Operational Performance and Strategic Drivers

• Achieved record quarterly results across all key metrics, including GEOs and adjusted EBITDA, driven by high-margin exposure to elevated gold and silver prices.

• Realized a 67% year-over-year increase in operating cash flow per share, which management identifies as the primary driver for compounding shareholder value.

• Unlocked the high-grade E44 gold deposit at North Parks through a deal providing guaranteed minimum deliveries starting in 2030, an asset previously excluded from the operator’s mine plan.

• Acquired a 3% gross revenue royalty on the Gunnison copper project for $23 million, targeting a large-scale U.S. asset to benefit from strategic domestic copper demand.

• Attributed portfolio outperformance to assets exceeding expectations, specifically citing throughput increases at Fosterville and mill expansion approvals at Beta Hunt.

• Maintained a debt-free balance sheet with over $1 billion in liquidity to support a progressive dividend policy and opportunistic share buybacks.

Growth Outlook and Development Timelines

• Reiterated 2026 guidance and 2030 outlook of 140 to 150 thousand GEOs based on current asset trajectories and approved expansions.

• Anticipates a critical construction decision for the Hope Bay project in May 2026, which could establish a 400,000 to 425,000 ounce per year gold production profile.

• Projects significant organic growth beyond 2030 from a core group of four ‘tier-one’ assets: Arthur, Kemess, Hope Bay, and North Parks.

• Expects the Kone oxide circuit to reach production later in 2026, contributing to near-term volume growth.

• Evaluating a potential mill expansion at North Parks to 10 million tons per annum, which is being studied over the next year to unlock 575 million tons of resource inventory.

Strategic Risk and Structural Factors

• Structured the Gunnison royalty with a buy-down option to lower the royalty burden upon a change of control, intended to unlock value for all parties involved.

• Identified a potential $35 million cash inflow if the operator chooses to cancel Triple Flag’s $65 million stream expansion option at Gunnison.

• Emphasized the importance of Agnico Eagle’s operating capabilities in Nunavut to mitigate risks associated with the scale and remoteness of the Hope Bay project.

Q&A Session Highlights

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M&A strategy, transaction sizes, and geographic focus for 2026

• Management expects to deploy more capital in 2026, focusing on precious metals in stable jurisdictions.

• Target transaction sizes typically range from $100 million to just under $500 million.

• Confirmed active engagement in Australia, which currently represents the company’s highest country concentration.