Agnico Eagle is announcing that production activities will remain suspended at Hope Bay in 2022 and the Company’s primary focus at the site will be on exploration and expansion related activities.

The Company acquired the Hope Bay property in the Kitikmeot region of Nunavut, on February 2, 2021. The primary objective in 2021 was to operate the mine on a cashflow neutral basis, while developing a better understanding of the mill circuit, underground conditions and initial exploration potential at Doris and Madrid.

Following two COVID-19 outbreaks in September and October, the Company stopped milling operations in the fourth quarter of 2021 and focused on site activities to support exploration efforts at Doris and Madrid. Over the coming weeks Agnico Eagle will be taking steps to ramp down remaining operational activities at the Doris mine in an orderly fashion while ensuring the safety of employees and the sustainability of the infrastructure. In parallel, exploration activities will be increased, focusing primarily on Doris (both surface and underground) and the Madrid and Boston deposits.

Agnico Eagle believes that this is the best approach to enable us to realize the full potential of both the mine and its large land package.

The Company understands the impacts of this decision but remains focused on doing the right thing to continue operating our mines safely and sustainably in the Nunavut region of Canada.