Agnico Eagle Q2 2022 SUMMARY

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Overig advies 28/07/2022 13:34
Key Highlights
Record gold production and strong earnings and cash flow generation – Payable gold production in Q1 2022 was 858koz at production costs/oz of $766, total cash costs/oz of $726 and all-in sustaining costs ("AISC")/oz of $1,026.
Ontario and Nunavut platforms drive solid operational performance – Ontario delivered 257koz at production costs/oz of $664 while Nunavut delivered production of 194koz at production costs/oz $997.
Gold production, cost and capital expenditure guidance reiterated for 2022.
Inflationary cost environment expected to remain challenging in H2 2022 – Cost pressures were largely offset by strong operational performance, optimization and cost savings initiatives. The focus in H2 will be on increasing operational efficiencies.
Corporate synergies largely completed and exceed initial estimate – Approximately $40 million, to date. The focus will shift to operational synergies which are expected to help mitigate inflationary cost pressures.
Detour Lake technical evaluation shows increased mineral reserves with a longer life and lower risk mine plan – Added 38% in gold reserves (+5.6Moz to 20.4Moz), increasing the mine life by 10 years (until 2052).

Key Value Drivers:
Detour Lake Mine update – The new technical evaluation lowers the mine plan’s risk, extends expected mine life by 10 years to 2052, increases gold reserves by 38% (or 5.6Moz) to 20.4Moz (835.1 million tonnes at 0.76 g/t of gold), increases recovered gold by 38%, increases production in 2028 to 2031 by 0.4Moz (reduces a dip in production that was in previous mine plan), increases production in 2032 to 2042 by 1.8Moz, increases production in 2043 to 2052 by 3.0Moz, has higher average grades and lowers average costs for period between 2022 and 2042. The Detour Lake mine continues to have strong exploration upside primarily to the west and at depth, suggesting potential for an underground mine and extensions to the current open pits. The Company is evaluating additional scenarios to potentially increase mill throughput beyond 28.0 Mtpa after 2025. In addition, the Company is assessing the potential for Detour Lake to increase production to 1.0 million ounces or more per year. The Company expects to have an initial assessment on this potential completed in late 2023.
Odyssey Project – Underground development and surface construction progressing on schedule and on budget, with initial production expected near the end of Q1 2023. Two underground drills completing infill drilling on the Odyssey South deposit and 15 surface drills focused on infilling and expanding the East Gouldie deposit. Recent drilling has extended East Gouldie to the west by ~225m and to the east at depth by ~500m to more than 1,700m from the current mineral resources outline.
• Kirkland Lake region – At Macassa, the focus remains on completing the Shaft #4 infrastructure near year-end 2022 and ramping up production. At the Amalgamated Kirkland ("AK") deposit, two underground and two surface drills are working to infill and expand the existing mineral resource. AK is being evaluated as a potential ore source for the Macassa mine as early as 2024. At Upper Beaver, infill drill results are being incorporated into the economic model, and a number of development scenarios are under review.
Hope Bay – Drilling continued to ramp-up in Q2 2022 (30,761m completed). Three drills are operating underground at Doris, three drills are targeting deep extensions at Doris and a seventh drill is operating at Madrid. Results continue to show excellent potential at Doris at depth below the dike in the BTD Connector and BTD Extension targets and in the Doris Central extension to the south. Recent highlights include: 12.2 g/t gold over 7.1m at 456m depth from BTD Connector; and 20.9 g/t gold over 2.3m at 344m depth from BTD Extension. Exploration is expected to continue through 2023 while a larger production scenario is being evaluated.

Comment by Ammar Al-Joundi, President and Chief Executive Officer
In the second quarter of 2022 the Company set a new quarterly production record driven by both strong operational and safety performance. In Nunavut, Amaruq had a record quarter for both costs and production, and the Ontario mines exceeded forecast. This strong production performance led to better-than-expected earnings and cashflow and puts us in a good position to deliver on 2022 guidance forecasts, despite ongoing inflationary cost pressures. During the quarter, exploration continued to deliver exciting results at Detour Lake, Odyssey and Hope Bay. I am particularly excited by the step-out drilling at Detour which suggests good potential for an underground operation and extensions to the current open pits. A number of opportunities to improve the mining operations and enhance production are currently under evaluation, and the Company's long-term vision for Detour Lake is to increase production to 1.0 million ounces per year or more.

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