AGNICO EAGLE REPORTS FIRST QUARTER 2020 RESULTS; NEW 2020 PRODUCTION AND UNIT COST GUIDANCE ISSUED TO REFLECT IMPACT OF COVID-19 TEMPORARY SHUTDOWNS AT SEVEN OF EIGHT MINES; RESTART AND RAMP UP ACTIVITIES HAVE BEGUN AT THE FIVE CANADIAN MINES POSITIONING BUSINESS FOR STRONG SECOND HALF OF 2020

Q1-2020-AEM-ResultsApril302020-FINAL

TORONTO, April 30, 2020/CNW/ – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM)(“Agnico Eagle” or the “Company”) today reported a quarterly net loss of $21.6 million, or net loss of $0.09 per share, for the first quarter of 2020.  This result includes non-cash foreign currency translation losses on deferred tax liabilities of $44.2 million ($0.18 per share), mark-to-market derivative losses on financial instruments of $22.1 million ($0.09 per share), non-cash foreign currency translation losses of $3.8 million ($0.02 per share), costs relating to the temporary suspension of operations of $2.3 million ($0.01 per share) and various other adjustments of $5.2 million($0.02 per share).  Excluding these items would result in adjusted net income1of $56.0 million or $0.23 per share for the first quarter of 2020.  For the first quarter of 2019, the Company reported net income of $37.0 million or $0.16 per share.

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