Agnico-Eagle Mines Ltd. (AEM) 2024年年度報告「TSX」.pdf

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1、Global Approach,Regional Focus2024 Annual ReportIn this report Message from the President and CEO 2Operations At-a-Glance 4 Corporate Governance 6 Detailed Mineral Reserves and Mineral Resources 8 Operating and Financial Highlights 15 Managements Discussion&Analysis 16Agnico Eagle is a Canadian base

2、d and led senior gold mining company and the third largest gold producer in the world,producing precious metals from operations in Canada,Australia,Finland and Mexico,with a pipeline of high-quality exploration and development projects.Agnico Eagle is a partner of choice within the mining industry,r

3、ecognized globally for its leading sustainability practices.The Company was founded in 1957 and has consistently created value for its shareholders,declaring a cash dividend every year since 1983.At Agnico Eagle,we pride ourselves on our great people,strong operating assets and culture of excellence

4、 going back over six decades.As we look to the future,we will continue to build a high-quality business,based on our competitive advantages,dedicated to sustainability and all stakeholders.Global Approach,Regional FocusAgnico Eagle Mines Limited 2024 Annual Report1Safety as Our Top PrioritySafety co

5、ntinues to be our highest priority.Our safety-first culture,rooted in protecting our people,our operations and the communities in which we operate,not only safeguards our workforce,but also enhances operational reliability and reinforces our reputation.Record Results Through Operational Discipline W

6、ith record gold prices in 2024,we continued to prioritize operating and capital efficiency.We achieved our production and cost guidance despite inflationary pressures,reflecting the operational excellence of our team.This translated into record profits and cash flows,enabling us to deliver significa

7、nt shareholder returns of approximately$920 million through dividends and share repurchases,while also strengthening our balance sheet and significantly reducing net debt.Golds continued strength and resilience supported these achievements.Over the past two decades,gold has outperformed major benchm

8、arks,demonstrating its value as a dependable asset.Amid economic uncertainty,inflation and currency fluctuations,we remain well-positioned to leverage golds enduring value to deliver long-term returns for our stakeholders.Operating in stable,lower risk jurisdictions continues to provide long-term be

9、nefits,providing resilience amid geopolitical and regulatory challenges.Delivering Value in a Record YearMessage from Ammar Al-Joundi,President and CEO2024 was a year of strong performance and differentiation for our company.In a volatile market,we remained focused on safe and responsible operations

10、,disciplined cost management and delivering value to our shareholders.By combining a global approach with a regional focus,we not only achieved record results,but also continued to build the foundations for future growth.Agnico Eagle Mines Limited 2024 Annual Report2Investing in Growth and Sustainab

11、ility We also advanced key growth initiatives in 2024.In Quebec,the construction of the Odyssey mine at Canadian Malartic progressed on schedule.We expect to be fully transitioned from open-pit to underground operations by 2029,and,following positive exploration results,we are evaluating opportuniti

12、es to further grow production at Canadian Malartic,including the potential for a second shaft.In Ontario,we positioned Detour Lake to potentially produce 1 million ounces annually and we progressed the development of Upper Beaver.In Nunavut,at Hope Bay,the delineation of new,high-grade mineralizatio

13、n suggests the potential for a larger production scenario.Sustainability remains integral to our strategy.In 2024,we continued looking at opportunities to reduce greenhouse gas emissions,particularly by continuing to transition from diesel to electric powered equipment.Securing access to clean,renew

14、able energy through government partnerships remains a priority as we pursue meaningful decarbonization.Business Outlook and Driving Future Growth Building on a successful year,we remain focused on delivering on our production and financial goals,while advancing our regional opportunities,with three

15、key priorities:Maintaining safe,responsible operations.Advancing growth projects,such as the Detour Lake underground project and Upper Beaver,while also evaluating opportunities to fill the 40k tonnes per day of excess mill capacity at Canadian Malartic starting in 2028 by conducting studies on a se

16、cond shaft at Odyssey,on Marban and on Wasamac.Building on exploration success at Hope Bay,Odyssey,Detour Lake and across our broader portfolio.Our updated guidance reflects what we expect to be a stable three-year production outlook,driven by consistent operations and project execution.Paired with

17、disciplined cost management,this stability ensures we remain competitive and well-positioned to drive sustainable growth.To further support our long-term production goals,we continue to explore opportunities to add value across our operating regions.In 2024,we delivered on our commitments by achievi

18、ng record results,advancing our pipeline projects and making good progress on our sustainability goals.These accomplishments reflect the dedication of our employees,the strength of our partnerships with Indigenous Peoples and our collaboration with the communities where we operate.Thank you for your

19、 continued trust and support.With Agnico Eagles global approach and regional focus,we remain committed to delivering strong returns for shareholders and strengthening our business for the future.Sincerely,Ammar Al-Joundi President and Chief Executive OfficerAgnico Eagle Mines Limited 2024 Annual Rep

20、ort3Agnico Eagles operating mines are located in Canada,Australia,Finland and Mexico and continue to execute on our strategy of building a high-quality,low-risk sustainable business in favourable mining jurisdictions with strong geological potential and stable political environments.Operations At-a-

21、Glance3.49M Gold(in ounces)2.48M Silver(in ounces)6.34KZinc(in tonnes)3.95KCopper(in tonnes)2024 Production Operations Exploration Projects178106971211131618CANADAMEXICOFINLANDAUSTRALIAONTARIOQUEBEC123151445Agnico Eagle Mines Limited 2024 Annual Report41 LaRonde Quebec,Canada Underground mines in Ab

22、itibi region 2024 payable production:306,750 ounces of gold2 Canadian Malartic Quebec,Canada Underground and open pit mine in Abitibi region 2024 payable production:655,654 ounces of gold3 Goldex Quebec,Canada Underground mine in Abitibi region 2024 payable production:130,813 ounces of gold4 Detour

23、Lake Ontario,Canada Open pit mine and underground project in northeastern Ontario 2024 payable production:671,950 ounces of gold5 Macassa Ontario,Canada Underground mine in northeastern Ontario 2024 payable production:279,384 ounces of gold6 Meliadine Nunavut,Canada Underground and open pit mine 202

24、4 payable production:378,886 ounces of gold7 Meadowbank Nunavut,Canada Underground and open pit mine 2024 payable production:504,719 ounces of gold8 Fosterville Victoria,Australia Underground mine in southeastern Australia 2024 payable production:225,203 ounces of gold9 Kittila Lapland,northern Finl

25、and Underground mine 2024 payable production:218,860 ounces of gold10 Pinos Altos Chihuahua State,northern Mexico Open pit and underground mine with milling and heap leach operation(gold,silver by-product)2024 payable production1:88,537 ounces of gold11 La India Sonora State,northern Mexico Open pit

26、 mine with heap leach operation in Mulatos Gold Belt 2024 payable production:24,580 ounces of goldMining Operations Exploration Projects 12 Hope Bay Nunavut,Canada The Hope Bay property contains substantial mineral reserves and mineral resources at the Doris,Madrid and Boston deposits.13 Hammond Ree

27、f Northwestern Ontario,Canada A gold exploration project with significant open pit mineral reserves and mineral resources.14 Kirkland Lake Regional Northeastern Ontario,Canada Large property located in a historic gold district.Advanced Upper Beaver project has gold-copper mineralization in an intrus

28、ive complex.Several other gold deposits(such as the AK,Anoki-McBean and Upper Canada zones)in altered rock near the Larder Cadillac Deformation Zone.15 Wasamac Quebec,Canada Wasamac is an advanced gold project in northwestern Quebec,located 15 km west-southwest of the mining centre of Rouyn-Noranda

29、and approximately 100 km west of Canadian Malartic.16 Timmins East Properties Northeastern Ontario,Canada The Timmins East land package covers 100 km strike length between Timmins,Ont.,and the Quebec border.Properties host multiple past-producing gold mines including Holt,Holloway,Hislop,Taylor and

30、Aquarius.17 San Nicols(50%)Zacatecas,Mexico Large volcanic-hosted massive sulphide deposit,jointly owned with Teck Resources Limited.18 Northern Territory Gold targets at Pine Creek,Maud Creek,Mt Paqualin and Union Reefs in Australias Northern Territory.1.2024 payable production at the Pinos Altos C

31、omplex includes 104 ounces of gold from the Creston Mascota mine.Agnico Eagle Mines Limited 2024 Annual Report5We strive to earn and retain the trust of shareholders through a steadfast commitment to sound and effective corporate governance.Our governance practices reflect the structure and processe

32、s we believe are necessary to improve the Companys performance and enhance shareholder value.Our Board of Directors consists of 11 directors,of which all but two are independent from management.The Board of Directors is ultimately responsible for overseeing the management of the business and affairs

33、 of the Company and,in doing so,is required to act in the best interests of the Company.It discharges its responsibilities either directly or through five committees the Audit Committee,the Corporate Governance Committee,the Compensation Committee,the Health,Safety,Environment and Sustainable Develo

34、pment Committee(HSESD)and the Technical Committee.Board CommitteesThe Audit Committee assists the Board of Directors in its oversight responsibilities with respect to the integrity of the Companys financial statements,cyber security,compliance with legal and regulatory requirements,external auditor

35、qualifications and the independence and performance of the Companys internal and external audit functions.The Corporate Governance Committee advises and makes recommendations to the Board of Directors on corporate governance matters,the effectiveness of the Board of Directors and its committees,the

36、contributions of individual directors and the identification and selection of director nominees.Corporate GovernanceThe Compensation Committee advises and makes recommendations to the Board of Directors on the Companys strategy,policies and programs for compensating and developing executive manageme

37、nt and for compensating directors.The Health,Safety,Environment and Sustainable Development Committee(HSESD)advises and makes recommendations to the Board of Directors with respect to monitoring and reviewing HSESD policies,principles,practices and processes,climate change practices,diversity and in

38、clusion practices,HSESD performance and regulatory issues relating to health,safety and the environment.It also supports the Companys commitment to a healthy and safe work environment and environmentally sound and socially responsible resource development.The Technical Committee advises and makes re

39、commendations to the Board of Directors on the Companys operational practices and processes,monitors and reviews the risks associated with the Companys operations and provides guidance to management of the Company with respect to operational practices and processes.Agnico Eagle Mines Limited 2024 An

40、nual Report6Sean Boyd,FCPA,FCAChair of the Board Director since 1998Jeffrey Parr1,3Vice Chair of the Board Director since 2022Jamie Sokalsky,CPA,CA1,3Lead Director Director since 2015Ammar Al-JoundiPresident and Chief Executive OfficerJamie PorterExecutive Vice-President,Finance&Chief Financial Offi

41、cerDominique GirardChief Operating Officer Nunavut,Quebec&EuropeDeborah McCombe,P.Geo.4,5Director since 2014J.Merfyn Roberts,CA1,5Director since 20081 Audit Committee2 Compensation Committee3 Corporate Governance Committee4 Health,Safety,Environment and Sustainable Development(HSESD)Committee5 Techn

42、ical CommitteeNatasha VazChief Operating Officer Ontario,Australia&MexicoChris Vollmershausen Executive Vice-President,Legal,General Counsel&Corporate SecretaryAmmar Al-JoundiPresident and Chief Executive Officer Director since 2022The Hon.Leona Aglukkaq P.C.2,4Director since 2021Martine A.Celej2Dir

43、ector since 2011Guy GosselinExecutive Vice-President,ExplorationCarol PlummerExecutive Vice-President,Operational ExcellenceJean RobitailleExecutive Vice-President,Chief Strategy&Technology OfficerJonathan Gill4,5Director since 2022Peter Grosskopf2,3Director since 2022Elizabeth Lewis-Gray,FAusIMM FT

44、SE GAICD4,5Director since 2022Board of DirectorsOfficersAgnico Eagle Mines Limited 2024 Annual Report7Mineral ReservesGold reserves increased by 0.9%to a record 54.3 million ouncesThe Companys proven and probable mineral reserves estimate(net of 2024 gold production)totalled 1,277 million tonnes of

45、ore grading 1.32 g/t gold,containing approximately 54.3 million ounces of gold,at December 31,2024.This is an increase of approximately 0.474 million ounces of gold(0.9%)compared to the proven and probable mineral reserves of 53.8 million ounces of gold in 1,287 million tonnes of ore grading 1.30 g/

46、t gold at year-end 2023.The increase in mineral reserves at December 31,2024 is the result of the replacement of 1.5 million ounces of gold from operating assets.In particular:Fosterville,Macassa(including Amalgamated Kirkland(“AK”)and Near Surface),Meliadine,Amaruq and LaRonde achieved a combined a

47、verage mineral reserve replacement of 70%as a result of successful exploration and conversion drilling.Some pipeline projects also significantly contributed to the global mineral reserve increase.At Upper Beaver,the completion of a technical evaluation during the fourth quarter of 2024,following the

48、 positive preliminary economic assessment completed in June 2024,resulted in new mineral reserves containing a total of 2.77 million ounces of gold.The year-over-year new mineral reserve addition at Upper Beaver represents 1.37 million ounces of gold.At Wasamac,initial mineral reserves of 1.38 milli

49、on ounces of gold were declared in December 2024.The progress in mineral reserve development at Upper Beaver and Wasamac is the result of efforts by the Company to leverage regional synergies following the recent transactions to consolidate the Kirkland Lake camp and the Malartic camp at Canadian Ma

50、lartic and advance the“fill-the-mill”strategy.The Companys current mineral reserves are based on a gold price of$1,450 per ounce gold for most operating assets,with exceptions that include:Detour Lake open pit using$1,400 per ounce;Amaruq using$1,650 per ounce;Pinos Altos using$1,800 per ounce;and v

51、ariable assumptions for other pipeline projects including Wasamac using$1,650 per ounce.At a gold price 10%higher than the assumed gold price(leaving other assumptions unchanged),the Company estimates there would be an approximate 13%increase in the gold contained in proven and probable mineral rese

52、rves.Conversely,at a gold price 10%lower than the assumed gold price(leaving other assumptions unchanged),the Company estimates there would be an approximate 13%decrease in the gold contained in proven and probable mineral reserves.Mineral ResourcesInferred mineral resources increased by 9.5%At Dece

53、mber 31,2024,the Companys measured and indicated mineral resources totalled 43.0 million ounces of gold(1,167 million tonnes grading 1.14 g/t gold).This represents a 2.3%(1.0 million ounce)decrease in contained ounces of gold compared to the measured and indicated mineral resource estimate at year-e

54、nd 2023.Detailed Mineral Reserves and Mineral ResourcesAgnico Eagle Mines Limited 2024 Annual Report8The year-over-year decrease in measured and indicated mineral resources is primarily due to the upgrade of mineral resources at Upper Beaver and Wasamac to mineral reserves,largely offset by the succ

55、essful conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground,East Malartic,Upper Beaver,Hope Bay and other sites.At Detour Lake,since the March 31,2024 technical report and updated mineral reserves and mineral resources estimate,the Company

56、 has continued to successfully convert inferred mineral resources into indicated mineral resources with a substantial addition of 2.0 million ounces of gold in total indicated mineral resources(0.7 million ounces of gold from 8.3 million tonnes grading 2.79 g/t gold inside the resource pit and 1.2 m

57、illion ounces of gold from 17.7 million tonnes grading 2.14 g/t gold below and to the west of the resource pit).At Hope Bay,following exploration success in the Patch 7 zone at the Madrid deposit,conversion drilling was accelerated,resulting in the declaration of an initial indicated mineral resourc

58、e at December 31,2024 of 0.9 million ounces of gold(4.3 million tonnes grading 6.64 g/t gold)in Patch 7,which also hosts an additional 0.8 million ounces of gold(4.4 million tonnes grading 5.40 g/t gold)in inferred mineral resources.At December 31,2024,the Companys inferred mineral resources totalle

59、d 36.2 million ounces of gold(451 million tonnes grading 2.49 g/t gold).This represents a 9.5%(3.1 million ounce)increase in contained ounces of gold compared to the inferred mineral resources a year earlier.The year-over-year increase in inferred mineral resources is primarily due to exploration su

60、ccess at Detour Lake underground,East Gouldie at Odyssey,Hope Bay,Meliadine,Fosterville and Macassa.Notes:Mineral reserves reported are not included in mineral resources.Tonnage amounts and contained metal amounts set out in these tables have been rounded to the nearest thousand,so aggregate amounts

61、 may differ from column totals.Please refer to the Companys news release dated February 13,2025 and the Companys Annual Information Form for the year ended December 31,2024 for further details on mineral reserves and mineral resources.The scientific and technical information relating to Agnico Eagle

62、s mineral reserves and mineral resources contained herein has been approved by Dyane Duquette,P.Geo.,Vice President,Mineral Resources Management,who is a“Qualified Person”for the purposes of National Instrument 43-101 and has reviewed and approved disclosure of the technical information and data in

63、this annual report.$1,450Gold(US$/oz)$1,750 Gold(US$/oz)1.34C$per US$1.00$20.00Silver(US$/oz)$23.00 Silver(US$/oz)18.00Mexican peso per US$1.00$3.75Copper(US$/lb)$4.00Copper(US$/lb)1.45A$per US$1.00$1.10Zinc(US$/lb)$1.20Zinc(US$/lb)0.91 per US$1.00Metal price for mineral reserve estimation1Metal pri

64、ce for mineral resource estimation2Currency exchange rates31.Exceptions:US$1,350 per ounce of gold used for Hammond Reef and Hope Bay;US$1,400 per ounce of gold used for Detour Lake Open-Pit;US$1,650 per ounce of gold used for Wasamac and Amaruq;US$1,800 per ounce of gold and US$24.00 per ounce of s

65、ilver used for Pinos Altos;US$1,300 per ounce of gold and US$3.00 per pound of copper used for San Nicols.2.Exceptions:US$1,200 per ounce of gold used for Holt complex;US$1,300 per ounce of gold used for Detour Zone 58N;US$1,450 per ounce of gold used for Canadian Malartic;US$1,500 per ounce of gold

66、 used for Northern Territory;US$1,533 per ounce of gold used for Barsele;US$1,650 per ounce of gold used for Detour,La India and Chipriona;US$1,667 per ounce of gold used for Upper Canada,El Barqueo;US$22.67 per ounce of silver used for El Barqueo;US$1,688 per ounce of gold used for Anoki-McBean,Ham

67、mond Reef and Tarachi;US$1,688 per ounce of gold and US$25.00 per ounce of silver used for Santa Gertrudis;US$1,300 per ounce of gold,US$20.00 per ounce of silver,US$3.00 per pound of copper and US$1.10 per pound of zinc used for San Nicols,US$1,800 per ounce of gold and US$24.00 per ounce of silver

68、 used for Pinos Altos.3.Exceptions:C$1.25 per US$1.00 used for Upper Canada,Holt complex and Detour Lake Zone 58N;EUR 0.87 per US$1.00 used for Barsele;and MXP17.00 per US$1.00 used for Tarachi;C$1.30 per US$1.00 used for Detour OP,Detour UG,Hammond Reef and Hope Bay.The assumptions used for the Dec

69、ember 31,2024 mineral reserve and mineral resource estimates reported by the Company were as follows:Agnico Eagle Mines Limited 2024 Annual Report9Detailed Mineral Reserve and Mineral Resource Data(as at December 31,2024)MINERAL RESERVES as at December 31,2024OPERATION/PROJECTPROVENPROBABLEPROVEN&PR

70、OBABLEGoldMining Method*000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz AuRecovery%*LaRonde mine1U/G2,398 4.84 3738,334 6.38 1,70910,7316.032,08194.6LaRonde Zone 52U/G5,026 2.10339 4,2412.34319 9,267 2.21659 94.7LaRonde Total7,424 2.98712 12,574 5.022,02819,9984.26 2,740Canadian Mala

71、rtic3O/P40,3830.52677 34,5331.14 1,267 74,9160.811,944 89.3 East Gouldie4U/G 48,2783.375,23648,278 3.375,23694.4 Odyssey deposit5U/G362.4134,3182.27 3154,354 2.27 31795.0Canadian Malartic Total40,419 0.5268087,1282.436,818 127,547 1.83 7,497Goldex6U/G5,472 1.43251 10,137 1.65 538 15,609 1.5778986.9A

72、kasaba West7O/P8460.8222 3,948 0.91116 4,794 0.90 13877.0Goldex Total 6,3181.3427314,0851.44 654 20,403 1.41927 Wasamac U/G 14,7572.90 1,377 14,757 2.901,37789.7 Quebec Total54,161 0.96 1,665 128,545 2.63 10,876 182,706 2.13 12,541 Detour Lake (at or above 0.5 g/t)O/P75,405 1.08 2,616 447,790 0.90 1

73、3,020 523,195 0.93 15,636 92.0Detour Lake(below 0.5 g/t)O/P53,0490.42717218,8610.382,698271,9100.393,41592.0Detour Lake Total8 128,454 0.81 3,333 666,651 0.73 15,718 795,105 0.75 19,051 Macassa mine9U/G325 13.24 138 5,096 10.32 1,691 5,421 10.50 1,829 97.1 Macassa Near Surface10U/G4 7.76 1 65 5.15 1

74、1 69 5.31 12 95.0 AK deposit11U/G23 5.11 4 1,514 4.71 229 1,537 4.71 233 93.7 Macassa Total352 12.65 143 6,675 9.00 1,931 7,027 9.18 2,074 Upper Beaver12O/P 3,235 1.82 189 3,235 1.82 189 95.5 Upper Beaver12U/G 19,946 4.02 2,579 19,9464.02 2,579 95.5 Upper Beaver Total 23,181 3.71 2,768 23,181 3.71 2

75、,768 Hammond Reef13O/P 123,4730.843,323123,4730.843,32389.2Ontario Total128,806 0.84 3,476 819,979 0.90 23,740 948,785 0.89 27,216 AmaruqO/P3,310 1.81 193 8,657 3.33 928 11,967 2.91 1,121 90.7 AmaruqU/G45 4.86 7 2,858 5.23 481 2,903 5.23 488 90.7 Meadowbank Total143,355 1.86 200 11,516 3.80 1,408 14

76、,871 3.36 1,609 MeliadineO/P324 3.47 36 5,241 4.10690 5,565 4.06 726 96.0 MeliadineU/G1,666 6.93 371 12,557 5.62 2,268 14,223 5.77 2,639 96.0 Meliadine Total151,990 6.37 407 17,798 5.17 2,958 19,788 5.29 3,365 Hope Bay16U/G936.772016,1206.52 3,378 16,212 6.52 3,398 87.5Nunavut Total5,438 3.59 628 45

77、,433 5.30 7,74450,871 5.12 8,372 Fosterville17U/G888 5.77 165 8,666 5.33 1,486 9,553 5.37 1,650 92.0 Australia Total888 5.77 165 8,666 5.33 1,486 9,553 5.37 1,650 Kittila18U/G616 4.33 86 24,782 4.16 3,314 25,398 4.16 3,400 86.4 Europe Total616 4.33 86 24,782 4.16 3,314 25,398 4.16 3,400 Pinos Altos

78、O/P1,884 1.04 63 1,884 1.04 63 94.4 Pinos Altos U/G1,4842.091003,5892.352715,0722.2737094.1Pinos Altos Total19 1,484 2.09 100 5,472 1.90 334 6,956 1.94 433 San Nicols(50%)20O/P23,858 0.4131428,7610.3935852,6190.4067217.6Mexico Total25,341 0.51 414 34,234 0.63 691 59,575 0.58 1,105 Total Gold215,249

79、0.93 6,433 1,061,639 1.40 47,852 1,276,888 1.32 54,284 Agnico Eagle Mines Limited 2024 Annual Report10MINERAL RESERVES as at December 31,2024OPERATION/PROJECTPROVENPROBABLEPROVEN&PROBABLESilverMining Method*000 Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz AgRecovery%*LaRonde mineU/G2,

80、398 13.29 1,024 8,334 21.67 5,805 10,731 19.79 6,830 77.4 Pinos AltosO/P1,884 32.53 1,970 1,884 32.53 1,970 44.5 Pinos AltosU/G1,484 48.13 2,296 3,589 36.72 4,236 5,072 40.05 6,532 48.1 Pinos Altos Total1,484 48.13 2,296 5,472 35.28 6,206 6,956 38.02 8,502 San Nicols(50%)O/P23,858 23.93 18,356 28,76

81、1 20.9119,33352,61922.2837,68938.6Total Silver27,739 24.31 21,677 42,567 22.90 31,344 70,307 23.46 53,021 CopperCopperMining Mining Method*Method*000 000 TonnesTonnes%tonnes tonnes CuCu000 000 TonnesTonnes%tonnes tonnes CuCu000 000 TonnesTonnes%tonnes tonnes CuCuRecovery Recovery%*%*LaRonde mineU/G2

82、,398 0.20 4,808 8,334 0.30 25,224 10,731 0.28 30,033 83.8 Akasaba WestO/P846 0.49 4,144 3,948 0.50 19,851 4,794 0.50 23,995 77.4 Upper BeaverO/P 3,235 0.14 4,477 3,235 0.14 4,477 79.2 Upper BeaverU/G19,9460.2550,45319,9460.2550,45379.2Upper Beaver Total 23,181 0.24 54,930 23,181 0.24 54,930 San Nico

83、ls(50%)O/P23,858 1.26299,80928,7611.01291,72152,6191.12591,53078.2Total Copper27,102 1.14 308,761 64,224 0.61 391,727 91,326 0.77 700,488 ZincZincMining Mining Method*Method*000 000 TonnesTonnes%tonnes tonnes ZnZn000 000 TonnesTonnes%tonnes tonnes ZnZn000 000 TonnesTonnes%tonnes tonnes ZnZnRecovery

84、Recovery%*%*LaRonde mineU/G2,398 0.49 11,803 8,334 1.12 93,022 10,731 0.98 104,82566.9 San Nicols(50%)O/P23,858 1.61 383,31328,7611.37394,11552,6191.48777,42880.9Total Zinc26,256 1.50 395,115 37,0951.31 487,137 63,351 1.39882,252*Underground(“U/G”),Open Pit(“O/P”).*Represents metallurgical recovery

85、percentage.1.LaRonde mine:Net smelter value cut-off varies according to mining type and depth,not less than C$87/t for LP1(Area 11-3)and not less than C$210/t for LaRonde.2.LaRonde Zone 5:Gold cut-off grade varies according to stope size and depth,not less than 1.44 g/t.3.Canadian Malartic:Gold cut-

86、off grade is 0.35 g/t.4.East Gouldie:Gold cut-off grade not less than 1.62 g/t.5.Odyssey deposits:Gold cut-off grade varies according to mining zone and depth,not less than 1.51 g/t.6.Goldex:Gold cut-off grade varies according to mining type and depth,not less than 0.90 g/t.7.Akasaba West:Net smelte

87、r value cut-off varies,not less than C$31.96/t.8.Detour Lake:Gold cut-off grade is 0.30 g/t.9.Macassa mine:Gold cut-off grade varies according to mining type,not less than 3.85 g/t for long hole method and 4.24 g/t for cut and fill method.10.Macassa Near Surface deposit:Gold cut-off grade not less t

88、han 2.43 g/t.11.Amalgamated Kirkland(“AK”)deposit:Gold cut-off grade not less than 2.43 g/t.12.Upper Beaver:Net smelter value cut-off varies according to mining type,not less than C$118.17/t for underground and C$43.49/t for open pit.13.Hammond Reef:Gold cut-off grade is 0.41 g/t.14.Amaruq:Gold cut-

89、off grade varies according to mining type,not less than 0.98 g/t for open pit mineral reserves and 3.05 g/t for underground mineral reserves(gold cut-off grade for marginal underground mineral reserves from development is 1.17 g/t).15.Meliadine:Gold cut-off grade varies according to mining type,not

90、less than 1.60 g/t for open pit mineral reserves and 4.20 g/t for underground mineral reserves(gold cut-off grade for marginal underground mineral reserves from development is 1.60 g/t).16.Hope Bay:Gold cut-off grade not less than 4.00 g/t.17.Fosterville:Gold cut-off grade varies according to mining

91、 zone and type,not less than 3.10 g/t.18.Kittila:Gold cut-off grade varies according to haulage distance,not less than 2.63 g/t.19.Pinos Altos:Net smelter value cut-off varies according to mining zone and type,not less than C$11.09/t for open pit mineral reserves and US$63.43/t for the underground m

92、ineral reserves.20.San Nicols(50%):Net smelter return cut-off values for low zinc/copper ore of US$9.71/t and for high zinc/copper ore of US$13.15/t.Agnico Eagle Mines Limited 2024 Annual Report11MINERAL RESOURCES as at December 31,2024OPERATION/PROJECTMEASUREDINDICATEDMEASURED&INDICATEDINFERREDGold

93、Mining Method*000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnes g/t000 Oz AuLaRonde mineU/G 5,851 3.75 705 5,851 3.75 705 1,619 5.39 281 LaRonde Zone 5U/G 11,094 2.29 817 11,094 2.29 817 7,187 4.15 960 LaRonde Total 16,945 2.79 1,522 16,945 2.79 1,522 8,806 4.38 1,240 Cana

94、dian MalarticO/P 5,550 0.72 129 Odyssey depositU/G 1,847 1.77 105 1,847 1.77 105 20,275 2.33 1,520 East MalarticU/G 45,783 1.95 2,869 45,783 1.95 2,869 57,354 1.98 3,651 East GouldieU/G 5,243 1.52 257 5,243 1.52 257 61,155 2.32 4,557 Odyssey Mine Total 52,873 1.90 3,232 52,873 1.90 3,232 138,784 2.1

95、8 9,728 Canadian Malartic Total 52,873 1.90 3,232 52,873 1.90 3,232 144,334 2.12 9,857 GoldexU/G12,360 1.86 73918,8371.48 865 30,496 1.641,604 16,946 1.62885 Akasaba WestO/P 4,133 0.68 90 4,133 0.68 90 Goldex Total 12,360 1.86 739 22,270 1.33 955 34,630 1.52 1,694 16,946 1.62 885 WasamacU/G 9,479 2.

96、19 667 9,479 2.19 667 3,911 2.48 312 Quebec Total12,360 1.86739101,567 1.95 6,376 113,927 1.94 7,115 173,997 2.20 12,294 Detour LakeO/P33,923 1.10 1,201 630,463 0.60 12,188 664,386 0.63 13,389 65,093 1.40 2,926 Detour LakeU/G 27,738 2.10 1,870 27,738 2.10 1,870 59,269 1.93 3,679 Detour Lake Zone 58N

97、U/G 2,868 5.805342,8685.805349734.35136Detour Lake Total33,923 1.10 1,201 661,068 0.69 14,592 694,991 0.71 15,793 125,335 1.67 6,742 Macassa mineU/G278 8.46 76 2,716 7.39 645 2,994 7.49 721 5,036 7.77 1,259 Macassa Near SurfaceU/G 94 5.03 15 94 5.03 15 205 4.74 31 AK DepositU/G 333 4.81 52 333 4.81

98、52 283 3.52 32 Macassa Total278 8.46 76 3,144 7.05 712 3,422 7.16 788 5,524 7.44 1,322 AquariusO/P 12,364 2.15 856 12,364 2.15 856 122 3.59 14Holt complexU/G5,806 4.29 8005,8844.7589811,6904.521,6999,0974.481,310Anoki-McBeanU/G 3,9192.773493,9192.773498673.84107Upper BeaverO/P 54 0.87 2 54 0.87 2 Up

99、per BeaverU/G 7,510 2.04 493 7,510 2.04 493 2,953 4.12 391 Upper Beaver Total 7,564 2.03 495 7,564 2.03 495 2,953 4.12 391 Upper CanadaO/P 2,006 1.62 104 2,006 1.62 104 1,020 1.44 47 Upper CanadaU/G 8,433 2.286188,4332.2861817,5883.211,816Upper Canada Total 10,439 2.15 722 10,439 2.15 722 18,608 3.1

100、1 1,863 Hammond ReefO/P47,0630.5481986,3040.531,478133,3670.542,298 Ontario Total87,070 1.03 2,896 790,685 0.79 20,104 877,755 0.82 23,000 162,506 2.25 11,748 AmaruqO/P 3,115 3.37 338 3,115 3.37 338 187 2.88 17AmaruqU/G 6,801 4.30 940 6,801 4.30 940 3,773 4.73 574 Meadowbank Total 9,915 4.01 1,277 9

101、,915 4.01 1,277 3,960 4.65 592 MeliadineO/P1 3.46 0 4,229 2.98 406 4,231 2.98 406 614 4.43 87 MeliadineU/G524 4.53 76 9,187 4.17 1,232 9,711 4.19 1,308 11,082 6.00 2,138 Meliadine Total525 4.53 76 13,416 3.80 1,638 13,941 3.82 1,714 11,696 5.92 2,225 Hope BayU/G 14,689 4.54 2,143 14,689 4.54 2,143 1

102、3,232 5.44 2,312 Nunavut Total525 4.53 76 38,020 4.14 5,058 38,545 4.14 5,135 28,888 5.52 5,129 FostervilleO/P843 2.79 75 2,371 3.21 245 3,214 3.10 320 692 2.45 54 FostervilleU/G474 4.27 65 9,094 3.91 1,142 9,567 3.92 1,207 12,070 4.42 1,715 Fosterville Total1,316 3.32 141 11,465 3.76 1,386 12,781 3

103、.72 1,527 12,761 4.31 1,769 Northern TerritoryO/P269 3.653216,4161.4274916,6851.4678113,5361.75762Northern TerritoryU/G 5,115 5.398875,1155.398874,2844.45613Northern Territory Total2693.653221,5312.361,63621,8002.381,66817,8202.401,376Agnico Eagle Mines Limited 2024 Annual Report12MINERAL RESOURCES

104、as at December 31,2024OPERATION/PROJECTMEASUREDINDICATEDMEASURED&INDICATEDINFERREDGoldMining Method*000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnesg/t000 Oz Au000 Tonnes g/t000 Oz AuAustralia Total1,585 3.38 172 32,996 2.85 3,023 34,581 2.87 3,195 30,581 3.20 3,145 KittilaO/P 3733.8947Kittila

105、U/G4,749 2.87 438 15,079 3.01 1,461 19,828 2.98 1,899 6,038 4.97 965 Kittila Total4,749 2.87 438 15,079 3.01 1,461 19,828 2.98 1,899 6,411 4.91 1,011 Barsele(55%)O/P3,178 1.08 111 3,178 1.08 111 2,260 1.25 91 Barsele(55%)U/G 1,158 1.77 66 1,158 1.77 66 13,552 2.10 914 Barsele Total 4,335 1.27 176 4,

106、335 1.27 176 15,811 1.98 1,005 Europe Total 4,749 2.87 438 19,414 2.62 1,638 24,163 2.67 2,076 22,222 2.82 2,016 Pinos Altos O/P1,248 0.79 32 1,248 0.79 32 106 0.60 2 Pinos Altos U/G9,798 2.25 709 9,798 2.25 709 972 1.79 56 Pinos Altos Total 11,045 2.09 741 11,045 2.09 741 1,077 1.67 58 La India O/P

107、4,478 0.52 74 880 0.53 15 5,358 0.52 89 San Nicols(50%)O/P261 0.08 1 3,037 0.20 19 3,297 0.19 20 2,468 0.13 10 Tarachi O/P 19,2900.58 361 19,290 0.58 361 242 0.524Chipriona O/P10,983 0.92 326 10,983 0.92 326 976 0.66 21El Barqueo Gold O/P8,834 1.16 331 8,834 1.16 331 9,628 1.13 351 Santa Gertrudis O

108、/P19,267 0.91 563 19,267 0.91 563 9,819 1.36 429 Santa Gertrudis U/G9,079 3.44 1,004 Santa Gertrudis Total 19,267 0.91 563 19,267 0.91 563 18,898 2.36 1,433 Mexico Total4,739 0.49 75 73,336 1.00 2,355 78,075 0.97 2,430 33,2891.751,876Total Gold111,028 1.23 4,397 1,056,019 1.14 38,553 1,167,047 1.14

109、42,950 451,483 2.49 36,208 MINERAL RESOURCES as at December 31,2023OPERATION/PROJECTMEASUREDINDICATEDMEASURED&INDICATEDINFERREDSilverMining Method*000 Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz Ag000 Tonnesg/t000 Oz Ag000 Tonnes g/t000 Oz AgLaRonde mineU/G 5,851 15.28 2,873 5,851 15.28 2,873 1,619 11.14

110、580 Pinos Altos O/P1,248 19.20 770 1,248 19.20 770 106 12.38 42 Pinos AltosU/G9,79850.8816,0289,798 50.88 16,028 972 41.51 1,297 Pinos Altos Total 11,045 47.30 16,798 11,045 47.30 16,798 1,077 38.65 1,339 La India O/P4,478 2.72 391 880 2.58 73 5,358 2.70 464 San Nicols(50%)O/P261 6.40 54 3,037 11.86

111、 1,158 3,297 11.43 1,211 2,468 9.26 735 Chipriona O/P 10,983 100.7235,566 10,983 100.72 35,566 976 86.77 2,722 El Barqueo Silver O/P 4,393 124.06 17,523 El Barqueo Gold O/P 8,834 4.73 1,343 8,834 4.73 1,343 9,628 16.86 5,218 Santa Gertrudis O/P 19,267 3.66 2,269 19,267 3.66 2,269 9,819 1.85 585 Sant

112、a Gertrudis U/G 9,079 23.31 6,803 Santa Gertrudis Total 19,267 3.66 2,269 19,267 3.66 2,269 18,898 12.16 7,389 Total Silver 4,739 2.92 445 59,897 31.20 60,080 64,636 29.13 60,525 39,058 28.27 35,504 Agnico Eagle Mines Limited 2024 Annual Report13MINERAL RESOURCES as at December 31,2024OPERATION/PROJ

113、ECTMEASUREDINDICATEDMEASURED&INDICATEDINFERREDCopperMining Method*000 Tonnes%tonnes tonnes CuCu000 Tonnes%tonnes tonnes CuCu000 Tonnes%tonnes tonnes CuCu000 Tonnes%tonnes tonnes CuCuLaRonde mine U/G 5,851 0.14 8,213 5,851 0.14 8,213 1,619 0.25 4,101 Akasaba West O/P4,133 0.41 17,126 4,133 0.41 17,12

114、6 Upper Beaver O/P54 0.10 56 54 0.10 56 Upper Beaver U/G7,510 0.16 12,063 7,510 0.16 12,063 2,953 0.36 10,649 Upper Beaver Total 7,564 0.16 12,118 7,564 0.16 12,118 2,953 0.36 10,649 San Nicols(50%)O/P261 1.35 3,526 3,037 1.17 35,489 3,297 1.18 39,015 2,468 0.94 23,144 Chipriona O/P 10,983 0.16 17,2

115、91 10,983 0.16 17,291 976 0.12 1,174 El Barqueo Gold O/P 8,834 0.19 16,400 8,834 0.19 16,400 9,628 0.22 21,152 El Barqueo Silver O/P 4,393 0.04 1,854 Total Copper 261 1.35 3,526 40,402 0.26 106,637 40,662 0.27 110,163 22,036 0.28 62,075 MINERAL RESOURCES as at December 31,2024OPERATION/PROJECTMEASUR

116、EDINDICATEDMEASURED&INDICATEDINFERREDZincMining Method*000 Tonnes%tonnes tonnes ZnZn000 Tonnes%tonnes tonnes ZnZn000 Tonnes%tonnes tonnes ZnZn000 Tonnes%tonnes tonnes ZnZnLaRonde mineU/G 5,851 1.00 58,633 5,851 1.00 58,633 1,619 0.34 5,520 San Nicols(50%)O/P261 0.39 1,012 3,037 0.71 21,618 3,297 0.6

117、9 22,630 2,468 0.62 15,355 Chipriona O/P10,983 0.83 91,637 10,983 0.83 91,637 976 0.73 7,073 Total Zinc 261 0.39 1,012 19,870 0.87 171,888 20,131 0.86 172,900 5,062 0.55 27,949*Underground(“U/G”),Open Pit(“O/P”).Agnico Eagle Mines Limited 2024 Annual Report14All dollar amounts in this report are in

118、US$unless otherwise indicatedOperating Highlights202420232022Payable gold production(ounces)13,485,3363,439,6543,155,007Total cash costs per ounce2$903$865$793Average realized gold price per ounce$2,384$1,946$1,797Financial Highlights202420232022Revenue from mining operations(millions)$8,286$6,627$5

119、,741Net income(millions)$1,896$1,941$670Net income per share basic$3.79$3.97$1.53Annualized dividend declared per share$1.60$1.60$1.601.Payable production of a mineral means the quantity of mineral produced during a period contained in products that are sold by the Company,whether such products are

120、shipped during the period or held as inventory at the end of the period.2.Total cash costs per ounce is a Non-GAAP measure and unless otherwise specified is reported on a by-product basis.For further information see“Note Regarding Certain Measures of Performance”.41CONSECUTIVE YEARS OF DIVIDENDSAnnu

121、alized Dividend(per share)Superior Share Performance Over 10-year Investment Period AEM US Equity XAU Index Gold Spot*Assuming the Board of Directors continues to declare dividends of$0.40 per quarter.1.Assumes reinvestment of dividends of$0.36 in 2016,$0.41 in 2017,$0.44 paid in 2018,$0.55 paid in

122、2019,$0.95 paid in 2020,$1.40 paid in 2021 and$1.60 paid in 2022,2023 and in 2024.Operating and Financial HighlightsSource:CaplQ2020$0.952021$1.402022$1.602023$1.602024$1.602025*$1.60501001502002503003504002024202320222021202020192018201720162015201414.04%AEM US EQUITY CAGR17.14%XAU INDEX CAGR8.32%G

123、OLD SPOT CAGRAgnico Eagle Mines Limited 2024 Annual Report15For the year ended December 31,2024(Prepared in accordance with International Financial Reporting Standards)Managements Discussion&AnalysisAgnico Eagle Mines Limited 2024 Annual Report16The information in this annual report has been prepare

124、d as at February 26,2025.Certain statements contained in this annual report constitute“forward-looking statements”within the meaning of the United States Private Securities Litigation Reform Act of 1995 and“forward-looking information”under the provisions of Canadian provincial securities laws and a

125、re referred to herein as“forward-looking statements”.All statements,other than statements of historical fact,that address circumstances,events,activities or developments that could,or may or will occur are forward-looking statements.When used in this annual report,the words“achieve”,“aim”,“anticipat

126、e”,“commit”,“could”,“estimate”,“expect”,“forecast”,“future”,“guide”,“plan”,“potential”,“schedule”,“target”,“track”,“will”and similar expressions are intended to identify forward-looking statements.Such statements include,without limitation:the Companys outlook for 2025 and future periods;statements

127、regarding future earnings and the sensitivity of earnings to gold and other metal prices;anticipated levels or trends for prices of gold and by-product metals mined by the Company or for exchange rates between currencies in which capital is raised,revenue is generated or expenses are incurred by the

128、 Company;the Companys forward-looking guidance,including metal production,estimated ore grades,recovery rates,project timelines,drilling targets or results,life of mine estimates,total cash costs per ounce,all-in sustaining costs per ounce,minesite costs per tonne,other expenses and cash flows;the p

129、otential for additional gold production at the Companys sites;the estimated timing and conclusions of the Companys studies and evaluations;the methods by which ore will be extracted or processed;the Companys expansion plans at Detour Lake,Upper Beaver and Odyssey,including the timing,funding,complet

130、ion and commissioning thereof and the commencement of production therefrom;the Companys plans at Hope Bay and San Nicols;statements concerning the potential to increase production at Fosterville;statements concerning the Companys“fill-the-mill”strategy at Canadian Malartic,including the potential fo

131、r a second shaft at Odyssey and plans at the Wasamac and Marban projects;statements concerning other expansion projects,recovery rates,mill throughput,optimization efforts and projected exploration,including costs and other estimates upon which such projections are based;timing and amounts of capita

132、l expenditures,other expenditures and other cash needs,and expectations as to the funding thereof;estimates of future mineral reserves,mineral resources,mineral production and sales;the projected development of certain ore deposits,including estimates of exploration,development and production and ot

133、her capital costs and estimates of the timing of such exploration,development and production or decisions with respect to such exploration,development and production;anticipated cost inflation and its effect on the Companys costs and results;estimates of mineral reserves and mineral resources and th

134、e effect of drill results and studies on future mineral reserves and mineral resources;the Companys ability to obtain the necessary permits and authorizations in connection with its proposed or current exploration,development and mining operations,including at Meliadine,Upper Beaver and San Nicols,a

135、nd the anticipated timing thereof;future exploration;the anticipated timing of events with respect to the Companys mine sites;the Companys plans and strategies with respect to climate change and greenhouse gas emissions reductions;the sufficiency of the Companys cash resources;the Companys plans wit

136、h respect to hedging and the effectiveness of its hedging strategies;future activity with respect to the Companys unsecured revolving bank credit facility and other indebtedness;future dividend amounts,record dates and payment dates;plans with respect to activity under the normal course issuer bid;a

137、nd anticipated trends with respect to the Companys operations,exploration and the funding thereof.Such statements reflect the Companys views as at the date of this annual report and are subject to certain risks,uncertainties and assumptions,and undue reliance should not be placed on such statements.

138、Forward-looking statements are necessarily based upon a number of factors and assumptions that,while considered reasonable by Agnico Eagle as of the date of such statements,are inherently subject to significant business,economic and competitive uncertainties and contingencies.The material factors an

139、d assumptions used in the preparation of the forward-looking statements contained herein,which may prove to be incorrect,include,but are not limited to,the assumptions set forth herein and in managements discussion and analysis(“MD&A”)and the Companys Annual Information Form(“AIF”)for the year ended

140、 December 31,2024 filled with Canadian securities regulators and that are included in its Annual Report on Form 40-F for the year ended December 31,2024(“Form 40-F”)filed with the U.S.Securities and Exchange Commission(the“SEC”)as well as:that there are no significant disruptions affecting operation

141、s;that production,permitting,development,expansion and the ramp up of operations at each of Agnico Eagles properties proceeds on a basis consistent with current expectations and plans;that the Companys plans for its mining operations are not changed or amended in a material way;that the relevant met

142、al prices,foreign exchange rates and prices for key mining and construction inputs(including labour and electricity)will be consistent with Agnico Eagles expectations;that the effect of tariffs will not materially affect the price or availability of the inputs the Company uses at its operations;that

143、 Agnico Eagles current estimates of mineral reserves,mineral resources,mineral grades and metal recovery are accurate;that there are no material delays in the timing for completion of ongoing growth projects;that seismic activity at the Companys operations at LaRonde,Goldex,Fosterville and other pro

144、perties is as expected by the Company and that the Companys efforts to mitigate its effect on mining operations,including with respect to community relations,are successful;that the Companys current plans to address climate change and reduce greenhouse gas emissions are successful;that the Companys

145、current plans to optimize production are successful;that there are no material variations in the current tax and regulatory environment;that governments,the Company or others do not take measures in response to pandemics or other health emergencies or otherwise that,individually or in the aggregate,

146、materially affect the Companys ability to operate its business or its productivity;and that measures taken relating to,or other effects of,pandemics or other health emergencies do not affect the Companys ability to obtain necessary supplies and deliver them to its mine sites.Many factors,known and u

147、nknown,could cause the actual results to be materially different from those expressed or implied by such forward-looking statements.Such risks include,but are not limited to:the volatility of prices of gold and other metals;uncertainty of mineral reserves,mineral resources,mineral grades and mineral

148、 recovery estimates;uncertainty of future production,project development,capital expenditures and other costs;foreign exchange rate fluctuations;inflationary pressures;financing of additional capital requirements;cost of exploration and development programs;seismic activity at the Companys operation

149、s,including at LaRonde,Goldex and Fosterville;mining risks;community protests,including by Indigenous groups;risks associated with foreign operations;risks associated with joint ventures;governmental and environmental regulation;the volatility of the Companys stock price;risks associated with the Co

150、mpanys currency,fuel and by-product metal derivative strategies;the current interest rate environment;the potential for major economies to encounter a slowdown in economic activity or a recession;the potential for increased conflict or hostilities in various regions,including Europe and the Middle E

151、ast;and the extent and manner of communicable diseases or outbreaks,and measures taken by governments,the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company.For a more detailed discussion of such risks and other factors that may affect the Compa

152、nys ability to achieve the expectations set forth in the forward-looking statements contained in this annual report,see the AIF and MD&A filed on SEDAR+at www.sedarplus.ca and included in the Form 40-F filed on EDGAR at www.sec.gov,as well as the Companys other filings with the Canadian securities r

153、egulators and the SEC.Other than as required by law,the Company does not intend,and does not assume any obligation,to update these forward-looking statements.Notes to Investors Regarding the Use of Mineral ResourcesThe mineral reserve and mineral resource estimates contained in this annual report ha

154、ve been prepared in accordance with the Canadian Securities Administrators(the“CSA”)National Instrument 43-101 Standards of Disclosure for Mineral Projects(“NI 43-101”).The SECs disclosure requirements and policies for mining properties now more closely align with current industry and global regulat

155、ory practices and standards,including NI 43-101;however,Canadian issuers that report in the United States using the Multijurisdictional Disclosure Forward-Looking StatementsAgnico Eagle Mines Limited 2024 Annual Report17System(“MJDS”),such as the Company,may still use NI 43-101 rather than the SEC d

156、isclosure requirements when using the SECs MJDS registration statement and annual report forms.Accordingly,mineral reserve and mineral resource information contained in this annual report may not be comparable to similar information disclosed by U.S.companies.Investors are cautioned that while the S

157、EC recognizes“measured mineral resources”,“indicated mineral resources”and“inferred mineral resources”,investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves.These terms

158、have a great amount of uncertainty as to their economic and legal feasibility.Accordingly,investors are cautioned not to assume that any“measured mineral resources”,“indicated mineral resources”or“inferred mineral resources”that the Company reports in this annual report are or will be economically o

159、r legally mineable.Under Canadian regulations,estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies,except in limited circumstances.Further,“inferred mineral resources”have a great amount of uncertainty as to their existence and as to their economic

160、 and legal feasibility.It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.The mineral reserve and mineral resource data set out in this annual report are estimates,and no assurance can be given that the anticipated tonnages and grades

161、 will be achieved or that the indicated level of recovery will be realized.The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a subset of mineral resources.See“Detaile

162、d Mineral Reserves and Mineral Resources”in this annual report for additional information.Note Regarding Certain Measures of PerformanceThis annual report discloses certain measures,including“total cash costs per ounce”,that are not standardized measures under IFRS.These data may not be comparable t

163、o data reported by other issuers.For a discussion of the composition and usefulness as well as a reconciliation of these measures to the most directly comparable financial information reported in the consolidated financial statements prepared in accordance with IFRS and an explanation of the composi

164、tion of such measures and how such measures provide useful information to investors,see“Non-GAAP Financial Performance Measures”in the MD&A.For scientific and technical information about the Companys mines and projects,please refer to the AIF.Forward-Looking Statements(continued)Agnico Eagle Mines L

165、imited 2024 Annual Report18AGNICO EAGLE MINES LIMITED MANAGEMENTS DISCUSSION AND ANALYSISTable ofContentsPageExecutive Summary1Strategy22024 and 2025 Developments2Portfolio Overview3Key Performance Drivers8Spot Price of Gold and Silver8Production Volumes and Costs9Foreign Exchange Rates(Ratio to US$

166、)9Results of Operations10Revenues from Mining Operations10Production Costs11Exploration and Corporate Development Expense13Amortization of Property,Plant and Mine Development13General and Administrative Expense13Finance Costs13Derivative Financial Instruments14Impairment Loss14Foreign Currency Trans

167、lation Loss(Gain)14Other Expenses15Income and Mining Taxes Expense15Balance Sheet Review15Liquidity and Capital Resources16Operating Activities16Investing Activities16Financing Activities16Off-Balance Sheet Arrangements18Contractual Obligations192025 Liquidity and Capital Resources Analysis19Quarter

168、ly Results Review20Minesite Discussion20Fourth Quarter 2024 vs.Fourth Quarter 202333Fourth Quarter 2024 vs.Third Quarter 202433Outlook342024 Results Comparison to 2024 Outlook342025 to 2026 Outlook Production Update34Operations Outlook35Risk Profile39Financial Instruments39Interest Rates40Commodity

169、Prices and Foreign Currencies40Cost Inputs41Operational Risk41Regulatory Risk41PageControls Evaluation42Outstanding Securities42Critical IFRS Accounting Policies and Accounting Estimates42Mineral Reserve Data43Non-GAAP Financial Performance Measures45Adjusted Net Income and Adjusted Net Income PerSh

170、are45EBITDA and Adjusted EBITDA46Free Cash Flow and Free Cash Flow before Changes inNon-Cash Components of Working Capital47Total Cash Costs per Ounce of Gold Produced andMinesite Costs per Tonne48All-in Sustaining Costs per Ounce of Gold Produced59Operating Margin61Sustaining and Development Capita

171、l Expenditures byMine61Note to Investors Concerning Forward-LookingInformation63Scientific and Technical Information64Note to Investors Concerning Estimates of MineralReserves and Mineral Resources64Summarized Quarterly Data65Three Year Financial and Operating Summary69This Management s Discussion a

172、nd Analysis(“MD&A”)dated February 13,2025 of Agnico Eagle Mines Limited(“AgnicoEagle”or the“Company”)should be read in conjunction with the Company s consolidated annual financial statements forthe year ended December 31,2024 that were prepared in accordance with International Financial Reporting St

173、andards(“IFRS”)as issued by the International Accounting Standards Board(“IASB”)(the“Annual Financial Statements”).TheAnnual Financial Statements and this MD&A are presented in United States dollars(“US dollars”,“$”or“US$”)andall units of measurement are expressed using the metric system unless othe

174、rwise specified.Certain information in thisMD&A is presented in Canadian dollars(“C$”),Mexican pesos,European Union euros(“Euros”or“”)or Australiandollars(“A$”).Additional information relating to the Company,including the Company s Annual Information Form for theyear ended December 31,2023(the“AIF”)

175、,is available on the Canadian Securities Administrators(the“CSA”)SEDAR+website at www.sedarplus.ca and the Form 40-F is on file with the Securities and Exchange Commission(“SEC”)atwww.sec.gov/edgar.Certain statements contained in this MD&A,referred to herein as“forward-looking statements”,constitute

176、“forward-looking information”under the provisions of Canadian provincial securities laws and constitute“forward-lookingstatements”within the meaning of the United States Private Securities Litigation Reform Act of 1995.See“Forward-Looking Statements”in this MD&A.This MD&A discloses certain financial

177、 performance measures,including“total cash costs per ounce”,“all-in sustainingcosts per ounce”(also referred to as“AISC per ounce”),“minesite costs per tonne”,“adjusted net income”,“adjusted netincome per share”,“earnings before interest,taxes,depreciation and amortization”(also referred to as“EBITD

178、A”),“adjusted earnings before interest,taxes,depreciation and amortization”(also referred to as“adjusted EBITDA”),“freecash flow”,“free cash flow before changes in non-cash components of working capital”,“sustaining capital expenditures”,“development capital expenditures”and“operating margin”that ar

179、e not standardized measures under IFRS.Thesemeasures may not be comparable to similar measures reported by other gold producers.For a discussion of thecomposition and usefulness of these measures and reconciliation of each of them to the most directly comparable financialinformation presented in the

180、 annual consolidated financial statements prepared in accordance with IFRS,see“Non-GAAP Financial Performance Measures”in this MD&A.This MD&A also contains information as to estimated future total cash costs per ounce,AISC per ounce and minesitecosts per tonne.The estimates are based upon the total

181、cash costs per ounce,AISC per ounce and minesite costs pertonne that the Company expects to incur to mine gold at its mines and projects and,consistent with the reconciliation ofthese actual costs referred to below under“Non-GAAP Financial Performance Measures”,do not include productioncosts attribu

182、table to accretion expense and other asset retirement costs,which will vary over time as each project isdeveloped and mined.It is therefore not practicable to reconcile these forward-looking non-GAAP financial measures tothe most comparable IFRS measure.Payable production(a non-GAAP non-financial pe

183、rformance measure)is the quantity of mineral produced during aperiod contained in products that have been or will be sold by the Company,whether such products are sold during theperiod or held as inventories at the end of the period.Unless otherwise stated per ounce measures such as“productioncosts

184、per ounce”,“total cash costs per ounce”and“AISC per ounce”are reported on a“per ounce of gold produced”basis.The mineral reserve and mineral resource estimates contained in this MD&A have been prepared in accordance with theCanadian Securities Administrators(the“CSA”)National Instrument 43-101“Stand

185、ards of Disclosure for MineralProjects”(“NI 43-101”).See“Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources”.Unless otherwise stated,references to“LaRonde”,“Canadian Malartic”,“Meadowbank”and“Goldex”are to theCompany s operations at the LaRonde complex,the Canadian Mala

186、rtic complex,the Meadowbank complex and theGoldex complex,respectively.The LaRonde complex consists of the mill and processing operations at the LaRonde mineand the LaRonde Zone 5 mine(“LZ5”).The Canadian Malartic complex consists of the mill and processing operations atthe Canadian Malartic mine an

187、d the Odyssey mine.The Meadowbank complex consists of the mill and processingoperations at the Meadowbank mine and the Amaruq mine.The Goldex complex consists of the mill and processingoperations at the Goldex mine and the Akasaba West open pit mine(the“Akasaba West mine”).References to otheroperati

188、ons are to the relevant mines,projects or properties,as applicable.On March 31,2023,Agnico Eagle closed the transaction(the“Yamana Transaction”)with Pan American Silver Corp.andYamana Gold Inc.(“Yamana”)pursuant to which,among other things,Agnico Eagle acquired all of Yamana s Canadianassets includi

189、ng the 50%of the Canadian Malartic that Agnico Eagle did not then hold.Accordingly,contributions fromthe 100%interest in Canadian Malartic have been included in the consolidated statements of income for the year endedDecember 31,2024 while the comparative period reflects the previously held 50%inter

190、est in Canadian Malartic up to andincluding March 30,2023.Meaning of“including”and“such as”:When used in this MD&A the terms“including”and“such as”mean including andsuch as,without limitation,respectively.Executive SummaryAgnico Eagle is a senior Canadian gold mining company that has produced precio

191、us metals since its formation in 1972.The Company s mines are located in Canada,Australia,Finland and Mexico,with exploration and development activitiesin these countries as well as the United States.The Company and its shareholders have full exposure to gold prices dueto the Company s long-standing

192、 policy of no forward gold sales.Agnico Eagle has declared a cash dividend every yearsince 1983.Agnico Eagle earns a significant proportion of its revenue and cash flow from the production and sale of gold in both dorbar and concentrate form.The remainder of revenue and cash flow is generated by the

193、 production and sale of by-productmetals,primarily silver,zinc and copper.In 2024,Agnico Eagle recorded production costs per ounce of$885 and totalcash costs per ounce(i)of$903 on a by-product basis and$940 on a co-product basis on payable production of 3,485,336ounces of gold.The average realized p

194、rice of gold increased by 22.5%from$1,946 per ounce in 2023 to$2,384 perounce of payable production in 2024.Agnico Eagle s operating mines and development projects are located in what the Company believes to be politically stablecountries that are supportive of the mining industry.The political stab

195、ility of the regions in which Agnico Eagle operateshelps to provide confidence in its current and future prospects and profitability.This is important for Agnico Eagle as itbelieves that many of its new mines and recently acquired mining projects have long-term mining potential.Highlights Strong ope

196、rational performance with payable production of 3,485,336 ounces of gold and production costs perounce of gold of$885 during 2024.Total cash costs per ounce in 2024 of$903 on a by-product basis and$940 on a co-product basis.All-in sustaining costs(ii)in 2024 of$1,239 on a by-product basis and$1,276

197、on a co-product basis.Proven and probable gold mineral reserves totaled 54.3 million ounces at December 31,2024,a 0.9%increasecompared with 53.8 million ounces at December 31,2023.As at December 31,2024,Agnico Eagle had strong liquidity with$933.7 million in cash and cash equivalents andshort-term i

198、nvestments along with approximately$2.0 billion in undrawn credit lines.During the year ended December 31,2024,the Company repaid$700.0 million in debt.As at December 31,2024,total debt was$1,143.0 million compared with total debt of$1,843.1 million as at December 31,2023.The Company s operations ar

199、e located in mining-friendly regions that the Company believes have low political riskand long-term mining potential.The Company continues to maintain its investment grade credit rating and believes it has adequate financialflexibility to finance capital requirements at its mines and development pro

200、jects from operating cash flow,cash andcash equivalents,short-term investments and undrawn credit lines.In February 2024,the Company replaced its$1.2 billion unsecured revolving bank credit facility(the“Old CreditFacility”)with a new$2.0 billion unsecured revolving bank credit facility,including an

201、increased uncommittedaccordion feature of$1.0 billion,and having a maturity date of February 12,2029(the“Credit Facility”).On January 23,2025,the Company,indirectly through a wholly-owned subsidiary,took-up and acquired110,424,431 common shares(“O3 Shares”)of O3 Mining Inc.(“O3 Mining”)under the Com

202、pany s take-over bidfor O3 Mining(the“O3 Offer”)for aggregate consideration of C$184.4 million.The Company also extended theO3 Offer until February 3,2025 to allow remaining shareholders of O3 Mining to tender to the O3 Offer.TheO3 Shares taken up represented approximately 94.1%of the outstanding O3

203、 Shares on an undiluted basis.OnFebruary 3,2025,the Company,indirectly through a wholly-owned subsidiary,took-up and acquired an additional4,360,806 O3 Shares during the extension period of the O3 Offer,resulting an aggregate of 114,784,237 O3 Sharesbeing taken up and acquired under the O3 Offer,rep

204、resenting 96.5%of the outstanding O3 Shares on an undilutedbasis,for aggregate consideration of C$193.7 million.The Company also announced that O3 Mining and one ofNotes:(i)Total cash costs per ounce are non-GAAP measures that are not standardized financial measures under IFRS.For a reconciliation t

205、o production costs on both a by-product andco-product basis see“Non-GAAP Financial Performance Measures”below.Unless otherwise stated,in this MD&A,total cash costs per ounce is reported on a by-product basis.(ii)All-insustainingcostsperounceisanon-GAAPmeasurethatisnotastandardizedfinancialmeasureund

206、erIFRS.Forareconciliationtoproductioncostsonbothaby-productandco-productbasisandadiscussionofthecompositionandusefulnessofthisnon-GAAPmeasuresee“Non-GAAPFinancialPerformanceMeasures”.Unlessotherwisestated,inthisMD&A,all-in sustaining cost per ounce is reported on a by-product basis.MANAGEMENT S DISC

207、USSION AND ANALYSISAGNICO EAGLE1the Company s wholly-owned subsidiaries would amalgamate under the Business Corporations Act(Ontario)(the“OBCA”),which will result in the Company owning 100%of the O3 Shares.The amalgamation is expected to closein the first quarter of 2025.As at December 31,2024 and J

208、anuary 31,2025,the Company s issued and outstanding common shares were502,440,336 and 502,936,915,respectively.On February 13,2025,the Company declared a quarterly cash dividend of$0.40 per common share.AgnicoEagle has declared a cash dividend every year since 1983.StrategyAgnico Eagle s ability to

209、consistently execute its business strategy has provided a solid foundation for growth.The Company s goals are to:Deliver on performance and growth expectations:Ensure our existing portfolio delivers on expectations,lowersoperational risk and generates free cash flow;Build and maintain a high-quality

210、 project pipeline:Ensure we develop a best-in-class project pipeline to replenishreserves and production,while maintaining the quality,manageability and fit of our future portfolio;Develop our people:Develop and provide growth opportunities for our people and provide the skills infrastructureto supp

211、ort the development of our operations and projects;Operate in a safe,socially and environmentally responsible manner:Create value for our shareholders whileoperating in a safe,socially and environmentally responsible manner,as we contribute to the prosperity of ourpeople,their families and the commu

212、nities in which we operate.The three pillars performance,pipeline,people form the basis of Agnico Eagle s success and competitive advantage.By delivering on these pillars,the Company strives to continue to build its production base and generate increased valuefor shareholders,while operating in a sa

213、fe,socially and environmentally responsible manner,as we contribute to theprosperity of our people,their families and the communities in which we operate.2024 and 2025 DevelopmentsTariffsOn February 1,2025,an executive order was signed by the President of the United States,which introduced tariffs o

214、nimports from countries including Canada.In response,the Canadian government announced retaliatory tariffs on importsfrom the United States.Subsequently,both countries postponed their previously announced tariffs for 30 days.TheCompany believes its revenue structure will be largely unaffected by the

215、 tariffs as its gold production is mostly refined inCanada,Australia or Europe.The Company is reviewing its exposure to the potential tariffs and alternatives to inputssourced from suppliers that may be subject to the tariffs,if implemented.However,approximately 60%of the Company scost structure rel

216、ates to labour,contractors,energy and royalties,which are not expected to be directly affected by any ofthe tariffs.While there is uncertainty as to whether the tariffs or retaliatory tariffs will be implemented,the quantum of suchtariffs,the goods on which they may be applied and the ultimate effec

217、t on the Company s supply chains,the Company willcontinue to monitor developments and may take steps to limit the impact of any tariffs as may be appropriate in thecircumstances.Acquisition of O3 Mining Inc.On December 12,2024,the Company announced that it had entered into a definitive support agree

218、ment with O3 Mining,pursuant to which the Company agreed to offer to acquire,directly or indirectly,all of the outstanding common shares ofO3 Mining at C$1.67 per share in cash by way of the O3 Offer.The O3 Offer was valued at approximately C$204.0 millionon a fully diluted in-the-money basis.On Jan

219、uary 23,2025,the Company,indirectly through a wholly-owned subsidiary,took-up and acquired 110,424,431common shares of O3 Mining under the O3 Offer for aggregate consideration of C$184.4 million.The Company alsoextended the O3 Offer until February 3,2025 to allow remaining shareholders of O3 Mining

220、to tender to the O3 Offer.TheO3 Shares taken up represented approximately 94.1%of the outstanding O3 Shares on an undiluted basis.On February 3,2025,the Company,indirectly through a wholly-owned subsidiary,took up and acquired an additional 4,360,803 O3Shares during the extension period of the O3 Of

221、fer,resulting an aggregate of 114,785,237 O3 Shares being taken up andacquired under the O3 Offer,representing approximately 96.5%of the outstanding O3 Shares on an undiluted basis,for2AGNICO EAGLEMANAGEMENT S DISCUSSION AND ANALYSISaggregate consideration of C$193.5 million.The Company also announc

222、ed that O3 Mining and one of the Company swholly-owned subsidiaries would amalgamate under the OBCA,which will result in the Company owning 100%of the O3Shares.The amalgamation is expected to close in the first quarter of 2025.O3 Mining s primary asset is its 100%-owned Marban Alliance property loca

223、ted near Val d Or,in the Abitibi region ofQubec,and is adjacent to Canadian Malartic.The Marban Alliance property includes the Marban deposit,which is anadvanced exploration project with potential to support an open pit mining operation similar to those at the Barnat open pitat Canadian Malartic.Rep

224、ayment of Long-term DebtOn July 24,2024,Agnico Eagle repaid$100.0 million of its 2012 Series B senior 5.02%guaranteed senior unsecurednotes on maturity.During the year ended December 31,2024,Agnico Eagle fully repaid its$600.0 million unsecured term credit facility(the“Term Loan Facility”).Reconcili

225、ation Action Plan and 2023 Climate Action ReportOn July 10,2024,the Company released its first Reconciliation Action Plan,reinforcing its commitment to reconciliationwith Indigenous Peoples and communities.On July 31,2024,the Company released its 2023 Climate Action Report.Inline with the recommenda

226、tions of the Task Force on Climate-related Financial Disclosures and Towards SustainableMining Climate Change protocol,the 2023 Climate Action Report outlines how the Company is addressing climate changerisks and opportunities.Additional Investments at Detour Lake Underground and Upper BeaverThe Com

227、pany has approved expenditures of$200.0 million and$100.0 million at its Upper Beaver and Detour Lakeunderground projects,respectively,to further study the projects over approximately three years.At Detour Lake,a2.0-kilometre exploration ramp will be developed to collect a bulk sample and to facilit

228、ate infill and expansion drilling ofthe current underground mineral resource.At Upper Beaver,an exploration ramp and an exploration shaft will bedeveloped at depth to establish underground drilling platforms and collect bulk samples.Portfolio OverviewCanada LaRondeThe 100%owned LaRonde,located in no

229、rthwestern Quebec includes the LaRonde mine and the LZ5 mine.The LaRondemine is the Company s oldest operating mine and achieved commercial production in 1988.In 2003,the Companyacquired LZ5,which lies adjacent to and west of the LaRonde mine and was an open pit operation under a previousowner.The L

230、Z5 mine achieved commercial production in June 2018 as an underground operation with ore processed atLaRonde s processing facilities.Ore is processed at the LaRonde mill,which includes copper and zinc flotation circuits as well as precious metals recoveryand refining facilities.The mill produces dor

231、 bars containing gold and silver,as well as zinc and copper concentrates withadditional gold and silver.The plant has a daily capacity of 7,000 tonnes of ore and has been expanded four times sinceit opened in 1988.In addition,a dedicated 2,000-tonnes per day carbon-in-leach(“CIL”)processing facility

232、 has thecapacity to treat ore and refine concentrates into dor bars.LaRonde mineThe LaRonde mine extension,the portion of the mine below level 245,achieved commercial production inDecember 2011,and under current mine plans is expected to be in production through 2034.Access to LaRonde sunderground m

233、ining operation is through the 2,250-metre-deep Penna Shaft,which was completed in 2000.An internalwinze is used to hoist materials from depth to facilities on level 215,approximately 2,150 metres below surface.The LaRonde mine has gradually been implementing automation for its production activities

234、 and is increasingly relying onautomated technology.The risk of more frequent and larger seismic events has increased as the Company mines deeper at the LaRonde mine.The Company continues to adjust its mining methods,ground support and protocols to address seismic activity in thedeeper portions of t

235、he mine,refer to the operations outlook section below for additional details.MANAGEMENT S DISCUSSION AND ANALYSISAGNICO EAGLE3LaRonde s proven and probable mineral reserves were approximately 2.1 million ounces at December 31,2024.LZ5In 2003,the Company acquired the Bousquet property,which adjoins t

236、he LaRonde mine to the west and hosts theBousquet Zone 5 deposit.Commercial production at LZ5 was achieved in June 2018 and,under current mine plans,isexpected to be in production through 2034.LZ5 is mined from underground ramp access.LZ5 has gradually been implementing automation for its production

237、 activities and is increasingly relying on automatedtechnology.LZ5 proven and probable mineral reserves were approximately 0.7 million ounces at December 31,2024.Canada Canadian MalarticCanadian Malartic is 100%owned and is located within the town of Malartic,Quebec,approximately 25 kilometres westo

238、f the City of Val-d Or and 80 kilometres east of City of Rouyn-Noranda.In 2014,Agnico Eagle acquired 50%of CanadianMalartic,which was held jointly with Yamana through the Canadian Malartic General Partnership.On March 31,2023,following the completion of the Yamana Transaction,Agnico Eagle now owns 1

239、00%of Canadian Malartic.Canadian Malartic is comprised of the open-pit Canadian Malartic mine and the underground Odyssey mine and aprocessing plant and related facilities.Under current mine plans,the Company expects Canadian Malartic will be inproduction through 2042.Canadian Malartic has historica

240、lly been a large open-pit operation using large-scale excavators and trucks.The CanadianMalartic pit was depleted in 2023 and open pit operations continue at the Barnat pit.Mining at the Odyssey project is doneusing underground methods.The mine design at the Odyssey project includes a 1,800 metre de

241、ep production-servicesshaft with an expected capacity of approximately 20,000 tonnes of ore per day once commissioned.During the secondquarter of 2023,production using the ramp at the Odyssey South deposit commenced.Ore is processed at the Canadian Malartic mineral processing complex,which has a 60,

242、000 tonnes per day nominalthroughput capacity.Canadian Malartic s proven and probable mineral reserves at December 31,2024 were approximately 7.5 million ounces,including 5.2 million ounces at the East Gouldie deposit.Canada GoldexGoldex is 100%owned by the Company and consists of the mining and pro

243、cessing facilities at the Goldex mine and theopen pit operations at the Akasaba West mine.The Goldex mine is located in the city of Val d Or in northwestern Quebec,approximately 60 kilometres and 25 kilometres east of LaRonde and Canadian Malartic,respectively,and achievedcommercial production from

244、the M and E satellite zones in October 2013.The Deep 1 Zone achieved commercialproduction in July 2017.Production from the Deep 1 Zone is expected to extend Goldex s mine life through 2032 undercurrent mine plans.Ore from the Goldex mine is treated using a two-stage crushing process,followed by a tw

245、o-stage grinding circuit thatconsists of a semi-autogenous grinding mill and a ball mill.During the second quarter of 2022,the Company approved the development of the Akasaba West mine.Akasaba West islocated approximately 30 kilometres from the Goldex mine and in 2024 contributed approximately 1,500

246、 tonnes of ore perday to throughput at the mill.Shipment of ore for processing commenced during the fourth quarter of 2023.Ore fromAkasaba West is processed at the Goldex mill.Goldex s proven and probable mineral reserves were approximately 0.9 million ounces at December 31,2024,includingapproximate

247、ly 0.1 million ounces at Akasaba West.Canada MeliadineIn 2010,Agnico Eagle acquired its 100%interest Meliadine through its acquisition of Comaplex Minerals Corp.Meliadineis located near the western shore of Hudson Bay in the Kivalliq region of Nunavut,approximately 25 kilometres north ofthe hamlet o

248、f Rankin Inlet and 290 kilometres southeast of Meadowbank.Commercial production was achieved at Meliadine in May 2019.In 2020,the Company s Board of Directors(“Board”)approved the Phase 2 expansion at Meliadine which accelerated the development of the Tiriganiaq open pit,where4AGNICO EAGLEMANAGEMENT

249、 S DISCUSSION AND ANALYSIScommercial production was achieved in 2021.Under current mine plans,the Meliadine mine is expected to be inproduction through 2032.Over the course of its planned operations,mining at Meliadine will be carried out through thirteen open pits and twounderground mining operatio

250、ns.Underground access is by decline,with long-hole mining methods.The mill employs aconventional gold circuit comprising crushing,grinding,gravity separation and cyanide leaching with a carbon-in-leachcircuit,followed by cyanide destruction and filtration of the tailings for dry stacking.In 2024,mil

251、ling rates averaged 5,372tonnes per day.The Phase 2 mill expansion project was commissioned during the fourth quarter of 2024 and increasedthe throughput to 6,500 tonnes per day after commissioning.Meliadine s proven and probable mineral reserves were approximately 3.4 million ounces at December 31,

252、2024.Canada MeadowbankIn 2007,the Company acquired Cumberland Resources Ltd.,which held a 100%interest in Meadowbank.Commercialproduction was achieved at Meadowbank in March 2010.Mining operations at the Meadowbank minesite ceased in 2019but the Meadowbank mill and other infrastructure remain active

253、 in support of operations at the Amaruq mine.The 100%owned Amaruq mine is located approximately 50 kilometres northwest of Meadowbank and was approved fordevelopment in 2016.A 64-kilometre road from the Meadowbank minesite to Amaruq was completed in August 2017 andwidened for ore haulage in November

254、 2018.Ore from Amaruq is hauled to the Meadowbank mill using long haul off-roadtype trucks.Commercial production was achieved at Amaruq open pit in September 2019 and at Amaruq underground inAugust 2022.Under current mine plans,Amaruq is expected to be in production through 2028.The Amaruq mine uses

255、 the existing infrastructure at Meadowbank,including the mill,tailings facilities,camp and airstrip.The process design at the Meadowbank mill consists of two-stage crushing,grinding,gravity concentration,cyanideleaching and gold recovery in a carbon-in-pulp circuit with a current capacity of 9,840 t

256、onnes processed per day.Meadowbank s proven and probable mineral reserves were approximately 1.6 million ounces at December 31,2024.Canada Hope BayOn February 2,2021,Agnico Eagle completed the acquisition of TMAC Resources Inc.(“TMAC”)comprising a 100%interest in Hope Bay,which is located in the Kit

257、ikmeot region of Nunavut.The 80-kilometre long Hope Bay greenstone belthosts three gold deposits(Doris,Madrid and Boston),with historical mineral reserves and mineral resources and over90 regional exploration targets.The Company suspended mining activities at the Hope Bay project in February 2022 an

258、d since that time the Company sprimary focus on the project is to accelerate exploration activities and the evaluation of larger production scenarios.Hope Bay s proven and probable mineral reserves were approximately 3.4 million ounces at December 31,2024.Finland KittilaThe 100%owned Kittila mine in

259、 northern Finland was acquired by the Company through the acquisition of RiddarhyttanResources AB in 2005.Kittila is located in the Lapland region of northern Finland,approximately 900 kilometres north ofHelsinki and 150 kilometres north of the Arctic Circle.Construction at Kittila was completed in

260、2008 and commercialproduction was achieved in May 2009.Under current mine plans,Kittila is expected to be in production through 2036.Ore is treated by grinding,flotation,pressure oxidation,and carbon-in-leach circuits.Ore is processed in a surfaceprocessing plant with a current capacity of 6,000 ton

261、nes per day.In 2020,Agnico Eagle Finland Oy(“Agnico Finland”)was granted environmental and water permits necessary to enlargethe CIL2 tailings storage facility,expand the operations to a size that would permit a mining rate of 2.0 million tonnes perannum(“mtpa”)and build a new discharge waterline.Th

262、ese permits were subsequently appealed by third party non-governmental organizations to various levels of superior courts but,in October 2023,were ultimately found upheld by theSupreme Administrative Court of Finland(“SAC”).Prior to the SAC s final decision,the Company had reduced itsproduction leve

263、ls to comply with the mining volume requirements,operating under the previous mining permit at a1.6 mtpa rate though maintaining operational flexibility to reach the 2.0 mtpa rate if permitted.The mining rate for the fullyear of 2023 was 2.0 mtpa.Proven and probable mineral reserves at Kittila were

264、approximately 3.4 million ounces at December 31,2024.MANAGEMENT S DISCUSSION AND ANALYSISAGNICO EAGLE5Canada Detour LakeDetour Lake is located in northeastern Ontario,approximately 300 kilometres northeast of Timmins and 185 kilometres byroad northeast of Cochrane,within the northernmost portion of

265、the Abitibi Greenstone Belt.The Company acquired its100%interest in Detour Lake on February 8,2022 as a result of the merger of equals(the“Merger”)by way of plan ofarrangement with Kirkland Lake Gold Ltd.,and,under current mine plans,it is expected to be in production through2052.Conventional truck-

266、shovel open pit mining methods are used to mine the Detour Lake deposit,using large scaleequipment.The milling operation uses a conventional crushing,grinding,gravity,cyanidation and carbon-in-pulpprocessing facility currently operating at approximately 24 million tonnes per year,with the Company ac

267、hieving anannualized rate of 28 million tonnes per year late in the second half of 2024.The West Detour project is a proposed expansion of Detour Lake.The project is intended to provide additional ore to feedthe existing Detour Lake processing plant by developing two satellite open pits and the addi

268、tional westward expansion ofthe currently operating open pit.In 2024,the Company approved expenditure of$100.0 million at its Detour Lake Underground project to further study theproject over approximately three years.A 2.0-kilometre exploration ramp will be developed at depth to collect a bulksample

269、 and to facilitate infill and expansion drilling of the current underground mineral resource.Detour Lake s proven and probable mineral reserves were approximately 19.1 million ounces at December 31,2024.Canada MacassaThe 100%owned Macassa mine,located in the historic gold mining region of Kirkland L

270、ake,Ontario,was acquired as aresult of the Merger.Production at Macassa first commenced in 1933,with the mine being operated continuously until1999,when operations were suspended due to low gold prices.Production resumed in 2002 and in 2005,the South MineComplex(“SMC”)was discovered.The SMC is a hig

271、h-grade zone that resulted in significant grade improvement at themine and an increase in production levels above historic averages.Macassa was among the first mines globally to introducebattery-electric vehicles.Under current mine plans,Macassa is expected to be in production through 2031.Macassa i

272、s primarily mined from underground shaft access.In 2023,as part of the optimization efforts,the Companyincorporated the sourcing of additional production from near surface deposits at Macassa and the neighbouringAmalgamated Kirkland deposits to its production profile and guidance.Both of these areas

273、 are accessible from a shallowramp at Macassa.Since the completion of#4 Shaft and the new ventilation infrastructure in 2023,the operational constraint at Macassa hasshifted from the mine to the mill with a continued focus on asset optimization,the Company is working on improving theore grind size a

274、nd load in the grinding circuit to further improve mill throughput.Ore is processed on-site at the Macassa mill which has capacity to process 1,650 tonnes of ore per day.Macassa s proven and probable mineral reserves were approximately 2.1 million ounces at December 31,2024.Canada Kirkland LakeThe C

275、ompany acquired 50%of the Kirkland Lake project in 2014 as part of its initial acquisition of Canadian Malartic and,in 2018,acquired the remaining 50%that it did not already own,resulting in Agnico Eagle s 100%ownership of theproject.The Kirkland Lake project is comprised of the Upper Canada and Upp

276、er Beaver properties.The Upper Beaver deposit islocated approximately 27 kilometres from Macassa.The Upper Canada deposit lies approximately 6 kilometres southwestof the Upper Beaver property,and 1.6 kilometres north of the main Larder Lake-Cadillac Deformation Zone,within a 300to 400-metre-wide str

277、ongly altered deformation corridor.The properties lie within the southern Abitibi Greenstone Belt ofthe Superior Province of the Canadian Shield,approximately 110 kilometres west of Agnico Eagle s LaRonde mine.In 2024,the Company approved expenditures of$200.0 million at its Upper Beaver project to

278、further study the projectover approximately three years.An exploration ramp and an exploration shaft are expected to be developed to a depth of250 metres and 760 metres,respectively,to establish underground drilling platforms and collect bulk samples.The Upper Beaver deposit s proven and probable mi

279、neral reserves were approximately 2.8 million ounces at December 31,2024.No proven and probable mineral reserves have been declared at the Upper Canada project.6AGNICO EAGLEMANAGEMENT S DISCUSSION AND ANALYSISCanada Hammond ReefThe Company acquired 50%of Hammond Reef in 2014 as part of its initial a

280、cquisition of Canadian Malartic and,in 2018,acquired the remaining 50%that it did not already own,resulting in Agnico Eagle s 100%ownership of Hammond Reef.The property covers approximately 32,070 hectares and is located in Northwestern Ontario approximately 260 kilometreswest of Thunder Bay.The pro

281、perty is accessible via secondary gravel roads from the town of Atikokan,which is locatedapproximately 30 kilometres to the southwest.The Hammond Reef deposit is a high tonnage,low grade gold deposit that is primarily hosted in variably sheared andaltered granitoid rocks.Gold mineralization is typic

282、ally associated with fine grained pyrite mineralization that is oftenassociated with fractures,veinlets and veins filled with various combinations of chlorite,calcite and quartz.In January 2020,the Company purchased a 2%net smelter royalty(“NSR”)on the Hammond Reef project from KinrossGold Corporati

283、on for$12.0 million.The property remains subject to a 2%NSR held by Osisko Royalties.The Hammond Reef deposit s proven and probable mineral reserves were approximately 3.3 million ounces atDecember 31,2024.Canada WasamacThe Wasamac project was acquired in March 2023 as part of the Yamana Transaction

284、.The Wasamac property is comprised of six mining concessions,covering approximately 10,547 hectares.The property isadjacent to the Trans-Canada Highway and Ontario Northland rail line,and approximately 100 km west of CanadianMalartic.A secondary road leads directly to the Wasamac deposit from the Tr

285、ans-Canada Highway.Wasamac s proven and probable mineral reserves were approximately 1.4 million ounces at December 31,2024.Australia FostervilleFosterville is located approximately 20 kilometres northeast of the city of Bendigo and 130 kilometres north of the city ofMelbourne in Victoria,Australia.

286、The Company acquired its 100%interest in Fosterville on February 8,2022 as a result ofthe Merger and,under current mine plans,it is expected to be in production through 2036.The mine is located in an area with well-developed infrastructure and is accessible by paved roads.Access to theunderground wo

287、rkings is through two portals,located in the Ellesmere and Falcon open pits.Underground mining isconducted using a conventional fleet including jumbo trucks,production drills,loaders,trucks and ancillary equipment.Ore is processed at the Fosterville mill which has a capacity of 2,275 tonnes per day.

288、The Fosterville property includes approximately 1,400 sq.kilometres of land with numerous brownfield and greenfieldexploration targets that are a key focus of the Company s ongoing exploration efforts.Fosterville s proven and probable mineral reserves were approximately 1.6 million ounces at Decembe

289、r 31,2024.Mexico Pinos AltosIn 2006,the Company completed the acquisition of the Pinos Altos property in northern Mexico,which was then anadvanced stage exploration property.Commercial production was achieved at Pinos Altos in November 2009 and,undercurrent mine plans,the mine is expected to be in p

290、roduction through 2028.A shaft sinking project was completed inJune 2016 at the Pinos Altos mine and,during 2018,the site transitioned into a predominantly underground miningoperation.In 2020,the Company started underground and open pit production at Sinter,located approximately 2 kilometresnorthwes

291、t of the Pinos Altos minesite and depleted the Bravo pit at Creston Mascota in the third quarter of 2020,withresidual gold leaching continuing through 2023.At Reyna de Plata,open pit pre-stripping activities at Pit 1 were completed in the fourth quarter of 2022,operations wereceased in the fourth qu

292、arter of 2024,now focus has shifted to underground operations at the Cubiro and Sinterunderground deposits.Initial production at Cubiro commenced in the fourth quarter of 2024.Ore from Pinos Altos is treated by one of two processes:conventional processing in a mill for higher-grade ore;andheap-leach

293、ing for lower grade ore.The conventional,5,500 tonnes per day processing plant includes circuits for crushing,grinding,gravity concentration and agitated leaching followed by counter-current decantation.Pinos Altos s proven and probable mineral reserves were approximately 0.4 million ounces at Decem

294、ber 31,2024.MANAGEMENT S DISCUSSION AND ANALYSISAGNICO EAGLE7Mexico La IndiaAgnico Eagle acquired 100%of La India project,which is located approximately 70 kilometres northwest of the PinosAltos mine and approximately 200 kilometres east of Hermosillo in Sonora,northern Mexico in January 2012.Commer

295、cialproduction was achieved in February 2014.Mining operation ceased during the fourth quarter of 2023 and processingactivities of ore currently stacked on the heap leach pads continued through 2024.During 2025,the focus will be ontransitioning the site to start rehabilitation activities in accordan

296、ce with the plan.Mexico San NicolsThe San Nicols copper-zinc project is located in Zacatecas State in central Mexico.The property encompasses 8,888hectares of mineral claims,approximately 60 km southeast of the city of Zacatecas at an elevation of 2,150 metres abovesea level.AgnicoEagleisearninginto

297、a50%interestintheprojectinApril2023fromTeckResourcesLimitedandthetwocompanieshave formed a joint venture partnership to advance permitting and development of San Nicols.In addition,various surface rights and water rights in the immediate project area are held by the San Nicols project.Afully permitt

298、ed drill core storage,field office and camp facility have been maintained at the San Nicolas project site since2001.San Nicolsproven and probable mineral reserves were approximately 0.7 million ounces at December 31,2024.Key Performance DriversThe key drivers of financial performance for Agnico Eagl

299、e for the year-ended December 31,2024 include:the spot price of gold and silver;production volumes;production costs;and US dollar/Canadian dollar,US dollar/Australian dollar,US dollar/Euro and US dollar/Mexican peso exchange rates.Details on future drivers of financial performance are discussed in t

300、he Outlook section of this MD&A.Spot Price of Gold and SilverGOLD($per ounce)20242023%ChangeHigh price$2,778$2,07833.7%Low price$1,985$1,8119.6%Average market price$2,386$1,94122.9%Average realized price$2,384$1,94622.5%In 2024,the average market price per ounce of gold was 22.9%higher than in 2023.

301、The Company s average realizedprice per ounce of gold in 2024 was 22.5%higher than in 2023.8AGNICO EAGLEMANAGEMENT S DISCUSSION AND ANALYSISSILVER($per ounce)20242023%ChangeHigh price$34.51$26.0732.4%Low price$22.09$20.0910.0%Average market price$28.27$23.3521.1%Average realized price$28.85$23.7221.

302、6%In 2024,the average market price per ounce of silver was 21.1%higher than in 2023.The Company s average realizedprice per ounce of silver in 2024 was 21.6%higher than in 2023.By-product metals are mainly produced at LaRonde(silver,zinc and copper)and Pinos Altos(silver).Net by-product(primarily si

303、lver,zinc and copper)revenue is treated as a reduction of production costs in calculating total cash costs perounce of gold produced on a by-product basis and all-in sustaining costs per ounce of gold produced on a by-productbasis.Production Volumes and CostsChanges in production volumes have a dire

304、ct impact on the Company s financial results.Payable production of gold was3,485,336 ounces in 2024,an increase of 1.3%compared with 3,439,654 ounces in 2023.The increase is attributed tohigher throughput,partially offset by lower grades and recovery in the current year when compared to prior year.I

305、ncreasedproduction in 2024 is mainly due to additional gold being produced at Meadowbank and Macassa and the contribution ofproduction from Canadian Malartic following the Yamana Transaction,which closed on March 30,2023.Partially offsettingthe overall increase in gold production was a decrease in g

306、old production at Fosterville and La India.Production costs are discussed in detail in the Results of Operations section below.Foreign Exchange Rates(Ratio to US$)The exchange rate of the Canadian dollar,Australian dollar,Euro and Mexican peso relative to the US dollar is an importantfinancial drive

307、r for the Company for the following reasons:all revenues are earned in US dollars;a significant portion of operating costs at LaRonde,Canadian Malartic,Goldex,Meliadine,Meadowbank,DetourLake and Macassa are incurred in Canadian dollars;a significant portion of operating costs at Fosterville are incu

308、rred in Australian dollars;a significant portion of operating costs at the Kittila mine are incurred in Euros,and a significant portion of operating costs at the Pinos Altos and La India are incurred in Mexican pesos.MANAGEMENT S DISCUSSION AND ANALYSISAGNICO EAGLE9The Company mitigates part of its

309、foreign currency exposure by using currency hedging strategies.CANADIAN DOLLARAUSTRALIAN DOLLAREUROMEXICAN PESOOn average,the Canadian dollar,Australian dollar,Euros and Mexican Pesos weakened relative to the US dollar in 2024compared with 2023,decreasing costs denominated in the local currency when

310、 translated into US dollars for reportingpurposes.Results of OperationsAgnico Eagle reported net income of$1,895.6 million,or$3.79 per share,in 2024 compared with net income of$1,941.3 million,or$3.97 per share in 2023 and net income of$670.2 million,or$1.53 per share in 2022.Agnico Eaglereported ad

311、justed net income(i)of$2,117.8 million,or$4.24 per share(i),in 2024 compared with adjusted net income of$1,095.9 million,or$2.24 per share,in 2023 and adjusted net income of$1,003.6 million,or$2.29 per share in 2022.EBITDA(i)totaled$4,462.4 million in the year ended December 31,2024 compared with$3,

312、980.9 million in 2023 and$2,293.0 million in 2022.Adjusted EBITDA(i)totaled$4,693.7 million in the year ended December 31,2024 comparedwith$3,236.5 million in 2023 and$2,706.1 million in 2022.In 2024,operating margin(i)increased to$5,199.7 millionfrom$3,693.6 million in 2023.In 2022,operating margin

313、 was$3,097.8 million.Agnico Eagle reported free cash flow(i)of$2,142.9 million in 2024,compared with free cash flow of$947.4 million in2023 and$558.4 million in 2022.Free cash flow before changes in non-cash components of working capital(i)totaled$2,062.9 million in 2024 compared with$1,093.8 millio

314、n in 2023 and$577.6 million in 2022.Revenues from Mining OperationsRevenues from mining operations,net of selling costs,increased by$1,658.8 million,or 25.0%,to$8,285.8 million in2024 from$6,626.9 million in 2023 primarily due to a 22.5%increase in realized prices and a 2.1%increase in the salesvolu

315、me of gold.The increased contribution of gold sales volume from Macassa,the additional 50%of Canadian Malartic,following the Yamana Transaction,and Meadowbank was partially offset by lower sales volume from Fosterville and LaIndia.Revenues from mining operations were$5,741.2 million in 2022.Sales of

316、 precious metals(gold and silver)accounted for 99.5%of revenues from mining operations in 2024,similar to the99.6%in 2023 and 99.5%in 2022.Notes:(i)Adjusted net income,adjusted net income per share,EBITDA,adjusted EBITDA,free cash flow,free cash flow before changes in non-cash components of working

317、capital andoperatingmarginarenon-GAAPmeasuresorratiosthatarenotstandardizedfinancialmeasuresorratiosunderIFRS.Forareconciliationtonetincome,netincomepershareandcash provided by operating activities and discussion of the composition and usefulness of these non-GAAP measures or ratios see“Non-GAAP Fin

318、ancial Performance Measures”.10AGNICO EAGLEMANAGEMENT S DISCUSSION AND ANALYSISThe table below sets out revenues from mining operations,payable production volumes and sales volumes by metal:202420232022(thousands of United States dollars)Revenues from mining operations:Gold$8,174,102$6,540,077$5,656

319、,201Silver79,27063,54455,212Zinc4,0084,7369,390Copper28,37318,55220,359Total revenues from mining operations$8,285,753$6,626,909$5,741,162Payable production:Gold(ounces)3,485,3363,439,6543,135,007Silver(thousands of ounces)2,4852,4082.292Zinc(tonnes)6,3397,7028,195Copper(tonnes)3,9512,6172,901Payabl

320、e metal sold(ii):Gold(ounces)3,434,0943,364,1323,148,593Silver(thousands of ounces)2,4832,3542.354Zinc(tonnes)6,2098,5266,727Copper(tonnes)3,9522,6302,916Revenues from gold,net of selling costs,increased by$1,634.0 million or 25.0%in 2024 compared with 2023 primarilydue to higher gold prices and an

321、increase in the sales volume of gold which was the result of increased contribution of goldsales volume from Macassa,the additional 50%of Canadian Malartic,following the Yamana Transaction,andMeadowbank,being partially offset by lower sales volume from Fosterville and La India.The Company s average

322、realizedprice of gold increased by 22.5%to$2,384 in 2024 compared to$1,946 in 2023,and the sales volume of gold increasedby 2.1%to 3,434,094 ounces in 2024 compared to 3,364,132 ounces in 2023.Revenues from silver,net of selling costs,increased by$15.7 million or 24.8%in 2024 compared with 2023 prim

323、arily dueto a 21.6%increase in the average realized price of silver between periods.Production CostsProduction costs increased to$3,086.1 million in 2024 compared with$2,933.3 million in 2023 with the increase due tothe contribution from the additional 50%of Canadian Malartic,following the Yamana Tr

324、ansaction,and higher productioncosts mainly at Macassa and Detour Lake,partially offset by lower production costs at Meadowbank and La India.Production costs were$2,643.3 million in 2022 which included fair value adjustments to inventory at Detour Lake andFosterville.Production costs increased in 20

325、24 when compared to the prior-year period primarily due to higher royalties arising fromhigher gold prices combined with increased contractor and labour costs related to underground mining operations,partiallyoffset by the benefit of the weaker Canadian dollar during the period.For a more detailed d

326、iscussion of production costsand cost metrics by mine see Minesite Discussion section below.(ii)CanadianMalartic spayablemetalsoldexcludesthe5.0%in-kindnetsmelterreturnroyaltyheldbyOsiskoGoldRoyaltiesLtd.DetourLake spayablemetalsoldexcludesthe2%in-kind net smelter royalty held by Franco-Nevada Corpo

327、ration.Macassa s payable metal sold excludes the 1.5%in-kind net smelter royalty held by Franco-Nevada Corporation.MANAGEMENT S DISCUSSION AND ANALYSISAGNICO EAGLE11The table below sets out production costs by mine:202420232022(thousands of United States dollars)LaRonde mine$239,309$218,020$213,393L

328、Z580,18681,62472,096LaRonde319,495299,644285,489Canadian Malartic(i)532,037465,814235,735Goldex129,977112,022103,830Meliadine350,280343,650318,141Meadowbank463,464524,008442,681Kittila227,334205,857210,661Detour Lake(ii)497,079453,498489,703Macassa(ii)201,371155,046129,774Fosterville(ii)147,045131,2

329、98204,649Pinos Altos168,231145,936144,489Creston Mascota1,943La India49,76796,49076,226Total production costs$3,086,080$2,933,263$2,643,321Notes:(i)TheinformationsetoutinthistablereflectstheCompany s50%interestinCanadianMalarticuptoandincludingtheclosingoftheYamanatransactiononMarch30,2023and100%int

330、erest thereafter.(ii)The information set out in this table reflects the Company s acquisition of the Detour Lake,Macassa and Fosterville in the Merger,following its closing on February 8,2022.The table below sets out the major components of production costs:Total Production Costs by Category 202412A

331、GNICO EAGLEMANAGEMENT S DISCUSSION AND ANALYSISExploration and Corporate Development ExpenseExploration and corporate development expense increased by 1.8%to$219.6 million in 2024 from$215.8 million in2023.Exploration and corporate development expense was$271.1 million in 2022.A summary of the Compa

332、ny s significant 2024 exploration and corporate development activities is set out below:Exploration expenses at various mine sites decreased by 30.9%to$39.0 million in 2024 compared with$56.5 million in 2023 primarily due to lower expensed exploration at Hope Bay and Meadowbank,partially offsetby hi

333、gher expensed exploration at Fosterville.Exploration expenses in Canada increased by 26.4%to$100.5 million in 2024 compared with$79.5 million in2023 primarily due to higher expensed exploration drilling at regional targets at Hope Bay and Canadian Malartic.Increased exploration expenses in regional targets located in Europe,Australia and in the United States were offsetby decreased exploration exp