(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS –
SENIOR MANAGEMENT CHANGES; RECORD ANNUAL GOLD PRODUCTION,
OPERATING CASH FLOW AND MINERAL RESERVES; NEW OPERATIONAL AND
FINANCIAL GUIDANCE PROVIDED POST COMPLETION OF KIRKLAND LAKE
GOLD MERGER; MINESITE AND PIPELINE PROJECTS CONTINUE TO ADVANCE
Toronto (February 23, 2022) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM)
("Agnico Eagle" or the "Company") today announced senior management changes and
reported fourth quarter and full year 2021 financial and operating results, as well as future
operating guidance.
Ammar Al-Joundi has been appointed President and Chief Executive Officer, effective
immediately. Mr. Al-Joundi is a proven executive with a long history of mining industry
experience who previously served as President of Agnico Eagle. With this appointment,
Mr. Al-Joundi joins the Company's board of directors (the "Board"). Anthony Makuch
advised the Board that he has decided to step down as Chief Executive Officer and as a
director of Agnico Eagle.
Mr. Al-Joundi has over 20 years of experience in mining, capital markets and banking, with
specialization in finance and business strategy. He joined Agnico Eagle as President in
2015, after serving as Chief Financial Officer at Agnico Eagle (from September 2010 to
June 2012) and as Chief Financial Officer and Senior Executive Vice President at Barrick
Gold Corporation (from July 2012 to February 2015). Prior to joining Agnico Eagle in 2010,
he spent 11 years at Barrick in various senior financial roles including Senior VicePresident of Finance, Senior Vice-President of Business Strategy and Capital Allocation,
and Executive Director and CFO of Barrick South America.
"Ammar has the right mix of skill, experience and knowledge to execute the new Agnico
Eagle's strategic plan to become the world’s leading and highest quality senior gold
2
producer,” said Executive Chair Sean Boyd. "We are confident that Ammar is the right
leader to complete the integration of Agnico Eagle and Kirkland Lake Gold and, working
closely with our combined Board members and executive team and our outstanding
employees, he will help drive the Company’s successes as we continue to work to create
long-term value for the Company’s shareholders and other key stakeholders," added Mr.
Boyd.
The Agnico Eagle Board expresses its thanks to Mr. Makuch for steering Kirkland Lake
Gold Ltd. ("Kirkland Lake Gold") through this transformative transaction and for his
contributions to Kirkland Lake Gold during his tenure.
Tony Makuch said: "We built Kirkland Lake Gold by acquiring, developing and operating
high-quality assets in good jurisdictions with significant exploration upside. Just as
important, we build a business based on honesty, integrity, respect for all people and
support for communities. We have culminated all this with the merger of equals with Agnico
Eagle and I am very proud to have been involved in creating the third largest global gold
producer in the world. I am leaving Agnico with a strong and dedicated leadership team
and I believe they will continue to be successful. I would like to thank the tremendous team
of people at Kirkland Lake Gold for their years of hard work and support in building a truly
special company."
Jeff Parr, Vice-Chair of Agnico Eagle and former Chair of Kirkland Lake Gold, said, "We
want to thank Tony for his tremendous contribution to the success of Kirkland Lake Gold,
building the company into a 1.4 million ounce per year producer with the industry's lowest
unit costs and significant growth potential. Tony's track record for enhancing the value of
assets through investment in exploration, development and the optimization of
performance is unsurpassed and we know he will continue to have great success in
whatever venture he chooses next."
Agnico Eagle 2021 highlights:
• Record annual gold production – Payable gold production1
in the full year 2021
was 2,030,176 ounces (excluding 56,229 ounces of payable gold production at
Hope Bay, and including 24,057 ounces and 1,956 ounces of pre-commercial gold
production at the Tiriganiaq open pit at Meliadine and the Amaruq underground
project, respectively) at production costs per ounce of $835, total cash costs per
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.
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