Exhibit 99.1

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

AGNICO EAGLE REPORTS FIRST QUARTER 2024 RESULTS – STRONG QUARTERLY GOLD PRODUCTION AND COST PERFORMANCE DRIVE RECORD QUARTERLY FREE CASH FLOW; 2023 SUSTAINABILITY REPORT RELEASED

Toronto (April 25, 2024) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the first quarter of 2024.

"Building on a very strong close to 2023, we are reporting our second consecutive quarter of record operating margins and record free cash flow, on the back of solid operational and cost performance. With this strong start to the year, we are well positioned to achieve our production and cost guidance for 2024," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "During the quarter, we continued to advance our key value drivers and project pipeline, and our exploration program yielded significant results at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our balance sheet in the quarter and our focus remains on capital discipline and cost control, while investing in our projects pipeline and providing returns to shareholders," added Mr. Al-Joundi.

First quarter 2024 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 in this news release, unless otherwise specified, is reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation of total cash costs to production costs on both a byproduct and a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

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

4 Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

5 Cash provided by operating activities before changes in non-cash working capital balances, free cash flow and free cash flow before changes in non-cash working capital balances are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

First Quarter 2024 Results Conference Call and Webcast Tomorrow

Agnico Eagle's senior management will host a conference call on Friday, April 26, 2024 at 8:30 AM (E.D.T.) to discuss the Company's 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 URL Entry:

To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3Rvps04 to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator (see "Via Telephone" details below).

Via Telephone:

For those preferring to listen by telephone, please dial 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.

Replay Archive:

Please dial 416.764.8677 or toll-free 1.888.390.0541, access code 505445#. The conference call replay will expire on May 26, 2024.

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

Annual Meeting

The Company will host its Annual and Special Meeting of Shareholders (the "AGM") on Friday, April 26, 2024 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.

The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8th Floor, Toronto, Ontario, M5H 2Y4 and online at: https://meetnow.global/MFJPVMP.

For details explaining how to attend, communicate and vote virtually at the AGM please see the Company's Management Information Circular dated March 22, 2024, filed under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone at 1.888.822.6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1.877.452.7184 (toll free in North America), at 1.416.304.0211 (for collect calls outside of North America) or by e-mail at assistance@laurelhill.com.

First Quarter 2024 Production and Costs

Production and Cost Results Summary*

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

Gold Production

Gold production increased in the first quarter of 2024 when compared to the prior-year period primarily due to additional production from the acquisition of the remaining 50% of the Canadian Malartic complex following the closing of the acquisition of the Canadian assets of Yamana Gold Inc. (the "Yamana Transaction") and higher production from the Meadowbank complex, partially offset by lower production at the Fosterville mine.

Production Costs per Ounce

Production costs per ounce increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher production costs at most mine sites resulting from inflation, combined with the impact of the timing of inventory sales and lower production at the LaRonde complex, a lower build-up of ore stockpiles, lower gold production at the Detour Lake mine and the timing of inventory sales at the Meliadine mine, partially offset by higher gold production and lower production costs at the Meadowbank complex.

Total Cash Costs per Ounce

Total cash costs per ounce increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher operating costs at most mine sites resulting from inflation, higher royalties arising from higher gold prices and gold production, and the impact of lower gold grades at the LaRonde complex, the Detour Lake mine and the Fosterville mine due to mining sequence, partially offset by higher gold production and lower production costs at the Meadowbank complex.

AISC per Ounce

AISC per ounce increased in the first quarter of 2024 when compared to the prior-year period due to higher total cash costs per ounce and higher sustaining capital expenditures during the period associated with the acquisition of the remaining 50% of the Canadian Malartic complex, partially offset by higher production.

AISC per ounce in the first quarter of 2024 was lower than expected primarily as a result of the deferral of certain sustaining capital expenditures at the Detour Lake mine to later in 2024. AISC per ounce is expected to be higher in the remainder 2024 as the Company still expects company-wide AISC per ounce for the full year 2024 to be in the range of $1,200 to $1,250 per ounce.

First Quarter 2024 Financial Results

Financial Results Summary  

Net Income

In the first quarter of 2024, net income was $347.2 million ($0.70 per share). This result includes the following items (net of tax): derivative losses on financial instruments of $29.2 million ($0.05 per share), net asset disposal losses of $2.6 million ($0.01 per share), foreign exchange gains of $4.5 million ($0.01 per share), and foreign currency translation losses on deferred tax liabilities and various other adjustments totaling $3.0 million ($0.01 per share).

Excluding the above items results in adjusted net income of $377.5 million or $0.76 per share for the first quarter of 2024. Included in the first quarter of 2024 net income, and not adjusted above, is a non-cash stock option expense of $4.2 million ($0.01 per share).

Net income of $347.2 million in the first quarter of 2024 decreased when compared to net income of $1,816.9 million in the prior-year period primarily due to the recognition of a $1,543.4 million remeasurement gain on the 50% of the Canadian Malartic complex that the Company owned prior to the Yamana Transaction in the prior-year period, partially offset by higher revenues from higher gold sales and higher realized gold prices in the current period.

6 Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. 

7 For the first quarter of 2023, includes a $1.5 billion revaluation gain on the 50% interest the Company owned in the Canadian Malartic complex prior to the Yamana Transaction on March 31, 2023. 

8 "EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below. 

9 Includes capitalized exploration

Adjusted EBITDA

Adjusted EBITDA increased in the first quarter of 2024 when compared to the prior-year period primarily due to record operating margins10 from higher gold sales and higher realized gold prices, partially offset by higher production costs.

Cash Provided by Operating Activities

Cash provided by operating activities and cash provided by operating activities before changes in non-cash working capital balances both increased in the first quarter of 2024 when compared to the prior-year period primarily due to higher revenues from higher gold sales and higher realized gold prices, partially offset by higher production costs.

Free Cash Flow Before Changes in Non-Cash Working Capital Balances

Free cash flow before changes in non-cash working capital balances was a record in the first quarter of 2024 and increased when compared to the prior-year period primarily due to the reasons described above in respect of cash provided by operating activities, partially offset by higher capital expenditures.

10 Operating margin is a non-GAAP measure that is not a standardized measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to net income see "Summary of Operations Key Performance Indicators" and "Note Regarding Certain Measures of Performance", respectively, below.

Capital Expenditures

The capital expenditures in the first quarter of 2024 were lower than forecast primarily due to the deferral of certain sustaining capital expenditures at Detour Lake mine to later in 2024. Total expected capital expenditures (including capitalized exploration) remain in line with guidance for the full year 2024.

The following table sets out a summary of capital expenditures (including sustaining capital expenditures11 and development capital expenditures11) and capitalized exploration in the first quarter of 2024.

Summary of Capital Expenditures

($ thousands)

* Excludes capitalized exploration

11 Sustaining capital expenditures and development capital expenditures are non-GAAP measures that are not standardized financial measures under IFRS. For a discussion of the composition and usefulness of these non-GAAP measures and a reconciliation to additions to property, plant and mine development per the consolidated statements of cash flows, see "Reconciliation of Non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

2024 Guidance Reiterated

The Company is well positioned to achieve its 2024 gold production guidance of approximately 3.35 to 3.55 million ounces, its 2024 total cash costs per ounce guidance of $875 to $925 and its 2024 AISC per ounce guidance of $1,200 to $1,250.

Total expected capital expenditures (excluding capitalized exploration) for 2024 are still estimated to be between $1.6 billion to $1.7 billion.

Strong Cash Flow Generation Enhances Investment Grade Balance Sheet Alongside Continued Commitment to Shareholder Returns

As at March 31, 2024, the Company's long-term debt was $1,841.0 million, consistent with the prior quarter. No amounts were outstanding under the Company's unsecured revolving bank credit facility as at March 31, 2024.

Cash and cash equivalents increased by $186.0 million when compared to the prior quarter primarily due to higher cash provided by operating activities as a result of higher revenues from higher gold sales and higher realized gold prices, and lower capital expenditures.

The following table sets out the calculation of net debt12, which decreased by $188.1 million when compared to the prior quarter primarily as a result of higher cash and cash equivalents.

Net Debt Summary

($ millions)

In order to maintain financial flexibility, and consistent with past practice, the Company intends to file a new base shelf prospectus in the second quarter of 2024. The Company has no present intention to offer securities pursuant to the new base shelf prospectus. The notice set out in this paragraph does not constitute an offer of any securities for sale or an offer to sell or the solicitation of an offer to buy any securities.

Credit Facility and Credit Rating

As at March 31, 2024, available liquidity under the Company's new unsecured revolving bank credit facility (as further described below) was approximately $2.0 billion, not including the uncommitted $1.0 billion accordion feature.

On February 12, 2024, the Company replaced its $1.2 billion unsecured revolving bank credit facility with a new $2.0 billion unsecured revolving bank credit facility, including an increased uncommitted accordion feature of $1.0 billion, and having a maturity date of February 12, 2029. In addition to the increased size and extended term of the new unsecured revolving bank credit facility, the new credit facility includes enhancements to its terms and conditions more in line with the Company's credit profile and improves its financial flexibility and strengthens its financial position. At the same time, the Company's $600.0 million term loan was amended to align the terms and conditions with the new unsecured revolving credit facility.

12 Net debt is a non-GAAP measure that is not a standardized financial measure under IFRS. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to long-term debt, see "Reconciliation of non-GAAP Financial Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

On March 28, 2024, Moody’s Ratings upgraded the Company’s investment grade credit rating to Baa1 with a Stable Outlook recognizing the Company’s financial strength and stability. In addition, Fitch has provided an investment grade credit rating of BBB+ (Stable Outlook). These ratings underscore the Company's strong business and credit profile, with low leverage and conservative financial policies, and recognize the benefits of the Company's size and scale and operations in favourable mining jurisdictions. The Company remains committed to maintaining a strong financial position and an investment grade balance sheet.

Hedges

Approximately 72% of the Company's remaining estimated Canadian dollar exposure for 2024 is hedged at an average floor price providing protection above 1.34 C$/US$. Approximately 25% of the Company's remaining estimated Euro exposure for 2024 is hedged at an average floor price providing protection below 1.10 US$/EUR. Approximately 69% of the Company's remaining Australian dollar exposure for 2024 is hedged at an average floor price providing protection above 1.46 A$/US$. The Company does not currently hedge its exposure to the Mexican peso. The Company's full year 2024 cost guidance is based on assumed exchange rates of 1.34 C$/US$, 1.10 US$/EUR, 1.45 A$/US$ and 16.50 MXP/US$.

Including the diesel purchased for the Company's Nunavut operations that was delivered in the 2023 sealift, approximately 46% of the Company's remaining estimated diesel exposure for 2024 is hedged at an average benchmark price of $0.72 per litre (excluding transportation and taxes), which is expected to reduce the Company's exposure to diesel price volatility in 2024. The Company's full year 2024 cost guidance is based on an assumed diesel benchmark price of $0.80 per litre (excluding transportation and taxes).

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. Hedging positions are not factored into 2024 or future guidance.

Shareholder Returns

Dividend Record and Payment Dates for the Second Quarter of 2024

Agnico Eagle's Board of Directors has declared a quarterly cash dividend of $0.40 per common share, payable on June 14, 2024 to shareholders of record as of May 31, 2024. Agnico Eagle has declared a cash dividend every year since 1983.

Expected Dividend Record and Payment Dates for the 2024 Fiscal Year

*Paid 

**Declared

Normal Course Issuer Bid

In addition to the quarterly dividend, the Company believes that its NCIB provides a flexible and complementary tool as part of the Company's overall capital allocation program and that it generates value for shareholders. In the first quarter of 2024, the Company repurchased 375,000 common shares for an aggregate of $19.9 million under the NCIB. The NCIB permits the Company to purchase up to $500.0 million of its common shares subject to a maximum of 5% of its issued and outstanding common shares. Purchases under the NCIB may continue for up to one year from the commencement day on May 4, 2023.

The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms. Additional details will be provided at the time of the renewal.

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.

2023 Sustainability Report Illustrates Continued Commitment to Strong ESG Performance and Transparency

On April 25, 2024, the Company released its 2023 Sustainability Report (the "Report") which provides an update on the Company's strategy, practices and risk management approach in the key areas of health and safety, ESG and the sustainability performance of mining operations.

This marks the 15th year that the Company has produced a detailed account of its ESG performance. The Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, is aligned with the Task Force on Climate Related Financial Disclosures (TCFD) and includes additional mining industry specific indicators from the Sustainability Accounting Standards Board (SASB) Metals and Mining disclosures and metrics.

The theme of the Report, "Global Approach, Regional Focus", reflects the Company's commitment that, as the Company expands and evolves as an organization, it remains deeply rooted in and committed to the regions in which it operates.

The Company aims to be a partner of choice within the mining industry by:

The Company's 2023 Sustainability Report can be accessed here.

Update on Key Value Drivers and Pipeline Projects

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

Odyssey Project

In the first quarter of 2024, underground development continued to exceed targets. At the main ramp, the Company achieved a lateral development rate of 167 metres per month, exceeding the target rate of 140 metres per month. The ramp reached the first production level of East Gouldie (level 75) in February 2024, ahead of schedule, and, as at March 31, 2023, the ramp was at a depth of 765 metres.

In terms of total underground development, a record 1,259 metres was achieved at the Odyssey project in March 2024. Equipment remotely tele-operated from the surface (scoops, jumbos and cable bolters) continued to drive overall development productivity gains. Autonomous trucks, tested in the first quarter of 2024, are expected to further support the development and production performance. The Company continued to develop the main ventilation system at the Odyssey project, with the completion of the future exhaust raise between levels 36 and 54.

Shaft sinking activities were more productive during the quarter. In the first quarter of 2024, the average conventional sinking rate was 1.8 metres per day, a 64% improvement when compared to the fourth quarter of 2023, and the overall sinking rate was 2.4 metres per day when factoring the pre-sinking of the shaft between levels 26 and 36. The second pre-sink leg of the shaft was extended by 20 metres and will now be between levels 54 and 66. The pre-sinking of this leg is expected to be completed in the second quarter of 2024. As at March 31, 2024, the shaft had reached a depth of approximately 452 metres. The Company still expects to complete excavation of the shaft in 2027.

The temporary loading station, previously planned at level 102, will now be built at level 64. The service hoist that will be connected to the temporary loading pocket will support the transportation of people, materials and waste to and from Level 64. The change in design is expected to provide several advantages: (i) the loading station will be developed and built from the ramp rather than from the shaft, which is expected to simplify and accelerate the construction and lower the costs; (ii) the temporary loading station and service hoist are now expected to be operational by mid-2025, six months earlier than previously planned; and (iii) the hoisting capacity is expected to increase from 2,000 tpd to 3,500 tpd as a result of the shorter hoisting cycle, which is expected to reduce the haul truck requirement in years 2025 to 2027. Level 64 is also where the ramps to the East Gouldie, Odyssey North and Odyssey South deposits are planned to connect.

Surface construction progressed as planned and on budget in the first quarter of 2024. Key areas of focus included the main hoist building, phase 2 of the paste plant to expand capacity to 20,000 tpd and the operational complex. At the main hoist building, the installation of the interior architecture, the HVAC and main electrical systems is ongoing. The mechanical and electrical components for the service hoists were delivered and the hoist concrete foundation was completed in the first quarter of 2024. The conceptual engineering for the paste plant expansion is expected to be completed in the second quarter of 2024. The bids for the construction of the operational complex were received and the selected turnkey contractor is expected to mobilize on site in the third quarter of 2024. The construction of the operational complex is expected to be completed by the end of 2025.

Exploration drilling at the Odyssey mine totalled 29,395 metres during the first quarter of 2024 with 11 drill rigs in operation.

At the East Gouldie deposit, gold mineralization continued to be intersected outside of the current mineral resource envelope with highlight hole MEX23-309 returning 4.5 g/t gold over 30.0 metres at 1,162 metres depth, including 8.0 g/t gold over 6.5 metres at 1,156 metres depth, in an intersection located 1,060 metres east of current mineral reserves. In an intersection located 420 metres east of the lower portion of the East Gouldie mineral reserves, hole MEX23-310Z returned 3.1 g/t gold over 32.8 metres at 1,556 metres depth, including 6.5 g/t gold over 4.8 metres at 1,558 metres depth. In the western extension of the East Gouldie mineralized envelope, hole MEX23-304W intersected 3.3 g/t gold over 14.6 metres at 1,246 metres depth and approximately 240 metres west of the East Gouldie inferred mineral resources.

These holes demonstrate the potential to add inferred mineral resources laterally to the east and to the west at East Gouldie with further drilling into these extensions of mineralization.

Selected recent drill intercepts from the Odyssey mine are set out in the table and composite longitudinal section below.

*Results from East Gouldie use a capping factor of 20 g/t gold In the first quarter of 2024, the mill continued to show improved performance when compared to the prior year period.

[Odyssey mine – Composite Longitudinal Section]

Detour Lake Mine

The throughput rate was approximately 71,451 tpd, the highest for a first quarter period when mill operations can be affected by the colder temperatures. During the quarter, the process optimization initiatives remained focused on optimizing grinding efficiency and on improving the load balance between the SAG mills and the ball mills.

New instrumentation was installed in the SAG mill (known as "mill slicer"), which is expected to improve the control of the load balance between the SAG mills and the ball mills. These instruments are already in use at the Goldex and Canadian Malartic mills. Trials with new screen panel and grate configuration for the SAG discharge were carried out during the quarter and additional trials are planned in the second and third quarters of 2024. New liners for the secondary crushers were also tested during the quarter and yielded favourable results in terms of lifespan which should help reduce downtime at the secondary crushers. Further testing of these liners is planned in the second and third quarters of 2024. Other initiatives that are expected to improve mill throughput in 2024 include the installation of a ball mill discharge grizzly in one of the lines and the scalping screens.

The Company still expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized rate of approximately 28 million tonnes per annum) by the end of 2024.

In the first quarter of 2024, the Company continued to advance an internal evaluation of underground mining scenarios and expects to provide an update on the project in the second quarter of 2024. With the update, the Company will present the proposed next steps to de-risk and optimize the project.

Exploration drilling at Detour Lake during the first quarter totalled 58,000 metres in the West Pit and West Pit Extension with a focus on infill drilling in the shallow portion of the West Pit Extension at underground depths immediately west of the West Pit mineral resources and near the potential exploration ramp for the Underground Project.

Recent highlights from infill drilling include: hole DLM23-818 returning 3.9 g/t gold over 25.4 metres at 369 metres depth, approximately 200 metres west of the West Pit mineral resource; hole DLM23-775 returning 5.4 g/t gold over 16.6 metres at 307 metres depth, approximately 350 metres west of the West Pit mineral resource; and hole DLM23-805 returning 3.4 g/t gold over 29.4 metres at 562 metres depth, approximately 750 metres west of the West Pit mineral resource.

Selected recent drill intercepts from the Detour Lake mine are set out in the table, plan map and composite longitudinal section below.

*Results from Detour Lake are uncapped.

[Detour Lake – Plan Map and Composite Longitudinal Section]

Optimization of Other Assets and Infrastructure in the Abitibi Region

At Macassa, the development of the Amalgamated Kirkland ("AK") deposit is on track for initial production in the fourth quarter of 2024. At Upper Beaver, the Company is concluding a trade-off analysis on processing options and expects to provide an update of the project and next steps at mid-year 2024. At Wasamac, the Company continues to advance its stakeholder engagement initiatives, while assessing the optimal mining rate and processing options.

Hope Bay – Step-Out Drilling Continues to Extend Madrid's High-Grade Patch 7 Zone at Depth and Laterally

Exploration drilling at Hope Bay during the first quarter of 2024 totalled 30,600 metres and returned strong results in the Gap area between the Patch 7 and Suluk zones of the Madrid deposit.

Drilling targeted an area in Patch 7 between previously reported hole HBM23-143, which intersected 16.3 g/t gold over 28.6 metres at 445 metres depth (see the news release dated February 15, 2024, with the depth value revised in this new release), and hole HBM23-105, which intersected 10.0 g/t gold over 14.0 metres at 677 metres depth (see the news release dated July 26, 2023).

Recent highlights from this area include hole HBM24-171, which intersected 20.8 g/t gold over 17.7 metres at 461 metres depth, including 29.1 g/t gold over 9.5 metres at 466 metres depth, 90 metres north and down-dip from hole HBM23-143; and hole HBM-174, which intersected 14.1 g/t gold over 16.4 metres at 480 metres depth, including 27.2 g/t gold over 6.7 metres at 476 metres depth, 66 metres north and down-dip from hole HBM23-143.

At greater depth, hole HBM24-160 intersected 11.5 g/t gold over 18.8 metres at 573 metres depth, 165 metres north and down-dip from hole HBM23-143, demonstrating the continuity of potentially economic mineralization between holes HBM24-160 and HBM23-143 over at least 165 metres.

With this emerging new mineralized area so far showing grades and thicknesses greater than average for the Madrid deposit, the Company's objective is to intensify drilling in this area for the rest of the year as this area could have a positive impact on mining scenarios for potential project redevelopment.

Selected recent drill intercepts from the Madrid deposit are set out in the table and composite longitudinal section below.

*Results from Madrid deposit at Hope Bay use a capping factor of 50 g/t gold. 

**Previously released, with the depth values for hole HBM23-143 revised in this news release.

[Madrid Deposit at Hope Bay – Composite Longitudinal Section]

San Nicolás Copper Project

In January 2024, Minas de San Nicolás submitted their MIA-R permit application (Environmental Impact Assessment) and continued engagement with government and stakeholders in support of permit review. In addition, the Minas de San Nicolás team continued to advance feasibility study work, with plans to initiate detailed engineering in the first half of 2025. Project approval would be expected to follow, subject to receipt of permits and the results of the feasibility study.

ABITIBI REGION, QUEBEC

LaRonde Complex – Automation Initiatives at LZ5 Continue to Yield Higher Productivity; Gold Production Affected by Lower Grades

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

13 Minesite costs per tonne is a non-GAAP measure that is not standardized under IFRS and is reported on a per tonne of ore milled basis. For a description of the composition and usefulness of this non-GAAP measure and a reconciliation to production costs see "Reconciliation of Non-GAAP Performance Measures" and "Note Regarding Certain Measures of Performance", respectively, below.

Canadian Malartic Complex – Record Quarterly Gold Production Driven by Higher Tonnage Milled and Higher Gold Grades from Odyssey; Odyssey Ramp Development Reached the Top of the East Gouldie Deposit

* Gold production reflects Agnico Eagle's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter. Tonnage of ore milled is reported on a 100% basis for both periods.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Goldex Complex – Akasaba West Project Achieves Commercial Production; Initial Production from Deep 2 Zone on Track for Second Quarter

Commercial production was achieved at the Akasaba West project on February 1, 2024. The ore from Akasaba is hauled and processed at the Goldex mill. The Goldex mine and the Akasaba mine now form the Goldex complex.

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

ABITIBI REGION, ONTARIO

Detour Lake – Record Quarterly Tonnes Mined; Continued Mill Improvement Year-Over-Year ; Gold Production Affected by Lower Grades and Lower Mill Recovery

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Macassa – Record Quarterly Mill Throughput; Strong Operational Performance Driven by Higher Productivity from Continued Workforce Ramp-Up and Improved Equipment Availability

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

NUNAVUT

Meliadine Mine – Record Monthly Throughput and Ore Haulage Performance in January 2024

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

Meadowbank Complex – Record Quarterly Mill Throughput

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

AUSTRALIA

Fosterville – Quarterly Gold Production in Line with Plan; Work on Ventilation Upgrade Continues to Advance

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

FINLAND

Kittila – Annual Autoclave Maintenance Completed as Planned; Gold Production on Target; Positive Exploration Results Continue to Demonstrate Expansion Potential of Main Zone and Sisar Zone

Gold Production

Production Costs

Minesite and Total Cash Costs

Highlights

MEXICO

Pinos Altos – Solid Performance at Reyna de Plata Pit Drives Quarterly Production

Gold Production

Production Costs

Minesite and Total Cash Costs

La India – Residual Leaching to Continue Through Year-End 2024

Gold Production

Costs

About Agnico Eagle

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, 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 and ratios, including "total cash costs per ounce", "all-in sustaining costs per ounce", "adjusted net income", "adjusted net income per share", "cash provided by operating activities before changes in non-cash working capital balances", "cash provided by operating activities before changes in non-cash working capital balances per share", "earnings before interest, taxes, depreciation and amortization" (also referred to as EBITDA), "adjusted EBITDA", "free cash flow", "free cash flow before changes in non-cash working capital balances", "operating margin", "sustaining capital expenditures", "development capital expenditures", "net debt" and "minesite costs per tonne" 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, see "Reconciliation of Non-GAAP Financial Performance Measures" below.

Total cash costs per ounce

Total cash costs per ounce is reported on both a by-product basis (deducting by-product metal revenues from production costs) and calculated on a per ounce of gold produced basis and co-product basis (without deducting by-product metal revenues). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the consolidated statements of (loss) income for by-product revenues, inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on 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. 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.

Total cash costs per ounce on a co-product basis is calculated in the same manner as the total cash costs per ounce 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 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.

Total cash costs per ounce is intended to provide investors 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 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 on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of fluctuating metal prices and exchange rates.

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.

Unless otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce 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.

All-in sustaining costs per ounce

All-in sustaining costs per ounce (also referred to as "AISC 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 on a co-product basis is calculated in the same manner as the AISC per ounce 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. 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, nor does it include non-cash expenditures, such as depreciation and amortization. Unless otherwise indicated, all-in sustaining costs per ounce is reported on a byproduct basis (see “Total cash costs per ounce” for a discussion of regarding the Company's use of by-product basis reporting).

Management believes that AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides helpful information about operating performance. 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 AISC per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.

Adjusted net income and adjusted net income per share

Adjusted net income is calculated by adjusting the net income as recorded in the consolidated statements of income for the effects of certain 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 items such as 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, integration costs, purchase price allocations to inventory, self-insurance losses, gains and losses on the disposal of assets and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income by the weighted average number of shares outstanding at the end of the period on a basic and diluted basis.

The Company believes that adjusted net income and adjusted net income per share are useful to investors in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. These generally accepted industry measures 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 the Company believes 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. Adjusted net income and adjusted net income per share are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Cash provided by operating activities before changes in non-cash working capital balances and cash provided by operating activities before changes in non-cash working capital balances per share

Cash provided by operating activities before changes in non-cash working capital balances and cash provided by operating activities before changes in non-cash working capital balances per share are calculated by adjusting the cash provided by operating activities as shown in the consolidated statements of cash flows for the effects of changes in non-cash working capital balances such as trade receivables, income taxes, inventories, other current assets, accounts payable and accrued liabilities and interest payable. The per share amount is calculated by dividing cash provided by operating activities before changes in non-cash working capital balances by the weighted average number of shares outstanding on a basic basis. The Company believes that changes in working capital can be volatile due to numerous factors, including the timing of payments. Management uses these measures to, and believe they are useful to investors so they can, assess the underlying operating cash flow performance and future operating cash flow generating capabilities of the Company in conjunction with other data prepared in accordance with IFRS.

EBITDA and adjusted EBITDA

EBITDA, or earnings before interest, taxes, depreciation and amortization, is calculated by adjusting the net income as recorded in the consolidated statements of income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the consolidated statements of income. Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation gains or losses, realized and unrealized gains or losses on derivative financial instruments, revaluation gains and losses, impairment loss charges and reversals, environmental remediation, severance and transaction costs related to acquisitions, integration costs, purchase price allocations to inventory, self-insurance losses and gains and losses on the disposal of assets.

The Company believes EBITDA and adjusted EBITDA are useful to investors in that they allow for the evaluation of the Company's liquidity in order to fund its working capital, capital expenditure and debt repayments. These generally accepted industry measures are intended to provide investors with information about the Company's continuing cash generating capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational performance. Management uses these measures to, and believes it is helpful to investors so they can, understand and monitor the cash generating capability of the Company in conjunction with other data prepared in accordance with IFRS. EBITDA and adjusted EBITDA are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Free cash flow and free cash flow before changes in non-cash working capital balances

Free cash flow is calculated by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in the consolidated statements of cash flows. Free cash flow before changes in non-cash working capital balances is calculated by excluding the effect of changes in non-cash working capital balances from free cash flow such as trade receivables, income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.

The Company believes that free cash flow and free cash flow before changes in non-cash working capital balances are useful in that they allow for the evaluation of the Company's ability to repay creditors and return cash to shareholders without relying on external sources of funding. These generally accepted industry measures also provide investors with information about the Company's financial position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management uses these measures in conjunction with other data prepared in accordance with IFRS, and believes it is helpful to investors so they can, understand and monitor the cash generating capability of the Company. Free cash flow and free cash flow before changes in non-cash working capital balances are not standardized measures under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Operating margin

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; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects 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. Management believes this measure is helpful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS. Operating margin is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Sustaining capital expenditures and development capital expenditures

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 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 represent the spending at new projects and/or expenditures at existing operations that are 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.

Net debt

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. Net debt is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other companies.

Minesite costs per tonne

Minesite costs per tonne are calculated by adjusting production costs as recorded in the consolidated statements of income for inventory production costs, operational care and maintenance costs due to COVID-19 and items such as in-kind royalties, smelting, refining and marketing charges, and then dividing by tonnage of ore processed. As the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes 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 and other data prepared in accordance with IFRS. Minesite costs per tonne is not a standardized measure under IFRS and, as reported by the Company, may not be comparable to similarly labelled measures reported by other gold mining companies.

Forward-Looking Non-GAAP Measures

This news release also contains information as to estimated future total cash costs per ounce and AISC per ounce. The estimates are based upon the total cash costs per ounce and AISC per ounce 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 April 25, 2024. 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, 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 the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Kittila, Meliadine Phase 2, the Amaruq underground project and the Odyssey project, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at the Hope Bay project; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts 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, including at Meliadine, and the anticipated timing thereof; 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, the term loan facility and other indebtedness; future dividend amounts, record dates and payment dates; plans with respect to the filing of a base shelf prospectus; plans with respect to renewing the NCIB; 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, 2023 filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31, 2023 ("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 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; 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 measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies 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 complex; mining risks; community protests, including by Indigenous 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 current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner to communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. 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").

In 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 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. Accordingly, 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. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.

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. 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.

Additional Information

Additional information about each of the Company's material mineral projects as at December 31, 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); and the Detour Lake Operation, Ontario, Canada NI 43-101 Technical Report as at July 26, 2021 (October 15, 2021).

APPENDIX A – EXPLORATION DETAILS

Recent Selected Exploration Drill Results

Main Break zone and AK deposit at Macassa

*Results from the 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.

Wesmeg and Wesmeg North deposits at Meliadine

*Results from Meliadine use a capping factor ranging from 20 g/t to 90 g/t gold depending on the zone.

Sisar zone at Kittila

* Results from the Kittila mine are uncapped.

EXPLORATION DRILL COLLAR COORDINATES

*Coordinate Systems: NAD 83 UTM Zone 17N for Odyssey; NAD 1983 UTM Zone 17N for Detour Lake, Macassa and AK; NAD 1983 UTM Zone 14N for Meliadine; NAD 1983 UTM Zone 13N for Hope Bay; and Finnish Coordinate System KKJ Zone 2 for Kittila.

APPENDIX B – FINANCIAL INFORMATION

Notes:

(i) Operating margin is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Reconciliation of non-GAAP Financial Performance Measures - Operating Margin and Note Regarding Certain Measures of Performance for more information on the Company's calculation and use of operating margin.

(ii) The information set out in this table reflects the Company's 50% interest in the Canadian Malartic complex up to and including March 30, 2023 and 100% interest thereafter.

(iii) Revaluation gain on the 50% interest the Company owned in Canadian Malartic complex prior to the Yamana Transaction.

(iv) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are or will be sold by the Company, whether such products are sold during the period or held as inventories at the end of the period.

(v) The Canadian Malartic complex's payable metal sold excludes the 5.0% net smelter return royalty held by Osisko Gold Royalties Ltd. The Detour Lake mine's payable metal sold excludes the 2% net smelter royalty held by Franco-Nevada Corporation. The Macassa mine's payable metal sold excludes the 1.5% net smelter royalty held by Franco-Nevada Corporation.

(vi) The total cash costs per ounce is not a recognized measure under IFRS and this data may not be comparable to data reported by other gold producers. See Reconciliation of Non-GAAP Financial Performance Measures — Total Cash Costs per Ounce and Minesite Costs per Tonne for more information on the Company’s calculation and use of total cash cost per ounce.

Notes:

(i) Exclusive of amortization, which is shown separately.

(ii) Revaluation gain on the 50% interest previously owned in the Canadian Malartic complex prior to the Yamana Transaction.

(iii) Adjusted net income per share is not a recognized measure under IFRS and this data may not be comparable to data reported by other companies. See Note Regarding Certain Measures of Performance and Reconciliation of Non-GAAP Financial Performance Measures in this News Release for a discussion of the composition and usefulness of this measure and a reconciliation to the nearest IFRS measure.

Note:

(i) Revaluation gain on the 50% interest the Company previously owned in the Canadian Malartic complex prior to the Yamana Transaction.

AGNICO EAGLE MINES LIMITED

RECONCILIATION OF NON-GAAP FINANCIAL PERFORMANCE MEASURES

(thousands of United States dollars, except where noted)

Refer to Note Regarding Certain Measures of Performance in this news release for details on the composition, usefulness and other information regarding the Company's use of the non-GAAP measures total cash costs per ounce and minesite costs per tonne.

The following tables set out a reconciliation of total cash costs per ounce (on both a by-product basis and co-product basis) and minesite costs per tonne to production costs, exclusive of amortization, as presented in the consolidated statements of (loss) income in accordance with IFRS.

Total Production Costs by Mine

Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine and Reconciliation of Production Costs to Minesite Costs per Tonne by Mine

(thousands of United States dollars, except as noted)