CEO.CA Chairman's Briefing

Stock Symbol: AEM (NYSE and TSX)

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

TORONTO, Oct. 30, 2024 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2024.

"We are excited to report record financial results for a fourth consecutive quarter. Our focus on operational performance, cost control and capital discipline has allowed us to deliver the leverage to record gold prices to our shareholders. This quarter we repaid $375 million of debt, increased our cash position and continued to provide strong returns to shareholders," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We remain focused on realizing the full potential of our assets through continuous improvement and by advancing our pipeline of projects and supplemental exploration program. Strong drill results this quarter continue to demonstrate significant exploration upside at several of our mines and key pipeline projects, including the extension of the East Gouldie deposit at Canadian Malartic and the expansion of high-grade mineralization at Patch 7 at Hope Bay," added Mr. Al-Joundi.

Third quarter 2024 highlights:

• Solid quarterly gold production and cost performance – Payable gold production¹ was 863,445 ounces at production costs per ounce of $908, total cash costs per ounce² of $921 and all-in sustaining costs ("AISC") per ounce² of $1,286
• Continued to deliver reliable operating and cost performance – Gold production and costs in the third quarter of 2024 were in line with plan, driven by strong production in Nunavut and at Macassa and Fosterville. The Company's continued focus on operational efficiencies and cost optimization drove record quarterly throughput and mining rates at multiple sites
• Well positioned to achieve 2024 gold production, cost and capital expenditures guidance – The Company is tracking well to meet its gold production guidance for the full year 2024. Total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2024 remain unchanged
• Record quarterly adjusted net income³ – The Company reported quarterly net income of $567.1 million or $1.13 per share and adjusted net income of $572.6 million or $1.14 per share
• Record quarterly cash provided by operating activities and free cash flow – The Company generated record cash provided by operating activities of $1,084.5 million or $2.16 per share ($1,027.5 million or $2.05 per share before changes in non-cash working capital balances⁴) and free cash flow⁴ of $620.4 million or $1.24 per share ($563.4 million or $1.12 per share before changes in non-cash working capital balances⁴)
• Strengthening financial position with further reduction of debt – The Company increased its cash position by $55.2 million to $977.2 million as at September 30, 2024. The Company continued to reduce net debt⁵ in the third quarter of 2024, repaying the $100.0 million 5.02% Series B Senior Notes at maturity and repaying $275.0 million of the $600.0 million unsecured term loan facility drawn in 2023. Total debt outstanding was $1,467.2 million as at September 30, 2024. Year-to-date, net debt has been reduced by $1,014.4 million, from $1,504.4 million at the beginning of the year to $490.0 million as at September 30, 2024
• Continued focus on shareholder returns – In the third quarter of 2024, the Company's Board of Directors declared a quarterly dividend of $0.40 per share. Additionally, the Company repurchased 362,343 common shares at an average share price of $82.86 for an aggregate of $30.0 million through its normal course issuer bid ("NCIB")
• Update on key value drivers and pipeline projects
  • Detour Lake – In the third quarter of 2024, the Company advanced the site preparation for the underground project, including the completion of the pad that will host the surface infrastructure for the underground project and the removal of the overburden for the portal. Infill drilling into the high-grade corridor in the West Pit zone continued to confirm higher grades and a mineralized structure amenable to underground mining. Highlights include 22.5 grams per tonne ("g/t") gold over 12.9 metres at 490 metres depth and 15.0 g/t gold over 18.9 metres at 573 metres depth. Drilling into the West Extension zone to the west of current mineral resources saw highlights of 28.8 g/t gold over 3.6 metres at 570 metres depth and 11.7 g/t gold over 3.3 metres at 731 metres depth
  • Odyssey mine at Canadian Malartic – In the third quarter of 2024, ramp development and shaft sinking activities progressed on schedule, reaching a depth of 873 metres and 839 metres, respectively, and the excavation of the temporary shaft loading station on level 64 was completed. Surface construction progressed as planned, with a focus on the service hoist and the operations complex. Recent exploration drilling continued to return good results in the eastern extension of the East Gouldie deposit up to 760 metres east of current mineral resources, including 3.0 g/t gold over 51.5 metres at 1,349 metres depth and 5.1 g/t gold over 8.2 metres at 1,455 metres depth. In the upper extension of East Gouldie, conversion drilling near the Odyssey shaft has returned intersections including 3.3 g/t gold over 20.8 metres at 814 metres depth. Results from the ongoing exploration program continue to show the potential to add significant mineral resources along extensions of the main East Gouldie deposit
  • Madrid at Hope Bay – Exploration drilling during the third quarter of 2024 totalled 33,100 metres and continued to return wide, high-grade mineralized intervals at the Patch 7 zone, including 18.3 g/t gold over 16.4 metres at 479 metres depth, 16.8 g/t gold over 27.3 metres at 436 metres depth and 11.9 g/t gold over 30.4 metres at 394 metres depth, further confirming the greater thicknesses and higher gold grades in this area compared to the rest of the Madrid deposit

Third Quarter 2024 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Thursday, October 31, 2024 at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 80122#. The conference call replay will expire on November 30, 2024.

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

Third Quarter 2024 Production and Cost Results

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher production from the Nunavut operations, Macassa and Detour Lake, partially offset by lower production at Canadian Malartic and La India
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period primarily due to higher production from Canadian Malartic, Meadowbank and Macassa, partially offset by lower production at Fosterville and La India

Production Costs per Ounce

• Third Quarter of 2024 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalties arising from higher gold prices, partially offset by higher production and the benefit of the weaker Canadian dollar during the period
• First Nine Months of 2024 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalties arising from higher gold prices and higher production costs at Canadian Malartic related to underground mining operations, partially offset by higher production and the benefit of the weaker Canadian dollar during the period

Total Cash Costs per Ounce

• Third Quarter and First Nine Months of 2024 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce

AISC per Ounce

• Third Quarter and First Nine Months of 2024 – AISC per ounce increased when compared to the prior-year periods due to the factors causing higher total cash costs per ounce and anticipated higher sustaining capital expenditures primarily at Canadian Malartic and Detour Lake, partially offset by higher production during the period

Third Quarter 2024 Financial Results

Net Income

• Third Quarter of 2024
  • Net income was $567.1 million ($1.13 per share). This result includes the following items (net of tax): derivative gains on financial instruments of $11.7 million ($0.02 per share), non-recurring tax adjustments and foreign currency translation gains on deferred tax liabilities of $5.5 million ($0.01 per share), net asset disposal losses of $3.7 million ($0.01 per share) and foreign exchange and other adjustments of $8.0 million (0.01 per share)
  • Excluding the above items results in adjusted net income of $572.6 million or $1.14 per share
  • Included in net income and not adjusted above, is a non-cash stock option expense of $2.1 million (less than $0.01 per share)
  • Net income of $567.1 million in the third quarter of 2024 increased compared to net income of $174.8 million in the prior-year period primarily due to stronger mine operating margins¹¹ resulting from higher realized gold prices and higher sales volumes, gains on derivative financial instruments in the current period and lower amortization expenses (primarily at Meadowbank, Canadian Malartic and Detour Lake), partially offset by higher income and mining tax expenses and higher production expenses
• First Nine Months of 2024 – Net income of $1,386.3 million decreased compared to the prior-year period net income of $2,315.4 million primarily due to a remeasurement gain at Canadian Malartic in the prior period and higher income and mining tax expenses, partially offset by higher operating margins from higher realized gold prices and higher sales volumes. The remeasurement gain in the prior period is from the application of purchase accounting relating to a business combination attained in stages, which required the remeasurement of the Company's previously held 50% interest in Canadian Malartic to fair value.

Adjusted EBITDA

• Third Quarter of 2024 – Adjusted EBITDA increased when compared to the prior-year period primarily due to stronger mine operating margins from higher realized gold prices and higher sales volumes
• First Nine Months of 2024 – Adjusted EBITDA increased when compared to the prior-year period primarily due to the reasons set out above for the third quarter of 2024 and as a result of the acquisition of the remaining 50% of Canadian Malartic

Cash Provided by Operating Activities

• Third Quarter and First Nine Months of 2024 – Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances increased when compared to the prior-year periods primarily due to the reasons described above related to the increases in adjusted EBITDA

Free Cash Flow Before Changes in Non-cash Working Capital Balances

• Third Quarter and First Nine Months of 2024 – Free cash flow before changes in non-cash working capital balances increased when compared to the prior-year periods due to the reasons described above related to cash provided by operating activities, partially offset by higher additions to property, plant and mine development

Capital Expenditures

In the third quarter of 2024, capital expenditures were $437.2 million and capitalized exploration expenditures were $48.6 million, for a total of $485.8 million. Expected capital expenditures (including capitalized exploration) remain in line with the updated guidance for the full year 2024. Further details are set out in the "2024 Guidance" section below.

The following table sets out a summary of capital expenditures (including sustaining capital expenditures and development capital expenditures) and capitalized exploration in the third quarter of 2024 and the first nine months of 2024.

2024 Guidance

Based on the operational performance in the first nine months of 2024, the Company is tracking well to meet the mid-point of gold production guidance for the full year 2024. In addition, total cash costs per ounce, AISC per ounce and capital expenditures guidance for 2024 remain unchanged. A summary of the Company's guidance is set out below.

Record Free Cash Flow Generation Alongside Capital Discipline Continue to Strengthen Financial Position and Commitment to Shareholder Returns

Cash and cash equivalents increased by $55.2 million when compared to the prior quarter primarily due to higher cash provided by operating activities as a result of higher revenues from higher realized gold prices and favourable changes in non-cash working capital balances, partially offset by higher cash used in financing activities related to $375.0 million repayment of debt, and higher cash used in investing activities from higher capital expenditures and higher purchases of equity securities and other investments.

As at September 30, 2024, the Company's total long-term debt was $1,467.2 million, a reduction of $374.5 million from the second quarter of 2024. On July 24, 2024, $100.0 million was repaid with cash on hand on the 2012 Series B 5.02% Senior Notes on maturity. In addition, a total of $275.0 million was prepaid of the $600.0 million outstanding on the term loan facility during the quarter, further strengthening the Company's investment grade balance sheet. The remaining $325.0 million of indebtedness under the term loan facility is due and payable on April 21, 2025.

No amounts were outstanding under the Company's unsecured revolving bank credit facility as at September 30, 2024, and available liquidity remained at approximately $2.0 billion, not including the uncommitted $1.0 billion accordion feature.

The following table sets out the calculation of net debt, which decreased by $429.7 million when compared to the prior quarter as a result of the debt repayments and an increase in cash and cash equivalents.

Hedges

Approximately 68% of the Company's remaining estimated Canadian dollar exposure for 2024 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.34 C$/US$. Approximately 26% of the Company's remaining estimated Euro exposure for 2024 is hedged at an average floor price providing protection in respect of exchange rate movements below 1.10 US$/EUR. Approximately 62% of the Company's remaining Australian dollar exposure for 2024 is hedged at an average floor price providing protection in respect of exchange rate movements above 1.46 A$/US$. Approximately 19% of the Company's remaining estimated Mexican peso exposure for 2024 is hedged at an average floor price providing protection in respect of exchange rate movements above 18.00 MXP/US$. The Company's full year 2024 cost guidance is based on assumed exchange rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45 A$/US$ and 16.50 MXP/US$.

With the 2024 sealift at the Company's Nunavut operations largely completed, approximately 42% of the Company's remaining estimated diesel exposure for 2024 is hedged at an average price of $0.76 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility in 2024. The Company's 2024 cost guidance is based on an assumed diesel price of $0.80 per litre (excluding transportation and taxes).

Based on these 2024 hedge positions, the Company expects to continue to benefit from the positive foreign exchange impact on all its operating currencies, as well as the positive impact from diesel exposure when compared to 2024 cost guidance. 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 for the balance of 2024 and 2025. Hedging positions are not factored into 2024 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the Fourth Quarter of 2024

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on December 16, 2024 to shareholders of record as of November 29, 2024. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2024 Fiscal Year

Dividend Reinvestment Plan

In the third quarter of 2024, the Company amended the terms of its dividend reinvestment plan (the "DRIP") to provide the flexibility to adjust the discount provided under the DRIP to between no discount (0%) and 5%. For the dividend payable on December 16, 2024 to shareholders of record as of November 29, 2024, the discount provided for under the DRIP will be 1%. If the discount is altered or eliminated by the Company in the future, the Company will include information regarding the change in discount from such level in a news release prior to the effectiveness of the change.

For a copy of the amended and restated DRIP, and for additional information on the Company's DRIP, see: Dividend Reinvestment Plan

International Dividend Currency Exchange

For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.

Normal Course Issuer Bid

The Company believes that its NCIB is a flexible and complementary tool that, together with its quarterly dividend, is part of the Company's overall capital allocation program and generates value for shareholders. The Company can purchase up to $500.0 million of its common shares under the NCIB, subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2024. In the third quarter of 2024, the Company repurchased 362,343 common shares for an aggregate of $30.0 million through the NCIB. In the first nine months of 2024, the Company repurchased  1,500,386 common shares for an aggregate of $99.9 million under the NCIB and the Company's previous NCIB, at an average share price of $66.58.

Third Quarter 2024 Environment, Social and Governance Highlights

• International Mine Rescue Competition – The Emergency Response Team from Nunavut won the overall International Mine Rescue Competition ("IMRC") hosted by the National Mining Agency in Colombia, highlighting the strength of the Company's commitment to mine safety and rescue excellence. The IMRC is a highly regarded global event organized by the International Mine Rescue Body to promote mine rescue operations at the international level and to improve mine rescue knowledge and practices through global cooperation
• Donation to the Université du Québec en Abitibi-Témiscamingue (UQAT) – A ceremony was held to celebrate the opening of a new outdoor space on the pavilion grounds at the UQAT, Val-d'Or Campus to foster teaching, sharing and reconciliation among Indigenous and non-Indigenous students. The Company is a significant donor for the new space, which was designed to promote intercultural connections and celebrate Indigenous cultures
• Reforestation event with the Huajumar community in Mexico – In the third quarter of 2024, an event was held to plant more than 1,500 native pine trees in an area previously affected by forest fires. Approximately 280 people participated including kindergarten, elementary and high school students and the COEPI group (Comisión Estatal para Pueblos Indígenas)
• Royal Canadian Mint launched new gold coin entirely sourced from Detour Lake – The Royal Canadian Mint issued its newest Gold Maple Leaf one ounce gold bullion coin sourced completely from Detour Lake. The Company was selected as a result of its commitment to high standards of responsibility and sustainability

Update on Key Value Drivers and Pipeline Projects

Highlights on key value drivers, including Odyssey, Detour Lake underground, Hope Bay and San Nicolás are set out below. Details on certain mine expansion projects (Detour Lake mill optimization and Meliadine Phase 2 expansion) are set out in the applicable operational sections of this news release.

Odyssey Project

In the third quarter of 2024, ramp development continued to progress on schedule, and as at September 30, 2024, the main ramp reached a depth of 873 metres. At this depth, it will split into two priority faces: one advancing towards the mid-shaft loading station on level 111 and the other face extending towards the bottom of the orebody. Additionally, the Company continued to develop the main ventilation system, with the fresh air ramp between Odyssey South and East Gouldie completed in the quarter.

In the third quarter of 2024, shaft sinking continued to progress on schedule and, as at September 30, 2024, the shaft reached a depth of 839 metres. During the quarter, the excavation of the temporary loading pocket between levels 60 and 66 was completed, along with the detailed engineering and procurement. The construction team was mobilized and initiated construction at the end of September 2024. The temporary loading station is expected to be commissioned by mid-2025. The design of the mid-shaft loading station between levels 102 and 111 is in progress. This station will include a material handling system for ore and waste, along with support infrastructure, including a maintenance shop. Excavation of the mid-shaft loading station is expected to begin in the second quarter of 2025.

Surface construction progressed on schedule and on budget in the third quarter of 2024, with focus areas including the main hoist building and the operational complex. At the main hoist building, the installation of the electrical components and controls for the service hoist were completed, followed by the testing of the hoist without ropes. Rope installation is planned for the fourth quarter of 2024 and the service hoist is expected to be commissioned in the first half of 2025. In the quarter, the construction of the main office and service building commenced, initiating the building foundations. The construction of the main office building is expected to be completed by the end of 2025.

Exploration drilling at the Odyssey mine and regional exploration drilling around the mine totalled 68,800 metres during the third quarter (145,900 metres during the first nine months of 2024) with up to 11 underground drill rigs and 13 surface drill rigs in operation, primarily targeting the East Gouldie and Odyssey deposits and regional exploration targets in the eastern portion of the property.

Drilling into the lower eastern extension of the East Gouldie mineralized envelope intersected high grade mineralization up to 760 metres east of the current mineral resources, with highlights that included: hole MEX24-316 returning 3.0 g/t gold over 51.5 metres at 1,349 metres depth, including 7.5 g/t gold over 6.1 metres at 1,347 metres depth, and 3.4 g/t gold over 16.6 metres at 1,437 metres depth; hole MEX24-311W returning 5.1 g/t gold over 8.2 metres at 1,455 metres depth; and hole MEX24-311WA returning 4.5 g/t gold over 9.7 metres at 1,497 metres depth.

Drilling into this new portion of the deposit during the first nine months of 2024 has consistently intersected significant gold mineralization, demonstrating the potential to add mineral resources at depth to the east of the main East Gouldie orebody.

In the upper extension of the East Gouldie deposit near the Odyssey shaft and above current mineral resources, underground conversion drilling intersected multiple long intervals of mineralization in an area that extends 500 metres laterally and 400 metres vertically, with highlights that included: hole UGEG-075-007 returning 3.3 g/t gold over 20.8 metres at 814 metres depth, including 8.7 g/t gold over 5.0 metres at 810 metres depth; hole UGEG-075-022 returning 6.2 g/t gold over 7.4 metres at 806 metres depth; and hole UGEG-054-002 returning 4.0 g/t gold over 9.6 metres at 755 metres depth and 4.5 g/t gold over 7.1 metres at 792 metres depth.

Continued conversion drilling success in this area would confirm the potential to add mineral reserves that could provide additional production for the operation that would require modest additional lateral development considering the area's proximity to the existing ramp infrastructure.

At Odyssey North, underground conversion drilling highlights included: hole UGOD-075-007 returning 2.5 g/t gold over 16.5 metres at 906 metres depth; hole UGOD-075-008 returning 1.7 g/t gold over 23.3 metres at 906 metres depth; and hole UGOD-075-006 returning 1.6 g/t gold over 16.0 metres at 947 metres depth. These positive results will assist in positioning future infrastructure in an area with potential development related to the Odyssey internal zones.

At Odyssey South, surface drill holes intersected the Odyssey internal zones, with highlights that included: hole MEX24-318 returning 1.7 g/t over 7.8 metres at 457 metres depth and 7.9 g/t gold over 5.9 metres (core length) at 520 metres depth; hole MEX24-315 returning 4.5 g/t gold over 3.4 metres at 586 metres depth; and hole MEX24-317 returning 6.2 g/t gold over 2.1 metres at 843 metres depth. The results further demonstrate the potential to add new mineral reserves and mineral resources in the Odyssey internal zones that could be brought into production using existing mine infrastructure.

Selected recent drill intercepts from the East Gouldie deposit, Odyssey internal zones and the Odyssey North zone at the Odyssey mine are set out in the table and composite longitudinal section below.

[Odyssey Mine – Composite Longitudinal Section]

In regional exploration, work has accelerated in the eastern portion of the Canadian Malartic property package with widely-spaced diamond drilling totalling 15,100 metres during the third quarter (41,700 metres during the first nine months of 2024) on the Rand Malartic and Malartic Goldfields properties to investigate favourable mineralized horizons.

Detour Lake

In the third quarter of 2024, the Company advanced the preparation work for the excavation of the exploration ramp portal, which is expected to commence in the first quarter of 2025. In the quarter, the access road was completed, the pad that will host the surface infrastructure for the underground project was built and the overburden for the portal was removed. Permitting activities for the advanced exploration phase progressed, with the permit to take water for this initial phase expected to be received in the fourth quarter of 2024.

Exploration drilling at Detour Lake during the third quarter of 2024 totalled 61,900 metres (191,900 metres during the first nine months of 2024), including infill drilling into the high-grade corridor at underground depths in the West Pit zone and infill drilling into the West Extension zone at underground depths immediately west of the West Pit mineral resources and next to the planned exploration ramp for the underground project. These results are expected to strengthen the mineralization model supporting the underground mine project west of and under the open pit at Detour Lake.

The drilling into the high-grade corridor in the West Pit zone further defined the high-grade domains that could potentially be mined earlier in the underground project within the larger lower grade envelope and continued to validate the current geological interpretation of the high-grade corridor, with recent highlights that included: hole DLM24-882CW returning 15.0 g/t gold over 18.9 metres at 573 metres depth; hole DLM24-958C returning 5.8 g/t gold over 7.0 metres at 231 metres depth, 2.6 g/t gold over 35.2 metres at 399 metres depth and 22.5 g/t gold over 12.9 metres at 490 metres depth; hole DLM24-882C returning 3.3 g/t gold over 42.2 metres at 481 metres depth and 9.8 g/t gold over 19.7 metres at 575 metres depth; and hole DLM24-931A returning 6.0 g/t gold over 34.5 metres at 432 metres depth and 2.3 g/t gold over 11.7 metres at 463 metres depth.

Towards the west in the West Pit zone near the planned exploration ramp, highlights included: hole DLM24-978 returning 2.5 g/t gold over 24.6 metres at 169 metres depth; and hole DLM24-829 returning 3.1 g/t gold over 20.3 metres at 277 metres depth.

Drilling into the West Extension zone to the west of current mineral resources further confirmed the grades and continuity of mineralization in the western plunge of the deposit, with highlights that included: hole DLM24-895AW returning 28.8 g/t gold over 3.6 metres at 570 metres depth; and hole DLM24-820 returning 11.7 g/t gold over 3.3 metres at 731 metres depth.

Selected recent drill intercepts from the West Pit Underground and West Extension zones at Detour Lake are set out in the table and composite longitudinal section below.

[Detour Lake – Composite Longitudinal Section]

Hope Bay – Infill and Step-Out Drilling Continue to Confirm and Extend Madrid's High-Grade Patch 7 Zone at Depth and Laterally

Exploration drilling at the Hope Bay project during the third quarter totalled 33,100 metres (99,200 metres during the first nine months of 2024) and focused on continued infill and expansion drilling of the Patch 7 zone at the Madrid deposit.

Drilling into the main structure at Patch 7 continued to return wide mineralized intervals with the widest thicknesses and highest gold grades encountered to date at Madrid as well as strong continuity of mineralization between drill holes.

Infill drilling into the main structure at Patch 7 was highlighted by: hole HBM24-248 returning 18.3 g/t gold over 16.4 metres at 479 metres depth; hole HBM24-246 returning 16.8 g/t gold over 27.3 metres at 436 metres depth and 80 metres from hole HBM24-248; and hole HBM24-212 returning 11.9 g/t gold over 30.4 metres at 394 metres depth and 50 metres up-plunge from hole HBM24-246.

Expansion drilling into the upper and lower extensions of the main structure was highlighted by: hole HBM24-232 returning 8.9 g/t gold over 18.4 metres at 289 metres depth, and hole HBM24-211 returning 5.4 g/t gold over 11.2 metres at 577 metres depth, with these two intercepts located 330 metres apart along the moderately north plunging direction of the structure.

Exploration drilling into adjacent, sub-parallel structures was highlighted by: hole HBM24-241 returning 9.0 g/t gold over 10.9 metres at 362 metres depth, and hole HBM24-249 returning 15.0 g/t gold over 3.7 metres at 332 metres depth and 8.4 g/t gold over 26.1 metres at 361 metres depth.

Selected recent drill intercepts from the Patch 7 zone at the Madrid deposit are set out in the table and composite longitudinal section below.

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

The above results are expected to increase mineral resources and upgrade the mineral resource classification at year-end 2024.

Expansion and infill drilling will continue at Madrid through the fourth quarter 2024 (15,000 metres) and into 2025 with several drill rigs being relocated to the north to investigate the priority targets between the Patch 7 and Suluk zones as a follow-up on previously released hole HBM23-105 that returned 10.0 g/t gold over 14.0 metres at 677 metres depth and hole HBM24-183 that returned 14.1 g/t gold over 5.0 metres at 577 metres depth.

The planned work will be supported by a newly constructed, 2.3-kilometre-long surface exploration track that connects the nearby Madrid-Naartok infrastructure to the Patch 7 area. This surface track provides year-round access the Patch 7 area, allowing drilling to continue during the fourth quarter to accelerate mineral resource expansion and infilling. This track could also be used for potential future development of the Patch 7 area.

[Madrid Deposit at Hope Bay – Plan Map]

San Nicolás Copper Project

The San Nicolás copper-zinc project is located in Zacatecas State in central Mexico. The Company acquired a 50% interest in the project in April 2023 from Teck Resources Limited and the two companies have formed a long-term 50/50 joint venture partnership to advance permitting and development of San Nicolas, which ranks as the largest undeveloped VMS deposit in Mexico and one of the largest undeveloped VMS deposits in the world.

In the third quarter of 2024, Minas de San Nicolás continued engagement with government and stakeholders in support of the permit review. The Minas de San Nicolás team submitted a Supplementary Information Package in response to the regulator's inquiries on their MIA-R permit application on July 5, 2024 and submitted additional information for the change of land use permit application in September 2024. Progress continues on the feasibility study work and execution strategy development, with plans to begin detailed engineering in the first half of 2025. Project approval is expected to follow, subject to receipt of permits and the results of the feasibility study.

ABITIBI REGION, QUEBEC

LaRonde – Restart of LaRonde Zone 5 Mill Operation; Gold Production Affected by Planned Mine and Mill Shutdowns

Gold Production

• Third Quarter of 2024 – Gold production at LaRonde increased when compared to the prior-year period primarily due to higher volumes of ore mined and milled at the LaRonde Zone 5 ("LZ5") mine, partially offset by lower gold grades as expected under the planned mining sequence
• First Nine Months of 2024 – Gold production at LaRonde decreased when compared to the prior-year period due to lower gold grades and lower recovery, partially offset by higher volume of ore milled

Production Costs

• Third Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles including re-handling costs and higher underground maintenance and service costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period for the same reasons as production costs per tonne and lower gold grades
• First Nine Months of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher mill maintenance, underground maintenance and service costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period primarily due to lower gold grades and higher production costs per tonne

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above regarding the increase in production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period for the same reasons outlined above for the increase in production costs per ounce
• First Nine Months of 2024 – Minesite costs per tonne increased when compared to the prior-year period primarily due to the reasons outlined above regarding the increase in production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period primarily for the same reasons as the increase in production costs per ounce

Highlights

• Planned shutdowns were completed in July for 17 days at the LaRonde mine for maintenance on the ore handling system and 11 days at the LaRonde mill. Both shutdowns were slightly longer than planned, which resulted in gold production lower than forecast in the quarter
• Rehabilitation in the West mine area following a seismic event that occurred at the LaRonde mine on June 24, 2024 was completed in the third quarter of 2024. The lower production from the West mine as a result of the ongoing rehabilitation work was offset by higher production from the 11-3 Zone and LZ5, although at lower gold grades
• The Company continued its automation initiatives at the LZ5 mine and has exceeded its automation target by 18% year-to-date. Approximately 1,740 tonnes per day ("tpd") were moved in the first nine months of the year through automated scoops and trucks, which contributed to the strong overall site performance at an average 3,450 tpd
• The LZ5 processing facility was restarted in August 2024, providing milling flexibility at LaRonde, after being in care and maintenance since the third quarter of 2023. With all planned shutdowns completed in the third quarter of 2024 and the LZ5 mill restarted, LaRonde is well positioned for the fourth quarter of 2024
• At the LaRonde mill, the focus remained on improving mill recoveries by optimizing the blending of ore from the LaRonde mine, 11-3 Zone, LZ5, Goldex and Akasaba West

Canadian Malartic – Solid Operating Performance; Underground Development At Odyssey Ahead of Plan

Gold Production

• Third Quarter of 2024 – Gold production decreased when compared to the prior-year period due to lower grades as expected from the mining sequence combined with lower recovery and throughput
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period due to the increase in the Company's ownership percentage between periods from 50% to 100% as a result of the closing of the Yamana Transaction and higher throughput, partially offset by lower gold grades resulting from increased ore sourced from the low-grade stockpile

Production Costs

• Third Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to a lower volume of ore milled and higher underground production costs with the ramp-up of operations at the Odyssey mine and higher royalty costs. Production costs per ounce increased when compared to the prior-year period due to the same reasons for the increased production costs per tonne and fewer ounces of gold produced in the current period
• First Nine Months of 2024 – Production costs per tonne remained the same as the prior-year period as the higher royalty costs and higher underground production costs with the ramp-up of operations at the Odyssey mine were offset by higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period primarily due lower gold grades in the current period

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the milling of low-grade stockpiles including re-handling costs, higher royalty costs during the quarter and the lower volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period primarily due to the same factors that resulted in higher minesite costs per tonne and lower gold grades in the current period
• First Nine Months of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the consumption of low-grade stockpiles including re-handling costs and higher royalty costs, partially offset by higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period primarily due to the same factors that resulted in higher minesite costs per tonne and lower gold grades in the current period

Highlights

• Gold production in the third quarter of 2024 was in line with the production estimates but lower than the second quarter of 2024 due to lower gold grade sequencing and lower throughput from a planned extended mill shutdown in September, which included advanced maintenance work on the tailings thickener drive assembly
• At Odyssey South, total development during the quarter was ahead of plan at approximately 3,430 metres. The better-than-planned performance is largely due the increased use of tele-operated and automated equipment, including scoops, trucks, jumbos and cable bolters. Gold production was slightly under target at approximately 16,000 ounces of gold as a result of a delay in the mining sequence of higher-grade stopes
• At the Canadian Malartic pit, the construction of the central berm was completed in July and in-pit tailings disposal began
• An update on the Odyssey mine development, construction and exploration highlights is set out in the Update on Key Value Drivers and Pipeline Projects section above

Goldex – Achieved Target Milling Rate at Akasaba West

Gold Production

• Third Quarter of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades from increased ore sourced from Akasaba West and lower tonnes milled as a result of planned mill shutdowns at Goldex and LaRonde
• First Nine Months of 2024 – Gold production decreased when compared to the prior-year period primarily due to lower gold grades from increased ore sourced from Akasaba West and lower recovery, partially offset by a higher volume of ore processed

Production Costs

• Third Quarter and First Nine Months of 2024 – Production costs per tonne increased when compared to the prior-year periods primarily due to a lower stripping adjustment associated with Akasaba West, the timing of inventory sales and higher milling costs, partially offset by a build-up in stockpiles and lower volume of ore milled. Production costs per ounce increased when compared to the prior-year periods due to the same factors that resulted in higher production costs per tonne and lower gold grades

Minesite and Total Cash Costs

• Third Quarter and First Nine Months of 2024 – Minesite costs per tonne increased when compared to the prior-year periods due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year periods due to the same reasons outlined above for the higher production costs per ounce

Highlights

• At Akasaba West, through the ramp-up process, the target milling rate was exceeded in September 2024, which is expected to provide increased production flexibility to Goldex going forward
• Production from the Deep 2 zone continued to ramp-up with the second stope mined during the quarter

ABITIBI REGION, ONTARIO

Detour Lake – Record Quarterly Tonnage Milled; Targeted Mill Throughput Rate Achieved

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput from a higher mill run-time than planned and optimized mill equipment, partially offset by lower gold grades from the mining sequence and lower recovery
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput from a higher mill run-time than planned and optimized mill equipment, partially offset by lower gold grades and lower recovery, mainly due to abnormal chipping of grinding media affecting grinding efficiency

Production Costs

• Third Quarter of 2024 – Production costs per tonne decreased when compared to the prior-year period mainly due to the higher volume of ore milled in the current period, partially offset by higher mining and milling costs as a result or higher throughput, higher royalty costs and the timing of inventory sales. Production costs per ounce increased when compared to the prior-year period due to the higher mining and milling costs as a result of higher throughput, higher royalty costs, the timing of inventory sales and lower gold grades
• First Nine Months of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to higher milling costs as a result of lower grinding media efficiency in the SAG mill and higher mining and royalty costs, partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same factors resulting in higher production costs per tonne and lower gold grades

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to higher mining, milling and royalty costs, partially offset by the higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce
• First Nine Months of 2024 – Minesite costs per tonne remained unchanged when compared to the prior-year period as the higher mining, milling and royalty costs were offset by the higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period primarily due to a stable minesite costs per tonne combined with lower gold grades.

Highlights

• In the third quarter of 2024, the mill set a record quarterly throughput rate of 76,978 tpd ahead of the targeted rate of 76,700 tpd. This performance was largely due to a stable mill run-time at approximately 93.0%, the replacement of the defective grinding media in the SAG mill and the installation of a new ball mill discharge grizzly on line 2 during the planned mill shutdown completed in August. Other initiatives that are expected to continue improving mill throughput include the installation of a new ball mill discharge grizzly on line 1, a SAG discharge box upgrade (following the design at the Canadian Malartic mill) and installation of variable speed drive to the secondary crushers
• Assembly and the commissioning of the new Komatsu rope shovel were completed in the third quarter of 2024. The new rope shovel is expected to add increased capacity required per the life of mine plan, replacing a diesel shovel of lower capacity. The addition of the new shovel, combined with higher truck availability and utilization, resulted in the highest daily tonnes mined from the open pit to-date in 2024
• Metallurgical recovery improved in the third quarter of 2024 when compared to the second quarter of 2024 as a result of the successful replacement of the defective grinding media in the SAG mill. Recovery was slightly lower than expected in the quarter due to abnormal carbon breakage in the CIP circuit. To address this issue the Company replaced trash screens in the CIP circuit during the planned shutdown in August and cleaned the leach tanks
• The expansion of the mine maintenance shop to support increased mining rates and a larger production fleet is ongoing. The new mining service facility is expected to be completed in 2025
• An update on the underground project and exploration results is set out in the Update on Key Value Drivers and Pipeline Projects section above

Macassa – Strong Quarterly Gold Production; Transitioning Focus to Mill Optimization

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher gold grades as expected from the mine sequence and higher throughput, resulting from increased productivity from a larger workforce, new ventilation infrastructure and improved equipment availability as well as the addition of ore sourced from the Near Surface deposit
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput, resulting from increased productivity from new ventilation infrastructure and improved equipment availability as well as the addition of ore sourced from the Near Surface deposit, partially offset by lower gold grades

Production Costs

• Third Quarter of 2024 – Production costs per tonne increased when compared to the prior-year period due to higher mining costs resulting from an increase in mining rate, partially offset by the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the current period, partially offset by higher mining costs resulting from an increase in mining rate
• First Nine Months of 2024 – Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by higher mining costs. Production costs per ounce increased when compared to the prior-year period due to higher underground development and mining costs, partially offset by more ounces of gold produced in the current period

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons as for the lower production costs per ounce
• First Nine Months of 2024 – Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as for the higher production costs per ounce

Highlights

• In the third quarter of 2024, quarterly gold production at Macassa was the highest achieved since the merger between the Company and Kirkland Lake Gold Ltd. in February 2022. This performance reflects the productivity gains achieved at the mine and mill since the completion of #4 Shaft and the new ventilation infrastructure in 2023. The operational constraint has now shifted from the mine to the mill – with a continued focus on asset optimization, the Company is working on improving the ore grind size and load in the grinding circuit to further improve mill throughput
• The higher gold production than forecast was also driven by higher gold grades in the quarter primarily due to better than expected ore extraction in priority production headings
• Construction of the new paste plant was 70% complete as at September 30, 2024 and is on schedule for commissioning in the first half of 2025
• Exploration drilling at Macassa during the third quarter totalled 45,500 metres (137,900 metres during the first nine months of 2024) with highlights at depth in the Macassa mine of: 31.8 g/t gold over 2.2 metres at 1,710 metres depth and 12.5 g/t gold over 2.0 metres at 1,713 metres depth in hole 57-1556 in the SMC West zone; 18.0 g/t gold over 1.9 metres at 1,855 metres depth in hole 58-1142 in the central area of the Main Break; and 19.5 g/t gold over 3.2 metres at 1,986 metres depth in hole 58-1290 in the eastern extension of the Main Break. The results show the potential for localized extensions of mineral resources. Step-out drilling into the shallow eastern extension of the AK deposit returned highlights of 7.7 g/t gold over 5.7 metres at 245 metres depth in hole KLAK-321 and 11.8 g/t gold over 1.9 metres at 251 metres depth in hole KLAK-339, confirming the potential for mineral resource addition down-plunge of current mineral resources

NUNAVUT

Meliadine – Completion of Mill Expansion Drives Record Quarterly Throughput

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput as a result of the commissioning of the Phase 2 mill expansion, partially offset by lower gold grades as expected under the mining sequence
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period primarily due to higher gold grades as expected under the mining sequence and higher throughput

Production Costs

• Third Quarter of 2024 – Production costs per tonne decreased when compared to the prior-year period primarily due to a higher volume of ore milled in the current period and stockpile build-up in the current period compared to consumption of stockpiles in the prior-year period, partially offset by higher underground services and royalty costs. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs per tonne and more gold ounces produced in the current period
• First Nine Months of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due higher underground services and royalty costs, partially offset by the build-up of stockpiles in the current period and the higher volume of ore milled in the current period. Production costs per ounce decreased in the current period due to more ounces of gold being produced in the current period, partially offset by the timing of inventory sales and higher underground services and royalty costs

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne decreased when compared to the prior-year period for the same reasons outlined above for production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period for the same reasons outlined above for the production costs per ounce
• First Nine Months of 2024 – Minesite costs per tonne decreased when compared to the prior-year period primarily due to the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior-year period for the same reasons outlined above for the production costs per ounce

Highlights

• Gold production in the third quarter of 2024 was higher than planned as a result of record quarterly throughput driven by the completion of the Phase 2 mill expansion commissioning ahead of schedule. Throughput at the mill is expected to continue to ramp up to an average 6,000 tpd by year-end 2024
• Record health and safety performance was achieved at the site since the start of its operations, with a combined injury frequency of zero for six consecutive months
• During the first quarter of 2024, the Company submitted a proposal to the Nunavut Water Board to amend the current Type A Water license to include tailings, water and waste management infrastructure at the Pump, F-zone, Wesmeg and Discovery deposits. Public hearings were completed in September with the final recommendation expected in the fourth quarter of 2024. The Company expects permits to be received in the first quarter of 2025

Meliadine – Exploration Highlights

Exploration drilling at the Meliadine mine totalled 25,300 metres during the third quarter (79,600 metres during the first nine months of 2024) with three underground drill rigs and up to three surface drill rigs in operation. Building on the positive results of the first quarter, the exploration drilling program for 2024 was increased from 77,700 metres to a planned 103,700 metres. Work accelerated during the second and third quarters and primarily comprised of deep exploration and conversion drilling at the Tiriganiaq and Pump deposits, and infill drilling of inferred mineral resources at the Wesmeg North deposit.

The exploration drift at Tiriganiaq was extended by 289 metres to the west during the first nine months of 2024, providing additional drilling platforms to explore the lateral and depth extensions of the deposit.

Selected recent drill intercepts at the Tiriganiaq, Wesmeg North, Wesmeg and Pump deposits at the Meliadine mine are set out in the table and composite longitudinal section below.

[Meliadine Mine – Plan Map and Composite Longitudinal Section]

At Tiriganiaq, exploration drilling into the western and eastern extensions of the lower central portion of the deposit produced highlights that included hole ML425-9950-D26 returning 30.5 g/t gold over 5.2 metres at 852 metres depth and 100 metres beyond current mineral resources; and hole ML425-9204-D6 returning 12.8 g/t gold over 5.0 metres at 718 metres depth and 40 metres beyond current mineral resources. Infill drilling at similar depths in the lower central portion was highlighted by hole ML425-9323-D15 returning 15.1 g/t gold over 11.8 metres at 703 metres depth; and hole ML425-9323-D29B returning 11.4 g/t gold over 5.9 metres at 698 metres depth.

These high-grade shoots in the 1000 lode system remain open laterally and down-plunge, demonstrating the potential for further expansion of mineral resources laterally and at depth.

During the fourth quarter of 2024, the Company plans to develop another 120 metres of the remaining 433 metres of exploration drift development at Tiriganiaq.

At Wesmeg North, infill drilling at depth into the high grade shoot in the central corridor was highlighted by hole ML400-9970-D19 returning 14.1 g/t gold over 6.5 metres at 446 metres depth; hole ML400-9970-D25 returning 9.8 g/t gold over 3.8 metres at 389 metres depth; hole ML400-9970-D12 returning 8.0 g/t gold over 9.5 metres at 442 metres depth; and hole ML400-9970-D24 returning 9.0 g/t gold over 8.3 metres at 451 metres depth.

At shallower depths within same high-grade corridor, highlights included: hole M24-3992 returning 20.2 g/t gold over 2.9 metres at 108 metres depth; hole M24-3936 returning 20.4 g/t gold over 3.8 metres at 162 metres depth; hole M24-3938 returning 8.3 g/t gold over 4.7 metres at 174 metres depth; hole M24-3947 returning 7.4 g/t gold over 9.1 metres at 155 metres depth; and hole M24-3948 returning 23.7 g/t gold over 4.5 metres at 196 metres depth.

These infill drilling results at Wesmeg North are of higher grade than historical drilling in these areas and are expected to have a positive impact on the mineral resource estimate at year-end 2024.

Exploration ramp development is expected to begin at the Wesmeg North and Wesmeg deposits towards the end of the fourth quarter of 2024. New drilling platforms are expected to be available in the second quarter of 2025 to explore Wesmeg North and Wesmeg to the east and at depth, where there is excellent potential for future mineral resources addition.

At the Pump deposit, located approximately one kilometre to the south of Wesmeg, highlights from 2024 include conversion hole M24-3901A returning 7.5 g/t gold over 9.9 metres at 243 metres depth, including 15.9 g/t gold over 2.7 metres at 240 metres depth; and exploration hole M24-3879A returning 7.7 g/t gold over 5.1 metres at 369 metres depth and 6.9 g/t gold over 4.8 metres at 426 metres depth. The results confirm and extend the Pump deposit at relatively shallow depths.

Meadowbank – Five Million Ounce Milestone Achieved; Strong Quarterly Gold Production Driven by Record Throughput

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher gold grades as expected under the mine sequence and higher recovery and throughput
• First Nine Months of 2024 – Gold production increased when compared to the prior-year period primarily due to higher gold grades as expected under the mine sequence and higher throughput, as the comparative period was affected by unplanned downtime at the SAG mill and unplanned shutdowns due to caribou migration patterns

Production Costs

• Third Quarter and First Nine Months of 2024 – Production costs per tonne decreased when compared to the prior-year periods due to a higher volume of ore milled. Production costs per ounce decreased when compared to the prior-year periods due to more ounces of gold being produced in the current period

Minesite and Total Cash Costs

• Third Quarter and First Nine Months of 2024 – Minesite costs per tonne decreased when compared to the prior-year periods due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year periods due to the same reasons outlined above for the lower production costs per ounce

Highlights

• In September 2024, Meadowbank achieved the significant milestone of five million ounces of gold poured since the mine began production
• Gold production was higher than forecast in the quarter due to strong overall operational performance, including the mill setting a record quarterly throughput at 11,772 tpd
• Production from both open pit and underground operations was higher than forecast despite challenging weather conditions in September, which affected haulage productivity. The steady mine performance is a result of the productivity gains achieved through the full mining cycle and increased adherence and compliance to plan in 2024. Production also continues to benefit from positive reconciliation on ore tonnage

AUSTRALIA

Fosterville – Record Quarterly Ore Tonnes Mined and Strong Mill Performance

Gold Production

• Third Quarter of 2024 – Gold production increased when compared to the prior-year period primarily due to higher throughput driven by strong operating performance, partially offset by the lower gold grades as the ultra-high grade Swan zone is depleting in line with schedules
• First Nine Months of 2024 – Gold production decreased when compared to the prior-year period primarily due to the lower gold grades as discussed above, partially offset by higher throughput

Production Costs

• Third Quarter and First Nine Months of 2024 – Production costs per tonne decreased when compared to the prior-year periods due to a higher volume of ore mined and milled, partially offset by higher mining costs associated with the extra volume, higher royalty costs and the build-up of stockpiles. Production costs per ounce increased when compared to the prior-year periods due to lower gold grades in the period

Minesite and Total Cash Costs

• Third Quarter and First Nine Months of 2024 – Minesite costs per tonne decreased when compared to the prior-year periods due to a higher volume of ore mined and milled, partially offset by higher mining costs associated with the extra volume and higher royalty costs. Total cash costs per ounce increased when compared to the prior-year periods due to lower gold grades as expected, partially offset by lower minesite costs per tonne

Highlights

• In the third quarter of 2024, Fosterville set a quarterly record for ore mined for the second consecutive quarter at approximately 246,000 tonnes, driven by higher than planned development in ore at Robbins Hill and Phoenix. Fosterville also set a monthly record in ore tonnes trucked at 90,000 tonnes in September. The Company continues to focus on productivity gains and cost control at the mine and the mill to maximize throughput and reduce unit costs as gold grades continue to decline with the depletion of the Swan zone
• The Company is currently advancing an upgrade of the primary ventilation system to sustain the mining rate in the Lower Phoenix zones in future years. In the third quarter of 2024, the Company completed the excavation of the ventilation raises and the project is progressing as planned at approximately 75% completion. The Company expects the project to be completed by early 2025
• Exploration drilling at Fosterville totalled 16,700 metres during the third quarter of 2024 (57,100 metres during the first nine months of 2024) with work focused on the extensions of mineral reserves and mineral resources at the Lower Phoenix and Robbins Hill areas. At Robbins Hill, drilling targeted the southern extension of the Curie structure and intersected moderate-grade gold mineralization approximately 600 metres south of current mineral resources and close to existing ramp infrastructure, with highlights including hole UDR062 returning 5.2 g/t gold over 7.7 metres at 705 metres depth and hole UDR063 returning 3.0 g/t gold over 10.7 metres at 613 metres depth. In the Lower Phoenix area, drilling intersected high-grade results in the Cardinal structure approximately 100 metres down-plunge of the current mineral reserves, with highlights including: hole UDH4999A returning 72.8 g/t gold over 5.7 metres with visible gold at 1,785 metres depth, including 1,383.2 g/t over 0.28 metres at 1,787 metres depth; and hole UDH4996 returning 6.8 g/t gold over 3.2 metres at 1,764 metres depth in potentially the upper margin of the plunging Cardinal visible-gold trend

FINLAND

Kittila – Mill Recovery Improved Quarter-over-Quarter; Continuous Improvement Program Yields Initial Positive Results

Gold Production

• Third Quarter and First Nine Months of 2024 – Gold production decreased when compared to the prior-year periods primarily due to lower gold grades, partially offset by higher throughput

Production Costs

• Third Quarter of 2024 – Production costs per tonne decreased slightly when compared to the prior-year period primarily due to a higher volume of ore milled in the current period, partially offset by higher underground mining, development and maintenance costs, higher royalty costs and the strengthening of the Euro relative to the US dollar between periods. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above and fewer ounces of gold being produced in the current period
• First Nine Months of 2024 – Production costs per tonne increased when compared to the prior-year period primarily due to the consumption of stockpiles, timing of inventory sales, higher underground mining and maintenance costs and higher royalty costs, partially offset by a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per tonne and fewer ounces of gold being produced in the current period

Minesite and Total Cash Costs

• Third Quarter of 2024 – Minesite costs per tonne decreased when compared to the prior-year period mainly due to the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce
• First Nine Months of 2024 – Minesite costs per tonne increased when compared to the prior year period primarily due to the same reasons outlined above for production costs per tonne. Total cash costs per ounce increased when compared to the prior year period due to the same reasons as the higher production costs per ounce

Highlights

• In the third quarter of 2024, Kittila set a record quarterly performance in health and safety
• Gold production was lower than planned in the third quarter of 2024 due to lower grades due to adjustments to the mining sequence and lower recovery from higher carbon and sulphur content in the ore. Various recovery improvement actions were implemented during the quarter, resulting in an improvement in recovery rates compared to the prior quarter. In addition, the Company continues to optimize the ore blend to improve metallurgical recovery
• Continuous improvement efforts, initiated in the second quarter of 2024 and focused on mine productivity, yielded initial positive results, including approximately 20% improvement in advance development rate
• A 10-day planned shutdown for the autoclave and other mill maintenance is planned in the fourth quarter of 2024. The maintenance cycle for the autoclave is eight months, with the previous shutdown completed in February 2024

MEXICO

Pinos Altos – Solid Open Pit and Mill Performance Supports Gold Production