Agnico Eagle Mines: J.P. Morgan Natural Resources Conference Takeaways

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Agnico Eagle Mines: J.P. Morgan Natural Resources Conference Takeaways

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

23 June 2026

Agnico Eagle Mines

J.P. Morgan Natural Resources Conference

Takeaways

We hosted Agnico Eagle’s CFO, Jamie Porter, at our 2026 Natural Resources Metals & Mining

ACConference. Discussions primarily focused on: 1) opportunities to accelerate Bennett Moore

growth; 2) benefits of scale in exploration and early-stage development; and 3) (1-212) 622-0188

capital allocation, including potential upside to shareholder returns. bennett.moore@jpmchase.com

Bill Peterson

• Opportunities to accelerate growth: When asked about accelerating growth (1-415) 315-6766

across the portfolio, CFO Jamie Porter pointed to recent drill results at Detour bill.peterson@jpmchase.com

Lake’s West Extension zone (link). FID is planned for 2027, with blending of Rock Hoffman

higher-grade U/G ore potentially as soon as 2028, coupled with mill (1-212) 259-5055

optimization to 29Mtpa from 28Mtpa today to drive the complex towards rock.hoffman@jpmchase.com

1Moz annual production by 2030. However, Porter flagged the mill is J.P. Morgan Securities LLC

permitted for up to 32.8Mtpa, which could drive production closer to 1.1-

1.2Mtpa. We also sense potential opportunities to accelerate growth at

AEM, AEM US

Canadian Malartic where the team is exploring a second shaft and satellite sites

at Wasamac and Marban as part of its ‘Fill the Mill’ strategy, with a detailed Neutral

update on the complex’s future potential expected in 3Q. Price (23 Jun 26): $160.16

• Benefits of scale in exploration and early-stage development: Agnico’s

focus on early-stage M&A along with economies of scale continue to drive a AEM.TO, AEM CN

competitive advantage in developing early-stage projects.