Pursue of limited activities at Agnico Eagle’s Nunavut operations and compensation plans

As announced in our March 24th press release, Agnico Eagle has reduced its activities at the Meliadine and Meadowbank operations.

To this regard, Agnico Eagle is committed to compensate its temporarily released employees. In terms of our compensation plans, Agnico Eagle is planning to take advantage of the federal government subsidy announced recently, which will keep all employees not required to work and Nunavummiut who were sent home, on our payroll beyond April 18th.  This also applies to some members of our exploration group, since we have halted drilling activities in response to the COVID-19 outbreak. The plan is to use the federal weekly subsidy and to top it up, so that our employees who are either not required to work for the moment or are prevented to work, receive 75% of their base salary for the subsequent three (3) weeks. The objective of the federal program is to encourage companies to keep employees on their payroll so that they don’t need to apply for Employment Insurance. It is our objective to maintain as much as possible employment of our Inuit workforce throughout these difficult times.