# EDGAR Filing Document

**Accession Number:** 0000002809
**File Stem:** 0001104659-25-103776
**Filing Date:** 2025-10
**Character Count:** 246289
**Document Hash:** 90a078afe052325bfe593e36cfe13716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103776.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001104659-25-103776

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGNICO EAGLE MINES LTD
- **CENTRAL INDEX KEY:** 0000002809
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13422
- **FILM NUMBER:** 251430787

**BUSINESS ADDRESS:**
- **STREET 1:** 145 KING STREET EAST
- **STREET 2:** SUITE 400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 2Y7
- **BUSINESS PHONE:** 4169471212

**MAIL ADDRESS:**
- **STREET 1:** 145 KING STREET EAST
- **STREET 2:** SUITE 400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 2Y7

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington** **, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE<br> SECURITIES EXCHANGE ACT OF 1934**

For the month of October, 2025

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 ⌧

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 ⌧

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<u> </u>.

**EXHIBITS**

Exhibit No. <u>Exhibit Description</u> <br> <u>[99.1](tm2525021d2_ex99-d1.htm)</u> <u>[Third Quarter Report](tm2525021d2_ex99-d1.htm)</u>

**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.

---

| | | |
|:---|:---|:---|
|  | <u>AGNICO EAGLE MINES LIMITED</u> | <u>AGNICO EAGLE MINES LIMITED</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: 10/29/2025 | 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](https://www.sec.gov/Archives/edgar/data/2809/000110465924070316/tm2415980-1_f10.htm)), [Form F-3D (Reg. No. 333-280180](https://www.sec.gov/Archives/edgar/data/2809/000110465924071293/tm2417082d1_f3d.htm)) and Form S-8 (Reg. [Nos. 333-130339](https://www.sec.gov/Archives/edgar/data/2809/000104746905028304/a2166022zs-8.htm) and [333-152004](https://www.sec.gov/Archives/edgar/data/2809/000110465908042831/a08-17563_1s8.htm))

## Exhibit 99.1

#### Exhibit 99.1
![[MISSING IMAGE: lg_agnicoeagle-bw.jpg]](lg_agnicoeagle-bw.jpg)

## Third Quarter Report 2025

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
This Management's Discussion and Analysis ("MD&A") dated October 29, 2025 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, 2025 (the "Third Quarter Financial Statements") prepared in accordance with International Financial Reporting Standards ("IFRS<sup>®</sup> Accounting Standards"), 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 Accounting Standards ("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, 2024 (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, 2024 (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", "sustaining capitalized exploration", "development capital expenditures", "development capitalized exploration" and "operating margin" that are not standardized measures under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures or ratios 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 metal 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 ratios 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 Accounting Standards, 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 Accounting Standards 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.

------

Unless otherwise stated, references to "LaRonde", "Canadian Malartic", "Meadowbank" and "Goldex" are to the Company's operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine ("LZ5"). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine ("Akasaba West"). 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, respectively.

#### 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 doré 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.

#### 2025 Developments

#### Tariffs
On February 1, 2025, the United States introduced tariffs on imports from countries including Canada. In response, the Canadian and other governments announced retaliatory tariffs on imports from the United States. In certain cases, the implementation or application of these tariffs have been postponed or modified and exceptions to such tariffs have been made in respect of certain goods. However, the international trade disputes set in motion by these tariffs, retaliatory tariffs and other actions remain fluid. At this time, the Company believes its revenue structure will be largely unaffected by the tariffs as its gold production is mostly refined in Canada, Australia or Europe. The Company continues to review its exposure to the tariffs and trade disputes and its alternatives to inputs sourced from suppliers that are or may become subject to the tariffs, or other trade disputes. However, approximately 60% of the Company's cost structure relates to labour, contractors, energy and royalties, which are not expected to be directly affected by any of the tariffs or trade disputes. While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented, the quantum of such tariffs, the goods on which they may be applied and the ultimate effect of tariffs or other trade disputes on the Company's supply chains, the Company continues to monitor developments and may take steps to limit the effect of any tariffs or trade disputes on it as may be appropriate in the circumstances.

#### Acquisition of O3 Mining Inc.
On December 12, 2024, the Company announced that it had entered into a definitive support agreement with O3 Mining Inc. ("O3 Mining"), pursuant to which the Company agreed to offer to acquire, by way of take-over bid, all of the outstanding common shares of O3 Mining at C$1.67 per share in cash directly or indirectly

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
(the "O3 Offer"). On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting in an aggregate of 114,785,237 O3 Shares being taken up and acquired under the O3 Offer, representing approximately 95.6% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$191.7 million. On March 18, 2025, O3 Mining and one of the Company's wholly-owned subsidiaries amalgamated under the *Business Corporations Act* (Ontario), which resulted in the Company owning 100% of the O3 Shares.

O3 Mining's primary asset is its 100%-owned Marban Alliance property located near Val d'Or, in the Abitibi region of Québec, adjacent to Canadian Malartic. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project with potential to support an open pit mining operation similar to those at the Barnat open pit at Canadian Malartic.

#### Repayment of Long-term Debt
During the nine months ended September 30, 2025, the Company repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% notes at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity.

During the nine months ended September 30, 2025, the Company also elected to repay in full the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates. The repayment totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes.

The Company incurred debt extinguishment costs of $8.2 million relating to the repayment of the 2016, 2017 and 2018 Notes prior to their respective maturity dates.

#### Normal Course Issuer Bid
On May 1, 2025, 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 a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation during the period commencing May 4, 2025 and ending on May 3, 2026. The Company intends to repurchase its common shares 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. Under the Company's prior NCIB, which commenced on May 4, 2024 and ended on May 3, 2025, the Company obtained approval to purchase up to a total of 24,961,914 common shares of which 1,862,133 were purchased through the facilities of the TSX and NYSE at a weighted average price of approximately $80.5585 per common share.

#### Disposition of interest in Orla Mining Ltd.
During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. ("Orla") at a price of C$14.75 per common share for total consideration of C$560.5 million ($404.8 million). An after tax gain of $230.4 million was recognized through other comprehensive income, while a loss on the sale of shares resulting from the discount to market price of $34.1 million was recognized in net income.

#### Financial and Operating Results
 *Operating Results* 

Agnico Eagle reported net income of $1,055.0 million, or $2.10 per share, in the third quarter of 2025, compared with net income of $567.1 million, or $1.13 per share, in the third quarter of 2024.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
Agnico Eagle reported adjusted net income<sup>1</sup> of $1,085.2 million, or $2.16 per share<sup>1</sup>, in the third quarter of 2025, compared with adjusted net income of $572.6 million, or $1.14 per share, in the third quarter of 2024. Agnico Eagle reported EBITDA<sup>1</sup> of $2,029.7 million in the third quarter of 2025 compared with $1,258.6 million in the third quarter of 2024. Adjusted EBITDA<sup>1</sup> increased in the third quarter of 2025 to $2,098.2 million compared to $1,256.6 million in the third quarter of 2024. The Company reported higher adjusted net income, EBITDA and adjusted EBITDA primarily due to higher operating margins in the current period.

Agnico Eagle reported net income of $2,938.4 million, or $5.85 per share, in the first nine months of 2025, compared with net income of $1,386.3 million, or $2.78 per share, in the first nine months of 2024.

Agnico Eagle reported adjusted net income of $2,831.1 million, or $5.64 per share, in the first nine months of 2025, compared with adjusted net income of $1,485.3 million, or $2.97 per share, in the first nine months of 2024. Agnico Eagle reported EBITDA of $5,684.5 million in the first nine months of 2025 compared with $3,264.2 million in the first nine months of 2024. Adjusted EBITDA in the first nine months of 2025 increased to $5,601.9 million compared to $3,362.0 million in the first nine months of 2024. The Company reported higher adjusted net income, EBITDA and adjusted EBITDA primarily due to higher operating margin in the current period.

In the third quarter of 2025, operating margin<sup>1</sup> increased by 61.8% to $2,220.2 million, compared with $1,372.0 million in the third quarter of 2024, primarily due to a 41.9% increase in revenues from mining operations resulting from a 39.5% higher realized price of gold between periods combined with a 1.5% increase in sales volume, mainly from Canadian Malartic, Macassa and Detour, partially offset by higher production costs mainly due to higher royalty costs. Royalty costs, which are included production costs, are directly linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476 per ounce, compared to $2,492 per ounce in the third quarter of 2024, resulting in increased revenues from mining operations and higher royalty costs in the current period.

In the first nine months of 2025, operating margin increased by 59.8% to $5,947.6 million, compared with $3,722.8 million in the first nine months of 2024, primarily due to a 37.6% increase in revenues from mining operations as a result of a 40.2% higher average realized price of gold between periods, partially offset by a 1.9% lower sales volume, mainly from Fosterville, Canadian Malartic and La India, and higher production costs mainly due to higher royalty costs. Royalty costs, which are included production costs, are directly linked to gold prices. The average realized gold price in the first nine months of 2025 was $3,221 per ounce, compared to $2,297 per ounce in the first nine months of 2024, resulting in increased revenues from mining operations and higher royalty costs in the current period.

Gold production increased to 866,936 ounces in the third quarter of 2025 compared with 863,445 ounces in the third quarter of 2024, primarily due to increased production at Canadian Malartic, LaRonde and Macassa, partially offset by decreased production at Fosterville and Meliadine.

Gold production decreased to 2,606,759 ounces in the first nine months of 2025, compared with 2,637,935 ounces in the first nine months of 2024, primarily due to decreased production at Fosterville, Canadian Malartic, La India and Pinos Altos, partially offset by increased production at Macassa and LaRonde.

Cash provided by operating activities increased to $1,815.9 million in the third quarter of 2025 compared with $1,084.5 million in the third quarter of 2024, primarily due to higher operating margin and more favourable working capital movements between periods.

<sup>1</sup>

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 Accounting Standards. For reconciliation of these measures to the most directly comparable financial measure under IFRS Accounting Standards and a discussion of their composition and usefulness, see *Non-GAAP Financial Performance Measures.*

------

Cash provided by operating activities increased to $4,705.6 million in the first nine months of 2025 compared with $2,829.0 million in the first nine months of 2024, primarily due to the same reasons discussed above for the third quarter.

Free cash flow<sup>1</sup> increased to $1,189.5 million in the third quarter of 2025 compared with $620.4 million in the third quarter of 2024, primarily due to higher operating margins and more favourable working capital movements between periods. Free cash flow before changes in non-cash components of working capital<sup>1</sup> increased to $1,034.9 million in the third quarter of 2025 compared with $563.4 million in the third quarter of 2024, due to higher operating margin in the current period.

Free cash flow increased to $3,088.7 million in the first nine months of 2025 compared with $1,573.3 million in the first nine months of 2024. Free cash flow before changes in non-cash components of working capital increased to $2,585.8 million in the first nine months of 2025 compared with $1,535.0 million in the first nine months of 2024. The Company reported higher free cash flow and higher free cash flow before changes in non-cash components of working capital due to the same reasons discussed above for the third quarter.

The table below sets out variances in the key drivers of net income for the three and nine months ended September 30, 2025, compared with the three and nine months ended September 30, 2024:

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| | | |
|:---|:---|:---|
| **(millions of United States dollars)**  | &nbsp;&nbsp; **Three Months Ended <br> September 30, 2025 vs. <br> Three Months Ended <br> September 30, 2024**  | &nbsp;&nbsp; **Nine Months Ended <br> September 30, 2025 vs. <br> Nine Months Ended <br> September 30, 2024**  |
| Increase in revenues from mining operations  | $903.9 | $2281.8 |
| (Increase) decrease in production costs due to effects of foreign currencies  | (2.8) | 41.7 |
| Increase in production costs  | (52.8) | (98.7) |
| Decrease in exploration and corporate development expenses  | 0.8 | 13.3 |
|  Increase in amortization of property, plant and mine <br> development  | (39.7) | (97.8) |
| Increase in general and administrative expenses  | (19.2) | (40.9) |
| Decrease in finance costs  | 4.3 | 25.2 |
| Change in derivative financial instruments  | (37.4) | 222.3 |
| Change in non-cash foreign currency translation  | 10.0 | 17.4 |
| Increase in care and maintenance  | (4.1) | (12.4) |
| Increase in other expenses  | (27.2) | (4.2) |
| Increase in income and mining taxes  | (247.9) | (795.6) |
| **Total net income variance**  | $487.9 | $1552.1 |

---

 *Three Months Ended September 30, 2025 vs. Three Months Ended September 30, 2024* 

Revenues from mining operations increased to $3,059.5 million in the third quarter of 2025, compared with $2,155.6 million in the third quarter of 2024, primarily due to a 39.5% increase in realized gold prices and higher sales volume from Canadian Malartic, Macassa and Detour Lake partially offset by lower sales volume from Fosterville and Meliadine.

Production costs were $839.3 million in the third quarter of 2025, a 7.1% increase compared with $783.7 million in the third quarter of 2024, as increased production costs at Meadowbank, Detour Lake and Meliadine were partially offset by decreased production costs at LaRonde. Overall production costs at all sites were affected by higher royalty costs resulting from higher gold prices.

------

Total cash costs per ounce<sup>2</sup> increased to $994 on a by-product basis and $1,051 on a co-product basis in the third quarter of 2025, compared with $921 on a by-product basis and $953 on a co-product basis in the third quarter of 2024, primarily due to higher cash costs at Meadowbank, Fosterville and Meliadine, partially offset by lower cash costs at LaRonde, Canadian Malartic and Macassa.

Amortization of property, plant and mine development increased by $39.7 million to $429.9 million between the third quarter of 2024 and the third quarter of 2025 as higher amortization at Meadowbank, Detour Lake and Meliadine was partially offset by lower amortization at Macassa, Fosterville and Kittila.

General and administrative expenses increased to $67.8 million during the third quarter of 2025, compared with $48.5 million during the third quarter of 2024 primarily due to an increase in employee compensation costs as a result of the appreciation of the share price between periods.

Loss on derivative financial instruments amounted to $20.2 million during the third quarter of 2025, compared with a gain of $17.2 million during the third quarter of 2024, primarily due to unfavourable movements in foreign exchange rates between periods.

Other expenses increased to $31.6 million during the third quarter of 2025, compared with $4.5 million during the third quarter of 2024, primarily due to the loss on the sale of equity securities in the current period, partially offset by higher levels of interest income on cash balances between periods.

In the third quarter of 2025, the Company recorded income and mining taxes expense of $520.6 million on income before income and mining taxes of $1,575.6 million, resulting in an effective tax rate of 33.0%. 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%. The increase in the effective tax rate between the third quarter of 2025 and the third quarter of 2024 is primarily due to a larger proportion of taxable income being earned in jurisdictions with higher statutory tax rates.

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, 2025 vs. Nine Months Ended September 30, 2024* 

Revenues from mining operations increased to $8,343.9 million during the nine months ended September 30, 2025, compared with $6,062.1 million in the nine months ended September 30, 2024, primarily due to a 40.2% increase in realized gold prices and higher sales volume from Macassa, LaRonde and Detour Lake partially offset by lower sales volume from Fosterville, Canadian Malartic and La India.

Production costs were $2,396.2 million in the nine months ended September 30, 2025, a $57.0 million increase compared with $2,339.2 million in the nine months ended September 30, 2024, as increased production costs at Detour Lake, Meadowbank and Meliadine were partially offset by lower production costs at Canadian Malartic and LaRonde. Overall production costs at all sites were affected by higher royalty costs resulting from higher gold prices.

Total cash costs per ounce increased to $943 on a by-product basis and $992 on a co-product basis in the nine months ended September 30, 2025, compared with $897 on a by-product basis and $931 on a co-product basis in the nine months ended September 30, 2024, primarily due to higher cash costs at Fosterville, Meadowbank, Detour Lake and Meliadine, partially offset by lower cash costs at LaRonde and Macassa.

<sup>2</sup>

Total cash cost per ounce is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. 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*.

------

Amortization of property, plant and mine development increased by $97.8 million to $1,223.7 million between the nine months ended September 30, 2024 and the nine months ended September 30, 2025, primarily due to higher amortization at Canadian Malartic, Detour Lake, Meliadine and Meadowbank partially offset by lower amortization at Macassa and Fosterville.

General and administrative expenses increased to $186.4 million during the nine months ended September 30, 2025, compared with $145.4 million during the nine months ended September 30, 2024, primarily due to an increase in employee compensation costs as a result of the appreciation of the share price between periods.

Finance costs decreased to $74.0 million during the nine months ended September 30, 2025, compared with $99.3 million during the nine months ended September 30, 2024, primarily due to repayments of the Company's long term debt between periods.

Gain on derivative financial instruments amounted to $173.9 million during the nine months ended September 30, 2025, compared with a loss of $48.4 million during the nine months ended September 30, 2024, primarily due to favourable movements in foreign exchange rates between periods.

In the nine months ended September 30, 2025, the Company recorded income and mining taxes expense of $1,448.4 million on income before income and mining taxes of $4,386.8 million, resulting in an effective tax rate of 33.0%. During 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%. The increase in the effective tax rate between the nine months ended September 30, 2025 and the nine months ended September 30, 2024 is primarily due to a larger proportion of taxable income being earned in jurisdictions with higher statutory tax rates.

 *LaRonde mine* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **LaRonde mine — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 394 | 355 | 1103 | 1149 |
| Tonnes of ore milled per day  | 4283 | 3859 | 4040 | 4193 |
| Gold grade (g/t)  | 4.99 | 4.45 | 6.07 | 4.72 |
| Gold production (ounces)  | **59172** | **47313** | **201319** | **161388** |
| Production costs per tonne (C$)  | 164 | 285 | 218 | 229 |
| Minesite costs per tonne (C$)  | 216 | 220 | 224 | 208 |
| Production costs per ounce  | $794 | $1569 | $855 | $1199 |
| Total cash costs per ounce  | $839 | $1078 | $725 | $934 |

---

#### Gold production
Third Quarter of 2025 — At the LaRonde mine, gold production increased by 25.1% to 59,172 ounces in the third quarter of 2025, compared with 47,313 ounces in the third quarter of 2024, primarily due to higher gold grades, as expected under the mining sequence, combined with higher throughput levels.

First Nine Months of 2025 — Gold production at the LaRonde mine increased by 24.7% to 201,319 ounces in the first nine months of 2025, compared with 161,388 ounces in the first nine months of 2024 primarily due to higher gold grades as expected under the mining sequence, partially offset by lower throughput levels.

#### Production costs
Third Quarter of 2025 — Production costs at the LaRonde mine were $47.0 million in the third quarter of 2025, a decrease of 36.7% compared with production costs of $74.2 million in the third quarter of 2024, primarily due to the timing of inventory sales, partially offset by higher mining, milling and royalty costs, from higher gold prices, incurred in the current period.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and the higher volume of ore tonnes processed in the current period. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and higher gold production in the current period.

First Nine Months of 2025 — Production costs at the LaRonde mine were $172.1 million in the first nine months of 2025, a decrease of 11.0% compared with production costs of $193.5 million in the first nine months of 2024, primarily due to the timing of inventory sales and a stockpile build-up in the current period compared to the consumption of stockpiles in the prior-year period, partially offset by higher mining, milling and royalty costs in the current period.

Production costs per tonne decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs, partially offset by the lower volume of ore milled in the current period. Production costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for lower production costs and higher gold production in the current period from higher gold grades.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne decreased when compared to the prior-year period due to the higher volume of ore tonnes processed in the current period, partially offset by higher mining, milling and royalty costs. Total cash costs per ounce decreased when compared to the prior-year period due to the same reasons outlined above for the lower minesite cost per tonne and higher gold grades.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher mining, milling and royalty costs and a lower volume of ore milled in the current period. Total cash costs per ounce decreased due to higher gold production in the current period from higher gold grades, partially offset by the higher minesite costs per tonne.

 *LaRonde Zone 5 mine* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **LaRonde Zone 5 mine — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 370 | 332 | 1010 | 898 |
| Tonnes of ore milled per day  | 4022 | 3609 | 3700 | 3277 |
| Gold grade (g/t)  | 2.00 | 1.86 | 2.06 | 2.06 |
| Gold production (ounces)  | **22350** | **18292** | **62946** | **54915** |
| Production costs per tonne (C$)  | 89 | 78 | 95 | 88 |
| Minesite costs per tonne (C$)  | 95 | 93 | 96 | 94 |
| Production costs per ounce  | $1066 | $1034 | $1096 | $1057 |
| Total cash costs per ounce  | $1157 | $1285 | $1136 | $1160 |

---

#### Gold production
Third Quarter of 2025 — At the LaRonde Zone 5 mine, gold production increased by 22.2% to 22,350 ounces in the third quarter of 2025 compared with 18,292 ounces in the third quarter of 2024, primarily due to higher throughput levels achieved from increased productivity from automation initiatives and the re-start of the LZ5 processing facility in August 2024 after a planned shutdown for the Carbon-in-Leach tanks upgrade in the prior-year period, combined with higher gold grades.

First Nine Months of 2025 — Gold production increased by 14.6% to 62,946 ounces in the first nine months of 2025 from 54,915 ounces in the first nine months of 2024 at the LaRonde Zone 5 mine primarily due to

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
higher throughput levels from increased productivity from automation initiatives and the re-start of the LZ5 processing facility in August 2024 after a planned shutdown for the Carbon-in-Leach tanks upgrade in the prior-year period.

#### Production costs
Third Quarter of 2025 — Production costs at the LaRonde Zone 5 mine were $23.8 million in the third quarter of 2025, an increase of 26.0% compared with production costs of $18.9 million in the third quarter of 2024, primarily due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, the timing of inventory sales and higher royalty costs in the current period.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs, partially offset by higher gold production in the current period.

First Nine Months of 2025 — Production costs at the LaRonde Zone 5 mine were $69.0 million in the first nine months of 2025, an increase of 18.9% compared with production costs of $58.1 million in the first nine months of 2024, primarily due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, the timing of inventory sales and higher royalty costs in the current period.

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

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, and higher royalty costs in the current period, partially offset by the higher volume of ore milled in the current period. Total cash costs per ounce decreased when compared to the prior-year period due higher gold production in the current period, partially offset by higher minesite cost per tonne.

First Nine Months of 2025 — Minesite costs per tonne increased as compared to the prior-year period due to higher milling costs, the consumption of stockpiles, resulting in associated re-handling costs, and higher royalty costs in the current period. Total cash costs per ounce decreased when compared to the prior-year period due higher gold production in the current period, partially offset by minesite cost per tonne.

 *LaRonde complex* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **LaRonde complex — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 764 | 687 | 2113 | 2047 |
| Tonnes of ore milled per day  | 8304 | 7467 | 7740 | 7471 |
| Gold grade (g/t)  | 3.54 | 3.20 | 4.15 | 3.55 |
| Gold production (ounces)  | **81522** | **65605** | **264265** | **216303** |
| Production costs per tonne (C$)  | 128 | 185 | 160 | 167 |
| Minesite costs per tonne (C$)  | 157 | 158 | 163 | 158 |
| Production costs per ounce  | $868 | $1420 | $913 | $1163 |
| Total cash costs per ounce  | $926 | $1135 | $822 | $991 |

---

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Gold production
Third Quarter of 2025 — Gold production at the LaRonde complex increased when compared to the prior-year period primarily due to higher throughput levels and higher grades.

First Nine Months of 2025 — Gold production at the LaRonde complex increased when compared to the prior-year period primarily due to higher throughput levels and higher grades.

#### Production costs
Third Quarter of 2025 — Production costs at the LaRonde complex decreased by 24.0% in the third quarter of 2025 when compared with the third quarter of 2024, primarily due to the timing of inventory sales, partially offset by higher milling, royalty and mining costs in the current period.

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

First Nine Months of 2025 — Production costs at the LaRonde complex decreased by 4.1% in the first nine months of 2025 compared with the first nine months of 2024 primarily due to the timing of inventory sales, partially offset by higher milling and royalty costs in the current period.

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

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne decreased slightly when compared to the prior-year period due to the higher volume of ore milled in the current period. Total cash costs per ounce decreased when compared to the prior-year due to the higher gold production and the lower minesite costs per tonne in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due to higher milling, royalty and mining costs in the current period, partially offset by the higher volume of ore milled in the period. Total cash costs per ounce decreased when compared to the prior-year period primarily due to higher gold production, partially offset by higher minesite costs per tonne.

 *Canadian Malartic* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Canadian Malartic — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 5091 | 4862 | 14919 | 15217 |
| Tonnes of ore milled per day  | 55337 | 52848 | 54648 | 55536 |
| Gold grade (g/t)  | 1.05 | 0.98 | 1.11 | 1.12 |
| Gold production (ounces)  | **156875** | **141392** | **489179** | **509169** |
| Production costs per tonne (C$)  | 33 | 36 | 33 | 36 |
| Minesite costs per tonne (C$)  | 41 | 41 | 43 | 41 |
| Production costs per ounce  | $793 | $912 | $734 | $785 |
| Total cash costs per ounce  | $959 | $1025 | $919 | $906 |

---

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Gold production
Third Quarter of 2025 — At Canadian Malartic, gold production increased by 11.0% to 156,875 ounces in the third quarter of 2025 compared with 141,392 ounces in the third quarter of 2024, primarily due to higher gold grades from the Barnat pit and higher throughput.

First Nine Months of 2025 — At Canadian Malartic, gold production decreased by 3.9% to 489,179 ounces in the first nine months of 2025 compared with 509,169 ounces in the first nine months of 2024, due to lower throughput and lower gold grades per the mining sequence and an increased volume of ore sourced from the low-grade stockpiles in the current period.

#### Production costs
Third Quarter of 2025 — Production costs at Canadian Malartic were $124.4 million in the third quarter of 2025, a decrease of 3.6% compared with production costs of $129.0 million in the third quarter of 2024, primarily due to lower mining costs and lower stockpile re-handling costs in the current period, partially offset by higher milling and royalty costs.

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

First Nine Months of 2025 — Production costs at Canadian Malartic were $359.0 million in the first nine months of 2025, a decrease of 10.2% compared with production costs of $399.9 million in the first nine months of 2024, due to lower mining costs and lower stockpile re-handling costs in the current period, partially offset by higher milling and royalty costs.

Production costs per tonne decreased as compared to the prior-year period primarily due to the same reasons outlined above for the lower production costs, partially offset by the lower volume of ore milled. Production costs per ounce decreased when compared to the prior-year period primarily due to the same reasons outlined above for the lower production costs, partially offset by lower gold production in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne remained the same when compared to the prior-year period due to higher milling and royalty costs during the quarter being offset by lower mining costs and stockpile re-handling costs combined with the higher volume of ore milled. Total cash costs per ounce decreased when compared to the prior-year period due to higher gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to higher milling and royalty costs during the quarter and the lower volume of ore milled in the current period, partially offset by lower mining and stockpile re-handling costs in the current period. Total cash costs per ounce increased when compared to the prior-year period due to the higher minesite costs per tonne and lower gold production in the current period.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
 *Goldex* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Goldex — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 843 | 739 | 2454 | 2264 |
| Tonnes of ore milled per day  | 9163 | 8033 | 8989 | 8263 |
| Gold grade (g/t)  | 1.26 | 1.51 | 1.38 | 1.59 |
| Gold production (ounces)  | **29375** | **30334** | **92509** | **98472** |
| Production costs per tonne (C$)  | 59 | 63 | 62 | 60 |
| Minesite costs per tonne (C$)  | 63 | 61 | 63 | 60 |
| Production costs per ounce  | $1224 | $1130 | $1171 | $1021 |
| Total cash costs per ounce  | $1076 | $1031 | $997 | $945 |

---

Commercial production was achieved at Akasaba West in February 2024 and the comparative information set out below for the nine months ended September 30, 2024 only includes seven months of production from Akasaba West.

#### Gold production
Third Quarter of 2025 — Gold production at Goldex slightly decreased to 29,375 ounces in the third quarter of 2025, compared with 30,334 ounces in the third quarter of 2024, primarily due to increased ore sourced from lower-grade Akasaba West, partially offset by higher throughput.

First Nine Months of 2025 — Gold production decreased by 6.1% to 92,509 ounces in the first nine months of 2025, compared with 98,472 ounces in the first nine months of 2024 at Goldex due to increased ore sourced from lower-grade Akasaba West, partially offset by higher throughput.

#### Production costs
Third Quarter of 2025 — Production costs at Goldex were $36.0 million in the third quarter of 2025, an increase of 4.9% compared with production costs of $34.3 million in the third quarter of 2024, primarily due to the consumption of stockpiles resulting in associated re-handling costs and higher underground mining, milling and royalty costs, partially offset by the timing of inventory sales.

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

First Nine Months of 2025 — Production costs at Goldex were $108.3 million in the first nine months of 2025, an increase of 7.7% compared with production costs of $100.5 million in the first nine months of 2024, primarily due to higher mining costs associated with Akasaba West, higher stockpile re-handling costs and higher milling and royalty costs, partially offset by the timing of inventory sales.

Production costs per tonne increased when compared to the prior-year period for the same reasons outlined above for higher 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 higher production costs combined with lower gold production in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the consumption of stockpiles, resulting in associated re-handling costs, higher underground mining, milling

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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 higher minesite costs per tonne and lower gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due to higher mining costs associated with Akasaba West, higher stockpile re-handling costs and higher milling and royalty costs. Total cash costs per ounce increased when compared to the prior-year period due to higher minesite costs per tonne and lower gold production in the current period.

 *Detour Lake* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Detour Lake — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 7351 | 7082 | 20817 | 20376 |
| Tonnes of ore milled per day  | 79902 | 76978 | 76253 | 74365 |
| Gold grade (g/t)  | 0.82 | 0.85 | 0.83 | 0.84 |
| Gold production (ounces)  | **176539** | **173891** | **497649** | **492889** |
| Production costs per tonne (C$)  | 28 | 24 | 29 | 25 |
| Minesite costs per tonne (C$)  | 28 | 26 | 30 | 26 |
| Production costs per ounce  | $856 | $731 | $859 | $770 |
| Total cash costs per ounce  | $831 | $779 | $894 | $812 |

---

#### Gold production
Third Quarter of 2025 — At Detour Lake, gold production increased by 1.5% to 176,539 ounces in the third quarter of 2025 compared with 173,891 ounces produced in the third quarter of 2024 primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by slightly lower gold grades from an increased volume of ore sourced from lower grade stockpiles in the current period.

First Nine Months of 2025 — Gold production at Detour Lake increased by 1.0% to 497,649 ounces in the first nine months of 2025 compared with 492,889 ounces in the first nine months of 2024, primarily due to higher throughput from a higher mill run-time and optimized mill equipment, partially offset by slightly lower gold grades from an increased volume of ore sourced from lower grade stockpiles in the current period.

#### Production costs
Third Quarter of 2025 — Production costs at Detour Lake were $151.2 million in the third quarter of 2025, an increase of 18.9% compared with production costs of $127.2 million in the third quarter of 2024, primarily due to the consumption of stockpiles, resulting in associated re-handling costs, combined with higher mining, maintenance and royalty costs, partially offset by a higher deferred stripping ratio between periods and lower milling costs.

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

First Nine Months of 2025 — Production costs at Detour Lake were $427.5 million in the first nine months of 2025, an increase of 12.7% compared to production costs of $379.4 million during the first nine months of 2024, primarily due to the consumption of stockpiles, resulting in associated re-handling costs, combined with higher mining and royalty costs, partially offset by a higher deferred stripping ratio between periods.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
Production costs per tonne and production costs per ounce increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, partially offset by higher volume of ore milled and higher gold production, respectively, in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior 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 2025 — Minesite costs per tonne increased compared to the prior-year period due to the same reasons outlined above for the higher production costs per tonne. 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.

 *Macassa* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Macassa — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 133 | 134 | 424 | 420 |
| Tonnes of ore milled per day  | 1446 | 1457 | 1553 | 1533 |
| Gold grade (g/t)  | 18.95 | 16.84 | 18.98 | 15.43 |
| Gold production (ounces)  | **78832** | **70727** | **252224** | **203048** |
| Production costs per tonne (C$)  | 510 | 489 | 484 | 476 |
| Minesite costs per tonne (C$)  | 547 | 539 | 537 | 502 |
| Production costs per ounce  | $617 | $680 | $582 | $723 |
| Total cash costs per ounce  | $659 | $750 | $643 | $763 |

---

#### Gold production
Third Quarter of 2025 — At Macassa, gold production increased by 11.5% to 78,832 ounces in the third quarter of 2025 compared with 70,727 ounces in the third quarter of 2024, primarily due to higher gold grades resulting from the mining sequence.

First Nine Months of 2025 — Gold production at Macassa increased by 24.2% to 252,224 ounces in the first nine months of 2025 compared with 203,048 ounces in the first nine months of 2024, primarily due to higher gold grades resulting from the mining sequence.

#### Production costs
Third Quarter of 2025 — Production costs were $48.7 million in the third quarter of 2025, an increase of 1.2% compared with production costs of $48.1 million in the third quarter of 2024, primarily due to higher royalty and milling costs, partially offset by a stockpile build-up in the current period.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the period from higher gold grades, partially offset by the same factors outlined above for higher production costs.

First Nine Months of 2025 — Production costs were $146.7 million in the first nine months of 2025, slightly lower production costs of $146.8 million during the first nine months of 2024, primarily due to stockpile build-up in the period and the timing of inventory sales, being partially offset by higher royalty, milling and mining costs in the current period.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
Production costs per tonne increased when compared to the prior-year period primarily due to higher royalty, milling and mining costs, partially offset by a stockpile build-up in the period. Production costs per ounce decreased when compared to the prior-year period due to increased gold production in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher 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 lower production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher 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 lower production costs per ounce.

 *Meliadine* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Meliadine — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 627 | 533 | 1730 | 1450 |
| Tonnes of ore milled per day  | 6815 | 5793 | 6337 | 5292 |
| Gold grade (g/t)  | 4.83 | 6.08 | 5.26 | 6.34 |
| Gold production (ounces)  | **93836** | **99838** | **282611** | **284238** |
| Production costs per tonne (C$)  | 187 | 192 | 228 | 238 |
| Minesite costs per tonne (C$)  | 234 | 226 | 239 | 241 |
| Production costs per ounce  | $913 | $752 | $1000 | $895 |
| Total cash costs per ounce  | $1128 | $889 | $1050 | $908 |

---

#### Gold production
Third Quarter of 2025 — At Meliadine, gold production decreased by 6.0% to 93,836 ounces in the third quarter of 2025 compared with 99,838 ounces in the third quarter of 2024, primarily due to lower gold grades resulting from an increased sourcing of ore from the open pit, a change in mine sequencing and processing of low grade stockpiles in the current period, partially offset by higher throughput.

First Nine Months of 2025 — Gold production decreased by 0.6% to 282,611 ounces in the first nine months of 2025 compared with 284,238 ounces in the first nine months of 2024, primarily due to lower gold grades resulting from an increased sourcing of ore from the open pit, a change in mine sequencing and processing of low grade stockpiles in the current period, partially offset by higher throughput.

#### Production costs
Third Quarter of 2025 — Production costs at Meliadine were $85.7 million in the third quarter of 2025, an increase of 14.1% compared with production costs of $75.1 million in the third quarter of 2024, primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mine, maintenance, consumables and royalty costs in the current period, partially offset by the timing of inventory sales.

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

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
First Nine Months of 2025 — Production costs at Meliadine were $282.6 million during the first nine months of 2025, an increase of 11.0% compared to production costs of $254.5 million during the first nine months of 2024, primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mining, maintenance, consumables and royalty costs in the current period, partially offset by the timing of inventory sales and lower open pit mining 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, partially offset by the same reasons outlined above for higher production costs. Production costs per ounce increased for the same factors outlined above for higher production costs.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period primarily due the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mine, maintenance, consumables and royalty costs in the current period, partially offset by 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 higher minesite costs per tonne and lower gold production in the current period.

First Nine Months of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due the higher volume of ore milled in the current period, partially offset by the consumption of stockpiles, resulting in associated re-handling costs, and higher underground mining, maintenance, consumables and royalty costs in the current period, partially offset by lower open pit mining costs. Total cash costs per ounce increased when compared to the prior-year period primarily due to the higher minesite costs per tonne and lower gold production in the current period.

 *Meadowbank* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Meadowbank — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 1177 | 1083 | 2906 | 3144 |
| Tonnes of ore milled per day<sup>(i)</sup>  | 12793 | 11772 | 11813 | 11474 |
| Gold grade (g/t)  | 3.96 | 4.19 | 4.45 | 4.21 |
| Gold production (ounces)  | **136152** | **133502** | **378213** | **387695** |
| Production costs per tonne (C$)  | 191 | 145 | 190 | 152 |
| Minesite costs per tonne (C$)  | 194 | 153 | 189 | 155 |
| Production costs per ounce  | $1200 | $867 | $1048 | $910 |
| Total cash costs per ounce  | $1192 | $910 | $1036 | $923 |

---

Note:

(i) The daily milling rate for the nine months ended September 30, 2025 excludes 27 days in which the mill was not operating as a result of Caribou migration patterns during the second quarter of 2025, preventing the transport of ore from Amaruq.

#### Gold production
Third Quarter of 2025 — At Meadowbank, gold production increased by 2.0% to 136,152 ounces in the third quarter of 2025, compared with 133,502 ounces in the third quarter of 2024, primarily due to higher throughput, partially offset by lower gold grades from the mining sequence, as planned.

First Nine Months of 2025 — Gold production decreased by 2.4% to 378,213 ounces in the first nine months of 2025 compared with 387,695 ounces in the first nine months of 2024, primarily due to lower throughput as a result of a longer than expected caribou migration period which forced mill shutdowns during the second quarter of 2025, partially offset by planned higher gold grades from the mining sequence.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Production costs
Third Quarter of 2025 — Production costs at Meadowbank were $163.4 million in the third quarter of 2025, an increase of 41.2% compared with production costs of $115.7 million in the third quarter of 2024, primarily due to higher royalty costs and the consumption of stockpiles, resulting in associated re-handling costs.

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

First Nine Months of 2025 — Production costs at Meadowbank were $396.4 million in the first nine months of 2025, an increase of 12.3% compared with production costs of $352.9 million in the first nine months of 2024, primarily due to higher royalty costs and the consumption of stockpiles, resulting in associated re-handling costs.

Production costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for higher production costs, and the lower volume of ore milled in the period resulting from mill shutdowns during the second quarter, due to a longer than expected caribou migration period. Production costs per ounce increased when compared to the prior-year period primarily due to the same reasons outlined above for higher production costs and lower gold production in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs per ounce.

#### Asset Retirement Obligation
At June 30, 2025, the Company revised its estimate of the Meadowbank Asset Retirement Obligation ("ARO"). The revision was based on an updated internal analysis completed in the period which resulted in the ARO liability related to Meadowbank being increased by $198.2 million to a total liability of $427.4 million, with a corresponding adjustment to the related ARO asset. The increase in the ARO was primarily driven by revised estimates for dismantling infrastructure, transportation and fuel costs and expected operating costs during the closure period. These updates reflect the scale of the operational footprint and logistical requirements at Meadowbank.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
 *Fosterville* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Fosterville — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 198 | 246 | 549 | 652 |
| Tonnes of ore milled per day  | 2152 | 2674 | 2011 | 2380 |
| Gold grade (g/t)  | 5.76 | 8.61 | 7.56 | 9.28 |
| Gold production (ounces)  | **34966** | **65532** | **128155** | **188064** |
| Production costs per tonne (A$)  | 295 | 271 | 307 | 267 |
| Minesite costs per tonne (A$)  | 289 | 261 | 315 | 264 |
| Production costs per ounce  | $1088 | $677 | $851 | $611 |
| Total cash costs per ounce  | $1066 | $651 | $870 | $602 |

---

#### Gold production
Third Quarter of 2025 — At Fosterville, gold production decreased by 46.6% to 34,966 ounces in the third quarter of 2025 compared with 65,532 ounces in the third quarter of 2024, due to lower gold grades and throughput resulting from the mining sequence as planned.

First Nine Months of 2025 — Gold production at Fosterville decreased by 31.9% to 128,155 ounces in the first nine months of 2025, compared with 188,064 ounces in the first nine months of 2024, due to lower gold grades and throughput resulting from the mining sequence as planned.

#### Production costs
Third Quarter of 2025 — Production costs were $38.0 million in the third quarter of 2025, a decrease of 14.2% compared with production costs of $44.3 million in the third quarter of 2024, primarily due to lower mining and mill milling costs and a stockpile build-up in the period.

Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled, partially offset by the same factors outlined above that resulted in lower production costs. Production costs per ounce increased when compared to the prior-year period due to lower gold production in the period, partially offset by the same factors outlined that resulted in lower production costs.

First Nine Months of 2025 — Production costs were $109.1 million in the first nine months of 2025, a decrease of 5.0% compared to production costs of $114.8 million during the first nine months of 2024, primarily due to lower mining costs, partially offset by higher royalty costs.

Production costs per tonne increased when compared to the prior-year period due to the lower volume of ore milled, partially offset by the same factors outlined above that resulted in lower production costs. Production costs per ounce increased when compared to the prior-year period due to lower gold production in the period, partially offset by the same factors outlined above that resulted in lower production costs.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs per ounce.

First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above that resulted in 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 that resulted in higher production costs per ounce.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
 *Kittila* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Kittila — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 558 | 544 | 1562 | 1550 |
| Tonnes of ore milled per day  | 6065 | 5913 | 5722 | 5657 |
| Gold grade (g/t)  | 3.91 | 3.94 | 3.91 | 4.10 |
| Gold production (ounces)  | **57954** | **56715** | **162415** | **166967** |
| Production costs per tonne (€)  | 95 | 100 | 99 | 105 |
| Minesite costs per tonne (€)  | 94 | 96 | 99 | 103 |
| Production costs per ounce  | $1066 | $1057 | $1063 | $1057 |
| Total cash costs per ounce  | $1036 | $1010 | $1058 | $1032 |

---

#### Gold production
Third Quarter of 2025 — At Kittila, gold production increased by 2.2% to 57,954 ounces in the third quarter of 2025, compared with 56,715 ounces in the third quarter of 2024, primarily due to higher throughput and recovery rates in the current period, partially offset by lower gold grades resulting from the mining sequence.

First Nine Months of 2025 — Gold production decreased by 2.7% to 162,415 ounces in the first nine months of 2025, compared with 166,967 ounces in the first nine months of 2024 at Kittila, primarily due to lower grades resulting from the mining sequence, partially offset by higher throughput and recovery rates in the current period.

#### Production costs
Third Quarter of 2025 — Production costs at Kittila were $61.8 million in the third quarter of 2025, an increase of 3.0% compared with production costs of $60.0 million in the third quarter of 2024, primarily due to the strengthening of the Euro relative to the US dollar between periods and higher milling and royalty costs in the current period, partially offset by lower mining costs.

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

First Nine Months of 2025 — Production costs at Kittila were $172.7 million in the first nine months of 2025, a decrease of 2.2% compared with production costs of $176.5 million in the first nine months of 2024, primarily due to a build-up in stockpiles and lower underground production costs, partially offset by higher royalty costs and the strengthening of the Euro relative to the US dollar in the current period.

Production costs per tonne decreased when compared to the prior-year period primarily due to a build-up in stockpiles and lower underground production costs and higher volume of ore milled in the current period, partially offset by higher royalty costs. Production costs per ounce increased when compared to the prior-year period due to lower gold production, higher royalty costs and the strengthening of the Euro relative to the US dollar in the current period.

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for 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.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
First Nine Months of 2025 — Minesite costs per tonne decreased when compared to the prior-year period primarily due to the same reasons outlined above for 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.

 *Pinos Altos* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| **Pinos Altos — Operating Statistics**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **September 30, <br> 2024**  |
| Tonnes of ore milled (thousands of tonnes)  | 431 | 446 | 1252 | 1326 |
| Tonnes of ore milled per day  | 4685 | 4848 | 4586 | 4839 |
| Gold grade (g/t)  | 1.57 | 1.58 | 1.55 | 1.72 |
| Gold production (ounces)  | **20885** | **21371** | **59539** | **69850** |
| Production costs per tonne  | $129 | $104 | $119 | $93 |
| Minesite costs per tonne  | $123 | $96 | $120 | $94 |
| Production costs per ounce  | $2655 | $2174 | $2498 | $1761 |
| Total cash costs per ounce  | $1906 | $1531 | $2017 | $1426 |

---

#### Gold production
Third Quarter of 2025 — At Pinos Altos, gold production decreased by 2.3% to 20,885 ounces in the third quarter of 2025, compared with 21,371 ounces in the third quarter of 2024, primarily due to lower throughput.

First Nine Months of 2025 — Gold production decreased by 14.8% to 59,539 ounces in the first nine months of 2025, compared with 69,850 ounces in the first nine months of 2024 at Pinos Altos, primarily due to lower gold grades and lower throughput between periods.

#### Production costs
Third Quarter of 2025 — Production costs at Pinos Altos were $55.4 million in the third quarter of 2025, an increase of 19.3% compared with production costs of $46.5 million in the third quarter of 2024, primarily due to higher underground mining and maintenance costs, partially offset by lower milling costs.

Production costs per tonne increased when compared to the prior-year period for the same reasons outlined above for higher production costs and a lower volume of tonnes milled in the period. Production costs per ounce increased when compared to the prior-year period for the same reasons outlined above for higher production costs and lower gold production in the current period.

First Nine Months of 2025 — Production costs at Pinos Altos were $148.7 million in the first nine months of 2025, an increase of 20.9% compared with production costs of $123.0 million in the first nine months of 2024, primarily due higher underground mining and maintenance costs, partially offset by lower milling costs.

Production costs per tonne increased when compared to the prior-year period for the same reasons outlined above for higher production costs and a lower volume of tonnes milled in the period. Production costs per ounce increased when compared to the prior-year period for the same reasons outlined above for higher production costs and lower gold production in the current period

#### Minesite cost per tonne and total cash costs per ounce
Third Quarter of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs per ounce.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
First Nine Months of 2025 — Minesite costs per tonne increased when compared to the prior-year period due to the same reasons outlined above for 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 higher production costs per ounce.

#### Balance Sheet Review

---

| | | |
|:---|:---|:---|
| **(thousands of United States dollars)**  | **As at September 30, 2025**  | **As at December 31, 2024**  |
| Current assets  | $4468353 | $2805281 |
| Non-current assets  | 28218560 | 27181737 |
| **Total assets**  | $**32686913** | $**29987018** |
| Current liabilities  | $2107730 | $1511965 |
| Non-current liabilities  | 7071726 | 7642153 |
| **Total liabilities**  | $**9179456** | $**9154118** |

---

Total assets of $32.7 billion as at September 30, 2025 increased by $2.7 billion, compared with total assets of $30.0 billion as at December 31, 2024. The increase in total assets is primarily due to an increase in cash and cash equivalents, investments and inventories. The Company's total assets are primarily comprised of non-current assets such as property, plant and mine development and goodwill.

Total liabilities of $9.2 billion at September 30, 2025 is comparable with total liabilities at December 31, 2024. This is due to repayments of long term debt, partially offset by an increase in income taxes payable, reclamation provision and accounts payable and accrued liabilities between periods. The Company's total liabilities are primarily comprised of non-current liabilities such as deferred income and mining tax liabilities and reclamation provision.

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. As at September 30, 2025, the Company had outstanding currency derivative contracts related to $4,374.0 million of 2025, 2026 and 2027 expenditures (December 31, 2024 — $4,006.5 million) and diesel fuel derivative contracts related to 7.0 million gallons of heating oil (December 31, 2024 — 28.0 million).

#### Liquidity and Capital Resources
As at September 30, 2025, the Company's cash and cash equivalents totaled $2,354.8 million compared with $926.4 million as at December 31, 2024. The Company's policy is to invest excess cash in what the Company believes to be highly liquid investments of high credit quality to attempt 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 anticipated cash flow requirements, rates of return and other factors.

Working capital (current assets less current liabilities) increased to $2,360.6 million as at September 30, 2025, compared with $1,293.3 million as at December 31, 2024, primarily due to a $1,428.3 million increase in cash and cash equivalents as a result of higher operating margins and the sale of investments, partially offset by a $469.5 million increase in income taxes payable.

In August 2025, Moody's revised its rating outlook for the Company to stable from positive and upgraded the Company's long-term issuer rating to A3 from Baa1, reflecting the Company's strengthening credit profile and financial position.

Subject to various risks and uncertainties, including those set out in this MD&A, in the Annual MD&A and in the Company's AIF, the Company believes it will generate sufficient cash flow from operations and has

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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 $1,815.9 million in the third quarter of 2025 compared with $1,084.5 million in the third quarter of 2024 primarily due to an increase in revenues from mining operations as a result of a 39.5% increase in the average realized price of gold between periods and favourable working capital movements between periods.

Cash provided by operating activities increased to $4,705.6 million in the first nine months of 2025 compared with $2,829.0 million in the first nine months of 2024 primarily due to a 40.2% increase in the average realized price of gold between periods and more favourable working capital movements between periods.

#### Investing Activities
Cash used in investing activities in the third quarter of 2025 of $288.1 million decreased compared with $537.9 million of cash used in the third quarter of 2024, primarily due to $402.7 million of net proceeds on the sale of equity securities, partially offset by higher capital expenditures between periods.

In the third quarter of 2025, the Company purchased $60.1 million in equity securities and other investments compared with $73.3 million in the third quarter of 2024. 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 2025 of $1,548.9 million increased compared to $1,375.6 million of cash used in investing activities in the first nine months of 2024, primarily due to higher capital expenditures, the purchase of O3 Mining in the first quarter of 2025 and purchases of equity investments between periods, partially offset by proceeds received from the sale of equity securities.

In the first nine months of 2025, the Company purchased $198.5 million in equity securities and other investments compared with $114.6 million in the first nine months of 2024. 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 $732.1 million in the third quarter of 2025, compared with $493.5 million of cash used in financing activities in the third quarter of 2024 primarily due to the $400.0 million repayment of the 2015 and 2018 guaranteed unsecured senior notes in the current period and an increase in share repurchases between periods.

The Company issued common shares for net proceeds of $21.0 million in the third quarter of 2025, compared with $100.3 million in the third quarter of 2024, attributable to issuances under the employee stock option plan, the incentive share purchase plan and the dividend reinvestment plan.

During the third quarter of 2025, the Company repurchased 1,005,577 common shares for $149.9 million at an average price of $149.02 under the NCIB. 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.

Cash used in financing activities was $1,734.2 million in the first nine months of 2025, compared with $813.8 million of cash used in financing activities in the first nine months of 2024, primarily due to the

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
$950.0 million repayment of the guaranteed senior notes in the current period and an increase in the number of shares repurchased between periods under the NCIB.

The Company issued common shares for net proceeds of $103.5 million in the first nine months of 2025, compared with $206.8 million in the first nine months of 2024, attributable to issuances under the employee stock option plan, the incentive share purchase plan and the dividend reinvestment plan.

During the first nine months of 2025, the Company repurchased 2,330,112 common shares for $299.8 million at an average price of $128.66 under the NCIB. 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.

On July 30, 2025, Agnico Eagle declared a quarterly cash dividend of $0.40 per common share paid on September 15, 2025 to holders of record of the common shares of the Company as of September 2, 2025. Agnico Eagle has declared a cash dividend every year since 1983. In the third quarter of 2025, the Company paid dividends of $186.4 million compared to $176.3 million paid in the third quarter of 2024. In the first nine months of 2025, the Company paid dividends of $542.7 million compared to $497.8 million paid in the first nine months of 2024. 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.

In the first nine months of 2025, the Company did not draw on its Credit Facility. In the first nine months of 2024, the Company drew down and repaid $600.0 million on its Credit Facility. As at September 30, 2025, the Company's outstanding balance under the Credit Facility was nil. Credit Facility availability is reduced by outstanding letters of credit at that date, which were $23.9 million as at September 30, 2025, resulting in $1,976.1 million available for future drawdown.

The Company has six uncommitted letter of credit facilities with certain Canadian financial institutions (the "LC Facilities"). At September 30, 2025, amounts available under these letter of credit facilities are as follows; C$400.0 million, C$320.0 million, $200.0 million, C$200.0 million. C$200.0 million and $150.0 million. As at September 30, 2025, the aggregate undrawn face amount of letters of credit under the LC Facilities was $754.8 million. As at September 30, 2025, the Company has indemnity agreements with three companies ("Surety Agreements") for the issuance of surety bonds under which $349.4 million of such surety bonds have been issued.

The Company was in compliance with all covenants contained in the Credit Facility, the LC Facilities, the Surety Agreements and the remaining $200.0 million of its guaranteed senior unsecured notes as at September 30, 2025.

#### 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 Accounting

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
Standards. Management has 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, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

#### Non-GAAP Financial Performance Measures
This MD&A discloses certain financial performance measures and ratios, 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, development capital expenditures, sustaining capitalized exploration, development capitalized exploration, that are not recognized measures or ratios under IFRS Accounting Standards. These measures and ratios may not be comparable to similar measures or ratios reported by other gold producers. Non-GAAP financial performance measures and ratios should be considered together with other data prepared in accordance with IFRS Accounting Standards.

#### 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 and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, 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

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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 Accounting Standards.

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, 2025 and September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| **Net income for the period**  | $1054958 | $567118 | $2938400 | $1386326 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation (gain) loss  | (6559) | 3436 | (18190) | (748) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized loss (gain) on derivative financial instruments  | 20242 | (17153) | (173881) | 48390 |
| &nbsp;&nbsp;&nbsp; Environmental remediation  | 2370 | 6294 | 24334 | 11201 |
| &nbsp;&nbsp;&nbsp; Net loss on disposal of property, plant and equipment  | 5719 | 5420 | 17824 | 25786 |
| &nbsp;&nbsp;&nbsp; Purchase price allocation to inventory  | 3700 |  | 6234 |  |
| &nbsp;&nbsp;&nbsp; Debt extinguishment costs  | 2838 |  | 8245 |  |
| &nbsp;&nbsp;&nbsp; Impairment loss<sup>(i)</sup>  |  |  | 10554 |  |
| &nbsp;&nbsp;&nbsp; Loss on sale of equity securities  | 40175 |  | 40175 |  |
| &nbsp;&nbsp;&nbsp; Other<sup>(ii)</sup>  |  |  | 2077 | 13215 |
| &nbsp;&nbsp;&nbsp; Income and mining taxes adjustments<sup>(iii)</sup>  | (38234) | 7462 | (24676) | 1146 |
| **Adjusted net income for the period**  | $1085209 | $572577 | $2831096 | $1485316 |
| Net income per share — basic  | $2.10 | $1.13 | $5.85 | $2.78 |
| Net income per share — diluted  | $2.10 | $1.13 | $5.83 | $2.77 |
| Adjusted net income per share — basic  | $2.16 | $1.14 | $5.64 | $2.97 |
| Adjusted net income per share — diluted  | $2.16 | $1.14 | $5.62 | $2.97 |

---

Notes:

(i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate.

(ii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative 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 and losses, environmental remediation, gains or losses on the disposal of assets, purchase price allocations to inventory, debt extinguishment costs, impairment loss charges and reversals, gains and losses on the sale of equity securities, retroactive payments and income and mining taxes adjustments.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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 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 Accounting Standards.

The following table sets out the calculation of EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025 and September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| **Net income for the period**  | $1054958 | $567118 | $2938400 | $1386326 |
| &nbsp;&nbsp;&nbsp; Finance costs  | 24154 | 28527 | 74027 | 99265 |
| &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | 429947 | 390245 | 1223703 | 1125859 |
| &nbsp;&nbsp;&nbsp; Income and mining tax expense  | 520610 | 272672 | 1448358 | 652718 |
| **EBITDA**  | 2029669 | 1258562 | 5684488 | 3264168 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation (gain) loss  | (6559) | 3436 | (18190) | (748) |
| &nbsp;&nbsp;&nbsp; Realized and unrealized loss (gain) on derivative financial instruments  | 20242 | (17153) | (173881) | 48390 |
| &nbsp;&nbsp;&nbsp; Environmental remediation  | 2370 | 6294 | 24334 | 11201 |
| &nbsp;&nbsp;&nbsp; Net loss on disposal of property, plant and equipment  | 5719 | 5420 | 17824 | 25786 |
| &nbsp;&nbsp;&nbsp; Purchase price allocation to inventory  | 3700 |  | 6234 |  |
| &nbsp;&nbsp;&nbsp; Debt extinguishment costs  | 2838 |  | 8245 |  |
| &nbsp;&nbsp;&nbsp; Impairment loss<sup>(i)</sup>  |  |  | 10554 |  |
| &nbsp;&nbsp;&nbsp; Loss on sale of equity securities  | 40175 |  | 40175 |  |
| &nbsp;&nbsp;&nbsp; Other<sup>(ii)</sup>  |  |  | 2077 | 13215 |
| **Adjusted EBITDA**  | $2098154 | $1256559 | $5601860 | $3362012 |

---

Notes:

(i) Relates to the Company's ownership percentage of an impairment loss recorded by an associate.

(ii) Other adjustments relate to retroactive payments that management considers not reflective of the Company's underlying performance in the comparative 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

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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. Management uses these measures in conjunction with other data prepared in accordance with IFRS Accounting Standards 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, 2025 and September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| **Cash provided by operating activities**  | $1815875 | $1084532 | $4705609 | $2829043 |
| &nbsp;&nbsp;&nbsp; Additions to property, plant and mine development  | (626330) | (464101) | (1616930) | (1255786) |
| **Free cash flow**  | 1189545 | 620431 | 3088679 | 1573257 |
| &nbsp;&nbsp;&nbsp; Changes in income taxes  | (189741) | (95930) | (491108) | (142732) |
| &nbsp;&nbsp;&nbsp; Changes in inventory  | 143052 | 156871 | 165196 | 165727 |
| &nbsp;&nbsp;&nbsp; Changes in other current assets  | 11022 | (41263) | 17784 | 16237 |
| &nbsp;&nbsp;&nbsp; Changes in accounts payable and accrued liabilities  | (122303) | (80704) | (198893) | (74622) |
| &nbsp;&nbsp;&nbsp; Changes in interest payable  | 3339 | 3964 | 4132 | (2867) |
|  **Free cash flow before changes in non-cash components of working capital**  | $1034914 | $563369 | $2585790 | $1535000 |

---

#### 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 a 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 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 calculation of total cash costs per ounce for Canadian Malartic have been adjusted for the effects of purchase price allocation. Investors should note that total cash costs per ounce is not reflective of all cash expenditures, as it does 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 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.

Total cash costs per ounce is intended to provide investors with 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

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
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 Accounting Standards and minesite costs per tonne as these measures are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards. 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.

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 of Directors 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 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 Accounting Standards.

The following table sets out the production costs per minesite for the three and nine months ended September 30, 2025 and September 30, 2024, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards.

------

#### Total Production Costs by Mine

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | $46960 | $74244 | $172146 | $193482 |
| &nbsp;&nbsp;&nbsp; LZ5  | 23825 | 18916 | 69017 | 58059 |
| &nbsp;&nbsp;&nbsp; LaRonde  | 70785 | 93160 | 241163 | 251541 |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 124353 | 128984 | 359025 | 399893 |
| &nbsp;&nbsp;&nbsp; Goldex  | 35956 | 34265 | 108302 | 100531 |
| **Quebec** | **231094** | **256409** | **708490** | **751965** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 151199 | 127159 | 427475 | 379366 |
| &nbsp;&nbsp;&nbsp; Macassa  | 48652 | 48086 | 146744 | 146763 |
| **Ontario** | **199851** | **175245** | **574219** | **526129** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 85662 | 75099 | 282577 | 254463 |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 163403 | 115705 | 396409 | 352881 |
| **Nunavut** | **249065** | **190804** | **678986** | **607344** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 38036 | 44346 | 109094 | 114824 |
| **Australia** | **38036** | **44346** | **109094** | **114824** |
| &nbsp;&nbsp;&nbsp; Kittila  | 61762 | 59968 | 172659 | 176535 |
| **Finland** | **61762** | **59968** | **172659** | **176535** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 55443 | 46464 | 148723 | 122980 |
| &nbsp;&nbsp;&nbsp; La India  |  | 10417 |  | 39445 |
| **Mexico** | **55443** | **56881** | **148723** | **162425** |
| **Corporate and Other**  | **4070** | **—** | **4070** | **—** |
|  **Production costs per the condensed interim consolidated statements of income**  | $**839321** | $**783653** | $**2396241** | $**2339222** |

---

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 for the three and nine months ended September 30, 2025 and September 30, 2024, exclusive of amortization, as presented in the condensed interim consolidated statements of income in accordance with IFRS Accounting Standards.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine

#### Three Months Ended September 30, 2025

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Payable <br> gold <br> production <br> (ounces)<sup>(i)</sup>**  | **Production <br> costs ($)**  | **Production <br> costs per <br> ounce ($)**  | **Inventory <br> adjustments <br> ($)<sup>(ii)</sup>**  | **Realized <br> (gains) and <br> losses on <br> hedges ($)**  | **In-kind <br> royalty <br> ($)<sup>(iii)</sup>**  | **Smelting, <br> refining <br> and <br> marketing <br> charges ($)**  | **Total cash <br> costs per <br> ounce <br> (co-product <br> basis) ($)**  | **By-product <br> metal <br> revenues <br> ($)**  | **Total cash <br> costs per <br> ounce <br> (by-product <br> basis) ($)**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 59172 | 46960 | 794 | 19432 | (41) |  | 2316 | **1160** | (19003) | **839** |
| &nbsp;&nbsp;&nbsp; LZ5  | 22350 | 23825 | 1066 | 1617 | (16) |  | 826 | **1175** | (395) | **1157** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 81522 | 70785 | 868 | 21049 | (57) |  | 3142 | **1164** | (19398) | **926** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 156875 | 124353 | 793 | 1470 | (306) | 28025 | 6 | **979** | (3151) | **959** |
| &nbsp;&nbsp;&nbsp; Goldex  | 29375 | 35956 | 1224 | 2732 | (24) |  | 1018 | **1351** | (8072) | **1076** |
| **Quebec** | **267772** | **231094** | **863** | **25251** | **(387)** | **28025** | **4166** | **1076** | **(30621)** | **962** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 176539 | 151199 | 856 | (15420) | (431) | 12183 | 1384 | **844** | (2205) | **831** |
| &nbsp;&nbsp;&nbsp; Macassa  | 78832 | 48652 | 617 | (184) | (57) | 3878 | 110 | **665** | (487) | **659** |
| **Ontario** | **255371** | **199851** | **783** | **(15604)** | **(488)** | **16061** | **1494** | **788** | **(2692)** | **778** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 93836 | 85662 | 913 | 20706 | (270) |  | (126) | **1129** | (158) | **1128** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 136152 | 163403 | 1200 | 1638 | (389) |  | 99 | **1210** | (2401) | **1192** |
| &nbsp;&nbsp;&nbsp; Hope Bay  |  | 302 |  | (302) |  |  |  | **—** |  | **—** |
| **Nunavut** | **229988** | **249065** | **1083** | **22344** | **(659)** | **—** | **(27)** | **1177** | **(2559)** | **1166** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 34966 | 38036 | 1088 | (597) | (28) |  | 29 | **1071** | (158) | **1066** |
| **Australia** | **34966** | **38036** | **1088** | **(597)** | **(28)** | **—** | **29** | **1071** | **(158)** | **1066** |
| &nbsp;&nbsp;&nbsp; Kittila  | 57954 | 61762 | 1066 | (415) | (1127) |  | (40) | **1038** | (139) | **1036** |
| **Finland** | **57954** | **61762** | **1066** | **(415)** | **(1127)** | **—** | **(40)** | **1038** | **(139)** | **1036** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 20885 | 55443 | 2655 | (1704) | (560) |  | 326 | **2562** | (13691) | **1906** |
| **Mexico** | **20885** | **55443** | **2655** | **(1704)** | **(560)** | **—** | **326** | **2562** | **(13691)** | **1906** |
| **Corporate and Other<sup>(iv)</sup>**  | **—** | **4070** | **—** | **(4070)** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Consolidated** | **866936** | **839321** | **963** | **25205** | **(3249)** | **44086** | **5948** | **1051** | **(49860)** | **994** |

---

Notes:

(i) Gold production for the three months ended September 30, 2025 excludes 945 ounces of payable production of gold at La India and 189 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay.

(ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three months ended September 30, 2025 is $3.7 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

(iv) Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Three Months Ended September 30, 2024

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Payable <br> gold <br> production <br> (ounces)**  | **Production <br> costs ($)**  | **Production <br> costs per <br> ounce ($)**  | **Inventory <br> adjustments <br> ($)<sup>(i)</sup>**  | **Realized <br> (gains) and <br> losses on <br> hedges ($)**  | **In-kind <br> royalty <br> ($)<sup>(ii)</sup>**  | **Smelting, <br> refining <br> and <br> marketing <br> charges ($)**  | **Total cash <br> costs per <br> ounce <br> (co-product <br> basis) ($)**  | **By-product <br> metal <br> revenues <br> ($)**  | **Total cash <br> costs per <br> ounce <br> (by-product <br> basis) ($)**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 47313 | 74244 | 1569 | (14425) | 246 |  | 1015 | **1291** | (10097) | **1078** |
| &nbsp;&nbsp;&nbsp; LZ5  | 18292 | 18916 | 1034 | 3752 | 86 |  | 1030 | **1300** | (274) | **1285** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 65605 | 93160 | 1420 | (10673) | 332 |  | 2045 | **1294** | (10371) | **1135** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 141392 | 128984 | 912 | (2590) | 997 | 18810 | 459 | **1037** | (1777) | **1025** |
| &nbsp;&nbsp;&nbsp; Goldex  | 30334 | 34265 | 1130 | (1161) | 148 |  | 762 | **1121** | (2743) | **1031** |
| **Quebec** | **237331** | **256409** | **1080** | **(14424)** | **1477** | **18810** | **3266** | **1119** | **(14891)** | **1056** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 173891 | 127159 | 731 | (2726) | 1247 | 8752 | 1974 | **784** | (757) | **779** |
| &nbsp;&nbsp;&nbsp; Macassa  | 70727 | 48086 | 680 | 2568 | 304 | 2460 | 103 | **757** | (442) | **750** |
| **Ontario** | **244618** | **175245** | **716** | **(158)** | **1551** | **11212** | **2077** | **776** | **(1199)** | **772** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 99838 | 75099 | 752 | 13212 | 505 |  | 65 | **890** | (135) | **889** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 133502 | 115705 | 867 | 6117 | 681 |  | (1) | **918** | (978) | **910** |
| **Nunavut** | **233340** | **190804** | **818** | **19329** | **1186** | **—** | **64** | **906** | **(1113)** | **901** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 65532 | 44346 | 677 | (1523) | (80) |  | 23 | **653** | (135) | **651** |
| **Australia** | **65532** | **44346** | **677** | **(1523)** | **(80)** | **—** | **23** | **653** | **(135)** | **651** |
| &nbsp;&nbsp;&nbsp; Kittila  | 56715 | 59968 | 1057 | (2410) | (157) |  | (41) | **1011** | (102) | **1010** |
| **Finland** | **56715** | **59968** | **1057** | **(2410)** | **(157)** | **—** | **(41)** | **1011** | **(102)** | **1010** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 21371 | 46464 | 2174 | (3548) |  |  | 317 | **2023** | (10517) | **1531** |
| &nbsp;&nbsp;&nbsp; Creston Mascota  | 9 |  |  |  |  |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp; La India  | 4529 | 10417 | 2300 | 2633 |  |  | 91 | **2902** | (133) | **2872** |
| **Mexico** | **25909** | **56881** | **2195** | **(915)** | **—** | **—** | **408** | **2176** | **(10650)** | **1765** |
| **Consolidated** | **863445** | **783653** | **908** | **(101)** | **3977** | **30022** | **5797** | **953** | **(28090)** | **921** |

---

Notes:

(i) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Nine Months Ended September 30, 2025

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Payable <br> gold <br> production <br> (ounces)<sup>(i)</sup>**  | **Production <br> costs ($)**  | **Production <br> costs per <br> ounce ($)**  | **Inventory <br> adjustments <br> ($)<sup>(ii)</sup>**  | **Realized <br> (gains) and <br> losses on <br> hedges ($)**  | **In-kind <br> royalty <br> ($)<sup>(iii)</sup>**  | **Smelting, <br> refining <br> and <br> marketing <br> charges ($)**  | **Total cash <br> costs per <br> ounce <br> (co-product <br> basis) ($)**  | **By-product <br> metal <br> revenues <br> ($)**  | **Total cash <br> costs per <br> ounce <br> (by-product <br> basis) ($)**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 201319 | 172146 | 855 | 18275 | 536 |  | 7035 | **983** | (52124) | **725** |
| &nbsp;&nbsp;&nbsp; LZ5  | 62946 | 69017 | 1096 | 485 | 196 |  | 2637 | **1149** | (855) | **1136** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 264265 | 241163 | 913 | 18760 | 732 |  | 9672 | **1023** | (52979) | **822** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 489179 | 359025 | 734 | 17706 | 988 | 79745 | 843 | **937** | (8680) | **919** |
| &nbsp;&nbsp;&nbsp; Goldex  | 92509 | 108302 | 1171 | 2418 | 308 |  | 3139 | **1234** | (21914) | **997** |
| **Quebec** | **845953** | **708490** | **838** | **38884** | **2028** | **79745** | **13654** | **996** | **(83573)** | **897** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 497649 | 427475 | 859 | (13355) | 646 | 30266 | 4384 | **903** | (4324) | **894** |
| &nbsp;&nbsp;&nbsp; Macassa  | 252224 | 146744 | 582 | 4591 | 737 | 11488 | 271 | **650** | (1662) | **643** |
| **Ontario** | **749873** | **574219** | **766** | **(8764)** | **1383** | **41754** | **4655** | **818** | **(5986)** | **810** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 282611 | 282577 | 1000 | 14310 | 728 |  | 102 | **1053** | (855) | **1050** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 378213 | 396409 | 1048 | (1373) | 915 |  | 398 | **1048** | (4533) | **1036** |
| **Nunavut** | **660824** | **678986** | **1027** | **12937** | **1643** | **—** | **500** | **1050** | **(5388)** | **1042** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 128155 | 109094 | 851 | 2824 | (28) |  | 82 | **874** | (428) | **870** |
| **Australia** | **128155** | **109094** | **851** | **2824** | **(28)** | **—** | **82** | **874** | **(428)** | **870** |
| &nbsp;&nbsp;&nbsp; Kittila  | 162415 | 172659 | 1063 | 1388 | (1558) |  | (159) | **1061** | (433) | **1058** |
| **Finland** | **162415** | **172659** | **1063** | **1388** | **(1558)** | **—** | **(159)** | **1061** | **(433)** | **1058** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 59539 | 148723 | 2498 | 1819 | (531) |  | 894 | **2535** | (30814) | **2017** |
| **Mexico** | **59539** | **148723** | **2498** | **1819** | **(531)** | **—** | **894** | **2535** | **(30814)** | **2017** |
| **Corporate and Other<sup>(iv)</sup>**  | **—** | **4070** | **—** | **(4070)** | **—** | **—** | **—** | **—** | **—** | **—** |
| **Consolidated** | **2606759** | **2396241** | **918** | **45018** | **2937** | **121499** | **19626** | **992** | **(126622)** | **943** |

---

Notes:

(i) Gold production for the nine months ended September 30, 2025 excludes 3,614 ounces of payable production of gold at La India and 253 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay.

(ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the nine months ended September 30, 2025 is $6.2 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

(iv) Relates to production costs associated with gold sold by non-operating minesites that are excluded from the consolidated cash costs calculation.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Nine Months Ended September 30, 2024

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Payable <br> gold <br> production <br> (ounces)**  | **Production <br> costs ($)**  | **Production <br> costs per <br> ounce ($)**  | **Inventory <br> adjustments <br> ($)<sup>(i)</sup>**  | **Realized <br> (gains) and <br> losses on <br> hedges ($)**  | **In-kind <br> royalty <br> ($)<sup>(ii)</sup>**  | **Smelting, <br> refining <br> and <br> marketing <br> charges ($)**  | **Total cash <br> costs per <br> ounce <br> (co-product <br> basis) ($)**  | **By-product <br> metal <br> revenues <br> ($)**  | **Total cash <br> costs per <br> ounce <br> (by-product <br> basis) ($)**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 161388 | 193482 | 1199 | (12892) | 616 |  | 9235 | **1180** | (39703) | **934** |
| &nbsp;&nbsp;&nbsp; LZ5  | 54915 | 58059 | 1057 | 3820 | 215 |  | 2396 | **1174** | (772) | **1160** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 216303 | 251541 | 1163 | (9072) | 831 |  | 11631 | **1179** | (40475) | **991** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 509169 | 399893 | 785 | 7076 | 2037 | 57506 | 786 | **918** | (5945) | **906** |
| &nbsp;&nbsp;&nbsp; Goldex  | 98472 | 100531 | 1021 | (482) | 369 |  | 1959 | **1040** | (9359) | **945** |
| **Quebec** | **823944** | **751965** | **913** | **(2478)** | **3237** | **57506** | **14376** | **1001** | **(55779)** | **933** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 492889 | 379366 | 770 | (7295) | 2394 | 22446 | 5147 | **816** | (2003) | **812** |
| &nbsp;&nbsp;&nbsp; Macassa  | 203048 | 146763 | 723 | 1038 | 759 | 6834 | 242 | **766** | (662) | **763** |
| **Ontario** | **695937** | **526129** | **756** | **(6257)** | **3153** | **29280** | **5389** | **801** | **(2665)** | **798** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 284238 | 254463 | 895 | 2457 | 1612 |  | 100 | **910** | (650) | **908** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 387695 | 352881 | 910 | 5412 | 2502 |  | (46) | **930** | (2952) | **923** |
| **Nunavut** | **671933** | **607344** | **904** | **7869** | **4114** | **—** | **54** | **922** | **(3602)** | **916** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 188064 | 114824 | 611 | (1277) | 6 |  | 52 | **604** | (462) | **602** |
| **Australia** | **188064** | **114824** | **611** | **(1277)** | **6** | **—** | **52** | **604** | **(462)** | **602** |
| &nbsp;&nbsp;&nbsp; Kittila  | 166967 | 176535 | 1057 | (3554) | (138) |  | (161) | **1034** | (289) | **1032** |
| **Finland** | **166967** | **176535** | **1057** | **(3554)** | **(138)** | **—** | **(161)** | **1034** | **(289)** | **1032** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 69850 | 122980 | 1761 | 2235 |  |  | 980 | **1807** | (26556) | **1426** |
| &nbsp;&nbsp;&nbsp; Creston Mascota  | 50 |  |  |  |  |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp; La India  | 21190 | 39445 | 1861 | 2780 |  |  | 355 | **2009** | (991) | **1963** |
| **Mexico** | **91090** | **162425** | **1783** | **5015** | **—** | **—** | **1335** | **1853** | **(27547)** | **1550** |
| **Consolidated** | **2637935** | **2339222** | **887** | **(682)** | **10372** | **86786** | **21045** | **931** | **(90344)** | **897** |

---

Notes:

(i) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Reconciliation of Production Costs to Minesite Costs per Tonne by Mine

#### Three Months Ended September 30, 2025

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Tonnes of <br> ore milled <br> (thousands)**  | **Production <br> costs ($)**  | **Production <br> costs in <br> local <br> currency**  | **Local <br> currency <br> production <br> costs per <br> tonne**  | **Inventory <br> adjustments <br> in local <br> currency<sup>(i)</sup>**  | **In-kind <br> royalty in <br> local <br> currency<sup>(ii)</sup>**  | **Smelting, <br> refining and <br> marketing <br> charges in <br> local currency**  | **Local <br> currency <br> minesite <br> costs per <br> tonne**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 394 | 46960 | 64713 | 164 | 26889 |  | &nbsp;&nbsp;&nbsp;&nbsp;(6553) | **216** |
| &nbsp;&nbsp;&nbsp; LZ5  | 370 | 23825 | 32856 | 89 | 2241 |  |  | **95** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 764 | 70785 | 97569 | 128 | 29130 |  | &nbsp;&nbsp;&nbsp;&nbsp;(6553) | **157** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 5091 | 124353 | 170193 | 33 | 2129 | 38792 |  | **41** |
| &nbsp;&nbsp;&nbsp; Goldex  | 843 | 35956 | 49637 | 59 | 3761 |  |  | **63** |
| **Quebec** | **6698** | **231094** | **317399** | **47** | **35020** | **38792** | **(6553)** | **57** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 7351 | 151199 | 208932 | 28 | (21293) | 16856 |  | **28** |
| &nbsp;&nbsp;&nbsp; Macassa  | 133 | 48652 | 67786 | 510 | (382) | 5369 |  | **547** |
| **Ontario** | **7484** | **199851** | **276718** | **37** | **(21675)** | **22225** | **—** | **37** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 627 | 85662 | 117284 | 187 | 29369 |  |  | **234** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 1177 | 163403 | 225287 | 191 | 2513 |  |  | **194** |
| **Nunavut** | **1804** | **249065** | **342571** | **190** | **31882** | **—** | **—** | **208** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 198 | 38036 | 58454 | 295 | &nbsp;&nbsp;&nbsp;&nbsp;(1171) |  |  | **289** |
| **Australia** | **198** | **38036** | **58454** | **295** | **(1171)** | **—** | **—** | **289** |
| &nbsp;&nbsp;&nbsp; Kittila  | 558 | 61762 | 53023 | 95 | (435) |  |  | **94** |
| **Finland** | **558** | **61762** | **53023** | **95** | **(435)** | **—** | **—** | **94** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 431 | 55443 | $55443 | $129 | $(2264) | $— | $— | $**123** |
| **Mexico** | **431** | **55443** | $**55443** | $**129** | $**(2264)** | $**—** | $**—** | $**123** |

---

Notes:

(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the three months ended September 30, 2025 is C$5.1 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Three Months Ended September 30, 2024

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Tonnes of <br> ore milled <br> (thousands)**  | **Production <br> costs ($)**  | **Production <br> costs in <br> local <br> currency**  | **Local <br> currency <br> production <br> costs per <br> tonne**  | **Inventory <br> adjustments <br> in local <br> currency<sup>(i)</sup>**  | **In-kind <br> royalty in <br> local <br> currency<sup>(ii)</sup>**  | **Smelting, <br> refining and <br> marketing <br> charges in <br> local currency**  | **Local <br> currency <br> minesite <br> costs per <br> tonne**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 355 | 74244 | 101221 | 285 | (18800) |  | &nbsp;&nbsp;&nbsp;&nbsp;(4419) | **220** |
| &nbsp;&nbsp;&nbsp; LZ5  | 332 | 18916 | 25740 | 78 | 5072 |  |  | **93** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 687 | 93160 | 126961 | 185 | (13728) |  | &nbsp;&nbsp;&nbsp;&nbsp;(4419) | **158** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 4862 | 128984 | 175462 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;(3655) | 25677 |  | **41** |
| &nbsp;&nbsp;&nbsp; Goldex  | 739 | 34265 | 46696 | 63 | &nbsp;&nbsp;&nbsp;&nbsp;(1619) |  |  | **61** |
| **Quebec** | **6288** | **256409** | **349119** | **56** | **(19002)** | **25677** | **(4419)** | **56** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 7082 | 127159 | 172973 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;(3935) | 11914 |  | **26** |
| &nbsp;&nbsp;&nbsp; Macassa  | 134 | 48086 | 65489 | 489 | 3408 | 3348 |  | **539** |
| **Ontario** | **7216** | **175245** | **238462** | **33** | **(527)** | **15262** | **—** | **35** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 533 | 75099 | 102391 | 192 | 17937 |  |  | **226** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 1083 | 115705 | 157247 | 145 | 8236 |  |  | **153** |
| **Nunavut** | **1616** | **190804** | **259638** | **161** | **26173** | **—** | **—** | **177** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 246 | 44346 | 66587 | 271 | &nbsp;&nbsp;&nbsp;&nbsp;(2406) |  |  | **261** |
| **Australia** | **246** | **44346** | **66587** | **271** | **(2406)** | **—** | **—** | **261** |
| &nbsp;&nbsp;&nbsp; Kittila  | 544 | 59968 | 54519 | 100 | (2469) |  |  | **96** |
| **Finland** | **544** | **59968** | **54519** | **100** | **(2469)** | **—** | **—** | **96** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 446 | 46464 | $46464 | $104 | $(3548) | $— | $— | $**96** |
| &nbsp;&nbsp;&nbsp; La India<sup>(iii)</sup>  |  | 10417 | $10417 | $— | $(10417) | $— | $— | $**—** |
| **Mexico** | **446** | **56881** | $**56881** | $**128** | $**(13965)** | $**—** | $**—** | $**96** |

---

Notes:

(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

(iii) La India's cost calculations per tonne for the three months ended September 30, 2024 exclude approximately $10.4 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Nine Months Ended September 30, 2025

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Tonnes of <br> ore milled <br> (thousands)**  | **Production <br> costs ($)**  | **Production <br> costs in <br> local <br> currency**  | **Local <br> currency <br> production <br> costs <br> per tonne**  | **Inventory <br> adjustments <br> in local <br> currency<sup>(i)</sup>**  | **In-kind <br> royalty in <br> local <br> currency<sup>(ii)</sup>**  | **Smelting, <br> refining and <br> marketing <br> charges in <br> local currency**  | **Local <br> currency <br> minesite <br> costs per <br> tonne**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 1103 | 172146 | 240956 | 218 | 25370 |  | (19756) | **224** |
| &nbsp;&nbsp;&nbsp; LZ5  | 1010 | 69017 | 96407 | 95 | 575 |  |  | **96** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 2113 | 241163 | 337363 | 160 | 25945 |  | (19756) | **163** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 14919 | 359025 | 498804 | 33 | 24333 | 111462 |  | **43** |
| &nbsp;&nbsp;&nbsp; Goldex  | 2454 | 108302 | 151393 | 62 | 3196 |  |  | **63** |
| **Quebec** | **19486** | **708490** | **987560** | **51** | **53474** | **111462** | **(19756)** | **58** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 20817 | 427475 | 596968 | 29 | (18952) | 42298 |  | **30** |
| &nbsp;&nbsp;&nbsp; Macassa  | 424 | 146744 | 205250 | 484 | 6264 | 16061 |  | **537** |
| **Ontario** | **21241** | **574219** | **802218** | **38** | **(12688)** | **58359** | **—** | **40** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 1730 | 282577 | 394138 | 228 | 18509 |  |  | **239** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 2906 | 396409 | 550901 | 190 | &nbsp;&nbsp;&nbsp;&nbsp;(2594) |  |  | **189** |
| **Nunavut** | **4636** | **678986** | **945039** | **204** | **15915** | **—** | **—** | **207** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 549 | 109094 | 168621 | 307 | 4145 |  |  | **315** |
| **Australia** | **549** | **109094** | **168621** | **307** | **4145** | **—** | **—** | **315** |
| &nbsp;&nbsp;&nbsp; Kittila  | 1562 | 172659 | 154529 | 99 | 199 |  |  | **99** |
| **Finland** | **1562** | **172659** | **154529** | **99** | **199** | **—** | **—** | **99** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 1252 | 148723 | $148723 | $119 | $1288 | $— | $— | $**120** |
| **Mexico** | **1252** | **148723** | $**148723** | $**119** | $**1288** | $**—** | $**—** | $**120** |

---

Notes:

(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory. Included in inventory adjustments for Canadian Malartic for the nine months ended September 30, 2025 is C$8.7 million associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of the 50% of Canadian Malartic that Agnico Eagle did not then hold.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### Nine Months Ended September 30, 2024

#### (thousands of United States dollars, except as noted)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine**  | **Tonnes of <br> ore milled <br> (thousands)**  | **Production <br> costs ($)**  | **Production <br> costs in <br> local <br> currency**  | **Local <br> currency <br> production <br> costs per <br> tonne**  | **Inventory <br> adjustments <br> in local <br> currency<sup>(i)</sup>**  | **In-kind <br> royalty in <br> local <br> currency<sup>(ii)</sup>**  | **Smelting, <br> refining and <br> marketing <br> charges in <br> local <br> currency**  | **Local <br> currency <br> minesite <br> costs per <br> tonne**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | 1149 | 193482 | 262638 | 229 | (16069) |  | (8019) | **208** |
| &nbsp;&nbsp;&nbsp; LZ5  | 898 | 58059 | 78984 | 88 | 5192 |  |  | **94** |
| &nbsp;&nbsp;&nbsp; LaRonde  | 2047 | 251541 | 341622 | 167 | (10877) |  | (8019) | **158** |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 15217 | 399893 | 543010 | 36 | 9830 | 78244 |  | **41** |
| &nbsp;&nbsp;&nbsp; Goldex  | 2264 | 100531 | 136615 | 60 | (580) |  |  | **60** |
| **Quebec** | **19528** | **751965** | **1021247** | **52** | **(1627)** | **78244** | **(8019)** | **56** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 20376 | 379366 | 515371 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;(9622) | 30538 |  | **26** |
| &nbsp;&nbsp;&nbsp; Macassa  | 420 | 146763 | 199917 | 476 | 1468 | 9301 |  | **502** |
| **Ontario** | **20796** | **526129** | **715288** | **34** | **(8154)** | **39839** | **—** | **36** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 1450 | 254463 | 345186 | 238 | 3724 |  |  | **241** |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 3144 | 352881 | 478366 | 152 | 7470 |  |  | **155** |
| **Nunavut** | **4594** | **607344** | **823552** | **179** | **11194** | **—** | **—** | **182** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 652 | 114824 | 173962 | 267 | &nbsp;&nbsp;&nbsp;&nbsp;(2041) |  |  | **264** |
| **Australia** | **652** | **114824** | **173962** | **267** | **(2041)** | **—** | **—** | **264** |
| &nbsp;&nbsp;&nbsp; Kittila  | 1550 | 176535 | 162375 | 105 | (3354) |  |  | **103** |
| **Finland** | **1550** | **176535** | **162375** | **105** | **(3354)** | **—** | **—** | **103** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 1326 | 122980 | $122980 | $93 | $2235 | $— | $— | $**94** |
| &nbsp;&nbsp;&nbsp; La India<sup>(iii)</sup>  |  | 39445 | $39445 | $— | $(39445) | $— | $— | $**—** |
| **Mexico** | **1326** | **162425** | $**162425** | $**122** | $**(37210)** | $**—** | $**—** | $**94** |

---

Notes:

(i) This inventory adjustment reflects production costs associated with the portion of production still in inventory.

(ii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

(iii) La India's cost calculations per tonne for the nine months ended September 30, 2024 exclude approximately $39.4 million of production costs incurred during the period, following the cessation of mining activities at La India during the fourth quarter of 2023.

#### All-in Sustaining Costs per Ounce
All-in sustaining costs per ounce (also referred to as "AISC per ounce") on a by-product basis is calculated as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels. The AISC per ounce on a co-product basis is calculated in the same manner as the AISC per ounce on a by-product basis, except that the total cash costs on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Investors should note that AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments, nor does it include non-cash expenditures, such as depreciation and amortization. Unless otherwise indicated,

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
all-in sustaining costs per ounce is reported on a by-product basis (see "*Reconciliation of Production Costs to Total Cash Costs per Ounce by Mine"* for a discussion of regarding the Company's use of by-product basis reporting).

Management believes that AISC per ounce is useful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining current operations and, as such, provides useful information about operating performance. Management is aware, and investors should note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC 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 Accounting Standards and minesite costs per tonne, as this measure is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS Accounting Standards.

The Company follows the guidance on calculation of AISC per ounce released by the World Gold Council ("WGC") in 2018. The WGC is a non-regulatory market development organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP measures. Notwithstanding the Company's adoption of the WGC's guidance, AISC per ounce reported by the Company may not be comparable to data reported by other gold mining companies.

The following table sets out a reconciliation of production costs to all-in sustaining costs per ounce for the three and nine months ended September 30, 2025 and September 30, 2024 on both a by-product basis (deducting by-product metal revenues from production costs) and a co-product basis (without deducting by-product metal revenues).

------

#### Reconciliation of Production Costs to All-in Sustaining Costs per Ounce

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(United States dollars per ounce, except where noted)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
|  Production costs per the condensed interim consolidated statements of income <br> (thousands of United States dollars)  | $839321 | $783653 | $2396241 | $2339222 |
| Less: Production costs from non-operating minesites  | (4070) |  | (4070) |  |
| Adjusted production costs  | 835251 | 783653 | 2392171 | 2339222 |
| Gold production (ounces)<sup>(i)</sup>  | 866936 | 863445 | 2606759 | 2637935 |
| Production costs per ounce  | $963 | $908 | $918 | $887 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Inventory adjustments<sup>(ii)</sup>  | 33 |  | 18 |  |
| &nbsp;&nbsp;&nbsp; In-kind royalty<sup>(iii)</sup>  | 51 |  | 47 |  |
| &nbsp;&nbsp;&nbsp; Realized gains and losses on hedges of production costs  | (4) | 5 | 1 | 4 |
| &nbsp;&nbsp;&nbsp; Other<sup>(iv)</sup>  | 8 | 40 | 8 | 40 |
| Total cash costs per ounce (co-product basis)  | $1051 | $953 | $992 | $931 |
| &nbsp;&nbsp;&nbsp; By-product metal revenues  | (57) | (32) | (49) | (34) |
| Total cash costs per ounce (by-product basis)  | $994 | $921 | $943 | $897 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sustaining capital expenditures (including capitalized exploration)  | 282 | 292 | 250 | 244 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses (including stock option expense)  | 78 | 56 | 71 | 55 |
| &nbsp;&nbsp;&nbsp; Non-cash reclamation provision and sustaining leases<sup>(v)</sup>  | 19 | 17 | 17 | 18 |
| All-in sustaining costs per ounce (by-product basis)  | $1373 | $1286 | $1281 | $1214 |
| &nbsp;&nbsp;&nbsp; By-product metal revenues  | 57 | 32 | 49 | 34 |
| All-in sustaining costs per ounce (co-product basis)  | $1430 | $1318 | $1330 | $1248 |

---

Notes:

(i) Gold production for the three months ended September 30, 2025 excludes 945 ounces of payable production of gold at La India and 189 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay. Gold production for the nine months ended September 30, 2025 excludes 3,614 ounces of payable production of gold at La India and 253 ounces of payable production of gold at Creston Mascota, which were produced from residual leaching as well as 2,442 ounces of gold recovered at Hope Bay.

(ii) Under the Company's revenue recognition policy, revenue from contracts with customers is recognized upon the transfer of control over metals sold to the customer. As the total cash costs per ounce of gold produced are calculated on a production basis, an inventory adjustment is made to reflect the portion of production not yet recognized as revenue. Included in inventory adjustments for Canadian Malartic for the three and nine months ended September 30, 2025 is $3.7 and $6.2 million, respectively, associated with the fair value allocated to inventory on Canadian Malartic as part of the purchase price allocation from the acquisition, on March 31, 2023, of 50% of Canadian Malartic that Agnico Eagle did not then hold.

(iii) Relates to costs associated with a 5% in-kind royalty paid in respect 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.

(iv) Other adjustments consist of smelting, refining and marketing charges to production costs.

(v) Sustaining leases are lease payments related to sustaining assets.

#### Operating Margin
Operating margin is calculated by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in the condensed interim consolidated financial

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
statements, the Company adds the following items to the operating margin: income and mining taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation costs; loss (gain) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property, plant and mine development; exploration and corporate development expenses; and revaluation gain and impairment losses (reversals). The Company believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, including exploration and corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs, gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses, other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results. Management believes this measure is useful to investors as it provides them with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS Accounting Standards. For a reconciliation of operating margin to revenue from operations, see "*Summary of Operations Key Performance Indicators*".

#### Capital Expenditures
Capital expenditures are calculated by deducting working capital adjustments from additions to property, plant and mine development per the condensed interim consolidated statements of cash flows.

Capital expenditures are classified into sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration. Sustaining capital expenditures and sustaining capitalized exploration are expenditures incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production from which the Company will derive economic benefits. Sustaining capital expenditures and sustaining capitalized exploration include expenditure for assets to retain their existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures and development capitalized exploration represent the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital expenditures split between sustaining and development in each reporting period. The classification between sustaining and development capital expenditures does not have a standardized definition in accordance with IFRS Accounting Standards and other companies may classify expenditures in a different manner.

The following table sets out a reconciliation of sustaining capital expenditures, sustaining capitalized exploration, development capital expenditures and development capitalized exploration to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| Sustaining capital expenditures  | $240619 | $247762 | $642295 | $633785 |
| Sustaining capitalized exploration  | 6373 | 5200 | 16335 | 15124 |
| Development capital expenditures  | 316054 | 189406 | 728924 | 502924 |
| Development capitalized exploration  | 80809 | 43427 | 213488 | 113282 |
| **Total Capital Expenditures**  | $**643855** | $**485795** | $**1601042** | $**1265115** |
| Working capital adjustments  | (17525) | (21694) | 15888 | (9329) |
|  **Additions to property, plant and mine development per the <br> condensed interim consolidated statements of cash <br> flows**  | $**626330** | $**464101** | $**1616930** | $**1255786** |

---

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
The following table sets out a reconciliation of sustaining capital expenditures and development capital expenditures per minesite to the additions to property, plant and mine development per the condensed interim consolidated statements of cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

#### Sustaining Capital Expenditures and Development Capital Expenditures

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | $13868 | $14706 | $45840 | $51752 |
| &nbsp;&nbsp;&nbsp; LZ5  | 4438 | 5069 | 12370 | 12722 |
| &nbsp;&nbsp;&nbsp; LaRonde  | 18306 | 19775 | 58210 | 64474 |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 34905 | 36789 | 89255 | 91887 |
| &nbsp;&nbsp;&nbsp; Goldex  | 11812 | 17258 | 39244 | 42448 |
| **Quebec** | **65023** | **73822** | **186709** | **198809** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 59473 | 77638 | 159072 | 189247 |
| &nbsp;&nbsp;&nbsp; Macassa  | 13679 | 12651 | 33156 | 29648 |
| **Ontario** | **73152** | **90289** | **192228** | **218895** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 25275 | 22037 | 57777 | 59812 |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 40104 | 30216 | 97632 | 71718 |
| **Nunavut** | **65379** | **52253** | **155409** | **131530** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 16000 | 9509 | 44615 | 22298 |
| **Australia** | **16000** | **9509** | **44615** | **22298** |
| &nbsp;&nbsp;&nbsp; Kittila  | 17096 | 17853 | 47704 | 52994 |
| **Finland** | **17096** | **17853** | **47704** | **52994** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 7892 | 7841 | 25088 | 19852 |
| &nbsp;&nbsp;&nbsp; La India  |  |  |  | 22 |
| **Mexico** | **7892** | **7841** | **25088** | **19874** |
| Other<sup>(i)</sup> | 2450 | 1395 | 6877 | 4509 |
| **Sustaining capital expenditures**  | $**246992** | $**252962** | $**658630** | $**648909** |
| &nbsp;&nbsp;&nbsp; LaRonde mine  | $14188 | $11746 | $39485 | $38954 |
| &nbsp;&nbsp;&nbsp; LZ5  | 4751 | 4696 | 14547 | 22214 |
| &nbsp;&nbsp;&nbsp; LaRonde  | 18939 | 16442 | 54032 | 61168 |
| &nbsp;&nbsp;&nbsp; Canadian Malartic  | 85849 | 43334 | 217616 | 124730 |
| &nbsp;&nbsp;&nbsp; Goldex  | 6712 | 1830 | 13418 | 8886 |
| **Quebec** | **111500** | **61606** | **285066** | **194784** |
| &nbsp;&nbsp;&nbsp; Detour Lake  | 85422 | 61250 | 215484 | 147423 |
| &nbsp;&nbsp;&nbsp; Macassa  | 32090 | 35071 | 93008 | 87233 |
| **Ontario** | **117512** | **96321** | **308492** | **234656** |
| &nbsp;&nbsp;&nbsp; Meliadine  | 32473 | 22958 | 68078 | 66858 |
| &nbsp;&nbsp;&nbsp; Meadowbank  | 12608 | 7 | 15289 | (20) |
| **Nunavut** | **45081** | **22965** | **83367** | **66838** |
| &nbsp;&nbsp;&nbsp; Fosterville  | 11001 | 10933 | 31174 | 36513 |
| **Australia** | **11001** | **10933** | **31174** | **36513** |
| &nbsp;&nbsp;&nbsp; Kittila  | 2176 | 1946 | 5122 | 8701 |

---

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| **(thousands of United States dollars)**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| **Finland** | **2176** | **1946** | **5122** | **8701** |
| &nbsp;&nbsp;&nbsp; Pinos Altos  | 1010 | 365 | 3949 | 1820 |
| &nbsp;&nbsp;&nbsp; San Nicolás  | 2566 | 3422 | 6613 | 15077 |
| **Mexico** | **3576** | **3787** | **10562** | **16897** |
| Other<sup>(i)</sup> | 106017 | 35275 | 218629 | 57817 |
| **Development capital expenditures**  | $**396863** | $**232833** | $**942412** | $**616206** |
| **Total capital expenditures**  | $**643855** | $**485795** | $**1601042** | $**1265115** |
| Working capital adjustments  | (17525) | (21694) | 15888 | (9329) |
|  **Additions to property, plant and mine development per the condensed interim consolidated statements of cash flows**  | $**626330** | $**464101** | $**1616930** | $**1255786** |

---

Note:

(i) Other projects are not segregated by region and can include projects in Canada, Australia, Finland, Mexico and other countries.

#### Commitments and Contingencies
Material contractual commitments and contingencies have been set out in note 27 to the Company's annual audited consolidated financial statements for the year ended December 31, 2024 and in note 19 of the condensed interim consolidated financial statements.

#### Accounting Policies
The condensed interim consolidated financial statements follow the same accounting policies and methods of their application as the December 31, 2024 annual audited consolidated financial statements.

#### Significant Judgments, Estimates and Assumptions
The preparation of the condensed interim consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the amounts reported in the condensed interim consolidated financial statements and accompanying notes. Management believes that the estimates used in the preparation of the condensed interim consolidated financial statements are reasonable; however, actual results may differ materially from these estimates. The areas involving significant judgments, estimates and assumptions have been set out in Note 4 to the Company's annual audited consolidated financial statements for the year ended December 31, 2024.

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#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

#### NOTE TO INVESTORS CONCERNING FORWARD-LOOKING INFORMATION
Certain statements in this MD&A, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" under the provisions of Canadian provincial securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward-looking statements. These statements relate to, among other things, the Company's plans, objectives, expectations, estimates, beliefs, strategies and intentions and can generally be identified by the use of words such as "anticipate", "believe", "budget", "could", "estimate", "expect", "forecast", "likely", "may", "plan", "project", "schedule", "should", "target", "will", "would" or other variations of these terms or similar words.

Forward-looking statements in this MD&A include the following: the Company's forward-looking guidance, including metal production, estimated ore grades, recovery rates, project timelines, drilling targets or results, life of mine estimates, total cash costs per ounce, AISC per ounce, minesite costs per tonne, other expenses and cash flows; the potential for additional gold production at the Company's sites; the estimated timing and conclusions of the Company's studies and evaluations; the methods by which ore will be extracted or processed; the Company's expansion plans at Detour Lake, Upper Beaver and Odyssey, including the timing, funding, completion and commissioning thereof and the commencement of production therefrom; the Company's plans at Hope Bay and San Nicolás; statements concerning other expansion projects, recovery rates, mill throughput, optimization efforts and projected exploration, including costs and other estimates upon which such projections are based; timing and amounts of capital expenditures, other expenditures and other cash needs, and expectations as to the funding thereof; estimates of future mineral reserves, mineral resources, mineral production and sales; the projected development of certain ore deposits, including estimates of exploration, development, production, closure and other capital costs and estimates of the timing of such exploration, development, production and closure or decisions with respect to such exploration, development, production and closure; estimates of mineral reserves and mineral resources and the effect of drill results and studies on future mineral reserves and mineral resources; the Company's ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration, development and mining operations and the anticipated timing thereof; future exploration; the anticipated timing of events with respect to the Company's mine sites; the Company's plans and strategies with respect to sustainability initiatives; the sufficiency of the Company's cash resources; the Company's plans with respect to hedging and the effectiveness of its hedging strategies; future activity with respect to the Company's unsecured revolving bank credit facility and other indebtedness; future dividend amounts, record dates and payment dates; the effects of tariffs and trade restrictions on the Company; plans with respect to activity under the NCIB; the Company's estimate of the Meadowbank ARO liability; and anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this MD&A and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein, and in management's discussion and analysis (the "2024 MD&A") and in the Company's most recent Annual Information Form ("AIF") for the year ended December 31, 2024, filed with Canadian securities regulators and that are included in its Annual Report on Form 40-F ("Form 40-F") for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") as well as: that there are no significant disruptions affecting operations; that production, permitting, development, expansion and the ramp-up of operations at each of Agnico Eagle's properties proceeds on a basis consistent with current expectations and plans; that the Company's plans for its mining operations are not changed or amended in a material way; that the relevant metal prices, foreign exchange rates and prices for key mining and construction inputs (including labour and electricity) will be

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025
consistent with Agnico Eagle's expectations; that the effect of tariffs or trade disputes will not materially affect the price or availability of the inputs the Company uses at its operations; that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that seismic activity at the Company's operations at LaRonde, Goldex, Fosterville and other properties is as expected by the Company and that the Company's efforts to mitigate its effect on mining operations, including with respect to community relations, are successful; that the Company's current plans to address climate change and reduce greenhouse gas emissions are successful; that the Company's current plans to optimize production are successful; that there are no material variations in the current tax and regulatory environment; that governments, the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business or its productivity; and that measures taken relating to, or other effects of, pandemics or other health emergencies do not affect the Company's ability to obtain necessary supplies and deliver them to its mine sites.

Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company's operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company's stock price; risks associated with the Company's currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company.

For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A, see the AIF filed on SEDAR+ at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

------

#### S UMMARY OF O PERATIONS K EY P ERFORMANCE I NDICATORS

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
|  ***(thousands of United States dollars, except where noted)***  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  | &nbsp;&nbsp;&nbsp;&nbsp; **2024**  |
| **Net income — key line items:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue from operations  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde mine  | $221527 | $159294 | $678936 | $435799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LZ5  | 69484 | 47363 | 202235 | 127392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde  | 291011 | 206657 | 881171 | 563191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Malartic  | 543870 | 345969 | 1463134 | 1092558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldex  | 108124 | 81384 | 319373 | 237304 |
| &nbsp;&nbsp;&nbsp; **Quebec**  | **943005** | **634010** | **2663678** | **1893053** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detour Lake  | 653283 | 437920 | 1642343 | 1140293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macassa  | 282208 | 162334 | 778101 | 455203 |
| &nbsp;&nbsp;&nbsp; **Ontario**  | **935491** | **600254** | **2420444** | **1595496** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meliadine  | 267332 | 208209 | 880138 | 630724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowbank  | 476831 | 315047 | 1216631 | 873047 |
| &nbsp;&nbsp;&nbsp; **Nunavut**  | **744163** | **523256** | **2096769** | **1503771** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fosterville  | 142448 | 167368 | 406122 | 433429 |
| &nbsp;&nbsp;&nbsp; **Australia**  | **142448** | **167368** | **406122** | **433429** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kittila  | 190208 | 148652 | 519238 | 395875 |
| &nbsp;&nbsp;&nbsp; **Finland**  | **190208** | **148652** | **519238** | **395875** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinos Altos  | 88586 | 68336 | 221999 | 184526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La India  |  | 13733 |  | 55903 |
| &nbsp;&nbsp;&nbsp; **Mexico**  | **88586** | **82069** | **221999** | **240429** |
| &nbsp;&nbsp;&nbsp; **Corporate and Other**  | **15628** | **—** | **15628** | **—** |
| &nbsp;&nbsp;&nbsp; Revenues from mining operations  | 3059529 | 2155609 | 8343878 | 6062053 |
| &nbsp;&nbsp;&nbsp; Production costs  | 839321 | 783653 | 2396241 | 2339222 |
| Total operating margin<sup>(i)</sup>  | 2220208 | 1371956 | 5947637 | 3722831 |
|  Amortization of property, plant and mine development  | 429947 | 390245 | 1223703 | 1125859 |
| Exploration, corporate and other  | 214693 | 141921 | 337176 | 557928 |
| Income before income and mining taxes  | 1575568 | 839790 | 4386758 | 2039044 |
| Income and mining taxes expense  | 520610 | 272672 | 1448358 | 652718 |
| Net income for the period  | $1054958 | $567118 | $2938400 | $1386326 |
| Net income per share — basic  | $2.10 | $1.13 | $5.85 | $2.78 |
| Net income per share — diluted  | $2.10 | $1.13 | $5.83 | $2.77 |
| **Cash flows:** |  |  |  |  |
| Cash provided by operating activities  | $1815875 | $1084532 | $4705609 | $2829043 |
| Cash used in investing activities  | $(288064) | $(537933) | $(1548940) | $(1375557) |
| Cash used in financing activities  | $(732120) | $(493545) | $(1734241) | $(813813) |
| **Realized prices:** |  |  |  |  |
| Gold (per ounce)  | $3476 | $2492 | $3221 | $2297 |
| Silver (per ounce)  | $43.43 | $30.69 | $37.80 | $28.31 |
| Zinc (per tonne)  | $2694 | $2822 | $2728 | $2697 |
| Copper (per tonne)  | $10190 | $8254 | $9696 | $9304 |

---

------

#### AGNICO EAGLE MINES LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS For the Three and Nine Months Ended September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **Payable production<sup>(ii)</sup>:** |  |  |  |  |
| Gold (ounces): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde mine  | 59172 | 47313 | 201319 | 161388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LZ5  | 22350 | 18292 | 62946 | 54915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde  | 81522 | 65605 | 264265 | 216303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Malartic  | 156875 | 141392 | 489179 | 509169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldex  | 29375 | 30334 | 92509 | 98472 |
| &nbsp;&nbsp;&nbsp; **Quebec**  | **267772** | **237331** | **845953** | **823944** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detour Lake  | 176539 | 173891 | 497649 | 492889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macassa  | 78832 | 70727 | 252224 | 203048 |
| &nbsp;&nbsp;&nbsp; **Ontario**  | **255371** | **244618** | **749873** | **695937** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meliadine  | 93836 | 99838 | 282611 | 284238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowbank  | 136152 | 133502 | 378213 | 387695 |
| &nbsp;&nbsp;&nbsp; **Nunavut**  | **229988** | **233340** | **660824** | **671933** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fosterville  | 34966 | 65532 | 128155 | 188064 |
| &nbsp;&nbsp;&nbsp; **Australia**  | **34966** | **65532** | **128155** | **188064** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kittila  | 57954 | 56715 | 162415 | 166967 |
| &nbsp;&nbsp;&nbsp; **Finland**  | **57954** | **56715** | **162415** | **166967** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinos Altos  | 20885 | 21371 | 59539 | 69850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creston Mascota  |  | 9 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La India  |  | 4529 |  | 21190 |
| &nbsp;&nbsp;&nbsp; **Mexico**  | **20885** | **25909** | **59539** | **91090** |
| **Total gold (ounces)**  | **866936** | **863445** | **2606759** | **2637935** |
| Silver (thousands of ounces)  | 630 | 602 | 1843 | 1845 |
| Zinc (tonnes)  | 1924 | 914 | 6051 | 4479 |
| Copper (tonnes)  | 1468 | 797 | 4013 | 2673 |
| **Payable metal sold<sup>(iii)</sup>:** |  |  |  |  |
| Gold (ounces): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde mine  | 57650 | 58357 | 194191 | 175086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LZ5  | 19574 | 18920 | 62450 | 55436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaRonde  | 77224 | 77277 | 256641 | 230522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Malartic  | 157228 | 139694 | 452721 | 475893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldex  | 28479 | 31671 | 92339 | 99896 |
| &nbsp;&nbsp;&nbsp; **Quebec**  | **262931** | **248642** | **801701** | **806311** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detour Lake  | 188008 | 176585 | 509522 | 497215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macassa  | 81330 | 65000 | 241475 | 197840 |
| &nbsp;&nbsp;&nbsp; **Ontario**  | **269338** | **241585** | **750997** | **695055** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meliadine  | 76739 | 83900 | 274197 | 276878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadowbank  | 136974 | 126010 | 379548 | 378123 |
| &nbsp;&nbsp;&nbsp; **Nunavut**  | **213713** | **209910** | **653745** | **655001** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fosterville  | 41300 | 67198 | 125800 | 187247 |
| &nbsp;&nbsp;&nbsp; **Australia**  | **41300** | **67198** | **125800** | **187247** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kittila  | 55000 | 59464 | 162000 | 171448 |
| &nbsp;&nbsp;&nbsp; **Finland**  | **55000** | **59464** | **162000** | **171448** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinos Altos  | 21734 | 23700 | 59573 | 69510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La India  |  | 5400 |  | 24620 |
| &nbsp;&nbsp;&nbsp; **Mexico**  | **21734** | **29100** | **59573** | **94130** |
| **Corporate and Other**  | **4547** | **—** | **4547** | **—** |
| **Total gold (ounces)**  | **868563** | **855899** | **2558363** | **2609192** |
| Silver (thousands of ounces)  | 653 | 573 | 1754 | 1814 |
| Zinc (tonnes)  | 1977 | 1748 | 6180 | 4802 |
| Copper (tonnes)  | 1438 | 806 | 3998 | 2681 |

---

------

Notes:

(i) Operating margin is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. See *Non-GAAP Financial Performance Measures — Operating Margin* for more information on the Company's use of operating margin.

(ii) Payable production (a non-GAAP non-financial performance measure) is the quantity of mineral produced during a period contained in products that are 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. For the three months ended September 30, 2025, it excludes 945 payable gold ounces produced at La India and 198 payable gold ounces produced at Creston Mascota as well as 2,442 ounces of gold recovered at Hope Bay. For the nine months ended September 30, 2025, it excludes 3,614 payable gold ounces produced at La India and 253 payable gold ounces produced at Creston Mascota as well as 2,442 ounces of gold recovered at Hope Bay.

(iii) Canadian Malartic's payable metal sold excludes the 5.0% in-kind net smelter return royalty held by Osisko Gold Royalties Ltd. Detour Lake's payable metal sold excludes the 2% in-kind net smelter royalty held by Franco-Nevada Corporation. Macassa's payable metal sold excludes the 1.5% in-kind net smelter royalty held by Franco-Nevada Corporation. For the nine months ended September 30, 2025, it excludes 2,500 payable gold ounces sold at La India.

------

AGNICO EAGLE MINES LIMITED

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the Three and Nine Months Ended September 30, 2025

#### S UMMARIZED Q UARTERLY D ATA

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
|  ***(thousands of United States <br> dollars, except where noted)***  | **December 31, <br> 2023<sup>(i)</sup>**  | **March 31, <br> 2024**  | **June 30, <br> 2024**  | **September 30, <br> 2024**  | **December 31, <br> 2024**  | **March 31, <br> 2025**  | **June 30, <br> 2025**  | **September 30, <br> 2025**  |
| **Operating margin<sup>(ii)</sup>:** |  |  |  |  |  |  |  |  |
|  Revenues from mining <br> operations  | $1756640 | $1829823 | $2076621 | $2155609 | $2223700 | $2468248 | $2816101 | $3059529 |
| Production costs  | 777455 | 783585 | 771984 | 783653 | 746858 | 767733 | 789187 | 839321 |
| Total operating margin<sup>(ii)</sup>  | 979185 | 1046238 | 1304637 | 1371956 | 1476842 | 1700515 | 2026914 | 2220208 |
| Impairment loss  | 787000 |  |  |  |  |  |  |  |
|  Amortization of property, <br> plant and mine <br> development  | 380407 | 357225 | 378389 | 390245 | 388217 | 416800 | 376956 | 429947 |
|  Exploration, corporate and <br> other  | 124711 | 199965 | 216042 | 141921 | 306114 | 89144 | 33339 | 214693 |
|  Income (loss) before income <br> and mining taxes  | (312933) | 489048 | 710206 | 839790 | 782511 | 1194571 | 1616619 | 1575568 |
|  Income and mining taxes <br> expense  | 61124 | 141856 | 238190 | 272672 | 273256 | 379840 | 547908 | 520610 |
|  Net income (loss) for the <br> period  | $(374057) | $347192 | $472016 | $567118 | $509255 | $814731 | $1068711 | $1054958 |
|  Net income (loss) per <br> share — basic  | $(0.75) | $0.70 | $0.95 | $1.13 | $1.02 | $1.62 | $2.13 | $2.10 |
|  Net income (loss) per <br> share — diluted  | $(0.75) | $0.70 | $0.94 | $1.13 | $1.01 | $1.62 | $2.12 | $2.10 |
| **Cash flows:** |  |  |  |  |  |  |  |  |
|  Cash provided by <br> operating activities  | $727861 | $783175 | $961336 | $1084532 | $1131849 | $1044246 | $1845488 | $1815875 |

---

Notes:

(i) Certain previously reported line items have been restated to reflect the final purchase price allocation of the 50% of Canadian Malartic on March 31, 2023.

(ii) Operating margin is not a recognized measure under IFRS Accounting Standards and this data may not be comparable to data reported by other gold producers. See *Non-GAAP Financial Performance Measures — Operating Margin* for more information on the Company's use of operating margin.

------

#### AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (thousands of United States dollars, except share amounts) (Unaudited)

---

| | | |
|:---|:---|:---|
| | **As at <br> September 30, <br> 2025**  | **As at <br> December 31, <br> 2024**  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $**2354759** | $926431 |
| &nbsp;&nbsp;&nbsp; Inventories  | **1716135** | 1510716 |
| &nbsp;&nbsp;&nbsp; Income taxes recoverable  | **15509** | 26432 |
| &nbsp;&nbsp;&nbsp; Fair value of derivative financial instruments (Notes 6 and 16)  | **19815** | 1348 |
| &nbsp;&nbsp;&nbsp; Other current assets (Note 7A)  | **362135** | 340354 |
| Total current assets  | **4468353** | 2805281 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill  | **4157672** | 4157672 |
| &nbsp;&nbsp;&nbsp; Property, plant and mine development (Note 8)  | **22172275** | 21466499 |
| &nbsp;&nbsp;&nbsp; Investments (Notes 6, 9 and 16)  | **952346** | 612889 |
| &nbsp;&nbsp;&nbsp; Deferred income and mining tax asset  | **24784** | 29198 |
| &nbsp;&nbsp;&nbsp; Other assets (Note 7B)  | **911483** | 915479 |
| Total assets  | $**32686913** | $29987018 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | $**1064013** | $817649 |
| &nbsp;&nbsp;&nbsp; Share based liabilities  | **36299** | 27290 |
| &nbsp;&nbsp;&nbsp; Interest payable  | **2719** | 5763 |
| &nbsp;&nbsp;&nbsp; Income taxes payable  | **841710** | 372197 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term debt (Note 10)  | **—** | 90000 |
| &nbsp;&nbsp;&nbsp; Reclamation provision (Note 11)  | **104102** | 58579 |
| &nbsp;&nbsp;&nbsp; Lease obligations  | **39694** | 40305 |
| &nbsp;&nbsp;&nbsp; Fair value of derivative financial instruments (Notes 6 and 16)  | **19193** | 100182 |
| Total current liabilities  | **2107730** | 1511965 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Long-term debt (Note 10)  | **195994** | 1052956 |
| &nbsp;&nbsp;&nbsp; Reclamation provision (Note 11)  | **1236085** | 1026628 |
| &nbsp;&nbsp;&nbsp; Lease obligations  | **99856** | 98921 |
| &nbsp;&nbsp;&nbsp; Share based liabilities  | **19843** | 12505 |
| &nbsp;&nbsp;&nbsp; Deferred income and mining tax liabilities  | **5259773** | 5162249 |
| &nbsp;&nbsp;&nbsp; Other liabilities  | **260175** | 288894 |
| Total liabilities  | **9179456** | 9154118 |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp; Common shares (Note 12):  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding — 502,544,235 common shares issued, less 497,673 shares held in trust  | **18812225** | 18675660 |
| &nbsp;&nbsp;&nbsp; Stock options (Notes 12 and 13)  | **165569** | 172145 |
| &nbsp;&nbsp;&nbsp; Retained earnings  | **4368424** | 2026242 |
| &nbsp;&nbsp;&nbsp; Other reserves (Note 14)  | **161239** | (41147) |
| Total equity  | **23507457** | 20832900 |
| Total liabilities and equity  | $**32686913** | $29987018 |
| Commitments and contingencies (Note 19) |  |  |

---

 *See accompanying notes* 

------

#### AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (thousands of United States dollars, except per share amounts) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **REVENUES** |  |  |  |  |
| Revenues from mining operations (Note 15)  | $**3059529** | $2155609 | $**8343878** | $6062053 |
| **COSTS, INCOME AND EXPENSES** |  |  |  |  |
| Production<sup>(i)</sup> | **839321** | 783653 | **2396241** | 2339222 |
| Exploration and corporate development  | **59630** | 60335 | **153535** | 166788 |
|  Amortization of property, plant and mine development  | **429947** | 390245 | **1223703** | 1125859 |
| General and administrative  | **67761** | 48500 | **186360** | 145436 |
| Finance costs  | **24154** | 28527 | **74027** | 99265 |
|  Loss (gain) on derivative financial instruments (Note 16)  | **20242** | (17153) | **(173881)** | 48390 |
| Foreign currency translation (gain) loss  | **(6559)** | 3436 | **(18190)** | (748) |
| Care and maintenance  | **17866** | 13810 | **47449** | 35078 |
| Other expenses (Note 17)  | **31599** | 4466 | **67876** | 63719 |
| Income before income and mining taxes  | **1575568** | 839790 | **4386758** | 2039044 |
| Income and mining taxes expense  | **520610** | 272672 | **1448358** | 652718 |
| Net income for the period  | $**1054958** | $567118 | $**2938400** | $1386326 |
| Net income per share — basic (Note 12)  | $2.10 | $1.13 | $5.85 | $2.78 |
| Net income per share — diluted (Note 12)  | $2.10 | $1.13 | $5.83 | $2.77 |
| Cash dividends declared per common share  | $0.40 | $0.40 | $1.20 | $1.20 |

---

Note:

(i) Exclusive of amortization, which is shown separately.

 *See accompanying notes* 

------

#### AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (thousands of United States dollars) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **Net income for the period**  | $**1054958** | $567118 | $**2938400** | $1386326 |
| Other comprehensive income: |  |  |  |  |
|  Items that may be subsequently reclassified to net income:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative financial instruments:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassified from the cash flow hedge reserve to net income  | **294** | 294 | **882** | 882 |
|  | **294** | 294 | **882** | 882 |
|  Items that will not be subsequently reclassified to net income:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Pension benefit obligations:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement loss on pension benefit obligations  | **(43)** | (161) | **(129)** | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax impact  | **11** | 42 | **33** | 124 |
| &nbsp;&nbsp;&nbsp; Equity securities:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of equity securities  | **247802** | 39396 | **496678** | 43229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax impact  | **(36221)** | (5260) | **(67975)** | (5260) |
|  | **211549** | 34017 | **428607** | 37612 |
| **Other comprehensive income for the period**  | **211843** | 34311 | **429489** | 38494 |
| **Comprehensive income for the period**  | $**1266801** | $601429 | $**3367889** | $1424820 |

---

 *See accompanying notes* 

------

#### AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EQUITY (thousands of United States dollars, except share and per share amounts) (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Shares <br> Outstanding**  | **Common Shares <br> Outstanding**  | **Stock <br> Options**  | **Contributed <br> Surplus**  | **Retained <br> Earnings**  | **Other <br> Reserves**  | **Total <br> Equity**  |
| | **Shares**  | **Amount**  | **Stock <br> Options**  | **Contributed <br> Surplus**  | **Retained <br> Earnings**  | **Other <br> Reserves**  | **Total <br> Equity**  |
| **Balance at December 31, 2023**  | 497299441 | $18334869 | $201755 | $22074 | $963172 | $(98955) | $19422915 |
| Net income  |  |  |  |  | 1386326 |  | 1386326 |
| Other comprehensive (loss) income  |  |  |  |  | (357) | 38851 | 38494 |
| Total comprehensive income  |  |  |  |  | 1385969 | 38851 | 1424820 |
|  Transfer of gain on disposal of equity securities to retained earnings  |  |  |  |  | 312 | (312) |  |
| Transactions with owners: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued under employee stock option <br> plan (Notes 12 and 13)  | 3077468 | 214143 | (35408) |  |  |  | 178735 |
| &nbsp;&nbsp;&nbsp; Stock options (Notes 12 and 13)  |  |  | 8310 |  |  |  | 8310 |
| &nbsp;&nbsp;&nbsp; Shares issued under incentive share purchase plan  | 630628 | 42099 |  |  |  |  | 42099 |
| &nbsp;&nbsp;&nbsp; Shares issued under dividend reinvestment <br> plan  | 1730118 | 102081 |  |  |  |  | 102081 |
| &nbsp;&nbsp;&nbsp; Normal Course Issuer Bid ("NCIB") (Note 12)  | (1500386) | (55628) |  | (22074) | (22193) |  | (99895) |
| &nbsp;&nbsp;&nbsp; Dividends declared ($1.20 per share)  |  |  |  |  | (599881) |  | (599881) |
| &nbsp;&nbsp;&nbsp; Restricted Share Unit plan ("RSU"), <br> Performance Share Unit plan ("PSU") <br> and Long Term Incentive Plan ("LTIP") <br> (Notes 12 and 13)  | 279803 | 25787 |  |  |  |  | 25787 |
| **Balance at September 30, 2024**  | 501517072 | $18663351 | $174657 | $— | $1727379 | $(60416) | $20504971 |
| **Balance at December 31, 2024**  | 501729505 | $18675660 | $172145 | $— | $2026242 | $(41147) | $20832900 |
| Net income  |  |  |  |  | 2938400 |  | 2938400 |
| Other comprehensive (loss) income  |  |  |  |  | (96) | 429585 | 429489 |
| Total comprehensive income  |  |  |  |  | 2938304 | 429585 | 3367889 |
|  Transfer of gain on disposal of equity securities to retained earnings, net of tax (Note 9)  |  |  |  |  | 227199 | (227199) |  |
| Transactions with owners: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued under employee stock option <br> plan (Notes 12 and 13)  | 1312067 | 87065 | (14808) |  |  |  | 72257 |
| &nbsp;&nbsp;&nbsp; Stock options (Notes 12 and 13)  |  |  | 8232 |  |  |  | 8232 |
| &nbsp;&nbsp;&nbsp; Shares issued under incentive share purchase plan  | 372149 | 46848 |  |  |  |  | 46848 |
| &nbsp;&nbsp;&nbsp; Shares issued under dividend reinvestment <br> plan  | 516115 | 59356 |  |  |  |  | 59356 |
| &nbsp;&nbsp;&nbsp; NCIB (Note 12)  | (2096432) | (80626) |  |  | (221293) |  | (301919) |
| &nbsp;&nbsp;&nbsp; Dividends declared ($1.20 per share)  |  |  |  |  | (602028) |  | (602028) |
| &nbsp;&nbsp;&nbsp; RSU, PSU and LTIP (Notes 12 and 13)  | 213158 | 23922 |  |  |  |  | 23922 |
| **Balance at September 30, 2025**  | 502046562 | $18812225 | $165569 | $— | $4368424 | $161239 | $23507457 |

---

 *See accompanying notes* 

------

#### AGNICO EAGLE MINES LIMITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (thousands of United States dollars) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **OPERATING ACTIVITIES** |  |  |  |  |
| Net income for the period  | $**1054958** | $567118 | $**2938400** | $1386326 |
| Add (deduct) adjusting items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | **429947** | 390245 | **1223703** | 1125859 |
| &nbsp;&nbsp;&nbsp; Deferred income and mining taxes  | **64616** | 58641 | **74341** | 152788 |
| &nbsp;&nbsp;&nbsp; Unrealized loss (gain) on currency and commodity derivatives (Note 16)  | **50343** | (24169) | **(99455)** | 38363 |
| &nbsp;&nbsp;&nbsp; Unrealized gain on warrants (Note 16)  | **(25613)** | (53) | **(87044)** | (3903) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation (Note 13)  | **37913** | 21242 | **86695** | 58957 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation (gain) loss  | **(6559)** | 3436 | **(18190)** | (748) |
| &nbsp;&nbsp;&nbsp; Other  | **55639** | 11010 | **84270** | 33144 |
| Changes in non-cash working capital balances: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Income taxes  | **189741** | 95930 | **491108** | 142732 |
| &nbsp;&nbsp;&nbsp; Inventories  | **(143052)** | (156871) | **(165196)** | (165727) |
| &nbsp;&nbsp;&nbsp; Other current assets  | **(11022)** | 41263 | **(17784)** | (16237) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | **122303** | 80704 | **198893** | 74622 |
| &nbsp;&nbsp;&nbsp; Interest payable  | **(3339)** | (3964) | **(4132)** | 2867 |
| Cash provided by operating activities  | **1815875** | 1084532 | **4705609** | 2829043 |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Additions to property, plant and mine development (Note 8)  | **(626330)** | (464101) | **(1616930)** | (1255786) |
|  Purchase of O3 Mining, net of cash and cash equivalents acquired (Note 5)  | **—** |  | **(121960)** | **—** |
| Contributions for acquisition of mineral assets  | **—** | (4197) | **(8400)** | (11296) |
| Purchase of equity securities and other investments  | **(60142)** | (73341) | **(198503)** | (114644) |
| Proceeds on sale of equity securities and other investments  | **402720** |  | **402720** |  |
| Other investing activities  | **(4312)** | 3706 | **(5867)** | 6169 |
| Cash used in investing activities  | **(288064)** | (537933) | **(1548940)** | (1375557) |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Proceeds from Credit Facility (Note 10)  | **—** |  | **—** | 600000 |
| Repayment of Credit Facility (Note 10)  | **—** |  | **—** | (600000) |
| Repayment of Term Loan Facility (Note 10)  | **—** | (275000) | **—** | (275000) |
| Repayment of Senior Notes (Note 10)  | **(400000)** | (100000) | **(950000)** | (100000) |
| Debt financing and extinguishment costs (Note 10)  | **(8245)** |  | **(8245)** | (3544) |
| Repayment of lease obligations  | **(8620)** | (12461) | **(26970)** | (38142) |
| Dividends paid  | **(186350)** | (176314) | **(542695)** | (497829) |
| Repurchase of common shares (Notes 12 and 13)  | **(149855)** | (30080) | **(309843)** | (106121) |
| Proceeds on exercise of stock options (Note 13)  | **10411** | 90923 | **72257** | 178735 |
| Common shares issued  | **10539** | 9387 | **31255** | 28088 |
| Cash used in financing activities  | **(732120)** | (493545) | **(1734241)** | (813813) |
| **Effect of exchange rate changes on cash and cash equivalents**  | **1503** | 2172 | **5900** | (1106) |
| **Net increase in cash and cash equivalents during the period**  | **797194** | 55226 | **1428328** | 638567 |
| **Cash and cash equivalents, beginning of period**  | **1557565** | 921989 | **926431** | 338648 |
| **Cash and cash equivalents, end of period**  | $**2354759** | $977215 | $**2354759** | $977215 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |  |  |
| Interest paid  | $**7795** | $26870 | $**46213** | $76773 |
| Income and mining taxes paid  | $**261403** | $119178 | $**877708** | $377555 |

---

 *See accompanying notes* 

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

1. #### CORPORATE INFORMATION
Agnico Eagle Mines Limited ("Agnico Eagle" or the "Company") is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development. The Company's mining operations are located in Canada, Australia, Finland and Mexico and the Company has exploration activities in Canada, Europe, Latin America, Australia and the United States. Agnico Eagle is a public company incorporated under the laws of the Province of Ontario, Canada with its head and registered office located at 145 King Street East, Suite 400, Toronto, Ontario, M5C 2Y7. The Company's common shares are listed on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE"). Agnico Eagle sells its gold production into the world market.

These condensed interim consolidated financial statements (the "interim financial statements") were authorized for issuance by the Board of Directors of the Company on October 29, 2025.

2. #### BASIS OF PREPARATION
Unless otherwise stated, references to "LaRonde", "Canadian Malartic", "Meadowbank" and "Goldex" are to the Company's operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine ("LZ5"). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the milling and processing operations at the Meadowbank mine and the Amaruq mine. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine. References to other operations are to the relevant mines, projects or properties, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp; A)

#### Statement of Compliance
The accompanying interim financial statements of Agnico Eagle have been prepared in accordance with International Accounting Standard 34 *Interim Financial Reporting* ("IAS 34") as issued by the International Accounting Standards Board ("IASB") in United States ("US") dollars. These interim financial statements do not include all of the disclosures required by International Financial Reporting Standards ("IFRS<sup>®</sup> Accounting Standards") for annual audited consolidated financial statements.

These interim financial statements should be read in conjunction with the Company's 2024 annual audited consolidated financial statements, including the accounting policies and notes thereto, filed with the Canadian Securities Administrators on the SEDAR+ website and included in the Annual Report on Form 40-F for the year ended December 31, 2024, which were prepared in accordance with IFRS Accounting Standards.

In the opinion of management, these interim financial statements reflect all adjustments, which consist of normal and recurring adjustments necessary to present fairly the financial position as at September 30, 2025 and December 31, 2024 and the results of operations and cash flows for the three and nine months ended September 30, 2025 and September 30, 2024.

Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp; B)

#### Basis of Presentation
These interim financial statements were prepared on a going concern basis under the historical cost method except for certain financial assets and liabilities which are measured at fair value. The interim financial statements are presented in US dollars and all values are rounded to the nearest thousand, except where otherwise indicated.

3. #### MATERIAL ACCOUNTING POLICIES
These interim financial statements follow the same material accounting policies and methods of their application as the December 31, 2024 annual audited consolidated financial statements.

#### New Accounting Standards Issued But Not Yet Adopted
In April 2024, the IASB issued IFRS 18 *Presentation and Disclosure in the Financial Statements* ("IFRS 18") replacing IAS 1. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and is to be applied retrospectively, with early adoption permitted. The Company is currently assessing the impact of the standard on its consolidated financial statements.

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

4. #### SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of these interim financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the amounts reported in the interim financial statements and accompanying notes. Management believes that the estimates used in the preparation of the interim financial statements are reasonable; however, actual results may differ materially from these estimates. The areas involving significant judgments, estimates and assumptions have been set out in Note 4 to the Company's annual audited consolidated financial statements for the year ended December 31, 2024.

5. #### ACQUISITION

#### Acquisition of O3 Mining Inc.
On December 12, 2024, the Company entered into a definitive support agreement with O3 Mining Inc. ("O3 Mining"), pursuant to which the Company agreed to offer to acquire, by way of take-over bid all of the outstanding common shares of O3 Mining at C$1.67 per share in cash directly or indirectly (the "O3 Offer"). On January 23, 2025, the Company, indirectly through a wholly-owned subsidiary, took-up and acquired 110,424,431 common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million. The Company also extended the O3 Offer until February 3, 2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer. On February 3, 2025, the Company, indirectly through a wholly-owned subsidiary, took up and acquired an additional 4,360,806 O3 Shares during the extension period of the O3 Offer, resulting in an aggregate of 114,785,237 O3 Shares being taken up and acquired under the O3 Offer, representing approximately 95.6% of the outstanding O3 Shares on an undiluted basis, for aggregate consideration of C$191.7 million. On March 18, 2025, O3 Mining and one of the Company's wholly-owned subsidiaries amalgamated under the *Business Corporations Act* (Ontario) which resulted in the Company owning 100% of the O3 Shares.

The acquisition was accounted for by the Company as an asset acquisition and transaction costs associated with the acquisition totaling $2.5 million are capitalized to the mining properties acquired separately from the purchase price allocation set out below. The aggregate purchase consideration for the acquired assets, net of the assumed liabilities is as follows:

---

| | |
|:---|:---|
| Cash paid for acquisition  | $138272 |
| Total purchase price to allocate  | $138272 |

---

In an asset acquisition, the purchase consideration is allocated to the assets acquired and liabilities assumed based on their relative fair values. The following table sets out the allocation of the purchase price to the assets acquired and liabilities assumed.

---

| | |
|:---|:---|
| Cash and cash equivalents  | $16312 |
| Other current assets  | 1213 |
| Property, plant and mine development  | 123810 |
| Investments  | 11597 |
| Accounts payable, accruals and other liabilities  | (8767) |
| Long-term debt  | (4760) |
| Lease obligations  | (1069) |
| Other liabilities  | (64) |
| **Total assets acquired, net of liabilities assumed**  | $**138272** |

---

6. #### FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the interim financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 — Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

6. #### FAIR VALUE MEASUREMENT (Continued)

#### Assets and Liabilities Measured at Fair Value on a Recurring Basis
For items that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing their classification at the end of each reporting period.

During the three and nine months ended September 30, 2025, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

The fair values of cash and cash equivalents and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature.

The following table sets out the Company's financial assets and liabilities measured at fair value on a recurring basis as at September 30, 2025 using the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Financial assets:** |  |  |  |  |
| Trade receivables (Note 7A)  | $— | $15614 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $15614 |
| Equity securities (FVOCI) (Note 9)  | 876608 | 44226 |  | 920834 |
| Share purchase warrants (FVPL) (Note 9)  |  | 31512 |  | 31512 |
| Fair value of derivative financial instruments (Note 16)  |  | 19815 |  | 19815 |
| Total financial assets  | $876608 | $111167 | $— | $987775 |
| **Financial liabilities:** |  |  |  |  |
| Fair value of derivative financial instruments (Note 16)  |  | 19193 |  | 19193 |
| Total financial liabilities  | $— | $19193 | $— | $19193 |

---

#### Valuation Techniques
There were no changes in the Company's valuation processes, techniques or types of inputs used in the fair value measurements during the period.

#### Fair Value of Financial Assets and Liabilities Not Measured and Recognized at Fair Value
Long-term debt is recorded in the interim financial statements at September 30, 2025 at amortized cost. The fair value of long-term debt is presented in Note 10 of these interim financial statements.

The committed subscription proceeds for the San Nicolás project are recorded in the interim financial statements at September 30, 2025 at amortized cost. The fair value of the San Nicolás liability is determined by discounting the minimum unavoidable obligation under the joint venture shareholders' agreement between Agnico Eagle and Teck at a discount rate that reflects the Company's credit rating. The fair value of the San Nicolás liability is not materially different from the carrying amount as the difference between the discount rate used at the initial recognition date and the current market rates at September 30, 2025 is not material.

Non-current loans receivable and other receivables are included in the other assets line item in the interim financial statements at amortized cost. The fair value of loans and other receivables is the present value of future cash inflows discounted at a market interest rate. The fair value of these financial assets is not materially different from the carrying amounts as at September 30, 2025 (Note 7B).

7. #### OTHER ASSETS
&nbsp;&nbsp;&nbsp;&nbsp; A)

#### Other Current Assets

---

| | | |
|:---|:---|:---|
| | **As at September 30, <br> 2025**  | **As at December 31, <br> 2024**  |
| Federal, provincial and other sales taxes receivable  | $125688 | $155548 |
| Prepaid expenses  | 170539 | 124566 |
| Trade receivables  | 15614 | 7646 |
| Short term investments  | 16103 | 7306 |
| Other  | 34191 | 45288 |
| Total other current assets  | $362135 | $340354 |

---

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

7. #### OTHER ASSETS (Continued)
&nbsp;&nbsp;&nbsp;&nbsp; B)

#### Other Assets

---

| | | |
|:---|:---|:---|
| | **As at September 30, <br> 2025**  | **As at December 31, <br> 2024**  |
| Non-current ore in stockpiles and on leach pads  | $841215 | $819294 |
| Non-current prepaid expenses  | 43681 | 58438 |
| Non-current loans receivable  | 9203 | 12039 |
| Investment in associate  | 7282 | 12361 |
| Other  | 10102 | 13347 |
| Total other assets  | $911483 | $915479 |

---

8. #### PROPERTY, PLANT AND MINE DEVELOPMENT
During the nine months ended September 30, 2025, $1,942.5 million of additions (2024 — $1,431.7 million) were capitalized to property, plant and mine development. The additions for the nine months ended September 30, 2025 include $123.8 million of property, plant and mine development capitalized through the Company's acquisition of O3 Mining (Note 5).

Assets with a net book value of $20.7 million were disposed of by the Company during the nine months ended September 30, 2025 (2024 — $27.8 million), resulting in a loss on disposal of $17.8 million (2024 — $25.8 million) which was recorded in the other expenses line item in the interim financial statements.

See Note 19 to these interim financial statements for capital commitments.

9. #### INVESTMENTS

---

| | | |
|:---|:---|:---|
| | **As at September 30, <br> 2025**  | **As at December 31, <br> 2024**  |
| Equity securities  | $920834 | $559165 |
| Share purchase warrants  | 31512 | 53724 |
| Total investments  | $952346 | $612889 |

---

During the nine months ended September 30, 2025, the Company sold its interest in certain equity securities. The fair value at the time of sale was $443.8 million. On disposal, a cumulative net gain of $227.2 million (net of tax) was transferred out of other reserves into retained earnings (Note 14).

10. #### LONG-TERM DEBT
The following table sets out details of the Company's long-term debt as at September 30, 2025 and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As at September 30, <br> 2025**  | **As at September 30, <br> 2025**  | **As at September 30, <br> 2025**  | **As at September 30, <br> 2025**  | **As at December 31, <br> 2024**  | **As at December 31, <br> 2024**  |
| | **Interest Rates**  | **Principal <br> Amount**  | **Deferred <br> Financing <br> Costs**  | **Carrying <br> Amount**  | **Fair Value**  | **Carrying <br> Amount**  | **Fair Value**  |
| Senior Notes  | 2.78% – 2.88%  | $200000 | $(797) | $199203 | $182047 | $1146886 | $1101168 |
| Credit Facility  | Variable  |  | (3209) | (3209) |  | (3930) |  |
| Total long-term debt  |  | $200000 | $(4006) | $195994 | $182047 | $1142956 | $1101168 |

---

The following table sets out the long-term debt included in the interim financial statements:

---

| | | |
|:---|:---|:---|
| | **As at September 30, <br> 2025**  | **As at December 31, <br> 2024**  |
| Current portion of long-term debt  | $— | $90000 |
| Non-current portion of long-term debt  | 195994 | 1052956 |
| Total long-term debt  | $195994 | $1142956 |

---

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

10. #### LONG-TERM DEBT (Continued)

#### Repayment of Long-term Debt
During the nine months ended September 30, 2025, the Company repaid $50.0 million of its 2015 guaranteed senior unsecured 4.15% note at maturity and $40.0 million of the 2017 Series A 4.42% notes at maturity.

During the nine months ended September 30, 2025, the Company also elected to repay, in full, the remaining outstanding principal of the 2016, 2017 and 2018 Notes prior to their respective maturity dates. The repayment totaled $860.0 million, consisting of $250.0 million related to the 2016 Notes, $260.0 million related to the 2017 Notes and $350.0 million related to the 2018 Notes.

The Company incurred debt extinguishment costs of $2.8 million during the three months ended September 30, 2025 and debt extinguishment costs of $8.2 million during the nine months ended September 30, 2025. Debt extinguishment costs are recognized within finance costs in the interim financial statements.

#### Credit Facility
During the nine months ended September 30, 2025, there were no drawdowns and repayments under the Credit Facility (2024 — $600.0 million). As at September 30, 2025, $1,976.1 million was available for future drawdown under the Credit Facility (December 31, 2024 — $1,976.5 million). Credit Facility availability is reduced by outstanding letters of credit, which were $23.9 million as at September 30, 2025 (December 31, 2024 — $23.5 million).

11. #### RECLAMATION PROVISION
During the nine months ended September 30, 2025, the Company revised its estimate of the Meadowbank Asset Retirement Obligation ("ARO"). The revision was driven by an updated internal analysis completed during the period and, as a result, the ARO liability related to Meadowbank increased by $198.2 million, with a corresponding adjustment to the related mining asset. The increase in the ARO is primarily driven by revised estimates for dismantling the infrastructure, transportation and fuel costs and expected operating costs during the closure period. These updates reflect the scale of the operational footprint and logistical requirements at Meadowbank. As at September 30, 2025, the Meadowbank ARO liability was $427.4 million.

12. #### EQUITY

#### Net Income Per Share
The following table sets out the weighted average number of common shares used in the calculation of basic and diluted net income per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| **Net income for the period**  | $1054958 | $567118 | $2938400 | $1386326 |
|  Weighted average number of common shares outstanding — basic (in thousands)  | 502178 | 500974 | 502389 | 499343 |
| &nbsp;&nbsp;&nbsp; Add: Dilutive impact of common shares related to the RSU plan, PSU <br> plan and LTIP  | 547 | 459 | 630 | 573 |
| &nbsp;&nbsp;&nbsp; Add: Dilutive impact of employee stock options  | 814 | 673 | 749 | 280 |
|  Weighted average number of common shares outstanding — diluted (in thousands)  | 503539 | 502106 | 503768 | 500196 |
| **Net income per share — basic**  | $2.10 | $1.13 | $5.85 | $2.78 |
| **Net income per share — diluted**  | $2.10 | $1.13 | $5.83 | $2.77 |

---

Diluted net income per share has been calculated using the treasury stock method. In applying the treasury stock method, outstanding employee stock options with an exercise price greater than the average quoted market price of the common shares for the period outstanding are not included in the calculation of diluted net income per share as the impact would be anti-dilutive.

For the three months ended September 30, 2025 and the three months ended September 30, 2024, no employee stock options were excluded from the calculation of diluted net income per share for the reason that their impact would have been anti-dilutive. For the nine months ended September 30, 2025, nil (2024 — 403,275) employee stock options were excluded from the calculation of diluted net income per share as their impact would have been anti-dilutive.

------

 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

12. #### EQUITY (Continued)

#### NCIB
In May 2025, the Company received approval from the TSX to renew its NCIB pursuant to which the Company may purchase up to a maximum of 5% of its issued and outstanding common shares. The Company is authorized to acquire an aggregate of $1.0 billion of its common shares under the NCIB. Under the NCIB, the Company may purchase its common shares for cancellation. The Company intends to repurchase its common shares during the period commencing May 4, 2025 and ending May 3, 2026, through the facilities of the TSX, the NYSE 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.

The following table sets out activity with respect to the Company's NCIB program:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Number of common shares repurchased  | 1005577 | 362343 | 2330112 | 1500386 |
| Cost of common shares repurchased ($ millions)  | $149.9 | $30.0 | $299.8 | $99.9 |
| Number of common shares cancelled  | 771897 | 446760 | 2096432 | 1500386 |
| Book value of cancelled shares ($ millions)  | $28.9 | $16.6 | $78.5 | $55.6 |

---

13. #### STOCK-BASED COMPENSATION
During the nine months ended September 30, 2025, the Company granted 873,464 stock options, 129,770 PSUs and 417,146 RSUs. The associated stock based compensation expense recognized in the interim financial statements was $31.7 million during the three months ended September 30, 2025 (2024 — $16.3 million) and $74.8 million during the nine months ended September 30, 2025 (2024 — $46.8 million). Stock based compensation expense is included in general and administrative expenses and production costs, consistent with the classification of other elements of compensation expense for the applicable employees.

The following table sets out activity with respect to Agnico Eagle's outstanding stock options:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended <br> September 30, 2025**  | **Nine Months Ended <br> September 30, 2025**  | **Nine Months Ended <br> September 30, 2025**  | **Nine Months Ended <br> September 30, 2024**  | **Nine Months Ended <br> September 30, 2024**  | **Nine Months Ended <br> September 30, 2024**  |
| | **Number of <br> Stock <br> Options**  | **Weighted <br> Average <br> Exercise <br> Price**  | **Weighted <br> Average <br> Exercise <br> Price**  | **Number of <br> Stock <br> Options**  | **Weighted <br> Average <br> Exercise <br> Price**  | **Weighted <br> Average <br> Exercise <br> Price**  |
| Outstanding, beginning of period  | 2125773 | C$ | 72.37 | 4646412 | C$ | 77.54 |
| Granted  | 873464 |  | 112.46 | 1021400 |  | 72.65 |
| Exercised  | (1312067) |  | 77.80 | (3077468) |  | 79.05 |
| Forfeited  | (58633) |  | 90.35 | (67937) |  | 77.38 |
| Expired  | (4725) |  | 73.23 | (12925) |  | 74.90 |
| Outstanding, end of period  | 1623812 | C$ | 88.90 | 2509482 | C$ | 73.71 |
| Options exercisable, end of period  | 332906 | C$ | 77.96 | 997307 | C$ | 78.18 |

---

The average share price of Agnico Eagle's common shares during the nine months ended September 30, 2025 was C$162.39 (2024 — C$88.03).

Agnico Eagle estimated the fair value of stock options under the Black-Scholes option pricing model using the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  |
| Risk-free interest rate  | 2.75% | 4.11% |
| Expected life of stock options (in years)  | 2.1 | 2.4 |
| Expected volatility of Agnico Eagle's share price  | 29.0% | 32.0% |
| Expected dividend yield  | 2.1% | 3.0% |

---

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 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

13. #### STOCK-BASED COMPENSATION (Continued)
The Company uses historical volatility to estimate the expected volatility of Agnico Eagle's share price. The expected term of stock options granted is derived from historical data on employee exercise and post-vesting employment termination experience.

14. #### OTHER RESERVES
The following table sets out the movements in other reserves for the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | **Equity <br> securities <br> reserve**  | **Cash flow <br> hedge <br> reserve**  | **Total**  |
| **Balance at December 31, 2023**  | $(91643) | $(7312) | $(98955) |
| Net change in cash flow hedge reserve  |  | 882 | 882 |
| Transfer of net gain on disposal of equity securities to retained earnings  | (312) |  | (312) |
| Net change in fair value of equity securities  | 37969 |  | 37969 |
| **Balance at September 30, 2024**  | $(53986) | $(6430) | $(60416) |
| **Balance at December 31, 2024**  | $(35011) | $(6136) | $(41147) |
| Net change in cash flow hedge reserve  |  | 882 | 882 |
| Transfer of net gain on disposal of equity securities to retained earnings, net of tax  | (227199) |  | (227199) |
| Net change in fair value of equity securities  | 428703 |  | 428703 |
| **Balance at September 30, 2025**  | $166493 | $(5254) | $161239 |

---

The cash flow hedge reserve represents the settlement of an interest rate derivative related to the Senior Notes issued in 2020. The reserve will be amortized over the term of the Notes. Amortization of the reserve is included in the finance costs line item in the interim financial statements.

15. #### REVENUES FROM MINING OPERATIONS
The Company has recognized the following amounts relating to revenue in the interim financial statements:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Revenues from contracts with customers  | $3058232 | $2154561 | $8337078 | $6062707 |
| Provisional pricing adjustments on concentrate sales  | 1297 | 1048 | 6800 | (654) |
| Total revenues from mining operations  | $3059529 | $2155609 | $8343878 | $6062053 |

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The following table sets out the disaggregation of revenues by metal:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Revenues from contracts with customers: |  |  |  |  |
| Gold  | $3014661 | $2127726 | $8229757 | $5981417 |
| Silver  | 28061 | 18975 | 65523 | 56762 |
| Zinc  | 2046 | 1928 | 6044 | 2581 |
| Copper  | 13464 | 5932 | 35754 | 21947 |
| Total revenues from contracts with customers  | $3058232 | $2154561 | $8337078 | $6062707 |

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 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

16. #### DERIVATIVE FINANCIAL INSTRUMENTS

#### Currency Risk Management
The Company uses foreign exchange economic hedges to reduce the variability in expected future cash flows arising from changes in foreign currency exchange rates. The Company is primarily exposed to currency fluctuations relative to the US dollar as a significant portion of the Company's operating costs and capital expenditures are denominated in foreign currencies, primarily the Canadian dollar, the Australian dollar, the Euro and the Mexican peso.

These potential currency fluctuations increase the volatility of, and could have a significant impact on, the Company's production costs and capital expenditures. The economic hedges relate to a portion of the foreign currency denominated cash outflows arising from foreign currency denominated expenditures.

As at September 30, 2025, the Company had outstanding derivative contracts related to $4,374.0 million of 2025, 2026 and 2027 expenditures (December 31, 2024 — $4,006.5 million). The Company recognized mark-to-market adjustments in the loss (gain) on derivative financial instruments line item in the interim financial statements. The Company did not apply hedge accounting to these arrangements.

Mark-to-market gains and losses related to foreign exchange derivative financial instruments are recorded at fair value based on broker-dealer quotations corroborated by option pricing models that utilize period-end forward pricing of the applicable foreign currency to calculate fair value.

The Company's other foreign currency derivative strategies in 2025 and 2024 consisted mainly of writing US dollar call options with short maturities to generate premiums that would, in essence, enhance the spot transaction rate received when exchanging US dollars for foreign currencies. All of these derivative transactions expired prior to period-end such that no derivatives were outstanding as at September 30, 2025 or December 31, 2024. The call option premiums were recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements.

#### Commodity Price Risk Management
To mitigate the risks associated with fluctuating diesel fuel prices, the Company uses derivative financial instruments as economic hedges of the price risk on a portion of diesel fuel costs associated primarily with its Canadian operations' diesel fuel exposure. There were derivative financial instruments outstanding as at September 30, 2025 relating to 7.0 million gallons of heating oil (December 31, 2024 — 28.0 million). The related mark-to-market adjustments prior to settlement were recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements. The Company did not apply hedge accounting to these arrangements.

Mark-to-market gains and losses related to heating oil derivative financial instruments are based on broker-dealer quotations that utilize period-end forward pricing to calculate fair value.

The following table sets out a summary of the amounts recognized in the loss (gain) on derivative financial instruments line item in the interim financial statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Premiums realized on written foreign exchange call options  | $(113) | $(391) | $(967) | $(1064) |
| Unrealized gain on warrants  | (25613) | (53) | (87044) | (3903) |
| Realized (gain) loss on currency and commodity derivatives  | (4375) | 7460 | 13585 | 14994 |
| Unrealized loss (gain) on currency and commodity derivatives  | 50343 | (24169) | (99455) | 38363 |
| Loss (gain) on derivative financial instruments  | $20242 | $(17153) | $(173881) | $48390 |

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 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

17. #### OTHER EXPENSES
The following table sets out amounts recognized in the other expenses line item in the interim financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
| Loss on disposal of property, plant and mine development (Note 8)  | $5719 | $5420 | $17824 | $25786 |
| Interest income  | (16203) | (4549) | (34586) | (11035) |
| Environmental remediation  | 2370 | 6294 | 24334 | 11201 |
| Other costs  | 39713 | (2699) | 60304 | 37767 |
| Total other expenses  | $31599 | $4466 | $67876 | $63719 |

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Other costs is primarily comprised of a $34.1 million loss on the sale of equity securities during the three and nine months ended September 30, 2025.

18. #### SEGMENTED INFORMATION

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025**  | **Nine Months Ended September 30, 2025**  | **Nine Months Ended September 30, 2025**  | **Nine Months Ended September 30, 2025**  |
| | **Revenues from <br> Mining <br> Operations**  | **Production <br> Costs**  | **Exploration and <br> Corporate <br> Development**  | **Segment <br> Income <br> (Loss)**  |
| LaRonde mine  | $678936 | $(172146) | $— | $506790 |
| LZ5  | 202235 | (69017) |  | 133218 |
| Canadian Malartic  | 1463134 | (359025) |  | 1104109 |
| Goldex  | 319373 | (108302) |  | 211071 |
| Meliadine  | 880138 | (282577) |  | 597561 |
| Meadowbank  | 1216631 | (396409) |  | 820222 |
| Kittila  | 519238 | (172659) |  | 346579 |
| Detour Lake  | 1642343 | (427475) |  | 1214868 |
| Macassa  | 778101 | (146744) |  | 631357 |
| Fosterville  | 406122 | (109094) |  | 297028 |
| Pinos Altos  | 221999 | (148723) |  | 73276 |
| Corporate and other<sup>(i)</sup>  | 15628 | (4070) |  | 11558 |
| Exploration  |  |  | (153535) | (153535) |
| **Segment totals**  | $8343878 | $(2396241) | $(153535) | $5794102 |
| **Total segments income**  |  |  |  | $5794102 |
| Corporate and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | (1223703) |
| &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | (186360) |
| &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | (74027) |
| &nbsp;&nbsp;&nbsp; Gain on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Gain on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Gain on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Gain on derivative financial instruments  | 173881 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | 18190 |
| &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | (47449) |
| &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | (67876) |
| Income before income and mining taxes | Income before income and mining taxes | Income before income and mining taxes | Income before income and mining taxes | $4386758 |

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Note:

<sup>(i)</sup>

Relates to revenues and production costs from non-operating minesites.

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 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

18. #### SEGMENTED INFORMATION (Continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024**  | **Nine Months Ended September 30, 2024**  | **Nine Months Ended September 30, 2024**  | **Nine Months Ended September 30, 2024**  |
| | **Revenues from <br> Mining <br> Operations**  | **Production <br> Costs**  | **Exploration and <br> Corporate <br> Development**  | **Segment <br> Income <br> (Loss)**  |
| LaRonde mine  | $435799 | $(193482) | $— | $242317 |
| LZ5  | 127392 | (58059) |  | 69333 |
| Canadian Malartic  | 1092558 | (399893) |  | 692665 |
| Goldex  | 237304 | (100531) |  | 136773 |
| Meliadine  | 630724 | (254463) |  | 376261 |
| Meadowbank  | 873047 | (352881) |  | 520166 |
| Kittila  | 395875 | (176535) |  | 219340 |
| Detour Lake  | 1140293 | (379366) |  | 760927 |
| Macassa  | 455203 | (146763) |  | 308440 |
| Fosterville  | 433429 | (114824) |  | 318605 |
| Pinos Altos  | 184526 | (122980) |  | 61546 |
| La India  | 55903 | (39445) |  | 16458 |
| Exploration  |  |  | (166788) | (166788) |
| **Segment totals**  | $6062053 | $(2339222) | $(166788) | $3556043 |
| **Total segments income**  |  |  |  | $3556043 |
| Corporate and other: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | &nbsp;&nbsp;&nbsp; Amortization of property, plant and mine development  | (1125859) |
| &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | &nbsp;&nbsp;&nbsp; General and administrative  | (145436) |
| &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | &nbsp;&nbsp;&nbsp; Finance costs  | (99265) |
| &nbsp;&nbsp;&nbsp; Loss on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Loss on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Loss on derivative financial instruments  | &nbsp;&nbsp;&nbsp; Loss on derivative financial instruments  | (48390) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | &nbsp;&nbsp;&nbsp; Foreign currency translation gain  | 748 |
| &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | &nbsp;&nbsp;&nbsp; Care and maintenance  | (35078) |
| &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | &nbsp;&nbsp;&nbsp; Other expenses  | (63719) |
| Income before income and mining taxes | Income before income and mining taxes | Income before income and mining taxes | Income before income and mining taxes | $2039044 |

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The following table sets out total assets by segment:

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| | | |
|:---|:---|:---|
| | **Total Assets as at**  | **Total Assets as at**  |
| | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
| LaRonde mine  | $1077620 | $1064726 |
| LZ5  | 179607 | 166484 |
| Canadian Malartic  | 6820508 | 6833320 |
| Goldex  | 467820 | 457204 |
| Meliadine  | 2339294 | 2344399 |
| Meadowbank  | 1601290 | 1343936 |
| Kittila  | 1705219 | 1559735 |
| Detour Lake  | 10057653 | 9730258 |
| Macassa  | 1659706 | 1774106 |
| Fosterville  | 1281669 | 1044241 |
| Pinos Altos  | 428535 | 392480 |
| La India  | 86896 | 94806 |
| Exploration  | 1812574 | 1418441 |
| Corporate and other  | 3168522 | 1762882 |
| **Total assets**  | $32686913 | $29987018 |

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 **AGNICO EAGLE MINES LIMITED NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (thousands of United States dollars, except share and per share amounts, unless otherwise indicated) (Unaudited) September 30, 2025** 

19. #### COMMITMENTS AND CONTINGENCIES
As part of its ongoing business and operations, the Company has been required to provide assurance in the form of letters of credit for environmental and site restoration costs, custom credits, government grants and other general corporate purposes. As at September 30, 2025, the total amount of these guarantees was $1,128.1 million (December 31, 2024 — $1,035.6 million).

As at September 30, 2025, the Company had $329.6 million (December 31, 2024 — $172.2 million) of commitments related to capital expenditures and $290.0 million (December 31, 2024 — $290.0 million) of committed subscription proceeds related to San Nicolás.

20. #### SUBSEQUENT EVENTS

#### Dividends Declared
On October 29, 2025, Agnico Eagle announced that the Board approved the payment of a quarterly cash dividend of $0.40 per common share (a total value of approximately $200.8 million), payable on December 15, 2025 to holders of record of the common shares of the Company on December 1, 2025.

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![[MISSING IMAGE: lg_agnicoeagle-bw.jpg]](lg_agnicoeagle-bw.jpg)

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