Agnico Eagle Mines Limited ($AEM)

Good morning, everyone. Thank you for coming. Welcome to the Annual and Special Meeting of Shareholders of Agnico Eagle Mines Limited. I'm Sean Boyd. I'm the Chair of the Board of Agnico. And as our tradition started by our former past Chairman, Jim Nasso, who's here with his lovely wife, Jackie. We now will invite some Agnico representatives to welcome all of us to the meeting and some of the local languages where we operate. And we'll start with [indiscernible], our Board member, to offer a greeting in [indiscernible]. [Foreign Language] Thank you, [indiscernible]. And now I'll call on [indiscernible] So [indiscernible] father worked for us for a number of years in exploration Mark Rowell. So [indiscernible] will greet us in French. [Foreign Language] Thank you, Jordan, and thank you all. Next, I would like to acknowledge. But today, we're meeting on the traditional territory of many First Nations, including the Mississaugas of the new credit, [indiscernible]. This territory is now home to diverse First Nations [indiscernible] and met people and is also part of [indiscernible]. I would also like to acknowledge that many of our activities take place on the traditional lands of indigenous peoples around the world. We recognize these people as being the traditional custodians of these lands, and we reaffirm our commitment to work with them to establish mutually beneficial cooperative and productive relationships. As announced in the corporation's management information circular, we're conducting this as a hybrid meeting in order to allow registered shareholders and duly appointed proxy holders to participate in person and online. And this meeting was called for 11 and it's past that time. I ask that the meeting now come to order. And I would like to now acknowledge the head table and the other directors of the corporation who are here with us today and some other guests. Seated with me at the head table is Ammar Al-Joundi, our President and CEO and also a Director of Agnico; Jamie Porter, Executive Vice President, Finance and Chief Financial Officer; and Chris Vollmershausen, Executive Vice President, Legal, General Counsel and Corporate Secretary. Thank you, gentlemen. And seated near the front, our other directors kindly acknowledge when your name is called, our Vice Chair, [indiscernible] our Lead Director, [indiscernible]; the honorable [indiscernible]. Thank you all. And unfortunately, our other directors, Elizabeth Lewis-Gray, was unable to join us in person from Australia and also Jon Gill and [indiscernible] could not unfortunately be here with us today. In addition, seated near the front are some of the participants in our [indiscernible], Scholarship and development program. You've already met and heard from Alexi and Anna Luisa. In addition, I'd like to introduce Laura Minera Carrion. Ashley Mathai, [indiscernible] Olivia Palmer, [indiscernible] some of you know and have known Leanne Baker, and [indiscernible] had a very accomplished career and as a result of that, it was an excellent role model for those women starting in the industry and pursuing a career in the mining space. [indiscernible] was a big contributor to the Agnico Board. She was a close friend to many of us. And I'm sure and we know that [indiscernible] would be extremely proud of the program. that was set up in her honor, but she'd also be even prouder of the participants that have come through the program and the current cohort. These are an example of the outstanding talent we have in the company. And it shows you that our shareholders and employees are well served by the leadership that the participants in the program have shown and continue to show and will show in the future. So congratulations, and welcome to the program. In accordance with the bylaws of the corporation, I'll preside as Chair of this meeting. Mr. Vollmershausen will act as Secretary of the meeting. And with the consent of the meeting, Shirley Tom and Kate Stevens of Computershare Trust Company of Canada, that's the corporation's register and transformation. They will act as scrutineers of the meeting. After the formal business of the meeting, I'll provide some informal remarks, Ammar will present a corporate update, and we'll follow that with a question-and-answer period. In order to get things moving, Mr. Vollmershausen will move all the motions. Mr. Judy will second all the motions with respect to the business at the meeting. As this meeting is being held both virtually and in person, we'll just set out a few procedures just so we can manage that properly and have an orderly meeting. So in order to set that up, we'll turn it over to Mr. Vollmershausen to go over the procedures.

Thank you, Mr. Chair. I will now outline the procedures for the orderly conduct of this meeting. Participants may also refer to the virtual meeting user guide, which included instructions on how to attend, vote and ask questions at this meeting and is available under the corporation's profile on the SEDAR website and on the corporation's website. For those participating online, questions in respect of a motion can be submitted by any registered shareholder or duly appointed proxy holder using the instant messaging service of the virtual meeting portal. Questions that relate to a specific motion must indicate which motion they relate to at the start of the question, and they must be submitted prior to voting on that motion. If questions do not indicate which motion they relate to or received after voting on the motion they may be addressed during the general Q&A session at the end of the meeting. For those of you here in person, you will be given the opportunity to ask questions in respect of each motion. When given the opportunity, please raise your hand to indicate you have a question. Once acknowledged, please clearly state your name and identify yourself as a shareholder or proxy holder prior to asking that question. For those participating online, voting on all matters will be conducted by electronic ballot. If you have submitted your vote prior to this meeting, there is nothing for you to do unless you wish to change your vote. Registered shareholders and duly appointed proxy holders who have not previously voted or who wish to change their votes will be asked to vote on each item of business the virtual meeting portal by accessing the vote tab. To vote, select your voting direction from the options shown. Please note you only have a limited amount of time to vote. For those participating here in person, we will conduct the vote on all matters by ballot. All registered shareholders and proxy holders have been provided with color specific ballots for each resolution. You should record your vote in respect of each resolution on the applicable ballot when so directed. The scrutineers will collect the completed ballots towards the end of the meeting. With respect to Q&A, for those participating online, Questions may be submitted by any registered shareholder or duly appointed proxy holder using the instant messaging service of the virtual median portal. If several questions relate to the same or similar topic, the Chair made group the questions and states that we have received similar questions. For those here in person, you'll be given the opportunity to ask questions during the Q&A session at the end of the meeting. When given the opportunity, please raise your hand to indicate you have a question. Once acknowledged, please state your name and identify yourself as a shareholder or proxy holder prior to asking the question. We will try to answer as many questions as we can that are submitted online and ask here in-person. The chair has broad authority to conduct the meeting in a manner that's fair to all shareholders and may exercise discretion in the order in which questions are at and the amount of time devoted to any particular question or a shareholder. If we are unable to answer your question during the meeting today, we will endeavor to respond to you after the meeting.

Thank you, Chris. I confirm that I have received a sworn affidavit of an officer of Computershare Trust Company of Canada stating that the notice of meeting, the Management Information Circular and the form of proxy have been sent and made available to each shareholder, each director than the auditors of Agnico Eagle. The affidavit has been signed by Computershare, and I direct the Secretary of the meeting to keep a copy of the affidavit with the minutes of the meeting. With the consent of the meeting, I will dispense with the reading of such notice. Scrutineers have advised me that prior to the meeting, proxies were received from holders of a sufficient number of shares to constitute a quorum. I therefore declare the meeting to be regularly called and properly constituted for the transaction of business. I direct that the formal report of the scrutineers be annexed to the minutes of this meeting as a schedule. The first item of formal business is the presentation of the audited financial statements of Agnico Eagle for the year ended December 31, 2025, and the auditor's report on these financial statements both of which have been previously made available to the shareholders of the corporation. If anyone would like a copy of these financial statements, additional copies are available here today. I now place before the meeting such financial statements and the auditor's report Questions regarding these statements will be entertained at the end of the meeting during the Q&A session. Next item of formal business is the election of directors of the corporation. The articles of the corporation provide for a minimum of 5 and a maximum of 15 directors. The Board of Directors has determined that the total number of directors to be elected at this meeting [indiscernible]. I now declare the meeting open for nominations. May I have nominations, please.

I nominate as directors of Agnico Eagle Mines Limited, the Honorable [indiscernible], Sean Boyd, Martine Celej, Jonathan Gill, Peter Grosskopf, Elizabeth Lewis-Gray, Deborah McCombe, Jeffrey Par, Mervin Roberts and [indiscernible] all is named in the Management Information Circular dated March 19, 2026, and move that they be elected directors of the corporation to hold office until the next Annual Shareholders Meeting following this meeting or until their respective successors are elected or appointed. I have a second for the motion?

I second the motion.

Thank you. Under the bylaws of the corporation, any additional director nominations for today's meetings were required to have been received by no later than the close of business on April 1, 2026. There's no such nominations were received by the corporation prior to that date, there are no further nominees eligible to stand for election today. Accordingly, I now declare the nominations closed. You've heard the motion, which has been seconded. Is there any discussion? Anything online? No. There's no further discussion. I will ask the meeting to vote on the motion. For those participating virtually, you may now vote online. You voted prior to this meeting, there is nothing for you to do unless you want to change your vote. For those here in person, you may now vote on the motion by ballot. You should record your vote in respect of the election of directors by making [indiscernible] in the box entitled 4 or withhold as the case may be in respect of each of the proposed nominees on the blue ballot. And by signing and printing your name in the spaces indicated on the ballot, the scrutineers will collect your ballot later in the meeting. Next item of formal business is the appointment of auditors of Agnico Eagle for the current year. It is proposed that Ernst & Young LLP, chartered accountants, be reappointed as auditors of the corporation to hold office until the next Annual Meeting of Shareholders of the corporation or until their successors are appointed and that the auditor's remuneration be fixed by the Board of Directors of the corporation. I have an appropriate motion I so move. May I have a second to the motion? I second the motion. You have heard the motion, which has been seconded. Is there any discussion. Anything online? If there's no further discussion, I will ask the meeting to vote on the motion for those participating virtually. You may now vote online as we said earlier, if you voted prior to the meeting, there's nothing for you to do unless you wish to change your vote. Those here in person, you may now vote on the motion by ballot. You should record your vote in respect to the appointment by auditors by marking an X in the box for or withhold as the case may be on the yellow ballot. And by signing and printing your name in the spaces indicated on the ballot, the scrutineers will collect your ballot later in the meeting. Next item of formal business to consider at the meeting is the nonbinding advisory resolution on the corporation's approach to executive comp may have an appropriate motion. I move that the resolution approving on an advisory basis Corporation's approach to executive compensation as set out in Appendix B to the Management Information Circular dated March 19, 2026 be approved. May I have a second to the motion?

I second the motion.

Thank you. You have heard the motion, which has been seconded. Is there any discussion? -- in the room? Nothing online. If there's no further discussion, I will ask the meeting to vote on the motion. Those participating virtually. You can now vote online. Again, if you voted prior to this, there's nothing you need to do unless you wish to change your vote. [indiscernible], you may now vote on the motion by ballot. You should record your vote in respect to the resolution approving on an advisory basis, the corporation's approach to executive comp and marking an X in the Box entitled IV or against as the case may be on the purple ballot and by signing and printing your name in the spaces indicated on the ballot. As that concludes the voting on each of the motions today, for those of you here in person, would you kindly hold your completed ballots in the air for the scrutineers to collect. Those participating online, please ensure you have entered your vote through the virtual meeting portal. While the scrutineers collect and tabulate the results of the ballots taken, we will adjourn the formal business of the meeting. We'll announce the results of the voting when we reconvene. And during this short adjournment, I am pleased to present the Paul Penna Award. This is the 19th year of the Paul Penna Award for community service. As many of you know, [indiscernible] was the founder of Agnico Eagle, and he was widely noted for his philanthropy and his concern for the well-being of his employees but also the larger communities and the communities in which we operate. There's a picture of Paul in the old Royal York Hotel at the library room, the dashing figure. And he love nothing better than to host to shareholders at the annual meeting. This was the highlight day of his year. hosting a dinner the night before with his retail shareholders and coming and presenting the story. So what we'll do is we'll go through the slides, and we'll bring up our award winner. Our winner is Hunter Davis. I had the opportunity to meet Hunter ahead of time. I thought he was security for the room a big man looks like a [indiscernible] I can tell a policeman because my dad is a placement. So you can pick them out of a crowd very, very easily. So Hunter has done an exceptional job in his community. He works in asset protection at our Detour Lake mine. He's an exceptional individual. He's made significant contributions as we said to the community. Since January 2020, Hunter has served as an auxiliary, police officer with the [indiscernible] Police Service in [indiscernible], Ontario, just down on Lake Ontario, contributing almost 1,000 volunteer hours in support of the community. His service spans food security, public engagement retention, emergency response, delivering lasting social and economic impact to the city of Colbert. He's participated in touch a truck events, which creates positive approachable interactions between police and the community. He supports community toy drives. He's led 35 Cramer Cruiser events, collecting food for the local Northumberland Fair Share Food Bank. He also supports people at their most vulnerable participating in searches for missing people and participating in door-to-door canvassing activities. So Hunter service reflects the enduring spirit of our founder, Paul Penna, we wouldn't be here without the foundation that Paul created, that strong foundation and base of not only working hard and delivering for shareholders but also being focused on the benefits that we all have to give back and contribute to communities, and we'll talk a little bit more about that. So for these reasons and more, we are proud to announce Hunter is the winner of the 19th Annual Paul Penna Award. Hunter, thank you for your community service, your iteration to your colleagues. Thank you, everyone. I just want to say thank you to Agnico Eagle for making this kind of top possible. I look forward to continuing this in the future. So in addition to Hunter, the beauty of the Paul Penna Award is it really focuses our entire employee group. We have 18,000 employees. And it focuses our attention on the work that many, many hundreds and thousands of individuals are doing in the community. So in addition to our winter hunter, we have -- there are several regional finalists that were selected from the nominations we received in each region. So there's a lot of really good work that's being done. So each of these years, regional winners and finalists really demonstrate the spirit that Paul had in terms of community giving and community back. And each year, [indiscernible] $10,000 to the charity selected by the Paul Penna winner and Hunter's charity of choice this year with the [indiscernible]. So thanks for that, Hunter. We can now reconvene the formal part of the meeting to proceed with the remaining business. The secretary has advised me that the scrutineers have tabulated the results of the ballots conducted earlier, both online and in person. I'm pleased to report that the election of each of the directors, the appointment of the auditors and the nonbinding advisory vote on approach to executive compensation of each past. If any shareholder is interested in the exact number of votes cast with respect to each of these motions, they may obtain particulars after the meeting by contacting the secretary. We will also issue a press release and file a report of the voting results at this meeting on SEDAR. So as there's no further business that may be properly brought before the meeting, I will allow ask someone to move and someone to second a motion that the formal portion of this meeting now terminate.

I so move.

May I have a second to the motion?

I second the motion.

I declare that the formal portion of this meeting is now terminated, and we'll now move to the corporate update followed by a question-and-answer period. And before we begin the presentation, it's important that we caution you that it may include and will include some forward-looking statements, and these statements are based on management's current expectations, but are naturally subject to assumptions and uncertainty and risks and changes in circumstances and certain factors may cause the corporation's actual results to be materially different from the expectations expressed or implied by such forward-looking statements. The corporation is not under any obligation to update the forward-looking statements in today's presentations. Please see the disclosure included at the beginning of the presentation for additional details on that. So I have trouble I used to be able to read that. I can't even see it now. It looks like a blur. So -- what we'd like to do is talk about -- I'll talk a little bit about concept that -- in addition to generating above-average returns for our shareholders for an extended period of time. One of the benefits, as we said earlier, is that on top of delivering for our shareholders over the long term, one of the real benefits and privileges of our jobs at Agnico Eagle and our employees on the site is to provide important benefits to communities and build value and create opportunity within communities. And we do that by focusing on a regional strategy, which certainly works from our shareholders, and Amar will talk about that, but it also works on creating community. And this is just simply good business, but it's something that we've perfected over the years. And we're proud to be able to do. And we do it in Finland, we do it in Mexico. We do in Australia, we do it in Canada. But I'll use a particular example here today. because of the upcoming announcements around the whole Bay project, I'll talk a little bit about Nunavut. [indiscernible] because of its significance in this country, Canada now and what it means in terms of the future for Canada. -- as long as we work together and responsibly develop the opportunity in a way that uplifts the community. So we see our role. It's interesting how having been here for over 40 years. There were many portions of that time where mining was sort of off to the site. It wasn't considered that important. It was viewed in some instances as an industry which created harm, et cetera. And I think that's partly on us as miners. We didn't do an effective job of communicating the benefits that we see every single day when our employees are running their business and growing their businesses. And so it's funny how we find ourselves now, given where the country is given as the country and our leadership looks at opportunities to create value and build the economy, mining is back in the forefront. And given that we're the largest mining company and have been in business in Canada for almost 70 years, we're in a perfect position. And when you add on our expertise in the north, and what we've been able to do in terms of building the size of the business but also contributing to the community, we're also in an enhanced position to make a difference. -- not only to the country, but more importantly, to the community. So as we've always looked at mine building as community building. That's extremely important because we're working with our partners in the community. And in fact, our employees live in the community. But in the instance of Nunavut, given the size of our business, the importance of our business, the location of Hope Bay, this has become more than community building. It's become nation-building. And so when we look at the opportunity of Hope Bay, which we'll talk about in a month, there's no better example of what this country can do and needs to do and how we can sort of collectively work together. and do big things in the north and make important things happen for communities, Hope Bay is going to demonstrate that in a few weeks when we all go up and announce that we're going to build there. And if you recall, the original thesis was that we would pick that project up when our federal government said they did not want a Chinese-owned mining entity to own it. Agnico picked it up within a couple of weeks due to some good thinking and some hard work with the theory that it would grow. And we've invested a lot of time with our people and hard work on rethinking but also drilling gas here. And the theory proved out, it grew. And so it's going to be an important production base our sense based on what we see geologically, but just really based on our experience of having done this before, that type of property package suggests to us that it's a multi-decade large business. going to generate benefits not just for Agnico and its shareholders, but also for the communities, our indigenous partners and also for Canada. And so what we'll be talking about when we go up there in the north, and we will have members of government members of community or indigenous partners there. will not just be talking about the financial benefits that will flow from this mine, but we'll also talk about Agnico's investments in housing, where we're helping the Nunavut government logistically, build modular homes. We will talk about Agnico's additional investment in food security, where we fund currently fund programs, which feed thousands and thousands of young [indiscernible] when they shop for school each morning. And we'll also talk about the investment Agnico just made in the new University of [indiscernible], which is expected to see its first cohort of Inuit students in 2030 [indiscernible] announced last week in Ottawa that we're going to invest $10 million in the new university. And that's an outcome of our former Chairman, Jim Nasso, who understood the importance of education to avoid wanted to enter the conversation. Adjusted back in 2015 that we should invest $5 million with inflation, it became $10 million. So we announced 10 last week. And that's an important initiative because there's nothing more important not just education but hope for young people, particularly in the far north, that they can stay at home and continue their education and develop into the leaders that are needed to drive that growth. and build those businesses for the benefit of the communities in the north. So this is a formula because this formula delivering the promise that we made to our shareholders and our employees in the communities in our mission statement build a business that drives those above-average returns to our shareholders, but also makes it an important place to work for our employees, but also does great work in the communities and brings those communities together and helps to uplift the communities and our people really drive this. And without our people, that's one of the things being in the position that we're in and senior executives, the one thing we've said over decades is you never have to worry about what our people are doing in the communities. In fact, we sit back and we can be proud knowing that they're doing the right thing in the communities. So we're very fortunate. We'll just mention the Arctic Edge. This is the second year, and this is something that has been driven by our communications group and our team. We established a podcast to allow members of the Inuit community and the Nunavut community to tell their stories. And the stories are compelling. There were 10 podcasts, there'll be 5 podcasts this year. It's worth a listen to developer perspective. And what we wanted to do was showcase the resiliency, the strength and the potential of not just the communities, but the young people in the North, and this will do that. So if you have an opportunity, please please check it out. So I'll turn it over to Ammar. He can get into the share returns, et cetera, to demonstrate we're delivering. But I also want to take the time to thank and his team, their exceptional executives. They've done a tremendous job of continuing to build on the foundation and build a fabulous business that's not only generating for its shareholders, but is positioned to do more in the communities as we think about Canada and what Canada needs to do. So Ammar, over to you.

Well, it's always a pleasure to be here. I know this is our AGM. But when I look around, this is mostly family. These are mostly friends, coworkers and really the family of the company. So it's I think 1140 is going to be lunch. It's Friday. And I know all of you are hoping that my speech is going to be as short as Hunter speech. But it will be a little bit longer than that. I've got a few slides, but I want to again, because really this is family here. I want to talk a little bit and build on what Sean said about the company and what we're all about. In 2010, I interviewed for the job of CFO at Agnico Eagle. I had 2 interviews First interview was over a cup of coffee with Sean Boyd. You just saw Sean. And very quickly in that interview, I decided, look, I could work for this guy for the rest of my career. He's that type of person. I was 46 years old. My second interview was lunch with Sean and [indiscernible] and they talked about the business, and they talked about the potential and what they're doing, but a true story, what they talked a lot about was none of it. because this is 2010 in Agnico, it just made a big commitment, and it was brand new. And most of the lunch was about none of it. And it wasn't about how much money we're going to make in [indiscernible] they use the phrase nation building. This is the opportunity for Agnico Eagle really contribute to Canada and help build a nation. That's what I remember from that 16 years ago, and Sean and Jim are saying the same thing 16 years later. And we have made a difference. We are roughly 25% or 30% of the GDP now of [indiscernible]. And in May, we'll be announcing probably [indiscernible], you have to cover your ears. But a big investment in Nunavut. And it hasn't stopped there. Sean is the Chairman of 1 of the biggest companies in Canada. He does a lot of work in that role. But really, what he's been doing for the last couple of years as an individual as much as a Chairman of our company is spending time Canadian politicians with the people who set policy to promote the north, a $10 million investment in a university breakfast for every child and none of it. These are initiatives that aren't sort of complicated corporate initiatives where we sit down and talk about things, these are things where Chairman says these are the right things to do. And I'll give you one more example, and then I'll jump into the work stuff, but don't worry, it's not that long. And it's a true story. A few years back, I was in -- I happened to be in ranking in late it. And I was staying at the sort of one hotel there, and I went downstairs at about 7 in the morning to get a cup of coffee, and there's TV in the lobby. Those of you who have been in that hotel know what I'm talking about. And it was on the news was that the water supply in [indiscernible] had just been contaminated. I think an old diesel tank had leaked into the water supply. It was on the news. And basically, that's a big problem for the major city up in Nunavut. And as I'm watching the news, and this is brand new, I got a call from Sean, again, sort of 7 in the morning. He says, "What are you doing?" And I said, "No, I'm working hard, of course, what do you think I'm doing. But he said, "Are you watching the news? I said, "Yes, I happened to be watching the news. He said as the flight -- as we have flights every day from Montreal to [indiscernible] taking our people, taking goods up to none of it. is the flight left from Montreal yet. I said, I don't know. But we'll find out. And if it hasn't left a true story, that tell our people to go to all the Costcos in Montreal by all the water they can, put it -- take our stuff off the plane, put that on -- put the water on the plane and fly it up to call. probably within about 6, 7 hours, we had water up in Iqaluit, where the Canadian government was still trying to figure out what to do. That's stuck with me because I like to think I'm a good guy, but I I was watching the who's never heard to me. And so I think a lot of people talk about culture, but I think Agnico Eagle and our Chairman and our previous Chairman, walk the talk. Well, with that, let me jump into our business. So if you take a look at this chart, this is over 20 years. So in any 1 year, I would come up and say, well, we've had a great year or if we didn't, I wouldn't mention anything. But it's hard over 20 years to look at something and say, why are you double the industry average over 20 years? Our compounded return is about 13%. The gold equity index is about 3%. Interestingly, we're 50% higher compounded year-over-year than the S&P. I don't think a lot of people would know that. And I think a lot of people don't know that gold has outperformed the S&P compounded over 20 years. So how does that happen? One has to sort of sit back and say, how do you make that happen consistently for 20 years? And I'll talk quickly about our strategy and why I think it works, and some of you have seen this before. But that's okay. We should be talking about the same strategy. It's a consistent strategy. Really, it's the same strategy we've had for almost 70 years, which is where a lot of our peers and I always preface this by saying our peers do a great job. They're very smart people. They just have a slightly different strategy. Most of our peers will be -- will consider themselves global gold mining companies. it will go anywhere in the world to build a gold mine. And that -- and there's a certain logic to that. If you're -- you want to be a big international miner, you sort [indiscernible] there is a logic to say, well, I've got to go where the ore is I get that. That's an okay strategy. Agnico's strategy is different. Agnico's strategy has always been a regional strategy. We'll go anywhere in the world, but only to certain regions. And those regions have to, of course, have the geologic potential, but they have to have the geologic potential for multiple mines, not just one mine. And it has to have the political stability to allow you to operate multiple mines over multiple decades. Now Agnico has been doing this a long time before I got there. And as I was honored to get hired as the CFO and then President and eventually, my current role, I reflected a lot on this because I had worked for other very good mining companies. But what was the secret sauce at Agnico. And to me, this just makes a lot of sense. If you ask yourself what makes yourself a good miner, and you assume people are equally smart, equally hard working because there are a lot of smart, hardworking people out there. What gives you a real competitive advantage, and that is in our business, the ground better, you know the suppliers better you have less turnover because you've been the employer of choice for 50 years. The contractor is better. I could go on and on. But what I'm really saying is, I think this gives us a real competitive advantage. And I think, frankly, some of our peers are coming to the same conclusion. So in the world, if you think about -- as we assess where are the best places in the world based on geologic potential and political stability. We think it's Canada. We think it's Australia. We think it's Mexico. We think it's Northern Europe. And there are a few other places that we would look at, but these -- they fit the bill, although I do have a question for you, Sean. When we respectfully ask people in all the regions we work to introduce and say greetings in their local language, why didn't we do that for Australia? It's doing [indiscernible] Bad joke. Sorry, I couldn't -- so if you take a look at how we've grown our business on the right impressively over the last 20 years, Agnico has grown gold production by a factor of 14. So we can hold our heads up high and say, look, we've grown this business exceedingly well. But the truth is, we don't get paid to grow the business we get paid to grow value for our owners. By definition, our owners have a position in shares. Our job isn't to grow the company. Our job is to grow value per share. And one of the ways we do that in our business is growing production per share. buying things is not hard. Growing production is not hard because you just buy companies. Growing production per share is very hard. And over that same 20 years, we've grown production per share by about a factor of 3. That's pretty good. That's hard to do. Our peers production per share over the last 20 years is down 50%. Our production per share is up by a factor of 3. And honestly, that's why we've got a 13% compounded annual growth rate when our peers at around 6.3%, at least in my opinion. We've grown our EBITDA by -- per share by a factor of almost 20% and increased the dividend by a factor of more than 50. So the strategy works. So as this is the AGM for 2025 and a reflection on 2025, what did we do in 2025? Well, first of all, we had an exceptional run up in the gold price. And I'm proud to say that not only are we creating value by growing production per share, but we're also delivering the leverage of gold price increase to our owners. In 2025, the gold price went up $2,000. Our costs went up about $70. So we were able to deliver in the neighborhood of 97% of that increase to our owners. And that's something that we should be proud of, and that's something that comes from the work of our teams. And through that high gold price, good production, good cost control. We returned almost $1.5 billion to our owners through dividends and share buybacks, while at the same time, we paid down almost $1 billion of debt and ended the year with $3 billion of cash on our balance sheet. You can look at all the numbers in the charts that are all exceptional. Of course, of course, a big part of that was the increase in gold price. But I do think that we should be proud that as the gold price went up, we continue to control our costs. We continue to deliver the production. We did it safely. We did it responsibly. And we're going to continue to grow value for the company. I just highlight a few of the deals that we've done over the last 5 or 6 years that have contributed value. In Quebec, we bought the second half of the Malartic mine, Canadian assets of [indiscernible]. We bought the first half of that in 2014. We bought the second half in 2013. In Ontario, we merged with Kirkland Lake, a great company with some great assets. And we are building the Upper Beaver mine. We're looking at Hammond Reef, we're expanding Detour Lake. We're upgrading Macassa. At Nunavut, Sean said, we acquired TMAC from the Chinese. Since then, the team has done an exceptional job, and we're going to be announcing some good news in about a month. But the chart on the right is kind of interesting. If you take a look at how we've created value with those acquisitions, there are many ways to express this, but a simple way to just look at the additional gold that we found that [indiscernible] his team have found since the acquisitions. Since the acquisitions at Canadian Malartic the total goal, and I'm not supposed to add up all the numbers, but between family, I will. Chris, you might want to cover your ears. We've grown from a total of $12 million in all categories. to 34 million ounces, including what we've mined, an increase of 22 million ounces. I mean there's not a lot of mines in the world that have 2 million ounces. [indiscernible] grown from 19 million ounces to 47 million ounces. Those 2 mines growth alone is 50 million ounces. That's a lot of value added. -- and hope we've really just started that journey. That is going to be a world class. I can't give numbers yet, but a world-class mine that's going to run for decades. And then finally, I'll end with the growth story hasn't stopped. Got 2 lines here. On the top line, you have Canadian Malartic which we think we'll be able to get to 1 million ounces a year. We have Detour, which we think we'll be able to get to 1 million ounces a year. We've got Upper Beaver that we're building, although we haven't announced that we're building. We have hope and we have San Nicolas. Those mines alone will produce between 1.3 million and 1.5 million additional ounces of production over the next 10 years. Now there's going to be some depletion from other assets, but those mines will allow us, on a net basis, grow production by 20% to 30% over the next decade. And at current gold prices, we'll be able to do that and probably buy back shares at the same time. So it's 1 thing to have grown from 240,000 ounces to $3.5 million in increased production per share and you start with 1 mine, that's tough, really tough to grow production per share when you're starting at 3.4 million ounces, and we're going to be able to do that. And then finally, below between the finished platform that we're consolidating, Hammond Reef, some additional optimization at Detour Lake, some other assets that we own, we're not talking about these publicly, but we're working on them. and we're going to continue to grow. So with that, I just want to thank once again, everybody for attending today. I want to thank everybody who I work with because I really do work with the best people. And then Sean, I know this because he's the Chairman, I may be sucking up to the Chairman. But I mean it on thank you not just for being a great Chairman and building a great company, but for what you're doing for Canada, building [indiscernible]

Thank you, Ammar. Thank you so much. Now it's time to take questions from our shareholders. and proxy holders. So those of you online, you may submit those questions online. There's an instant messaging service on the virtual meeting portal. So use that. for those in person, if you want to ask a question, just raise your hand, that indicate you have a question. But once you're acknowledged to ask the question, then please clearly state your name and identify yourself as a shareholder or proxy holder prior to asking your question. So there's one there.

I'm Paul [indiscernible] from Burlington. I have 2 questions. First of all, what about getting some rare earth metals as a byproduct of what you're doing -- or maybe that's a totally different piece of geology. I'm guessing on that.

Well, that's a good question, and it's timely because Agnico has had a small team of experts over the last 3 years or so, looking at the critical metals landscape. That's a that's a challenging thing to do when you have such an important gold business, you don't want to distract from that goal business. So we've been very, very careful in how we've moved that initiative forward. But I think it's important to say, I'm actually the Chairman of [indiscernible] Minerals, which is the critical metals small group at Agnico and the thing that we are so laser focused on is making sure there's a clear separation, there's no great areas. Everybody knows what they're doing. And where this is headed is that we're launching this vehicle so that it can be self-sustaining, self-funding, be able to access its own capital and it's on the way to doing that. So we see that as a minority-owned subsidiary of Agnico as that company does its deals because what we don't want to do is hamper that company. it's too close to Agnico from an equity perspective, then things will stick to Agnico. There will be a lack of clarity on that vehicle. Those are very smart and talented people. that have worked with Agnico for a long time that are now taking on this initiative. So we'll be crystal clear that, that won't take away from the focus of the Agnico team. We'll be focused on building the big business, but that critical metals group we'll continue to move that initiative forward in a way where Agnico becomes a minority owner because they brought in additional equity and additional ownership interest in that group.

Okay. Just another quick question. Why are you not in Nevada with the other bikes? Is there reasons for that? I missed that. What was that -- you have no presence in Nevada. Nevada -- is there a reason why you don't want Nevada?

Well, I think you have to look at the history and where companies operate, where companies have expertise. I think that as Agnico was building its business and focusing on the LaRonde mine, world-class deposit in Quebec. We had 2 major large gold companies that were focused on Nevada. And when [indiscernible] were focused on Nevada, Nico was focused on Northern Quebec, and we had a revenue base of $50 million. And so we were quite small in the big picture. And by the time we got to the stage where we could take a keen and more serious interest in Nevada, A lot of the big large deposits were taken. So what we did is something different. We look closely at Nevada. And we look closely at Nevada joint venture with Barrick and Newmont. And we looked at it from Barrick's perspective and their percentage interest in that joint venture. And we said, and this was a few years back, we sat around and said, well, the isn't that interesting? Barrick's sitting on a joint venture interest that produces 2.1 million ounces to Barrick's account. It has 80 million ounces of reserve and resources, something like that. And we thought -- we have an opportunity to create something better than [indiscernible] interest in the Nevada joint venture. And we have an ability to do that in Canada. We have an ability to do that from Detour down through Kirkland Lake across the [indiscernible]. And that's essentially what we set out to do, and it's essentially what we've done. If you look at what we have from Detour to Kirkland Lake, with Upper Viva and Macassa across to the east of [indiscernible] with Canadian Malartic and [indiscernible] and LaRonde. And at Detour in there, we've got production of over 2 million ounces that's growing. And in that region, we'll have -- we have 2 of the top 10 gold mines in the world that have the potential to be 2 of the top 5 gold mines in the world from annual production going to 1 million ounces. So we actually created something in a way that added tremendous value to our shareholders with a lot more geological potential to come. So that's the way we focused on it. Chris one here. You got to ask a question to Ammar, the CFO. Maybe Chris, thank you.

I'm Dale McDonalds. I'm a proxy shareholder. I think, a proxy shareholder. I just owned some shares, not very many, but I'm accumulating a few for my grandchildren. And they are excited as I'm doing this for them, but they don't understand the high price of the share. You can only buy , I guess, I'm a small individual. I don't I can only buy maybe 5 shares for each of my 9 grandchildren, doesn't give them any excitement. But if the share -- if you split some of the shares up so that they were valued less would have higher numbers there there'd be a lot of excitement in my family.

But that's just maybe a early question, but that's a question Well, that's a different way to frame that question. We've never had it framed that way. We're asked that question a lot. We've never ever sort of split our shares over time. We understand some of the benefits. We just tend focused less on on the overall value proposition. Splitting shares in itself doesn't really add to increased valuation. You may be able to spread it around a little bit and break it up a little bit. But maybe Ammar and Jamie on the financial side of whether that actually makes sense. I'm trying to push questions over there.

Yes. No, I echo Sean's comments, the fact that splitting our shares actually doesn't really change the overall value of the company. That said, we have seen our share price triple or more over the course of the past few years. So as that -- as the share price continues to go higher, it's something that we'll potentially look at there might be a way to make shares more accessible if they were lower in value. I believe most brokerage accounts, you can actually buy fractional shares as well, which is I know it's not as exciting to buy 0.3 of a share, but that's always an option.

I have a suggestion. You're welcome to bring your shareholders or your grandchildren as shareholders to the annual meeting in future annual meetings. You're welcome to do that. We welcome him here. We're glad to have them. They can see the excitement Amrhas in the business, and the team has in the business. And if you let us know they're coming, we'll ramp it up a bit Well, we'll get key up here, and he can start waving his arms on hope they SP-4 Other are age 3 up to 20. That's good because that brings the average age down. I've been coming to these meetings since 1983. And I know I'm getting old, but I look out there and there's some shareholders I've seen here for 40 years, you're getting older [indiscernible] Anymore?

My name is Robert [indiscernible] I'm here with my wife, Debra, or shareholders, long-time shareholders. It's nice to see you again. Thank you for a great presentation. Thank you for a wonderful stewardship and leadership of this fine company. We've been shareholders for a long time, and I'm proud to say we do Paul Penna and we're a friend. One point in the conversations this morning, the CEO and President, commented about capital expenditures on the assumption of -- I think you said it's unlike at current gold prices. And I just wanted to see if you'd be open to sharing any views you might have with regard to global instability, socioeconomic situations around the globe, et cetera, et cetera, central bank buying, what you might think the direction of gold could be and how you forecast your CapEx based on that because I think as our CFO said, there's been by the climb in the price of gold in a blink of an eye, really. And so I wonder how that affects your planning. But any comments on that would be appreciated.

Thank you for the question, and thank you for being a long-term owner of the company. I'll answer the second part and then go to the first. The second part being, given the unpredictable and cyclical nature of the business you're in, how do you do you plan for that? The answer to that is we have a strong balance sheet because who knows where things are going to go and don't have a lot of debt. We have virtually no debt. We have net $3 billion in cash. So 1 very strong balance sheet; two, try to have low-cost operations so that regardless of where the gold price goes, you're still generating a lot of cash. And then three, have other options to be able to deal with the variability. And we do all of that, and there's a lot of work goes into that. So I think we're quite well positioned there. The first part of the question is where is gold going to go? Of course, I don't know. But I would say the following. I would say in the near term, the big driver for gold is what's happening overseas. And you may -- it may seem counterintuitive that a war happens and gold goes down, but that's really related to a view very quickly because that could go on forever. If this war gets worse and oil gets cut and shipping gets cut and supply chains get hurt it will be inflationary. And if it's inflationary, governments will raise interest rates, they raise interest rates goes down. That's what's driving it right now, and that's why you've seen all the volatility. Long term, I don't know where gold is going near term. But long term, while I don't know where it's going, I am very constructive on gold. I'm constructive on gold because governments are spending money like crazy. They're not stopping, in fact, accelerating. And at the same time, the U.S. dollar, which used to be the reliable thing central banks could buy, they are now worried that they're going to get sanctioned if they do anything. So they're saying, why would I put all my money in U.S. dollars to better get some gold. So near term, right now being driven by what's happening overseas to no small extent, near term, hard to predict but long term, I'm very constructive.

Any other questions? Any online? Chris, not online. So it's not lost on all of us. As we look out in the crowd, we see our employees. We see suppliers. We see service providers, we see shareholders. And some of you have been involved and played an important part in our success. We know we recognize that, and we thank you all for the contribution you've made in helping us make and build this fabulous company. So thank you for your presence today. Thank you for all the help over the years. We invite those of you in the room to join us for lunch. And thank you for those that also tuned in online. We really appreciate your attendance and your support. So at that, I'll conclude the meeting. And again, I look forward to bringing you news on new developments as we continue to grow the business.