19 May 2026
TORONTO, May 19, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") is pleased to report a positive investment decision for its Hope Bay project, located in Nunavut, Canada. Following significant exploration success in recent years, the Company has completed a preliminary economic assessment (the "2026 Study") which contemplates an underground mining operation supported by a 6,000 tonnes per day ("tpd") processing facility with estimated annual gold production of between 400,000 and 435,000 ounces. The 2026 Study outlines an initial mine life of 11 years, with substantial upside potential from regional exploration across the highly prospective 80-kilometre greenstone belt extending south from the Doris mine to the Boston deposit, where the Company continues to pursue an aggressive exploration program.
"We are incredibly proud of our team for transforming Hope Bay from a vision into one of Canada's most important new mines in just five years. With expected annual production of over 400,000 ounces and total cash costs below $1,000 per ounce, based on only half the declared mineral resources drilled, Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "The construction and redevelopment of Hope Bay will support the long?term sustainability of our Nunavut operating platform at between 800,000 ounces and one million ounces of annual gold production and represents the first major milestone toward delivering our targeted 20% to 30% production growth over the next decade. We are also proud that this investment will contribute to the economic development of Northern Canada and enable meaningful, long?term economic participation for Indigenous organizations and partners, including the Kitikmeot Inuit Association," added Mr. Al-Joundi.
Highlights from the 2026 Study include: