Agnico Eagle Mines Ltd. / Agnico Eagle Mines Ltd.: Lowering production and estimates, no change to post 2030 outlook

Research evidence excerpt

Agnico Eagle Mines Ltd. / Agnico Eagle Mines Ltd.: Lowering production and estimates, no change to post 2030 outlook

Equity Research

2 July 2026

Agnico Eagle Mines Ltd. / Agnico Eagle Mines Ltd.

Lowering production and

estimates, no change to post 2030

North America Metals & Miningoutlook

POSITIVE

Rock mass movement at Barnat open pit impacts Canadian Unchanged

Malartic North America Metals & Mining Richard Garchitorena

+1 212 526 5697

Lowering production forecasts, estimates and PT, maintain OW rating: Following updated richard.garchitorena@barclays.com

production forecasts to reflect the rock mass movement incident at Canadian Malartic, we BCI, US

reduce our estimates and PT for AEM. However, we maintain our OW rating on the shares, given Liqi Peng

our confidence in management to recover and deliver stated production growth targets over +1 212 526 1964

time, with valuation attractive vs. historical levels. Our revised US$210 PT (prior US$213 PT) is a liqi.peng@barclays.com

blended methodology of 1) EV/EBITDA multiple of 8.0x our 2027 EBITDA est. of $12.3b (30% BCI, US

weighting) and 2) 1.3x our NPV valuation (70% weighting). Our revised CAD$298 PT (vs. prior

CAD$292) reflects recent changes in USD/CAD exchange rate.

Rock mass movement at Barnat open pit and NT Impact: AEM reported that a rock mass

movement on July 1 along the north wall of the Barnat open pit at its Canadian Malartic

operations has resulted in a temporary suspension of mining operations in the Barnat open pit.

While 2Q26 production was unaffected (expects ~845k ozs of gold vs. our prior forecast of 831k

ozs), 2H26 production is expected to be reduced by 60-80k ozs, with full year production now at

the low end of the prior range of 3.3-3.5m ozs.