The Upper Beaver deposit was discovered in the early 1900s and was mined intermittently until the early 1970s. Agnico Eagle has conducted preliminary exploration activities on the property since its acquisition in 2018. The results have encouraged us to explore further to evaluate

Agnico Eagle is evaluating opportunities to develop the Upper Beaver deposit and to explore the surrounding deposits and mineralized occurrences through exploration programs that feature prospecting, geophysical surveys and diamond drilling. Since 2018, Agnico Eagle has: • explored and conducted conversion drilling on the property • conducted a technical review of historical operations and updated all geological models • increased mineral reserves and expanded gold mineralization • assessed and began developing the Advanced Exploration Phase • engaged and consulted with local communities and Indigenous groups for permitting of the Upper Beaver project Advanced Exploration Phase • completed and updated baseline studies, modelled possible impacts and drafted permits • evaluated possible scenarios for the Production Phase, including potential synergy with different zones • undertook engagement activities regarding the Exploration, Advanced Exploration and Production Phases

Agnico Eagle is planning an advanced exploration program at Upper Beaver, which would include the development of a ramp and/or shaft and underground workings to help collect bulk samples from the upper, middle and deep levels of the deposit and to facilitate further exploratory drilling. During this phase, technical, environmental and economic studies are performed to assess whether a project can be developed in a safe, environmentally sound, socially responsible and economically viable manner. For more information on the advanced exploration and studies phase proposed for the Upper Beaver project, please click here.

Detailed engineering and construction begin after research, permitting and approvals for mine development are completed, and a closure plan is approved. The construction of a mine site often includes building roads, processing facilities, environmental management systems and other facilities. For more information on the project approval and construction phase proposed for the Upper Beaver project, please click here. For more information on the mining production phase proposed for the Upper Beaver project, please click here.

The production phase includes all activities related to the extraction of ore from the deposit, as well as hauling, milling, and processing the ore to recover the metals. It also includes environmental activities such as water and tailings management. Agnico Eagle is currently planning to submit our Initial Project Description to the Impact Assessment Agency of Canada in June 2021, which will initiate the permitting process. For more information on the mining production phase proposed for the Upper Beaver project, please click here.

Even before a mine opens in Ontario, plans must be in place for the site’s future reclamation. Every advanced exploration and mining project includes a closure plan to restore lands to a natural state upon completion of exploration and mining activities. This phase includes the dismantling of buildings, infrastructure and equipment; as well as the cleaning and revegetation of the site to restore natural flora and wildlife habitats. Environmental monitoring is maintained afterward through sampling and inspections to ensure the long-term stability of the site.