Arctic Growth: Meliadine Operating Discipline & Hope Bay Optionality

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Arctic Growth: Meliadine Operating Discipline & Hope Bay Optionality

Canada | Metals & Mining

Agnico Eagle EquityMayResearch22, 2026

FLASH NOTEArctic Growth: Meliadine Operating Discipline &

RATING HOLDHope Bay Optionality

PRICE $177.75^

Our site visits to Meliadine and Hope Bay leave us incrementally more positive

on AEM's Nunavut platform. Meliadine continues to reinforce AEM’s ability PRICE TARGET | % TO PT $234.00 | +32%

to operate and steadily improve Arctic mines. More importantly, Hope Bay is 52W HIGH-LOW $255.24 - $113.88

emerging as more than a restart story, with a credible base case underpinned by FLOAT (%) | ADV MM (USD) 99.0% | 389.71

a broader district opportunity, increasingly positioning it as AEM’s next Nunavut MARKET CAP $89.5B

mine, starting in 2030, with meaningful long-term upside. TICKER AEM ^Prior trading day's closing price unless otherwise

noted.

On May 20-21, 2026, AEM hosted sell-side analysts and investors for a site visit to its producing Meliadine

mine and its Hope Bay project in Nunavut, Canada.

Meliadine: steady-state Arctic execution with incremental upside. Meliadine is no longer a

development story, but it still has levers. The mill has moved from 3,750tpd nameplate at start-up

to ~6,500tpd today, with AEM targeting ~6,750tpd by 2027 through incremental debottlenecking,

added power support, filter press capacity, grinding optimization, and conveyor upgrades. The site

visit reinforced that upside is coming from disciplined execution rather than a major rebuild: better

feed management, underground control room visibility, improved gas-clearance practices, tighter

shift execution, and continuous improvement. Mine life has been extended to 2036, with exploration

focused around existing infrastructure, particularly Wesmeg/Wesmeg North.