Agnico Eagle Mines & Kirkland Lake Gold: A Merger that Redefines the Gold Standard

Agnico Eagle Mines & Kirkland Lake Gold:

A Merger that Redefines the Gold Standard

September 28, 2021

FORWARD LOOKING STATEMENTS

The information in this presentation has been prepared as at September 27, 2021. This presentation (including information incorporated by reference in this presentation), oral statements made regarding the proposed merger between Agnico Eagle and Kirkland Lake Gold, and other information published by Agnico Eagle and Kirkland Lake Gold contain statements which are, or may be deemed to be, "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this presentation, the words "anticipate", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "will" and similar expressions are intended to identify forward looking statements. Such statements include without limitation: statements relating to the expected outcomes of the merger, including the combined company's assets, cost structure, financial position, cash flows, growth prospects and governance; the anticipated benefits and synergies of the combined operations; the ability of Agnico Eagle and Kirkland Lake Gold to complete the merger on the terms described herein, or at all; and receipt of regulatory approvals, stock exchange approvals and the necessary Competition Act (Canada) and Foreign Acquisitions and Takeovers Act 1975 (Cth) (Australia) approvals. The combined and/or pro forma financial information included in this presentation does not reflect what the actual financial and operational results would necessarily have been had Agnico Eagle and Kirkland Lake Gold operated as a single combined company for the periods presented, and such information does not purport to project the combined company's financial results or results of operations for any future period.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle and Kirkland Lake Gold as of the date of such statements, are inherently subject to significant business, economic, operational, and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of Agnico Eagle and Kirkland Lake Gold (either separately or on a joint basis) to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Forward-looking statements are also based on numerous material factors and

assumptions, including with respect to: Agnico Eagle's and Kirkland Lake Gold's ability to consummate the merger and the timing thereof; Agnico Eagle's and Kirkland Lake Gold's present and future business strategies; operations performance within expected

ranges; anticipated future production and cash flows; local and global economic conditions and the environment in which Agnico Eagle and Kirkland Lake Gold will operate in the future; the price of gold, copper, silver and other key commodities; projected mineral grades; international exchange rates; anticipated capital and operating costs; the availability and timing of required stock exchange, regulatory, governmental and other approvals for the completion of the merger.

Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the ability to consummate the merger; the ability to obtain requisite shareholder approvals and the satisfaction of other conditions to the consummation of the merger on the proposed terms or at all; the ability to obtain necessary stock exchange, regulatory, governmental or other approvals in the time assumed or at all; the anticipated timeline for the completion of the merger; the ability to realize the anticipated benefits of the merger or implementing the business plan for the combined company, including as a result of a delay in completing the merger or difficulty in integrating the businesses of the companies involved (including the retention of key employees); the ability to realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on exploration activities; the potential impact of the announcement or consummation of the merger on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; the extent and manner to which COVID-19, and measures taken by governments, Agnico Eagle, Kirkland Lake Gold or others to attempt to reduce the spread of COVID-19, may affect Agnico Eagle and Kirkland Lake Gold, whether directly or through effects on employee health, workforce productivity and availability (including the ability to transport personnel to the their respective operations), travel restrictions, contractor availability, supply availability, ability to sell or deliver gold dore bars or concentrate, availability of insurance and the cost thereof, the ability to procure inputs required for Agnico Eagle's and Kirkland Lake Gold's operations and projects or other aspects of Agnico Eagle's and Kirkland Lake Gold's business; Agnico Eagle's and Kirkland Lake Gold's economic model and liquidity risks; fluctuations in the price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); financial services risk; the risks associated with Agnico Eagle's and Kirkland Lake Gold's brands, reputation and trust; environmental risks; safety and technology risks; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, Australia, Finland, Mexico, Colombia and other jurisdictions in which Agnico Eagle and Kirkland Lake Gold carry on business or in which Agnico Eagle and Kirkland Lake Gold may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; legal or regulatory developments and changes; the impact of foreign exchange rates; pricing pressures; and local and global political and economic conditions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. Neither Agnico Eagle nor Kirkland Lake Gold, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than as required by law, Agnico Eagle and Kirkland Lake Gold do not intend, and do not assume any obligation, to update these forward-looking statements.

Further Information

For further details on Agnico Eagle and Kirkland Lake merger, please see the news release dated September 28, 2021.

Currency

All amounts in this presentation are expressed in U.S. dollars except as otherwise noted.

A Merger That Redefines the Gold Standard

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NOTES TO INVESTORS

Note Regarding Certain Financial Performance Measures

The information in this presentation includes the following non-GAAP financial measures: all-in sustaining costs per ounce of gold, EBITDA, net debt-to-EBITBA and operating margin. These financial measures are intended to provide additional information only and do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers, even as compared to other issuers who may also be applying the World Gold Council guidelines regarding all-in sustaining costs per ounce of gold, which can be found at http://www.gold.org. These non-GAAP financial performance measures are included because management has used the information to analyze the combined business performance and financial position of the combined company. These non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. In order to provide the business performance and financial position of the combined company, certain non-GAAP financial performance measures of each of Agnico Eagle and Kirkland Lake Gold have been combined to show an aggregate number.

All-in sustaining costs per ounce ("AISC") is used to show the full cost of gold production from current operations. The Company calculates all-in sustaining costs per ounce of gold produced on a by-product basis as the aggregate of total cash costs on a by-product basis, sustaining capital expenditures (including capitalized exploration), general and administrative expenses (including stock options), lease payments related to sustaining assets and reclamation expenses, and then dividing by the number of ounces of gold produced. The all-in sustaining costs per ounce of gold produced on a co-product basis is calculated in the same manner as the all-in sustaining costs per ounce of gold produced on a by-product basis, except that the total cash costs per ounce on a co-product basis are used, meaning no adjustment is made for by-product metal revenues. Management is aware that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of total cash costs per ounce of gold produced on a byproduct basis, by-product metal prices. Management compensates for these inherent limitations by using these measures in conjunction with minesite costs per tonne (discussed below) as well as other data prepared in accordance with IFRS. The World Gold Council ("WGC") is a non-regulatory market development organization for the gold industry. Although the WGC is not a mining industry regulatory organization, it has worked closely with its member companies to develop relevant non-GAAP measures. The Company follows the guidance on all-in sustaining costs released by the WGC in November 2018. Adoption of the all-in sustaining costs metric is voluntary and, notwithstanding the Company's adoption of the WGC's guidance, all-in sustaining costs per ounce of gold produced reported by the Company may not be comparable to data reported by other gold mining companies. The Company believes that this measure provides helpful information about operating performance. However, this non-GAAP measure should be considered together with other data prepared in accordance with IFRS as it is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.

EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of financial performance.

Net debt-to-EBITDA ratio is a measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA.

Operating margin is not a recognized measure under IFRS and this data may not be comparable to data presented by other gold producers. This measure is calculated by excluding the following from net income (loss) as recorded in the condensed interim consolidated financial statements: Income and mining taxes expense; Other expenses (income); Foreign currency translation loss (gain); Gain (loss) on derivative financial instruments; Finance costs; General and administrative expenses; Amortization of property, plant and mine development; Exploration and corporate development expenses; and Impairment losses (reversals). The Company believes that operating margin is a useful measure that represents the operating performance of its mines associated with the ongoing production and sale of gold and by-product metals. Management uses this measure internally to plan and forecast future operating results. This measure is intended to provide investors with additional information about the Company's underlying operating results and should be evaluated in conjunction with other data prepared in accordance with IFRS.

This presentation also contains information as to estimated future AISC, EBITDA, net debt-to-EBITDA and operating margin. These estimates are based upon the anticipated operating results of the Company in the future periods set out herein, which will vary over time based on the Company's actual results. It is therefore not practicable to reconcile these forward-lookingnon-GAAP financial measures to the most comparable IFRS measure.

For more information regarding certain of these measures, see the annual information forms for the year ended December 31, 2020 and management discussion & analysis for the three and six months ended June 30, 2021 of each of Agnico Eagle and Kirkland Lake Gold, filed under their respective profiles on SEDAR at www.sedar.com and included in each of Agnico Eagle's and Kilkenny's Form 40-F filed on EDGAR at www.sec.gov.

A Merger That Redefines the Gold Standard

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CREATING THE HIGHEST QUALITY, LOWEST RISK SENIOR GOLD PRODUCER

Creating the Highest Quality Senior Gold Producer

Favourable Jurisdictions ⬧ Low Cost ⬧ Low-Risk Growth ⬧ ESG Leadership

Combines Two of the Lowest Risk Businesses in the Industry

4 Large Canadian Gold Mines ⬧ Simple Business Focused on Safe Jurisdictions

Significant Unique Synergies Estimated at $2B over 10 Years

Consolidation of Abitibi Greenstone Belts ⬧ G&A ⬧ Exploration ⬧ Innovation

Large and Growing Reserve Base at Established Mines and Projects

Exploration Potential in Prolific Mining Camps to Drive Growth

Balance Sheet Strength and Enhanced Return of Capital

Robust FCF ⬧ Expectation to Increase Returns to Shareholders

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THIS MERGER CREATES A CLEAR INDUSTRY LEADER

Synergies Expected to Significantly Improve AISC and EBITDA

		2021E AISC4 (US$/oz)					2021E EBITDA Margin4 (%)		Market Capitalization (US$B)1
$1,200								65%
							Before synergies
						$1,110				58%	57%
											53%
		Before synergies		$970	$995			50%		50%
$1,000
		2
$934
$905									42%
$800								35%
						Barrick New AEM Newmont Newcrest Kinross
	New AEM Newcrest Newmont Barrick	Kinross
		2021E Au Prod. (Moz)				2021E Au Prod. (oz per 1000 shares)		Au Reserves (oz per 1000 shares)
8													3
6.5
4.6
4				3.4	2.1	2.0 2					2

-

Newmont Barrick New AEM Kinross Newcrest

Note: Mineral reserves based on company disclosures as of December 31, 2020; production and AISC based on company guidance; EBITDA margin based on analyst consensus sourced from broker research. Production and mineral reserves shown on an attributable basis. New AEM share count implied based on Agnico Eagle pro forma ownership of 54%. New AEM market capitalization based on sum of Agnico Eagle and Kirkland Lake market capitalizations as of September 27, 2021

1. As of September 27, 2021
2. Calendarized; represents average of reported production for the 1-year period ended June 30, 2021 and guidance for the 1-year period ended June 30, 2022
3. Includes Hope Bay gold mineral reserves based on TMAC's published mineral reserve and mineral resource statement as of December 31, 2019
4. Example of Non-IFRS measures, see Slide 3 for more information about Non-IFRS measures

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