Agnico Eagle Mines "Site visit up north to Meliadine & Hope Bay" (Neutral) Major

Research evidence excerpt

Agnico Eagle Mines "Site visit up north to Meliadine & Hope Bay" (Neutral) Major

depth extensions, underpinning potential 30-40 year LOM. Path 7 contains large

inferred resources containing best ore grades and adds third mining front on Hope

Bay property.

Future catalysts

Meliadine's exploration success at Tiriganiaq is key unlock to extend LOM beyond

2036 and offset production decline following transition to UG mining. Harsh

Arctic climate impacting logistics and infrastructure upgrades remain notable

headwind underpinning delivery. In addition, achieving 6.5-6.75ktpd through mill

debottlenecking. Permitting is relatively low risk in our view, with water licence

amendment submitted and extensions not requiring new major new approvals.

Hope Bay relies on continued success with drill results, in particular at high-grade

zones like Patch 7; adding mining fronts with mine sequencing being Boston and

then Greenstone belt helps demonstrate path beyond ~400kozpa. Mine team has

20yrs experience building in region and company remains confident on the

delivery of the project. Permitting progress on water license and ongoing

engineering advancements are also to be noted.

Long-term outlook

Delivery & projects: Canadian Malartic commenced production on its East

Gouldie ramp in March and showcased positive drill results for its Odyssey mine.

These are part of AEM's plan for CM to become a 1moz producer in ~2030 along

with #2 shaft FID 2027 and other satellite deposits (Marban and Wasmac). Detour

Lake also plans on reaching 1moz in ~2030 through proposed underground

mining start in 2028 with 1Q exploration drilling showing high mineralization (8.9

g/t Au at 14.1 metres and 10.7 g/t Au at 497 metres). San Nicolas completed