AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN MAPLE GOLD MINES LTD.

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Stock Symbol:    AEM (NYSE and TSX)

TORONTO, June 24, 2024 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it acquired 33,821,842 common shares ("Common Shares") of Maple Gold Mines Ltd. (TSXV: MGM) ("Maple") on June 21, 2024 at a price of $0.085 per Common Share for total consideration of approximately $2,874,856.57 from several sellers that acquired the Common Shares in connection with an offering of flow-through Common Shares issued by Maple (the "Share Purchase").

Prior to the Share Purchase, Agnico Eagle owned 40,852,415 Common Shares, representing approximately 11.97% of the issued and outstanding Common Shares on a non-diluted basis. Following the Share Purchase, Agnico Eagle owns 74,674,257 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares on a non-diluted basis.

Agnico Eagle and Maple entered into an investor rights agreement dated October 13, 2020, pursuant to which Agnico Eagle is entitled to certain rights, provided Agnico Eagle maintains certain ownership thresholds in Maple, including: (a) the right to participate in equity financings in order to maintain its pro rata ownership in Maple at the time of such financing or acquire up to a 19.90% ownership interest in Maple; and (b) the right (which Agnico Eagle has no present intention of exercising) to nominate one person (and in the case of an increase in the size of the board of directors of Maple to eight or more directors, two persons) to the board of directors of Maple.

Agnico Eagle acquired the Common Shares for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Maple or dispose of some or all of the Common Shares or other securities of Maple that it owns at such time.

Agnico Eagle and Maple entered into a conveyance and option agreement dated June 20, 2024 (the "Conveyance and Option Agreement"), pursuant to which, subject to the satisfaction of certain closing conditions: (a) the existing joint venture agreement dated February 2, 2021 between, among others, Agnico Eagle and Maple will be terminated; (b) Maple will obtain a 100% ownership interest in the Douay Gold Project and Joutel Gold Project (the "Projects"); (c) Maple will grant Agnico Eagle a 1.0% net smelter return royalty in respect of the Projects; and (d) Agnico Eagle will retain certain options to acquire a 50% ownership interest in the Projects.