Agnico Eagle Mines Limited

Good morning. My name is Dani and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Minds Limited Q3 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. Thank you. Mr. Ammar Al-Jundi, you may begin your conference.

Thank you, operator. Good morning, everyone, and thank you for joining our Agnico Eagle third quarter conference call. I'd like to remind everyone that we'll be making a number of forward-looking statements, so please keep that in mind and refer to the disclaimers at the beginning of this presentation. Once again, we are pleased to be sharing a good news story with you. In a nutshell, with record gold prices, With strong and, importantly, safe production, along with continued solid cost control, we are once again delighted to be reporting record financial results. Across all metrics, our business is running well, and beyond the record financial results, we continue to invest in the best pipeline we've ever had, and we continue to invest in the most ambitious exploration program we've ever had, which continues to deliver exceptional results. With almost 70 years of history behind us, we have never been stronger than we are now, and we have never had a better future than we have today. Before I turn this call over to my colleagues, who will go through our business in more detail, I'd like to spend a few minutes to summarize the key takeaways. One, we're reporting record financial results driven by, of course, record gold prices, but coupled with strong and consistent operational performance. We delivered another exceptional quarter of strong production at 867,000 ounces, putting us year-to-date at 77% of our full-year guidance range. We sold that gold at an average price of $3,476 per ounce, another record, and a full $20 per ounce higher than the spot average in the quarter. Well done to the Treasury team. At the same time, we continue to work hard to control costs, which means we continue to deliver benefits of these record gold prices to our owners through record margins. While our reported Q3 cash costs of $994 an ounce are higher than the previous quarter, the majority of this cost increase is due to higher royalty costs, which are a direct result of the higher gold prices. If we back out the impact of these higher royalties which again are the direct result of higher gold prices, our Q3 cash costs would have been $933 an ounce, well below the midpoint of our cost guidance range. Year-to-date, our average cash costs are $943 an ounce. Again, if we back out the impact of higher royalties, our year-to-date average cash costs would be $909 an ounce, well below the bottom end of our cash cost guidance range for the year. All of this, the record gold prices, the solid production, the continued good cost control, has led to another quarter of record financial results for our owners. Record EBITDA, record adjusted net income, and record returns to our shareholders. Two, we continue to strengthen the company, to strengthen the balance sheet, and to return record amounts of cash to our owners. We repaid $400 million of debt this quarter, We returned $350 million directly to shareholders through dividends and share repurchases, and we increased our net cash position to $2.2 billion, while at the same time receiving an upgrade in our credit rating. Three, we continue to invest heavily in building the foundations of our future growth, advancing construction, development, and studies of our five key pipeline projects, and investing heavily in an exceptional exploration program. At Mallardic, we are ahead of schedule on the underground development, ahead of schedule on the shaft, and progressing studies for Marban, Wassamak, and a potential second shaft. At Detour, the ramp portal is built. We have begun building the ramp to access the underground, and we continue to optimize the mill. At Upper Beaver, I was there just on Monday, We are on budget and we are ahead of schedule. The team is doing an exceptional job. At Hope Bay we continue to get great drill results and we are accelerating on-site activity. We've upgraded the port, we're upgrading the camp, we've emptied the mill building, we're progressing the Madrid ramp, and we have completed the box cut for a ramp at Patch 7. At San Nicolas, We continue to progress engineering on this high-grade, high-quality copper project in the best mining jurisdiction in Mexico. These projects cumulatively represent about 1.3 to 1.5 million ounces of potential production, all from assets we already own in regions we've been operating for decades, and in most cases, leveraging off existing infrastructure in place. At the same time, we're investing more than we ever have by a wide margin in our exploration program, and as Guy will illustrate at the end of this call, we continue to get truly exceptional results that will position Agnico Eagle well for decades to come. These three key messages are consistent with our story last quarter and are consistent with our focus over the past couple of years. But on this call, I've asked the team to spend some time on a fourth key message. I've asked the team to spend some time to talk about our continued focus on productivity. Dom and Natasha will go through a few examples to convey the message that, even with gold at $4,000 an ounce, even with record financial results, our teams continue to be absolutely laser focused on improving productivity at every opportunity, at every mine. We are proud of our teams and how hard they continue to work to deliver not only great and consistent results, which, by the way, make my job a lot easier, but to also focus every day on pushing themselves to operate even better and even safer. With that introduction, I will now turn over the presentation to our CFO, Jamie Porter, to review our third quarter financial results.

Thank you, Amar, and good morning, everyone. Our operating teams delivered another excellent quarter with strong cost control, particularly on a per-ton basis. By delivering on our production targets and managing costs, our investors continue to benefit from margin expansion in a record gold price environment, a dramatically strengthened balance sheet, and increased direct shareholder returns. We are in the strongest financial position in the company's history. The strong operational performance and cost control paired with higher gold prices to drive record financial results, including record revenue of $3.1 billion, record adjusted earnings of $1.1 billion, or $2.16 per share, and record adjusted EBITDA of $2.1 billion. These are excellent financial results, delivering the leverage to higher gold prices you would expect. At current spot gold prices, key financial return metrics such as return on equity could be as high as 20% for the full 2025 year. Gold production in the third quarter was approximately 867,000 ounces, a total cash cost of $9.94 per ounce, and all in sustaining costs of $13.73 per ounce. We have achieved 77% of our full-year production guidance to the end of September. Though we have budgeted lower gold production in the fourth quarter, we are confident in achieving the midpoint of our full-year production guidance range of 3.4 million ounces. We are benefiting from record gold prices. However, the higher gold prices do result in increased royalty expense. In the third quarter, cash costs were approximately $60 per ounce higher than what we had budgeted, largely as a result of the increased royalty expense. Despite this, I'm pleased to report that our cash costs remained within our guidance range on a year-to-date basis, and we still expect to be at or near the top end of our cash cost guidance range of $9.65 per ounce for the full year. Our teams have done an excellent job managing costs, the costs that are within our control, and continue to work on ongoing optimization initiatives that Dom and Natasha will talk about later in this presentation. All-in sustaining cost per ounce were higher than the prior quarter, primarily due to the increase in cash costs and the timing of sustaining capital spending. We also expect to be close to the top end of our all-in sustaining cost guidance range of $1,300 per ounce on a full year basis. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers. Again, this is the result of continued efforts by our teams to control costs and continuously improve, while maximizing the cost synergies and benefits resulting from our regional strategy. We move on to the next slide. We had another strong quarter of free cash flow generation that directly and indirectly benefited our shareholders through direct shareholder returns to the dividend and share buyback and indirectly through the strengthening of our balance sheet. We generated $1.2 billion of free cash flow this quarter and added another $400 million through the sale of equity investments, which allowed us to continue to strengthen our balance sheet. Our net cash balance more than doubled in the third quarter, increasing to $2.2 billion. Given our strong financial position, we decided to redeem an additional $350 million of long-term debt in addition to the $50 million of debt that matured during the quarter. Over the past 18 months, we have significantly delevered the balance sheet, reducing our gross debt in that period by over $1.6 billion. Reflecting this strength in credit profile and financial position, I'm also pleased to report that during the quarter, Moody's upgraded us from BAA1 to A3 with a stable outlook. We are, again, in the strongest financial position in the company's history, giving us the flexibility to take a balanced, disciplined approach to capital allocation. We move to the next slide. We continue to deliver record shareholder returns this quarter, totaling approximately $350 million in dividends and share buybacks, and totaling $900 million on a year-to-date basis. This brings the cumulative shareholder returns in Agnico's history to over $5 billion, the majority of which has been returned in the last several years. Our capital allocation strategy remains unchanged, and we are well positioned in this gold price environment. We expect to continue to increase shareholder returns through increased share buyback activity and potentially through higher dividends. We also expect to continue strengthening our financial position and flexibility by increasing our net cash position. Given our profitability, we are expecting a significantly higher cash tax payment relating to the 2025 fiscal year in the first quarter of 2026. This is estimated at approximately $1.2 billion. We are allocating cash to fund that obligation. Lastly and importantly, we will continue to reinvest in our business in order to bring our high-return organic growth projects online. We have our five key value driver projects, Detour Underground, Filling the Mill at Canadian Mallardic, Upper Beaver, Hope Bay, and San Nicolas, all of which generate solid returns at gold prices significantly below the current spot price. At current spot prices, these projects have the potential to generate phenomenal returns. Detour, for example, once ramped up to 1 million ounces of annual production, has the potential to generate over $2 billion of annual after-tax-free cash flow at that mine alone at these gold prices. We will continue looking for opportunities to accelerate reinvestment in the business to drive long-term shareholder value. At current gold prices, we're generating a lot of cash, but we will remain disciplined and continue to take a measured approach to capital allocation, with a focus on increasing returns to our shareholders over the long term. With that, I'll turn the call over to Dom, who will provide an overview of our Quebec, Nunavut, and Finland operations.