Agnico Eagle Mines Nunavut Site Visit Takeaways: Hope Bay (Day 2)

Research evidence excerpt

Agnico Eagle Mines Nunavut Site Visit Takeaways: Hope Bay (Day 2)

J P M O R G A N North America Equity Research

22 May 2026

Agnico Eagle Mines Neutral

AEM.TO, AEM CN

Nunavut Site Visit Takeaways: Hope Bay (Day 2) Price (21 May 26):C$245.16

Price Target (Dec-26):C$302.00

Neutral

AEM, AEM US

Price (21 May 26):$177.75

Price Target (Dec-26):$222.00

During day two of Agnico Eagle’s Nunavut site visit, management presented on

Hope Bay’s redevelopment, including the project’s evolution and rationale, Metals & Mining

planning and infrastructure upgrades as well as the exploration strategy and upside Bennett Moore AC

potential. We also toured surface infrastructure, including the new base camp, (1-212) 622-0188

existing portals at Doris/Naartok, the planned Patch 7 portal, as well as future bennett.moore@jpmchase.com

infrastructure sites (i.e., power plant, process plant, tailings). While the site Bill Peterson

location and environment bring their own challenges—shorter sealift season, labor (1-415) 315-6766

recruitment, extreme weather conditions—Agnico has >20yrs of experience bill.peterson@jpmchase.com

J.P. Morgan Securities LLC

operating in Nunavut and we see strong potential for the project to extend for

decades beyond the initial 11yr mine life.

• Evolution & rationale: The land package was first assembled in the 90’s, with

~1.3M meters of drilling since initial discovery in 1965 and Agnico drilling

>550K meters alone since the 2021 TMAC acquisition. During Agnico’s

ownership, the project has evolved from a two-front mine (Doris restart/

Madrid development) to a three-front mine with the high-grade Patch 7

development prioritized, plus future potential at the Boston deposit. Rationale

is driven by the company’s in-region experience both building/operating mines