TORONTO, Feb. 12, 2026 — Leads & Copy —
Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) has released an update on its year-end 2025 mineral reserves and resources, exploration activities at mine sites and advanced projects, and its 2026 exploration plans and guidance.
According to Guy Gosselin, Agnico Eagle’s Executive Vice-President, Exploration, the company’s exploration program in 2025 yielded exciting results at its mines and key pipeline projects, driving an increase in mineral reserves and measured, indicated, and inferred mineral resources, primarily from additions at Detour Lake, Odyssey, and Hope Bay.
The company’s exploration focus remains on extending mine life at existing operations, testing near-mine opportunities, and advancing key value driver projects.
Highlights from 2025:
Gold mineral reserves increased to a record level, reaching 55.4 million ounces, a 2.1% increase from the previous year. This is attributed to mineral reserve replacement from operating mines and the initial declaration of mineral reserves at the Marban deposit in Malartic. Measured and indicated mineral resources were up 9.6% to 47.1 million ounces, and inferred mineral resources were up 15.5% to 41.8 million ounces.
At Detour Lake, the exploration program continued to de-risk the underground project. Conversion drilling further increased underground indicated mineral resources to 3.47 million ounces of gold at year-end, while exploration drilling increased underground inferred mineral resources to 3.88 million ounces of gold.
Inferred mineral resources at the East Gouldie deposit increased by 62% to 7.4 million ounces of gold. The Odyssey mine now hosts a total of 6.03 million ounces of gold in proven and probable mineral reserves, 3.4 million ounces of gold in measured and indicated mineral resources, and 12.7 million ounces of gold in inferred mineral resources.
A technical evaluation at the Marban deposit updated the probable mineral reserves to 1.58 million ounces of gold at December 31, 2025. This marks the first declaration of mineral reserves by the Company at Marban since acquiring O3 Mining Inc. in March 2025.
Exploration drilling at Hope Bay totaled 131,208 metres and focused on mineral resource expansion of the Madrid deposit. The Patch 7 zone now hosts 1.0 million ounces of gold in indicated mineral resources, while inferred mineral resources have increased by 123% to 1.7 million ounces of gold.
Exploration Guidance:
In 2026, Agnico Eagle anticipates total exploration expenditures and project expenses between $565 million and $635 million, with a mid-point of $600 million. This includes approximately $384 million for capitalized and expensed exploration, and approximately $216 million for advanced exploration project expenses, studies, and other corporate development activities. Priorities for 2026 include continued drilling of the Detour Lake underground project, assessing the Canadian Malartic property’s full potential, supporting regional synergies in Abitibi, and exploring Hope Bay.
Gold Mineral Reserves:
As of December 31, 2025, the Company’s proven and probable mineral reserve estimate totaled 55.4 million ounces of gold. This represents a 2.1% (1.16 million ounce) increase compared to the previous year.
The increase in mineral reserves is attributed to the replacement of 3.0 million ounces of gold mined from operating assets and the acquisition of the Marban project.
A technical evaluation of the Marban deposit resulted in new probable mineral reserves of 1.58 million ounces of gold at December 31, 2025.
Mineral reserves were calculated using a gold price of $1,600 per ounce for most operating assets, with exceptions for Detour Lake open pit ($1,500 per ounce), Amaruq and Pinos Altos ($2,000 per ounce), and variable assumptions for some other pipeline projects.
The ore extracted from the Company’s mines in 2025 contained 3.74 million ounces of in-situ gold.
Gold Mineral Resources:
As of December 31, 2025, the Company’s measured and indicated mineral resource estimate totaled a record 47.1 million ounces of gold, a 9.6% increase from the previous year. The year-over-year increase is primarily due to the conversion of inferred mineral resources into measured and indicated mineral resources at Detour Lake underground, LaRonde Zone 5, and Meliadine, as well as gold price-related revisions.
The Company’s inferred mineral resource estimate totaled a record 41.8 million ounces of gold, a 15.5% increase from the previous year. The increase is primarily due to exploration drilling success at East Gouldie, Hope Bay, and Detour Lake underground.
At the East Gouldie deposit, inferred mineral resources increased by 62% to 7.4 million ounces of gold at year-end. In total, the Odyssey mine hosted 12.7 million ounces of gold in inferred mineral resources at December 31, 2025.
At Hope Bay, exploration success in the Patch 7 zone at the Madrid deposit added 0.9 million ounces of gold of inferred mineral resources, totaling 1.7 million ounces of gold in inferred mineral resources at year-end 2025, in addition to 1.0 million ounces of gold in indicated mineral resources.
Mineral resources were calculated using a gold price of $2,000 per ounce for most operating assets, with exceptions for Amaruq ($2,400 per ounce), Pinos Altos ($2,400 per ounce of gold and $28.00 per ounce of silver), and variable assumptions for some other sites and pipeline projects.
About Agnico Eagle:
Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, with operating mines in Canada, Australia, Finland, and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Unless otherwise stated, references to “Canadian Malartic”, “Goldex”, “LaRonde” and “Meadowbank” are to the Company’s operations at the Canadian Malartic complex, the Goldex complex, the LaRonde complex and the Meadowbank complex, respectively.
The information contained on any website linked to or referred to herein (including the Company’s website) is not part of this news release.
2026 Exploration Program and Corporate Development Guidance, see news release for details.
Detailed Mineral Reserves and Mineral Resources Data are available in the news release.
APPENDIX – EXPLORATION DETAILS are available in the news release.
Forward-Looking Statements:
This news release contains forward-looking statements that are subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied in such statements. Factors that could cause differences include, but are not limited to, the volatility of prices of gold and other metals, uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, project development, capital expenditures and other costs; foreign exchange rate fluctuations; inflationary pressures; financing of additional capital requirements; cost of exploration and development programs; seismic activity at the Company’s operations, including at LaRonde, Goldex and Fosterville; mining risks; community protests, including by Indigenous groups; risks associated with foreign operations; risks associated with joint ventures; governmental and environmental regulation; the volatility of the Company’s stock price; risks associated with the Company’s currency, fuel and by-product metal derivative strategies; the current interest rate environment; the potential for major economies to encounter a slowdown in economic activity or a recession; the potential for increased conflict or hostilities in various regions, including Europe, South America and the Middle East; and the extent and manner of communicable diseases or outbreaks, and measures taken by governments, the Company or others to attempt to mitigate the spread thereof may directly or indirectly affect the Company. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the AIF (and, when available, the AIF for the year ended December 31, 2025) and MD&A filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as well as the Company’s other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Source: Agnico Eagle Mines Limited
