Agnico Eagle Mines Limited

Good morning, ladies and gentlemen. My name is Vanessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Minds Limited Q4 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, then the number 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 fourth quarter and year-end 2025 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. This morning, we're pleased to announce another strong quarter capping off a remarkable year. In 2025, as gold prices hit new highs throughout the year, Agnico Eagle delivered on our production targets, we delivered on our costs, and we did it responsibly and reliably. While the price of gold went up $1,700 year over year, our cash costs went up $76 per ounce. This means we delivered over 95% of this gold price increase to the benefit of our shareholders. delivering on our core mandate of providing gold upside leverage to our owners. In 2025, we repaid almost $1 billion in debt, we built up almost $3 billion in cash, and we returned over $1.4 billion directly to our owners through dividends and share buybacks, all while continuing to invest heavily in our future through the largest exploration budget we've ever had and through continued strong investment into our five key growth projects. In an exceptional year for gold, Agnico Eagle delivered on our commitments to our owners, to our employees, and to our communities. This strong momentum continues into 2026 and beyond, supported by a stable annual production profile of between 3.3 to 3.5 million ounces over the next three years at peer-leading costs. while reporting record reserves, record resources, record inferred ounces, and an increase to our dividend. While 2026 cash costs are forecast to be up a little over $100 per ounce compared to last year, more than half of that increase is from the assumption of higher royalties and a stronger Canadian dollar. Excluding those assumptions, our cost increase is about 4% to 5%. This would be at or slightly below the inflation we saw in the industry last year. So, good cost control on the factors that we can influence. Our reserves are at a record 55.4 million ounces, up 2%. Our resources are at a record 47.1 million ounces, up almost 10%. And our inferred ounces are at a record 41.8 million ounces, up a remarkable 15.5%. 2025 was an exceptional year and our near-term prospects look even better. But the real story this morning, the real excitement, is not in looking back or even the next three years. The real excitement this morning is that Agnico Eagle is in the best position we've ever been in and we're already aggressively advancing our next phase of growth and growth per share. This morning we want to focus on on our plan to increase production by up to 20 to 30 percent over the next decade with a path to over 4 million ounces of annual production by the early 2030s. This growth is from the highest quality projects in the best jurisdictions in the world. This growth is from projects we already own in jurisdictions we know well with existing teams and in most cases leveraging off existing infrastructure. This is important. because our job isn't simply to grow, but rather it's to grow value for our owners on a per share basis. And in our industry, growing in stable jurisdictions, leveraging existing infrastructure not only delivers to our owners the best return on capital, but also the best risk-adjusted return on capital. Next slide, please. These assets where over the past few years we've been investing substantial time, energy and money and where our investments are accelerating. We're at a point where we see a step change in production per share starting in 2030 and we're eager to share our progress with you this morning. At Detour Lake, the largest gold mine in Canada, where we're executing a plan with the potential to deliver an additional 300,000 to 350,000 ounces per year through the development of an underground mine, we've added 4.3 million ounces of resources during the past year in the high-grade mineralized corridor that's amenable to this underground mining. And we're tripling our investment from $100 million to $300 million as we accelerate our work towards a go-ahead decision mid-2027 and potential to start underground production as early as 2028. At the Canadian Mallardic Complex, the second largest gold mine in Canada, where we see an opportunity to add a remarkable 400,000 to 500,000 ounces per year through our fill-the-mill strategy, we've added 9 million ounces of reserves since our last technical update. We're ahead of schedule on the ramp, expected first production from East Gouldie this quarter, and ahead of schedule on the first shaft, expected to commission in 2027. We're making excellent progress evaluating opportunities to fill the mill further via the Marban open pit, via Wassamak underground, and via a second shaft. All three with targeted first production by 2033. At Upper Beaver, which is expected to produce over 200,000 ounces per year, we're ahead of schedule again on both the ramp and the shaft. We're increasing our investment from $200 million to $300 million in to accelerate the development of the project with the goal of bringing production forward to 2030. At Hope Bay, where we're working on a study that supports a 400 to 425,000 ounce per year operation, we saw a 46% increase in inferred mineral resources, primarily from patch seven. We expect a study update and potentially a project approval as soon as May of this year. We continue to make good progress at San Nicolas and hope to have permits to move forward shortly. These projects alone have the potential to add 1.3 to 1.5 million ounces of highly profitable annual production, and in each case, we've made excellent progress and we're moving forward aggressively. With that introduction, I will now turn over the presentation to our CFO, Jamie Porter, to review our third quarter and full year results.

Thank you, Omar. As Amar mentioned, we delivered record financial results in 2025, driven by a strong operating performance, disciplined cost control, and a supportive gold price environment. We finished the year with a solid fourth quarter, producing approximately 841,000 ounces of gold at total cash costs of $1,089 and all in sustaining costs of $1,517 per ounce. Costs increased quarter over quarter, primarily due to higher royalties, lower production volumes, and higher costs at our Meadowbank mine associated with extending mine life. Despite higher costs, we delivered a number of financial records in the fourth quarter, including record-adjusted earnings of approximately $1.4 billion, or $2.70 per share, and record-free cash flow of over $1.3 billion, or $2.62 per share. For the full 2025 year, we exceeded the midpoint of our guidance with gold production of 3.45 million ounces, underscoring our consistent track record of execution. Total cash cost and all unsustaining costs were $979 and $1,339 per ounce respectively. Both were slightly above the top end of our guidance ranges due to higher royalty costs driven by an average realized gold price of $3,454, nearly $1,000 per ounce above our guidance assumption. If we exclude the impact of higher royalties, our total cash costs would have been $937 per ounce, $42 per ounce lower and below the midpoint of our guidance, again reflecting strong cost discipline and execution by our operating teams. With this performance, we generated strong leverage to the gold price, capturing approximately 95% of the increase in gold price and margin expansion and delivered record financial results across the board. including approximately $4.4 billion in free cash flow for the year. We turn to the next slide. Our record financial performance and continued margin expansion benefited our shareholders both through increased direct returns and through a materially stronger balance sheet. In 2025, we repaid approximately $950 million of debt and increased our cash position by $1.9 billion, ending the year with $2.9 billion of cash. We delivered record shareholder returns through share buybacks and dividends, totaling approximately $500 million in the fourth quarter and a record $1.4 billion for the full 2025 year. We are in the strongest financial position in our company's history, and we believe we are exceptionally well positioned in the current gold price environment. We expect to continue to increase shareholder returns. We increased the quarterly dividend by 12.5% to $0.45 per share, And at current gold prices, we expect to be more active on share buybacks. To support this, we intend to renew our normal course issuer bid in May and increase the purchase limit up to $2 billion. In 2025, we returned approximately one-third of our free cash flow to shareholders, and we see the potential to increase that to 40% or higher this year, with flexibility depending on the gold price and the needs of the business. At the same time, we remain focused on further strengthening our financial position. As a reminder, given our strong profitability, we are required to pay a significantly higher cash tax liability related to the 2025 fiscal year this February, which is approximately $1.3 billion, and we have the cash on hand to fund that obligation. Lastly, and importantly, we continue to deploy capital in a disciplined manner to advance our highest return organic growth opportunities. While current gold prices are driving strong cash flow generation, we remain committed to disciplined capital allocation with a continued focus on enhancing long-term shareholder value. We move on to the next slide. We have updated our guidance and continue to expect stable production levels over the next three years. We're especially proud of the work our team has done as we were able to provide an improved outlook for 2028 relative to consensus, supported by a life of mine extension at Meadowbank, and higher levels of production from Canadian Malartic, Fosterville, and Quetela. We turn to cost. The midpoint of our 2026 guidance ranges are $1,070 per ounce for cash costs and $1,475 per ounce for all-in sustaining costs. Approximately 60% of the increase in cash costs relative to 2025 reflects higher royalties, driven by a higher budgeted gold price of $4,500 per ounce and the impact of a stronger Canadian dollar. The remaining 40% of the increase reflects expected inflation of approximately 4% to 5% and the impact of lower-grade mining sequences. Beginning in 2026, to enhance consistency and comparability across our Nunavut operations, we have adjusted the calculation of total cash costs and all-in-sustaining costs to exclude certain payments at Amaruk that are made to the NTI, an organization representing the Inuit of Nunavut. These payments have similar characteristics to mining duties we pay under the Nunavut mining regulations, which are already excluded from the calculation of total cash costs and all unsustaining costs. Our cash costs and all unsustaining costs remain hundreds of dollars per ounce below those of our peers, reflecting the quality of our asset base and continued cost discipline. If we look at our capital expenditure guidance, it reflects our focus on reinvesting in the business to lay the groundwork for our next phase of growth. We are accelerating capital at Detour Underground and Upper Beaver through mid-2027. In addition, Hope Bay represents an attractive growth opportunity. If approved, we expect additional capital of approximately $300 million beyond what is currently reflected in the guidance for 2026. Dom, Natasha, and Guy will provide further detail on these projects later on the call. Together, these projects represent compelling opportunities that deliver strong returns with significant upside and the potential to create value for decades to come. Overall, our updated guidance reflects a consistent and reliable business at peer-leading costs as we continue to advance our pipeline of growth projects and remain well-positioned to deliver meaningful leverage to higher gold prices. With that, I'll turn the call over to Dom.