Agnico Eagle Mines Limited

Good morning, my name is Vincent and I'll be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Minds Limited Q1 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be 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 the number two. Thank you. Mr. Ammar Al-Jundi, you may begin your conference.

Thank you, Vincent. Good morning and thank you for joining our Agnico Eagle first quarter 2026 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. Next slide, please. We're pleased to announce a solid start to the year with production slightly above budget and with costs in line with our guidance. This solid operating performance coupled with exceptional gold prices has allowed Agnico Eagle to announce yet another quarter of record net income driven by record operating margins. We are reiterating 2026 production guidance with production expected to be weighted approximately 48%, 52% between the first and second halves of the year. We're also pleased to reiterate our cost guidance for 2026. This is no small task given the uncertainties and pressures in the market over the past several weeks. As you'll hear on this call, this has been a strong quarter across all of our businesses. Solid operations, strong progress on moving our growth pipeline forward, continued exceptional exploration results, and as mentioned, another quarter of record financial results. My team will go through all of this in more detail in a moment, but let me outline and summarize what I believe are the three key messages that are important to take away from this call. One, as mentioned, we're off to a good start to the year, with solid operating performance delivering record operational and financial results. Record mill throughput at McCassa, record development rates at Meliudene, record pit tonnage at Detour. We're delivering these solid operating results while doing an excellent job controlling costs, leveraging off our relentless focus on cost control while benefiting from certain structural cost advantages that derive from our business model. including, for example, in both Ontario and Quebec, where we produce the majority of our gold, all of our electricity is either hydro or nuclear and really not exposed to changes in fuel and diesel prices. With regards to Nunavut, where we do generate our own power through diesel, we've got a lot of that diesel hedged, both by necessity, because we have to bring the diesel up in advance through a short barge season, and we have it stored up there, but also by some very smart and proactive hedging by our Treasury Department with regards to diesel exposure. We've also got the benefit of lower employee turnover and the reliable supply chain that comes from being the best customer for decades in the safe regions in which we operate. Two, we continue to strengthen our financial position and to increase returns to shareholders. This quarter we paid a $1.3 billion 2025 tax catch-up. We distributed $375 million to shareholders. We invested almost $400 million into our high-quality growth projects, all while increasing our cash position by almost $250 million. At these gold prices, we will increase our share repurchases and we are increasing our normal course issuer bid to $2 billion. And three, and perhaps the most important takeaway, we continue to aggressively reinvest in our business into the best pipeline in the industry, into projects that deliver exceptional returns at relatively lower risk, and we are making steady progress in many cases ahead of schedule. Dom and Natasha will spend some time talking about the projects they're moving forward to increase production at Agnico Eagle by up to 20% to 30% over the next decade, including Detour to a million ounces, Mallardic to a million ounces, Hope Bay, Upper Beaver, and San Nicolas. In addition, with the expected consolidation of our finished platform, we now see a path to further growth that comes from building a 500,000-ounce-a-year multi-decade platform in what we believe to be the most prospective land package in Northern Europe. He will spend some time going over some of the continued great exploration results he and his team have generated, focusing on Detour and Malartic, but he'll also spend a bit more time talking about this finished land consolidation and what he and his team see as a long-term potential well beyond the Ikari project. Our strategy remains focused, focused on safe, responsible mining, focused on operational excellence, delivering reliable, low cost production. We have the best land packages in the most prospective and safest gold jurisdictions in the world. We have a path to industry leading production growth over the next decade. Our execution of delivering this growth remains on track and at these gold prices, We think we can deliver this growth and reduce share count at the same time. Now, before I turn the call over to Jamie, I need to spend a moment on safety. Tragically, we've had two fatalities over the past five months. This is not acceptable. I recognize and I accept that the responsibility for the safety of our people rests ultimately with myself and with my team. We've mobilized our teams to reinforce across our company and at all levels, and to all employees, our commitment to not only deliver on our guidance, but to do so safely and responsibly. There is nothing more important than the safety of our people and our communities, and we commit to do better. With that, I'll turn the call over to our CFO, Jamie Porter, to review our first quarter operating and financial results.

Thank you, Omar. As highlighted earlier, we delivered another strong financial quarter driven by solid operational performance and continued leverage to higher gold prices. We had several record financial results during the quarter, including adjusted net income of approximately $1.7 billion or $3.41 per share and adjusted EBITDA of just over $3 billion. We generated about $730 million of free cash flow in the first quarter. This is particularly impressive given that we paid roughly 50% of our expected 2026 cash taxes, totaling $1.8 billion in the quarter, of which $1.3 billion had been previously disclosed as related to our 2025 tax liability. First quarter gold production of approximately 825,000 ounces was actually slightly better than planned, with the lower production year over year reflecting mine sequencing at La Ronde, Macassar, and Fosterville. With the first quarter representing about 24% of the midpoint of our annual guidance in production weighted to the second half of the year, we're well positioned to meet our full year production targets. Total cash costs were $1,093 per ounce, and all in sustaining costs were $1,483 per ounce, reflecting higher royalty costs associated with a significantly higher realized gold price, lower production volumes as expected, and a stronger Canadian dollar compared to the first quarter of 2025. Importantly, costs continue to trend within our full year guidance ranges of $1,020 to $1,120 per ounce for total cash costs and $1,400 to $1,550 per ounce for all unsustaining costs. While we continue to monitor cost volatility, including diesel prices and foreign exchange movements, we believe our regional operating model local procurement strategies, and disciplined hedging program provide meaningful mitigation against potential cost pressures. With respect to diesel prices, our 2026 cost guidance assumes an average diesel price of 78 cents per liter. Direct diesel consumption, covering mobile equipment and on-site power generation and none of it, is estimated at approximately 108 liters per ounce of gold produced, representing roughly 7% of our total operating cost base. We believe that our exposure to diesel price volatility is below industry average, reflecting the fact that the majority of our gold production comes from underground mines, which are generally less diesel intensive than open pit mines. Further, the majority of our gold production is from mines located in Ontario and Quebec, which benefit from access to non-oil-based grid power. Overall, our sensitivity to diesel prices is estimated such that a 10% change in diesel prices results in roughly a six dollar per ounce impact on annual total cash costs after taking into account our hedge position we do not currently anticipate any disruption to our procurement strategy for fuel or other key consumables and we remain comfortable with our full year cost guidance we turn to slide five we are in the strongest financial position in the company's history we continue to deliver meaningful returns to our shareholders alongside further balance sheet strengthening and disciplined reinvestment in the business. During the quarter, we returned approximately $375 million to shareholders through dividends and share repurchases, representing roughly half of free cash flow. As previously announced, we intend to renew the normal course issuer bid in May on substantially the same terms, with an increased limit of up to $2 billion. And at current gold prices, we are still targeting $2 returning approximately 40% of annual free cash flow through dividends and buybacks. We will also look for opportunities to offset dilution from the proposed Rupert Resources acquisition, including potentially returning proceeds from portfolio investment sales through additional share repurchases. In parallel, the balance sheet keeps getting stronger. At the end of the first quarter, our net cash position increased to approximately $2.9 billion, giving us one of the strongest balance sheets in the sector. This strength was recognized recently by Fitch, which upgraded Agnico Eagle's long-term issuer rating to A- with a stable outlook. At the same time, we continue to reinvest in the business, advancing our five key pipeline projects that are expected to underpin long-term production growth of 20% to 30% over the next decade. We are exceptionally well-positioned in the current gold price environment, with a continued focus on disciplined capital allocation and long-term shareholder value creation. With that, I'll turn the call over to Dom.