6-K - AEM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16 UNDER THESECURITIES EXCHANGE ACT OF 1934

For the month of October, 2024

Commission File Number 001-13422

AGNICO EAGLE MINES LIMITED

(Translation of registrant’s name into English)

145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)( 1): ¨

Note: Regulation S-T Rule 101 (b)( 1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): ¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

EXHIBITS

Exhibit No.	Exhibit Description
99.1	Third Quarter Report

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AGNICO EAGLE MINES LIMITED
	(Registrant)
Date: 10/30/2024	By:	/s/ Chris Vollmershausen
		Chris Vollmershausen
		Executive Vice-President, Legal, General Counsel & Corporate Secretary

Exhibit Number 99.1 submitted with this Form 6-K is hereby incorporated by reference into Agnico Eagle Mines Limited's Registration Statements on Form F-10 (Reg. No. 333-280114), Form F-3D (Reg. No. 333-280180) and Form S-8 (Reg. Nos. 333-130339 and 333-152004)

2

tm2423828-2\_nonfiling - none - 28.140719s

Exhibit 99.1

[MISSING IMAGE: lg_agnicoeagle-bw.jpg]

Third Quarter Report 2024

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

This Management’s Discussion and Analysis (“MD&A”) dated October 30, 2024 of Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) should be read in conjunction with the Company’s condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 (the “Third Quarter Financial Statements”) prepared in accordance with International Financial Reporting Standards (“IFRS”), International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). This MD&A should also be read in conjunction with the Company’s annual Management’s Discussion and Analysis (“Annual MD&A”) and annual consolidated financial statements prepared in accordance with IFRS (“Annual Financial Statements”). The condensed interim consolidated financial statements and this MD&A are presented in United States dollars (“US dollars”, “$” or “US$”) and all units of measurement are expressed using the metric system, unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars (“C$”), Australian dollars (“A$”) or European Union euros (“Euros” or “€”). Additional information relating to the Company is included in the Company’s Annual Information Form for the year ended December 31, 2023 (the “AIF”). The AIF, Annual MD&A and Annual Financial Statements are available on the Canadian Securities Administrators’ (the “CSA”) SEDAR website at www.sedarplus.ca and included in the Company’s Annual Report on Form 40-F for the year ended December 31, 2023 (the “Form 40-F”) filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov/edgar.

Certain statements contained in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking information” under the provisions of Canadian provincial securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. See Forward-Looking Statements in this MD&A.

This MD&A discloses certain financial performance measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce” (also referred to as “AISC per ounce”), “minesite costs per tonne”, “adjusted net income”, “adjusted net income per share”, “earnings before interest, taxes, depreciation and amortization” (also referred to as “EBITDA”), “adjusted earnings before interest, taxes, depreciation and amortization” (also referred to as “adjusted EBITDA”), “free cash flow”, “free cash flow before changes in non-cash components of working capital”, “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 producers. Each of “total cash costs per ounce” and “all-in sustaining costs per ounce” are reported on a per ounce of gold produced basis and, unless otherwise indicated, are reported on a by-product basis (deducting by-product metals revenues from production costs). Minesite costs per tonne is reported on a per tonne of ore milled basis. For a discussion of the composition and usefulness of these measures and reconciliation of each of them to the most directly comparable financial information presented in the condensed interim consolidated financial statements prepared in accordance with IFRS, see Non-GAAP Financial Performance Measures in this MD&A.

This MD&A also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. These 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 below under Non-GAAP Financial Performance Measures, 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.

Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that have been 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.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

the mill and processing operations at the Canadian Malartic mine and the Odyssey mine. The Meadowbank complex consists of the mill and processing operations at the Meadowbank mine and the Amaruq open pit and underground mines. The Goldex complex consists of the mill and processing operations at the Goldex mine and the Akasaba West open pit mine. References to other operations are to the relevant mines, projects or properties, as applicable.

Meaning of “include” “including” and “such as”: When used in this MD&A the terms “include’, “including” and “such as” mean including and such as, without limitation, as applicable.

Business Overview

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since its formation in 1972. The Company’s mines are located in Canada, Australia, Finland and Mexico with exploration and development activities in Canada, Australia, Europe, Latin America and the United States. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.

Agnico Eagle earns a significant proportion of its revenue and cash flow from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of by-product metals, primarily silver, zinc and copper.

Agnico Eagle’s operating mines and development projects are located in what the Company believes to be politically stable countries that are generally supportive of the mining industry. The political stability of the regions in which Agnico Eagle operates helps to provide confidence in its current and future prospects and profitability. This is important for Agnico Eagle as it believes that many of its current mines and projects have long-term mining potential.

Recent Developments

Repayment of Long-term Debt

On July 24, 2024, Agnico Eagle repaid $100.0 million of its 2012 Series B senior 5.02% notes on maturity.

During the third quarter of 2024, Agnico Eagle repaid $275.0 million of the $600.0 million outstanding on its Term Loan Facility. The remaining indebtedness under the Term Loan Facility is due and payable by April 21, 2025.

Reconciliation Action Plan and 2023 Climate Action Report

On July 10, 2024, the Company released its first Reconciliation Action Plan, reinforcing its commitment to reconciliation with Indigenous Peoples and communities. On July 31, 2024, the Company released its 2023 Climate Action Report. In line with the recommendations of the Task Force on Climate-related Financial Disclosures and Towards Sustainable Mining Climate Change protocol, the 2023 Climate Action Report outlines how the Company is addressing climate change risks and opportunities.

Additional Investments at Detour Lake Underground and Upper Beaver

The Company has approved investments of $200.0 million and $100.0 million at its Upper Beaver and Detour Lake Underground projects, respectively, to further study the projects over approximately three years. At Detour Lake, a 2.0-kilometre exploration ramp will be developed at depth to collect a bulk sample and to facilitate infill and expansion drilling of the current underground mineral resource. At Upper Beaver, an exploration ramp and an exploration shaft will be developed at depth to establish underground drilling platforms and collect bulk samples.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Financial and Operating Results

On March 31, 2023, Agnico Eagle closed the transaction (the “Yamana Transaction”) with Pan American Silver Corp. and Yamana Gold Inc. (“Yamana”) pursuant to which, among other things, Agnico Eagle acquired all of Yamana’s Canadian assets including the 50% of the Canadian Malartic complex that Agnico Eagle did not then hold. Accordingly, contributions from the 100% interest in Canadian Malartic have been included in the condensed interim consolidated statements of income for the three and nine months ended September 30, 2024 while the comparative period reflects the previously held 50% interest in Canadian Malartic up to March 30, 2023.

Operating Results

Agnico Eagle reported net income of $567.1 million, or $1.13 per share, in the third quarter of 2024, compared with net income of $174.8 million, or $0.35 per share, in the third quarter of 2023.

Agnico Eagle reported adjusted net income1 of $572.6 million, or $1.14 per share1, in the third quarter of 2024, compared with adjusted net income of $216.1 million, or $0.44 per share, in the third quarter of 2023. EBITDA1 totaled $1,258.6 million in the third quarter of 2024 compared with $722.0 million in the third quarter of 2023. Adjusted EBITDA1 increased in the third quarter of 2024 to $1,256.6 million compared to $768.4 million in the third quarter of 2023. The Company reported higher adjusted net income, EBITDA and adjusted EBITDA primarily due to higher operating margin in the current period.

Agnico Eagle reported net income of $1,386.3 million, or $2.78 per share, in the first nine months of 2024, compared with net income of $2,315.4 million, or $4.76 per share, in the first nine months of 2023. Included in net income of the comparative period is a re-measurement gain of $1,543.4 million recognized in the first nine months of 2023, arising from the Yamana Transaction and the corresponding application of purchase accounting relating to a business combination achieved in stages, which required the re-measurement on acquisition of the Company’s previously held 50% interest in Canadian Malartic to the fair value implied by the subsequent transaction.

Agnico Eagle reported adjusted net income of $1,485.3 million, or $2.97 per share, in the first nine months of 2024, compared with adjusted net income of $806.7 million, or $1.66 per share, in the first nine months of 2023 primarily due to higher operating margin in the current period. EBITDA totaled $3,264.2 million in the first nine months of 2024 compared with $3,878.4 million in the first nine months of 2023, primarily due to the revaluation gain on the Yamana Transaction in the comparative period, partially offset by higher operating margin in the current period. Adjusted EBITDA increased in the first nine months of 2024 to $3,362.0 million compared to $2,394.0 million in the first nine months of 2023, primarily due to higher operating margin in the current period.

In the third quarter of 2024, operating margin1 increased by 55.4% to $1,372.0 million, compared with $883.0 million in the third quarter of 2023, primarily due to a 31.2% increase in revenues from mining operations resulting from a 29.3% higher realized price of gold and higher gold sales volume from Detour Lake, Macassa and Meadowbank, partially offset by lower gold sales volume from Canadian Malartic, La India and Meliadine.

In the first nine months of 2024, operating margin increased by 37.1% to $3,722.8 million, compared with $2,714.5 million in the first nine months of 2023, primarily due to a 24.5% increase in revenues from mining operations as a result of a 18.8% higher average realized price of gold between periods and higher gold sales volume from Canadian Malartic, following the Yamana Transaction, Meadowbank, Macassa, Detour Lake and Meliadine, partially offset by lower gold sales volume from Fosterville and La India.

Adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, operating margin, free cash flow and free cash flow before changes in non-cash components of working capital are non-GAAP measures or ratios that are not standardized financial measures under IFRS. For reconciliation of these measures to the most directly comparable financial measure under IFRS, and a discussion of their composition and usefulness, see Non-GAAP Financial Performance Measures.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Gold production increased to 863,445 ounces in the third quarter of 2024 compared with 850,429 ounces in the third quarter of 2023, primarily due to increased production at Macassa, Detour Lake, Meadowbank and Meliadine, partially offset by decreased production at Canadian Malartic and La India.

Gold production increased to 2,637,935 ounces in the first nine months of 2024, compared with 2,536,446 ounces in the first nine months of 2023, primarily due to the additional contribution of gold production from Canadian Malartic, following the Yamana Transaction, and higher production at Meadowbank and Macassa, partially offset by lower gold production at Fosterville and La India.

Cash provided by operating activities increased to $1,084.5 million in the third quarter of 2024 compared with $502.1 million in the third quarter of 2023, primarily due to higher operating margin and more favourable working capital movements between periods.

Cash provided by operating activities increased to $2,829.0 million in the first nine months of 2024 compared with $1,873.7 million in the first nine months of 2023, primarily due to the same reasons discussed above for the third quarter.

Free cash flow1 increased to $620.4 million in the third quarter of 2024 compared with $82.3 million in the third quarter of 2023, primarily due to higher operating margin and more favourable working capital movements between periods. Free cash flow before changes in non-cash components of working capital1 increased to $563.4 million in the third quarter of 2024 compared with $248.8 million in the third quarter of 2023, due to higher operating margin in the current period.

Free cash flow increased to $1,573.3 million in the first nine months of 2024 compared with $645.3 million in the first nine months of 2023, primarily due to higher operating margin and more favourable working capital movements between periods. Free cash flow before changes in non-cash components of working capital increased to $1,535.0 million in the first nine months of 2024 compared with $742.1 million in the first nine months of 2023, due to higher operating margin in the current period.

The table below sets out variances in the key drivers of net income for the three and nine months ended September 30, 2024, compared with the three and nine months ended September 30, 2023:

(millions of United States dollars)
Increase in revenues from mining operations	$	513.2	$	1,191.8
Decrease in production costs due to effects of foreign currencies		4.1		3.9
Increase in production costs		(28.4)		(187.3)
Decrease in exploration and corporate development expenses		1.3		3.0
Decrease (Increase) in amortization of property, plant and mine development		30.8		(14.5)
Increase in general and administrative expenses		(9.6)		(11.0)
Decrease (Increase) in finance costs		7.2		(4.3)
Change in derivative financial instruments		51.2		(47.4)
Change in non-cash foreign currency translation		(9.9)		(1.5)
Increase in care and maintenance		(1.4)		(2.1)
Change in revaluation gain		–		(1,543.4)
Decrease (Increase) in other expenses		16.1		(20.2)
Increase in income and mining taxes		(182.3)		(296.1)
Total net income variance	$	392.3	$	(929.1)

Three Months Ended September 30, 2024 vs. Three Months Ended September 30, 2023

Revenues from mining operations increased to $2,155.6 million in the third quarter of 2024, compared with $1,642.4 million in the third quarter of 2023, primarily due to a 29.3% increase in realized gold prices and

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

higher gold sales volumes at Detour Lake, Macassa and Meadowbank, partially offset by lower gold sales volume from Canadian Malartic, La India and Meliadine.

Production costs were $783.7 million in the third quarter of 2024, a 3.2% increase compared with $759.4 million in the third quarter of 2023, primarily due to higher production costs at Detour Lake, Fosterville and Macassa associated with higher throughput, partially offset by lower production costs at Meadowbank, Meliadine attributed to stockpile build up and La India due to the cessation of mining activities in 2023. Impacting the overall production costs at all sites is the higher royalties arising from higher gold prices, which was partially offset by positive foreign exchange impact primarily on the Canadian dollar during the period.

Total cash costs per ounce2 increased to $921 on a by-product basis and $953 on a co-product basis in the third quarter of 2024, compared with $898 on a by-product basis and $924 on a co-product basis in the third quarter of 2023, primarily due to higher cash costs at Canadian Malartic, LaRonde and Fosterville, partially offset by lower cash costs at Meadowbank and Macassa.

Amortization of property, plant and mine development decreased by $30.8 million to $390.2 million between the third quarter of 2023 and the third quarter of 2024 as lower amortization at Meadowbank, Detour Lake, Canadian Malartic and La India was partially offset by increased amortization at Fosterville.

General and administrative expenses increased to $48.5 million during the third quarter of 2024, compared with $38.9 million during the third quarter of 2023 primarily due to higher compensation and benefits expenses.

Gain on derivative financial instruments amounted to $17.2 million during the third quarter of 2024, compared with a loss of $34.0 million during the third quarter of 2023, due to favourable movements in foreign exchange rates between periods.

Other expenses decreased to $4.5 million during the third quarter of 2024, compared with $20.6 million during the third quarter of 2023, primarily due to the incurrance of non-recurring costs in the comparative period.

In the third quarter of 2024, the Company recorded income and mining taxes expense of $272.7 million on income before income and mining taxes of $839.8 million, resulting in an effective tax rate of 32.5%. In the third quarter of 2023, the Company recorded income and mining taxes expense of $90.4 million on income before income and mining taxes of $265.2 million, resulting in an effective tax rate of 34.1%. The decrease in the effective tax rate between the third quarter of 2024 and the third quarter of 2023 is primarily due to foreign exchange rate movements and other tax adjusted items.

There are several factors that can significantly affect the Company’s effective tax rate including varying rates in different jurisdictions, the non-recognition of certain tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws, the impact of specific transactions and assessments and the relative distribution of income in the Company’s operating jurisdictions. As a result of these factors, the Company’s effective tax rate is expected to fluctuate significantly in future periods.

Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023

Revenues from mining operations increased to $6,062.1 million during the nine months ended September 30, 2024, compared with $4,870.3 million in the nine months ended September 30, 2023, primarily due to an 18.8% increase in realized gold prices, increased gold sales volume at Canadian Malartic, following the Yamana Transaction, and higher gold sales volumes at Meadowbank, Macassa, Detour Lake and Meliadine, partially offset by lower gold sales volume from Fosterville and La India.

Production costs were $2,339.2 million in the nine months ended September 30, 2024, an 8.5% increase compared with $2,155.8 million in the nine months ended September 30, 2023, primarily due to the increased

Total cash cost per ounce is a non-GAAP measure that is not a standardized financial measure under IFRS. For a reconciliation of this measure on a by-product and co-product basis to production costs and a discussion of the composition and usefulness of this measure, see Non-GAAP Financial Performance Measures.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

contribution from Canadian Malartic due to the Yamana Transaction and higher production costs at Detour Lake, Macassa and Fosterville associated with higher throughput, partially offset by lower production costs at La India due to the cessation of mining activities in 2023 and Meadowbank mainly due to build up on stockpiles. Impacting the overall production costs at all sites is the higher royalties arising from higher gold prices, which was partially offset by positive foreign exchange impact primarily on the Canadian dollar during the period.

Total cash costs per ounce increased to $897 on a by-product basis and $931 on a co-product basis in the nine months ended September 30, 2024, compared with $857 on a by-product basis and $885 on a co-product basis in the nine months ended September 30, 2023, primarily due to higher cash costs at Canadian Malartic, Fosterville, Detour and Kittila, partially offset by lower cash costs at Meadowbank and Meliadine.

Amortization of property, plant and mine development increased by $14.5 million to $1,125.9 million between the nine months ended September 30, 2023 and the nine months ended September 30, 2024, primarily due to the additional contribution from Canadian Malartic, following the Yamana Transaction, combined with increased amortization at Kittila, Macassa, LaRonde and Meliadine, partially offset by decreased amortization from Detour Lake, Meadowbank and La India.

General and administrative expenses increased to $145.4 million during the nine months ended September 30, 2024, compared with $134.5 million during the nine months ended September 30, 2023 primarily due to higher compensation and benefits expenses.

Loss on derivative financial instruments amounted to $48.4 million during the nine months ended September 30, 2024, compared with a loss of $1.0 million during the nine months ended September 30, 2023, due to unfavourable movements in foreign exchange rates and commodity prices between periods.

Other expenses increased to $63.7 million during the nine months ended September 30, 2024, compared with $43.5 million during the nine months ended September 30, 2023, primarily due to increased disposals of property, plant and mine equipment.

The revaluation gain in the first quarter of 2023 was due to the re-measurement of the Company’s previously held 50% interest in Canadian Malartic to fair value at the close of the Yamana Transaction. The acquisition date fair value of the previously held 50% interest was determined to be $2,697.6 million, resulting in the recognition of a re-measurement gain through net earnings of $1,543.4 million. The fair value of $2,697.6 million reflects the part of the total consideration attributable to Canadian Malartic transferred under the Yamana Transaction.

In the nine months ended September 30, 2024, the Company recorded income and mining taxes expense of $652.7 million on income before income and mining taxes of $2,039.0 million, resulting in an effective tax rate of 32.0%. During the nine months ended September 30, 2023, the Company recorded income and mining taxes expense of $356.6 million on income before income and mining taxes of $2,672.0 million, resulting in an effective tax rate of 13.3%. The increase in the effective tax rate between the nine months ended September 30, 2024 and the nine months ended September 30, 2023, is primarily due to the increase in income before income and mining taxes during the first nine months of 2023 as a result of the non-taxable revaluation gain recorded on the acquisition of Yamana’s interests in its Canadian assets in the Yamana transaction.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

LaRonde mine

	Three Months Ended						Nine Months Ended
LaRonde mine — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			355			365			1,149			1,101
Tonnes of ore milled per day			3,859			3,967			4,193			4,033
Gold grade (g/t)			4.45			4.52			4.72			5.04
Gold production (ounces)			47,313			49,303			161,388			167,471
Production costs per tonne (C$)		$	285		$	244		$	229		$	208
Minesite costs per tonne (C$)		$	220		$	182		$	208		$	198
Production costs per ounce		$	1,569		$	1,348		$	1,199		$	1,016
Total cash costs per ounce		$	1,078		$	875		$	934		$	850

Gold production

Third Quarter of 2024 — At the LaRonde mine, gold production decreased by 4.0% to 47,313 ounces in the third quarter of 2024, compared with 49,303 ounces in the third quarter of 2023, primarily due to lower throughput levels and lower gold grades expected under the planned mining sequence.

First Nine Months of 2024 — Gold production decreased by 3.6% to 161,388 ounces in the first nine months of 2024, compared with 167,471 ounces in the first nine months of 2023 at the LaRonde mine primarily due to lower gold grades and recovery, partially offset by higher throughput levels.

Production costs

Third Quarter of 2024 — Production costs at the LaRonde mine were $74.2 million in the third quarter of 2024, an increase of 11.7% compared with production costs of $66.5 million in the third quarter of 2023, primarily due to the consumption of stockpiles, including re-handling costs, in the current quarter compared to a stockpile build up in the prior year, due to planned mine shutdowns in the current period, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled in the current period and the same reasons outlined above for production costs, other than foreign exchange effects between periods. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and fewer gold ounces produced in the current period.

First Nine Months of 2024 — Production costs at the LaRonde mine were $193.5 million in the first nine months of 2024, an increase of 13.7% compared with production costs of $170.2 million in the first nine months of 2023, primarily due to timing of inventory sales, the consumption of stockpiles, including re-handling costs, and higher underground and mill maintenance costs, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to the reasons outlined above, other than foreign exchanges effects between periods, partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the reasons outlined above and fewer ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period primarily due to the consumption of stockpiles, including re-handling costs, and the volume of ore milled. Total cash costs per ounce increased for the same reasons described above for production costs per ounce.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior-year period primarily due to the consumption of stockpiles, including re-handling costs, and higher underground and mill maintenance costs, partially offset by the higher volume of ore milled. Total cash costs per ounce increased for the same reasons described above for production costs per ounce.

LaRonde Zone 5 mine

	Three Months Ended						Nine Months Ended
LaRonde Zone 5 mine — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			332			262			898			894
Tonnes of ore milled per day			3,609			2,848			3,277			3,275
Gold grade (g/t)			1.86			1.93			2.06			1.97
Gold production (ounces)			18,292			15,193			54,915			53,412
Production costs per tonne (C$)		$	78		$	96		$	88		$	94
Minesite costs per tonne (C$)		$	93		$	96		$	94		$	94
Production costs per ounce		$	1,034		$	1,232		$	1,057		$	1,174
Total cash costs per ounce		$	1,285		$	1,287		$	1,160		$	1,207

Gold production

Third Quarter of 2024 — At the LaRonde Zone 5 mine, gold production increased by 20.4% to 18,292 ounces in the third quarter of 2024 compared with 15,193 ounces in the third quarter of 2023, primarily due to higher throughput levels from increased productivity gains from automation initiatives, partially offset by lower gold grades.

First Nine Months of 2024 — Gold production increased by 2.8% to 54,915 ounces in the first nine months of 2024 from 53,412 ounces in the first nine months of 2023 at the LaRonde Zone 5 mine primarily due to higher gold grades, partially offset by lower recovery.

Production costs

Third Quarter of 2024 — Production costs at the LaRonde Zone 5 mine were $18.9 million in the third quarter of 2024, an increase of 1.1% compared with production costs of $18.7 million in the third quarter of 2023, primarily due to the consumption of stockpiles, including re-handling costs, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by the consumption of stockpiles, including re-handling costs, in the current period. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold produced in the current period, partially offset by the consumption of stockpiles, including re-handling costs, in the current period.

First Nine Months of 2024 — Production costs at the LaRonde Zone 5 mine were $58.1 million in the first nine months of 2024, a decrease of 7.4% compared with production costs of $62.7 million in the first nine months of 2023, primarily due to the timing of inventory sales, the build up of stockpiles, lower milling costs and the weakening of the Canadian dollar relative to the US dollar between periods, partially offset by higher underground maintenance and services costs.

Production costs per tonne decreased when compared to the prior-year period, for the same reasons outlined above for production costs, with the exception of the weakening of the Canadian dollar relative to the US dollar between periods. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs and more ounces of gold produced in the current period.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne decreased when compared to the prior-year period due to higher volume of ore tonnes milled. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne remained the same as the prior-year period despite the lower production costs per tonne, due to the contribution of the timing of inventory sales to the lower production cost per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs per ounce.

LaRonde complex

	Three Months Ended						Nine Months Ended
LaRonde complex — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			687			627			2,047			1,995
Tonnes of ore milled per day			7,467			6,815			7,471			7,308
Gold grade (g/t)			3.20			3.43			3.55			3.66
Gold production (ounces)			65,605			64,496			216,303			220,883
Production costs per tonne (C$)		$	185		$	182		$	167		$	157
Minesite costs per tonne (C$)		$	158		$	147		$	158		$	151
Production costs per ounce		$	1,420		$	1,321		$	1,163		$	1,054
Total cash costs per ounce		$	1,135		$	972		$	991		$	937

Gold production

Third Quarter of 2024 — Gold production at the LaRonde complex increased when compared to the prior-year period primarily due to higher volumes of ore mined and milled at the LaRonde Zone 5 mine as part of the mining plan, partially offset by lower gold grades as per the mining sequence.

First Nine Months of 2024 — Gold production at the LaRonde complex decreased when compared to the prior-year period due to lower gold grades and lower recovery, partially offset by higher volume of ore milled.

Production costs

Third Quarter of 2024 — Production costs at the LaRonde complex increased by 9.4% in the third quarter of 2024 when compared with the third quarter of 2023, primarily due to the consumption of stockpiles, including re-handling costs, and higher underground maintenance and service costs, partially offset by the timing of inventory sales and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles, including re-handling costs, and higher underground maintenance and service costs, partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year for the same reasons outlines above for production costs, partially offset by the increased gold production.

First Nine Months of 2024 — Production costs at the LaRonde complex increased by 8.0% in the first nine months of 2024 compared with the first nine months of 2023 primarily due to the timing of inventory sales, higher mill maintenance, underground maintenance and service costs, partially offset by weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period primarily due to higher mill maintenance, underground maintenance and service costs, partially offset by the higher volume of ore milled

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

in the current period. Production costs per ounce increased when compared to the prior-year period primarily due to fewer ounces of gold produced and higher production costs as described above for production costs.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above regarding the increase in production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period for the same reasons outlined above for the increase in production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior-year period primarily due to the reasons outlined above regarding the increase in production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period primarily for the same reasons as the increase in production costs per ounce.

Canadian Malartic

	Three Months Ended						Nine Months Ended
Canadian Malartic — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes) (100%)			4,862			4,911			15,217			14,317
Tonnes of ore milled per day (100%)			52,848			53,380			55,536			52,443
Gold grade (g/t)			0.98			1.22			1.12			1.22
Gold production (ounces)(1)			141,392			177,243			509,169			435,683
Production costs per tonne (C$)		$	36		$	34		$	36		$	36
Minesite costs per tonne (C$)		$	41		$	39		$	41		$	39
Production costs per ounce		$	912		$	708		$	785		$	750
Total cash costs per ounce		$	1,025		$	805		$	906		$	789

Note:

(i)

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

Gold production

Third Quarter of 2024 — At Canadian Malartic, gold production decreased by 20.2% to 141,392 ounces in the third quarter of 2024 compared with gold production of 177,243 ounces in the third quarter of 2023, due to lower grade from mining sequence combined with lower recovery and throughput.

First Nine Months of 2024 — At Canadian Malartic, gold production increased by 16.9% to 509,169 ounces in the first nine months of 2024 compared with attributable gold production of 435,683 ounces in the first nine months of 2023, due to the increase in the Company’s ownership percentage between periods from 50% to 100% as a result of the Yamana Transaction.

Production costs

Third Quarter of 2024 — Production costs at Canadian Malartic were $129.0 million in the third quarter of 2024, an increase of 2.8% compared with production costs of $125.5 million in the third quarter of 2023, primarily due to higher underground production costs with the ramp-up of operations at the Odyssey mine and the timing of inventory sales, higher royalty costs and the consumption of stockpiles, including re-handling costs, which were partially offset by a higher deferred stripping ratio, and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period primarily due to lower volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to fewer ounces of gold produced in the current period.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Production costs at Canadian Malartic were $399.9 million in the first nine months of 2024, an increase of 22.3% compared with production costs of $326.9 million in the first nine months of 2023, due to the impact of the change in ownership percentage between periods and the recognition of fair value adjustments to inventory resulting from the Yamana Transaction.

Production costs per tonne remained the same as the prior-year period despite the increase in production costs due to the higher volume or ore milled. Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs and higher underground production costs with the ramp-up of operations at the Odyssey mine, partially offset by more ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to higher royalty costs during the quarter, and a lower volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period primarily due to fewer ounces of gold produced in the current period.

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to higher royalty costs in the current period partially offset by higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period for the same reasons outlined above for the increased production costs per ounce.

Goldex

	Three Months Ended						Nine Months Ended
Goldex — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			739			756			2,264			2,215
Tonnes of ore milled per day			8,033			8,217			8,263			8,114
Gold grade (g/t)			1.51			1.69			1.59			1.72
Gold production (ounces)			30,334			35,880			98,472			107,619
Production costs per tonne (C$)		$	63		$	51		$	60		$	52
Minesite costs per tonne (C$)		$	61		$	52		$	60		$	52
Production costs per ounce		$	1,130		$	803		$	1,021		$	788
Total cash costs per ounce		$	1,031		$	822		$	945		$	802

Gold production

Commercial production was achieved at the Akasaba West project in February 2024.

Third Quarter of 2024 — Gold production at Goldex decreased by 15.5% to 30,334 ounces in the third quarter of 2024, compared with 35,880 ounces in the third quarter of 2023, primarily due to lower gold grades from increased ore sourced from Akasaba West and lower recovery.

First Nine Months of 2024 — Gold production decreased by 8.5% to 98,472 ounces in the first nine months of 2024, compared with 107,619 ounces in the first nine months of 2023 at Goldex due to lower gold grades from increased ore sourced from Akasaba West and lower recovery, partially offset by a higher volume of ore processed.

Production costs

Third Quarter of 2024 — Production costs at Goldex were $34.3 million in the third quarter of 2024, an increase of 19.0% compared with production costs of $28.8 million in the third quarter of 2023, primarily due

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

to a lower stripping ratio associated with Akasaba West, the timing of inventory sales and higher milling costs, partially offset by a build-up in stockpiles and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to lower volume of ore milled and the same reasons described above for production costs, other than foreign exchange effects between periods and the timing of inventory sales. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and fewer ounces of gold produced in the current period.

First Nine Months of 2024 — Production costs at Goldex were $100.5 million in the first nine months of 2024, an increase of 18.6% compared with production costs of $84.8 million in the first nine months of 2023, primarily due a lower deferred stripping ratio associated with Akasaba West and higher milling costs partially offset by a build-up in stockpiles and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period for the same reasons described above for production costs, other than foreign exchange effects between periods, partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and fewer ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.

Detour Lake

	Three Months Ended						Nine Months Ended
Detour Lake — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			7,082			5,630			20,376			18,827
Tonnes of ore milled per day			76,978			61,196			74,365			68,963
Gold grade (g/t)			0.85			0.93			0.84			0.88
Gold production (ounces)			173,891			152,762			492,889			483,971
Production costs per tonne (C$)		$	24		$	25		$	25		$	24
Minesite costs per tonne (C$)		$	26		$	25		$	26		$	26
Production costs per ounce		$	731		$	696		$	770		$	688
Total cash costs per ounce		$	779		$	755		$	812		$	752

Gold production

Third Quarter of 2024 — At Detour Lake, gold production increased by 13.8% to 173,891 ounces in the third quarter of 2024 compared with 152,762 ounces in the third quarter of 2023, primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by lower gold grades from the mining sequence and lower recovery as a result of carbon breakage experienced during the quarter.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Gold production at Detour Lake increased by 1.8% to 492,889 ounces in the first nine months of 2024 compared with 483,971 ounces in the first nine months of 2023, primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by lower recovery and gold grades, mainly due to abnormal chipping of grinding media affecting grinding efficiency.

Production costs

Third Quarter of 2024 — Production costs at Detour Lake were $127.2 million in the third quarter of 2024, an increase of 19.5% compared with production costs of $106.4 million in the third quarter of 2023, primarily due to higher mining and milling costs as a result of higher throughput, higher royalty costs and the timing of inventory sales, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne decreased when compared to the prior-year period mainly the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs, partially offset by more ounces of gold produced in the current period.

First Nine Months of 2024 — Production costs at Detour Lake were $379.4 million in the first nine months of 2024, an increase of 13.9% compared to production costs of $333.2 million during the first nine months of 2023, primarily due to higher milling costs as a result of lower grinding media efficiency in the SAG mill and higher mining and royalty costs, partially offset by a higher stripping ratio, the build-up in stockpiles and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for production costs partially offset by higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs, partially offset by more ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior period due to higher mining, milling and royalty costs, partially offset by the higher volume of ore milled. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne remained the same compared to the prior year period. Total cash cost per ounce increased when compared to the prior year period due to the same reasons outlined above for the higher production costs per ounce.

Additional Information Regarding Detour Lake

At Detour lake, the Company estimates that a $130 increase or decrease in the gold price assumption would result in an approximate 30% increase or 20% decrease, respectively, in mineral reserves. Additional information regarding the Company’s other material properties is available in the AIF.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Macassa

	Three Months Ended						Nine Months Ended
Macassa — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			134			112			420			311
Tonnes of ore milled per day			1,457			1,217			1,533			1,139
Gold grade (g/t)			16.84			13.35			15.43			17.16
Gold production (ounces)			70,727			46,792			203,048			167,951
Production costs per tonne (C$)		$	489		$	435		$	476		$	488
Minesite costs per tonne (C$)		$	539		$	476		$	502		$	516
Production costs per ounce		$	680		$	766		$	723		$	669
Total cash costs per ounce		$	750		$	841		$	763		$	719

Gold production

Third Quarter of 2024 — At Macassa, gold production increased by 51.2% to 70,727 ounces in the third quarter of 2024 compared with 46,792 ounces in the third quarter of 2023, primarily due to higher gold grades from the mine sequence and higher throughput resulting from increased productivity from a larger workforce, new ventilation infrastructure, improved equipment availability and the addition of ore sourced from the Near Surface deposit.

First Nine Months of 2024 — Gold production at Macassa increased by 20.9% to 203,048 ounces in the first nine months of 2024 compared to 167,951 ounces in the first nine months of 2023, primarily due to higher throughput resulting from increased productivity from a larger workforce, new ventilation infrastructure, improved equipment availability and the addition of ore sourced from the Near Surface deposit, partially offset by lower gold grades.

Production costs

Third Quarter of 2024 — Production costs were $48.1 million in the third quarter of 2024, an increase of 34.1% compared with production costs of $35.9 million in the third quarter of 2023, primarily due to higher mining costs resulting from increased mining rate in the period when compared to the prior period, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period due to higher mining costs resulting from increased mining rate partially offset by the higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the current period, partially offset by higher mining costs resulting from increased mining rate.

First Nine Months of 2024 — Production costs were $146.8 million in the first nine months of 2024, an increase of 30.6% compared to production costs of $112.4 million during the first nine months of 2023, primarily due to higher mining costs as a result of increased mining rate when compared to prior period, partially offset by the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled in the current period, partially offset by higher mining costs. Production costs per ounce increased when compared to the prior-year period due to higher underground development and mining costs, partially offset by more ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as for the higher production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons as for the lower production costs per ounce.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as for the higher production costs per ounce.

Meliadine

	Three Months Ended						Nine Months Ended
Meliadine — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			533			470			1,450			1,407
Tonnes of ore milled per day			5,793			5,109			5,292			5,154
Gold grade (g/t)			6.08			6.17			6.34			6.15
Gold production (ounces)			99,838			89,707			284,238			267,856
Production costs per tonne (C$)		$	192		$	254		$	238		$	237
Minesite costs per tonne (C$)		$	226		$	248		$	241		$	249
Production costs per ounce		$	752		$	994		$	895		$	930
Total cash costs per ounce		$	889		$	971		$	908		$	975

Gold production

Third Quarter of 2024 — At Meliadine, gold production increased by 11.3% to 99,838 ounces in the third quarter of 2024 compared with 89,707 ounces in the third quarter of 2023, primarily due to higher throughput as a result of the commissioning of the Phase 2 mill expansion, partially offset by lower gold grades under the mining sequence.

First Nine Months of 2024 — Gold production increased by 6.1% to 284,238 ounces in the first nine months of 2024 compared with 267,856 ounces in the first nine months of 2023, primarily due to higher gold grades under the mining sequence and higher throughput.

Production costs

Third Quarter of 2024 — Production costs at Meliadine were $75.1 million in the third quarter of 2024, a decrease of 15.8% compared with production costs of $89.2 million in the third quarter of 2023, primarily due to the timing of inventory sales, stockpile build-up in the current period compared to consumption of stockpiles, including re-handling costs, in the prior period, and the weakening of the Canadian dollar relative to the US dollar between periods, partially offset by higher underground services and royalty costs.

Production costs per tonne decreased when compared to the prior-year period due to a higher volume of ore milled in the current period and for the same reasons described above for production costs, other than foreign exchange effects between periods and the timing of inventory sales. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for production costs and more ounces of gold produced in the current period.

First Nine Months of 2024 — Production costs at Meliadine were $254.5 million during the first nine months of 2024, an increase of 2.1% compared to production costs of $249.2 million during the first nine months of 2023, primarily due to the timing of inventory sales and higher underground services and royalty costs, partially offset by the build-up of stockpiles in the current period and the weakening of the Canadian dollar relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period for the same reasons described above for production costs, other than foreign exchange effects between periods and the timing of inventory sales, partially offset by a higher volume of ore milled in the current period. Production costs per ounce decreased in the current period due to more ounces of gold being produced in the current period, partially offset by the timing of inventory sales and higher underground services and royalty costs.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne decreased when compared to the prior-year period for the same reasons outlined above for the lower production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period for the same reasons outlined above for the production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne decreased when compared to the prior-year period primarily due to the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior-year period primarily due to the same reasons outlined above for production costs per ounce.

Meadowbank

	Three Months Ended						Nine Months Ended
Meadowbank — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			1,083			1,077			3,144			2,905
Tonnes of ore milled per day			11,772			11,707			11,474			10,641
Gold grade (g/t)			4.19			3.76			4.21			3.82
Gold production (ounces)			133,502			116,555			387,695			322,440
Production costs per tonne (C$)		$	145		$	167		$	152		$	176
Minesite costs per tonne (C$)		$	153		$	178		$	155		$	177
Production costs per ounce		$	867		$	1,149		$	910		$	1,183
Total cash costs per ounce		$	910		$	1,225		$	923		$	1,173

Gold production

Third Quarter of 2024 — At Meadowbank, gold production increased by 14.5% to 133,502 ounces in the third quarter of 2024, compared with 116,555 ounces in the third quarter of 2023, primarily due to higher gold grades as expected under the mine sequence and higher recovery and throughput.

First Nine Months of 2024 — Gold production increased by 20.2% to 387,695 ounces in the first nine months of 2024 compared with 322,440 ounces in the first nine months of 2023, primarily due to higher gold grades as expected under the mine sequence and higher throughput, as the comparative period was affected by unplanned downtime at the SAG mill and unplanned shutdowns due to caribou migration patterns.

Production costs

Third Quarter of 2024 — Production costs at Meadowbank were $115.7 million in the third quarter of 2024, a decrease of 13.6% compared with production costs of $133.9 million in the third quarter of 2023, primarily due to a build-up in stockpiles in the current period compared to consumption of stockpiles, including re-handling costs, and the weakening of the Canadian dollar relative to the US dollar between periods, partially offset by higher royalty costs.

Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs, other than foreign exchange effects between periods. Production costs per ounce decreased when compared to the prior-year period due to more ounces of gold being produced in the current period.

First Nine Months of 2024 — Production costs at Meadowbank were $352.9 million in the first nine months of 2024, a decrease of 7.5% compared with production costs of $381.4 million in the first nine months of 2023, primarily due to a build-up in stockpiles and the weakening of the Canadian dollar relative to the US dollar between periods, partially offset by a lower stripping ratio and higher royalty costs.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Production costs per tonne decreased when compared to the prior-year period primarily due to a higher volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period primarily due to more ounces of gold produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for the lower production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for the lower production costs per ounce.

Fosterville

	Three Months Ended						Nine Months Ended
Fosterville — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			246			144			652			468
Tonnes of ore milled per day			2,674			1,565			2,380			1,714
Gold grade (g/t)			8.61			13.22			9.28			15.48
Gold production (ounces)			65,532			59,790			188,064			228,161
Production costs per tonne (A$)		$	271		$	291		$	267		$	322
Minesite costs per tonne (A$)		$	261		$	304		$	264		$	316
Production costs per ounce		$	677		$	461		$	611		$	438
Total cash costs per ounce		$	651		$	495		$	602		$	437

Gold production

Third Quarter of 2024 — At Fosterville, gold production increased by 9.6% to 65,532 ounces in the third quarter of 2024 compared with 59,790 ounces in the third quarter of 2023, primarily due higher throughput partially offset by the lower gold grades as the ultra-high grade Swan zone is depleting in line with schedules.

First Nine Months of 2024 — Gold production at Fosterville decreased by 17.6% to 188,064 ounces in the first nine months of 2024, compared with 228,161 ounces in the first nine months of 2023, primarily due to lower grades as the ultra-high grade Swan zone is depleting in line with schedules, partially offset by the higher throughput.

Production costs

Third Quarter of 2024 — Production costs were $44.3 million in the third quarter of 2024, an increase of 61.0% compared with production costs of $27.5 million in the third quarter of 2023, primarily due to higher mining and milling costs as a result increased volume mined and milled as the Company continues to focus on productivity gains and cost control at the mine and the mill to maximize throughput and reduce unit costs as gold grades continue to decline with the depletion of the Swan zone, higher royalty costs and the timing of inventory sales, partially offset by lower mill maintenance costs.

Production costs per tonne decreased when compared to the prior-year period due to a higher volume of ore milled, partially offset by the cost increases outlined above in production costs. Production costs per ounce increased when compared to the prior-year period due to higher mining, milling and royalty costs, partially offset by higher gold production in the period.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Production costs were $114.8 million in the first nine months of 2024, an increase of 14.9% compared to production costs of $100.0 million during the first nine months of 2023, primarily due to higher mining and milling costs, as a result increased volumes as the Company continues to focus on productivity gains and cost control at the mine and the mill to maximize throughput and reduce unit costs as gold grades continue to decline with the depletion of the Swan zone, and higher royalty costs, partially offset by the weaker Australian dollar relative to the US dollar.

Production costs per tonne decreased when compared to the prior-year period due to the higher volume of ore milled. Production costs per ounce increased when compared to the prior-year period due to fewer ounces produced in the period.

On May 29, 2023 the Victorian Environment Protection Authority lifted the prohibition notice related to excess noise levels on Fosterville that was imposed in late 2021, allowing Fosterville to resume normal activities throughout the month of June 2023.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne decreased when compared to the prior-year period due to the same reasons as for the lower production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs per ounce.

Kittila

	Three Months Ended						Nine Months Ended
Kittila — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			544			527			1,550			1,440
Tonnes of ore milled per day			5,913			5,728			5,657			5,275
Gold grade (g/t)			3.94			4.20			4.10			4.45
Gold production (ounces)			56,715			59,408			166,967			173,230
Production costs per tonne (EUR)		€	100		€	101		€	105		€	100
Minesite costs per tonne (EUR)		€	96		€	99		€	103		€	100
Production costs per ounce		$	1,057		$	986		$	1,057		$	896
Total cash costs per ounce		$	1,010		$	930		$	1,033		$	875

Gold production

Third Quarter of 2024 — At Kittila, gold production decreased by 4.5% to 56,715 ounces in the third quarter of 2024, compared with 59,408 ounces in the third quarter of 2023, primarily due to lower gold grades, partially offset by higher throughput.

First Nine Months of 2024 — Gold production decreased by 3.6% to 166,967 ounces in the first nine months of 2024, compared with 173,230 ounces in the first nine months of 2023 due to lower grades and recovery, partially offset by higher throughput.

Production costs

Third Quarter of 2024 — Production costs at Kittila were $60.0 million in the third quarter of 2024, an increase of 2.4% compared with production costs of $58.6 million in the third quarter of 2023, primarily due

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

to higher underground mining, development and maintenance costs, higher royalty costs and the strengthening of the Euros relative to the US dollar between periods.

Production costs per tonne decreased when compared to the prior-year period primarily due to a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and fewer ounces of gold being produced in the current period.

First Nine Months of 2024 — Production costs at Kittila were $176.5 million in the first nine months of 2024, an increase of 13.7% compared with production costs of $155.2 million in the first nine months of 2023, primarily due to the consumption of stockpiles, including re-handling costs, timing of inventory sales, higher underground mining and maintenance costs, higher royalty costs and the strengthening of the Euros relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for production costs, except for the strengthening of the Euros relative to the US dollar between periods, partially offset by a higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for production costs and fewer ounces of gold being produced in the current period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne decreased when compared to the prior-year period mainly due to the higher volume of ore milled in the current period. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior year period primarily due to the same reasons outlined above for production costs per tonne. Total cash costs per ounce increased when compared to the prior year period due to the same reasons as the higher production costs per ounce.

Pinos Altos

	Three Months Ended						Nine Months Ended
Pinos Altos — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			446			450			1,326			1,215
Tonnes of ore milled per day			4,848			4,891			4,839			4,451
Gold grade (g/t)			1.58			1.84			1.72			1.92
Gold production (ounces)			21,371			25,386			69,850			71,679
Production costs per tonne		$	104		$	89		$	93		$	89
Minesite costs per tonne		$	96		$	85		$	94		$	88
Production costs per ounce		$	2,174		$	1,581		$	1,761		$	1,504
Total cash costs per ounce		$	1,531		$	1,310		$	1,426		$	1,236

Gold production

Third Quarter of 2024 — At Pinos Altos, gold production decreased by 15.8% to 21,371 ounces in the third quarter of 2024, compared with 25,386 ounces in the third quarter of 2023, primarily due to lower gold grades expected under the mining sequence and lower recovery.

First Nine Months of 2024 — Gold production decreased by 2.6% to 69,850 ounces in the first nine months of 2024, compared with 71,679 ounces in the first nine months of 2023 at Pinos Altos, primarily due to lower gold grades expected under the mining sequence, partially offset by the higher volume of ore milled.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Production costs

Third Quarter of 2024 — Production costs at Pinos Altos were $46.5 million in the third quarter of 2024, an increase of 15.7% compared with production costs of $40.1 million in the third quarter of 2023, primarily due to the timing of inventory sales and higher underground development and maintenance costs, partially offset by the weakening of the Mexican peso relative to the US dollar between periods.

Production costs per tonne increased when compared to the prior-year period primarily due to the timing of inventory sales and higher underground development and maintenance costs. Production costs per ounce increased when compared to the prior-year period for the same reasons outlined above for production costs and fewer ounces of gold produced in the current period.

First Nine Months of 2024 — Production costs at Pinos Altos were $123.0 million in the first nine months of 2024, an increase of 14.1% compared with production costs of $107.8 million in the first nine months of 2023, primarily due to higher underground development and services costs, higher milling costs and a lower deferred stripping ratio, partially offset by lower geology costs.

Production costs per tonne increased when compared to the prior-year period primarily due to the same reasons outlined above for the higher production costs , partially offset by the higher volume of ore milled in the current period. Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for the higher production costs and fewer ounces of gold produced in the period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production costs per tonne, except for the timing of inventory sales. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce.

First Nine Months of 2024 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons as the higher production costs per tonne. Total cash costs per ounce increased when compared to the prior-year period due to the same reasons as the higher production costs per ounce.

La India

	Three Months Ended						Nine Months Ended
La India — Operating Statistics	September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023			September 30, <br> <br><br> 2024			September 30, <br> <br><br> 2023
Tonnes of ore milled (thousands of tonnes)			—			970			—			2,510
Tonnes of ore milled per day			—			10,543			—			9,194
Gold grade (g/t)			—			1.10			—			0.86
Gold production (ounces)			4,529			22,269			21,190			56,423
Production costs per tonne			—		$	29			—		$	29
Minesite costs per tonne			—		$	27			—		$	29
Production costs per ounce		$	2,300		$	1,271		$	1,861		$	1,277
Total cash costs per ounce		$	2,872		$	1,156		$	1,963		$	1,272

Gold production

Third Quarter of 2024 — At La India, gold production decreased by 79.7% to 4,529 ounces in the third quarter of 2024, compared with 22,269 ounces in the third quarter of 2023, due to cessation of mining operations in the fourth quarter of 2023. Gold production in the third quarter of 2024 resulted only from residual leaching.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

First Nine Months of 2024 — Gold production decreased by 62.4% to 21,190 ounces in the first nine months of 2024, compared with 56,423 ounces in the first nine months of 2023 for the same reasons outlined above for the third quarter of 2024.

Production costs

Third Quarter of 2024 — Production costs at La India were $10.4 million in the third quarter of 2024, a decrease of 63.2% compared with production costs of $28.3 million in the third quarter of 2023, driven primarily by the cessation of mining activities.

Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above primarily due to fewer ounces of gold produced in the period.

First Nine Months of 2024 — Production costs at La India were $39.4 million in the first nine months of 2024, a decrease of 45.3% compared with production costs of $72.1 million in the first nine months of 2023, driven primarily by the cessation of mining activities.

Production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above primarily due to fewer ounces of gold produced in the period.

Minesite cost per tonne and total cash costs per ounce

Third Quarter of 2024 — Total cash costs per ounce increased when compared to the prior-year period primarily due to fewer ounces of gold produced in the period.

First Nine Months of 2024 — Total cash costs per ounce increased when compared to the prior-year period primarily due to fewer ounces of gold produced in the period.

Balance Sheet Review

(thousands of United States dollars)
Current assets	$	2,907,703	$	2,191,152
Non-current assets		26,908,786		26,493,797
Total assets	$	29,816,489	$	28,684,949
Current liabilities	$	1,663,797	$	1,048,026
Non-current liabilities		7,647,721		8,214,008
Total liabilities	$	9,311,518	$	9,262,034

Total assets of $29.8 billion as at September 30, 2024, increased by $1.2 billion, compared with total assets of $28.7 billion as at December 31, 2023. The Company’s total assets are primarily comprised of non-current assets such as property, plant and mine development and goodwill. The increase in total assets is primarily due to an increase in cash and cash equivalents, investments, property plant and mine development and inventories.

Total liabilities of $9.3 billion at September 30, 2024, were consistent with total liabilities at December 31, 2023. The Company’s total liabilities are primarily comprised of non-current liabilities such as deferred income and mining tax liabilities, long-term debt and reclamation provisions.

While the Company occasionally enters into contracts to limit the risk associated with decreased by-product metal prices, increased foreign currency costs (including where used for capital expenditures) and input costs, the contracts act as economic hedges of underlying exposures and are not held for speculative purposes. Agnico Eagle does not use complex derivative contracts to hedge exposures. During the first nine months of 2024, the Company put in place currency hedge positions to support its key input costs used in budgeting and mine planning assumptions. As at September 30, 2024, the Company had outstanding currency derivative contracts related to $2,835.8 million of 2024, 2025 and 2026 expenditures (December 31,

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

2023 — $3,324.7 million) and diesel fuel derivative contracts related to 28.0 million gallons of heating oil (December 31, 2023 — 15.0 million).

Liquidity and Capital Resources

As at September 30, 2024, the Company’s cash and cash equivalents totaled $977.2 million compared with $338.6 million as at December 31, 2023. The Company’s policy is to invest excess cash in what the Company believes to be highly liquid investments of high credit quality to reduce risks associated with these investments. Investments with remaining maturities of less than three months at the time of purchase are classified as cash equivalents. The Company’s decisions regarding the length of maturities it holds are based on cash flow requirements, rates of return and various other factors.

Working capital (current assets less current liabilities) increased to $1,243.9 million as at September 30, 2024, compared with $1,143.1 million as at December 31, 2023, primarily due to a $638.6 million increase in cash and cash equivalents and a $114.1 million increase in inventories. This was partially offset by an increase of $315.0 million in the current portion of long-term debt, a $139.5 million increase in current income tax payable and a $131.7 million increase in accounts payable and accrued liabilities.

Subject to various risks and uncertainties, including those set in this MD&A, the Annual MD&A and in the Company’s AIF, the Company believes it will generate sufficient cash flow from operations and has adequate cash and debt facilities available to finance its current operations, working capital requirements, contractual obligations, debt maturities, planned capital expenditure and exploration programs. While the Company believes its capital resources will be sufficient to satisfy all its mandatory and discretionary commitments, the Company may choose to decrease certain of its discretionary expenditure commitments, which include certain capital expenditures and exploration and corporate development expenses, should unexpected financial circumstances arise in the future. See “Risk Profile” in this MD&A for further details.

Operating Activities

Cash provided by operating activities increased to $1,084.5 million in the third quarter of 2024 compared with $502.1 million in the third quarter of 2023 primarily due to higher gold sales volume from the Detour and Macassa mines, 29.3% higher realized gold price and favourable working capital movements between periods.

Cash provided by operating activities increased to $2,829.0 million in the first nine months of 2024 compared with $1,873.7 million in the first nine months of 2023 primarily due to higher gold sales volume from Canadian Malartic following the Yamana Transaction, 18.8% higher realized gold prices and favourable working capital movements between periods.

Investing Activities

Cash used in investing activities in the third quarter of 2024 of $537.9 million increased compared to $435.7 million of cash used in the third quarter of 2023, primarily due to higher purchases of equity securities and higher capital expenditures between periods.

In the third quarter of 2024, the Company purchased $73.3 million in equity securities and other investments compared with $8.0 million in the third quarter of 2023. The Company’s equity securities and other investments consist primarily of investments in common shares and share purchase warrants of entities in the mining industry.

Cash used in investing activities in the first nine months of 2024 of $1,375.6 million decreased compared to $2,284.6 million of cash used in investing activities in the first nine months of 2023, primarily due to $1,000.6 million in net non-recurring cash consideration paid in connection with the Yamana Transaction in the comparative period, partially offset by greater purchases of equity securities in the current period.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

In the first nine months of 2024, the Company purchased $114.6 million in equity securities and other investments compared with $52.1 million in the first nine months of 2023. The Company’s equity securities and other investments consist primarily of investments in common shares and share purchase warrants of entities in the mining industry.

Financing Activities

Cash used in financing activities increased to $493.5 million in the third quarter of 2024, compared with $144.2 million cash used in financing activities in the third quarter of 2023 primarily due to $275.0 million in repayments on the Term Loan facility and a $100.0 million repayment of senior notes in the current period.

The Company issued common shares for net proceeds of $100.3 million in the third quarter of 2024, compared with $8.6 million in the third quarter of 2023, attributable to issuances under the employee stock option plan exercises, the incentive share purchase plan and the dividend reinvestment plan.

On May 1, 2024, the Company received approval from the Toronto Stock Exchange (“TSX”), to renew its normal course issuer bid (the “NCIB”) pursuant to which the Company may purchase up to $500.0 million of its common shares subject to a maximum of 5% of its issued and outstanding common shares. Under the NCIB, the Company may purchase such common shares on the open market, at its discretion, during the period commencing May 4, 2024 and ending on May 3, 2025. Purchases under the NCIB will be made through the facilities of the TSX, the New York Stock Exchange 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.

During the third quarter of 2024, the Company repurchased 362,343 common shares for $30.0 million at an average price of $82.86 under the NCIB. In the third quarter of 2023, the Company did not repurchase any shares under the NCIB.

Cash used in financing activities was $813.8 million in the first nine months of 2024, compared with $109.8 million cash provided by financing activities in the first nine months of 2023, primarily due to $599.0 million in net proceeds received from the Term Loan Facility in the comparative period and $275.0 million in repayments of the Term Loan Facility in the current period.

The Company issued common shares for net proceeds of $206.8 million in the first nine months of 2024, compared with $45.5 million in the first nine months of 2023, attributable to issuances under the employee stock option plan exercises, the incentive share purchase plan and the dividend reinvestment plan.

During the first nine months of 2024, the Company repurchased 1,500,386 common shares for $99.9 million at an average price of $66.58 under the NCIB. During the first nine months of 2023, the Company repurchased 100,000 common shares for $4.8 million at an average price of $47.74 under the NCIB.

On July 31, 2024, Agnico Eagle declared a quarterly cash dividend of $0.40 per common share paid on September 16, 2024 to holders of record of the common shares of the Company as of August 30, 2024. Agnico Eagle has declared a cash dividend every year since 1983. In the third quarter of 2024, the Company paid dividends of $176.3 million compared to $161.3 million paid in the third quarter of 2023. In the first nine months of 2024, the Company paid dividends of $497.8 million compared to $482.7 million paid in the first nine months of 2023. Although the Company expects to continue paying dividends, future dividends will be at the discretion of the Board and will be subject to factors such as income, financial condition and capital requirements.

On February 12, 2024, the Company replaced its $1.2 billion unsecured revolving credit facility with the $2.0 billion New Credit Facility, which also has an uncommitted accordion feature of $1.0 billion. The New Credit Facility is available in US dollars through SOFR and base rate advances, or in Canadian dollars through CORRA and prime rate advances, priced at the applicable rate plus a margin that ranges from 0.00% to 2.00%. The New Credit Facility also provides for the issuance of letters of credit, priced at the applicable rate

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

plus a margin that varies from 0.60% to 2.00%. The lenders under the New Credit Facility are each paid a standby fee at a rate that ranges from 0.09% to 0.25% of the undrawn portion of the New Credit Facility. In each case, the applicable margin or standby fees vary depending on the Company’s credit rating. The Company’s subsidiaries are not required to guarantee the payment and performance of its obligations under the New Credit Facility, however the Company must provide guarantees from certain of its subsidiaries if any existing indebtedness of the Company benefits from guarantees and the Company no longer maintains an investment grade credit rating or if the Company incurs new indebtedness for borrowed money and provides guarantees of such new indebtedness from any of its subsidiaries. The Credit Facility contains customary covenants limiting certain actions of the Company and its material subsidiaries, and customary events of default for a borrower with the Company’s credit profile. The Company is also required to maintain a total net debt to capitalization ratio below a specified maximum value.

In the first nine months of 2024, the Company drew down and repaid $600.0 million on its Credit Facility. In the first nine months of 2023, the Company drew down $1.1 billion on its Old Credit Facility, which was used to finance the cash consideration portion of the Yamana Transaction and repaid $1.0 billion of the amount drawn. The repayment was partially funded by a $600.0 million drawdown on the Company’s Term Loan facility. As at September 30, 2024, the Company’s outstanding balance under the New Credit Facility was nil. Credit Facility availability is reduced by outstanding letters of credit at that date, which were $25.0 million as at September 30, 2024, resulting in $1,975.0 million available for future drawdown.

The Company has five uncommitted letter of credit facilities with certain Canadian financial institutions (the “LC Facilities”). At September 30, 2024, amounts available under these letter of credit facilities are as follows; C$400.0 million, C$320.0 million, C$200.0 million, C$200.0 million and $75.0 million. As at September 30, 2024, the aggregate undrawn face amount of letters of credit under the LC Facilities was $675.3 million. Additionally, the Company has a standby letter of guarantee facility (the “Guarantee Facility”) with a Canadian financial institution providing for a $25.0 million uncommitted letter of guarantee facility. The aggregate undrawn face amount of guarantees under the guarantee facility at September 30, 2024 was $12.5 million.

As at September 30, 2024, the Company has indemnity agreements with three companies for the issuance of surety bonds of which $344.1 million of such surety bonds have been issued under these agreements.

The Company was in compliance with all covenants contained in the New Credit Facility, Term Loan Facility, the LC Facilities, the Guarantee Facility, and the $1,150.0 million of its guaranteed senior unsecured notes as at September 30, 2024.

Risk Profile

The Company is subject to significant risks, including fluctuations in commodity prices, foreign exchange rates and other risks due to the inherent nature of the business of exploration, development and mining of properties with precious metals. Changes in economic conditions and volatile financial markets may have a significant impact on Agnico Eagle’s cost and availability of financing and overall liquidity. The volatility in gold prices directly affects Agnico Eagle’s revenues, earnings and cash flow. Volatile energy, commodity and consumables prices and currency exchange rates impact production costs. For a more comprehensive discussion of these and other risks, see “Risk Factors” in the AIF filed on the CSA’s SEDAR website and with the SEC as part of the Form 40-F.

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) and disclosure controls and procedures (“DC&P”).

ICFR is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Management has

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

used the Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in order to assess the effectiveness of the Company’s ICFR.

DC&P form a broader framework designed to provide reasonable assurance that information required to be disclosed by the Company in its annual and interim filings and other reports filed under securities legislation is recorded, processed, summarized and reported within the time frame specified in securities legislation and includes controls and procedures designed to ensure that information required to be disclosed by the Company in its annual and interim filings and other reports submitted under securities legislation is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.

Together, the ICFR and DC&P frameworks provide internal control over financial reporting and disclosure. The Company maintains disclosure controls and procedures that are designed to provide reasonable assurance that information which is required to be disclosed in the Company’s annual and interim filings and other reports filed under securities legislation is accumulated and communicated in a timely fashion. Due to their inherent limitations, the Company acknowledges that, no matter how well designed, ICFR and DC&P can provide only reasonable assurance of achieving the desired control objectives and as such may not prevent or detect all misstatements. Further, the effectiveness of ICFR is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There have been no significant changes in our internal controls during the three and nine months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Non-GAAP Financial Performance Measures

This MD&A presents certain financial performance measures, including adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA, free cash flow, free cash flow before changes in working capital, total cash costs per ounce (on both a by-product and co-product basis), minesite costs per tonne, all-in sustaining costs per ounce (on both a by-product and co-product basis), operating margin, sustaining capital expenditures and development capital expenditures, that are not recognized measures under IFRS. These measures may not be comparable to similar measures reported by other gold producers. Non-GAAP financial performance measures should be considered together with other data prepared in accordance with IFRS.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted net income and adjusted net income per share are calculated by adjusting the net income as recorded in the condensed interim 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, severance and transaction costs related to acquisitions, revaluation gains, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals, retroactive payments 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 on a basic and diluted basis. The Company believes that these generally accepted industry measures are useful to investors 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 the Company believes are not reflective of operational performance. Management uses this measure to, and believes it is useful 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.

The following table sets out the calculation of adjusted net income and adjusted net income per share for the three and nine months ended September 30, 2024 and September 30, 2023.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

	Three Months Ended<br> <br><br> September 30,						Nine Months Ended<br> <br><br> September 30,
(thousands of United States dollars)	2024			2023			2024			2023
				Restated(i)						Restated(i)
Net income for the period — basic		$	567,118		$	174,803		$	1,386,326		$	2,315,364
Dilutive impact of cash settling Long Term Incentive <br> <br><br> Plan			—			(1,915)			—			(4,831)
Net income for the period — diluted		$	567,118		$	172,888		$	1,386,326		$	2,310,533
Foreign currency translation loss (gain)			3,436			(6,492)			(748)			(2,258)
Realized and unrealized (gain) loss on derivative financial instruments			(17,153)			34,010			48,390			1,038
Transaction costs related to acquisitions			—			4,591			—			21,503
Revaluation gain on Yamana Transaction			—			—			—			(1,543,414)
Environmental remediation			6,294			1,890			11,201			(87)
Net loss on disposal of property, plant and equipment			5,420			5,491			25,786			9,092
Purchase price allocation to inventory			—			3,656			—			26,477
Other(ii)			—			3,262			13,215			3,262
Income and mining taxes adjustments(iii)			7,462			(5,070)			1,146			(24,293)
Adjusted net income for the period — basic		$	572,577		$	216,141		$	1,485,316		$	806,684
Adjusted net income for the period — diluted		$	572,577		$	214,226		$	1,485,316		$	801,853
Net income per share — basic		$	1.13		$	0.35		$	2.78		$	4.76
Net income per share — diluted		$	1.13		$	0.35		$	2.77		$	4.74
Adjusted net income per share — basic		$	1.14		$	0.44		$	2.97		$	1.66
Adjusted net income per share — diluted		$	1.14		$	0.43		$	2.97		$	1.65

Notes:

(i)

Certain previously reported line items have been restated to reflect the final purchase price allocation of the Yamana Transaction. For more information please see Note 5 in the Company’s condensed interim consolidated financial statements.

(ii)

Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the current period.

(iii)

Income and mining taxes adjustments reflect items such as foreign currency translation recorded to the income and mining taxes expense, the impact of income and mining taxes on adjusted items, recognition of previously unrecognized capital losses, the result of income and mining taxes audits, impact of tax law changes and adjustments to prior period tax filings.

EBITDA and Adjusted EBITDA

EBITDA is calculated by adjusting net income for finance costs, amortization of property, plant and mine development and income and mining tax expense line items as reported in the condensed interim 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, severance and transaction costs related to acquisitions, revaluation gains, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, impairment loss charges and reversals and retroactive payments.

The Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

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 useful 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.

The following table sets out the calculation of EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and September 30, 2023.

	Three Months Ended<br> <br><br> September 30,						Nine Months Ended<br> <br><br> September 30,
(thousands of United States dollars)	2024			2023			2024			2023
				Restated(i)						Restated(i)
Net income for the period		$	567,118		$	174,803		$	1,386,326		$	2,315,364
Finance costs			28,527			35,704			99,265			94,989
Amortization of property, plant and mine development			390,245			421,091			1,125,859			1,111,364
Income and mining tax expense			272,672			90,412			652,718			356,638
EBITDA			1,258,562			722,010			3,264,168			3,878,355
Foreign currency translation loss (gain)			3,436			(6,492)			(748)			(2,258)
Realized and unrealized (gain) loss on derivative financial instruments			(17,153)			34,010			48,390			1,038
Transaction costs related to acquisitions			—			4,591			—			21,503
Revaluation gain on Yamana Transaction			—			—			—			(1,543,414)
Environmental remediation			6,294			1,890			11,201			(87)
Net loss on disposal of property. plant and equipment			5,420			5,491			25,786			9,092
Purchase price allocation to inventory			—			3,656			—			26,477
Other(ii)			—			3,262			13,215			3,262
Adjusted EBITDA		$	1,256,559		$	768,418		$	3,362,012		$	2,393,968

Notes:

(i)

(ii)

Other adjustments relate to retroactive payments that management considers not reflective of the Company’s underlying performance in the current period.

Free Cash Flow and Free Cash Flow before Changes in Non-Cash Components of Working Capital

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 condensed interim consolidated statements of cash flows.

Free cash flow before changes in non-cash components of working capital is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable.

The Company believes that these generally accepted industry measures 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. Free cash flow and free cash flow before changes in non-cash components of working capital 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.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Management uses these measures in conjunction with other data prepared in accordance with IFRS to, and believes it is useful to investors so they can, understand and monitor the cash generating ability of the Company.

The following table sets out the calculation of free cash flow and free cash flow before changes in non-cash components of working capital for the three and nine months ended September 30, 2024 and September 30, 2023.

	Three Months Ended<br> <br><br> September 30,						Nine Months Ended<br> <br><br> September 30,
(thousands of United States dollars)	2024			2023			2024			2023
				Restated(i)						Restated(i)
Cash provided by operating activities		$	1,084,532		$	502,088		$	2,829,043		$	1,873,701
Additions to property, plant and mine development			(464,101)			(419,832)			(1,255,786)			(1,228,387)
Free cash flow			620,431			82,256			1,573,257			645,314
Changes in income taxes			(95,930)			7,425			(142,732)			(81,980)
Changes in inventory			156,871			118,251			165,727			144,998
Changes in other current assets			(41,263)			3,527			16,237			86,947
Changes in accounts payable and accrued liabilities			(80,704)			49,432			(74,622)			(51,427)
Changes in interest payable			3,964			(12,067)			(2,867)			(1,760)
Free cash flow before changes in non-cash components <br> <br><br> of working capital		$	563,369		$	248,824		$	1,535,000		$	742,092

Note:

(i)

Total Cash Costs per Ounce and Minesite Costs per Tonne

Total cash costs per ounce is calculated on a per ounce of gold produced basis and 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). Total cash costs per ounce on a by-product basis is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of 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 Canadian Malartic, a 2% in-kind royalty paid in respect of Detour Lake , a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company’s operations, the calculations of total cash costs per ounce for Canadian Malartic has been adjusted for this purchase price allocation in the comparative period data. 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.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

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 useful 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 these measures are 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.

In this MD&A, 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 to monitor operations, and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis.

Minesite costs per tonne are calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income 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 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.

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 condensed interim consolidated statements of income in accordance with IFRS.

AGNICO EAGLE MINES LIMITED

      MANAGEMENT’S DISCUSSION AND ANALYSIS 

      For the Three and Nine Months Ended September 30, 2024

Total Production Costs by Mine

	Three Months Ended<br> <br><br> September 30,						Nine Months Ended<br> <br><br> September 30,
(thousands of United States dollars)	2024			2023			2024			2023
LaRonde mine		$	74,244		$	66,477		$	193,482		$	170,153
LaRonde Zone 5 mine			18,916			18,715			58,059			62,702
LaRonde complex			93,160			85,192			251,541			232,855
Canadian Malartic(i)			128,984			125,455			399,893			326,936
Goldex			34,265			28,805			100,531			84,800
Meliadine			75,099			89,210			254,463			249,221
Meadowbank			115,705			133,919			352,881			381,411
Kittila			59,968			58,569			176,535			155,200
Detour Lake			127,159			106,396			379,366			333,214
Macassa			48,086			35,864			146,763			112,368
Fosterville			44,346			27,539			114,824			99,969
Pinos Altos			46,464			40,147			122,980			107,778
La India			10,417			28,315			39,445			72,056
Production costs per the condensed interim consolidated <br> <br><br> statements of income		$	783,653		$	759,411		$	2,339,222		$	2,155,808

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)

LaRonde mine<br> <br><br> (per ounce)	Three Months Ended<br> <br><br> September 30, 2024					Three Months Ended<br> <br><br> September 30, 2023					Nine Months Ended<br> <br><br> September 30, 2024					Nine Months Ended<br> <br><br> September 30, 2023
Gold production (ounces)	47,313					49,303					161,388					167,471
	(thousands)			( per ounce)		(thousands)			( per ounce)		(thousands)			( per ounce)		(thousands)			( per ounce)
Production costs		$	74,244		1,569		$	66,477		1,348		$	193,482		1,199		$	170,153		1,016
Inventory adjustments(ii)			(14,425)		(305)			(16,200)		(328)			(12,892)		(80)			(2,666)		(16)
Realized gains and losses on hedges of production costs			246		5			317		6			616		4			2,165		13
Other adjustments(v)			1,015		22			4,178		85			9,235		57			14,081		84
Total cash costs (co-product <br> <br><br> basis)		$	61,080		1,291		$	54,772		1,111		$	190,441		1,180		$	183,733		1,097
By-product metal revenues			(10,097)		(213)			(11,627)		(236)			(39,703)		(246)			(41,316)		(247)
Total cash costs (by-product <br> <br><br> basis)		$	50,983		1,078		$	43,145		875		$	150,738		934		$	142,417		850