December 2025 Newsletter

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.

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, 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 (AE) ACTIVITIES

Site Infrastructure Progression

Headframe & Hoist Systems

The headframe structure is complete, and work is progressing on the maintenance shop and sinker dome.
Our temporary and AE production hoist systems are fully commissioned and operational.

Figure 1 – Upper Beaver Site November 27, 2025
(Headframe, Hoist Room, Offices)

Shaft Sinking

A major milestone was achieved on November 5 with the first underground blast. Shaft sinking is now underway, performed by our dedicated Agnico Eagle team. 

Water Treatment Plant (WTP)

Construction of the WTP is complete, and piping to Retention Pond 1 is in progress. Pre-operational testing has begun, marking the first step toward commissioning.

Exploration Ramp Portal

Permanent air and water services are in place, and the maintenance shop is complete. Ramp development continues to advance steadily, reaching approximately 680 metres in lateral development, at 70 metres in depth. To support safe and efficient underground development, work on the west vent raise is expected to begin mid-January. This will ensure proper airflow as ramp development progresses deeper underground.

Figure 2 – Bottom of Shaft with Jumbos

Exploration Drilling

To support the Advanced Exploration program objective, drills have been mobilized to the Upper Beaver site. This work is being executed, in parallel with other activities, to reach additional underground deposit targets to inform the production phase.

Monitoring

As required by various permits for AE 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.

Update on Construction Activities – Fork Lake Road/New Boat Launch

Great news! The upgrades to Fork Lake Road and the installation of the brand-new boat launch are officially complete. Before the season wrapped up, a few lucky visitors got to try out the launch, and the feedback has been fantastic!

Looking ahead, our team will return in the spring to inspect the road, make any necessary touch-ups, and finish adding the final surface material. We’re also still welcoming ideas for additional amenities to the boat launch area that may help improve safety and overall use of the area.

While Beaverhouse Road currently remains open for access to Beaverhouse Lake, we encourage users to utilize the new Fork Lake Road and boat launch starting this spring. This route offers a safer option and helps reduce public traffic in areas with high mine-related traffic.

IMPACT ASSESSMENT and OTHER AUTHORIZATIONS UPDATE for potential Production phase

Moving forward with the preferred scenario of having a mill on site, activities related to the impact assessment continue.

Agnico Eagle has submitted a formal request to the Impact Assessment Agency of Canada (IAAC) for a timeline extension, which has been approved. Under the newly approved schedule, the Impact Statement will be submitted in the third quarter of 2026, with the Impact Statement Phase to conclude March 27, 2027. Details at this link. The drafting of the Impact Statement document has commenced.

Various modelling and assessment studies are underway and will continue throughout the winter and spring.

A geotechnical investigation program has been completed. The program was executed to support the advanced design of several key infrastructure components, including tailings storage facilities, rock storage areas, overburden stockpile, and the diversion system.

Agnico Eagle has begun the preparation of documentation for other environmental permits that are required to move into the production phase.

On November 28, 2025, Agnico Eagle issued a Notice of Commencement for an environmental study. This study will evaluate potential environmental effects related to the proposed 115-kilovolt transmission station and transmission line, which are essential for delivering additional power to the Upper Beaver site during the Project’s production phase. For more details, visit: Class EA_UBGP_Transmission Station and Line

Upper Beaver Project Community Engagement 

Figure 3 – Community BBQ Site Tour

A Look Back at 2025

This year was one of our busiest yet for community engagement!

Virtual Thematic Workshops kicked things off in the first half of the year. Summary reports from these sessions are available here: Documents Downloads – Upper Beaver Project – Agnico Eagle Mines Ltd.

In July, we welcomed residents to our Open House, BBQ, and Site Tour, an event that was an astounding success thanks to your participation! We look forward to hosting this event again in 2026.

As the year drew to a close, we connected with key communities anticipating growth and benefits from the Upper Beaver Project to discuss Agnico Eagle’s broader housing strategy. While no commitments or concrete plans have been finalized, ongoing meetings will continue to focus on developing a shared vision and a financially responsible approach to potential expansion. Our goal is to identify the best fit for each community, and your input will be essential every step of the way.

On the Horizon: Impact Assessment & Key Topics for 2026

Looking ahead, community engagement will remain a cornerstone of everything we do. Residents will have opportunities to share ideas, ask questions, and provide feedback as we move forward. Expect more engagement and consultation opportunities in 2026, including discussions related to the wrap-up of the Impact Statement, status of additional required permits, and other key topics of interest.

Advisory Committee Update – A Year of Collaboration

2025 was an exceptional year for our Advisory Committee, with five meetings held, surpassing our initial expectations!

Key highlights include:

• Water Discussions: Two meetings focused on water-related topics, supported by an expert who joined both sessions to share insights, present information, and answer questions.
• Housing: Our final meeting of the year, held in November, centered on housing, supported by Agnico Eagle’s Consultant leading Agnico Eagle’s broader housing strategy. These discussions were productive and set the stage for continued dialogue in 2026.

We are deeply grateful to all committee members for their time, participation, and valuable input. The conversation on housing will continue at our next meeting, scheduled for January 27, 2026.

We’re also excited to announce that the Advisory Committee page is now live on our project website! This link UBGP – ADVISORY COMMITTEE PAGE includes information regarding:

• Committee representatives
• Meeting summary reports, including presentations
• Governance documents, such as the Committee Charter

Thank you for helping us make 2025 a year of meaningful engagement. We look forward to continuing this collaborative journey in 2026!

Figure 4 – Advisory Committee Site Tour

Supporting Our Communities

At Agnico Eagle, we are committed to making a positive impact in the local and surrounding communities where we operate. We’re proud to support our neighbours near the Upper Beaver Project and contribute to initiatives that strengthen community spirit and well-being.

Recently, we’ve provided support to the Larder Lake Ski Hill, the CJKL Christmas Wish, and many other local programs that bring people together and make a difference. These efforts are part of our broader commitment to regional support across Northeastern Ontario.

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

Exploration Activities

The Exploration team had a busy fall season! As summer field mapping and prospecting wrapped up, the team shifted its focus to supporting the advanced exploration drilling program at Upper Beaver.

Beyond fieldwork and drilling activities, the team also found time to celebrate the season by joining the 15th annual Larder Lake Christmas Parade. This year’s theme, “Light’er Up!”, was a challenge, but with over 1,000 feet of Christmas lights, 300 feet of garland, and five shopping bags full of candy canes, our float impressed the judges and earned 2nd place for Best Float!

In addition, the team participated in a virtual Career Exploration Week with Keepers of the Circle’s Women in Mining Participants. Two of our team members, along with the Senior Community Relations Coordinator, spoke with women interested in careers in mining and exploration, sharing experiences and highlighting opportunities available through Agnico Eagle Mines.