Hope Bay, Nunavut – May 19, 2026 – Today, Agnico Eagle Mines Limited (“Agnico Eagle”) announced a milestone in the redevelopment of mining activities at the Hope Bay site, confirming an investment of more than $2 billion to advance the project toward production by 2030. This announcement signals a commitment to Nunavummiut through continued employment, local procurement opportunities, strengthened Inuit partnerships, and ensuring sustainable socio-economic benefits.

Following strong exploration results in recent years, the Company completed an initial study that sets out plans for an underground mine supported by a processing facility capable of handling 6,000 tonnes per day. The project is expected to produce over 400,000 ounces of gold annually over an initial 11-year mine life, with potential to expand as more exploration work is done.

The announcement was made on site at Hope Bay in the presence of Company senior leadership, federal and territorial elected officials and Inuit partners, including Sean Boyd, Chair of the Board, and Ammar Al-Joundi, President and CEO of Agnico Eagle, alongside The Honourable Tim Hodgson, Minister of Energy and Natural Resources Canada,  Lori Idlout, Member of Parliament for Nunavut, The Honourable John Main, Premier of Nunavut and his cabinet members, the Kitikmeot Inuit Association board member Tars Angutingunirk and executives, Adamee Itorcheak, Acting President of Nunavut Tuungavik Incorporated, representatives from the Hamlet of Cambridge Bay, local partners, and Agnico Eagle employees.

In addition to outlining the next phase of the Hope Bay project, Agnico Eagle also highlighted its contribution to three major initiatives supporting the well-being of Nunavummiut and strengthening Nunavut communities, in line with priorities identified by Inuit organizations and local partners.

Agnico Eagle confirmed the renewal of its partnership with Breakfast Club of Canada, extending the initiative for five years with a $5 million investment. The partnership supports the delivery of school breakfast programs and will help transition the initiative into a financially sustainable, Nunavut-led program designed to continue beyond Agnico Eagle’s direct investment. Through this partnership, Breakfast Club of Canada provides daily access to nutritious breakfast programs to more than 5,000 students across 22 schools in the Kitikmeot and Kivalliq regions, supporting improved learning, attendance, and overall well-being. Investments in initiatives like Breakfast Club of Canada play a vital role in helping build the next generation of Nunavut’s workforce.

The Company also announced the extension of its partnership with the Nunavut Housing Corporation under the Nunavut 3000 initiative, committing to over $10 million over five years to support the shipment of approximately 22 to 25 housing units annually across the Kitikmeot and Kivalliq regions, representing more than 13,000 cubic metres of materials each year. The partnership is helping address one of Nunavut’s most pressing challenges: access to safe and adequate housing. Building on the successful delivery of 20 modular homes in 2025, the initiative has proven results in Rankin Inlet and Baker Lake, utilizing Agnico Eagle’s vast logistic network to support the transportation of modular housing units to northern communities.

Finally, Agnico Eagle reiterated its recently announced $10 million contribution to Inuit Nunangat University, an initiative spearheaded by Inuit Tapiriit Kanatami to establish the first ever university serving Inuit Nunangat. The investment supports post‑secondary education built from Inuit knowledge, values and leadership, and highlights the importance of offering culturally relevant education and training for Inuit youth.

The Horourable Tim Hodgson, Minister of Energy and Natural Resources, took the opportunity to announce $25 million in federal funding for the Hope Bay Wind Project, which will provide cleaner energy and reduce diesel use as Hope Bay begins construction and operations. Led by Inuit-owned and -operated Kitikmeot Tugliq Limited Partnership (KTLP), this project will add 4.2 megawatts of wind power and 4 megawatts of battery storage to the mine’s existing power system. Additionally, on behalf of The Honourable David J. McGuinty, Minister of National Defence, Minister Hodgson announced a new cooperation agreement between the Department of National Defence (DND) and Agnico Eagle to facilitate knowledge transfer between the DND and the Company. Detailed information on the Government of Canada’s announcement is outlined in the news release issued today by Natural Resources Canada.

After today’s announcement, the Agnico Eagle team in Hope Bay will be preparing for expanded activity as the project moves forward, including a substantial increase in hiring efforts starting in 2027. The focus will be on building a stable, skilled workforce while continuing to prioritize opportunities for Inuit employment, local businesses, and suppliers across Nunavut and western Canada.