth.

Drilling in the West Valley Zone has confirmed the extension of the zone by 77 metres to the south and above the dike, and the zone appears to continue into a gap of drilling immediately below the 210-metre level. Highlights from this drilling include; 25.4 g/t gold over 3.0 metres at 286 metres depth and 21.6 g/t gold over 3.1 metres at 292 metres depth in hole HBDWV22-50979; and 25.2 g/t gold over 3.4 metres at 250 metres depth and 14.1 g/t gold over 3.3 metres at 258 metres depth in hole HBDWV22-50953.

The results further demonstrate the potential to significantly grow the Doris mineral resources to support the development of additional underground exploration drifts and platforms to further confirm the size, shape and grade of these high-grade mineralized zone extensions.

During the second half of 2022 at Doris, work will continue extending the exploration drifts and investigating the deposit from underground and surface drill rigs.

Madrid Deposit

During the first half of 2022 at the Madrid deposit, one surface drill rig was in operation and mainly targeting the inflexion zone in the Naartok East area and the vertical extension of the Suluk zone.

The first result from the 2022 campaign at Madrid was from hole HBM22-040, which was drilled outside the Naartok East inflexion zone and intersected 7.0 g/t over 7.0 metres at 385 metres depth. Results from Suluk are pending.

During the second half of 2022, two drill rigs are planned to be in operation at Madrid targeting the Suluk vertical extension and the Naartok East Zone at greater depth.

The Suluk drilling will follow-up on two historical holes (HB03PMD225 and HBTMMSU-19-00023) that respectively returned 5.6 g/t over 9.0 metres at 540 metres depth and 10.8 g/t over 4.4 metres at 698 metres depth. These two holes are the deepest intersections of the Suluk Zone to date, and the zone remains open in all directions.

The Naartok East "below the dike" drilling will target areas below a barren (non gold-bearing) diabase dike where previous operators had ended their exploration holes. A recent reinterpretation of the geology at Naartok East and Naartok West suggests there is potential for near-surface gold mineralization to continue below the dike in a manner similar to the geological setting at the Doris deposit.

Selected recent drill intercepts from Madrid are set out in a table in the Appendix and in the composite longitudinal section below.

[Madrid Deposit at Hope Bay Mine – Composite Longitudinal Section]

Boston Deposit

The Boston deposit is located 60 kilometres south of the Doris processing facility and is accessible by helicopter support or via a winter trail for supply and has an airstrip for small fixed-wing aircraft.

At the camp, maintenance work is underway to refurbish the various facilities prior to resuming exploration drilling activities in the area in 2023.

The Boston deposit remains open in all direction with one of the best historical results at depth returning 56.6 g/t over 8.8 metres at 1,014 metres depth, demonstrating great potential to expand this high grade deposit further in all directions. There are also several near surface high grade occurrences that have not yet been drilled. Compilation and validation of the historical exploration database at Boston is underway, and the geological and structural models for the deposit will be updated to help generate new drill targets for the 2023 campaign.

Regional field exploration

This year's regional field exploration program began in early June, with geological teams set to evaluate more than 50 showings identified by previous explorers near current infrastructure in the northern portion of the Hope Bay property. The aim of the program is to increase understanding of the structural controls on mineralization and generate regional drill targets.

Exploration Plan and Budget

Based on recent success identifying deposit extensions and discovering new mineralized zones at depth in the Doris and Madrid deposits, the Company has allocated $24 million of the additional $30 million in exploration expenditure to continue drilling and development of exploration drifts at Doris in order to accelerate exploration from underground in the high potential areas that will ease future definition drilling for mineral resources conversion and mine development for future production resumption. The Company is now expected to spend approximately $56 million at Hope Bay in 2022 to develop new exploration drifts and for surface and underground exploration drilling at Doris and for surface exploration drilling on exploration at Madrid and other regional targets along the Hope Bay greenstone belt.

Exploration at Hope Bay is expected to continue through 2023 while larger production scenarios are being evaluated.

AUSTRALIA

Agnico Eagle acquired the Fosterville mine on February 8, 2022 as a result of the Merger. As the largest gold producer in the state of Victoria, Australia, the 100% owned Fosterville mine is a high-grade underground gold mine, located 20 kilometres from the city of Bendigo. The operation features low-cost gold production, as well as extensive in-mine and district scale exploration potential.

Fosterville – Exploration Ramp Completed Reaching the Robbins Hill Deposit; Drilling Extends the Lower Phoenix Zone

The Fosterville mine is hosted by Paleozoic rocks of the Bendigo zone. Gold mineralization is associated with high grade quartz lode within a wider refractory pyrite-arsenopyrite disseminated mineralization. The 2,857 hectare Fosterville mine property is surrounded by four exploration licences totalling 107,959 hectares and by 118,384 hectares of exploration (118,300 hectares) and mine (84 hectares) lease applications. The mineralization is hosted within the Fosterville and O'Dwyer's trends, which are parallel structures that host ore shoots associated with fold closures and multiple faulting and splay features.

Near mine exploration remains the main focus at Fosterville as the deposits remains open at depth, along plunge and laterally in the Lower Phoenix and Robbins Hill zones. A primary exploration objective at Fosterville remains to investigate for high grade quartz vein structures similar to the Swan Zone within the wider sulphide-mineralized envelope in the Lower Phoenix and Robbins Hill zones.

At the Fosterville mine in 2022, the Company expects to spend approximately $57.3 million for 234,000 metres of expensed and capitalized drilling and the completion of the Robbins Hill exploration ramp. During the first half of 2022 at the Fosterville mine, expensed exploration drilling totaled 26,957 metres and capitalized conversion drilling totaled 46,792 metres.

Recent results in the Lower Phoenix Zone from the Phoenix 3912 Drill Drive returned significant results in the down plunge extension of the zone. Close to the current limit of the mineral resources, hole UDH4378 returned 31.5 g/t gold over 8.0 metres at 1,581 metres depth, including 306.8 g/t gold over 0.7 metres at 1,583 metres depth. And approximately 81 metres away from the current mineral resources limit, hole UDH4372A returned 226.2 g/t gold over 1.4 metres at 1,716 metres depth, including 420.2 g/t gold over 0.8 metres, demonstrating the potential for the addition of mineral resources. Ongoing conversion and exploration drilling is aiming to fully replace the gold ounces mined out in 2022.

The decline into the Robbins Hill is now complete and is allowing access to drill into the mineral resources area. In the down plunge extension of the Robbins Hill, hole UDR003A returned 5.1 g/t gold over 6.1 metres at 1,377 metres depth, approximately 427 metres from the current mineral resource envelope, further demonstrating potential for the addition of mineral resources. Closer to the mineral resources area, hole UDR015 returned 68.0 g/t gold over 4.9 metres at 1,106 metres depth, including 390.2 g/t gold over 0.7 metres at 1,106 metres depth, approximately 75 metres away from the current mineral resources outline. The very high gold grades intersected in hole UDR015 down-plunge of the Robbins Hill mineral resources are due to the presence of visible gold in quartz vein mineralization — a style of mineralization similar to what is seen in the Swan Zone.

The ramp will now allow ongoing infill and expansion drilling with the objective of converting mineral resources into mineral reserves by year-end 2022.

Selected recent drill results from Fosterville are set out in the table in the Appendix and in the composite longitudinal sections below.

[Fosterville Mine – Composite Longitudinal Section]

[Lower Phoenix – Composite Longitudinal Section]

FINLAND

Agnico Eagle's Kittila mine in Finland is the largest primary gold producer in Europe. An underground shaft is under construction and is expected to be commissioned in late 2022 or early 2023.

Kittila – Drilling Confirms and Extends Main and Sisar Zones in Rimpi, Roura and Suuri Areas; Mineralization Confirmed in New Target Area Below Shaft Currently Under Construction

The Kittila mine and the Suurikuusikko property are hosted by Proterozoic rocks of the Svecofennian province. Gold mineralization is refractory with the gold occurring mainly associated with arsenopyrite and pyrite within the Suurikiisikko break. The large 20,466 hectare Kittila property hosts additional parallel structures that have similarities to the Suurikuusikko main break.

Near mine exploration remains the main focus as the deposit is open at depth and laterally and exploration drilling in recent years has succeeded in deepening the Kittila mineral resources limit by approximately 560 metres to 2,100 metres depth. A primary exploration objective at Kittila is to grow and develop the Sisar Zone as a new mining horizon parallel to the producing Main Zone.

At the Kittila mine in 2022, the Company expects to spend approximately $12.4 million for 69,600 metres of drilling focused on the Main zone in the Roura and Rimpi areas as well as the Sisar zone. The drilling includes 46,800 metres of capitalized conversion drilling at the mine and 22,800 metres of expensed exploration drilling. The expensed drilling is focused on targets beyond the current mineral reserve area, especially from 1,500 to 2,000 metres depth and at shallower depths in the area north of the mine.

During the first half of 2022 at the Kittila mine, exploration drilling totaled 35 holes (18,678 metres) and conversion drilling totaled 63 holes (21,518 metres).

Selected recent drill results from Kittila are set out in the table in the Appendix and in the composite longitudinal section below.

[Kittila Mine – Composite Longitudinal Section]

Deep exploration drilling is ongoing around hole ROD15-704D (reported in February 2016) in a target area located approximately 1,700 to 1,900 metres below surface in the Sisar Zone. In early 2022, drilling confirmed the potential to extend the gold mineralization in this target area, with highlight hole RIE21-700E returning two intercepts in the Sisar Zone of 6.3 g/t gold over 13.6 metres at 1,948 metres depth (released on February 23, 2022) and 5.7 g/t gold over 3.7 metres at 1,973 metres depth (released on April 28, 2022). Newly reported hole RIE21-700F intersected 3.0 g/t gold over 3.7 metres at 1,958 metres depth within the target area, further extending the Sisar zone at depth to the north.

At shallower depths in the northernmost portion of the Sisar Zone, hole RIE21-608 intersected 6.4 g/t gold over 4.9 metres at 1,067 metres depth, demonstrating the potential for further extension of the Sisar Zone to the north.

Exploration drilling completed in the first half of 2022 in the contact area between the Suuri and Roura areas extended gold mineralization down-plunge from the Suuri area within both the Main and Sisar zones. Highlights from this target area include: hole ROU21-600, which intersected 4.3 g/t gold over 6.0 metres at 1,046 metres depth in the Main Zone; hole ROU22-600, which intersected 7.0 g/t gold over 3.1 metres at 1,120 metres depth in the Sisar Zone; and hole ROU22-603, which intersected 5.3 g/t gold over 4.7 metres at 1,206 metres depth in the Sisar Zone.

Positive exploration results were also achieved further north in the Roura area. In the Main Zone, highlight intersections include 3.1 g/t gold over 7.7 metres at 1,058 metres depth and 4.8 g/t gold over 3.2 metres at 1,087 metres depth in hole ROD21-711B; 3.6 g/t gold over 6.2 metres at 1,057 metres depth in hole ROU22-605; and 3.7 g/t gold over 5.6 metres at 1,048 metres depth in hole ROD21-707. In the Sisar zone, hole ROD21-705 returned 5.2 g/t gold over 3.0 metres at 1,402 metres depth.

Exploration drilling is also ongoing in the deepest portion of the Suuri area in proximity to the proposed bottom of the new shaft currently under construction. In the Sisar Zone highlights from the first half of 2022 include 4.2 g/t gold over 4.7 metres at 1,121 metres depth in hole SUU22-600 and 3.8 g/t gold over 4.9 metres at 1,366 metres depth in hole SUU22-601. These intercepts have extended Suuri at depth, where mineralization in both the Main and Sisar zones remains open at depth and to the north and south.

MEXICO

Agnico Eagle's operations in Mexico have been a solid source of precious metals production (gold and silver) since 2009.

Pinos Altos – Drilling at Cubiro and Pinos Altos Deep Confirms and Extends High-Grade Gold Mineralization

At the Pinos Altos mine in 2022, the Company expects to spend approximately $4.3 million for 22,400 metres of drilling, including 17,400 metres of exploration expensed drilling and 5,000 metres of definition capitalized drilling.

Exploration drilling during the first half of 2022 focused on two targets: the Cubiro deposit, located nine kilometres northwest of the Pinos Altos mine site; and the deep extensions of the Cerro Colorado and Oberon de Weber zones at the Pinos Altos mine. The expensed exploration drilling totaled 7,671 metres and definition and conversion drilling totaled 2,238 metres.

At Cubiro, infill drilling was undertaken on the western part of the main Cubiro corridor. Exploration was also conducted to confirm and extend the North Cubiro structure laterally towards the southeast, leading to the discovery of a new mineralized ore shoot with a highlight result of 2.2 g/t gold and 24 g/t silver over 11.0 metres at 210 metres depth, including 10.0 g/t gold and 73 g/t silver over 2.7 metres in hole CBUG-22-175.

At the Pinos Altos Deep project, exploration holes were drilled in the vertical extension of the Cerro Colorado and Oberon de Weber zones, with the aim of extending structures at depth below the lowest production level. Highlights include 3.1 g/t gold and 301 g/t silver over 11.6 metres at 649 metres depth, including 4.1 g/t gold and 679 g/t silver over 5.8 metres at 648 metres depth in hole UG22-283.

Exploration at Pinos Altos will continue to investigate extensions of known mineralized zones and test new targets for the remainder of 2022.

Selected recent intercepts from drilling at the Cubiro deposit and the Pinos Altos Deep project at the Pinos Altos mine are set out in the table in the Appendix and in the plan map and composite longitudinal sections below.

[Pinos Altos Mine – Cubiro and Pinos Altos Plan Map]

[Pinos Altos Mine – Pinos Altos Composite Longitudinal Section]

[Pinos Altos Mine – Cubiro Composite Longitudinal Section]

La India – Drilling in Main Zone Shows Potential to Enlarge Open Pit to the West; Regional Exploration at La India Remains Focused on Chipriona Deposit and Other Sulphide Opportunities

At the La India mine in 2022, the Company expects to spend approximately $2.8 million for 13,000 metres of expensed exploration drilling near the mine and $3.0 million for 5,000 metres of expensed regional exploration drilling, field work including geological sampling, and new target generation.

Exploration drilling during the first half of 2022 had two objectives: testing the western extension of the Main Zone, with expensed exploration drilling totalling 5,412 metres (46 drill holes); and conducting infill drilling in the Chipriona deposit totalling 10,026 metres (58 drill holes). Regional exploration of early stage targets totaled another 5,038 metres (20 drill holes).

In the Main Zone, recent drilling has demonstrated a potential opportunity to enlarge the open pit towards an extension on the western fringe of the pit, with a recent highlight intersection of 1.1 g/t gold over 31.4 metres at 113 metres depth in hole INMRC22-2512.

Infill drilling at Chipriona continued to return high grade polymetallic mineralization throughout the deposit, with recent highlight intersections in hole CHP22-134 of 8.6 g/t gold, 452 g/t silver, 0.29% lead and 0.49% zinc over 14.5 metres at 139 metres depth, including 37.1 g/t gold, 1,520 g/t silver, 0.18% lead and 0.41% zinc over 3.0 metres at 134 metres depth. The Company is evaluating further drilling at Chipriona along strike to grow the mineral resources as it continues to study options to process sulphide ore at La India.

In regional exploration at La India, the Company continued to investigate for new oxide and sulphide mineralization targets including La Rocossa, Los Pinos, Ramona and Tres de Mayo.

Selected recent drill intercepts from the Main Zone and Chipriona deposit are set out in the table in the Appendix and in the plan map below.

[La India Mine – Chipriona Geology Plan Map]

Santa Gertrudis – Infill Drilling Program Targets Wide, Shallow Oxide Mineralization in Multiple Targets; Regional Exploration Grows Shallow Oxides and Investigates Potential for High-Grade Feeder System at Depth

At the Santa Gertrudis project in 2022, the Company expects to spend approximately $13.9 million for 43,150 metres of drilling, including 16,500 metres of infill drilling in the Cristina deposit and the series of deposits in the Zona Central trend as well as 26,650 metres of exploration drilling in several deposits including Amelia and Santa Teresa with a focus on growing mineral resources.

During the first half of 2022 at Santa Gertrudis, exploration drilling totaled 56 holes (26,780 metres) and infill drilling totaled 160 holes (14,712 metres).

Infill drilling completed in the first half of 2022 targeted shallow oxide mineralization in several deposits: Zona Central, Corridor Corral, Escondida, Greta and Cristina to advance scenarios to initiate mining in the oxide mineralization. Drilling at Cristina returned near-surface, broad intercepts of oxide mineralization. Highlights include 1.1 g/t gold over 54.8 metres at 59 metres depth in hole SG21-048 and 0.8 g/t gold over 34.0 metres at 45 metres depth in hole SG22-179.

Exploration drilling continued on several deposits during first half of 2022. At the Santa Teresa deposit, shallow oxide mineralization continued to grow with highlight results of 1.4 g/t gold over 9.6 metres at 123 metres depth in hole SGE22-567. At the Amelia deposit, exploration in the eastern, western and deep fringes of the deposit continued with highlight results of 5.3 g/t gold over 6.1 metres at 842 metres depth in hole SGE21-524. Elsewhere on the property, exploration continued to investigate for a high-grade feeder system below several shallow deposits including Toro, Centauro and Bertha with a highlight of 10.0 g/t gold over 6.1 metres at 72 metres depth in hole SGE21-525 in the Toro deposit.

Exploration at the Santa Gertrudis property for the rest of the year will continue the investigation by drilling of several targets generated by field work with the objective of growing the mineral resources while different scenarios for future project development are being considered.

Selected recent drill results from the Santa Gertrudis project are set out in a table in the Appendix and in the local geology map below.

[Santa Gertrudis Project – Local Geology Map]

About Agnico Eagle

Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Further Information

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

Forward-Looking Statements

The information in this news release has been prepared as at August 11, 2022. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this news release, the words "anticipate", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "will" and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation: the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling results and life of mine estimates; the estimated timing and conclusions of technical studies and evaluations; the methods by which ore will be extracted or processed; statements concerning the Company's expansion plans at Detour, Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and commissioning thereof and production therefrom; statements about the Company's plans at the Hope Bay mine; statements concerning other expansion projects, recovery rates, mill throughput, optimization and projected exploration, including costs and other estimates upon which such projections are based; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of mineral reserves and mineral resources and the effect of drill results on future mineral reserves and mineral resources; statements regarding the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing thereof; statements regarding operations at and expansion of the Kitilla mine; statements regarding anticipated future exploration; the anticipated timing of events with respect to the Company's mine sites; and statements regarding anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2021 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2021 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that governments, the Company or others do not take additional measures in response to the COVID-19 pandemic or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business; that cautionary measures taken in connection with the COVID-19 pandemic do not affect productivity; that measures taken relating to, or other effects of, the COVID-19 pandemic do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites; that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the relevant metal prices, foreign exchange rates and prices for key mining and construction supplies (including labour) will be consistent with Agnico Eagle's expectations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex and other properties is as expected by the Company; that the Company's current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory environment. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19, may affect the Company, whether directly or through effects on employee health, workforce productivity and availability (including the ability to transport personnel to fly-in/fly-out camps), travel restrictions, contractor availability, supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for the Company's operations and projects or other aspects of the Company's business; uncertainties with respect to the effect on the global economy associated with the COVID-19 pandemic and measures taken to reduce the spread of COVID-19, any of which could negatively affect financial markets, including the trading price of the Company's shares and the price of gold, and could adversely affect the Company's ability to raise capital; the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including the LaRonde complex and Goldex mine; mining risks; community protests, including by First Nations groups; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's currency, fuel and by-product metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and MD&A filed on SEDAR at www.sedar.com and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Notes to Investors Regarding the Use of Mineral Resources

The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

For United States reporting purposes, the SEC adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by United States companies.

As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended definitions of "proven mineral reserves" and "probable mineral reserves" in the SEC Modernization Rules, with definitions that are substantially similar to those used in NI 43-101.

Investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable.

Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.

The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a subset of mineral resources.

Scientific and Technical Information

The scientific and technical information contained in this news release relating to exploration, mineral reserves and mineral resources have been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice President, Exploration and Eric Kallio, P.Geo, Executive Vice President, Exploration Strategy & Growth, each of whom is a "Qualified Person" for the purposes of NI 43-101.

Additional Information

Additional information about each of the Company's material mineral projects as at December 31, 2021, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and MD&A filed on SEDAR each of which forms a part of the Company's Form 40-F filed with the SEC on EDGAR and in the following technical reports filed on SEDAR in respect of the Company's material mineral properties: 2005 LaRonde Mineral Resource & Mineral Reserve Estimate Agnico-Eagle Mines Ltd. LaRonde Division (March 23, 2005); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold Complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015); the Detour Lake Operation Ontario, Canada NI 43-101 Technical report as at July 26, 2021 (October 15, 2021); and the Updated NI 43-101 Technical Report Fosterville Gold Mine in the State of Victoria, Australia as at December 31, 2018 (April 1, 2019).

Note Regarding Drill Results Tables

The pierce points for the drill results in this news release are shown on accompanying composite longitudinal sections. The drill collar coordinates for each hole are set out in a table in the Appendix. Intercepts reported show uncapped and capped grades when appropriate over estimated true widths, based on geological interpretation that is being updated as new information becomes available with further drilling.

To see the appendix with the drill tables, please click here to read the entire article on Newswire.ca.

SOURCE Agnico Eagle Mines Limited