Agnico Eagle Discloses A Rock Mass Movement Occurred On July 1 Along North Wall Of Its Barnat Open Pit Mine; Sees FY2026 Gold Production Nea

Agnico Eagle Mines Limited (NYSE: AEM ) (TSX: AEM ) ("Agnico Eagle" or the "Company") reports that a rock mass movement occurred on July 1, 2026, along the north wall of the Barnat open pit at the Canadian Malartic complex in Quebec, Canada.

There were no injuries, equipment damage or environmental impact as a result of the event.

As a precautionary measure, the Company has temporarily suspended mining operations in the Barnat open pit.

The rock mass movement occurred within an area that had been previously identified as having weaker geological structures within the north wall at Barnat and was subject to enhanced geotechnical monitoring in accordance with established mine planning and safety protocols, including safety exclusion zones.

The Company's technical teams are conducting a detailed geotechnical assessment to confirm the stability of the affected area and determine the appropriate path forward.

Planning activities are underway to support the safe and orderly resumption of operations in the Barnat pit.

Safety remains the Company's highest priority.

During the suspension of in-pit mining operations, the Canadian Malartic processing plant will be supplied with low-grade ore from existing stockpiles in place of planned Barnat ore feed.

This approach is expected to help mitigate the near-term impact on production.

Production in the second quarter of 2026 was not affected and the Company expects production for the second quarter of approximately 845,000 ounces of gold, slightly ahead of plan.

However, based on currently available information, the Company expects the rock mass movement to reduce production in the second half of 2026 at Canadian Malartic by approximately 60,000 to 80,000 ounces of gold.

Accordingly, the Company expects full year 2026 production to be near the lower end of its previously disclosed guidance range of 3.3 million to 3.5 million ounces of gold.

The Barnat open pit was expected to be mined out by early 2029.

While the Company's geotechnical assessment remains ongoing, the event is currently expected to result in reduced production in both 2027 and 2028 of up to approximately 150,000 ounces of gold per year.

The Company is continuing to evaluate opportunities to mitigate this potential impact to its production outlook.

Importantly, the Company believes that the rock mass movement will not affect the development or production outlook for the Odyssey mine and does not change the pathway to achieving annual production of 1 million ounces of gold from the Canadian Malartic complex in the early 2030s.

The Company will continue to advance its geotechnical assessment and refine the timing for a safe restart of mining operations at the Barnat open pit.

Further updates to production and cost guidance will be provided with the Company's second quarter 2026 results, scheduled for release after market close on July 29, 2026.