Agnico Eagle Reports Third Quarter 2022 Results – Solid Production and Cost Performance; Guidance Reiterated for 2022; Commercial Production Declared at Amaruq Underground

Stock Symbol: AEM (NYSE and TSX)

For further information: Investor Relations (416) 947-1212

(All amounts expressed in U.S. dollars unless otherwise noted)

AGNICO EAGLE REPORTS THIRD QUARTER 2022 RESULTS – SOLID PRODUCTION AND COST PERFORMANCE; GUIDANCE REITERATED FOR 2022; COMMERCIAL PRODUCTION DECLARED AT AMARUQ UNDERGROUND; CONTINUED PROGRESS AT KEY DEVELOPMENT AND EXPLORATION PROJECTS

Toronto (October 26, 2022) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2022.

Third quarter of 2022 highlights:

• Strong performance resulted in solid quarterly gold production and costs – Payable gold production¹ in the third quarter of 2022 was 816,795 ounces at production costs per ounce of $804, total cash costs per ounce² of $779 and all-in sustaining costs ("AISC") per ounce³ of $1,106. For the third quarter of 2022, the

1 Payable production of a mineral means the quantity of a mineral produced during a period contained in products that have been or will be sold by the Company whether such products are shipped during the period or held as inventory at the end of the period.

2 Total cash costs per ounce is a non-GAAP ratio that is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and, unless otherwise specified, is reported on a by-product basis in this news release. For the detailed calculation of production costs per ounce and the reconciliation of total cash costs to production costs, see "Reconciliation of Non- GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

3 AISC per ounce is a non-GAAP ratio that is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and, unless otherwise specified, is reported on a by-product basis in this news release. For a reconciliation to production costs and for all-in sustaining costs on a co-product basis, see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

Company reported quarterly net income of $0.17 per share, with adjusted net income⁴ of $0.52 per share. Operating cash flow after changes in non-cash components of working capital was of $1.26 per share

• Operating results include record gold production at Amaruq and sustained productivity improvements at Macassa – In the third quarter of 2022 at Amaruq, continued positive grade reconciliation and overall strong operating performance which resulted in a record quarter, with payable production of 122,994 ounces of gold. At Macassa, enhanced ventilation, better equipment availability and other operational efficiencies resulted in better-than-forecast production, with payable production of 51,775 ounces of gold
• Gold production, cost and capital expenditure guidance reiterated for 2022 – Expected payable gold production in 2022 remains unchanged at between 3.2 and 3.4 million ounces. Due to cost inflation in 2022, total cash costs per ounce and AISC per ounce are now expected to be near the top end of the guided ranges of between $725 and $775 and $1,000 and $1,050, respectively. Total expected capital expenditures (excluding capitalized exploration) for 2022 remain estimated to be approximately $1.4 billion. The Company's guidance for 2022 includes production, costs and capital expenditures for the period commencing January 1, 2022 for the Detour Lake, Macassa and Fosterville mines
• Pressures related to cost inflation, workforce availability and COVID-19 remained manageable through the third quarter of 2022, but these pressures could be challenging in the coming months – In the third quarter of 2022, inflation on production costs was largely driven by higher input prices in key consumables (such as energy, cyanide and steel), which have experienced increases above the 5% to 7% general inflation rate forecast at the beginning of the year. Workforce availability and supply chain issues for equipment parts also remained challenging during the quarter. These pressures continued to be partially offset by solid operational performance, the pooling of resources within the regions in which the Company operates, optimization and cost saving initiatives, synergies resulting from the merger with Kirkland Lake Gold Ltd. ("Kirkland Lake Gold") on February 8, 2022 (the "Merger") and positive foreign exchange impacts (weaker Euro and Canadian

4 Adjusted net income and adjusted net income per share are non-GAAP measures that are not standardized financial measures under the financial reporting framework used to prepare the Company's financial statements. For a reconciliation to net income and net income per share see "Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

and Australian dollars). Although the Company has started to see a gradual easing of inflationary pressures and some relief in supply chain procurement, these pressures could still be challenging in the fourth quarter of 2022 and into 2023. The Company's focus will continue to be on increasing operational efficiencies and cost optimization at all mining operations

• Interim Target of 30% Greenhouse Gas Reduction by 2030 – The Company continues to be committed to addressing climate-change and reaching net-zero by 2050. Supporting this commitment, the Board approved adopting an interim target to reduce greenhouse gas emissions by 30% by 2030. The Company will be releasing a Climate Action report in the fourth quarter of 2022
• Development Projects Progressing as Planned
  • Amaruq Underground – The project was completed on schedule and on budget with commercial production achieved on August 1, 2022
  • Odyssey project – Construction and development activities remain on schedule. Shaft sinking activities expected to commence in early January 2023, with initial production from the Odyssey South ramp expected in March 2023
  • Detour Lake mine – Projects to increase mill throughput to 28 million tonnes per year ("Mtpa") continue to advance as planned. Installation of the screen before the secondary crusher on line two was completed in August 2022 and resulted in daily average throughput of 3,515 tonnes per hour (equivalent to 28 Mtpa) for the month of September. Installation of a screen on line one is expected to be completed in the fourth quarter of 2022 and the focus will be on maximizing daily throughput levels
• Exploration Continues to Deliver Positive Results at Minesites and Development Projects
  • Odyssey project – In the third quarter of 2022, an expanded drill program focused on infill drilling at Odyssey South, on drill testing the Odyssey Internal zones and on infill and step-out drilling at East Gouldie. A recent intercept at Odyssey South yielded 5.7 grams per tonne ("g/t") gold over 21.8 metres at 367 metres depth. At East Gouldie, the drilling in the core of the deposit continues to return wide, high-grade intersections, with recent results

including 4.6 g/t gold over 50.7 metres at 1,537 metres depth. Step-out drilling to the west of East Gouldie continues to test the western extension and filling the gap between East Gouldie and the Norrie Zone, with a recent intercept of 4.2 g/t gold over 12.8 metres at 1,331 metres depth in an area approximately 100 metres above the Norrie Zone and 670 metres west of the current East Gouldie mineral resources

• Detour Lake mine – The conversion and expansion drilling program in the West Pit extension continues to intersect wide zones of mineralization immediately adjacent to the current open pit, with recent results including 1.9 g/t gold over 118.8 metres at 419 metres depth, and higher-grade intervals along the westerly plunge, with a recent highlight including 6.1 g/t gold over 12.2 metres at 918 metres depth and approximately 1,935 metres west of the pit, where infill drilling continues to confirm the down-plunge and western extension of the deposit
• Macassa mine – The extension of the ramp from Macassa to the Amalgamated Kirkland ("AK") deposit is now completed. Two underground drills are operating in the ramp, with one focused on infill drilling higher grade areas near the proposed bulk sample. The Company believes ore could be sourced for the Macassa mill in early 2024, which could provide flexibility to the operations. Recent results include a highlight intercept of 30.7 g/t gold over 3.6 metres at 64 metres depth
• Fosterville mine – In the third quarter of 2022, step-out drilling returned highgrade results west of the Lower Phoenix zone and identified a new mineralized structure (Cardinal zone) in the hanging wall of Lower Phoenix. Highlight visible-gold intercepts from the Cardinal zone include 365.5 g/t gold over 1.1 metre at 1,682 metres depth; 226.2 g/t gold over 1.4 metres at 1,716 metres depth; and 168.6 g/t gold over 2.9 metres at 1,682 metres depth
• Hope Bay project – Drilling continues to ramp-up with eight rigs now in operation and the addition of a second drill contractor. Good grades and thicknesses were encountered at Doris in the BCO and BCN zones. Recent results west of the BTD Connector zone include 7.3 g/t gold over 15.8 metres at 459 metres depth and 19.6 g/t gold over 4.5 metres at 520 metres depth. Drilling ramped up at Madrid in the third quarter of 2022
• Focus remains on disciplined capital allocation and strong financial flexibility
• On July 24, 2022, the Company repaid the $100 million 4.87% Series C senior

notes at maturity with available cash. At September 30, 2022, the Company's net debt⁵ totalled $519.9 million. In the third quarter of 2022, the Company repurchased 999,320 common shares for $42.6 million through its normal course issuer bid ("NCIB"). Under the NCIB, the Company is authorized to purchase up to $500 million of its common shares (up to a maximum of 5% of its issued and outstanding common shares) and year to date approximately $65 million has been purchased

• A quarterly dividend of $0.40 per share has been declared

"In the third quarter of 2022, the Company posted the best safety performance in its 65 year history and delivered solid operational results. With a strong first nine months of the year, the Company is tracking well to deliver on its production and cost guidance in 2022," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "Despite headwinds from a lower gold price and cost inflation, the Company's financial position remains strong. It gives us strategic flexibility and provides us with the ability to continue advancing our key development projects and exploration programs while maintaining capital returns to our shareholders," added Mr. Al-Joundi.

Third Quarter 2022 Financial and Production Results

In the third quarter of 2022, net income was $79.6 million ($0.17 per share). This result includes the following items (net of tax): unrealized mark-to-market losses on foreign exchange and oil hedges of $134.5 million ($0.30 per share), foreign currency translation losses on deferred tax liabilities of $19.6 million ($0.04 per share), non-cash foreign currency translation gains of $7.2 million ($0.02 per share), realized losses on foreign exchange and oil hedges of $6.9 million ($0.02 per share), mark-to-market gains on the Company's investment portfolio of $3.1 million ($0.01 per share), and various other adjustment losses of $5.1 million ($0.02 per share). The unrealized mark-to-market losses on foreign exchange hedges losses are a result of the rapidly appreciating U.S. dollar relative to the Euro, and Canadian and Australian dollars over the last two weeks of the quarter (for additional details see section on the Company's financial flexibility below).

5 Net debt is a non-GAAP measure that is not a standardized measure under the financial reporting

"Reconciliation of Non-GAAP Financial Performance Measures – Reconciliation of Long-Term Debt to Net Debt". See also "Note Regarding Certain Measures of Performance".

Excluding these items would result in adjusted net income of $235.4 million or $0.52 per share for the third quarter of 2022. For the third quarter of 2021, the Company reported net income of $119.0 million ($0.49 per share).

Included in the third quarter of 2022 net income, and not adjusted above are care and maintenance costs net of tax of $5.9 million ($0.01 per share) and a non-cash stock option expense of $3.3 million ($0.01 per share).

In the first nine months of 2022, the Company reported net income of $465.2 million ($1.08 per share). This compares with the first nine months of 2021, when net income was $460.6 million ($1.89 per share).

For financial reporting purposes, the Merger was determined to be a business combination with Agnico Eagle identified as the acquirer. As a result, the purchase consideration was allocated to the identifiable assets and liabilities of Kirkland Lake Gold based on their fair values as of February 8, 2022 (the "Purchase Price Allocation") and was recorded in the first quarter of 2022. The finalization of the Purchase Price Allocation will take place within twelve months following the acquisition date.

Upon closing of the Merger, under the Purchase Price Allocation, any gold inventory held by Kirkland Lake Gold on February 8, 2022 was revalued at the forecast gold price in the period the inventory was expected to be sold. The revalued inventory subsequently sold during the third quarter of 2022 resulted in additional production costs of approximately $3.1 million ($2.1 million after tax) during the quarter. The revalued inventory subsequently sold during the first nine months of 2022 resulted in additional production costs of approximately $156.0 million ($108.0 million after tax). Given the extraordinary nature of the fair value adjustment on inventory related to the Merger, this non-cash adjustment, which increased the cost of inventory sold during the quarter, was normalized from net income and net income per share and adjusted out of the total cash costs per ounce and AISC in the third quarter of 2022.

The decrease in net income in the third quarter of 2022 compared to the prior-year period is primarily due to unrealized mark-to-market losses on foreign exchange hedges, higher exploration and amortization costs due to the inclusion of the Detour, Fosterville and Macassa mines and higher general and administrative expenses, offset by higher mine operating margins⁶ (from higher sales volumes following the Merger).

The increase in net income in the first nine months of 2022 compared to the prior-year period is primarily due to higher mine operating margins (from higher sales volumes following the Merger). The overall increase in net income was partially offset by the unrealized mark-to-market losses on foreign exchange hedges, higher exploration and amortization costs due to the inclusion of the Detour, Fosterville and Macassa mines and higher general and administrative costs. In addition, other expenses and care and maintenance costs offset the higher operating margins.

In the third quarter of 2022, cash provided by operating activities was $575.4 million ($558.4 million before changes in non-cash components of working capital), compared to the third quarter of 2021 when cash provided by operating activities was $297.2 million ($419.9 million before changes in non-cash components of working capital).

The increase in cash provided by operating activities (before changes in non-cash components of working capital) in the third quarter of 2022, compared to the prior-year period, is primarily due to higher sales volumes following the Merger, partially offset by lower realized metal prices.

In the first nine months of 2022, cash provided by operating activities was $1,716.1 million ($1,630.3 million before changes in non-cash components of working capital), compared to the first nine months of 2021 when cash provided by operating activities was $1,083.2 million ($1,289.9 million before changes in non-cash components of working capital). A non-cash fair value adjustment on inventory related to the Merger of $156.0 million was included in production costs and as a result included in cash provided by operating activities before changes in non-cash components of working capital for the first nine months of 2022. The non-cash fair value adjustment on inventory was then reversed through changes in non-cash components of working capital. Excluding the non-cash fair value adjustment on inventory of $156.0 million, cash provided by operating activities before changes in non-cash components of working capital was $1,786.3 million in the first nine months of 2022.

6 Operating margin is a non-GAAP measure that is not a standardized measure under the financial report

"Reconciliation of Non-GAAP Financial Performance Measures" below. See also "Note Regarding Certain Measures of Performance".

The increase in cash provided by operating activities in the first nine months of 2022, compared to the prior-year period, is primarily due to higher net income driven by higher sales volumes following the Merger, partially offset by lower realized metal prices. This included non-recurring costs related to the Merger of $35.3 million in transaction costs and $57.0 million in severance costs.

In the third quarter of 2022, the Company's payable gold production was 816,795 ounces. This compares to quarterly payable gold production of 541,663 ounces in the prior-year period. In the first nine months of 2022, the Company's gold production was a record 2,335,569 ounces. Including the entire first nine month's production from the pre-Merger Kirkland Lake Gold mines, total gold production in the first nine months of 2022 was 2,481,294. This compares to payable gold production of 1,584,473 ounces in the first nine months of 2021, which included 24,057 ounces and 348 ounces of pre-commercial production of gold at the Tiriganiaq open pit at Meliadine and Amaruq underground project, respectively.

Gold production in the third quarter of 2022 and the first nine months of 2022, when compared to the prior-year periods, was higher primarily due to the inclusion of the production from the Detour Lake, Fosterville and Macassa mines. This was partially offset by the cessation of gold production in 2022 at Hope Bay following the Company's decision to dedicate the infrastructure to exploration activities and lower production at the Company's Pinos Altos mine and the LaRonde complex.

Production costs per ounce in the third quarter of 2022 were $804, compared to $852 in the prior-year period. Total cash costs per ounce in the third quarter of 2022 were $779, compared to $784 in the prior-year period.

Production costs per ounce in the first nine months of 2022 were $846, compared to $837 in the prior-year period. Total cash costs per ounce in the first nine months of 2022 were $769, compared to $755 in the prior-year period. Including the entire first nine month's production from the pre-Merger Kirkland Lake Gold mines, total cash costs per ounce in the first nine months of 2022 were slightly above the mid-point of 2022 cost guidance.

In the third quarter of 2022, production costs per ounce and total cash costs per ounce decreased when compared to the prior-year period primarily as a result of the combination of operations following the Merger. In the first nine months of 2022, production costs per ounce and total cash costs per ounce increased when compared to the prior-year period primarily due to lower production volumes from the Canadian Malartic, Hope Bay and Pinos Altos mines, partially offset by the contribution of lower cost production (on a per ounce basis) from the Detour Lake, Fosterville and Macassa mines following the Merger. A detailed description of the minesite costs per tonne at each mine is set out below.

AISC per ounce in the third quarter of 2022 were $1,106, compared to $1,059 in the prioryear period. AISC per ounce in the first nine months of 2022 were $1,067, compared to $1,035 in the prior-year period.

AISC per ounce in the third quarter of 2022 and first nine months of 2022 increased when compared to the prior-year periods primarily due to lower by-product metal revenues from lower production volumes and higher sustaining capital expenditures⁷ from an increase in input costs for fuel and materials.

Update on Key Value Drivers

Activities are progressing well at the Company's key exploration, development and mine expansion projects. Highlights on the key value drivers (Detour Lake, Odyssey, Kirkland Lake and Hope Bay) are set out below and details on certain mine expansion projects (Kittila shaft, Meliadine Phase 2 and Amaruq underground) are set out in the operational section of this news release.

Detour Lake Mine – Secondary Crusher Pre-Screen Commissioned on Second Mill Circuit; Exploration Drilling in the West Pit Extension Continues to Return Positive Results; Modelling of Underground Mineral Resources Underway

The Company continues to advance multiple initiatives to increase mill throughput from 23 Mtpa in 2020 to 28.0 Mtpa in 2025. The initiatives completed to date include improved fragmentation at the mine, improved primary crusher choke feeding, removal of the daily regulatory mill limit and the completion of the 610 conveyor refeed, bringing the mill throughput to approximately 25.5 Mtpa. In the third quarter of 2022, the Company's focus was on the installation and commissioning of the screens before the secondary crushers on line two.

Pre-screening before the secondary crushers is expected to help de-bottleneck the grinding circuit and contribute an additional approximately 2.0 Mtpa to the mill throughput. The installation and commissioning of the screen before the secondary crusher on the

7 Sustaining capital expenditures is a non-GAAP measure that is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements. For a reconciliation of sustaining capital expenditures to the consolidated statement of cashflows, see "Reconciliation of Non- GAAP Financial Performance Measures" below. See "Note Regarding Certain Measures of Performance".

second mill circuit was completed in August 2022 and resulted in an average daily throughput of 3,515 tonnes per hour (equivalent to 28.0 Mtpa) for the month of September. More time is required to fully optimize the circuit and confirm these initial results. The installation and commissioning of a screen before the secondary crusher on the first mill circuit is expected to be completed in the fourth quarter of 2022.

With positive initial results from the projects completed to date, the Company anticipates that a mill throughput of 28.0 Mtpa could be achieved before 2025 and sees potential to increase mill throughput beyond 28.0 Mtpa. The Company's future focus will be stabilizing and optimizing the mill circuit processes.

An update on other projects that will contribute to the current site expansion is set-out below.

• An upgrade to the gravity circuit is underway which is expected to increase free gold recovery from 25% to approximately 40%. The upgrade to the gravity circuit in the first mill line was commissioned in the third quarter of 2022. The installation and commissioning of the upgrade to the gravity circuit in the second mill line is expected in the first quarter of 2023
• An upgrade of the 230kV main substation is planned to improve the power quality at the mine. In addition, the upgrade is expected to improve the site readiness for potential future power expansion for projects such as the trolley assist mine haulage system. The upgrade is expected to be completed in 2024 depending on the timing of equipment deliveries

Exploration at Detour Lake in the third quarter of 2022 was focused on infill drilling under the West Pit and in the West Pit Extension, as well as work on regional targets.

Thirteen drill rigs were active in the third quarter of 2022, completing 18,965 metres of expensed drilling and 54,184 metres of capitalized drilling. In the first nine months of 2022, there have been 31,990 metres of expensed drilling and 150,183 metres of capitalized drilling, putting the Company on track to meet the forecast 234,000 metres of drilling at the Detour Lake mine in 2022.

At the northwestern margin of the West Pit, hole DLM22-473A intersected 2.5 g/t gold over 18.8 metres at 220 metres depth, 1.9 g/t gold over 118.2 metres at 419 metres depth and 0.8 g/t gold over 45.3 metres at 636 metres depth.

In exploration drilling approximately 1,935 metres west of the West Pit, hole DLM22-469 intersected 6.1 g/t gold over 12.2 metres at 918 metres depth in hole DLM22-469, further confirming the down-plunge western extension of the deposit.

Work is ongoing to update the geological model with regards to the underground mineralization, and to determine the amount of infill drilling required to estimate an initial mineral resource.

Odyssey Project – Shaft Sinking Expected to be Initiated in Early 2023; Underground Development on Schedule, with Initial Production Expected in March 2023; Infill Drilling Continues to Return Positive Results at Odyssey South and East Gouldie; Regional Exploration Continues to Test East Gouldie Extension to the West

In the third quarter of 2022, underground development and the critical infrastructure projects for the start-up of production at Odyssey South in March 2023 remained on schedule. Updates on the key activities are set-out below.

• Lateral development has fully transitioned from a mining contractor to Canadian Malartic GP ("the Partnership") employees. The main ramp reached a depth of 410 metres and development of production levels is underway. The focus in the fourth quarter of 2022 is on stope preparation, with delineation drilling to be initiated shortly
• The maintenance workshop and warehouse were completed in the third quarter of 2022
• The structural steel installation for the paste plant was mostly completed in the third quarter of 2022. The focus in the next six months is on equipment installation at the plant and the construction of the underground paste backfill piping network
• The excavation of a 5.5 metres in diameter return air raise is underway

Pre-commercial production from the Odyssey South orebody is expected to begin before the end of March 2023.

In the third quarter of 2022, the construction of the headframe was slightly behind schedule due to weather conditions, however all other critical activities to initiate shaft sinking progressed as planned. Shaft sinking is now expected to be initiated in early 2023, with no impact on the overall shaft sinking schedule. Updates on the key projects are set-out below.

• The construction of the 120kv line and power station is progressing as anticipated for completion in the fourth quarter of 2022
• Structural steel installation for the headframe reached the sixth floor in the third quarter of 2022. Structural steel installation is sensitive to weather conditions, with no work able to be completed in rain or high winds
• The shaft house, waste silo and temporary sinking hoist building are all progressing as planned, with completion expected in the fourth quarter of 2022
• In the third quarter of 2022, the fabrication of the Galloway (shaft sinking equipment) was completed and its assembly in the shaft was initiated. The assembly is expected to be completed in the fourth quarter of 2022 and the sinking team is scheduled to be mobilized by early January 2023

Inflationary cost pressures were manageable in the third quarter of 2022, with the overall project remaining on budget. Project costs are being re-evaluated to factor-in the potential impact of sustained cost inflation in 2023.

Exploration drilling by the Partnership in the third quarter of 2022 at the Odyssey project targeted the Odyssey South, Odyssey internal zones and East Gouldie deposits and extensions of East Gouldie towards the west and the Norrie Zone. Ten rigs were active at surface and four rigs were active underground in the third quarter of 2022.

In the Odyssey South deposit, hole UGOD-016-074 intersected 5.5 g/t gold over 11.9 metres at 342 metres depth and hole UGOD-016-075 intersected 5.7 g/t gold over 21.8 metres at 366 metres depth.

At East Gouldie, infill drilling in the core of the deposit continues to return wide, high-grade intersections, with recent results including 4.6 g/t gold over 50.7 metres at 1,537 metres depth in hole MEX21-224WAZ.

Hole MEX22-240, drilled approximately 670 metres west of the East Gouldie mineralized envelope, intersected 4.2 g/t gold over 12.8 metres at 1,331 metres depth in an area approximately 100 metres above the Norrie Zone. This result continues to suggest potential connection of the East Gouldie deposit and the Norrie Zone along strike where additional drilling is currently being performed.