Hope Bay: Building Opportunity Together in Canada’s North

There are moments in a company’s journey that feel bigger than a single announcement, moments that reflect years of collaboration, commitment and shared vision. Agnico Eagle’s recent decision to move forward with construction and redevelopment of the Hope Bay project in Nunavut is one of those moments. More than a new mine in the becoming, Hope Bay represents a long-term investment in people, communities and responsible mining in Canada’s North. Located in the Kitikmeot region of western Nunavut, about 160 kilometres north of the Arctic Circle, Hope Bay is poised to become one of Canada’s most important new gold mines. But beyond its scale and potential, what truly defines this project is the opportunity it presents for responsible resource development in the Arctic by enabling the use of clean energy, enabling economic growth, community development and prosperity in the territory and supporting national defence and sovereignty. Since Agnico Eagle acquired the project in 2021, building strong relationships and strengthening a shared commitment to responsible development that respects Inuit rights, values and aspirations has always remained a focus. The existing Inuit Impact and Benefit Agreement shared with the Kitikmeot Inuit Association (KIA) since 2015 establishes a framework to ensure meaningful Inuit participation, through jobs, training, business opportunities and environmental stewardship. The Company is working collaboratively with the KIA to develop a future-focused framework agreement to address benefits over the longer term, reinforcing a commitment to ongoing dialog, partnership and collaboration throughout the life of the project. As Ammar Al Joundi, President and CEO of Agnico Eagle, explains, “The construction and redevelopment of Hope Bay will support the long term sustainability of our Nunavut operating platform at between 800,000 ounces and one million ounces of annual gold production and represents the first major milestone toward delivering our targeted 20% to 30% production growth over the next decade. We are also proud that this investment will contribute to the economic development of Northern Canada and enable meaningful, long term economic participation for Indigenous organizations and partners.” Hope Bay is expected to create close to 2,000 direct and indirect jobs and contribute an estimated C$2.6 billion annually in Canadian exports, but the numbers only tell part of the story. For many, this project represents opportunity: the chance to build careers, strengthen communities and invest in future generations. Community investment is a critical part of how Agnico Eagle is helping to build long-term resilience and opportunity across Nunavut. Through a renewed five-year, $5 million partnership with Breakfast Club of Canada, the company is supporting daily access to nutritious breakfast programs for more than 5,000 students in 22 schools across the Kitikmeot and Kivalliq regions, helping improve attendance, learning outcomes and overall well-being while investing in the next generation of the territory’s workforce. Expanding its impact beyond education, Agnico Eagle is also addressing Nunavut’s urgent housing needs through a partnership with the Nunavut Housing Corporation. Building on the successful delivery of modular homes through its sealift network, the company is committing over $10 million across five years to help transport approximately 25 housing units annually, supporting greater access to safe and adequate housing in some of the most challenging building conditions in the world. In addition, a $10 million contribution to Inuit Nunangat University, led by Inuit Tapiriit Kanatami, underscores Agnico Eagle’s commitment to advancing culturally relevant, Inuit-led post-secondary education, helping equip Inuit youth with the skills, knowledge and opportunities needed to thrive in their communities and beyond. What also makes Hope Bay special is its long-term potential. With significant exploration upside across the main three deposits (Doris, Madrid and Boston) and ongoing exploration across Hope Bay’s extensive land position, the project is expected to evolve into a district-scale mining camp for decades to come. Over the next three years alone, Agnico Eagle plans to invest more than $100 million in exploration to better understand and expand the current underground mineral resource. Sustainability is also central to the project’s future. The planned Hope Bay Wind Project, led by Inuit-owned Kitikmeot Tugliq Limited Partnership and supported by federal funding, will reduce the site’s diesel use by approximately three million litres annually, lowering emissions while strengthening energy security. Backed by nearly two decades of operating experience in Nunavut, an established workforce and strong relationships, Agnico Eagle is well positioned to bring Hope Bay into production, potentially as early as 2030, with expected annual production of more than 400,000 ounces of gold. Ultimately, Hope Bay is about more than mining. It’s about building something enduring, together.