About Agnico Eagle Mines
Agnico Eagle Mines Limited operates as a Canadian gold mining company. The company produces precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of exploration and development projects in these countries, as well as in the United States. On February 8, 2022, the company acquired Kirkland Lake Gold Ltd (KLG). On March 31, 2023, the company acquired certain subsidiaries and partnerships which hold Yamana Gold Inc.'s (Yamana) interests in its Canadian assets, including the Canadian Malartic mine. With the completion of the arrangement, the company owns 100% of the Canadian Malartic mine, 100% of the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba. On April 6, 2023, Teck Resources Limited and the company had entered into a joint venture shareholders agreement whereby Agnico Eagle, through a wholly-owned Mexican subsidiary, has agreed to subscribe for a 50% interest in Minas de San Nicolás, S.A.P.I. de C.V. (MSN). Operations and Production Business Units and Foreign Operations The company’s Canadian mines in Quebec and Nunavut include a directly held, 100% interest in each of the LaRonde Complex (which includes the LaRonde mine and the LaRonde Zone 5 mine), the Goldex mine, the Meadowbank Complex (which includes the processing facilities at the Meadowbank minesite and mining operations at the Amaruq deposit), the Meliadine mine; and a 50% interest in the Canadian Malartic Complex (which is held indirectly through the Partnership, which is held both directly and indirectly through the company’s 50% interest in Canadian Malartic Corporation (CMC)). The Canadian Malartic Complex consists of the Canadian Malartic mine and the Odyssey mine. The company’s operations in Finland are conducted through its indirect subsidiary, Agnico Eagle Finland Oy, which owns the Kittila mine. The company’s Canadian operations in Ontario are conducted through its direct subsidiary, KLG, which owns the Detour Lake mine and the Macassa mine. The company’s Australian operations are conducted through its indirect subsidiary, Fosterville Gold Mine Pty Ltd., which owns the Fosterville mine. The company’s interest in the Pinos Altos mine, located in Mexico, is held through its indirect subsidiary, Agnico Eagle Mexico, S.A. de C.V. The La India mine is owned by the company’s indirect subsidiary, Agnico Sonora, S.A. de C.V. The company’s Exploration group focuses primarily on the identification of new mineral reserves and mineral resources and new development opportunities in politically stable regions. Exploration activities are concentrated in Canada, Australia, Europe, Latin America and the United States. The company’s properties include 83 properties in Canada, 16 properties in Australia, two properties in Finland, 14 properties in Mexico, five properties in the United States, one property in Sweden, and two properties in Colombia. Exploration activities are managed from offices in: Val-d’Or, Quebec; Kirkland Lake, Timmins, and Dobie, Ontario; Bendigo and Darwin, Australia; Kittila, Finland; Chihuahua and Hermosillo, Mexico; Reno, Nevada; and Storuman, Sweden. The company has identified its LaRonde Complex, Canadian Malartic Complex, Meadowbank Complex, Meliadine mine, Detour Lake mine, and Fosterville mine as material properties as at the date of this AIF. The following is a description of the company’s material properties as of December 31, 2022. LaRonde Complex The LaRonde Complex is situated approximately halfway between Rouyn-Noranda and Val-d’Or in northwestern Quebec (approximately 470 kilometres northwest of Montreal, Quebec) in the municipalities of Preissac and Cadillac and consists of the LaRonde mine and the LaRonde Zone 5 mine. The LaRonde Complex consists of the LaRonde property and the adjacent El Coco, Terrex and Bousquet properties, each of which is 100% owned and operated by the company. The LaRonde mine operates under mining leases obtained from the Ministry of Natural Resources and Forests (Quebec) and under certificates of approval granted by the Ministry of Environment, Fight Against Climate Change, Wildlife and Parks (Quebec). The LaRonde property consists of 36 contiguous mining claims and one provincial mining lease. The El Coco property consists of 22 contiguous mining claims and one provincial mining lease. The Terrex property consists of 21 mining claims and one provincial mining lease. The mining leases on the LaRonde, El Coco and Terrex properties expire in 2028, 2031 and 2034, respectively. The Terrex lease is renewable for three further ten-year terms upon payment of a small fee, while the El Coco and LaRonde leases are eligible for two and one additional ten-year terms, respectively. The company also has a total of ten surface rights leases that relate to, among other things, the waterline right of way from Lake Preissac and the eastern extension of the LaRonde tailings pond #7 on the El Coco property. The surface rights leases are renewable annually. The LaRonde mine includes underground operations at the LaRonde, Bousquet, El Coco and Terrex properties that can all be accessed from the Penna Shaft, a mill, a treatment plant, a secondary crusher building and related facilities. Goldex Mine Starting 2024, the company expects to process ore mined from the Akasaba West property at the Goldex mill. The Akasaba West project is located approximately 30 kilometres from Goldex. Canadian Malartic Complex The Canadian Malartic Complex consists of the Canadian Malartic mine and the Odyssey mine. The Canadian Malartic Complex is located within the town of Malartic, Quebec, approximately 25 kilometres west of the City of Val-d’Or and 80 kilometres east of City of Rouyn-Noranda. It straddles the townships of Fournière, Malartic, Dubuisson and Surimau. Following the completion of an internal technical evaluation (the Odyssey Study), in February 2021 the Partnership approved the construction of a new underground mining complex at the Odyssey mine. The Odyssey mine is adjacent to the Canadian Malartic mine and hosts three main underground-mineralized zones, which are East Gouldie, East Malartic and Odyssey (which is sub-divided into the Odyssey North and Odyssey South). The Canadian Malartic mine operates under mining leases obtained from the Ministry of Natural Resources and Forests (Quebec) and under certificates of approval granted by the Ministry of Environment, Fight Against Climate Change, Wildlife and Parks (Quebec). The Canadian Malartic property consists of the East Amphi property, the CHL Malartic prospect, the Camflo property, the Canadian Malartic mine, the Radium North property, as well as the Midway (which consists of the Fournière, Midway and Piche-Harvey properties) and Rand properties. The Odyssey mine is located east of the Canadian Malartic mine and extends into the CHL Malartic prospect. The Canadian Malartic property consists of a contiguous block comprising two mining concessions, six mining leases and 327 mining claims. Expiration dates for the mining leases on the Canadian Malartic property vary between November 24, 2029 and November 1, 2042, and each lease is automatically renewable for three further ten year terms upon payment of a small fee. The Canadian Malartic mine is a large open pit operation consists of the Canadian Malartic and Barnat pits. Meadowbank Complex The Meadowbank Complex includes the Meadowbank mine and the Amaruq satellite deposit. The Meadowbank mine, which achieved commercial production in March 2010, is located in the Third Portage Lake area in the Kivalliq District of Nunavut in northern Canada, approximately 70 kilometres north of Baker Lake. In 2017, the company approved the development of the Amaruq satellite deposit at Meadowbank, which is located 50 kilometres northwest of the Meadowbank mine, and it achieved commercial production on September 30, 2019. In February 2021, the board of directors (the Board) of the company approved the construction of the Amaruq underground project and commercial production was subsequently achieved on August 1st, 2022. The company acquired its 100% interest in the Meadowbank mine in 2007 through its acquisition of Cumberland. The Amaruq property is also 100% owned by the company as a result of agreements with Nunavut Tunngavik Inc. (NTI) in 2013 and with the Kivalliq Inuit Association (KIA) in 2017. The Meadowbank Complex is held under 24 Crown mining leases, four exploration agreements and one Crown mineral claim. The Crown mining leases, which cover the Portage, Goose and Goose South deposits at the Meadowbank site, all of which are mined out, are administered under federal legislation. The Crown mining leases, which have renewable 21-year terms, have no annual work commitments but are subject to annual rental fees that vary according to their renewal date. The production lease with the KIA is a surface lease. Meliadine Mine The Meliadine mine is located near the western shore of Hudson Bay in the Kivalliq region of Nunavut, approximately 25 kilometres north of the hamlet of Rankin Inlet and 290 kilometres southeast of the Meadowbank mine. In February 2017, the Board approved the construction of the Meliadine mine. Commercial production at Meliadine was achieved in May 2019. The company acquired its 100% interest in the Meliadine project through its acquisition of Comaplex in July 2010. The Meliadine property is a large land package that is nearly 80 kilometres long. It consists of mineral rights, a portion of which are held under the Northwest Territories and Nunavut Mining Regulations and administered by the Department of Crown-Indigenous Relations and Northern Affairs Canada and referred to as Crown Land. Detour Lake Mine The Detour Lake mine is located approximately 300 kilometres northeast of Timmins and 185 kilometres by road northeast of Cochrane, in the District of Cochrane, Ontario. The company acquired its interest in the Detour Lake mine on February 8, 2022. KLG acquired its interest in the Detour Lake mine on January 31, 2020 as a result of KLG’s acquisition of Detour Gold Corporation. The Detour Lake operation mineral tenures form a contiguous group of mining patents, mining leases and cell mining claims in the District of Cochrane, Ontario. The mineral tenure in Ontario consists of 4,331 mining claims (approximately 101,403 ha), which include 45 leases (23,815.06 ha), 10 patents (602.41 ha) and 4,277 mining cells (approximately 76,985.53 ha). There are an additional 20 cell mining claims (549 ha) located in Quebec. The company has 30 leases and 10 patents totaling 18,574.442 hectares of surface rights for the Detour Lake mine. The patented lands are subject to an annual mining tax. The 21 year mining leases are subject to annual rental payments and applications for renewal are subject to review and consent by the Ministry of Northern Development, Mines, Natural Resources and Forestry (Ontario). Fosterville Mine The Fosterville mine is located approximately 20 kilometres east of the city of Bendigo and 130 kilometres north of the city of Melbourne in the State of Victoria, Australia. Power is supplied to the site from the Fosterville Terminal Station. The company acquired its interest in the Fosterville mine on February 8, 2022. KLG acquired its interest in the Fosterville mine on November 30, 2016 as a result of KLG’s acquisition with Newmarket Gold Inc. The Fosterville mine and all associated infrastructure, including the tailings storage facility and waste dumps, are located on Mining Licence 5404. Mining Licence 5404 has a total area of 28.5 square kilometres and is valid until August 24, 2035. In addition, there are four surrounding Exploration Licences totalling 1,082 square kilometres. The Fosterville mine is an underground mine accessed via two portals, located in the historic Ellesmere and Falcon open pits, and connected declines. Initial underground production commenced in September 2006 and the life of mine plan provides for production from the Phoenix (including Swan, Eagle Kestrel and Cygnet), Harrier and Robbins Hill zones. The Fosterville mine operates under the Mining Licence 5404. The Licence was renewed in October 2018 and has an expiry date in August 2035. Regional Exploration During 2022, the company actively explored in Quebec, Ontario and Nunavut in Canada and in Australia, Finland, Mexico, the United States, Sweden and Colombia. In Canada, regional exploration activities during 2022 were focused around the La Ronde Complex in Quebec, around the Meadowbank Complex and the Meliadine mine, and the Hope Bay project in Nunavut. In Ontario, exploration work was carried out around the Macassa mine at the Amalgamated Kirkland (AK) and Upper Beaver projects near Kirkland Lake, Ontario and close to the Detour Lake mine along the Sunday Lake Deformation Zone. In Australia, exploration activities in 2022 were focused near the Fosterville mine in Victoria State and at several projects in the Northern Territory. In Finland, exploration activities during 2022 were focused north and south of the Kittila mine along the Kiistala fault. In Mexico, exploration activities during 2022 were focused on the Santa Gertrudis project and around the La India and Pinos Altos mines. In the United States, exploration activities during 2022 were focused on project evaluation. In Sweden, exploration activities during 2022 were focused on the Barsele project. The Partnership focused exploration in 2022 on the Odyssey Project and other projects near to the Canadian Malartic mine. In northwestern Quebec, the company is exploring the Douay-Joutel project in a joint venture with Maple Gold Mines Ltd. In Colombia, the company is exploring the Anza project under a joint venture with Newmont Corporation named Minera Monte Aguila. At the end of 2022, the company’s total land holdings consisted of 124 projects consisted of 15,754 mineral titles covering an aggregate of 1,727,976 hectares. Land holdings in Canada consisted of 83 projects consisted of 12,882 mineral titles covering an aggregate of 1,022,256 hectares (of this total in Canada, six projects consisted of 340 mineral titles covering an aggregate of 13,581 hectares are held as a 50% interest with Yamana, including the Canadian Malartic Complex). Land holdings in Australia consisted of 16 projects consisted of 102 mineral titles covering an aggregate of 275,027 hectares. Land holdings in Finland consisted of 2 properties consisted of 72 mineral titles covering an aggregate of 24,113 hectares. Land holdings in Mexico consisted of 14 projects consisted of 240 mining concession titles covering an aggregate of 287,006 hectares. Land holdings in the United States consisted of five properties consisted of 2,400 mineral titles covering an aggregate of 34,751 hectares. Land holdings in Sweden consisted of one project consisted of 24 mineral titles covering an aggregate of 34,399 hectares (held as a 55% joint venture interest). The company, through its 50% ownership interest in Minera Monte Aquila S.A.S. is also earning an interest in Orosur Mining Inc.’s Anza project in Colombia (16 mineral titles covering an aggregate of 17,298 hectares). Strategy The company’s strategy is to deliver high quality growth while maintaining high performance standards in health, safety, environmental matters and social responsibility; build a strong pipeline of projects to drive future production; and employ the best people and motivate them to reach their potential. Principal Products and Distribution The company earns substantially all of its revenue from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue is generated from the production and sale of by-product metals, namely silver, zinc and copper. The gold produced by the company is sold in refined form, primarily in the London spot market. History Agnico Eagle Mines Limited was founded in 1953. The company was incorporated under the laws of the Province of Ontario in 1953.
