Exhibit 99.1

(All amounts expressed in U.S. dollars unless otherwise noted)

AGNICO EAGLE REPORTS SECOND QUARTER 2023 RESULTS – RECORD QUARTERLY GOLD PRODUCTION AND SOLID COST PERFORMANCE DRIVE STRONG QUARTERLY EARNINGS AND OPERATING CASH FLOW; WELL POSITIONED TO ACHIEVE ANNUAL PRODUCTION AND COST GUIDANCE

Toronto (July 26, 2023) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the second quarter of 2023.

"Agnico Eagle delivered another strong operational quarter, with record quarterly gold production and better than expected costs driving solid financial results. With this excellent start to the year, we are tracking very well to meet our annual production and cost guidance. I would also like to commend our team for one of the best quarterly safety performances in the Company's history," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "In June we released an update on the Odyssey project at Canadian Malartic, which highlighted an improved production profile, a mine life extension to 2042 and a significant geological upside. We continue to advance the various studies of our key pipeline projects in the Abitibi Gold Belt, with the objective of leveraging our existing infrastructure and generating value for our shareholders. We expect to report the results of these ongoing studies through the first half of 2024. Finally, in the second quarter, we had strong exploration results from Detour, Meliadine, Kittila and at Hope Bay, with the intersection of higher grade mineralization at the Madrid deposit," added Mr. Al-Joundi.

Second quarter 2023 highlights

1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period. 

2 Total cash costs per ounce is a non-GAAP ratio that is not a standardized financial measure under IFRS and, unless otherwise specified, is reported on a by-product basis in this news release. For the detailed calculation of production costs per ounce, the reconciliation of total cash costs to production costs and information about total cash costs per once on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the IFRS and, unless otherwise specified, is reported on a by-product basis in this news release. For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

4 Adjusted net income and adjusted net income per share are non-GAAP measures that are not standardized financial measures under IFRS. For a reconciliation to net income and net income per share see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

5 Net debt is a non-GAAP measure that is not a standardized measure under IFRS. For a reconciliation to long-term debt, see "Reconciliation of non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

Second Quarter 2023 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Thursday, July 27, 2023 at 11:00 AM (E.D.T.) to discuss the Company's second quarter 2023 financial and operating results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company's website www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 1-416-764-8659 or toll-free 1-888-664-6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Via URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number at https://bit.ly/3CqLElb to receive an instant automated call back.

Replay Archive:

Please dial 1-416-764-8677 or toll-free 1-888-390-0541, access code 008251#. The conference call replay will expire on August 27, 2023.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Second Quarter 2023 Financial and Production Results

In the second quarter of 2023, net income was $326.8 million ($0.66 per share). This result includes the following items (net of tax): derivative gains on financial instruments of $20.1 million ($0.04 per share), a non-cash fair value adjustment on inventory sold during the quarter related to the acquisition of the remaining 50% of Canadian Malartic included in production costs of $13.7 million ($0.03 per share), foreign currency translation gains on deferred tax liabilities of $9.6 million ($0.02 per share), non-cash foreign currency translation losses of $4.0 million ($0.01 per share) and various other adjustment losses of $7.5 million ($0.01 per share).

Excluding the above items results in adjusted net income of $322.4 million or $0.65 per share for the second quarter of 2023. For the second quarter of 2022, the Company reported net income of $290.4 million ($0.64 per share).

Included in the second quarter of 2023 net income, and not adjusted above, is a non-cash stock option expense of $2.5 million ($0.01 per share).

In the first six months of 2023, the Company reported net income of $2,143.7 million ($4.45 per share) compared to the first six months of 2022, when net income was $409.5 million ($0.97 per share).

The increase in net income in the second quarter of 2023 compared to the prior-year period is due to a gain on derivative financial instruments, higher mine operating margins6 from higher sales volumes resulting from the acquisition of the remaining 50% of Canadian Malartic and lower income and mining tax expenses, partially offset by higher amortization.

The increase in net income in the first six months of 2023 is primarily due to a remeasurement gain resulting from the application of purchase accounting relating to a business combination attained in stages, which requires the remeasurement of the Company's previously held 50% interest in the Canadian Malartic complex to fair value. The fair value of the Company's previously held 50% interest and the resulting gain on remeasurement, along with the fair values allocated to assets acquired and liabilities assumed are preliminary, and are subject to adjustment based on further analysis and evaluation over the course of the measurement period which may not exceed 12 months from the acquisition date.

In the second quarter of 2023, cash provided by operating activities was $722.0 million ($693.0 million before changes in non-cash components of working capital), compared to the second quarter of 2022 when cash provided by operating activities was $633.3 million ($706.0 million before changes in non-cash components of working capital). Cash provided by operating activities (before changes in non-cash components of working capital) was slightly lower in the second quarter of 2023 when compared to the prior-year period as higher revenues from higher sales volumes and metals prices was more than offset by higher production costs and higher financing costs.

In the first six months of 2023, cash provided by operating activities was $1,371.6 million ($1,301.8 million before changes in non-cash components of working capital), compared to the first six months of 2022 when cash provided by operating activities was $1,140.7 million ($1,072.0 million before changes in non-cash components of working capital). Cash provided by operating activities (before changes in non-cash components of working capital) increased when compared to the prior-year period primarily due to higher sales volumes from a full six months contribution in 2023 from the Detour Lake, Macassa and Fosterville mines as opposed to 149 days in the first six months of 2022 following the closing of the merger (the "Merger") with Kirkland Lake Gold Ltd. and higher sales volumes from the acquisition of the remaining 50% of the Canadian Malartic complex.

6 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

In the second quarter of 2023, the Company's payable gold production was a record 873,204 ounces. This compares to quarterly payable gold production of 858,170 ounces in the prior-year period as the additional production from the acquisition of the remaining 50% of the Canadian Malartic complex was partially offset by lower production at the Detour Lake and LaRonde mines.

In the first six months of 2023, the Company's payable gold production was 1,686,017 ounces compared to the first six months of 2022 when payable gold production was 1,518,774 ounces. The increase in payable gold production is a result of additional days of production in 2023 at the Detour Lake, Macassa and Fosterville mines as described above and the additional production from the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by lower production at the Detour Lake and LaRonde mines.

In the second quarter of 2023, production costs per ounce were $851, compared to $766 in the prior-year period and total cash costs per ounce were $840, compared to $726 in the prior-year period. Production costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne related to inflation. A detailed description of the minesite costs per tonne at each mine is set out below. Total cash costs per ounce increased when compared to the prior-year period primarily due to higher minesite costs per tonne related to inflation, higher royalties resulting from the acquisition of the remaining 50% of the Canadian Malartic complex and a lower fair value adjustment impacting inventory in the second quarter of 2023.

In the first six months of 2023, production costs per ounce were $828, compared to $869 in the prior-year period and total cash costs per ounce were $836, compared to $763 in the prior-year period. Production costs per ounce decreased when compared to the prior-year period primarily due to the increase in payable gold production during the period. Total cash costs per ounce increased when compared to the prior-year period primarily due to the lower fair value adjustment impacting inventory in the current year.

In the second quarter of 2023, AISC per ounce were $1,150, compared to $1,026 in the prior-year period. AISC per ounce increased in the second quarter of 2023 when compared to the prior-year period primarily due to the same reasons that caused higher total cash costs per ounce.

In the first six months of 2023, AISC per ounce were $1,138, compared to $1,051 in the prior-year period. AISC per ounce increased when compared to the prior-year period primarily due to the same reasons that caused higher total cash costs and higher sustaining capital expenditures per ounce.

Solid Cash Flow Generation Continues to Support Investment Grade Balance Sheet; Financial Flexibility Strengthened with Increased Liquidity

With the strong cash-flow generation during the second quarter, the Company used cash on hand to repay $300 million of the $1.0 billion drawn from its unsecured revolving bank credit facility used to fund the cash consideration paid in connection with the acquisition of Yamana's Canadian assets on March 31, 2023 (the "Yamana Transaction"). On April 20, 2023, the Company entered into a credit agreement with a group of financial institutions that provides the $600 million Term Loan Facility. The Company drew down in full on the Term Loan Facility on April 28, 2023 and used the proceeds to partially repay the amounts drawn on the unsecured revolving bank credit facility. The Term Loan Facility matures and all indebtedness thereunder is due and payable on April 21, 2025. The Term Loan Facility is available as a single advance in US dollars through SOFR and base rate advances, priced at the applicable rate plus a margin that ranges from 0.00% to 2.00% depending on the Company's credit rating. The Term Loan Facility may be prepaid without penalty.

As of June 30, 2023, the outstanding balance on the Company's unsecured revolving bank credit facility was $100 million, and available liquidity under this facility was approximately $1.1 billion, not including the uncommitted $600 million accordion feature. Additionally on June 30, 2023, the Company repaid out of available cash the $100 million 4.54% Series A senior notes at maturity, further reducing the Company's indebtedness.

Cash and cash equivalents decreased to $432.5 million at June 30, 2023, from the March 31, 2023 balance of $744.6 million, primarily due to debt repayment, partially offset by higher cash flow from operations (higher sales volumes and realized gold prices). At June 30, 2023 the Company's long term debt was $1,942.0 million and net debt decreased to $1,509.5 million from the March 31, 2023 balance of $1,597.9 million.

On April 7, 2023, Moody's upgraded its credit rating outlook for the Company to "positive" from "stable", while affirming the credit rating at Baa2. On June 20, 2023, Fitch Ratings affirmed its credit rating for Agnico Eagle at BBB+ with a Stable Outlook. These investment grade credit ratings reflect the Company's strong business and credit profile, while maintaining low leverage and conservative financial policies and recognizing the benefits of the Company's size and scale and operations in favourable mining jurisdictions.

In May 2023, the Company received approval from the TSX to renew its normal course issuer bid ("NCIB") pursuant to which the Company is permitted to purchase up to the lesser of (i) 5% of its issued and outstanding common shares and (ii) the number of common shares that may be purchased by the Company for an aggregate purchase price, excluding commissions, of $500.0 million. Purchases under the NCIB may continue for up to one year from the commencement date of May 4, 2023. Purchases under the NCIB will be made through the facilities of the TSX, the NYSE or other designated exchanges and alternative trading systems in Canada and the United States in accordance with applicable regulatory requirements. All common shares purchased under the NCIB will be cancelled.

Agnico Eagle believes that the NCIB provides a flexible tool as part the Company's overall capital allocation program and objectives and generates value for shareholders. In the second quarter of 2023, no purchases were made under the NCIB.

Approximately 55% of the Company's estimated Canadian dollar exposure for the remainder of the year is hedged at an average floor price above 1.32 C$/US$. Approximately 29% of the Company's estimated Euro exposure for the remainder of the year is hedged at an average floor price of approximately 1.03 US$/EUR. Approximately 58% of the Company's estimated Australian dollar exposure for the remainder of the year is hedged at an average floor price above 1.45 A$/US$. Approximately 33% of the Company's estimated Mexican peso exposure for the remainder of the year is hedged at an average floor price above 20.70 MXP/US$. The Company's full year 2023 cost guidance is based on assumed exchange rates of 1.32 C$/US$, 1.10 US$/EUR, 1.40 A$/US$ and 20.00 MXP/US$.

With the completion of the initial diesel purchase for the Company's Nunavut operations on the 2023 sealift, approximately 64% of the Company's diesel exposure for the remainder of the year is hedged at an average price of $0.69 per litre, compared to the 2023 cost guidance assumption of $0.93 per litre. The sea-lift purchase, along with financial hedges, will continue to help mitigate operating cost risks and they are expected to provide protection against diesel price inflation for the remainder of the year.

The Company will continue to monitor market conditions and anticipates continuing to opportunistically add to its operating currency and diesel hedges to strategically support its key input costs. Current hedging positions are not factored into 2023 and future guidance.

Capital Expenditures

In the second quarter of 2023, capital expenditures were $382.4 million and capitalized exploration expenditures were $33.6 million, for a total of $416.0 million. Total expected capital expenditures (including capitalized exploration) remain in line with guidance for the full year 2023.

The following table sets out capital expenditures (including sustaining capital expenditures7 and development capital expenditures7) and capitalized exploration in the second quarter of 2023.

7 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS. See "Note Regarding Certain Measures of Performance" and "Reconciliation of Non-GAAP Performance Measures – Reconciliation of Sustaining Capital Expenditures to Consolidated Statements of Cash Flow". 

* Excludes capitalized exploration

2023 Guidance Unchanged

The Company is on track to meet its 2023 gold production guidance of between 3.24 and 3.44 million ounces, which is based on the assumption that the Kittila mill operates at an annual rate of 1.6 Mtpa. Through the first half of 2023, Kittila has maintained operational flexibility to process 2.0 Mtpa in 2023. The SAC is expected to provide its final decision on Kittila's operating permit in the third quarter of 2023. If the SAC reverses the lower court ruling and reinstates the operating permit at 2.0 Mtpa, then the Company expects Kittila to produce up to 30,000 ounces of additional gold in the second half of 2023 as compared to the current guidance, however, the Company can provide no assurance that the SAC will reverse the lower court decision. If the SAC upholds the lower court decision and maintains the current operating permit of 1.6 Mtpa, the Company would be required to scale back operations during the fourth quarter of 2023 to remain within the permitted annual rate.

The Company is also on track to meet its 2023 guidance for total cash costs per ounce and AISC per ounce of between $840 and $890 and between $1,140 and $1,190, respectively. Total expected capital expenditures (excluding capitalized exploration) for 2023 remain at approximately $1.42 billion.

The closing of the Yamana Transaction on March 31, 2023 resulted in a remeasurement of the Company's previously-held 50% ownership of Canadian Malartic. This remeasurement will continue to affect the Company's depreciation and amortization for the remainder of the year as 100% of the assets are re-measured to fair value. The 2023 depreciation and amortization expense guidance is now expected to be between $1.50 to $1.55 billion for the full year 2023 (versus previous guidance of $1.36 and $1.41 billion).

Update on Key Value Drivers and Pipeline Projects

Highlights on the key value drivers (Odyssey mine, Detour Lake mine and optimization of assets and infrastructure in the Abitibi region of Quebec), the Hope Bay project and the San Nicolás project are set out below. Details on certain mine expansion projects (Macassa shaft and new ventilation system, Kittila shaft, Meliadine Phase 2 and Amaruq underground) are set out in the applicable operational sections of this news release.

Odyssey Project

The Company released the results of a new internal study on the Odyssey project (the "2023 Odyssey Study") in June 2023, reflecting significant project advancements and the new economic environment (refer to the news release dated June 20, 2023). The forecast parameters for the 2023 Odyssey Study include inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the forecast production amounts will be realized. Key highlights of the 2023 Odyssey Study and work completed in the second quarter of 2023 include:

The Company believes the potential for further conversion of inferred mineral resources at Odyssey is significant and is expected to add mine life and continue to increase value. Up to 16 drill rigs were active on the Canadian Malartic property during the second quarter, including: five underground drills in the Odyssey South and internal zones; four surface drills focused on expanding and infilling the East Gouldie mineralization; four drill rigs investigating new regional targets around the Odyssey mine and Canadian Malartic mines; and three drill rigs investigating near-surface targets at the Camflo property, located 4.0 kilometres northeast of the Odyssey mine infrastructure, where a first phase of 60 drill holes was completed early in the second quarter.

During the second quarter of 2023, 32,285 metres of capitalized and expensed drilling were completed. Drilling targeted several areas that are part of the Odyssey mine, including the infill of the East Gouldie deposit from surface, and of the Odyssey South and Odyssey internal zones from the exploration ramp.

Exploration drilling also continued to investigate the broader East Gouldie mineralized zone and extended the zone laterally to the east and to the west. Regional exploration drilling totaled 3,000 metres during the second quarter, with work resuming on the Rand Malartic property to test the extension of the Odyssey mine's different zones and the launch at quarter-end of the Phase 2 drilling program around the Camflo mine to further investigate its near-surface potential.

Detour Lake Mine

In the second quarter of 2023, the Detour Lake mine established a new quarterly record for mill throughput (74,725 tpd), reflecting an improved mill availability of 92.8% and a continued effort to optimize mill processes. The Company is advancing several projects to improve runtime and sustain throughput of 28.0 Mtpa. Areas of focus include modifications to the 610 re-feed chutes, improvements to secondary crusher liner profiles to extend wear life and optimization of the secondary crusher.

The Company is also assessing several projects to potentially exceed the mill throughput of 28.0 Mtpa, including ore sorting and the implementation of advanced process control utilizing artificial intelligence or expert systems. Building on positive results in 2022, the Company initiated an ore sorting pilot test with the objective to process approximately 1.5 million tonnes of low-grade material to establish the key design criteria of a full-size sorting plant. The pilot project will also help determine the economic viability of a full-size sorting operation at Detour Lake.

Ten drill rigs were active in exploration drilling at Detour Lake during the second quarter of 2023, completing 63,326 metres of drilling for a total of 128,539 metres completed during the first six months of 2023.

Drilling during the second quarter targeted specific gold mineralized horizons within and below the West Pit mineral reserve to examine gold continuity between existing drill holes, and targeted the western plunge extension of the open-pit mineralization to firm up the mineralized zones potentially amenable to underground mining, with the following highlights:

Additional selected results from the second quarter drilling at Detour Lake are provided in the plan map, composite longitudinal section and table below.

With the ongoing exploration drilling success at Detour Lake, the Company has approved a supplemental exploration budget of $5.2 million for an additional 35,000 metres of drilling at Detour Lake during the remainder of 2023. This additional drilling is expected to accelerate the identification of underground mineral resources in the western pit extension. The previous budget at Detour Lake for the full year 2023 was comprised of $33 million for 171,000 metres of expensed and capitalized drilling.

With continued positive drilling results in the higher grade zones investigated for underground mining potential, the Company has decided to integrate additional drill data from the first half of 2023 into a maiden underground mineral resource model that will be used to evaluate potential underground mining scenarios. Results of an internal evaluation of the underground mining potential are now expected to be reported in the first half of 2024.

[Detour Lake – Plan Map and Composite Longitudinal Section]

Recent selected exploration drill results from West Pit and West Pit Extension zones at Detour Lake

Optimization of Assets and Infrastructure in the Abitibi Region

During the second quarter of 2023, the Company advanced internal studies to assess potential production opportunities at the Macassa Near Surface and AK deposits, and the Upper Beaver and Wasamac projects. Among the alternatives considered, the Company is evaluating the potential to transport ore via rail or truck to the LaRonde and Canadian Malartic processing facilities, which are expected to have excess mill capacity in the future. Leveraging existing regional infrastructure has the potential to result in regional production growth at lower capital costs and with a reduced environmental footprint, which could also be beneficial to future permitting activities.

The Macassa Near Surface and AK deposits are accessible from an existing surface ramp at Macassa. Production from the Near Surface deposits commenced in the second quarter of 2023, with processing of the ore at the Macassa mill. Production from the AK deposit could potentially begin in 2024. With the commissioning of the Shaft #4 and increased productivity from the Macassa deep mine, the Macassa mill is expected to reach its full capacity of 1,650 tpd by mid-2024. The Company is evaluating the opportunity to process the near surface and AK ores at the LaRonde complex, which is approximately 130 kilometres away, and avoid capital costs associated with a mill expansion at Macassa. Average annual production from these two deposits could potentially be between 20,000 and 40,000 ounces of gold, commencing in 2024. The Company expects to report results on this evaluation in early 2024.

Drilling on the AK Zone close to surface continues to convert and expand the current mineral resources, and the results show good continuity of mineralization in this zone, which is characterized by disseminated pyrite in a sheared structure. Recent results include 11.1 g/t gold over 5.1 metres at 250 metres depth in hole KLAK-206 and 10.4 g/t gold over 2.5 metres at 240 metres depth in hole KLAK-186.

The Company is updating the studies that were previously completed at the Upper Beaver and Wasamac projects to reflect the current gold price and cost environment. Alternative processing scenarios at either the LaRonde or Canadian Malartic processing facilities are also being evaluated. Both mill complexes are close to existing road and rail infrastructure and the Company is evaluating operational feasibility, operating costs and additional infrastructure that would be required to load, transport and unload ore for processing and the tailings required for paste backfill. Both Upper Beaver and Wasamac have the potential to be low-cost mines with annual production of 150,000 to 200,000 ounces of gold with moderate capital outlays and initial production potentially commencing in 2030 and in 2029, respectively. 

The Company expects to consolidate the results of these various internal evaluations early in 2024 and report results through the first half of 2024.

Hope Bay – Extensive Exploration Drilling at Doris and Madrid in Second Quarter of 2023; Step-Out Drilling Extends Madrid's High-Grade Patch 7 Zone at Depth and Laterally

Exploration drilling continued at Hope Bay during the second quarter with six drill rigs at surface testing the Doris and Madrid deposits as well as regional targets, and three drill rigs underground at Doris completing combined totals of 48,840 metres in 89 holes during the second quarter and 88,698 metres in 168 holes during the first half of the year.

The objective is to grow the mineral resources at both deposits to support future project studies and potentially resume mining at Hope Bay.

At Doris, drilling into the extensions of the main fold hinge of the BCO Zone returned 15.0 g/t gold over 6.4 metres at 422 metres depth in hole HBBCO23-153, 5.5 g/t gold over 5.1 metres at 585 metres depth in hole HBBCO23-154 from underground drilling and 17.1 g/t gold over 4.8 metres at 607 metres depth in hole HBD23-071, demonstrating the potential to continue growing the mineral resource laterally beyond the areas of historical mining.

Wide step-out drilling at Madrid at depth below the current mineral resources has encountered gold mineralization with gold grades that are greater than the known Naartok, Suluk and Patch-7 zones in an under-explored 1.5-kilometre gap in historical drilling between 400 and 700 metres depth. Within this gap, hole HBM23-086 returned 13.7 g/t gold over 4.6 metres at 697 metres depth and follow-up hole HBM23-105 returned 10.0 g/t gold over 14.0 metres at 677 metres depth. At shallower depths, hole HBM23-095 returned 3.1 g/t gold over 21.4 metres at 580 metres depth and hole HBM23-091 returned 5.3 g/t gold over 13.9 metres at 352 metres depth in the Patch 7 Zone.

This drilling has extended the high-grade Patch 7 Zone by 500 metres vertically and by 900 metres laterally at depth, and follow-up drilling will continue testing the gap between Suluk and Patch 7 at 200-metre step-outs to evaluate the potential of this zone.

Selected recent drill intercepts from the Doris and Madrid deposits are set out in the composite longitudinal sections and table below.

[Doris Deposit at Hope Bay – Composite Longitudinal Section]

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

Recent selected drill results from Doris and Madrid deposits at Hope Bay

*Results from the Doris and Madrid deposits at Hope Bay use a capping factor of 50 g/t gold.

Based on the positive results at Doris and Madrid in the first half of the year, the Company has approved a supplemental exploration budget at Hope Bay of $14.5 million for an additional 58,000 metres of drilling during the remainder of 2023. The previous exploration budget at Hope Bay for the full year 2023 was $30.6 million for 72,000 metres of drilling.

A regional exploration program is also underway, with field work commencing in May. One drill rig has been mobilized to test anomalies identified during the 2022 and 2023 field seasons with a focus on targets near the Koignuk fault, located four kilometres northwest of the Madrid deposit, and targets outside of the main Madrid mineralized trend.

In the meantime, technical studies continue to progress while larger production scenarios for Hope Bay are being evaluated.

San Nicolás Project

On April 6, 2023, the Company and Teck Resources Limited ("Teck") entered into a joint venture shareholders agreement in respect of the San Nicolás copper-zinc development project located in Zacatecas, Mexico. During the second quarter, Agnico Eagle and Teck began to implement the joint operation through Minera San Nicolás S.A.P.I. de C.V. ("MSN"). The Environmental Impact Assessment for the project is expected to be submitted to the Mexican regulator in the third quarter of 2023 and MSN is targeting completion of the feasibility study in the first half of 2024.

Impact on Operations from Ongoing Wildfires in Quebec and Caribou Migration in Nunavut

In June 2023, the Company's operations in Quebec and Ontario were affected by wildfires in the region. High levels of smoke from the wildfires caused poor air quality and low visibility, as well as two significant power outages disrupting regular activities. Throughout this period, the Company monitored in real time the air quality in its underground operations to ensure the safety of the workers. Several shifts at the Company's Quebec and Ontario operations were cancelled, affecting mostly underground activities. Ore stockpiles were processed to sustain mill operations and lessen the overall impact on production. The Company has continued to prioritize the safety and well-being of its people. Despite the downtime, the operations in Ontario and Quebec continued to perform well.

In Nunavut, the Company experienced the earliest and longest caribou migration since it began operations in the region. Caribou migration impacted operations during the quarter with higher-than planned surface and underground operations delays. Details on the production stoppage are set out below. Given the unpredictability of the seasonal migration, the Company continues to work with government and local stakeholders to assure caribou protection while continuously adapting and improving protection measures.

Environment, Social and Governance Performance Summary

Health and Safety

Environment and Permitting

Community Relations, Governance and People

Dividend Record and Payment Dates for the Third Quarter of 2023

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on September 15, 2023 to shareholders of record as of September 1, 2023. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2023 Fiscal Year

*Paid 

**Declared

Dividend Reinvestment Plan

See the following link for information on the Company's dividend reinvestment plan: Dividend Reinvestment Plan

International Dividend Currency Exchange

For information on the Company's international dividend currency exchange program, please contact Computershare Trust Company of Canada by phone at 1.800.564.6253 or online at www.investorcentre.com or www.computershare.com/investor.

ABITIBI REGION, QUEBEC

LaRonde Complex – Solid Production, Mill Throughput, Hoisting and Development Performance in the Second Quarter of 2023

8 Minesite costs per tonne is a non-GAAP measure that does not have a standardized meaning under IFRS. For a reconciliation to production costs see "Reconciliation of Non-GAAP Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Canadian Malartic Complex – Seven Millionth Ounce Poured; Production from Odyssey Underground Ramping-up

* Gold production reflects Agnico Eagle's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% thereafter.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Goldex – Record Quarterly Gold Production and Mill Throughput Since Re-start; Best Development Quarter in Zone Deep 2

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

ABITIBI REGION, ONTARIO

Detour Lake – Record Quarterly Mill Performance; Continued Focus on Mill Optimization to Achieve 28.0 Mtpa by 2025

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Macassa – Record Quarterly Mill Throughput, Skipped Tonnes and Underground Development Underscore a Solid Production Result

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Macassa during the second quarter of 2023 targeted the Main Break, the eastern extension of the South Mine Complex ("SMC") and the western and deeper extension of the AK deposit.

Selected recent drill results from Macassa and AK are set out in the composite longitudinal section and the table below.

[Macassa Mine and AK Zone – Composite Longitudinal Section]

Recent selected exploration drill results from Macassa and AK deposit

*Results from Macassa mine use a capping factor ranging from 68.6 g/t to 445.7 g/t gold depending on the zone. Results from AK use a capping factor of 70 g/t gold.

NUNAVUT

Meliadine Mine – Record Monthly Mill Throughput in May; Record Quarterly Health and Safety Performance

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling during the second quarter at Meliadine was carried out from both surface and the new exploration ramp that provides a platform at approximately 460 metres depth and extends deeper towards the west. Highlight results from the first half of 2023 include:

In light of the favourable exploration drilling results at Meliadine, the Company has approved a supplemental budget of $7.0 million for the remainder of 2023 for an additional 25,000 metres of drilling and the extension of the exploration ramp towards the east at Tiriganiaq.

Selected recent exploration drill intercepts from the Tiriganiaq, Wesmeg, Wesmeg North and F-Zone deposits at the Meliadine property are set out in the plan map, composite longitudinal section and table below.

[Meliadine Mine – Plan Map & Composite Longitudinal Section]

Recent selected exploration drill results from Tiriganiaq, Wesmeg, Wesmeg North and F-Zone deposits at Meliadine

*Results from the Meliadine mine use capping factors of 250 g/t gold for Tiriganiaq Lode 1000, 40 g/t gold for iron formations at Wesmeg, 20 to 90 g/t gold at Wesmeg North, and 25 g/t gold at F-Zone.

Meadowbank Complex – Solid Operational Performance; Modifications Complete to Cemented Rockfill Plant

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

AUSTRALIA

Fosterville – Noise Prohibition Lifted; Fosterville Returns to Normal Operations in June

*For the Six Months Ended June 30, 2022, the operating statistics are reported for the period from February 8, 2022 to June 30, 2022.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Fosterville during the second quarter of 2023 totaled 20,565 metres and mainly targeted the Lower Phoenix deep extension from the 3912 drill drive and the Robbins Hill area. Exploration results will be reported later in the year.

FINLAND

Kittila – Strong Operational Performance from Underground Mine; Major Projects Nearing Completion

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Exploration Highlights

Exploration drilling at Kittila during the second quarter of 2023 totaled 21,206 metres and mainly targeted the Main and Sisar zones in the northern and southern portions of the deposit at approximately 1.0 to 1.4 kilometres depth.

Selected recent drill results from Kittila are set out in the composite longitudinal section and the table below.

[Kittila Mine – Composite Longitudinal Section]

Recent selected exploration drill results from Main and Sisar zones at Kittila

* Results from the Kittila mine are uncapped.

MEXICO

Pinos Altos – Production and Development Higher Than Planned

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

La India – Production in Line With Targets in the Second Quarter of 2023; Work Continues to Reduce Cyanide Consumption and Improve Leach Kinetics

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

About Agnico Eagle

Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Further Information

For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212.

Note Regarding Certain Measures of Performance

This news release discloses certain financial performance measures, including "total cash costs per ounce", "all-in sustaining costs per ounce", "minesite costs per tonne", "net debt", "adjusted net income", "adjusted net income per share", "sustaining capital expenditures", "development capital expenditures" and "operating margin" that are not standardized measures under IFRS. These measures may not be comparable to similar measures reported by other gold mining companies. For a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS, other than adjusted net income, see "Reconciliation of Non-GAAP Financial Performance Measures" below.

The total cash costs per ounce of gold produced also referred to as "total cash cost per ounce" is reported on both a by-product basis (deducting by-product metal revenues from production costs) and co-product basis (without deducting by-product metal revenues). The total cash costs per ounce of gold produced on a by-product basis is calculated by adjusting production costs as recorded in the consolidated statements of income (loss) for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions to inventory accounting, realized gains and losses on hedges of production costs, operational care and maintenance costs due to COVID-19 and other adjustments, which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of the Canadian Malartic complex, a 2% in-kind royalty paid in respect of the Detour Lake mine, a 1.5% in-kind royalty paid in respect of the Macassa mine, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Certain line items such as operational care and maintenance costs due to COVID-19 and realized gains and losses on hedges of production costs were previously classified as "other adjustments" and are now disclosed separately to provide additional detail on the reconciliation, allowing investors to better understand the impacts of such events on the cash operating costs per ounce and minesite costs per tonne. In addition, given the extraordinary nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measure to reflect the cash generating capabilities of the Company's operations, the calculation of total cash costs per ounce for the Detour, Macassa and Fosterville mines have been adjusted for this purchase price allocation in the comparative period data and for the Canadian Malartic complex in the three and six months ended June 30, 2023. The total cash costs per ounce of gold produced on a co-product basis is calculated in the same manner as the total cash costs per ounce of gold produced on a by-product basis, except that no adjustment is made for by-product metal revenues. Accordingly, the calculation of total cash costs per ounce of gold produced on a co-product basis does not reflect a reduction in production costs or smelting, refining and marketing charges associated with the production and sale of by-product metals. The total cash costs per ounce of gold produced is intended to provide information about the cash-generating capabilities of the Company's mining operations. Management also uses these measures to, and believes they are helpful to investors so investors can, understand and monitor the performance of the Company's mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the total cash costs per ounce of gold produced on a by-product basis measure allows management and investors to assess a mine's cash-generating capabilities at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in exchange rates and, in the case of total cash costs per ounce of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider, these measures in conjunction with minesite costs per tonne as well as other data prepared in accordance with IFRS. Management also performs sensitivity analysis in order to quantify the effects of fluctuating metal prices and exchange rates. Investors should note that total cash costs per ounce are not reflective of all cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures also do not include depreciation or amortization.

Agnico Eagle's primary business is gold production and the focus of its current operations and future development is on maximizing returns from gold production, with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.

In this press release, unless otherwise indicated, total cash costs per ounce of gold produced is reported on a by-product basis. Total cash costs per ounce of gold produced is reported on a by-product basis because (i) the majority of the Company's revenues are from gold, (ii) the Company mines ore, which contains gold, silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver, zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board of Directors to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis. Investors should also consider these measures in conjunction with other data prepared in accordance with IFRS.

In this press release, unless otherwise indicated, all-in sustaining costs per ounce of gold produced is reported on a by-product basis. All-in sustaining costs per ounce of gold produced (also referred to as "all-in sustaining costs per ounce") on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce of gold produced on a co-product basis is calculated in the same manner as the AISC per ounce of gold produced on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. AISC per ounce seeks to reflect total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of total cash costs per ounce and AISC of gold produced on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with minesite costs per tonne as well as other data prepared in accordance with IFRS. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments. This measure also does not include depreciation or amortization.

The World Gold Council ("WGC") is a non-regulatory market development organization for the gold industry. Although the WGC is not a mining industry regulatory organization, it has worked closely with its member companies to develop relevant non-GAAP measures. The Company follows the guidance on all-in sustaining costs released by the WGC in November 2018. Adoption of the AISC metric is voluntary and, notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce of gold produced reported by the Company may not be comparable to data reported by other gold mining companies. The Company believes that this measure provides helpful information about operating performance. However, this non-GAAP measure should be considered together with other data prepared in accordance with IFRS as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of income (loss) for inventory production costs, operational care and maintenance costs due to COVID-19, and other adjustments, and then dividing by tonnage of ore processed. As the total cash costs per ounce of gold produced can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes, and investors should note, that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations, eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note, that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially mitigated by using this measure in conjunction with production costs prepared in accordance with IFRS.

Net debt is calculated by adjusting the total of the current portion of long-term debt and non-current long-term debt as recorded on the consolidated balance sheet for deferred financing costs and cash and cash equivalents. Management believes the measure of net debt is useful to help investors to determine the Company's overall debt position and to evaluate future debt capacity of the Company.

Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the consolidated statements of income (loss) for the effects of certain non-recurring, unusual and other items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted net income is calculated by adjusting net income for foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, revaluation gain, impairment loss charges and reversals, environmental remediation, severance and transaction costs related to acquisitions, purchase price allocations to inventory, income and mining taxes adjustments as well as other items (which includes changes in estimates of asset retirement obligations at closed sites and gains and losses on the disposal of assets, self-insurance losses, multi-year donations and integration costs). Adjusted net income per share is calculated by dividing adjusted net income by the number of shares outstanding on a basic and diluted basis. The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income generating capabilities from its core mining business, excluding the above adjustments, which are not reflective of operational performance. Management uses this measure to, and believes it is helpful to investors so they can, understand and monitor for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the consolidated financial statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure that represents the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. This measure is intended to provide investors with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS.

Capital expenditures are classified into sustaining capital expenditures and development capital expenditures. Sustaining capital expenditures are expenditures incurred during the production phase to sustain and maintain the existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures represents the spending at new projects and/or expenditure at existing operations that is undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS and other companies may classify expenditures in a different manner.

This news release also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based upon the total cash costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure.

Forward-Looking Statements

The information in this news release has been prepared as at July 26, 2023. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this news release, the words "achieve", "aim", "anticipate", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "schedule", "target", "tracking", "will", and similar expressions are intended to identify forward-looking statements. Such statements include, without limitation: the Company's forward-looking guidance, including metal production, estimated ore grades, statements regarding or relating to recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at Kittila, the AK deposit and Upper Beaver; the estimated timing and conclusions of technical studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour, Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and commissioning thereof and production therefrom; the Company's plans at the Hope Bay project; statements about the Company's plans at the Wasamac project; statements concerning other expansion projects, recovery rates, mill throughput, optimization and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; anticipated cost inflation and its effect on the Company's costs and results; estimates of mineral reserves and mineral resources and the effect of drill results on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing thereof; operations at and expansion of the Kitilla mine following the decision of the Finish courts and administrative bodies; future exploration; the anticipated timing of events with respect to the Company's mine sites; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company's unsecured revolving bank credit facility and the Term Loan Facility; the NCIB; future dividend amounts and payment dates; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management's discussion and analysis ("MD&A") and the Company's Annual Information Form ("AIF") for the year ended December 31, 2022 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2022 ("Form 40-F") filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the environmental and water permits granted for the Kittila mine are restored by the SAC in its final decision and the decisions of the Finish courts and administrative bodies have no material impact on the Kittila mine's operations; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be consistent with Agnico Eagle's expectations; the ability to realize the anticipated benefits of the Merger or implementing the business plan for the combined company, including as a result of difficulty in integrating the businesses of the companies involved; the ability to realize synergies from the Merger and Yamana Transaction and cost savings at the times, and to the extent, anticipated; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take additional measures in response to the COVID-19 pandemic or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business; that cautionary measures taken in connection with the COVID-19 pandemic do not affect productivity; and that measures taken relating to, or other effects of, the COVID-19 pandemic do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including the LaRonde complex and Goldex mine; mining risks; community protests, including by First Nations groups; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the ability to realize the anticipated benefits of the Merger or implementing the business plan for Agnico Eagle following the Merger, including as a result of a delay or difficulty in integrating the businesses of the companies involved; the ability to realize the anticipated benefits of the Yamana Transaction; the ability to realize the anticipated benefits of the San Nicolás transaction; the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19 may affect the Company, whether directly or through effects on employee health, workforce productivity and availability (including the ability to transport personnel to fly-in/fly-out camps), travel restrictions, contractor availability, supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for the Company's operations and projects or other aspects of the Company's business; and uncertainties with respect to the effect on the global economy associated with the COVID-19 pandemic and measures taken to reduce the spread of COVID-19, any of which could negatively affect financial markets, including the trading price of the Company's shares and the price of gold, and could adversely affect the Company's ability to raise capital. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF and MD&A filed on SEDAR at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Notes to Investors Regarding the Use of Mineral Resources

The mineral reserve and mineral resource estimates contained in this news release have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Effective February 25, 2019, the SEC's disclosure requirements and policies for mining properties were amended to more closely align with current industry and global regulatory practices and standards, including NI 43-101. However, Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS"), such as the Company, may still use NI 43-101 rather than the SEC disclosure requirements when using the SEC's MJDS registration statement and annual report forms. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies.

Investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable.

Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.

The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a subset of mineral resources.

Scientific and Technical Information

The scientific and technical information contained in this news release relating to Nunavut, Quebec and Finland operations has been approved by Dominique Girard, Eng., Executive Vice President & Chief Operating Officer – Nunavut, Quebec & Europe; relating to Ontario, Australia and Mexico operations has been approved by Natasha Vaz, Executive Vice President & Chief Operating Officer – Ontario, Australia & Mexico; relating to exploration has been approved by Guy Gosselin, Eng. and P.Geo., Executive Vice President, Exploration; and relating to mineral reserves and mineral resources has been approved by Dyane Duquette, P.Geo., Vice President, Mineral Resources Management, each of whom is a "Qualified Person" for the purposes of NI 43-101.

Assumptions used for the December 31, 2022 mineral reserve and mineral resource estimates reported by the Company

1 Exceptions: US$1,350 per ounce of gold used for Hope Bay and Hammond Reef; US$1,250 per ounce of gold used for Akasaba West; US$1,200 per ounce of gold and US$2.75 per pound of copper used for Upper Beaver

1 Detour, Macassa, Fosterville, Northern Territory 

2 LaRonde, LZ5, Goldex, Amaruq, Meliadine, Kittila, La India, Pinos Altos 

3 Hope Bay, Anoki-McBean, Hammond Reef, Chipriona, Tarachi, Santa Gertrudis 

4 Chipriona, Santa Gertrudis

5 Exceptions: US$1,667 per ounce of gold used for Canadian Malartic, Odyssey, Akasaba West, Upper Canada, El Barqueno Gold; US$1,533 per ounce of gold used for Barsele; US$500 per ounce of gold used for Aquarius. US$22.67 per ounce of silver El Barqueno Silver

1 Exceptions: exchange rate of CAD$1.25 per US$1.00 used for Upper Beaver, Upper Canada and Holt complex, Detour Zone 58N; CAD$1.11 per US$1.00 used for Aquarius; US$1.00 per EUR $1.15 used for Barsele

The above metal price assumptions are below the three-year historic gold and silver price averages (from January 1, 2020 to December 31, 2022) of approximately $1,790 per ounce and $22.48 per ounce, respectively.

Mineral reserves are reported exclusive of mineral resources. Tonnage amounts and contained metal amounts set out in this table have been rounded to the nearest thousand, so may not aggregate to equal column totals. Mineral reserves are in-situ, taking into account all mining recoveries, before mill or heap leach recoveries. Underground mineral reserves and measured and indicated mineral resources are reported within mineable shapes and include internal and external dilution. Inferred mineral resources are reported within mineable shapes and include internal dilution. Mineable shape optimization parameters may differ for mineral reserves and mineral reserves.

The mineral reserves and mineral resources tonnages reported for silver, copper and zinc are a subset of the mineral reserves and mineral resources tonnages for gold. The Company's economic parameters follow the method accepted by the SEC by setting the maximum price allowed to be no more than the lesser of the three-year moving average and current spot price, which is a common industry standard. Given the current commodity price environment, Agnico Eagle continues to use more conservative gold and silver prices.

NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the subcategories of "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A mineral reserve is the economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of modifying factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The mineral reserves presented in this news release are separate from and not a portion of the mineral resources.

Modifying factors are considerations used to convert mineral resources to mineral reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

A proven mineral reserve is the economically mineable part of a measured mineral resource. A proven mineral reserve implies a high degree of confidence in the modifying factors. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, a measured mineral resource. The confidence in the modifying factors applying to a probable mineral reserve is lower than that applying to a proven mineral reserve.

A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with confidence sufficient to allow the application of modifying factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

Investors are cautioned not to assume that part or all of an inferred mineral resource exists, or is economically or legally mineable.

A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable modifying factors, together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a pre-feasibility study.

Additional Information

Additional information about each of the Company's material mineral projects as at June 30, 2023, including information regarding data verification, key assumptions, parameters and methods used to estimate mineral reserves and mineral resources and the risks that could materially affect the development of the mineral reserves and mineral resources required by sections 3.2 and 3.3 and paragraphs 3.4(a), (c) and (d) of NI 43-101 can be found in the Company's AIF and MD&A filed on SEDAR each of which forms a part of the Company's Form 40-F filed with the SEC on EDGAR and in the following technical reports filed on SEDAR in respect of the Company's material mineral properties: NI 43-101 Technical Report of the LaRonde complex in Québec, Canada (March 24, 2023); NI 43-101 Technical Report Canadian Malartic Mine, Québec, Canada (March 25, 2021); Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017 (February 14, 2018); the Updated Technical Report on the Meliadine Gold Project, Nunavut, Canada (February 11, 2015); the Detour Lake Operation, Ontario, Canada NI 43-101 Technical Report as at July 26, 2021 (October 15, 2021); and the Updated NI 43-101 Technical Report Fosterville Gold Mine in the State of Victoria, Australia as at December 31, 2018 (April 1, 2019).

APPENDIX

Recent selected exploration drill results from South Zone and W Zone at Goldex

*Results from South Zone and W Zone at Goldex use capping factors of 60 g/t gold and 50 g/t gold, respectively.

EXPLORATION DRILL COLLAR COORDINATES