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Agnico Eagle Provides an Update on Exploration Results: Extension of East Gouldie Deposit on the Rand Malartic Property 1,500 Metres from Current Mineral Resources Outline; Additional High-Grade Gold-Copper in Footwall Zone at Upper Beaver in Kirkland Lake; Exploration at Hope Bay Continues to Expand Doris and Madrid Deposits; Drilling at Santa Gertrudis Identifies New High-Grade Mineralization

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  • AEM

Stock Symbol: (NYSE and TSX)

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

TORONTO, Nov. 2, 2021 /CNW/ - 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 growth. Key exploration highlights during the third quarter of 2021 include:

  • LaRonde Complex – Exploration is focused on developing three new exploration drifts and drilling extensions of LaRonde Zone 5 ("LZ5"), Zone 6, Zone 20N and mineralized zones beneath the past producing Bousquet mine. Drilling the extension of the recently discovered 20N Zinc South Zone at depth near the East mine has resulted in the deepest intercept to date in the zone, which returned 9.3 grams per tonne ("g/t") gold, 114 g/t silver, 0.9% copper and 2.6% zinc over 4.6 metres at 3,464 metres depth. Drilling also shows potential for the westward extension of LZ5 mineralization, including 1.9 g/t gold over 20.0 metres at 527 metres depth

  • Odyssey Underground Project at Canadian Malartic – Infill drilling continues to return wide, high-grade intersections in the core of the East Gouldie deposit, with recent results of 6.8 g/t gold over 41.4 metres at 1,069 metres depth, including 10.2 g/t gold over 21.7 metres at 1,064 metres depth. The eastern extension of the deposit continues to be tested, with the easternmost hole drilled to date returning 6.3 g/t gold over 4.8 metres at 1,989 metres depth on the adjacent Rand Malartic property 1.5 kilometres east of the current mineral resource, further demonstrating the excellent potential to significantly grow the size of the East Gouldie deposit

  • Kirkland Lake Project – Conversion and expansion drilling at the Upper Beaver deposit continues to intersect significant high-grade mineralization, further expanding the Footwall and Porphyry zones at depth. Recent results include a highlight intercept grading 8.7 g/t gold and 0.81% copper over 18.2 metres at 1,435 metres depth in the East Porphyry Zone

  • MeliadineConversion and exploration drilling at the Meliadine mine is confirming and expanding high grade gold mineralization. Shallow high-grade intercepts include 10.6 g/t gold over 3.1 metres at 158 metres depth in the Normeg deposit and 7.0 g/t gold over 8.8 metres at 218 metres depth in the Wesmeg deposit

  • Meadowbank – Exploration at Amaruq has focused on the area between the Whale Tail and IVR underground mineral resources, with highlights such as 26.6 g/t gold over 2.6 metres at 247 metres depth, demonstrating the potential for conversion to mineral resources near the planned underground mine infrastructure. Drilling in the western extension of the Mammoth Zone intersected 4.4 g/t gold over 36.4 metres at 264 metres depth and the zone remains open at depth beneath Mammoth Lake

  • Hope Bay – More than 71,000 metres of drilling have been completed year to date with seven drill rigs now operating on the Doris and Madrid deposits. Recent results at Doris confirm the potential to expand the BTD Extension Zone and the West Valley Zone along plunge, and highlights include 32.0 g/t gold over 3.2 metres at 319 metres depth, and 19.1 g/t gold over 8.0 metres at 302 metres depth, respectively. At Madrid, exploration drilling has identified a new zone in Naartok West with results including 10.3 g/t gold over 5.9 metres at 247 metres depth and 6.6 g/t gold over 8.3 metres at 283 metres depth

  • Kittila – In a new target below the shaft currently under construction, exploration drilling returned 12.8 g/t gold over 3.1 metres at 1,209 metres depth in the Main Zone and 3.3 g/t gold over 3.5 metres at 1,390 metres depth in the Sisar Zone. These first two holes drilled into the target demonstrate that the Main and Sisar zones extend into this area in proximity to planned underground mining infrastructure

  • Santa GertrudisExploration drilling of the Amelia deposit is extending the deposit at depth; oxide mineralization at the Santa Teresa deposit continues to grow along strike; and new high-grade mineralization has been discovered at the Centauro target, with highlights of 5.8 g/t gold and 9 g/t silver over 15.0 metres at 252 metres depth, which includes 14.9 g/t gold and 14 g/t silver over 3.9 metres at 255 metres depth and a second intercept returning 15.1 g/t gold and 13 g/t silver over 5.8 metres at 279 metres depth

"Strong drill results continue to demonstrate significant exploration upside at several of our mines and key pipeline projects. The 2021 exploration program is the most ambitious in Agnico Eagle's 64-year history, as we investigate the full potential of existing operations and key projects in the Company's pipeline," said Sean Boyd, Agnico Eagle's Chief Executive Officer. "We are continuing to see positive results from this initiative, with significant extension of the East Gouldie deposit, high-grade mineralization at Upper Beaver that we expect to have a meaningful impact on the project update in 2022, and results confirming the potential to expand the Doris deposit and make a new discovery near the Madrid deposit at Hope Bay. In addition, we continue to generate significant exploration results at key producing assets including LaRonde, Kittila and Meliadine," added Mr. Boyd.

Record exploration spending in 2021 – Based on significant exploration results observed in 2020 at several operating mines and pipeline projects, the Company initiated a review of the full potential of its portfolio of assets and increased its exploration budget in 2021 to approximately $163 million (from $113 million in 2020), making it the largest exploration budget in the Company's history (see the Company's news release dated February 11, 2021 for a breakdown of the exploration budget). 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 2021 from a record level at year-end 2020 – Gold mineral reserves totaled 24.1 million ounces of gold (348 million tonnes grading 2.15 g/t gold) as at December 31, 2020. Gold contained in measured and indicated mineral resources totaled 15.3 million ounces (341 million tonnes grading 1.40 g/t gold) and inferred mineral resources totaled 23.4 million ounces (283 million tonnes grading 2.57 g/t gold). See the Appendix for details on the Company's Mineral Reserves and Mineral Resources as at December 31, 2020.

Exploration Results Conference Call and Webcast at 11:00 AM (E.D.T.)

Agnico Eagle's senior management will host a conference call this morning, Tuesday, November 2, 2021 at 11:00 AM (E.D.T.) to discuss the Company's exploration results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company's website www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Replay Archive:

Please dial 416-764-8677 or toll-free 1-888-390-0541, access code 540563#. The conference call replay will expire on December 2, 2021.

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

ABITIBI REGION, QUEBEC AND ONTARIO

Agnico Eagle is currently Quebec's largest gold producer with a 100% interest in the LaRonde Complex (which includes the LaRonde and LZ5 Mines) and 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 1980's 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 Extends Newly Discovered 20N Zinc South Zone Below 3,100 Metres Depth; Drilling Shows Potential for Westward Extension of LZ5 Mineralization

At the LaRonde Complex, the Company expects to spend $14.1 million in 2021 to drill 39,800 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.

On track drift 9, the first drill station is now complete and a drill rig was mobilized to the station in the third quarter of 2021. The exploration drilling program from track drift 9 is first targeting the down-plunge extension of the historical Bousquet Zone 3-1.

On level 215 exploration drift, the first drill station is expected to be completed in the first quarter of 2022. The exploration drilling program from level 215 exploration drift will test for extensions of mineralized zones between one and three kilometres depth, first beneath the past-producing Bousquet 2 mine and then eventually beneath the past-producing Bousquet 1 mine and LZ5 mine workings as the drift is advanced to the west.

On exploration drift 290 West, development is progressing well. The exploration drilling program from this drift is expected to start in 2022 and will test for mineralization below three kilometres depth from LaRonde's West mine, first testing beneath the past-producing Bousquet 2 mine and then beneath the past-producing Bousquet 1 mine and LZ5 mine workings as the drift is advanced to the west in the coming years.

Exploration drilling is focused on extensions to LZ5, Zone 6, Zone 20N and mineralization at the past producing Bousquet mine, as well as extensions to the recently discovered 20N Zinc South Zone located below 3,100 metres depth near the East mine.

At the Penna Shaft, exploration drilling is focused on Zone 6 and Zone 20N as well as extensions to the recently discovered 20N Zinc South Zone located below 3,100 metres depth near the East mine.

The aim of this drilling is to add new mineral reserves and mineral resources to extend the mine life of the LaRonde Complex into the 2030s.

Detailed exploration drill results from the LaRonde Complex were last reported in the Company's news release dated October 28, 2020.

Selected recent drill results from the 20N Zinc South Zone from the East mine area of LaRonde 3 (below level 311) and Zone 5 at the LZ5 Mine are set out in the table and composite longitudinal map below. Drill hole collar coordinates are in the Appendix.

Recent selected exploration drill results from 20N Zinc South Zone in the East mine area of LaRonde 3 (below Level 311) and from Zone 5 at LZ5 Mine

Drill hole

From
(metres)

To
(metres)

Depth of
midpoint
below
surface
(metres)

Estimated
true width
(metres)

Gold
grade (g/t)
(capped)*

Silver
grade (g/t)
(capped)*

Copper
grade
(%)

Zinc
grade
(%)

Lead
grade
(%)

LR-284-01

607.8

611.2

3,126

2.8

0.5

41

0.04

11.89

1.4

LR-317-04

583.3

589.6

3,464

4.6

9.3

114

0.92

2.55

-

BZ-2021-01

620.4

653.0

527

20.0

1.9

2

-

-

-

BZ-2021-02

574.0

596.0

456

15.0

2.1

2

-

-

-

BZ-2021-03

643.0

687.0

561

27.0

1.5

2

-

-

-

*Holes for the 20N Zinc South Zone and LZ5 mine use a capping factor of 30 g/t gold and 1,000 g/t silver. The copper, zinc and lead values in this table are uncapped.

[LaRonde Complex – Composite Longitudinal Section]

Highlights from recent exploration drilling in the 20N Zinc South Zone include hole LR-317-04, which returned 9.3 g/t gold, 114 g/t silver, 0.92% copper and 2.55% zinc over 4.6 metres at 3,464 metres depth approximately 80 metres beneath the mineral resource defined at the end of 2020; and hole LR-284-01, which returned 0.5 g/t gold, 41 g/t silver and 11.89% zinc over 2.8 metres at 3,126 metres depth approximately 80 metres east of the mineral resource.

In the shallow, western portion of the LZ5 mine's Zone 5 deposit, highlights from recent drilling include 1.9 g/t gold over 20.0 metres at 527 metres depth in hole BZ-2021-01; 2.1 g/t gold over 15.0 metres at 456 metres depth in hole BZ-2021-02; and 1.5 g/t gold over 27.0 metres at 561 metres depth in hole BZ-2021-03. These wide and low-grade intercepts show the potential for the westward extension of Zone 5 mineral reserves and mineral resources onto the Company's 100%-owned Ellison property immediately adjacent to the infrastructure at the LZ5 mine.

Odyssey Underground Project at Canadian Malartic – Infill drilling at East Gouldie Deposit Continues to Yield Strong Intercepts; Regional Exploration Confirms 1.5 kilometre Eastern Extension of East Gouldie at Depth

In February 2021, the Canadian Malartic General Partnership (the "Partnership"), the operator of the Canadian Malartic Mine, approved the construction of the underground Odyssey project, located east of the current mining operation, upon completion of an internal preliminary economic assessment. The results of this study were incorporated into the technical report for the Canadian Malartic operation titled "NI 43-101 Technical Report, Canadian Malartic Mine, Québec, Canada" (the "CM Report"). The CM Report was filed on SEDAR on March 25, 2021.

On a 100% basis, the preliminary economic analysis includes 410,000 ounces of gold in indicated mineral resources (6.2 million tonnes grading 2.07 g/t gold) and 6.9 million ounces of gold in inferred mineral resources (75.9 million tonnes grading 2.82 g/t gold) that represent a fraction of the Odyssey Project's year-end 2020 total of 859,000 ounces of gold in the indicated category (13.3 million tonnes grading 2.0 g/t gold) and 13.6 million ounces of gold in the inferred category (177.5 million tonnes grading 2.4 g/t gold). The development of this project combines the exploitation of four main mining zones by ramp and shaft: Odyssey North, Odyssey South, East Malartic and East Gouldie.

The East Malartic, Odyssey North and Odyssey South deposits are generally associated with massive porphyritic intrusions with gold mineralization mostly located along the sheared margins of the porphyries. The East Gouldie deposit is located farther south, constrained in a west-trending high-strain corridor within the Pontiac Group. The main ore host at East Gouldie is a greywacke with 1% to 2% disseminated pyrite and associated silica, sericite and carbonate alteration.

In October 2021, the Canadian Malartic exploration team was presented with the "Discovery of the Year" Award at the Quebec Mineral Exploration Association virtual 2021 Xplor Convention in recognition for the discovery of the East Gouldie deposit of the Odyssey mine in September 2018. The discovery of East Gouldie at depth has significantly changed the Odyssey project by ensuring its economic viability and making it possible that, only three years after discovery, the Partnership completed the casting of a 93-metre headframe for the Odyssey mine.

During the third quarter of 2021, 12 surface drills and one underground drill were active in the near-mine exploration program and three drills were active in regional exploration. The priority this year remains to continue reducing the drill spacing to 75 metres across the East Gouldie deposit — including a small area at 40 metres spacing to evaluate the adequate drill spacing required to upgrade the current inferred mineral resources to indicated mineral resources. Exploration also continued to test the lateral, eastward extension of the East Gouldie mineralized corridor and expand the mineral resources envelope. During the first nine months of 2021, 82,184 metres (100% basis) were drilled in the East Gouldie deposit's definition and exploration drilling program, adding 69 new pierce points in the deposit.

An additional 12,942 metres (100% basis) were drilled during the first nine months of 2021 into the Odyssey Internal and Odyssey South deposits from surface and from underground, with a focus on mineral resource development and conversion of the Odyssey South deposit.

Selected recent drill intercepts from the program are set out in the table, plan map and composite longitudinal section below.

Selected recent drill results from the Odyssey, Jupiter and East Gouldie deposits at Canadian Malartic

Drill hole

Deposit
or Zone

From
(metres)

To
(metres)

Depth of midpoint below
surface
(metres)

Estimated
true width
(or core
length*)
(metres)

Gold
grade
(g/t)
(uncapped)

Gold
grade
(g/t)
(capped)**

MEV21-209

Odyssey Internal

297.0

301.0

262

4.0*

18.6

7.3

and***

Odyssey Internal

306.0

315.0

272

9.0*

61.4

8.4

and

Odyssey Internal

647.0

654.2

569

7.2*

5.6

5.4

MEV21-213R

Odyssey Internal

103.0

117.0

91

14.0*

1.5

1.5

and

Jupiter

581.0

597.0

492

7.1

3.5

3.4

and

Odyssey Internal

723.1

734.0

608

10.9*

1.3

1.3

and

Odyssey Internal

1,043.0

1,049.0

868

6.0*

2.1

2.1

MEX21-197Z

East Gouldie

1,879.6

1,898.0

1,675

16.2

2.1

2.1

and

East Gouldie

2,027.0

2,049.3

1,768

19.2

2.3

2.3

MEX21-197ZA

East Gouldie

1,994.0

2,010.0

1,691

14.3

1.1

1.1

MEX21-198

East Gouldie

1,775.6

1,805.0

1,628

25.0

5.2

5.2

MEX21-198Z

East Gouldie

1,765.1

1,794.0

1,594

24.6

2.7

2.7

MEX21-198ZA

East Gouldie

1,748.0

1,781.0

1,595

27.3

1.2

1.2

and

East Gouldie

1,800.0

1,812.7

1,629

10.5

6.7

6.7

MEX21-199

East Gouldie

1,379.0

1,393.5

1,133

14.0

4.6

4.6


East Gouldie

1,467.3

1,488.8

1,187

20.7

1.8

1.8

MEX21-199Z

East Gouldie

1,369.0

1,394.0

1,093

24.0

3.5

3.5


East Gouldie

1,507.5

1,511.9

1,159

4.2

3.3

3.3

MEX21-199ZB

East Gouldie

1,372.2

1,384.5

1,096

12.1

6.6

6.1


East Gouldie

1,499.3

1,512.0

1,155

12.5

1.2

1.2

MEX21-200***

East Gouldie

1,011.9

1,053.0

866

20.2

3.0

3.0

MEX21-201

East Gouldie

1,597.4

1,607.0

1,279

9.4

2.7

2.7

and

East Gouldie

1,612.5

1,631.0

1,292

18.1

1.2

1.2

and

East Gouldie

1,636.0

1,655.0

1,308

18.6

1.0

1.0

MEX21-202

East Gouldie

1,787.0

1,807.5

1,588

20.5

2.1

2.1

and

East Gouldie

1,813.0

1,819.0

1,598

6.0

2.7

2.7

and

East Gouldie

1,825.0

1,827.4

1,604

2.4

8.9

2.7

MEX21-203R

East Gouldie

1,681.0

1,691.8

1,462

10.0

2.2

2.2

and

East Gouldie

1,696.4

1,700.2

1,471

3.5

14.1

14.1

and

East Gouldie

1,719.4

1,747.0

1,496

25.5

7.9

7.9

including


1,728.1

1,739.6

1,497

10.6

14.5

14.5

MEX21-203RZ

East Gouldie

1,703.0

1,732.5

1,452

28.4

4.3

4.3

MEX21-204

unknown

485.0

488.7

438

3.6*

7.6

7.2


East Gouldie

1,705.2

1,747.0

1,462

35.9

7.1

5.4

MEX21-205

East Gouldie

1,038.0

1,046.7

979

6.9

3.9

3.6


East Gouldie

1,184.9

1,191.5

1,112

5.3

2.4

2.4

MEX21-206

East Gouldie

1,702.3

1,750.5

1,490

41.9

1.6

1.6

MEX21-207

East Gouldie

1,723.0

1,786.3

1,543

58.5

3.9

3.7

MEX21-207W

East Gouldie

1,710.0

1,757.3

1,569

40.9

4.8

4.8

and***

East Gouldie

1,784.0

1,807.0

1,620

19.9

2.1

2.1

MEX21-208

East Gouldie

1,509.0

1,553.1

1,069

41.4

6.8

6.8

including


1,510.0

1,531.9

1,064

21.7

10.2

10.2

MEX21-208Z

East Gouldie

1,511.0

1,523.0

1,091

10.4

2.5

2.5


East Gouldie

1,554.0

1,567.6

1,122

11.9

2.5

2.5


East Gouldie

1,577.0

1,583.4

1,135

5.6

3.2

3.2

MEX21-208ZA

East Gouldie

1,342.0

1,348.9

966

6.6

2.5

2.5

MEX21-210***

Odyssey Internal

498.0

509.0

470

11.0*

5.2

5.2

and

East Gouldie

1,697.0

1,710.8

1,498

13.0

3.9

3.9

RD20-4674+

East Gouldie Ext

2,230.6

2,236.6

1,826

4.5

1.8

1.8

including


2,231.8

2,233.7

1,826

1.7

3.8

3.8

and

new horizon

2,634.6

2,645.0

2,103

8.6

3.5

3.5

RD21-4678

East Gouldie Ext

2,087.4

2,093.0

1,989

4.8

6.3

6.3

RD21-4680A++

East Gouldie Ext

2,262.0

2,274.2

1,995

10.9

2.7

2.7

including


2,262.0

2,270.1

1,993

7.2

3.1

3.1

RD21-4680A (new)

new horizon

2,691.0

2,697.4

2,303

5.0

1.9

1.9

EA21-4196

East Amphi

565.8

568.6

470

1.7

14.1

8.3

EA21-4197

East Amphi

579.9

637.4

544

29.8

2.0

2.0

Zones recognized within the East Gouldie deposit include: High-Grade West, High-Grade North, High-Grade South, North of High-Grade West, South of High-Grade West, Between High-Grade North and High-Grade South, and East Gouldie Extension. The new horizon is 400 metres south of, and parallel to, East Gouldie.

...

*Core length; true width undetermined.

**Results from the East Gouldie deposit use a capping factor of 20 g/t gold.

***Reanalysis pending for holes MEV21-209, MEX21-200, MEX21-207W and MEX21-210.

+ Previously reported on July 8, 2021.

++Previously reported on April 29, 2021.

[Canadian Malartic Mine – Geology Plan Map]

[Canadian Malartic Mine – Composite Longitudinal Section]

Recent definition drilling results in the East Gouldie deposit continue to confirm the grade, width and overall shape of the orebody and are consistent with the previously reported intercepts used for mineral resources estimation.

Highlights from infill drilling at the East Gouldie deposit during the third quarter of 2021 include: hole MEX21-208, which was drilled into the shallower, western portion of the deposit, and intersected 6.8 g/t gold over 41.4 metres at 1,069 metres depth, including 10.2 g/t gold over 21.7 metres at 1,064 metres depth; and hole MEX21-203R, which was drilled into the central core of the deposit, and intersected 7.9 g/t gold over 25.5 metres at 1,496 metres depth, including 14.5 g/t gold over 10.6 metres at 1,497 metres depth.

Approximately 160 metres east of the current East Gouldie mineralized envelope, hole MEX21-202 intersected 2.1 g/t gold over 20.5 metres at 1,588 metres depth, further confirming that gold mineralization extends and plunges at depth to the east from the mineral resources at East Gouldie.

In July 2021, a drill rig was mobilized in the Odyssey project ramp, where it will primarily be dedicated to the conversion of inferred mineral resources to indicated mineral resources at the Odyssey South deposit.

Recent underground drill results in the Odyssey Internal Zone and the Jupiter Zone continue to demonstrate the potential to add mineral resources in close proximity to the Odyssey North and Odyssey South deposits. Drill hole MEV21-209 intersected mineralization in this internal zone and returned 8.4 g/t gold over 9.0 metres (core length, assay reanalysis pending) at 359 metres depth. The mineralized intersections from the internal zones are hosted within the porphyry 12 intrusive body between the Odyssey South and Odyssey North deposits and they demonstrate the potential for additional near-surface mineral resources to be added in the future in proximity to the planned infrastructure of the Odyssey project.

Regional Exploration

The Canadian Malartic property, together with the East Amphi, Fournière, Midway, Piché-Harvey, Rand Malartic and Camflo properties, form one contiguous block for a total area of 13,516 hectares that straddles the Cadillac Larder Lake Fault Zone over 16 kilometres.

As part of the regional exploration program at Canadian Malartic, three rigs drilled 20 drill holes totalling 16,086 metres (100% basis) during the first nine months of 2021. On the Rand Malartic property, located immediately adjacent to the east of the Canadian Malartic mine property, the testing of deep targets is ongoing, including the eastern extensions of the Odyssey and East Gouldie deposits.

Rand Malartic

As reported in the Company's news releases dated April 29, 2021, and July 8, 2021, drilling from surface at the Rand Malartic property identified the extension of the East Gouldie deposit in drill holes RD21-4680A and RD20-4674. These holes encountered wide gold-mineralized intercepts up to 970 metres east of the easternmost drill hole drilled to date in the East Gouldie mineralized envelope (previously reported hole MEX20-180) and approximately 1,150 metres from the current eastern limit of the East Gouldie mineral resources reported at year-end 2020. The drilling also intersected a new, sub-parallel gold-mineralized horizon located approximately 400 metres south of the East Gouldie Extension zone.

New results from the regional program in the third quarter of 2021 include hole RD21-4678, which intersected 6.3 g/t gold over 4.8 metres at 1,989 metres depth in the East Gouldie Extension zone within the Rand Malartic property, which now extends the zone up to approximately 1.5 kilometres east of the East Gouldie mineral resource. This hole represents the easternmost intersection of the East Gouldie Extension zone to date.

Another highlight is hole RD21-4680A, which first intersected the East Gouldie Extension as reported in the Company's July 8, 2021 news release, and then was extended during the third quarter of 2021 and intersected the new horizon approximately 400 metres south of the East Gouldie deposit, grading 1.9 g/t gold over 5.0 metres at 2,303 metres depth. The intersection represents the second hole to pierce this new mineralized horizon at a depth 200 metres deeper and approximately 225 metres to the east of the first hole RD20-4674 thus confirming the horizon's status as a target that warrants further exploration.

All intervals in the East Gouldie Extension and the new horizon consist of sheared metasedimentary rocks of the Pontiac Group, with pyrite mineralization associated with sericite, carbonate and chlorite alteration.

East Amphi

In the first nine months of 2021, the Partnership drilled 7,886 metres on the East Amphi property, located three kilometres northwest of the Canadian Malartic pit, where past production totaled 468,400 tonnes at 3.96 g/t gold for nearly 60,000 ounces of gold.

The current program is designed to test the lateral and vertical extension of the mineralized zone under the former East Amphi mine and it has already identified several new zones such as the Nessie and Kraken zones.

Hole EA21-4196 returned 8.3 g/t gold over 1.7 metres at 470 metres depth in a high-grade interval 100 metres on strike with the Nessie Zone. Hole EA21-4197 returned 2.0 g/t gold over 29.8 metres at 544 metres depth, with one interval potentially being the northwestern extension of the Kraken target, located 100 metres from its discovery interval.

The historical residual mineral resources at East Amphi are being re-assessed in light of the most recent drilling results for the long-term optionality they could provide for the Partnership's operations, considering the processing capacity that will become available as mine production transitions from the Canadian Malartic open pits towards the Odyssey underground project.

Camflo

In June 2021, the Partnership completed the acquisition for $5.4 million of the historic Camflo, property located approximately one kilometre northeast of the Canadian Malartic property.

The Partnership is compiling historic data from the site as a first step in determining the potential for the property to host near-surface, low-grade mineralization suitable for open-pit mining and the potential for deep extensions of the historical mine area as well as new targets on the rest of the property.

Exploration Program in 2021

At Canadian Malartic in 2021, the Company expects to spend $11.9 million (50% basis) for 141,400 metres (100% basis) of exploration and conversion drilling focused on continued development of the East Gouldie deposit.

The additional regional exploration budget was increased from $3.2 million (50% basis) to $4.4 million (50% basis) to drill additional pierce points into the newly defined eastern extension of the East Gouldie deposit. The regional targets at Canadian Malartic include the Rand Malartic property to target the Odyssey and East Gouldie eastern extensions and the East Amphi property.

Kirkland Lake Project – 2021 Drilling Focused on Infilling and Expanding Mineral Resources at Upper Beaver Deposit at Shallow and Deeper Depths in Preparation for Technical Evaluation in 2022

The 100% owned Kirkland Lake project in northeastern Ontario covers 25,506 hectares (approximately 35 kilometres long by 17 kilometres wide) in the prolific Kirkland Lake mining district.

Approximately 57,000 metres of drilling were completed during the first nine months of 2021 at the Kirkland Lake project, with a focus on conversion and expansion drilling at the Upper Beaver deposit in the north-east of the property. Regional exploration is also ongoing over different areas of the large land package owned by Agnico Eagle in the Kirkland Lake district, including Upper Canada, Munro, Skead and Bidgood areas.

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.

During the first nine months of 2021 at Upper Beaver, 147 holes totalling 50,196 metres were drilled in both the shallow conversion program between surface and 500 metres depth and the conversion and expansion drilling at depths between 800 and 1,500 metres that targeted the Porphyry, Footwall and Gap zones.

Selected recent intercepts from drilling at the Upper Beaver deposit are set out in the table, plan map and composite longitudinal section below.

Selected recent exploration drill results from the Upper Beaver deposit at the Kirkland Lake project

Drill hole

Zone

From (metres)

To
(metres)

Depth of
mid-
point
below
surface
(metres)

Estimated
true width
(metres)*

Gold
grade
(g/t)
(uncapped)

Gold grade
(g/t)
(capped)**

Copper
grade
(%)
(uncapped)

Shallow conversion program

KLUB21-518E

499-Footwall

530.0

541.0

483

7.8

11.1

7.5

1.02

KLUB21-706

East South
contact zone

265.5

270.4

197

3.2

13.6

9.7

0.04

KLUB21-718

North Contact

45.0

58.5

42

6.8

8.8

8.8

0.00

incl.

North Contact

45.0

51.3

39

3.2

16.0

16.0

0.01

KLUB21-727

West Porphyry

83.9

87.6

81

3

25.4

10.2

0.57

and

West Porphyry

135.1

139.1

121

3.2

111.8

6.1

0.04

KLUB21-732

Q Zone

181.5

198.0

153

9.9

2.8

2.8

0.61

incl.

Q Zone

184.0

187.5

150

2.1

7.8

7.8

1.12

KLUB21-738

Q Zone

50.7

67.1

36

9.4

8.8

8.8

0.20

KLUB21-740

East Porphyry

332.0

346.0

265

10.3

6.1

5.2

0.14

KLUB21-747

Q Zone

24.5

37.7

18

10.1

2.1