Great Pacific Gold Corp press release

AGNICO EAGLE REPORTS THIRD QUARTER 2025 RESULTS - RECORD ADJUSTED NET INCOME WITH ANOTHER QUARTER OF STRONG PRODUCTION; FINANCIAL POSITION FURTHER STRENGTHENED BY REPAYMENT OF LONG-TERM DEBT AND CASH ACCUMULATION

2025-10-29

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PR Newswire

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Stock Symbol: AEM (NYSE and TSX)

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

TORONTO, Oct. 29, 2025/PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the third quarter of 2025.

"We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins. With solid year-to-date performance, we are well on track to meet our full year production and cost guidance, supported by disciplined cost management and a focus on productivity," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "With the record free cash flow generation year-to-date and a strengthened financial position, we continue to advance our five key pipeline projects and create value through the drill bit. We remain disciplined in our approach to capital allocation and we continue to provide strong returns to our shareholders through dividends and share buybacks."

Thirdquarter 2025 highlights:

Strong quarterly gold production– Payable gold production1was 866,936 ounces at production costs per ounce of $963, total cash costs per ounce2of $994and all-in sustaining costs ("AISC") per ounce2of $1,373. The strong operational performance in the third quarter of 2025 was led by Meadowbank and LaRonde. In the first nine months of 2025, gold production was approximately 77% of the mid-point of the Company's full-year guidance, with total cash costs per ounce at approximately the mid-point of guidance Higher gold prices generate stronger margins, while impacting royalty costs– Royalty costs, which are included in the calculation of total cash costs per ounce and AISC per ounce, are directly linked to gold prices. The average realized gold price in the third quarter of 2025 was $3,476per ounce and in the first nine months of 2025 was $3,221, exceeding the Company's guidance assumption of $2,500by $976and $721, respectively. The higher gold prices affected the Company's total cash costs and AISC by approximately $61per ounce in the third quarter of 2025 and approximately $34per ounce in the first nine months of 2025, when compared to guidance Record quarterly adjusted net income and strong free cash flow generation– The Company reported quarterly net income of $1,055 millionor $2.10per share and record adjusted net income3of $1,085 millionor $2.16per share. The Company generated cash provided by operating activities of $1,816 millionor $3.62per share ($1,661 millionor $3.31per share of cash provided by operating activities before changes in non-cash components of working capital4) and free cash flow4of $1,190 millionor $2.37per share ($1,035 millionor $2.06per share of free cash flow before changes in non-cash components of working capital4) 2025 gold production and unit cost guidance reiterated– Full year expected payable gold production in 2025 remains unchanged at 3.3 to 3.5 million ounces. If gold prices remain elevated for the remainder of 2025, total cash costs per ounce and AISC per ounce in 2025 are expected to trend towards the top end of the guidance ranges of $915to $965and $1,250to $1,300, respectively, reflecting the strong commodity price environment and associated royalty costs impact. Total capital expenditures (excluding capitalized exploration) for 2025 are expected to remain between $1.75 billionto $1.95 billionand capitalized exploration is expected to remain between $290and $310 million. Further details are set out in the 2025 Guidance Summary section below Financial position further strengthened through cash accumulation and debt repayment – The Company increased its net cash5position to $2,159 millionas at September 30, 2025as a result of the increase in its cash position by $797 millionto $2,355 millionand the reduction of long-term debt by $400 millionto $196 million. On September 29, 2025, the Company repaid its $50 million4.15% 2015 senior notes at maturity and also redeemed the outstanding principal of $350 millionof the 2018 senior notes with interest rates ranging from 4.38% to 4.63%. In addition, in August 2025, Moody's upgraded the Company's long-term issuer rating to A3 from Baa1 Increased quarterly share repurchases demonstrate continued focus on shareholder returns – A quarterly dividend of $0.40per share has been declared. In addition, the Company repurchased 1,005,577 common shares during the quarter under its normal course issuer bid ("NCIB") at an average share price of $149.02for aggregate consideration of $150 million Update on key value drivers and pipeline projects in the third quarter of 2025 Canadian Malartic –Excavation of the first loading station between levels 102 and 114 was completed, and conventional shaft sinking resumed. Development of East Gouldie production levels and support infrastructure progressed on schedule for planned production in the second half of 2026. Exploration drilling in the upper eastern extension of the East Gouldie deposit near the current shaft and ramp infrastructure was highlighted by 4.8 grams per tonne ("g/t") gold over 25.4 metres at 884 metres depth and 5.5 g/t gold over 15.4 metres at 907 metres depth, potentially providing a second mining area and potentially utilize excess mill capacity. Drilling also continued to extend the East Gouldie deposit to the east and west in the lower portions of the deposit. Regional exploration continued to prioritize the Marban project, including optimization of a potential open pit and the possible eastern extension of the Marban deposit Detour Lake –Excavation of the exploration ramp commenced with the first blast completed on July 3, 2025. The exploration ramp advanced by 259 metres and reached a depth of 43 metres as at September 30, 2025. Exploration drilling into the high-grade corridor in the West Pit zone further defined the high-grade domains that could potentially be mined early in the underground project, with a highlight intercept of 2.7 g/t gold over 55.7 metres at 297 metres depth. Drilling into the West Extension zone at underground depths further confirmed the grades and continuity of mineralization in the western plunge of the deposit Upper Beaver –The shaft head frame and installation of the service hoist were completed on schedule, with shaft sinking expected to commence in the fourth quarter of 2025. At the ramp portal, excavation of the exploration ramp began and advanced by 268 metres, reaching a depth of 22 metres as at September 30, 2025 Hope Bay –Site infrastructure upgrades advanced, including the addition of two wings at the Doris camp, the completion of the mill dismantling and the jetty expansion at Robert's Bay in time for the 2025 sealift season. Exploration drilling totaled 34,971 metres in the third quarter of 2025 (103,815 metres year-to-date), with a continued focus on mineral resource expansion and conversion of the Patch 7 zone in the Madriddeposit. Highlights including 16.9 g/t gold over 4.6 metres at 865 metres depth and 12.7 g/t gold over 9.3 metres at 834 metres depth in two of the deepest intercepts of the Patch 7 zone to date continue to support the potential for mineral resource expansion at depth and along strike San Nicolas–Minas de San Nicolascontinued to advance the feasibility study and execution strategy, with engineering expected to be 30% complete by year-end. Drilling activities progressed with a focus on condemnation drilling and geological evaluation in proximity to the projected mine area

| _ | | 1Payable 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. Payable gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered at Hope Bay. | | 2Total cash costs per ounce and all-in sustaining costs per ounce or AISC per ounce are non-GAAP ratios that are not standardized financial measures under IFRS®Accounting Standards and, in this news release, unless otherwise specified, are reported on (i) a per ounce of gold production basis, and (ii) a by-product basis. For a description of the composition and usefulness of these non-GAAP ratios and reconciliations of total cash costs per ounce and AISC per ounce to production costs on both a by-product and a co-product basis, see "Note Regarding Certain Measures of Performance" below. | | 3Adjusted net income and adjusted net income per share are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. | | 4Cash provided by operating activities before changes in non-cash components of working capital, free cash flow and free cash flow before changes in non-cash components of working capital and their related per share measures are non-GAAP measures or ratios that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to cash provided by operating activities see "Note Regarding Certain Measures of Performance" below. | | 5Net cash (debt), that is, a negative "net debt" position, and net debt are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to long-term debt, see "Note Regarding Certain Measures of Performance" below. |

Third Quarter 2025 Results Conference Call and Webcast Tomorrow

The Company's senior management will host a conference call on Thursday, October 30, 2025, at 11:00 AM (E.D.T.)to discuss the Company's financial and operating results.

Via Webcast:

To listen to the live webcast of the conference call, you may register on the Company's website at www.agnicoeagle.com, or directly via the link here.

Via Phone:

To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

To join the conference call by phone without operator assistance, you may register your phone number here30 minutes prior to the scheduled start of the call to receive an automated call back.

Replay Archive:

Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 44229#. The conference call replay will expire on November 30, 2025.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Third Quarter2025 Production and Costs

| Production and Cost Results Summary | | | | | | | | | | | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | Gold production* (ounces) | | 866,936 | | 863,445 | | 2,606,759 | | 2,637,935 | | Gold sales (ounces) | | 868,563 | | 855,899 | | 2,558,363 | | 2,609,192 | | Production costs per ounce* | | $ 963 | | $ 908 | | $ 918 | | $ 887 | | Total cash costs per ounce* | | $ 994 | | $ 921 | | $ 943 | | $ 897 | | AISC per ounce* | | $ 1,373 | | $ 1,286 | | $ 1,281 | | $ 1,214 |

| * | Gold production for the three months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 945 and 189 ounces, respectively, which were produced from residual leaching and 2,442 ounces of gold recovered at Hope Bay. Gold production for the nine months ended September 30, 2025 excludes payable gold production at La India and Creston Mascota of 3,614 and 253 ounces, respectively, and 2,442 ounces of gold recovered at Hope Bay. | | | Canadian Malartic's payable metal sold excludes the 5% 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, 2,500 payable gold ounces sold are excluded at La India. | | * | Production costs per ounce, total cash costs per ounce and AISC per ounce are reported on a per ounce of gold produced basis. |

Gold Production

Third Quarter of 2025 – Gold production increased when compared to the prior-year period primarily due to higher production from LaRonde (higher grade and throughput), Canadian Malartic (higher grade and throughput) and Macassa (higher grade), partially offset by lower production at Fosterville(lower grade and throughput) and Meliadine (lower grade) First Nine Months of 2025 – Gold production decreased when compared to the prior-year period primarily due to lower production from Fosterville(lower grade and throughput), Canadian Malartic (lower throughput) and La India (end of mine life), partially offset by higher production at Macassa and LaRonde (higher grades)

Production Costs per Ounce

Third Quarter of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices and lower build-up of stockpiles, partially offset by higher gold production and the benefit of the weaker Canadian dollar First Nine Months of 2025 – Production costs per ounce increased when compared to the prior-year period primarily due to higher royalty costs resulting from higher gold prices and lower production, partially offset by the benefit of the weaker Canadian dollar

Total Cash Costs per Ounce

Third Quarter and First Nine Months of 2025 – Total cash costs per ounce increased when compared to the prior-year periods primarily due to the reasons described above for the increase in production costs per ounce in the respective period

AISC per Ounce

Third Quarter of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price), partially offset by lower sustaining capital expenditures, primarily at Detour Lake First Nine Months of 2025 – AISC per ounce increased when compared to the prior-year period due to the reasons described above for the increase in total cash costs per ounce, higher sustaining capital expenditures, primarily at Meadowbank and Fosterville, and higher general and administrative expenses (higher stock-based compensation as a result of the appreciation of the share price)

Refer to the Company's Management Discussion and Analysis for the third quarter of 2025 (the "MD&A") under the caption "Financial and Operating Results" for additional variance analysis on gold production, production costs, minesite costs per tonne and total cash costs per ounce compared to the prior-year periods.

Third Quarter2025 Financial Results

| Financial Results Summary | | | | | | | | | | | | Three Months Ended

September 30, | | Nine Months Ended

September 30, | | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | Realized gold price (per ounce)6 | | $ 3,476 | | $ 2,492 | | $ 3,221 | | $ 2,297 | | Net income (millions) | | $ 1,055 | | $ 567 | | $ 2,938 | | $ 1,386 | | Adjusted net income (millions) | | $ 1,085 | | $ 573 | | $ 2,831 | | $ 1,485 | | EBITDA (millions)7 | | $ 2,030 | | $ 1,259 | | $ 5,684 | | $ 3,264 | | Adjusted EBITDA (millions)7 | | $ 2,098 | | $ 1,257 | | $ 5,602 | | $ 3,362 | | Cash provided by operating activities (millions) | | $ 1,816 | | $ 1,085 | | $ 4,706 | | $ 2,829 | | Cash provided by operating activities before changes in

non-cash working capital balances (millions) | | $ 1,661 | | $ 1,027 | | $ 4,203 | | $ 2,791 | | Capital expenditures (millions)8 | | $ 644 | | $ 486 | | $ 1,601 | | $ 1,265 | | Free cash flow (millions) | | $ 1,190 | | $ 620 | | $ 3,089 | | $ 1,573 | | Free cash flow before changes in non-cash working capital balances (millions) | | $ 1,035 | | $ 563 | | $ 2,586 | | $ 1,535 | | | | | | | | | | | | Net income per share (basic) | | $ 2.10 | | $ 1.13 | | $ 5.85 | | $ 2.78 | | Adjusted net income per share (basic) | | $ 2.16 | | $ 1.14 | | $ 5.64 | | $ 2.97 | | Cash provided by operating activities per share (basic) | | $ 3.62 | | $ 2.16 | | $ 9.37 | | $ 5.67 | | Cash provided by operating activities before changes in non-cash working capital balances per share (basic) | | $ 3.31 | | $ 2.05 | | $ 8.37 | | $ 5.59 | | Free cash flow per share (basic) | | $ 2.37 | | $ 1.24 | | $ 6.15 | | $ 3.15 | | Free cash flow before changes in non-cash working capital balances per share (basic) | | $ 2.06 | | $ 1.12 | | $ 5.15 | | $ 3.07 |

| | | 6Realized gold price is calculated as gold revenues from mining operations divided by the number of ounces sold. | | 7"EBITDA" means earnings before interest, taxes, depreciation, and amortization. EBITDA and adjusted EBITDA are non-GAAP measures that are not standardized financial measures under IFRS Accounting Standards. For a description of the composition and usefulness of these non-GAAP measures and a reconciliation to net income see "Note Regarding Certain Measures of Performance" below. | | 8Includes capitalized exploration. Capital expenditures is a non-GAAP measure that is not a standardized financial measure under IFRS Accounting Standards. For a discussion of the composition and usefulness of this non-GAAP measure and a reconciliation to additions to property, plant and mine development as set out in the consolidated statements of cash flows, see "Note Regarding Certain Measures of Performance" below. |

Net Income

Third Quarter of 2025 Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices, partially offset by higher income and mining taxes, higher amortization of property, plant and mine development and losses on derivative financial instruments (compared to gains in the prior-year period) During the third quarter of 2025, the Company sold 38,002,589 common shares of Orla Mining Ltd. at a price of C$14.75per common share for total consideration of C$560 million($405 million). A realized mark-to-market gain on the disposition of shares of $271 millionwas recognized through Other Comprehensive Income, while a loss on the sale of shares resulting from the discount to the market price of $34 millionwas recognized in net income Net income of $1,055 million($2.10per share) includes the following items (net of tax): discount to market price on the disposition of interest in Orla Mining Ltd. and related transaction costs of $40 million($0.08per share), foreign currency translation gains on deferred tax liabilities and other tax adjustments of $20 million($0.04per share), net losses on derivative financial instruments of $7 million($0.01per share), foreign exchange gains of $7 million($0.01per share), net asset disposal losses of $4 million($0.01per share) and debt extinguishment costs, reclamation and other adjustments totalling $6 million($0.01per share). Excluding these items results in adjusted net income of $1,085 millionor $2.16per share

First Nine Months of 2025 – Net income increased when compared to the prior-year period primarily due to record operating margins resulting from higher realized gold prices and gains on derivative financial instruments (compared to losses in the prior-year period), partially offset by higher income and mining taxes and higher amortization of property, plant and mine development in the current period