AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS - RECORD QUARTERLY AND ANNUAL FREE CASH FLOW; 2025 PRODUCTION GUIDANCE ACHIEVED; TOTAL 2025 SHAREHOLDER RETURNS OF $1.4 BILLION; DIVIDEND INCREASED BY 12.5%; UPDATED THREE-YEAR GUIDANCE

Executive Summary

• Agnico Eagle reported record Q4 and full-year 2025 financial results, driven by strong operational performance and significantly higher realized gold prices, achieving record free cash flow of $4.399 billion for the year.
• The company met its 2025 production guidance, returned $1.4 billion to shareholders through dividends and share repurchases, and declared a 12.5% dividend increase to $0.45 per share for Q1 2026.
• Management updated its three-year production guidance (stable at 3.3-3.5 Moz annually through 2028) and 2026 cost guidance, while highlighting substantial progress and capital allocation across key growth projects including Canadian Malartic, Detour Lake, Upper Beaver, and Hope Bay.

Key Details

• Q4 & FY 2025 Production & Costs: FY 2025 payable gold production reached 3,447,367 oz (above guidance midpoint) at production costs of $965/oz, total cash costs of $979/oz, and AISC of $1,339/oz. Q4 2025 production was 840,608 oz at production costs of $1,113/oz, total cash costs of $1,089/oz, and AISC of $1,517/oz.
• Financial Performance: Q4 2025 net income was $1,523M ($3.04/share) with adjusted net income of $1,351M ($2.70/share). FY 2025 net income was $4,461M ($8.89/share) with adjusted net income of $4,169M ($8.31/share). Record FY 2025 cash from operations was $6,817M and record free cash flow was $4,399M ($8.76/share). Q4 2025 free cash flow was $1,310M ($2.62/share).
• Balance Sheet & Liquidity: Net cash position strengthened to $2,670M as of Dec 31, 2025 (cash $2,866M, total debt $196M). Available liquidity under the unsecured revolving credit facility remained at ~$2B. Credit rating upgraded to A3 (Stable) by Moody's.
• 2026 Guidance: Gold production forecast stable at 3.3-3.5 Moz annually. 2026 total cash costs guidance: $1,020-$1,120/oz (midpoint $1,070). 2026 AISC guidance: $1,400-$1,550/oz (midpoint $1,475). Capital expenditures (excl. capitalized exploration) expected at $2.2B-$2.4B. Capitalized exploration expected at $290M-$330M. Effective tax rate expected at 34-36%.
• Mineral Reserves & Resources: Year-end 2025 gold mineral reserves increased 2.1% to a record 55.4 Moz (1,330M tonnes at 1.30 g/t). Measured & Indicated resources increased 9.6% to 47.1 Moz. Inferred resources increased 15.5% to 41.8 Moz.
• Canadian Malartic: Transition to underground mining ahead of schedule; East Gouldie ramp production expected Q1 2026, shaft production Q2 2027. Evaluating a second shaft to potentially reach 1 Moz/year by 2033. Marban open pit declared 1.58 Moz probable reserves. Wasamac project advancing with estimated initial capex of $270M-$300M.
• Detour Lake: Allocated additional $200M to advance underground expansion project. Exploration ramp reached 569m length/90m depth. Potential underground production from West Extension as early as 2028 (20k-30k oz/yr).
• Upper Beaver: Shaft sinking reached 155m by year-end 2025. Allocated additional $100M to accelerate site readiness and extend exploration ramp to 400m. Potential initial production in 2030.
• Hope Bay: Technical evaluation underway for a 400k-425k oz/year operation. Construction decision expected Q2 2026. $102M development capex allocated for 2026, with potential additional $300M-$350M if approved.
• San Nicolás (50% JV with Teck): Feasibility study and engineering at 30%+ completion, targeting 50% by mid-2026. Permitting decision (MIA-R/ETJ) expected H1 2026.
• Shareholder Returns & Dividends: Total 2025 shareholder returns reached $1.4B. Q4 2025 NCIB repurchased 1,784,038 shares at avg $168.11 for $300M. FY 2025 NCIB repurchased 4,114,150 shares at avg $145.76 for $600M. Q1 2026 dividend declared at $0.45/share (12.5% increase), payable Mar 16, 2026. NCIB renewal expected May 2026 with internal limit increased to $2B.
• Hedging & Cost Drivers: 2026 cost increase (~12%) driven by higher royalties (gold price assumption $4,500/oz), cost inflation (~4%), stronger CAD, and lower grade sequences. ~40% of 2026 C$/US$ exposure hedged (floor 1.38, participation up to 1.42). ~56% of 2026 diesel exposure hedged at avg $0.69/L.

Notable Quotes

• "In 2025, we delivered on our commitments, generating record free cash flow and shareholder returns. We've also updated our three-year outlook which reflects stable production at peer-leading costs... Agnico Eagle has never been better positioned, with the strongest balance sheet in our history, an exploration program that is creating tremendous value and a pipeline of organic projects that will drive strong production growth over the next decade." — Ammar Al-Joundi, President and Chief Executive Officer