Construction of Canadian Malartic Underground Approved, Increasing Life of Mine Gold Production by ~6.9 Million Ounces - Seite 2

The East Gouldie deposit makes up 70% of the planned underground mining inventory. The Odyssey production forecast only considers about half of the total underground resources comprising inferred resources of 13.58 million ounces (177.5 million tonnes of 2.38g/t gold), as well as indicated resources of 0.86 million ounces (13.3 million tonnes of 2.01g/t gold) using a gold price assumption of US$1,250 per ounce.

Exploration drilling at East Gouldie in 2020 totaled 97,000 meters and increased the inferred mineral resource of the East Gouldie zone by 134%. The total exploration budget for 2021 has increased to 173,400 meters (US$30 million) focusing on further infill and expansion of East Gouldie and regional targets. East Gouldie alone will benefit from 141,400 metres of drilling which is ~80% of the total that has been drilled on East Gouldie to date.

An NI 43-101 Preliminary Economic Assessment technical report for the Canadian Malartic operation is expected to be filed by the Partnership in March 2021 and will include a summary of the Odyssey underground project. More details can be found in the Agnico and Yamana press releases dated February 11, 2021 titled “Agnico Eagle Reports Fourth Quarter and Full Year 2020 Results” and “Yamana Gold Reports Strong Fourth Quarter and Full Year 2020 Results”, respectively.

Upper Beaver and Hammond Reef Updates

Agnico also provided an update on potential growth opportunities beyond 2024, highlighting two projects on which Osisko has a 2% NSR royalty – the Upper Beaver project in Kirkland Lake Ontario and the Hammond Reef project in Northwestern Ontario.

As of December 31, 2020, Upper Beaver has approximately 1.4 million ounces of gold and 20,000 tonnes of copper in underground probable mineral reserves (8.0 million tonnes grading 5.43 g/t gold and 0.25% copper); Agnico Eagle’s Kirkland Lake property also hosts the Upper Canada, AK and Anoki-McBean deposits; which together with Upper Beaver host an additional indicated resource of 1.71 million ounces (17.2 million tonnes of 3.09g/t gold) and inferred resources of 4.07 million ounces (32.2 million tonnes of 3.93g/t).

In 2021, Agnico plans to drill 36,500 meters at Upper Beaver including additional shallow drilling to test an open pit concept and further deep drilling to convert mineral resources to mineral reserves. An internal technical study at Upper Beaver, incorporating drill results from 2020 and 2021, is expected to be completed by the end of 2021.