Agnico Eagle Mines AGM: Shareholders Back Directors, EY; CEO Teases Major Nunavut Investment

Key Points

• Shareholders approved the election of 11 directors, reappointment of Ernst & Young as auditors, and the non‑binding advisory vote on executive compensation at Agnico Eagle’s AGM.
• Company leadership teased a major investment in Nunavut expected in May, highlighting Hope Bay as a potential multi‑decade project and noting a $10 million pledge to Inuit Nunangat University plus housing and food‑security initiatives.
• CEO Ammar Al‑Joundi reported strong 2025 results—Agnico Eagle returned almost $1.5 billion to owners, paid down nearly $1 billion of debt and finished with about $3 billion in cash—and reiterated long‑term performance (roughly 13% compounded returns) with a target of 20–30% production growth over the next decade.

Agnico Eagle Mines NYSE: AEM held its annual and special meeting of shareholders as a hybrid event, with Chair of the Board Sean Boyd and senior executives outlining formal voting items, community initiatives, and the company’s operating and financial update for 2025.

Formal business and voting results

Boyd opened the meeting with greetings in local languages from regions where the company operates and acknowledged the meeting was taking place on the traditional territory of multiple First Nations in the Toronto area. He also recognized that many of the company’s activities occur on the traditional lands of Indigenous peoples globally, reaffirming a commitment to “mutually beneficial, cooperative, and productive relationships.”

Chris Vollmershausen, Agnico Eagle’s executive vice president, legal, general counsel, and corporate secretary, reviewed procedures for online and in-person participation, voting, and questions. Boyd confirmed that notice materials had been distributed and that a quorum was present via proxies received ahead of the meeting.

Shareholders considered three primary items of business:

• Presentation of audited financial statements for the year ended Dec. 31, 2025, and the auditor’s report (previously made available to shareholders).
• Election of 11 directors, with nominees listed in the management information circular dated March 19, 2026.
• Reappointment of Ernst & Young LLP as auditors and a non-binding advisory vote on the company’s approach to executive compensation.

Boyd later reported that the election of directors, the auditor appointment, and the advisory vote on executive compensation each passed. He said the company would issue a press release and file voting results on SEDAR+.

Community service recognition: Paul Penna Award

During an adjournment while ballots were collected and tabulated, Boyd presented the 19th annual Paul Penna Award for Community Service. Boyd described Penna, the company’s founder, as known for philanthropy and concern for employees and host communities.

The 2026 award recipient was Hunter Davis, an asset protection guard at the Detour Lake mine. Boyd said Davis has served since January 2020 as an auxiliary police officer with the Cobourg Police Service, contributing “almost 1,000 volunteer hours” through activities including food security initiatives, public engagement, crime prevention, and emergency response. Boyd highlighted Davis’s involvement in “Touch-a-Truck” events, community toy drives, leading 35 “Cram a Cruiser” food collection events for the Northumberland Fare Share Food Bank, and participation in searches for missing people.

Davis thanked the company in brief remarks, saying, “I just want to say thank you to Agnico Eagle for making this kind of stuff possible. I look forward to continuing this in the future.” Boyd said Agnico Eagle donates $10,000 to a charity selected by the award winner, and Davis selected the Northumberland Fare Share Food Bank.

Boyd highlights Nunavut focus and Hope Bay plans

In informal remarks following the formal meeting, Boyd emphasized the company’s view that “mine building” is also “community building,” and he pointed to Nunavut as a key example. He said upcoming announcements related to the Hope Bay project would showcase the company’s development plans and broader investments. Boyd described Hope Bay as a project Agnico Eagle acquired after the federal government “did not want a Chinese-owned mining entity to own it,” adding that the company invested time into “rethinking” the project and drilling.

Boyd said the company’s view of the property package suggests “it’s a multi-decade large business” expected to generate benefits for shareholders, Indigenous partners, and Canada. He said Agnico Eagle also plans to discuss initiatives in Nunavut such as investments in housing logistics, support for food security programs that “feed thousands and thousands of young Nunavummiut” through school programs, and a recent investment in Inuit Nunangat University.

Boyd said the company announced in Ottawa the prior week that it would invest $10 million in Inuit Nunangat University, which he said is expected to see its first cohort of Inuit students in 2030. He attributed the origin of that effort to former chair James D. Nasso, who advocated for education-related support beginning in 2015.

Boyd also referenced “The Arctic Edge” podcast, which he said was created to allow members of Inuit and Nunavut communities to tell their stories, with 10 episodes released in its first year and five planned for the current year.

CEO Al-Joundi reviews strategy, returns, and 2025 financial performance

President and CEO Ammar Al-Joundi framed his remarks around the company’s culture and strategy, including its long-standing emphasis on Nunavut. He said Agnico Eagle represents “roughly 25% or 30% of the GDP now of Nunavut,” and he said the company expects to announce “a big investment in Nunavut” in May.

Turning to performance, Al-Joundi said the company’s compounded return over roughly 20 years was “about 13%,” compared with “about 3%” for a gold equity index, and he added that Agnico Eagle’s compounded return was “50% higher” than the S&P over that period. He attributed the long-term approach to what he described as a consistent “regional strategy,” focusing on areas with geological potential for multiple mines and political stability for multi-decade operations. He identified core regions as Canada, Australia, Mexico, and Northern Europe.

Al-Joundi said Agnico Eagle grew gold production by a factor of 14 over 20 years and emphasized growth “per share,” saying production per share increased by roughly a factor of three, while peers’ production per share over the same period was “down 50%.” He also said EBITDA per share increased by “a factor of almost 20,” and the dividend increased by “a factor more than 50.”

Discussing 2025 specifically, Al-Joundi said the gold price rose by $2,000 while costs increased by about $70, and he said the company delivered “in the neighborhood of 97%” of the gold price increase to owners. He said Agnico Eagle returned “almost $1.5 billion” to owners through dividends and buybacks in 2025, paid down “almost $1 billion” of debt, and ended the year with “$3 billion dollars of cash” on the balance sheet.

He also reviewed past transactions and growth initiatives, including full ownership of Canadian Malartic, the merger with Kirkland Lake, and projects such as Upper Beaver, Hammond Reef, Detour Lake expansion, and Macassa upgrades, as well as progress at Hope Bay. Al-Joundi said the company’s growth outlook includes potential production increases over the next decade, citing a net production growth expectation of 20% to 30% over that period, while also suggesting the company could “probably buy back shares at the same time” at current gold prices.

Shareholder Q&A: critical metals, Nevada, share split, and gold outlook

During the question-and-answer session, shareholder Paul Durnin asked whether the company could pursue rare earth metals as a byproduct. Boyd said Agnico Eagle has had “a small team of experts over the last three years or so” evaluating critical metals, and he described a separate vehicle, Avenir Minerals, as the company’s “critical metals small group.” Boyd said the goal is to launch the vehicle so it is “self-sustaining” and can access its own capital, with Agnico Eagle ultimately becoming a minority owner as additional equity is brought in.

Durnin also asked why the company has no presence in Nevada. Boyd responded that Agnico Eagle developed expertise in other regions while major Nevada deposits were already controlled by large companies, and said the company instead focused on building scale in Canada, describing a corridor from Detour through Kirkland Lake and Val-d’Or. Boyd said the company has “production of over 2 million ounces that’s growing” in that region and referenced two top-10 gold mines with potential to reach 1 million ounces in annual production.

Shareholder Dale McDonald asked about splitting shares to make them more accessible for small purchases for grandchildren. Boyd said a share split does not inherently add valuation, and CFO Jamie Porter said the company could potentially consider it as the share price rises, while noting that many brokerage accounts allow fractional share purchases.

Shareholder Robert Billow asked how the company forecasts capital expenditures amid gold price volatility and global instability. Al-Joundi said planning centers on maintaining a strong balance sheet, low-cost operations, and flexibility, adding that the company has “virtually no debt” and “net $3 billion in cash.” On gold, he said near-term price drivers include overseas events and inflation/interest rate expectations, while he was “very constructive on gold” long-term due to government spending trends and central bank interest in diversifying reserves.

Boyd closed by thanking shareholders, employees, suppliers, and service providers for their contributions and invited in-person attendees to lunch, while noting the company would provide further updates as it continues to grow the business.

About Agnico Eagle Mines NYSE: AEM

Agnico Eagle Mines Limited NYSE: AEM is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

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