MARCH 2022- NEWSLETTER

Agnico Eagle is pleased to share its March 2022 Newsletter to provide an update on its activities in the Kirkland Lake area and, more specifically, the Upper Beaver Project.

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 over 18,000 people worldwide.

MERGER UPDATE

The merger agreement between Agnico Eagle and Kirkland Lake Gold was successfully completed and received final approval from the regulatory authorities on February 8th. This merger of equals positions Agnico Eagle as a true Canadian champion, one that allows us to continue to be leaders in safety performance, leaders in environment, social and governance (ESG) and continue to be leaders in our communities. It also represents a unique opportunity to create the highest quality, senior gold producer with a strong position in one of the great gold regions of the world – the Abitibi Greenstone Belt of Northeastern Ontario and Northwestern Quebec.

KIRKLAND LAKE AREA – GENERAL UPDATE

EXPLORATION

Exploration work is continuing at Upper Beaver with a reduced diamond drilling program, while increasing exploration efforts on other properties in the Kirkland Lake camp. The primary focus for the regional exploration program will be to drill at the Upper Canada deposit close to Dobie, and at the Amalgamated Kirkland property in the Town of Kirkland Lake. The planning and scheduling of the program may evolve over the year based on the objectives to be achieved and drilling results.

LEGACY SITES

Agnico Eagle is proactive in the management of mining legacies within the Kirkland Lake camp and will continue in 2022 to implement a risk-based approach to assessing and managing mine hazards. With the merger, we are evaluating the properties to see if we need to adapt our remediation plan.

Activities Planned:

Investigation drilling to develop the rehabilitation plan of an historic stope on the Sylvanite property, located in Kirkland Lake.
Work to understand and secure an old adit* complex in Swastika. Following a research study, the Swastika site requires bat gates to be installed to allow access to bats into the workings while preventing human and wildlife entry.
Monitoring and management work.

* An adit is an entrance to an underground mine which is horizontal or nearly horizontal, by which the mine can be entered, drained of water, ventilated, and minerals extracted at the lowest convenient level.

UPPER BEAVER – PROJECT UPDATE

UPPER BEAVER PROJECT REVIEW

In the 1930s, the Upper Beaver deposit was mined from surface to a 400-metre depth, exploiting narrow high-grade zones containing gold and copper. The Company believes that Upper Beaver has the potential to be a low-cost mine with annual production in the range of 150,000 ounces to 240,000 ounces of gold and moderate capital outlays.

Following completion of the merger, the Company now has more processing options available for its Upper Beaver Mine project. The Upper Beaver deposit is located approximately 27 kilometres from the Macassa mine, and 60 kilometres from the Holt mining complex. There are existing mill and tailings facilities at both sites. Agnico Eagle’s team is taking the time to fully assess those alternative options to confirm their feasibility and if they should be retained for further assessment and studies.

In this context, no approval was made yet to start the Advanced Exploration program. Agnico Eagle intends to restart the Upper Beaver Advanced Exploration Project that was put into temporary suspension by the previous owners. The Project may include the development of a shaft and ramp to access the underground workings for the collection of bulk samples in different parts of the orebody. The planned work will allow Agnico Eagle to confirm the mineral value, mining parameters, model and ore body and extraction methods.

FIELD WORK ON SITE

In addition to exploration activities, the following activities are planned in the next months:

Installation of monitoring wells
Baseline work (water sampling, hydrology, monitoring, air sampling, etc.)

Agnico Eagle will inform the land users and the surrounding communities if additional activities are added during the year.

FEDERAL IMPACT ASSESSMENT PROCESS

In December 2021, the Impact Assessment Agency of Canada (the Agency) confirmed that a federal impact assessment under the Impact Assessment Act is required for the Project.

From January 31st to March 12th, the Agency conducted its 40-day public comment period on the draft Tailored Impact Statement Guidelines (TISG) and the draft Public Participation Plan for the Upper Beaver Project and has invited the public and the Indigenous groups to provide feedback on both documents. The Guidelines outline the specific factors to be considered in the assessment of the project and provide direction to the proponent on the information and studies required in its Impact Statement.

Once the guidelines are finalized, the Agency will issue a Notice of Commencement that will signal the start of the Impact Statement phase. Agnico Eagle will then proceed in collecting all required information and conducting the relevant studies, as described in the TISG. There will be various opportunities for the public and Indigenous groups to participate.

NEXT STEPS

Agnico Eagle’s project team will continue to assess the potential for operational synergies between our combined assets in Kirkland Lake. This evaluation may bring new alternatives that could potentially be part of an alternative assessment included in the project Impact Assessment Statement preparation. Before advancing the studies required for the Impact Assessment Statement, Agnico Eagle is committed to take the time to properly assess these synergies and we will continue to keep all Indigenous Nations and the public informed of any changes as we progress.

AGNICO EAGLE CANADIAN CAREER EXPO

Looking for a Golden Career Opportunity?

Join us at our Canadian Career Expo!

Wednesday March 30 and Thursday March 31 – 10:00 AM to 2:00 PM EDT

Explore our exciting job opportunities in Ontario, Quebec, and Nunavut at this nationwide virtual recruitment open house and networking event. Speak live with company representatives and recruiters from across the organization and learn more about the unique job opportunities we have in exploration, construction, operations and more.

Come join our award-winning team! Agnico Eagle is the largest gold producer in Canada and is recognized globally for our leading environmental, social and governance practices.

A special bonus: All event attendees will be entered into a draw to win an Apple iPad! [This prize is valued at approximately $629.00 CAD. Full contest rules are available at agnicoeagle.easyvirtualfair.com.]

We look forward to seeing you there!

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

It is by talking to each other that we can learn about your concerns or observations and provide the best information on our project. Your feedback can help us improve our practices and contribute to the development of the best possible project for everyone. Please feel free to contact us with any questions.

Any questions or concerns about the Upper Beaver Project or Agnico Eagle’s activities? Feel free to reach out to our team. We look forward to talking with you!