(All amounts expressed in U.S. dollars unless otherwise noted)

Stock Symbol: AEM (NYSE and TSX)

TORONTO, Oct. 27, 2021 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $114.5 million, or net income of $0.47 per share, for the third quarter of 2021.  This result includes non-cash mark-to-market losses on warrants of $15.6 million ($0.06 per share), derivative losses on financial instruments of $10.7 million ($0.05 per share), foreign currency translation losses on deferred tax liabilities and non-recurring tax adjustments of $8.8 million ($0.04 per share), non-cash foreign currency translation gains of $6.5 million ($0.03 per share) and various other adjustment losses of $2.3 million ($0.01 per share).  Excluding these items would result in adjusted net income¹ of $145.4 million or $0.60 per share for the third quarter of 2021.  For the third quarter of 2020, the Company reported net income of $222.7 million or net income of $0.92 per share.

Included in the third quarter of 2021 net income, and not adjusted above, is a non-cash stock option expense of $3.9 million ($0.02 per share).

In the first nine months of 2021, the Company reported net income of $440.2 million, or net income of $1.81 per share.  This compares with the first nine months of 2020, when net income was $306.4 million, or net income of $1.27 per share.

¹ Adjusted net income is a non-GAAP measure.  For a discussion regarding the Company’s use of non-GAAP measures, please see “Note Regarding Certain Measures of Performance”.

The decrease in net income in the third quarter of 2021, compared to the prior-year period, is primarily due to lower operating margins² (lower average realized metal prices and higher production costs, partially offset by higher sales volumes), unrealized losses for non-cash items related to mark-to-market adjustments on financial instruments, higher amortization of property, plant and mine development from higher production volumes and the contribution of the Hope Bay mine and higher exploration expenses, partially offset by foreign exchange gains.

The increase in net income in the first nine months of 2021, compared to the prior-year period, is primarily due to higher operating margins (from higher sales volumes and higher average realized metal prices), partially offset by unrealized losses for non-cash items related to mark-to-market adjustments on financial instruments owned by the Company, higher amortization of property, plant and mine development from higher production volumes and the contribution of the Hope Bay mine, higher exploration expenses and higher income and mining taxes driven by higher operating margins.

In the third quarter of 2021, cash provided by operating activities was $291.0 million ($413.6 million before changes in non-cash components of working capital), compared to the third quarter of 2020 when cash provided by operating activities was $462.5 million ($434.4 million before changes in non-cash components of working capital).

In the first nine months of 2021, cash provided by operating activities was $1,054.3 million ($1,261.0 million before changes in non-cash components of working capital), compared to the first nine months of 2020 when cash provided by operating activities was $788.5 million ($824.3 million before changes in non-cash components of working capital).

The decrease in cash provided by operating activities (before changes in non-cash components of working capital) in the third quarter of 2021, compared to the prior-year period, is primarily due to a decrease in mine operating margins that resulted from the reasons described above.

The increase in cash provided by operating activities in the first nine months of 2021, compared to the prior-year period, is primarily due to an increase in operating margins that resulted from the reasons described above, partially offset by higher cash taxes related to the higher mine operating margins and payments for taxes related to the 2020 tax year in the first quarter of 2021.

² Operating margin is a non-GAAP measure.  For a discussion regarding the Company’s use of non-GAAP measures, please see “Note Regarding Certain Measures of Performance”.

“Another strong quarterly operating performance, including record gold production, continues to demonstrate our ability to optimize our assets and steadily grow output over the next several years.  During the quarter, the Abitibi and Meliadine mines continued to be key drivers to the Company’s ongoing operational success,” said Sean Boyd, Agnico Eagle’s Chief Executive Officer.  “These strong production platforms will be integral components in the proposed merger of equals with Kirkland Lake Gold, which was announced late in the quarter.  The combination is expected to unlock additional value through the realization of significant operational synergies while creating a low risk global gold mining leader with growing production and gold reserves, increased operating cash flow and the financial resources and long-life assets to maintain a high-quality sustainable business while increasing capital distributions to shareholders,” added Mr. Boyd.

Third quarter of 2021 highlights include:

• Record quarterly gold production – Payable gold production³ was 523,706 ounces (excluding 17,957 ounces of payable gold production at Hope Bay and including pre-commercial gold production of 6,881 ounces at the Tiriganiaq open pit at Meliadine) at production costs per ounce of $832, total cash costs per ounce⁴ of $765 and all-in sustaining costs (“AISC”) per ounce⁵ of $1,011. Including Hope Bay, payable gold production in the third quarter of 2021 was new record of 541,663 ounces at production costs per ounce of $845, total cash costs per ounce of $784 and AISC per ounce of $1,059. Production costs per ounce, total cash costs per ounce and AISC per ounce exclude the pre-commercial production of gold at Tiriganiaq
  
• Abitibi and Meliadine mines drive solid operating performance –  In the third quarter of 2021, the LaRonde Complex, Goldex and Canadian Malartic mines (50%) in the Abitibi region of Quebec collectively produced 222,373 ounces of gold at production costs per ounce of $716 and total cash costs per ounce of $594.  In Nunavut, the Meliadine mine had a record quarter producing 97,024 ounces of gold (including pre-commercial gold production of 6,881 ounces) at production costs per ounce of $585 and total cash costs per ounce of $634.  In the third quarter of 2021, these four mines collectively represent approximately 59% and 68% of the Company’s gold production and operating margin, respectively.  Each of these operations have mine lives in excess of 10 years, and exploration efforts are ongoing to further expand their known mineral reserves and mineral resources
• Production, cost and capital expenditure guidance confirmed for 2021 – Expected gold production in 2021 is unchanged at approximately 2,047,500 ounces, while total cash costs per ounce and AISC per ounce continue to be forecast in the range of $700 to $750 and $950 to $1,000, respectively. Estimated payable gold production and costs for 2021 exclude any contribution from Hope Bay. In 2021, gold production at the La India and Meadowbank mines is expected to be below forecast due to a variety of operational challenges. Any shortfall in production at these operations is expected to be offset by stronger than expected performance at the Meliadine and LaRonde mines. Total capital expenditures guidance for 2021 remains unchanged at approximately $803.0 million
  
• Proposed merger of equals with Kirkland Lake Gold announced on September 28, 2021 – The transaction will create a best-in-class gold mining company operating in one of the world’s leading gold regions, the Abitibi-Greenstone Belt of northeastern Ontario and northwestern Quebec, with superior financial and operating metrics. Canadian Competition Act approval was received on October 4, 2021. The Information Circular is expected to be mailed on November 3, 2021, and the shareholder votes for both companies are scheduled for November 26, 2021. The transaction is expected to be completed in December 2021 or the first quarter of 2022
  
• Development and exploration activities progressing on schedule and on budget at the Odyssey Underground Project – Underground activities are focused on extending the main ramp and developing the first production levels and an exploration drift at Odyssey South. Construction of the concrete headframe began in late September and is expected to be completed in October. Shaft sinking is scheduled to begin in October 2022. All surface construction activities and the purchase of long lead items remain on target. Underground exploration began at the Odyssey South and Internal Zones in July and a second drill will be added in the fourth quarter of 2021. At East Gouldie, 12 surface drills are currently active (see results below)

“Reconciliation of Non-GAAP Financial Performance Measures” below.  See also “Note Regarding Certain Measures of Performance”.

• Drilling continues to yield positive results in the third quarter of 2021 – The Company’s exploration focus remains on pipeline projects and near mine opportunities. Detailed exploration results are expected to be reported in a news release on November 2, 2021. Recent exploration highlights include:
  
  • LaRonde – Drilling the extensions of the recently discovered 20N Zinc South Zone, near the East, mine has returned intercepts of 9.3 grams per tonne (“g/t”) gold, 114 g/t silver, 0.9% copper and 2.6% zinc over 4.6 metres at 3,464 metres depth, and 0.5 g/t gold, 41 g/t silver and 11.9% zinc over 2.8 metres at 3,126 metres depth
    
  • Meliadine – Delineation drilling in the Tiriganiaq deposit at the Meliadine Mine intersected 20.3 g/t gold (capped at 50 g/t gold) over 27.4 metres in an interlode area at a depth of 380 metres. At the Tiriganiq deposit gold production has been exceeding expectations and the higher-than-expected grade in some infill drilling further confirms that grade estimation appears to be conservative in some portions of the deposit
    
  • Amaruq – Drilling has focused on finding extensions to the known mineralized zones. In the Mammoth area, approximately 600 metres to the west of the Whale Tail pit, drilling has encountered significant intercepts such as 4.7 g/t gold over 18.8 metres at 254 metres depth and 5.1 g/t gold over 4.7 metres at 179 metres depth.  Additional holes are planned to test for extensions to these zones
    
  • Odyssey Project – Infill drilling continues to return wide, high-grade intersections in the core of the East Gouldie deposit, with recent results including 6.8 g/t gold over 41.4 metres at 1,069 metres depth, including 10.4 g/t gold over 20.6 metres at 1,064 metres depth. The East Gouldie extension continues to be tested, with the easternmost hole drilled to date returning 6.3 g/t gold over 4.8 metres at 1,989 metres depth on the adjacent Rand Malartic property, 1.5 kilometres east of the current mineral resource, further demonstrating the excellent exploration upside for new discoveries in the vicinity of the Odyssey Project
    
  • Upper Beaver Project – The conversion and expansion drilling program continues to intersect significant high-grade mineralization, further expanding the Footwall and East Porphyry zones at depth. The new results include an intercept of 8.7 g/t gold and 0.81% copper over 18.2 metres at 1,435 metres depth
    
• A quarterly dividend of $0.35 per share has been declared

³ Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.
⁴ Total cash costs per ounce is a non-GAAP measure and, unless otherwise specified, is reported on a by-product basis.  For a reconciliation to production costs and for total cash costs on a co-product basis, see “Reconciliation of Non-GAAP Financial Performance Measures” below.  See also “Note Regarding Certain Measures of Performance”.
⁵ AISC per ounce is a non-GAAP measure and, unless otherwise specified, is reported on a by-product basis.  For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see “Reconciliation of Non-GAAP Financial Performance Measures” below.  See also “Note Regarding Certain Measures of Performance”.

Third Quarter 2021 Financial and Production Highlights

In the third quarter of 2021, the Company’s payable gold production was 523,706 ounces (excluding 17,957 ounces of payable gold production at Hope Bay, and including 6,881 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine).  This compares to quarterly payable gold production of 492,693 ounces in the prior-year period (which included 13,305 ounces of pre-commercial production of gold at the Barnat deposit at Canadian Malartic and 1,982 ounces of pre-commercial gold production at the Tiriganiaq open pit at Meliadine).  Including the Hope Bay mine, the Company’s quarterly gold production was a record of 541,663 ounces in the third quarter of 2021.

In the first nine months of 2021, the Company’s payable gold production was 1,528,949 ounces (excluding 55,524 ounces of payable gold production at Hope Bay, and including 24,057 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively).  This compares to payable gold production of 1,235,123 ounces in the prior-year period (which included 18,930 ounces of pre-commercial production of gold at the Barnat deposit at Canadian Malartic and 1,982 ounces of pre-commercial gold production at the Tiriganiaq open pit at Meliadine).  Including the Hope Bay mine, the Company’s payable gold production was also a record of 1,584,473 ounces for the first nine months of 2021.

The higher gold production in the third quarter of 2021, when compared to the prior-year period, was primarily due to strong performance at the Company’s mines, including higher gold grades and tonnage at the Meadowbank Complex, higher tonnage at the Meliadine, Canadian Malartic and Kittila mines, and higher gold grades at the LaRonde Complex.  This was partially offset by lower production at La India related to lower ore tonnage stacked due to high clay content and at Creston Mascota where only residual leaching remains.

The higher gold production in the first nine months of 2021, when compared to the prior-year period, was primarily due to strong performance at the Company’s mines, including higher gold grades and tonnage at the LaRonde and Meadowbank Complexes and the Canadian Malartic and Meliadine mines.  This was partially offset by lower production at the La India mine related mostly to water conservation efforts and at Creston Mascota, where only residual leaching remains. In the first nine months of 2020, gold production was negatively affected by COVID-19 related reductions in mining activities which affected seven of the Company’s then eight operations.  A detailed description of the production at each mine is set out below.

Production costs per ounce in the third quarter of 2021 were $832 (excluding the Hope Bay mine), compared to $865 in the prior-year period.  Total cash costs per ounce in the third quarter of 2021 were $765 (excluding the Hope Bay mine), compared to $764 in the prior-year period.  Including the Hope Bay mine, production costs per ounce were $845 and total cash costs per ounce were $784 in the third quarter of 2021.

Production costs per ounce in the first nine months of 2021 were $816 (excluding the Hope Bay mine), compared to $864 in the prior-year period.  Total cash costs per ounce in the first nine months of 2021 were $745 (excluding the Hope Bay mine), compared to $805 in the prior-year period.  Including the Hope Bay mine, production costs per ounce were $828 and total cash costs per ounce were $755 in the first nine months of 2021.

In the third quarter and first nine months of 2021, production costs per ounce decreased when compared to the prior-year periods primarily due to higher gold production, partially offset by the strengthening of the Canadian dollar against the U.S. dollar.  For the first nine months of 2021, total cash costs per ounce (excluding the Hope Bay mine) decreased when compared to the prior-year periods primarily due to higher gold production, higher by-product revenues from higher realized metal prices and higher sales volumes, partially offset by the strengthening of the Canadian dollar against the U.S. dollar.  Total cash costs per ounce (excluding the Hope Bay mine) in the third quarter of 2021 were essentially the same when compared to the prior year period.

AISC per ounce in the third quarter of 2021 were $1,011 (excluding the Hope Bay mine), compared to $1,016 in the prior-year period.  Including the Hope Bay mine, AISC per ounce were $1,059 in the third quarter of 2021.  AISC per ounce in the first nine months of 2021 were $1,010 (excluding the Hope Bay mine), compared to $1,078 in the prior-year period.  Including the Hope Bay mine, AISC per ounce were $1,035 in the first nine months of 2021.

AISC per ounce (excluding the Hope Bay mine) in the third quarter of 2021 decreased when compared to the prior-year period primarily due to lower total cash costs per ounce and lower sustaining capital expenditures primarily at the Meadowbank Complex.  AISC per ounce (excluding the Hope Bay mine) in the first nine months of 2021 decreased when compared to the prior-year period primarily due to lower total cash costs per ounce, partially offset by higher sustaining capital expenditures at the Canadian Malartic and Goldex mines related to the temporary suspension of activities due to COVID-19 in the prior-year periods.

Cash Position – Strong Financial Flexibility

Cash and cash equivalents and short-term investments decreased to $243.6 million at September 30, 2021, from the June 30, 2021 balance of $280.9 million, primarily due to the increase of working capital (mainly supplies and fuel inventory) for the Company’s Nunavut operations during the 2021 sealift season.  The Company also accelerated the purchase of certain reagents and consumables in order to help offset inflationary trends.  As of September 30, 2021, the outstanding balance on the Company’s unsecured revolving bank credit facility was nil, and available liquidity under this facility was approximately $1.2 billion, not including the uncommitted $300 million accordion feature.

Approximately 54% of the Company’s remaining 2021 estimated Canadian dollar exposure is hedged at an average floor price above 1.27 C$/US$.  Approximately 48% of the Company’s remaining 2021 estimated Mexican peso exposure is hedged at an average floor price above 20.75 MXP/US$.  Approximately 10% of the Company’s remaining 2021 estimated Euro exposure is hedged at an average floor price of approximately 1.23 US$/EUR.  The Company’s full year 2021 cost guidance is based on assumed exchange rates of 1.30 C$/US$, 20.00 MXP/US$ and 1.20 US$/EUR.

During the third quarter of 2021, the Company completed the purchase of diesel relating to its Nunavut operations for the balance of 2021 to mid-year of 2022.  The diesel was delivered to the Nunavut sites on the 2021 sealifts.  The purchase price, including the impact of fuel hedges,  was in line with the 2021 cost guidance assumptions.

The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs.

Capital Expenditures

Total capital expenditures (including sustaining capital) in the third quarter of 2021 were $223.3 million (excluding Hope Bay).  Including Hope Bay, the total capital expenditures in third quarter of 2021 were $246.4 million.  The total capital expenditures (including sustaining capital) in 2021 remain forecast to be approximately $803.0 million, excluding the Hope Bay mine.

The following table sets out capital expenditures (including sustaining capital) in the third quarter of 2021 and the first nine months of 2021.

2021 Production and Cost Guidance Unchanged

Production guidance for 2021 remains unchanged at approximately 2,047,500 ounces of gold (including approximately 24,057 ounces and 2,100 ounces of pre-commercial gold production from the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively).  Commercial production at the Tiriganiaq open pit was declared on August 15, 2021.  Estimated payable gold production and costs for 2021 exclude any contribution from Hope Bay.  In 2021, gold production at the La India and Meadowbank mines is expected to be below forecast due to a variety of operational challenges.  Any shortfall in production at these operations is expected to be offset by stronger than expected performance at the Meliadine and LaRonde mines.

The Company anticipates that total cash costs per ounce and AISC per ounce for 2021 will continue to be in the range of $700 to $750 and $950 to $1,000, respectively.  Estimated payable gold production and costs for 2021 exclude any contribution from Hope Bay.

Cost Inflation Update

In the second quarter of 2021, the Company noted that, given rising prices for many commodities and disruptions to global supply-chains, the resulting cost pressures were gradually being pushed downstream and were starting to be reflected in the prices for a number of goods and services used by the Company. Since then, these inflationary pressures have accelerated (e.g., diesel prices have increased by approximately 20% since August 1, 2021), and while the company continues to implement numerous initiatives to offset this, we anticipate upward cost pressure throughout the industry, including at the Company’s operations.

While difficult to predict, the Company expects that these price pressures will extend into 2022, depending on when inflation conditions and global supply-chains normalize.  As a result, the Company currently expects to see an approximate 5% to 7% increase in reagents and consumables prices in 2022, and a related impact on production costs next year. Given the uncertain nature of the inflationary pressures, the Company will continue to actively monitor and identify opportunities to manage and mitigate input cost increases.

Although there are signs of tightness in certain labour categories, at this time the Company does not anticipate any abnormal impact on projected costs as a result of wage inflation or workforce costs in 2022, other than certain high demand contracting (including related to exploration).  The Company’s strategy to contain the risk of workforce cost increases includes initiatives such as implementing organizational workforce cost management projects to improve productivity, as well as career development plans to fill specific technical roles with internal candidates where possible.  In the Abitibi, given the increased labour market competition, the Company is looking to convert certain contractor groups into permanent employees to reduce turnover.

Demonstrating strong ESG performance

In March 2020, the Company decided to send the Nunavut-based workforce home and isolate its mines from the local communities while continuing to pay 75% of base salary to these employees.  A gradual return of the Nunavut-based workforce began at the end of June 2021 after the reintegration plan was approved by the Chief Public Health Officer of Nunavut.  Reintegration of the Nunavummiut workforce at Meliadine and the Meadowbank Complex was completed in October 2021.

During the third quarter of 2021, Agnico Eagle’s outstanding ESG practices and contributions to the local communities continued to be recognized by several organizations.  The following awards were received by the Company’s operations during the third quarter of 2021:

• LaRonde – “Resilience” award at the 2021 gala of the Central Abitibi Chamber of Commerce and Industry for the management of the COVID-19 pandemic
• Canadian Malartic – “Economic Development Contribution” award at the 41st Gala of the Chamber of Commerce of Val-d’Or, which confirms that Canadian Malartic is a leading local and regional economic driver
• Creston Mascota – “Silver Helmet” award by the Mexican Chamber of Mines as the 2020 safest mine in Mexico
• La India – Distinction of Socially Responsible Company (ESR® 2021) for the sixth consecutive year and the 2021 “Ethics and Values” award by the Confederation of Industrial Chambers of Mexico (CONCAMIN) in recognition of the developed policies and ongoing progress relating to corporate social responsibility and sustainable development

Agnico Eagle has committed to support the recommendations of the Task Force on Climate Related Financial Disclosures (“TCFD”).  The recommendations provide a useful framework to increase transparency on climate-related risks and opportunities.  In 2020, the Company began aligning disclosures with TCFD.  In addition, in 2021, the Company committed to Net-Zero Carbon by 2050, reported initial Scope 3 emissions, adopted a governance structure for managing climate change and commenced climate specific risk and opportunity assessments.  Agnico Eagle is committed to continuing to implement the TCFD recommendations.

In the third quarter of 2021, the Company had an increase in positive cases of COVID-19 in Mexico and in Nunavut, while the Company’s other operating regions remained at levels similar to the second quarter of 2021 (263 total positive cases in the third quarter of 2021, compared to 115 total positive cases in the second quarter of 2021).  The Company remains engaged in managing risks related to COVID-19 and continues to apply the measures implemented to help protect the health and safety of its employees and the communities in which it operates.

In Mexico, positive cases increased during the third quarter of 2021, when compared to the second quarter of 2021, due the growing number of cases in the surrounding communities at Pinos Altos.  To mitigate the further spread of COVID-19, the Company continues to promote and support the vaccination campaign by the health authorities in Mexico.  By the end of the third quarter of 2021, 92% of the total employees at Pinos Altos have had at least one dose and 61% of employees have been fully vaccinated.

The increase in positive cases in Nunavut was a result of a significant COVID-19 outbreak at the Hope Bay Project at the end of September.  Due to this recent outbreak, and the fact that COVID-19 cases are continuing to increase in Alberta, the main hub for the Hope Bay Project, the Company decided to idle its operations at the Hope Bay Project.  This was done in an orderly fashion while ensuring the safety of employees and the sustainability of Agnico Eagle’s infrastructure.  Since Nunavummiut workers have not yet returned to the Hope Bay Project, no Nunavummiut were in contact with the positive cases or close contacts.  The Company believes the risk of contamination for the surrounding communities and for other Nunavut mines remains very low.  The no-contact protocol between the mine site and the communities is still in effect and remains a priority in order to continue protecting the communities.  An operational update on the Hope Bay project is set out below.

The table below sets out additional information on COVID-19 cases identified in the third quarter of 2021; a significant majority of which were detected by the Company’s screening and testing protocols.

*Recovered cases in the third quarter of 2021 include employees that were positive and had not yet recovered at the end of the second quarter of 2021.

Agnico Eagle and Kirkland Lake Gold Merger of Equals

On September 28, 2021, Agnico Eagle and Kirkland Lake Gold Ltd. (TSX:KL,NYSE:KL, ASX:KLA) (“Kirkland Lake Gold”) announced that they entered into an agreement (the “Merger Agreement”) pursuant to which Agnico Eagle will acquire all of the common shares of Kirkland Lake Gold in a merger of equals (the “Merger”), with the combined company to continue under the name “Agnico Eagle Mines Limited”.

The Merger will establish the new Agnico Eagle as a high-quality senior producer with the lowest all-in sustaining costs, highest EBITDA margin⁶ and lowest-risk portfolio⁷ of operating mines among its Senior Gold Peers⁸, together with industry-leading best practices in key areas of ESG.

Pursuant to the Merger Agreement, Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held.  Upon closing, existing Agnico Eagle and Kirkland Lake Gold shareholders will own approximately 54% and 46% of the combined company, respectively.

Canadian Competition Act approval was received on October 4, 2021.  Additionally, Agnico Eagle and Kirkland Lake Gold have received relief from the Australian Securities and Investments Commission from compliance with the prospectus and secondary sale requirements of Part 6D.2 and Part 6D.3 of the Australian Corporations Act.

The joint management information circular is expected to be mailed on November 3, 2021 and meetings of Agnico Eagle shareholders and Kirkland Lake Gold shareholders have each been scheduled for November 26, 2021.  The Merger is expected to close in December 2021 or in the first quarter of 2022, subject to satisfaction of the conditions under the Merger Agreement.  For additional details on the Merger, see Agnico Eagle’s and Kirkland Lake Gold’s joint news release dated September 28, 2021 and Agnico Eagle’s material change report filed on SEDAR.

Unless otherwise stated in this News Release, the forward looking information contained herein, including forward looking information regarding the Company’s production and costs does not include the effect of the Merger with Kirkland Lake Gold.

⁶ Lowest all-in sustaining cost and highest EBITDA margin are non-GAAP financial performance measures and are based on data from Bloomberg, equity research reports or public disclosure of the Senior Gold Peers. These measures have no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Financial comparisons between new Agnico Eagle and its Senior Gold Peers are made on the basis of the data presented by Bloomberg, equity research reports or public disclosure which may not be calculated in the same manner as Agnico calculates comparable measures.
⁷ Lowest-risk portfolio is an assessment of risk based data from The Fraser Institute’s “Survey of Mining Companies 2020” (the “Fraser Report”) and historical production data for calendar year 2020 included in the public disclosure of the Senior Gold Peers. The risk assessment is determined for the new Agnico Eagle and each Senior Gold Peer by using the Fraser Report scores for mining jurisdictions across the world and weighting such scores based on each entity’s 2020 production in each applicable jurisdiction.
⁸ “Senior Gold Peers” means Barrick Gold Corporation, Kinross Gold Corporation, Newcrest Mining Limited and Newmont Corporation

Dividend Record and Payment Dates for the Fourth Quarter of 2021

Agnico Eagle’s Board of Directors has declared a quarterly cash dividend of $0.35 per common share, payable on December 15, 2021 to shareholders of record as of December 1, 2021.  Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2021 Fiscal Year

*Declared

Dividend Reinvestment Plan

Please see the following link for information on the Company’s dividend reinvestment plan: Dividend Reinvestment Plan

Third Quarter 2021 Results Conference Call and Webcast Tomorrow

Agnico Eagle’s senior management will host a conference call on Thursday, October 28, 2021 at 11:00 AM (E.D.T.) to discuss the Company’s third quarter financial and operating results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company’s website www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 416-764-8659 or toll-free 1-888-664-6392.  To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Replay Archive:

Please dial 416-764-8677 or toll-free 1-888-390-0541, access code 57168607.  The conference call replay will expire on November 28, 2021.

The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.

Original Article: https://www.prnewswire.com/news-releases/agnico-eagle-reports-third-quarter-2021-results—meliadine-and-laronde-mines-drive-record-quarterly-gold-production-2021-guidance-maintained-reintegration-of-nunavummiut-workforce-at-meliadine-and-meadowbank-completed-developm-301410285.html