April 2026 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. We employ more than 16,000 people worldwide.

Agnico Eagle Mines’ Upper Beaver Project is pleased to provide an update on advanced exploration activities, the impact assessment and other authorizations required for the production phase, and community engagement.

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, as well as received direction to proceed with the impact assessment for the potential production phase considering the mill option on site.

UPDATE ON ADVANCED EXPLORATION ACTIVITIES

Site Infrastructure Progression

Headframe & Hoist Systems

While the headframe structure and maintenance shop are complete, the sinking dome is currently being finalized. Hoist systems are fully commissioned and operational.

Figure 1 (left) – Upper Beaver Site (Headframe, Hoist Room, Offices)
Figure 2 (right) – Inside Hoist Room.

Shaft Sinking

Shaft sinking is ongoing and is being performed by Agnico Eagle crews, with the project reaching over 400 metres. 

Water Treatment Plant (WTP)

Commissioning of the WTP is progressing well, anticipating the system to be operational come spring.

Figure 3 – Water Treatment Room

Exploration Ramp Portal

Self-performed by Agnico Eagle, the crews are advancing the ramp development ahead of schedule, reaching just over 1.2 kilometers in lateral development, at +110 meters in depth. Contractors have been mobilized to site to begin drilling the ventilation raise as we go deeper.

Figure 4 – Upper Beaver Portal

Exploration Drilling

Drilling to support the advanced exploration program objective continues on surface with three drills operating on the Project site.

Monitoring

As required by various permits for advanced exploration and to support the production phase design, we continue to manage and monitor surface and ground water quality and levels, flows, as well as noise and vibration.

Figure 5 (on left) – Exploration Ramp Development

Figure 6 (on right) – Headframe

Impact Assessment and Other Authorizations Update for Potential Production Phase

Significant progress is being made on the preparation of the impact statement to support its submission to the Impact Assessment Agency of Canada in 2026.

Various modelling and assessment studies have been initiated to support the preparation of the Impact Statement. Some studies have been completed, and others are well underway and will continue to be advanced throughout spring. As baseline reports are completed, they are being shared on the Upper Beaver Project website, reflecting our ongoing commitment to transparency and keeping the community informed. You can access them here: documents downloads.

Work is ongoing under several federal regulatory processes. Discussions are underway between Transport Canada and Agnico Eagle to determine permitting requirements under the Canadian Navigable Waters Act related to the diversion of the Misema River around York Lake. An information document is being prepared to support a federal review related to the Project. The document describes the Project’s activities, the past, current, and potential future uses of York Lake, and proposed mitigation measures. Transport Canada will review this information as part of its decision making on the permitting process.

Additionally, a draft plan to address potentials effects on fish and fish habitat has been developed under the federal fisheries requirement based on previous engagement and is currently being refined to incorporate additional feedback received from First Nations. A revised version is expected to be submitted to the Department of Fisheries and Oceans Canada (DFO) in April.

Proposed mine waste management involves placing material in areas that currently support fish habitat. To meet federal requirements, an alternatives assessment is also being prepared to inform and support the final site selection.

Figure 7 – Proposed site plan for production phase

Upper Beaver Project Community Engagement 

SAVE THE DATE: Annual Open House Summer BBQ

We are pleased to announce that our annual Upper Beaver Project Open House will be happening this summer, on July 25, 2026, from 11:00 a.m. – 4:00 p.m. at the Dobie arena. We will be announcing more information about the Open House at a later date, so please stay tuned for more information!

ADVISORY COMMITTEE UPDATES

2026 is shaping up to be an engaging year for the project’s community! With two advisory committee meetings already in the rear-view mirror (January and March), and four more on the horizon, community engagement remains a top priority for Agnico Eagle. Key highlights include:

• Continued discussion on Agnico Eagle’s broader housing strategy.
• Socio-economic benefits to the community including training, employment and business
  opportunities, as well as community investments.
• Prioritizing topics of interest for the remainder of 2026.
• Discussion on alternate access to Beaverhouse Lake via Fork Lake Road and new boat
  launch

To access meeting minutes, visit the Advisory Committee page on our project website here: UBGP – advisory committee.

Supporting Our Communities

Agnico Eagle proudly contributed $74,000 to the Blanche River Health Foundation Let’s Get to the Bottom of It campaign, supporting new colonoscopy equipment for the Kirkland Lake Site Operation Room.

Agnico Eagle shared the announcement at the Kirkland Lake Gold Miners Jr “A” game on March 23, on behalf of the team in celebration of the success they’ve achieved to date. In keeping with the spirit of community support, Agnico Eagle sponsored free admission for all attendees and provided complimentary refreshments and snacks, creating an inclusive event that brought fans, families, and the broader community together.

The support was inspired by the Bruneau family’s leadership gift and the personal story behind it, a strong example of this community’s generosity. This contribution reflects Agnico Eagle’s broader commitment to being the employer and community partner of choice, and to strengthening access to healthcare across Northern Ontario communities.

If you’re part of a community organization and would like to request sponsorship or a donation, please visit: community-engagement.

Celebrating Excellence

We are excited to announce that the Upper Beaver Gold Project is the proud recipient of the 2026 Hatch–CIM Mining & Minerals Project Development Safety Award. This prestigious award recognizes excellence in the safe execution of a major Canadian mining project and underscores Upper Beaver’s outstanding safety performance this past year! The award will be presented on stage during the CIM Connect Convention & Trade Show Awards Gala in Vancouver on May 4, 2026, where the project team will be formally recognized among leaders from across Canada’s mining and minerals sector. Way to go, Team!

Exploration Activities

The Exploration team is gearing up for another busy field season, onboarding new and returning students! Activities will be focused once again in Lebel township.