Agnico Eagle Mines "Site visit down under to Fosterville mine" (Neutral) Major

Research evidence excerpt

Agnico Eagle Mines "Site visit down under to Fosterville mine" (Neutral) Major

Global Research

14 May 2026ab

Agnico Eagle Mines Equities

CanadaSite visit down under to Fosterville mine

Mining

12-month rating Neutral

Takeaways and analysis of Fosterville

Following our recent site visit to Agnico Eagle’s Fosterville operation in Victoria, we 12m price target US$210.00

come away constructive on both the asset and the broader regional opportunity. Key

thoughts post the visit:

Price (13 May 2026) US$195.97

Increasing conviction that the Victorian goldfields represent an underexplored, RIC: AEM.N BBG: AEM US

district-scale opportunity;

Trading data and key metrics

Fosterville retains strategic importance beyond its current production profile,

52-wk range US$252.19-104.78

supported by infrastructure, optionality, and ability to consolidate regional

Market cap. US$98.4b

exploration;

Shares o/s 502m (COM)

Exploration remains the key driver of upside, with no “Swan Zone 2” yet - but Free float 100%

clear belief that more super high grade exists; Avg. daily volume ('000) 504

Operationally robust, with incremental improvements across processing, Avg. daily value (m) US$102.5

ventilation, and mining practices; Common s/h equity (12/26E) US$29.6b

P/BV (12/26E) 3.3x

Permitting and community constraints remain but sentiment improving. Net debt to EBITDA (12/26E) NM

Victorian goldfields: underexplored and increasingly strategic EPS (UBS, diluted) (USD)

A key theme was Agnico's confidence in the long-term prospectivity of the Victorian 12/26E

goldfields. Management highlighted that the region has seen historical UBS Cons.

underinvestment, particularly in areas where prospective geology extends beneath cover Q1E 3.38 3.40

to the north of the currently defined fields.