DECEMBER 2024- NEWSLETTER

Agnico Eagle Mines’ Upper Beaver Project is pleased to provide an update on advanced exploration activities, The Fork Lake Road alternative access, Impact Statement preparation and planned community engagement for 2025.

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

UPPER BEAVER PROJECT UPDATE

PROJECT OVERVIEW

Agnico Eagle is currently evaluating opportunities to develop, operate, and eventually reclaim an underground and open-pit, gold-copper mine, processing facility, and related infrastructure at the Upper Beaver Project site. Upper Beaver is part of Agnico Eagle’s Kirkland Lake camp and is located approximately 5 km northeast of Dobie, Ontario. The proposed mine would be built on the site of a former producing mine, expanding on its historical underground workings. As of July 31, 2024, the Upper Beaver Project entered the advanced exploration phase.

UPDATE ON SITE ACTIVITIES – ADVANCED EXPLORATION

Construction activities continue in preparation for the advanced exploration phase. During the winter holidays, activities at site will be minimal as of December 20. The regular work schedule will resume on January 6, 2025.

Aerial view of the Upper Beaver Site – November 2024

SITE INFRASTRUCTURE PREPARATION

Concrete work for the shaft, headframe and hoist room area is almost complete. Steel erection of the hoist room and headframe has begun, and pad preparation is progressing well. Construction of contact water ponds and the retention pond at the shaft pad is ongoing. Installation of the electrical substation at site and electrical hook up from Hydro One is now complete.

INSTALLATION OF GALLOWAY

In November, we successfully installed the galloway. This steel structure with multiple decks, used for shaft sinking, helps support equipment, staff and materials being moved in and out of the exploration shaft. This achievement sets the stage for the next phase of work, shaft sinking, scheduled for the second half of 2025.

Installation of Galloway in Exploration Shaft

ACCESS ROADS

Upgrades to Beaverhouse Road are progressing well. Blasting is now complete, and remaining work, including ditch construction and placement of granular material on surface, is expected to be completed by December 20, 2024.

RAMP PORTAL

Preparation for the ramp portal continues. Excavation of the box cut (the first 100 metres of the exploration ramp) is now underway, with vibration monitoring in place. Ramp development is anticipated to begin in the second half of 2025.

UPDATE ON ALTERNATE ACCESS ROAD TO BEAVERHOUSE LAKE VIA FORK LAKE ROAD

To enhance safety, we plan to redirect traffic through Fork Lake Road, dedicating Beaverhouse Road exclusively to mine traffic. A public workshop held in November 2023 indicated a strong preference for this solution. Agreements with private landowners are ongoing and work would proceed once agreements and permits are obtained. Further updates will be shared in early 2025 through various communication channels.

IMPACT ASSESSMENT UPDATE

Moving forward with the preferred scenario of having a mill on site, we are pleased to provide an update on the ongoing activities for the impact assessment.

Due to the Government of Canada’s review of the Impact Assessment Act, the new deadline to submit the Impact Statement is December 27, 2025. Agnico Eagle plans to submit a formal extension request to the Impact Assessment Agency of Canada, the required timeline is still under review. This extension is necessary to ensure a thorough and comprehensive assessment.

Several studies have commenced to thoroughly assess the project’s impacts. These include hydrogeology, water balance & water quality forecast, noise and vibration, air quality & greenhouse gases (GHG).

Efforts are also underway in support of required long lead permitting, particularly concerning fisheries and navigable waters. We are developing a matrix of potential fisheries offsetting projects based on feedback received during engagement activities with First Nations, the public, and Ontario regulators.

UPPER BEAVER PROJECT COMMUNITY ENGAGEMENT:

We are ramping up community engagement efforts related to the preparation of the Impact Statement in 2025. We will hold thematic workshops to discuss alternatives, impacts, and mitigation measures on topics of interest such as water, air/noise/vibration, and others. We will continue to keep everyone informed through project updates and an information session, amongst other events. We encourage all interested parties to participate in these events and engage directly with our team to discuss any questions, suggestions, or concerns related to the project.

JOIN OUR COMMUNITY ADVISORY COMMITTEE FOR THE UPPER BEAVER PROJECT!
We are still looking for passionate individuals to join our Community Advisory Committee for the upcoming mining project. This is a fantastic opportunity to help shape the future of our community and the project.

WHY JOIN!
Be a Voice for the Community: Share your ideas and perspectives on the mining project.
Collaborate with Like-minded Individuals: Work with others who are equally passionate about our community and its development.

Interested? If you are interested in joining or want to learn more, please reach out to us directly or visit the information on our website: Agnico Eagle Upper Beaver Advisory Committee – Upper Beaver Project – Agnico Eagle Mines Ltd.

WHAT’S NEXT?

SAVE THE DATE: FEBRUARY 19, 2025
We are excited to announce a virtual session on February 19, 2025, covering two important matters:

1. Project Update: Join us for an informative session where we will discuss the potential new access to Beaverhouse Lake, upcoming site activities, and engagement opportunities.
2. Advisory Committee Inaugural Meeting: This crucial meeting will involve selecting committee members and defining our goals together. Members will be appointed by those in attendance.

A formal invitation with all the details will be distributed in early January. Don’t miss out! Ensure you are on our email distribution list by signing up at the bottom of our home page: https://upperbeaver.agnicoeagle.com/

UPPER BEAVER PROJECT COMMUNITY ENGAGEMENT:

The Regional exploration 2024 fieldwork activities have been completed, encompassing detailed mapping and stripping at the Upper Beaver and Bidgood properties. Mapping efforts were concentrated in the Lebel, Gauthier, and McVittie townships, with two stripping locations identified west of Bidgood and southeast of Upper Beaver.

Preparation for 2025 exploration drilling is underway and includes Upper Beaver regional exploration (outside of the current Upper Beaver Project) as well as condemnation drilling at the Upper Beaver site. Additional exploration drilling may also occur on Agnico Eagle patents in the Gauthier and McVittie townships. The exploration team will also continue to focus on mapping and other field activities throughout the property.

We are eager to continue our exploration efforts and uncover new opportunities in the Kirkland Lake region.

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.