MARCH 2024- NEWSLETTER

Agnico Eagle Mines is pleased to provide an update on our activities in the Kirkland Lake area and the Upper Beaver Project in our March 2024 newsletter.

Agnico Eagle is a senior Canadian gold mining company with more than 65 years of experience, operating mines in Canada, Australia, Finland, and Mexico and employs more than 16,000 people worldwide.

KIRKLAND LAKE REGIONAL EXPLORATION AND LEGACY SITES UPDATE:

EXPLORATION

The Regional Exploration team began the year with a 3-day drone survey over the Sourdough area to collect geophysical data, completed in January. Compilation work of historic datasets continues, mainly through digitizing historic surface mapping, geophysics, and drilling datasets to enhance the team’s database. The team is also preparing for field work to commence this spring, which will include soil sampling, mapping, and stripping in areas south-east of Upper Beaver, and Bidgood. Potential exploration drilling and trenching may occur later this year at the Upper Beaver, Upper Canada and Bidgood properties. Preliminary assessments are underway and further information will follow once details are confirmed.

LEGACY SITES

Site visits and monitoring is ongoing, including water sampling and dam inspections at various locations. The frequency of visits increases during the snowmelt period to ensure proper water management.

As a follow-up to the October 2023 notification of site activities, the installation of monitoring wells and the geotechnical drilling (rock investigation) have halted due to contractor availability and access conditions.

UPPER BEAVER PROJECT UPDATE:

PROJECT OVERVIEW

Agnico Eagle is planning to develop and operate a new underground gold and copper mine with a small open pit and processing facility at the Upper Beaver Project site, located approximately 5km northeast of Dobie, Ontario, in the Gauthier and McVittie townships. Currently, the Project is in the Exploration phase.

Related to the potential production phase, although the base case scenario continues to include a mill and tailings storage facilities on site, other alternatives are still undergoing analysis, including transporting and processing ore at an existing mill, such as LaRonde Mill in Abitibi, Quebec. Under these scenarios, initial production could potentially commence as early as 2030. Outcomes of the various technical evaluations will be shared once reports are complete, and the impact assessment process will consider any alternatives retained.

ADVANCED EXPLORATION

To support the overall project’s evaluation and determine feasibility, Agnico Eagle is now considering moving forward with the proposed Advanced Exploration project this year pending internal approval. All other necessary permits and approvals have been received. The project would include the construction of an exploration ramp and shaft to be used to further explore the deeper portions of the deposit. To ensure seamless progress once the green light is given, the company has taken proactive measures by pre-approving budgets for essential preparation work. This includes upgrades to access roads and the preparation of pads. This work will increase activities beginning this spring.

SITE ACTIVITIES – Advanced Exploration Preparation

Agnico Eagle teams have been hard at work clearing vegetation and cutting wood in various areas, including the aggregate site, Upper Beaver site, along the Beaverhouse Road and access road the aggregate site, and specific areas along the existing 44 kV powerline. These steps ensure safe and efficient access to key areas of our project.

Wood Cutting along Beaverhouse Road

At the exploration shaft area, a drilling and grouting campaign to seal the bedrock was completed to prevent water infiltration in the future exploration shaft. Additionally, Agnico Eagle is managing accumulated stormwater in the shaft area where further work will take place, through ongoing pumping efforts.  Additional preparation work will include shaft pre-sinking to be able to install equipment that will be used to sink the future exploration shaft. This work is expected to begin early in April and will increase the number of workers coming to site.

Looking ahead, we have a lineup of other essential tasks planned for the year. This includes bringing fiber optic connection to the Upper Beaver site and completing major upgrades of the Beaverhouse Road and access road to the aggregate site. Moreover, other site-specific activities like constructing pads and roads are also in the pipeline. This work will require aggregate extraction and is anticipated to begin in May.

During the work, access to Beaverhouse Lake will be maintained to all users, safety precautions will be in place, and every effort will be made to keep any road obstructions brief and temporary to ensure the least inconvenience for everyone. Agnico Eagle continues to assess the potential of implementing an alternate access road for the public via Fork Lake Road during the Advanced Exploration Project.

For more detailed information on these activities, we invite you to join us at our upcoming public information session. Check out the community engagement section below for more details on this session.

To increase awareness and communications with our closest neighbours, notifications of site activities are being distributed via email and all notifications are posted to the Upper Beaver website News and Events  section for all. If you would like to be added to the email list to receive these notifications, please reach out to us.

OTHER SITE ACTIVITIES

Baseline Data Collection and Monitoring

Other activities at site include the continuation of long term, regular studies such as quarterly groundwater quality and level monitoring completed in February, monthly surface water flows and water elevation measurements, and ambient light and noise readings.

Geotechnical Investigation

Further investigation is required to gather additional information for engineering design purposes on certain key features of the potential production phase such as storage areas and site infrastructures. Work will occur intermittently beginning this spring.

UPPER BEAVER PROJECT COMMUNITY ENGAGEMENT:

At Agnico Eagle, we firmly believe that community contributions play a pivotal role in shaping the design phase of the project. While certain components are guided by technical considerations, we recognize that other aspects can be adjusted to align with the unique dynamics of the project’s environment, and the concerns and needs of the local and surrounding communities.

We are excited to announce the commencement of our 2024 engagement activities with communities, which will encompass a variety of events aimed at fostering open dialogue and collaboration. Among these activities are updates to municipal councils, online surveys, community BBQ, as well as information sessions and workshops.

To kick off this year’s events, we are delighted to share a save-the-date for our upcoming hybrid Community Information Session, on Wednesday, May 8, 2024. The in-person session will be hosted in the Community of Dobie. This information session will focus on sharing information related to the Advanced Exploration Project. Learn about the different activities and their anticipated timelines. The session will also include a brief update on the Impact Statement preparation for the potential production phase, as well as any new information related to the ongoing technical evaluations of alternatives. Don’t miss out on this valuable opportunity to connect with the project team, ask questions and share your feedback and interests with us! Further details will be provided via a formal invitation shortly, and we look forward to your participation.

Stay tuned to our various communication channels for further information on upcoming events. If you are not already receiving emails from us, you can sign up for our email alerts here:  Contact Us – Upper Beaver Project – Agnico Eagle Mines Ltd. 

TALK TO US – WE’RE HERE TO HELP YOU STAY INFORMED:

We welcome your ongoing feedback, input, and observations as we continue to progress the Upper Beaver Gold Project. Your insight can help us improve our planning and contribute to the development of the best possible Project for everyone.

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