| As
filed with the Securities and Exchange Commission on August 28, 2024 |
|
Registration
No. 333-280180 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Post-Effective Amendment
No. 1 to
Form F-3
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
AGNICO EAGLE MINES LIMITED
(Exact name of Registrant as specified in its
charter)
| Ontario,
Canada |
|
Not
applicable |
(State
or other jurisdiction of incorporation or
organization) |
|
(I.R.S.
Employer Identification Number) |
145 King Street East, Suite 400
Toronto, ON, Canada
M5C 2Y7
(416) 947-1212
(Address and telephone number of Registrant’s
principal executive offices)
Davies Ward Phillips & Vineberg LLP
900 Third Avenue
24th Floor
New York, NY U.S.A. 10022
(212) 588-5500
(Name, address and telephone number of agent for
service)
Copies to:
Ammar
Al-Joundi
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, ON, Canada
M5C 2Y7
(416) 947-1212 |
|
Patricia
Olasker
Davies Ward Phillips & Vineberg
LLP
155 Wellington Street West
Toronto, ON, Canada
M5V 3J7
(416) 863-0900 |
Approximate date of commencement of proposed sale to the public: From
time to time after the effective date of this Registration Statement.
If
the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please
check the following box. ⌧
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415
under the Securities Act of 1933, check the following box. ⌧
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. o
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. o
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. o
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging
growth company o
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 7(a)(2)(B) of the Securities Act. o
† The term “new or revised financial
accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
EXPLANATORY NOTE
On July 31, 2024, the board of directors
of Agnico Eagle Mines Limited (the “Company”, “we” or “us”) approved certain amendments to our dividend
reinvestment and share purchase plan (the “Plan”), which became effective on August 16, 2024. Such amendments amended
the 5% discount previously offered to participants on the purchase of common shares, without par value (“Common Shares”),
under the Plan. This Post-Effective Amendment No. 1 to the Registration Statement on Form F-3 (No. 333-280180) filed with
the Commission on June 13, 2024 (the “Registration Statement”) is being filed by the Company to amend the prospectus
primarily to reflect the amendment of such discount, update certain other information in such prospectus and file the amended Plan as
an exhibit to the Registration Statement.
AGNICO EAGLE MINES LIMITED
COMMON SHARES
DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN
This prospectus covers 6,000,000 Common Shares
that may be purchased under the Plan. The Plan provides holders of our Common Shares with a simple and convenient method of investing
cash dividends declared on our Common Shares in additional Common Shares and, separately, making additional cash purchases of Common
Shares.
Under
the Plan, holders of our Common Shares resident in Canada, the United States and elsewhere may opt to have all cash dividends declared
on their Common Shares in the Plan reinvested in additional Common Shares and may make additional cash purchases of Common Shares. Because
all Common Shares issued under the Plan will be issued by the Company, there will be no brokerage commissions or service charges. The
purchase price of the Common Shares acquired through the Plan with reinvested dividends will be either at no discount or at a discount
of up to 5% of the volume weighted average purchase price for a board lot (100 shares) of the Common Shares on the Toronto Stock Exchange
(the “TSX”) for a period of five trading days on which at least a board lot was traded immediately preceding a dividend payment
date (the “Average Market Price”), as determined by the Company from time to time in its sole discretion. The discount determined
by the board of directors as of the effective date of this Registration Statement is 1%. If the discount is altered or eliminated by
the Company, the Company shall include information regarding the change in the discount in a press release prior to the effectiveness
of the change. The purchase price of Common Shares purchased with optional cash payments will be the Average Market Price with no discount.
As dividends will be denominated in United States dollars, the Average Market Price will be converted to United States dollars using
the indicative daily exchange rate reported by the Bank of Canada, calculated on the date that is one business day prior to the dividend
payment date. Our Common Shares are listed on both the TSX and the New York Stock Exchange (the “NYSE”) under the symbol
“AEM”. On August 27, 2024, the closing price for our Common Shares on the TSX was C$110.59 and the closing price for
our Common Shares on the NYSE was US$82.27.
We currently pay quarterly dividends on our Common
Shares. The rate at which we pay dividends takes into account all factors that our board of directors considers relevant from the perspective
of the Company, including our available cash flow, financial condition and capital requirements. While we currently expect to pay dividends
on a quarterly basis, any decision to declare dividends is at the discretion of our board.
We cannot estimate anticipated proceeds from
the further sale of Common Shares under the Plan, which will depend on the market price of the Common Shares, the extent of shareholder
participation in the Plan and other factors. We will not pay underwriting commissions in connection with the Plan.
The Plan was initially effective for dividends
declared after June 30, 1999, and was amended on July 27, 2011, July 25, 2012, August 20, 2013, September 29,
2020 and August 16, 2024.
Investing in our Common Shares involves risks.
See “Risk Factors” and “Forward-Looking Statements” on pages 4 and 5 of this prospectus for
a discussion of certain factors relevant to an investment in our Common Shares.
THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION
OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
When used in this prospectus, the terms "including",
"includes" and "such as" mean including, includes and such as, in each case, without limitation.
The date of this prospectus is August 28,
2024.
TABLE OF CONTENTS
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the information
requirements of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) and, accordingly, we file reports with and
furnish other information to the Securities and Exchange Commission (the “SEC”). Under a multijurisdictional disclosure system
adopted by the United States, such reports and other information may be prepared in accordance with the disclosure requirements of Canada,
which requirements are different from those of the United States. For example, the Company is exempt from the rules under Section 14
of the Exchange Act prescribing the furnishing and content of proxy statements, and the Company’s officers, directors and principal
shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.
The SEC maintains an Internet
site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the
SEC. The SEC’s Electronic Data Gathering and Retrieval (“EDGAR”) system at www.sec.gov contains reports and other information
about us and all public documents that we file electronically with the SEC. Our Internet address is www.agnicoeagle.com. The information
contained on our website (or any other website referred to herein) is not part of this prospectus.
We are also a reporting issuer
in each of the provinces and territories of Canada and are required to file through the Canadian Securities Administrators’ System
for Electronic Document Analysis and Retrieval (“SEDAR+”), the Canadian equivalent of the SEC’s EDGAR system, at www.sedarplus.ca,
periodic reports, including audited annual financial statements and unaudited quarterly financial statements, material change reports
and management proxy circulars and related materials for annual and special meetings of our shareholders. In addition, substantially
all of the disclosure materials that we file with the SEC are also available on SEDAR+.
We have filed with the SEC
under the U.S. Securities Act of 1933, as amended (the “Securities Act”), a registration statement on Form F-3 relating
to our dividend reinvestment and share purchase plan of which this prospectus is a part. This prospectus does not contain all of the
information set forth in such registration statement, and you should refer to the registration statement and its exhibits to read that
information. For further information about us and our Common Shares, you are encouraged to refer to the registration statement and to
the exhibits filed with it. Statements contained in this prospectus as to the provisions of documents filed as exhibits are not necessarily
complete, and in each instance reference is made to the copy so filed that is included as an exhibit to the registration statement, and
each such statement in this prospectus is qualified in all respects by such reference.
DOCUMENTS INCORPORATED BY REFERENCE
The SEC allows us to “incorporate
by reference” into this prospectus certain documents that we file with or furnish to the SEC. This means that we can disclose important
information to you by referring to those documents. The information incorporated by reference is considered to be an important part of
this prospectus, and later information that we file with the SEC will automatically update and supersede that information. References
to this prospectus, unless otherwise stated, include the documents incorporated by reference herein. The following documents, which we
have filed with or furnished to the SEC are specifically incorporated by reference into this prospectus:
All subsequent annual reports
on Form 40-F filed by us pursuant to the Exchange Act prior to the termination of this offering will be incorporated by reference
into this prospectus as of the date of the filing of such annual reports. In addition, we may incorporate by reference into this prospectus
subsequent reports on Form 6-K that we furnish to the SEC prior to the termination of this offering to the extent we expressly provide
therein.
Any statement contained in
a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent
that a statement contained herein or therein or in any other later filed document that also is incorporated by reference in this prospectus
modifies or supersedes such statement. Any such statement so modified shall not be deemed, except as so modified, to constitute a part
of this prospectus. Any such statement so superseded shall be deemed not to constitute a part of this prospectus.
You may obtain, without charge,
upon written or oral request, a copy of any of the documents incorporated by reference herein, except for the exhibits to such documents
unless delivery of the exhibits is specifically requested. Requests should be directed to our principal executive offices, Attention:
Investor Relations, 145 King Street East, Suite 400, Toronto, Ontario, Canada M5C 2Y7, Telephone Number: 416-947-1212. Additionally,
copies of such documents may be accessed through the “Investor Relations – Financial Information – Investor Centre”
section of our website at www.agnicoeagle.com.
ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES
IN THE UNITED STATES
We are incorporated under
the laws of the Province of Ontario, Canada. The majority of the Company’s directors and officers and the experts named in this
prospectus and the documents incorporated by reference herein are residents of Canada. Also, almost all of the Company’s assets
and the assets of these persons are located outside of the United States. We have appointed an agent for service of process in the United
States, but it may be difficult for holders of Common Shares who reside in the United States to effect service within the United
States upon those directors, officers and experts who are not residents of the United States. As a result, it may be difficult for
shareholders to initiate a lawsuit within the United States against these non-United States residents, or to enforce judgments in the
United States against the Company or these persons that are obtained in a United States court. The Company’s Canadian counsel has
advised the Company that a monetary judgment of a U.S. court predicated solely upon the civil liability provisions of U.S. federal securities
laws would likely be enforceable in Canada if the U.S. court in which the judgment was obtained had a basis for jurisdiction in the matter
that was recognized by a Canadian court for such purposes. The Company cannot provide assurance that this will be the case. It is less
certain that an action could be brought in Canada in the first instance on the basis of liability predicated solely upon the civil liability
provisions of U.S. federal securities laws. It may also be difficult for shareholders who reside in the U.S. to realize in the U.S. upon
judgments of courts of the U.S. predicated upon the Company's civil liability and the civil liability of the Company's directors and
officers and experts under U.S. federal securities laws.
RISK FACTORS
Before you decide to participate
in the Plan and invest in our Common Shares, you should be aware of the following material risks in making such an investment. You should
consider carefully these risk factors together with all risk factors and information included or incorporated by reference in this prospectus,
including the risk factors set forth in our 2023 Annual Report, before you decide to participate in the Plan and purchase Common Shares.
In addition, you should consult your own financial and legal advisors before making an investment.
Risks Related to Our Common Shares
Holders of Common Shares
are entitled to receive dividends if, as and when declared by our board of directors out of funds legally available for such payments.
Our board of directors may determine at any time to decrease or discontinue the payment of dividends by the Company. The Business
Corporations Act (Ontario) provides that a corporation may not declare or pay a dividend if there are reasonable grounds for believing
that the corporation is, or would be after the payment of the dividend, unable to pay its liabilities as they become due or the realizable
value of its assets would thereby be less than the aggregate of its liabilities and stated capital of all classes of shares of its capital.
Risks Related to the Plan
You will not know the price
of the Common Shares you are purchasing under the Plan at the time you authorize the investment or elect to have your dividends reinvested.
The price of our Common Shares
may fluctuate between the time you decide to purchase Common Shares under the Plan and the time of actual purchase. In addition, during
this time period, you may become aware of additional information that might affect your investment decision, but you may be unable to
revoke your instructions once they are given.
Under the Plan, we reserve
the right to amend, suspend or terminate the Plan at any time. We will send written notice to participants of any material amendment,
suspension or termination. Any amendment of the Plan which materially affects the rights of participants in the Plan will be subject
to the prior approval of the TSX. If the Plan is terminated, the plan agent will remit to participants Direct Registration System (DRS)
Advice (“DRS Advice”) registered in their name for whole Common Shares, together with the proceeds from the sale of any fractions
of Common Shares. If the Plan is suspended, subsequent dividends on Common Shares will be paid in cash and any funds held in respect
of optional cash payments that have not been used to acquire Common Shares as of the effective date of the suspension will be repaid
to the Plan participant. During the suspension of the Plan, no request for enrolment in the Plan will be processed.
FORWARD-LOOKING STATEMENTS
This prospectus and the documents
incorporated by reference herein contain “forward-looking statements” within the meaning of the United States Private Securities
Litigation Reform Act of 1995. These statements relate to, among other things, the Company’s plans, objectives, expectations, estimates,
beliefs, strategies and intentions and can generally be identified by the use of words such as “aim", "anticipate",
"believe", "budget", "can", "could", "estimate", "expect", "forecast",
"future", "intend", "likely", "may", "might", "plan", "possible",
"potential”, “project”, “schedule”, “should”, “target”, “will”,
“would” or other variations of these terms or similar words. Forward-looking statements in this prospectus and in the documents
incorporated by reference herein include statements regarding:
| · | the
Company's outlook for 2024 and future periods, including estimates of or anticipated metal
production, ore grades, ore tonnage, recovery rates, project timelines, drilling results,
life of mine, total cash costs per ounce, all-in sustaining costs per ounce, minesite costs
per tonne, other expenses and cash flows; |
| · | statements
regarding future earnings and the sensitivity of earnings to gold and other metal prices; |
| · | anticipated
levels or trends for prices of gold and by-product metals mined by the Company or for exchange
rates between currencies in which capital is raised, revenue is generated or expenses are
incurred by the Company; |
| · | estimates
of future capital expenditures, exploration expenditures, development expenditures and other
cash needs, and expectations as to the funding thereof; |
| · | estimated
timing and conclusions of studies, analyses and evaluations undertaken by the Company or
others; |
| · | statements
regarding the projected exploration, development and exploitation of ore deposits, including
estimates of the timing of such exploration, development and production or decisions with
respect thereto; |
| · | estimates
of mineral reserves and mineral resources and their sensitivities to gold prices and other
factors, ore grades and mineral recoveries and statements regarding anticipated future exploration
results; |
| · | anticipated
timing of events at the Company’s mines, mine development projects and exploration
projects; |
| · | methods
by which ore will be extracted or processed; |
| · | estimates
of future costs and other liabilities for environmental remediation; |
| · | statements
concerning life of mine estimates, expansion projects, recovery rates, mill throughput, optimization
and projected exploration, including costs and other estimates upon which such projections
are based; |
| · | statements
regarding the Company's ability to obtain the necessary permits and authorizations in connection
with its proposed or current exploration, development and mining operations and the anticipated
timing thereof; |
| · | statements
regarding the sufficiency of the Company's cash resources; |
| · | statements
regarding anticipated legislation and regulations, including with respect to climate change,
and estimates of their impact thereof on the Company; |
| · | other
anticipated trends with respect to the Company’s capital resources and results of operations;
and |
| · | statements
regarding the impact of pandemics and other health emergencies, and measures taken to reduce
the spread of such pandemics and other health emergencies on the Company’s future operations
and business. |
Forward-looking statements
are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such
statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors
and assumptions used in the preparation of the forward-looking statements in this prospectus and in the documents incorporated by reference
herein are based, and which may prove to be incorrect, include the assumptions set out in this prospectus and in the documents incorporated
by reference herein, as well as: that there are no significant disruptions affecting the Company's operations, whether due to labour
disruptions, supply disruptions, damage to equipment, natural or man-made occurrences, pandemics or other health emergencies, mining
or milling issues, political changes, title issues, community protests, including by First Nations groups, or otherwise; that permitting,
development, expansion and the ramp up of operations at each of the Company's mines, mine development projects and exploration projects
proceed on a basis consistent with expectations and that the Company does not change its exploration or development plans relating to
such projects; that the exchange rates between the Canadian dollar, Australian dollar, Euro, Mexican peso and the U.S. dollar will be
approximately consistent with the Company's expectations; that prices for gold, silver, zinc and copper will be consistent with the Company's
expectations; that prices for key mining and construction supplies, including labour costs, remain consistent with the Company's expectations;
that production meets expectations; that the Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral
recoveries are accurate; that there are no material delays in the timing for completion of development projects; that seismic activity
at the Company's operations at LaRonde, Goldex and other properties is as expected by the Company; that the Company's current plans to
optimize production are successful; that there are no material variations in the current tax and regulatory environments that materially
affect the Company; that governments, the Company or others do not take measures in response to pandemics or other health emergencies,
or otherwise that, individually or in the aggregate, materially affect the Company's ability to operate its business; that measures taken
in connection with pandemics do not affect productivity; that measures taken relating to, or other effects of, pandemics do not affect
the Company's ability to obtain necessary supplies and deliver them to its minesites.
The forward-looking statements
herein reflect the Company’s views as at the date hereof and involve known and unknown risks, uncertainties, assumptions and other
factors which could cause the actual results, performance or achievements of the Company or industry results to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among
others, the risk factors set out under “Risk Factors” in the 2023 Annual Report. Given these uncertainties, readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by
law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements
to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement
is based.
CERTAIN MEASURES OF PERFORMANCE
This prospectus and the documents
incorporated by reference herein disclose certain measures, including "adjusted net income", "adjusted net income per
share", "earnings before interest, taxes, depreciation and amortization ("EBITDA")", "adjusted EBITDA",
“free cash flow”, “free cash flow before changes in working capital”, "total cash costs per ounce"
(on both a by-product and co-product basis), "minesite costs per tonne", "all-in sustaining costs per ounce" (also
referred to as "AISC per ounce") (on both a by-product and co-product basis), "operating margin", "sustaining
capital expenditures" and "development capital expenditures" that are not standardized measures under International Financial
Reporting Standards (“IFRS”). These measures may not be comparable to similar measures reported by other gold producers.
For a reconciliation of these measures to the most directly comparable financial information presented in the applicable financial statements
prepared in accordance with IFRS, see Non-GAAP Financial Performance Measures in the applicable document.
Adjusted net income and adjusted
net income per share are calculated by adjusting the net income as recorded in the condensed interim consolidated statements of income
for the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting
period. Adjusted net income is calculated by adjusting net income for items such as foreign currency translation gains or losses, realized
and unrealized gains or losses on derivative financial instruments, revaluation gains, impairment loss charges and reversals, environmental
remediation, severance and transaction costs related to acquisitions, purchase price allocations to inventory, gains or losses on the
disposals of assets and income and mining taxes adjustments. Adjusted net income per share is calculated by dividing adjusted net income
by the number of shares outstanding on a basic and diluted basis. The Company believes that these generally accepted industry measures
are useful in that they allow for the evaluation of the results of continuing operations and in making comparisons between periods. Adjusted
net income and adjusted net income per share are intended to provide investors with information about the Company's continuing income
generating capabilities from its core mining business, excluding the above adjustments, which the Company believes are not reflective
of operational performance. Management uses this measure to, and believes it is helpful to investors so they can, understand and monitor
for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.
EBITDA is calculated by adjusting
the net income as recorded in the condensed interim consolidated statements of income for finance costs, amortization of property, plant
and mine development and income and mining tax expense line items as reported in the condensed interim consolidated statements of income.
Adjusted EBITDA removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance
for the reporting period. Adjusted EBITDA is calculated by adjusting the EBITDA calculation for items such as foreign currency translation
gains or losses, realized and unrealized gains or losses on derivative financial instruments, revaluation gains, impairment loss charges
and reversals, environmental remediation, severance and transaction costs related to acquisitions, purchase price allocations to inventory
and gains or losses on the disposals of assets. The Company believes that these generally accepted industry measures are useful in that
they allow for the evaluation of the cash generating capability of the Company to fund its working capital, capital expenditure and debt
repayments. EBITDA and Adjusted EBITDA are intended to provide investors with information about the Company's continuing cash generating
capability from its core mining business, excluding the above adjustments, which management believes are not reflective of operational
performance. Management uses these measures to, and believes it is helpful to investors so they can, understand and monitor for the cash
generating capability of the Company in conjunction with other data prepared in accordance with IFRS.
Free cash flow is calculated
by deducting additions to property, plant and mine development from the cash provided by operating activities line item as recorded in
the condensed interim consolidated statements of cash flows. Free cash flow before changes in non-cash components of working capital
is calculated by excluding items such as the effect of changes in non-cash components of working capital from free cash flow, which includes
trade receivables, income taxes, inventory, other current assets, accounts payable and accrued liabilities and interest payable. The
Company believes that these generally accepted industry measures are useful in that they allow for the evaluation of the Company’s
ability to repay creditors and return cash to shareholders without relying on external sources of funding. Free cash flow and free cash
flow before changes in non-cash components of working capital also provide investors with information about the Company’s financial
position and its ability to generate cash to fund operational and capital requirements as well as return cash to shareholders. Management
uses these measures in conjunction with other data prepared in accordance with IFRS to, and believes it is helpful to investors so they
can, understand and monitor the cash generating ability of the Company.
Total cash costs per ounce
is calculated on a per ounce of gold produced basis and is reported on both a by-product basis (deducting by-product metal revenues from
production costs) and co-product basis (without deducting by-product metal revenues). Total cash costs per ounce on a by-product basis
is calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for by-product revenues,
inventory production costs, the impact of purchase price allocation in connection with mergers and acquisitions on inventory accounting,
realized gains and losses on hedges of production costs, operational care and maintenance costs due to COVID-19 and other adjustments,
which include the costs associated with a 5% in-kind royalty paid in respect of certain portions of Canadian Malartic, a 2% in-kind royalty
paid in respect of Detour Lake, a 1.5% in-kind royalty paid in respect of Macassa, as well as smelting, refining and marketing charges
and then dividing by the number of ounces of gold produced. Given the nature of the fair value adjustment on inventory related to mergers
and acquisitions and the use of the total cash costs per ounce measures to reflect the cash generating capabilities of the Company’s
operations, the calculations of total cash costs per ounce for Canadian Malartic has been adjusted for this purchase price allocation
in the comparative period data. Investors should note that total cash costs per ounce are not reflective of all cash expenditures, as
they do not include income tax payments, interest costs or dividend payments. Total cash costs per ounce on a co-product basis is calculated
in the same manner as the total cash costs per ounce on a by-product basis, except that no adjustment is made for by-product metal revenues.
Accordingly, the calculation of total cash costs per ounce on a co-product basis does not reflect a reduction in production costs or
smelting, refining and marketing charges associated with the production and sale of by-product metals.
Total cash costs per ounce
is intended to provide investors information about the cash-generating capabilities of the Company’s mining operations. Management
also uses these measures to, and believes they are useful to investors so investors can, understand and monitor the performance of the
Company’s mining operations. The Company believes that total cash costs per ounce is useful to help investors understand the costs
associated with producing gold and the economics of gold mining. As market prices for gold are quoted on a per ounce basis, using the
total cash costs per ounce on a by-product basis measure allows management and investors to assess a mine’s cash-generating capabilities
at various gold prices. Management is aware, and investors should note, that these per ounce measures of performance can be affected
by fluctuations in exchange rates and, in the case of total cash costs per ounce on a by-product basis, by-product metal prices. Management
compensates for these inherent limitations by using, and investors should also consider using, these measures in conjunction with data
prepared in accordance with IFRS and minesite costs per tonne as these measures are not necessarily indicative of operating costs or
cash flow measures prepared in accordance with IFRS. Management also performs sensitivity analyses in order to quantify the effects of
fluctuating metal prices and exchange rates.
The Company’s primary
business is gold production and the focus of its current operations and future development is on maximizing returns from gold production,
with other metal production being incidental to the gold production process. Accordingly, all metals other than gold are considered by-products.
In this prospectus, unless
otherwise indicated, total cash costs per ounce is reported on a by-product basis. Total cash costs per ounce is reported on a by-product
basis because (i) the majority of the Company’s revenues are from gold, (ii) the Company mines ore, which contains gold,
silver, zinc, copper and other metals, (iii) it is not possible to specifically assign all costs to revenues from the gold, silver,
zinc, copper and other metals the Company produces, (iv) it is a method used by management and the Board to monitor operations,
and (v) many other gold producers disclose similar measures on a by-product rather than a co-product basis.
Minesite costs per tonne
are calculated by adjusting production costs as recorded in the condensed interim consolidated statements of income for inventory production
costs, operational care and maintenance costs due to COVID-19 and other adjustments, and then dividing by tonnage of ore processed. As
the total cash costs per ounce can be affected by fluctuations in by-product metal prices and foreign exchange rates, management believes
that minesite costs per tonne is useful to investors in providing additional information regarding the performance of mining operations,
eliminating the impact of varying production levels. Management also uses this measure to determine the economic viability of mining
blocks. As each mining block is evaluated based on the net realizable value of each tonne mined, in order to be economically viable the
estimated revenue on a per tonne basis must be in excess of the minesite costs per tonne. Management is aware, and investors should note,
that this per tonne measure of performance can be affected by fluctuations in processing levels. This inherent limitation may be partially
mitigated by using this measure in conjunction with production costs and other data prepared in accordance with IFRS.
All-in sustaining costs per
ounce (also referred to as “AISC per ounce”) on a by-product basis is calculated 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. These additional costs reflect the additional expenditures that are required to be made to maintain current production levels.
AISC per ounce on a co-product basis is calculated in the same manner as AISC per ounce on a by-product basis, except that the total
cash costs on a co-product basis are used, meaning no adjustment has been made for by-product metal revenues. Investors should note that
AISC per ounce is not reflective of all cash expenditures as it does not include income tax payments, interest costs or dividend payments,
nor does it include non-cash expenditures, such as depreciation and amortization. In this prospectus, unless otherwise indicated, all-in
sustaining costs per ounce is reported on a byproduct basis.
Management believes that
AISC per ounce is helpful to investors as it reflects total sustaining expenditures of producing and selling an ounce of gold while maintaining
current operations and, as such, provides helpful information about operating performance. Management is aware, and investors should
note, that these per ounce measures of performance can be affected by fluctuations in foreign exchange rates and, in the case of AISC
per ounce on a by-product basis, by-product metal prices. Management compensates for these inherent limitations by using, and investors
should also consider using, these measures in conjunction with data prepared in accordance with IFRS and minesite costs per tonne, as
AISC per ounce is not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS.
The Company follows the guidance
on calculation of AISC per ounce released by the World Gold Council (“WGC”) in 2018. The WGC is a non-regulatory market development
organization for the gold industry that has worked closely with its member companies to develop guidance in respect of relevant non-GAAP
measures. Notwithstanding the Company’s adoption of the WGC’s guidance, AISC per ounce of gold produced reported by the Company
may not be comparable to data reported by other gold mining companies.
Operating margin is calculated
by deducting production costs from revenue from mining operations. In order to reconcile operating margin to net income as recorded in
the condensed interim consolidated financial statements, the Company adds the following items to the operating margin: income and mining
taxes expense; other expenses (income); care and maintenance expenses; foreign currency translation (gain) loss; environmental remediation
costs; gain (loss) on derivative financial instruments; finance costs; general and administrative expenses; amortization of property,
plant and mine development; exploration and corporate development expenses; revaluation gain and impairment losses (reversals). The Company
believes that operating margin is a useful measure to investors as it reflects the operating performance of its individual mines associated
with the ongoing production and sale of gold and by-product metals without allocating Company-wide overhead, such as exploration and
corporate development expenses, amortization of property, plant and mine development, general and administrative expenses, finance costs,
gain and losses on derivative financial instruments, environmental remediation costs, foreign currency translation gains and losses,
other expenses and income and mining tax expenses. Management uses this measure internally to plan and forecast future operating results.
Management believes this measure is useful to investors as it provides them with additional information about the Company’s underlying
operating results, though it should be evaluated in conjunction with other data prepared in accordance with IFRS.
Capital expenditures are
classified into sustaining capital expenditures and development capital expenditures. Sustaining capital expenditures are expenditures
incurred during the production phase to sustain and maintain existing assets so they can achieve constant expected levels of production
from which the Company will derive economic benefits. Sustaining capital expenditures include expenditure for assets to retain their
existing productive capacity as well as to enhance performance and reliability of the operations. Development capital expenditures represent
the spending at new projects and/or expenditures at existing operations that are undertaken with the intention to increase production
levels or mine life above the current plans. Management uses these measures in the capital allocation process and to assess the effectiveness
of its investments. Management believes these measures are useful so investors can assess the purpose and effectiveness of the capital
expenditures split between sustaining and development in each reporting period. The classification between sustaining and development
capital expenditures does not have a standardized definition in accordance with IFRS and other companies may classify expenditures in
a different manner.
This prospectus also contains
information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based upon
the total cash costs per ounce, AISC per ounce and minesite costs per tonne that the Company expects to incur to mine gold at its mines
and projects and, consistent with the reconciliation of these actual costs referred to above, do not include production costs attributable
to accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore
not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable IFRS measure.
Payable production (a non-GAAP
non-financial performance measure) is the quantity of mineral produced during a period contained in products that have been or will be
sold by the Company, whether such products are sold during the period or held as inventories at the end of the period.
ESTIMATES OF MINERAL RESERVES AND MINERAL RESOURCES
The mineral reserve and mineral
resource estimates contained in this prospectus have been prepared in accordance with the Canadian Securities Administrators’ National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The SEC’s disclosure
requirements and policies for mining properties were amended in 2019 to more closely align with current industry and global regulatory
practices and standards, including NI 43-101. However, Canadian issuers that report in the United States using the multi-jurisdictional
disclosure system of the Exchange Act (the “MJDS”), such as the Company, may still use NI 43-101 rather than the SEC’s
disclosure requirements when using the SEC’s MJDS registration statement and annual report forms. Accordingly, mineral reserve
and mineral resource information contained or incorporated by reference herein may not be comparable to similar information disclosed
by U.S. companies.
Investors are cautioned that
while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral
resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted
into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic
and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated
mineral resources”, or “inferred mineral resources” that the Company reports herein are or will be economically or
legally mineable.
Further, “inferred
mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It
cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian regulations,
estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.
Investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is or will ever be economically
or legally mineable.
The mineral reserve and mineral
resource data contained or incorporated by reference herein are estimates, and no assurance can be given that the anticipated tonnages
and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces
for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a
subset of mineral resources.
For definitions of the terms
used in this section, see the 2023 Annual Report.
THE COMPANY
The Company is a Canadian
based and led senior gold mining company, and the third largest gold producer in the world, producing precious metals from operations
in Canada, Australia, Finland and Mexico. It has a pipeline of exploration and development projects in these countries as well as in
the United States. The Company is a partner of choice within the mining industry, recognized globally for its leading environmental,
social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a
cash dividend every year since 1983.
The Company earns a significant
proportion of its revenue and cash flow from the production and sale of gold in both doré bar and concentrate form. The remainder
of revenue and cash flow is generated by the production and sale of by-product metals, primarily silver, copper and zinc.
Our principal executive offices
are located at 145 King Street East, Suite 400, Toronto, Ontario, Canada M5C 2Y7, and our telephone number is (416) 947-1212.
Our Common Shares are listed
on both the TSX and the NYSE under the symbol “AEM”.
USE OF PROCEEDS
We have no basis for estimating
precisely either the number of Common Shares that may be sold under the Plan or the prices at which such shares may be sold. The amount
of the proceeds that we receive will depend upon the Average Market Price of the Common Shares, the extent of shareholder participation
in the Plan and other factors. We intend to use any proceeds from the sale of Common Shares under the Plan for general corporate purposes.
THE DIVIDEND REINVESTMENT AND SHARE PURCHASE
PLAN
WHAT IS THE PURPOSE OF THE PLAN?
The purpose of the Plan is
to provide holders of our Common Shares with a simple and convenient method of investing cash dividends declared on our Common Shares
in additional Common Shares and to make additional optional cash purchases of Common Shares. Shareholders resident in jurisdictions other
than Canada or the United States may participate in the Plan, subject to any restrictions under the laws of their jurisdiction of residence.
We currently pay quarterly
dividends on our Common Shares. The rate at which we pay dividends takes into account all factors that our board of directors considers
relevant from the perspective of our Company, including our available cash flow, financial condition and capital requirements. While
we currently expect to pay dividends on a quarterly basis, the decision to declare dividends is at the discretion of our board.
We have retained Computershare
Trust Company of Canada (“Computershare” or the “Agent”) to act as agent for the participants in the Plan.
WHAT ARE SOME OF THE ADVANTAGES AND DISADVANTAGES OF THE PLAN?
Before deciding whether to
participate in the Plan, you should consider the following advantages and disadvantages of the Plan, together with the other information
about us and the Plan contained in this prospectus and incorporated by reference to other documents we have filed with or furnished to
the SEC.
Advantages
| · | The
Plan provides participants with the opportunity to automatically invest the cash dividends,
if any, paid on the Common Shares they hold. |
| · | Common
Shares purchased with cash dividends will be acquired at either no discount or at a discount
of up to 5% of the Average Market Price, as determined by the Company from time to time in
its sole discretion. As dividends will be denominated in United States dollars, the Average
Market Price will be converted to United States dollars using the indicative daily exchange
rate reported by the Bank of Canada, calculated on the date that is one business day prior
to the dividend payment date. |
| · | The
Plan allows participants to make optional cash purchases of additional Common Shares. |
| · | Dividends
and optional cash purchases can be fully invested in additional Common Shares because the
Plan permits fractional shares to be credited to your account. Dividends on fractional shares
will be reinvested in additional Common Shares. |
| · | Because
all Common Shares sold under the Plan will be issued by us, participants will not pay any
brokerage commissions in connection with their purchase of Common Shares. |
| · | We
will pay all of the administrative costs associated with the Plan. |
Disadvantages
| · | Participants
will not know the actual number of Common Shares they have acquired through the Plan until
after cash dividends and any optional cash payments are invested. |
| · | Because
the purchase price for Common Shares provided under the Plan will be dependent on the Average
Market Price of the Common Shares immediately preceding each dividend payment date, the prices
participants pay for Common Shares, particularly with optional cash payments, may be higher
than the price at which Common Shares could have been purchased in the open market on dividend
payment dates. |
| · | No
interest will be paid by us or by Computershare on dividends or optional cash payments held
by Computershare pending investment. |
| · | Participants
may not sell or otherwise transfer Common Shares acquired under the Plan until such shares
are withdrawn from the Plan. |
| · | Due
to the manner in which dividends are treated under applicable tax laws, participants in the
Plan may be required to make payments to taxing authorities in connection with their annual
tax obligations, potentially without having received cash dividends from the Company. |
Shareholders considering
participating in the Plan should carefully consider the matters noted under “Risk Factors” and “Forward-Looking
Statements” prior to enrolling in the Plan.
WHO IS ELIGIBLE TO PARTICIPATE IN THE PLAN?
The Plan is available to
our shareholders who hold at least one whole Common Share and who reside in Canada or the United States or who reside elsewhere, unless
prohibited by the laws of the country in which they reside. Registered shareholders (which means shareholders who hold Common Shares
in their own name) may enroll directly in the Plan. Beneficial shareholders (which means shareholders who hold their Common Shares through
a broker, investment dealer, financial institution or other nominee) may also be able to participate in the Plan through their nominees
but should contact their broker, investment dealer, financial institution or other nominee to determine the procedure for participation
in the Plan. We cannot require or control an intermediary’s determination as to whether to participate in the Plan or any procedures
adopted by any intermediary with respect to the Plan.
HOW DO I ENROLL IN THE PLAN IF MY COMMON SHARES ARE REGISTERED
IN MY NAME?
If your Common Shares are
registered in your name, you may participate in the Plan immediately by choosing to reinvest the cash dividends, if any, less applicable
Canadian withholding tax, paid on the Common Shares that you hold. See “What are my dividend reinvestment options?”
below for details regarding the different elections you can make under the Plan. You can enroll online through Computershare’s
self-service web portal, Investor Centre, at www.investorcentre.com or by completing a Reinvestment Enrollment—Participant
Declaration Form and returning it to Computershare within the applicable deadlines described below. To obtain an enrollment package,
contact Computershare at 1-800-564-6253 if you are in the United States or Canada or access the Form online at www.investorcentre.com.
Additionally you may access an enrollment form at any time through the “Investor Relations – Stock Information – Dividends”
section of our website at www.agnicoeagle.com.
HOW DO I PARTICIPATE IN THE PLAN IF I AM A BENEFICIAL SHAREHOLDER?
If you are a beneficial owner
whose Common Shares are held through a broker, investment dealer, financial intermediary or nominee and are therefore registered in a
name other than your own, such as CDS Clearing and Depository Services Inc. (“CDS”) or The Depository Trust Company (“DTC”),
you may participate in the Plan by (i) having those Common Shares transferred into your name directly and then enrolling such Common
Shares in the Plan as a registered holder or (ii) make appropriate arrangements with the broker, investment dealer, financial institution
or other nominee who holds your Common Shares to enroll in the Plan on your behalf. CDS and DTC as a participant will in turn enroll
with the Agent for the applicable dividend record date.
If you are a beneficial owner
of Common Shares and wish to enroll in the Plan through a CDS participant or a DTC participant in respect of your Common Shares registered
through CDS or DTC, appropriate instructions must be received by CDS or DTC, as applicable, from the CDS participant or DTC participant
no later than such deadline as may be established by CDS or DTC from time to time, in order for the instructions to take effect on the
dividend payment date to which that dividend record date relates.
Instructions received by
CDS or DTC after their internal deadline will not take effect until the next following dividend payment date. CDS participants and DTC
participants holding Common Shares on behalf of beneficial owners of Common Shares registered through CDS or DTC must arrange for CDS
or DTC, as applicable, to enroll such Common Shares in the Plan on behalf of such beneficial owners in respect of each dividend payment
date.
If you are a beneficial owner
of Common Shares, you should contact your broker, investment dealer, financial institution or other nominee who holds your Common Shares
to provide instructions regarding your participation in the Plan and to inquire about any applicable deadlines that the nominee may impose
or be subject to and to confirm the fees, if any, the nominee may charge to enroll your Common Shares in the Plan on your behalf or whether
the nominee’s policies might result in any costs otherwise becoming payable by you.
ONCE ENROLLED, HOW DO I REMAIN IN THE PLAN?
Once you have enrolled in
the Plan, you will automatically remain enrolled until you discontinue participation, until we terminate the Plan or if you change your
residence to a country where residents of your new country are not eligible to participate in the Plan (see “May the Plan
be Amended, Suspended or Terminated?”).
CDS or DTC, as applicable,
will provide instructions to Computershare regarding the extent of its participation in the Plan, on behalf of beneficial owners of Common
Shares, in respect of every dividend payment date on which cash dividends otherwise payable to CDS or DTC, as applicable, as shareholder
of record, are to be reinvested under the Plan.
Any Common Shares acquired
outside of the Plan that are not registered in exactly the same name or manner as Common Shares enrolled in the Plan will not be automatically
enrolled in the Plan. If you purchase additional Common Shares outside the Plan and wish to have all Common Shares you own enrolled in
the Plan, you are advised to contact Computershare or the broker, investment dealer, financial institution or other nominee in whose
name your Common Shares are held to ensure that those additional Common Shares also get enrolled.
WHAT ARE MY DIVIDEND REINVESTMENT OPTIONS?
You will not be entitled
to direct reinvestment of less than 100% of all cash dividends on your Common Shares that participate in the Plan, and you will continue
to receive cash dividends, if and when declared, on any of your Common Shares that do not participate in the Plan. You may change your
dividend reinvestment election by contacting Computershare. See ”Who should I contact with questions about the Plan?”
for contact details. In order for any changes in your dividend reinvestment election to take effect for the next dividend payment, if
any, you must notify Computershare in writing at least five business days before the record date for the next dividend.
WHEN WILL MY DIVIDEND REINVESTMENT BEGIN?
The reinvestment of any cash
dividends will begin with the first cash dividend that we pay following your enrollment, but only if Computershare receives a Reinvestment
Enrollment—Participant Declaration Form at least five business days before the record date for that dividend. You can also
enroll online through Computershare’s self-service web portal, Investor Centre, at www.investorcentre.com. If Computershare
receives your Reinvestment Enrollment—Participant Declaration Form, the reinvestment of any cash dividends paid on your Common
Shares, or any changes thereto, will begin with the next dividend, if any, provided that you are still a shareholder on the record date
for the next dividend.
ARE THERE LIMITATIONS ON PARTICIPATION IN THE PLAN?
You may not transfer the
right to participate in the Plan to another person.
Subject to applicable law
and regulatory policy, we reserve the right to determine, from time to time, a minimum number of Common Shares that a participant must
hold in order to be eligible to participate in, or continue to participate in, the Plan. Without limitation, we further reserve the right
to refuse participation in the Plan to, or terminate the participation of, any person who, in our sole opinion, is participating in the
Plan primarily with a view to arbitrage trading, whose participation in the Plan is part of a scheme to avoid applicable legal requirements
or engage in unlawful behavior or who has been artificially accumulating our securities, for the purpose of taking undue advantage of
the Plan to our detriment. We may also deny the right to participate in the Plan to any person or terminate the participation of any
participant in the Plan if we deem it advisable under any laws or regulations. See “How can I make additional cash purchases
of Common Shares?” for information concerning the minimum amount per investment and the maximum annual investment that may
be made through additional cash purchases under the Plan.
WHEN DOES COMPUTERSHARE REINVEST DIVIDENDS AND PURCHASE COMMON
SHARES?
Dividend Reinvestment
The reinvestment of dividends
to purchase Common Shares will occur on each date that we pay a dividend.
Optional Additional Cash Investments
Common Shares will be purchased
with optional cash payments on each dividend payment date provided that such cash payments are received by Computershare at least five
business days, but not more than 30 calendar days, prior to the applicable dividend payment date. Optional cash payments received by
Computershare on or after this date or more than 30 days prior to a dividend payment date will be remitted to you. Payments in currencies
other than Canadian or U.S. dollars will not be accepted.
HOW DOES COMPUTERSHARE PURCHASE THE COMMON SHARES?
Dividend Reinvestment
Computershare will use reinvested
cash dividend payments to purchase Common Shares under the Plan for your account directly from us. Your account will then be credited
with the number of Common Shares, including fractional shares, equal to (i) the total amount of cash dividends to be reinvested
on your behalf, less any applicable withholding tax, divided by (ii) the price per Common Share calculated pursuant to the method
described below under “At what price will Common Shares be purchased under the Plan?”
The total amount to be reinvested
in Common Shares on your behalf will depend on the amount of the cash dividend, if any, paid on the number of Common Shares you hold
and have designated for reinvestment under the Plan.
Dividends to be reinvested
in Common Shares pursuant to the Plan will be denominated in U.S. dollars for all participants in the Plan.
Optional Cash Investments
On each dividend payment
date, Computershare will use your optional cash payment, if any, to purchase Common Shares under the Plan for your account directly from
us. Your account will then be credited with the number of Common Shares, including fractional shares, equal to (i) the amount of
your optional cash payment divided by (ii) the price per Common Share calculated pursuant to the method described below under “At
what price will Common Shares be purchased under the Plan”.
WILL MY OPTIONAL CASH PAYMENTS BE USED TO PURCHASE SHARES IF WE
DO NOT PAY A DIVIDEND?
Computershare will use optional
cash payments to purchase Common Shares only on a dividend payment date. If our board of directors has not declared a dividend, and therefore
no dividends will be reinvested pursuant to the Plan, Computershare will not purchase additional Common Shares using optional cash payments
received and will remit the funds to participants by check to each participant’s address of record.
HOW CAN I MAKE ADDITIONAL CASH PURCHASES OF COMMON SHARES?
Optional Cash Investments
The Proceeds of Crime
(Money Laundering) and Terrorist Financing Act (Canada) and the regulations made thereunder (collectively, the “Act”)
require that the Agent collect and record specific information and take other compliance measures on new or existing Plan participants
who elect to make an optional cash investment under the Plan. In order to acquire Common Shares for additional optional cash investment,
all Plan participants must have passed the requisite requirements under the Act, which are contained in each of the Reinvestment Enrollment
– Participant Declaration Form and the Optional Cash Purchase (OCP) – Participant Declaration Form available online
at www.investorcentre.com. Optional cash payments may be made when enrolling in the Plan by enclosing a check in the minimum amount of
US$500 or the equivalent in Canadian dollars made payable to Computershare or, where applicable, to your broker, investment dealer, financial
institution or other nominee, with a completed Reinvestment Enrollment – Participant Declaration Form or Optional Cash Purchase
(OCP)-Participant Declaration Form. Thereafter, participants may make the optional cash payments by check by using the Combined Pre-Authorized
Debit (PAD) Agreement/Optional Cash Purchase Voucher sent to participants with their respective statements or by enrolling for the pre-authorized
debit (PAD) service using the Agent’s web portal at www.investorcentre.com. Your total optional cash investment in any one
calendar year may not exceed US$20,000 or the Canadian dollar equivalent. When ascertaining whether the Canadian equivalent of US$20,000
has been reached in a fiscal year, Computershare will use the indicative daily exchange rate reported by the Bank of Canada on the business
day immediately prior to the date the dividend payment was made in each previous quarter. Any amounts received by Computershare in excess
of the Canadian equivalent of US$20,000 will be returned to you. Optional cash purchases by all participants in any fiscal year may not
exceed two (2%) percent of our Common Shares outstanding at the beginning of the fiscal year. If necessary, available Common Shares will
be allocated by Computershare on a pro rata basis to avoid exceeding this limit. Interest will not be paid on amounts held pending
investment, and you may cancel an optional cash payment by notifying Computershare in writing at least ten business days before the applicable
dividend payment date.
There is no obligation to
make any optional cash payments under the Plan or to invest the same amount of cash with each optional cash payment.
Checks
Checks for optional cash
investments by registered shareholders should be made payable to “Computershare Trust Company of Canada”. Please include
a completed Optional Cash Purchase (OCP)-Participant Declaration Form or an Optional Cash Purchase — Contribution Voucher
form, which is attached to each statement that you receive. Beneficial owners seeking to make optional cash investments should obtain
instructions for doing so from the nominee holding their shares.
Pre-Authorized Debit
Participants with a bank
account held with a Canadian financial institution and which have already been coded compliant with the Act, are eligible to participate
in the pre-authorized debit (“PAD”) service for the operational cash purchase option of the Plan. Eligible participants may
participate in a one-time and/or recurring PAD by submitting a PAD request through the Computershare’s web portal at www.investorcentre.com.
Computershare must receive the PAD request no later than 10 business days prior to the dividend payment date for which you wish to apply
such debit, otherwise such debit will be applied on the next dividend payment date.
If you authorize a one-time
debit, your bank account will be debited within five to ten business days from the time your request is received. Your monies will be
applied to purchase Common Shares on the next available dividend payment date after the funds have been withdrawn from your account.
Interest will not be paid on amounts held pending investment. If you authorize a quarterly recurring automatic debit, then your account
will be debited seven business days prior to the dividend payment date.
To modify or cancel a recurring
PAD service, you must notify Computershare in writing or online through the Computershare’s web portal at www.investorcentre.com.
It may take up to 10 business days from the date Computershare receives your instructions for the modification or cancellation to take
effect.
AT WHAT PRICE WILL COMMON SHARES BE PURCHASED UNDER THE PLAN?
The purchase price of the
Common Shares acquired with cash dividends will be at either no discount or at a discount of up to 5% of the Average Market Price, as
determined by the Company from time to time in its sole discretion. The discount determined by the board of directors as of the effective
date of this Registration Statement is 1%. If the discount is altered or eliminated by the Company, the Company shall include information
regarding the change in the discount in a press release prior to the effectiveness of the change. The purchase price of Common Shares
acquired with optional cash investments will be the Average Market Price with no discount. As dividends will be denominated in United
States dollars, the Average Market Price will be converted to United States dollars using the indicative daily exchange rate reported
by the Bank of Canada, calculated on the date that is one business day prior to the dividend payment date. For optional cash payments,
the Average Market Price will be converted to United States dollars at the indicative daily exchange rate reported by the Bank of Canada,
calculated on the date that is one business day prior to the dividend payment date.
WHAT ARE THE FEES ASSOCIATED WITH PARTICIPATION IN THE PLAN?
Participants in the Plan
will not be charged any brokerage commission or other fees in connection with the purchase of Common Shares under the Plan, and we will
pay all costs of administering the Plan. Participants will be responsible for any brokerage commission or other fees incurred in connection
with any requested sales of their Common Shares held in the Plan upon their termination of participation in the Plan. See “How
do I terminate my participation in the Plan?” You should obtain a copy of such charges from Computershare before requesting
the sale of any of your Common Shares held in the Plan.
If you are a beneficial owner
of Common Shares, you should contact your broker, investment dealer, financial institution or other nominee who holds your Common Shares
to confirm the fees, if any, the nominee may charge to enroll your Common Shares in the Plan on your behalf or whether the nominee’s
policies might result in any costs otherwise becoming payable by you.
WHAT HAPPENS IF I OWN FRACTIONAL COMMON SHARES UNDER THE PLAN?
Computershare will credit
your account with fractions of Common Shares, computed to six decimal places, and with dividends in respect of such fractional shares
to allow full investment of eligible funds.
WHO IS THE PLAN ADMINISTRATOR?
Computershare, as agent for
Plan participants, will administer the Plan. Its responsibilities include:
| · | receiving
eligible funds; |
| · | purchasing
and holding the Common Shares accumulated under the Plan; |
| · | reporting
regularly to the participants; and |
| · | other
duties specified by the Plan. |
Common Shares purchased under
the Plan will be registered in the name of each participant and will be held by Computershare in the accounts of participants. We will
pay certain administrative fees and expenses of Computershare as may, from time to time, be agreed upon by Computershare and us.
WHAT KIND OF REPORTS WILL I RECEIVE AS A PLAN PARTICIPANT?
Computershare will maintain
a separate account for each participant in the Plan, which will be credited with the number of Common Shares purchased for the participant
on each dividend payment date. You will receive from Computershare a detailed statement of your account following each dividend payment.
This statement will set out the record date, the dividend payment date, the amount of cash dividend paid on your Common Shares, the amount
of any applicable withholding tax, the number of Common Shares purchased through the Plan with respect to such dividend, the purchase
price per Common Share, any optional cash payments you made and the updated total number of Common Shares being held by Computershare
for your account.
If you are not a registered
shareholder and participate in the Plan through arrangements made for you by your broker, investment dealer, financial institution or
other nominee, you may or may not be provided with reports with respect to your participation in the Plan. You should contact your nominee
regarding obtaining information on your account with the Plan.
HOW DO I SELL COMMON SHARES THAT I PURCHASED THROUGH THE PLAN?
You may not sell, transfer,
pledge or otherwise dispose of any Common Shares held in the Plan. If you are a registered holder of Common Shares and you wish to sell
or otherwise transfer or dispose of any of your Common Shares held in the Plan, you must withdraw the shares from the Plan by completing
the withdrawal portion of the voucher located on the reverse of your statement of account and delivering it to Computershare. Computershare
will issue, in your name, a DRS Advice representing the Common Shares you wish to sell. Any dividends declared and paid on Common Shares
withdrawn from the Plan will be paid only in cash. Beneficial owners should contact their nominees for instructions on how to sell their
Common Shares.
HOW DO I TERMINATE MY PARTICIPATION IN THE PLAN?
If you are a registered holder
of Common Shares, you may terminate your participation in the Plan at any time by following the instructions at Computershare’s
Investor Centre web portal, at www.investorcentre.com or by completing the termination portion of the voucher located on the reverse
of your statement of account and delivering it to Computershare. Beneficial owners must make arrangements to terminate their participation
in the Plan through their nominees.
Computershare must receive
your notice of termination at least five business days before the record date for the applicable dividend. If Computershare receives
your termination request after this date, the termination and settlement of your account will not occur until after the dividend payment
date. When a registered holder terminates participation in the Plan, a DRS Advice for the number of whole Common Shares credited to its
account under the Plan will be issued, and a cash payment will be made for any fraction of a Common Share based upon, in the case of
a payment in Canadian dollars, the prevailing market price at the time of the trade on the TSX, and, in the case of a payment in United
States dollars, the prevailing market price at the time of the trade on the NYSE. Thereafter, cash dividends on any Common Shares that
a registered holder continues to hold will be paid to it and will not be reinvested.
Your participation in the
Plan will terminate upon receipt by Computershare of written notice of your death. A DRS Advice for the number of whole Common Shares
credited to your account will be issued in your name or the name of your estate and forwarded, together with a cash payment for any fractional
share based upon, in the case of a payment in Canadian dollars, the prevailing market price at the time of the trade on the TSX, and,
in the case of a payment in United States dollars, the prevailing market price at the time of the trade on the NYSE, to your personal
representative.
Upon terminating participation
in the Plan, you may request that all Common Shares held for your account be sold by completing the termination portion of the voucher
located on the reverse of your statement of account, and delivering it to the Agent. Your shares will be sold through a registered dealer
or stockbroker designated by Computershare as soon as practicable following receipt by Computershare of your instructions to sell your
Common Shares. Such instructions may be delivered to the Agent via the Agent’s web portal at www.investorcentre.com. The proceeds
of the sale, less brokerage commissions, transfer taxes (if any) and withholding taxes (if any) will be paid to you. Your Common Shares
may be commingled with the Common Shares to be sold for other participants in the Plan, in which case the proceeds to each participant
will be based upon the average sale price of all the commingled Common Shares. Computershare will purchase fractional shares at a price
determined in the same manner as in the case of whole Common Shares sold for you and remit the proceeds to you.
All payments of cash under
the Plan will be made in either Canadian or U.S. dollars. Unless a participant requests otherwise in writing, Computershare will make
payments in Canadian dollars where the participant has a Canadian mailing address and in U.S. dollars where the participant has a non-Canadian
mailing address, in each case as such address in shown on its records.
WILL I RECEIVE SHARE CERTIFICATES FOR PLAN COMMON SHARES?
Generally, all Common Shares
purchased pursuant to the Plan will be held in book-entry form and will be credited to your individual Plan account held by Computershare.
For participants in the Plan holding Common Shares through CDS or DTC participants, such shares will be registered in the name of CDS
(or its nominee) or DTC (or its nominee) as applicable, and held for the benefit of the participants of those depositaries.
A participant may, at any
time upon written request to the Agent, have a DRS Advice issued and registered in the participant’s name for any number of whole
Common Shares owned by such participant under the Plan without terminating participation in the Plan. Share certificates will not be
issued to participants for Common Shares in accounts under the Plan. No DRS Advice for a fraction of a Common Share will be issued.
Accounts under the Plan are
maintained in the names in which the Common Shares of the participants were registered at the time they enrolled in the Plan. Consequently,
a DRS Advice for Common Shares will be registered in exactly the same manner when issued.
WILL I BE ABLE TO VOTE PLAN COMMON SHARES?
Plan participants who are
registered shareholders may vote whole Common Shares held by Computershare under the Plan on their behalf in the same manner as any other
of our Common Shares, either by proxy or in person. Computershare will forward to such participants, as soon as practicable following
receipt, any proxy solicitation materials. Beneficial shareholders who participate in the Plan should contact their broker, investment
dealer, financial institution or other nominee to determine the procedures for voting the Common Shares they have enrolled in the Plan.
WHAT HAPPENS IF THERE IS A RIGHTS OFFERING?
If we have a rights offering
pursuant to which holders of our Common Shares may subscribe for additional Common Shares or other securities, participants in the Plan
may participate in the rights offering with respect to whole Common Shares held in the Plan on the same basis as other shareholders.
Rights attributable to fractional shares held for participants under the Plan will be accumulated and then sold by Computershare and
the cash proceeds distributed to the Plan participants.
WHAT HAPPENS IF THERE IS A STOCK SPLIT OR STOCK DIVIDEND?
Common Shares distributed
pursuant to a stock dividend or a stock split on Common Shares held by Computershare for participants under the Plan will be retained
by Computershare and credited by Computershare proportionately to the accounts of the participants in the Plan.
WHAT LIABILITY DO THE COMPANY AND COMPUTERSHARE HAVE UNDER THE
PLAN?
The Plan provides that neither
we nor Computershare will be liable to Plan participants in administering the Plan for any act done in good faith or for any good faith
omission to act in connection with the Plan, including, but not limited to, any claims of liability relating to:
| · | the
failure to terminate your Plan account upon your death prior to receiving written notice
of your death; or |
| · | the
prices at which Common Shares are purchased on your behalf under the Plan, or the times when
purchases of Common Shares are made under the Plan. |
Neither we, Computershare
nor any other agent under the Plan will have any duties, responsibilities or liabilities to Plan participants other than those expressly
set forth in the Plan or as imposed by applicable law. Because Computershare has assumed all responsibility for administering the Plan,
we specifically disclaim any responsibility for any actions or inactions of Computershare or any agent under the Plan in connection with
the administration of the Plan. Neither we nor any of our current or former directors, officers, employees or shareholders will have
any personal liability under the Plan.
Both we and Computershare
will have the right to reject any request regarding enrollment, withdrawal or termination from the Plan if such request is not received
in proper form. Any such request will be deemed to be invalid until any irregularities have been resolved to our satisfaction and/or
Computershare’s satisfaction. As neither we nor Computershare are under any obligation to provide notice of invalid requests, you
are advised to confirm whether your enrollment has been made.
MAY THE PLAN BE AMENDED, SUSPENDED OR TERMINATED?
We reserve the right to amend,
suspend or terminate the Plan at any time, but such actions will have no retroactive effect that would prejudice your interests. Any
amendment of the Plan that materially affects the rights of the participants will be subject to the prior approval of the TSX. We will
notify participants in writing of any material amendment, suspension or termination of the Plan. Generally, no notice will be given to
participants regarding any amendments to the Plan intended to cure, correct or rectify any ambiguities, defective or inconsistent provisions,
errors, mistakes or omissions. If we terminate the Plan, Computershare will remit to registered holders, as soon as possible, a DRS Advice
for whole Common Shares held in their account and cash payments from the sale of any fraction of a Common Share, and will return to the
registered holder any funds held by Computershare in respect of optional cash payment. If we suspend the Plan, Computershare will make
no investment on the dividend payment date immediately following the effective date for such suspension. Any dividends subject to the
Plan paid after the effective date of such suspension will be remitted by Computershare to the participants to whom these are due until
the first dividend payment date following our reinstatement of the Plan at which time reinvestment of dividends will recommence.
HOW WILL NOTICES TO PARTICIPANTS IN THE PLAN BE ADDRESSED?
All notices from Computershare
to participants will be addressed to registered holders at their last known address on Computershare’s register. Beneficial shareholders
will receive notices through their broker or other nominee.
WHO SHOULD I CONTACT WITH QUESTIONS ABOUT THE PLAN?
All questions regarding the
Plan as well as all notices, requests, elections or instructions under the Plan required or permitted to be given to Computershare should
be directed to Computershare by phone, mail, fax or e-mail to:
Computershare Trust Company
of Canada
100 University Avenue, 8th
Floor, North Tower
Toronto, Ontario M5J 2Y1
Attention: Dividend
Reinvestment Department
Or by calling the National
Contact Centre at:
1-800-564-6253 North America
Toll Free
1-514-982-7555 Direct Dial
Outside North America
Or by visiting www.investorcentre.com/service
Or by facsimile at: 1-888-453-0330
WHO INTERPRETS THE PLAN?
We reserve the right to interpret
and regulate the Plan as we deem necessary or desirable and any such interpretation or regulation will be final.
Unless the context requires
otherwise, words importing the singular number only shall include the plural and vice versa, words importing the masculine gender shall
include feminine and neuter genders and vice versa and words importing persons shall include individuals, partnerships, associations,
trusts, unincorporated organizations and corporations.
MATERIAL INCOME TAX CONSIDERATIONS RELATING
TO THE PLAN
THE FOLLOWING SUMMARY OF TAX CONSEQUENCES IS
OF A GENERAL NATURE ONLY AND IS NOT INTENDED TO BE LEGAL OR TAX ADVICE TO ANY PARTICULAR PARTICIPANT. IT IS THE RESPONSIBILITY OF PARTICIPANTS
IN THE PLAN TO CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE TAX CONSEQUENCES OF PARTICIPATION IN THE PLAN IN THEIR RESPECTIVE COUNTRY
OF RESIDENCE IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES.
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
The following summary describes
the principal Canadian federal income tax consequences generally applicable to a participant in the Plan who acquires, as beneficial
owner, Common Shares pursuant to the Plan. It is assumed for the purposes of this summary that the participant deals at arm’s length
with the Company.
This summary is based on
the current provisions of the Income Tax Act (Canada) (the "Tax Act"), the regulations thereunder (the “Regulations”),
all specific proposals to amend the Tax Act or the Regulations publicly announced by the Minister of Finance (Canada) prior to the date
hereof and the current published administrative practices of the Canada Revenue Agency (the “CRA”). No assurance can be made
that the tax proposals will be enacted in the form proposed or at all. This summary does not otherwise take into account or anticipate
any changes in law, whether by legislative, regulatory, administrative or judicial decision or action, nor does it take into account
provincial, territorial or foreign income tax legislation or considerations, which may differ significantly from the Canadian federal
income tax considerations described. This summary is not exhaustive of all possible Canadian federal income tax consequences that may
affect a participant in the Plan.
This summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular participant, and no representation
with respect to the Canadian federal income tax consequences to any particular participant is made. Consequently, prospective participants
are advised to consult their own tax advisors with respect to their particular circumstances. This summary does not address any tax considerations
applicable to persons other than participants in the Plan and such persons should consult their own tax advisors regarding the consequences
of acquiring, holding and disposing of Common Shares under the Tax Act and any jurisdiction in which they may be subject to tax.
Foreign Exchange
For the purposes of the Tax
Act, all amounts expressed in a currency other than Canadian dollars relating to the acquisition, holding or disposition of a Common
Share, including dividends, adjusted cost base and proceeds of disposition, must be determined in Canadian dollars using the rate of
exchange quoted by the Bank of Canada for the day the amount first arose or such other rate of exchange as is acceptable to the CRA.
Residents of Canada
The following summary is
generally applicable to a participant who, at all relevant times for purposes of the Tax Act (a) is, or is deemed to be, resident
in Canada, (b) holds their Common Shares, and will hold all Common Shares acquired under the Plan, as capital property, and (c) is
not affiliated with the Company (a "Resident Participant"). Generally, Common Shares are considered to be capital property
to a Resident Participant unless they are held in the course of carrying on a business or as part of an adventure or concern in the nature
of trade. Certain Resident Participants whose Common Shares do not otherwise qualify as capital property may, in certain circumstances,
make an irrevocable election in accordance with subsection 39(4) of the Tax Act to have their Common Shares and every other “Canadian
security” (as defined in the Tax Act) owned by such participant in the taxation year of the election and in all subsequent taxation
years deemed to be capital property. Resident Participants are advised to consult their own tax advisors to determine whether such an
election is available and desirable in their particular circumstances.
This summary is not applicable
to a Resident Participant: (i) that is a “financial institution” for the purposes of the “mark-to-market”
rules contained in the Tax Act; (ii) that is a “specified financial institution”; (iii) an interest in which
would be a “tax shelter investment”; (iv) that has elected to report its Canadian tax results in a currency other than
the Canadian currency; (v) that enters into a "derivative forward agreement" in respect of Common Shares; or (vi) that
is a corporation and is, or becomes as part of a transaction or event or series of transactions or events that include the acquisition
of Common Shares, controlled by a non-resident corporation and in respect of which a subsidiary of the Company is, or would at any time
be, a "foreign affiliate", as all of those terms are defined in the Tax Act. Any such Resident Participant should consult its
own tax advisor with respect to an investment in Common Shares.
Dividends
Subject to the potential
application of subsection 55(2) of the Tax Act, a Resident Participant will be subject to tax under the Tax Act on all dividends
paid on Common Shares (including where such shares are held of record by the Agent for the account of the participant pursuant to the
Plan) which are reinvested in Common Shares under the Plan (as well as on any dividends deemed under the Tax Act to be received on Common
Shares) in the same manner as the participant would have been if such dividends had been received directly by the participant. Such dividends
paid to (or deemed to be received by) a Resident Participant who is an individual (including most trusts) will be subject to the gross-up
and dividend tax credit rules in the Tax Act normally applicable to dividends received from taxable Canadian corporations, including
the enhanced gross-up and dividend tax credit in respect of dividends designated by the Company as “eligible dividends.”
There may be limitations on the ability of the Company to designate dividends as “eligible dividends.”
A Resident Participant that
is a corporation will include such dividends in computing its income and generally will be entitled to deduct the amount of such dividends
in computing its taxable income. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received
or deemed to be received by a participant that is a corporation as proceeds of disposition or a capital gain. Resident Participants that
are corporations should consult their own tax advisors having regard to their own circumstances.
A Resident Participant that
is a “private corporation” or “subject corporation” (as such terms are defined in the Tax Act) may be liable
under Part IV of the Tax Act to pay a refundable tax on dividends received or deemed to be received on the Common Shares to the
extent that such dividends are deductible in computing the participant’s taxable income.
Dividends received by a Resident
Participant who is an individual (including certain trusts) may result in such participant being liable for alternative minimum tax under
the Tax Act. Resident Participants who are individuals should consult their own advisors in this regard.
The cost for tax purposes
to a participant of Common Shares purchased on the reinvestment of dividends or with optional cash payments made by the Resident Participant
to the Agent will be the Canadian dollar equivalent of the price paid by the Agent for the Common Shares. The cost of such Common Shares
will be averaged with the adjusted cost base of all other Common Shares held by the participant at the time such Common Shares are acquired
for purposes of subsequently computing the adjusted cost base of each such Common Share owned by the participant.
Dispositions
On a disposition or deemed
disposition of a Common Share (including by the Agent on behalf of the participant), the Resident Participant will realize a capital
gain (or capital loss) equal to the amount by which the participant’s proceeds of disposition, net of any reasonable costs of disposition,
are greater than (or less than) the participant’s adjusted cost base of the Common Share. Proceeds of disposition will not include
an amount that is otherwise required to be included in the Resident Participant's income. The payment of cash in respect of any fraction
of a Common Share on termination of participation in the Plan will constitute a disposition of such fraction of a Common Share for proceeds
of disposition equal to the cash payment.
Generally, one-half of any
capital gain (a taxable capital gain) realized by a Resident Participant in a taxation year must be included in computing the participant’s
income for the year, and one-half of any capital loss (an allowable capital loss) realized by a Resident Participant in a taxation year
must be deducted from taxable capital gains realized by the participant in that year. Allowable capital losses for a taxation year in
excess of taxable capital gains for that year generally may be carried back and deducted in any of the three preceding taxation years
or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent
and under the circumstances described in the Tax Act.
On June 10, 2024, the
Minister of Finance released draft legislation to implement the main features of the proposal in Canada’s 2024 federal budget to
generally increase the proportion of a capital gain that would be included in income, or the proportion of a capital loss that would
constitute an allowable capital loss, as discussed above, from one-half to 66 2/3%, effective for dispositions on or after June 25,
2024 (the “Capital Gains Proposal”). The Capital Gains Proposal provides that the one-half proportion would continue to apply
to resident individuals (other than trusts) with respect to up to $250,000 of capital gains (net of capital losses) per year, and also
provides for adjustments of carried forward or carried back allowable capital losses to account for changes in the relevant inclusion
rates. However, the draft legislation to implement the Capital Gains Proposal is complex and incomplete and subject to potential changes.
Unitholders that realize capital gains in connection with their Common Shares should consult their own tax advisors in this regard.
Taxable capital gains realized
by a Resident Participant who is an individual (including certain trusts) may give rise to liability for alternative minimum tax depending
on the participant's circumstances. A Resident Participant that is a “Canadian-controlled private corporation” (as defined
in the Tax Act) or a “substantive CCPC” as defined in the legislative tax proposals may be liable to pay an additional refundable
tax on certain investment income, including taxable capital gains.
Under specific rules in
the Tax Act, any capital loss realized by a Resident Participant that is a corporation on the disposition of a Common Share may be reduced
by the amount of certain dividends which were received or were deemed to have been received on such Common Share (or on a share for which
such Common Share has been substituted). Similar rules may apply to a partnership or trust of which a corporation, trust or partnership
is a member or beneficiary. Resident Participants should consult their own tax advisors for specific advice regarding the application
of the relevant “stop-loss” provisions in the Tax Act.
Non-Residents of Canada
The following summary is
generally applicable to a participant under the Plan who, at all relevant times for purposes of the Tax Act and any applicable tax treaty
or convention (a) is not, and is not deemed to be, resident in Canada, and (b) does not use or hold, and is not deemed to use
or hold, Common Shares in the course of carrying on a business in Canada (a "Non-Resident Participant"). Special rules which
are not discussed in this summary may apply to a non-resident participant that is an insurer which carries on an insurance business in
Canada and elsewhere.
Dividends
Dividends paid or credited
(or deemed to be paid or credited) on Common Shares to a Non-Resident Participant (including where such shares are held of record by
the Agent for the account of the Non-Resident Participant pursuant to the Plan) are generally subject to Canadian withholding tax, whether
or not such dividends are reinvested under the terms of the Plan. Under the Tax Act, the rate of withholding tax is 25% of the gross
amount of such dividends, which rate may be subject to reduction under the provisions of an applicable tax treaty or convention. Under
the Canada-United States Income Tax Convention (the “U.S. Treaty”), a participant who is resident in the United States for
the purposes of the U.S. Treaty and who is entitled to the benefits of such treaty will generally be subject to Canadian withholding
tax at a rate of 15% of the amount of such dividends. In addition, under the U.S. Treaty, dividends may be exempt from Canadian withholding
tax if paid to certain Non-Resident Participants that are qualifying religious, scientific, literary, educational or charitable tax-exempt
organizations, or are qualifying trusts, companies, organizations or other arrangements operated exclusively to administer or provide
pension, retirement or employee benefits which are exempt from tax in the U.S., and that have complied with specific administrative procedures.
Dividends to be reinvested in Common Shares under the Plan for Non-Resident Participants will be reduced by the amount of any applicable
Canadian withholding tax.
Dispositions
A Non-Resident Participant
will not be subject to tax under the Tax Act on any capital gain realized on a disposition (or deemed disposition) of a Common Share
unless the Common Share constitutes “taxable Canadian property” at the time of the disposition and the Non-Resident Participant
is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Resident
Participant is resident.
Generally, Common Shares
will not be taxable Canadian property to a Non-Resident Participant at a particular time provided that the Common Shares are listed on
a designated stock exchange (such as the TSX or the NYSE) at that time, unless at any time during the 60-month period that ends at that
time: (i) one or any combination of (a) the Non-Resident Participant, (b) persons with whom the Non-Resident Participant
does not deal at arm's length and (c) partnerships in which the Non-Resident Participant or a person described in (b) holds
a membership interest (directly or indirectly through one or more partnerships), own 25% or more of the issued shares of any class or
series of the Company, and (ii) more than 50% of the fair market value of the Common Shares was derived directly or indirectly from
any combination of: (a) real or immovable property situated in Canada, (b) ”timber resource property” (within the
meaning of the Tax Act), (c) ”Canadian resource property” (within the meaning of the Tax Act), or (d) options in
respect of, or interests in, or for civil law rights in, any of the foregoing, whether or not the property exists. Notwithstanding the
foregoing, in certain circumstances set out in the Tax Act, a Common Share could be deemed to be taxable Canadian property.
Even if a Common Share is
considered to be taxable Canadian property of a Non-Resident Participant at the time of its disposition, a capital gain realized on its
disposition may nevertheless be exempt from tax under the Tax Act pursuant to the terms of an applicable income tax treaty or convention.
Under the U.S. Treaty, a
capital gain realized on the disposition of a Common Share by a Non-Resident Participant who is entitled to the benefits of such treaty
generally will be exempt from tax under the Tax Act except where the Common Share at the time of disposition derives its value principally
from real property situated in Canada including rights in respect of Canadian resource property.
Generally, if a Common Share
constitutes taxable Canadian property to a Non-Resident Participant at the time of its disposition and any capital gain realized by the
participant on the disposition is not exempt from tax under the Tax Act by virtue of an applicable income tax treaty or convention, the
participant will be required to include one-half of the amount of the capital gain in its "taxable income earned in Canada"
for the year of disposition as a taxable capital gain. Subject to and in accordance with the provisions of the Tax Act, one-half of any
capital loss realized by a Non-Resident Participant in a taxation year from the disposition of taxable Canadian property may be deducted
as an allowable capital loss from any taxable capital gains realized by the participant in the year from the disposition of taxable Canadian
property. However, as described above under “Residents – Dispositions,” draft legislative proposals would generally
increase the proportion of a capital gain to be included in income, or of a capital loss that would constitute an allowable capital loss,
from one-half to 66 2/3%, effective for dispositions on or after June 25, 2024. If allowable capital losses for a year exceed taxable
capital gains from the disposition of taxable Canadian property, the excess may be carried back and deducted in any of the three preceding
taxation years or carried forward and deducted in any subsequent taxation year from net taxable capital gains realized in such years
from the disposition of taxable Canadian property to the extent and in the circumstances prescribed by the Tax Act (as it may be amended
by the legislative tax proposals). Non-Resident Participants who dispose of taxable Canadian property are required to file a Canadian
income tax return for the year of disposition, including where any resulting capital gain is not subject to tax under the Tax Act by
virtue of an applicable income tax treaty or convention.
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following summary describes
certain material United States federal income tax considerations generally applicable to participants in the Plan. The summary is based
upon the Internal Revenue Code of 1986, as amended (the “Code”), existing and proposed regulations promulgated thereunder,
and judicial decisions and administrative interpretations, as in effect on the date of the last update to the Plan, all of which are
subject to change, possibly with retroactive effect. These United States federal income tax considerations apply only to a person or
entity who, for United States federal income tax purposes, is: a citizen or resident of the United States; a corporation or other entity
organized under the laws of the United States or of any political subdivision thereof; an estate whose income is subject to United States
federal income taxation regardless of its source; or a trust (i) if a United States court can exercise primary jurisdiction over
the trust’s administration and one or more United States persons have the authority to control all substantial decisions of the
trust, or (ii) that has elected to be treated as a United States person under applicable regulations issued by the U.S. Department
of Treasury pursuant to its authority under the Code.
This summary does not address
the United States federal income tax consequences for participants that are subject to special provisions under the Code, including the
following participants: (i) participants that are tax-exempt organizations, qualified retirement plans, individual retirement accounts,
or other tax-deferred accounts; (ii) participants that are financial institutions, insurance companies, real estate investment trusts,
or regulated investment companies or that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market
accounting method; (iii) participants that have a “functional currency” other than the United States dollar; (iv) participants
that are liable for the alternative minimum tax under the Code; (v) participants that own Common Shares as part of a straddle, hedging
transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (vi) participants
that hold the Common Shares other than as a capital asset within the meaning of Section 1221 of the Code; (vii) participants
that own, directly or indirectly, or constructively 5% or more, by voting power or value, of the Company; (viii) S corporations,
partnerships or other entities classified as partnerships for U.S. federal income tax purposes; (ix) investors in pass-through entities;
and (x) certain former citizens or residents of the United States. Participants that are subject to special provisions under the
Code, including participants described immediately above, should consult their own tax advisors regarding the tax consequences of reinvesting
cash dividends in additional Common Shares under the Plan. This summary addresses considerations only for participants that beneficially
acquire and own their Common Shares and that are not pass-through entities for US federal income tax purposes. This summary does not
include any discussion of tax consequences to participants in the Plan other than United States federal income tax consequences. Participants
are urged to consult their own tax advisors regarding any United States estate and gift, United States state and local, and foreign tax
consequences of participating in the Plan.
Partners of entities that
are classified as partnerships for United States federal income tax purposes and participate in the Plan should consult their own tax
advisors regarding the United States federal income tax consequences of reinvesting cash dividends in additional Common Shares or making
optional cash purchases under the Plan.
Subject to the “passive
foreign investment company” (“PFIC”) discussion below, the gross amount of any distribution (including any Canadian
taxes withheld therefrom) paid on Common Shares generally should be included in the gross income of a participant as foreign source dividend
income to the extent such distribution is paid out of current or accumulated earnings and profits of the Company, as determined under
United States federal income tax principles. To the extent that the amount of any distribution exceeds the Company’s current and
accumulated earnings and profits for a taxable year, the distribution is treated as a tax-free return of capital to the extent of the
participant’s adjusted tax basis in the Common Shares. Then, to the extent that such distribution exceeds the participant’s
adjusted tax basis, it is treated as a sale or exchange and taxed as a capital gain. However, the Company may not maintain calculations
of its earnings and profits in accordance with United States federal income tax principles. Therefore, each participant should assume
that any distribution will be reported as a dividend. Subject to certain limitations under the Code, participants who are subject to
United States federal income tax will be entitled to a credit or deduction for Canadian income taxes withheld from any distributions.
Dividends received by non-corporate
participants may be subject to United States federal income tax at lower rates (generally 20% plus the 3.8% unearned income Medicare
contribution tax, if applicable) than other types of ordinary income if certain conditions are met. These conditions include the Company
not being classified as a PFIC for the taxable year in which the dividend is paid or for the immediately preceding taxable year, the
Company being a “qualified foreign corporation”, the participant’s satisfaction of a holding period requirement, and
the participant not treating the distribution as “investment income” for purposes of the investment interest deduction rules.
In the case of participants
that are domestic corporations, distributions from the Company generally are not eligible for the dividends received deduction.
The amount of any cash distribution
paid in Canadian dollars will be equal to the U.S. dollar value of the Canadian dollars on the date of distribution regardless of whether
the payment is in fact converted into U.S. dollars at that time. Gain or loss, if any, realized on the sale or disposition of Canadian
dollars will generally be U.S. source ordinary income or loss.
A participant will be treated
for United States federal income tax purposes as having received a distribution in an amount equal to the fair market value of the Common
Shares acquired with reinvested dividends pursuant to the Plan (which fair market value may be greater or less than the Average Market
Price used to determine the number of Common Shares acquired under the Plan) plus the amount of any Canadian income tax withheld therefrom.
A participant’s tax basis for Common Shares purchased pursuant to the Plan will be equal to the amount of such distribution (excluding
the amount of any Canadian income tax withheld from the dividend). A participant’s holding period for Common Shares purchased with
dividends will begin on the day following the dividend payment date. A participant that makes optional cash purchases of Common Shares
under the Plan will have a tax basis in those Common Shares equal to the cash used to purchase those Common Shares, and the participant’s
holding period will begin on the day following the date on which the Common Shares are purchased.
Participants generally will
recognize a taxable gain or loss when they sell or exchange Common Shares and when they receive cash payments for fractional shares credited
to their accounts upon withdrawal from or termination of the Plan or otherwise. The amount of this gain or loss will be equal to the
difference between the amount a participant receives for his or her Common Shares or fraction thereof and the participant’s adjusted
tax basis in these Common Shares or fraction thereof. The gain or loss will be a capital gain or loss and will be a long-term capital
gain or loss if the holding period for such Common Shares exceeds one year. Capital gain of a non-corporate U.S. holder is generally
taxed at a maximum rate of 20% (plus the 3.8% unearned income Medicare contribution tax, if applicable) if the property has been held
for more than one year. The deductibility of capital losses is subject to limitations. The gain or loss realized by participants who
are United States persons will generally be gain or loss from sources within the United States for foreign tax credit limitation purposes.
The Company will be a PFIC
for U.S. federal income tax purposes in any taxable year if 75% or more of its gross income (including the pro rata share of the
gross income of any corporation in which it is considered to own, directly or indirectly, 25% or more of the shares by value) is passive
income, or on average at least 50% of the gross value of its assets is held for the production of, or produces, passive income.
PFIC status is determined
on an annual basis. The Company does not expect to be a PFIC for the taxable year ending December 31, 2024, or thereafter. However,
because the Company’s income and assets and the nature of its activities may vary from time to time, no assurance can be given
that the Company will not be considered a PFIC for any taxable year. If a participant owns Common Shares during a taxable year in which
the Company is a PFIC, the PFIC rules generally will apply to a participant thereafter, even if in subsequent taxable years the
Company no longer meets the test described above to be treated as a PFIC. No ruling will be sought from the U.S. Internal Revenue Service
(the “IRS”) regarding whether the Company is a PFIC.
In general, if the Company
were to be treated as a PFIC, certain adverse rules would apply to dividends received from the Company and to dispositions of Common
Shares (potentially including dispositions that would not otherwise be taxable). Participants are urged to consult their tax advisors
about the PFIC rules in connection with their holding of Common Shares.
Under current U.S. law, if
the Company is a PFIC in any year, a participant must file an annual return on IRS Form 8621, which describes the income received
(or deemed to be received pursuant to a “Qualified Electing Fund” election) from the Company, any gain realized on a disposition
of Common Shares and certain other information.
In general, dividends from
the Corporation and payments of the proceeds of a sale, exchange or other disposition of Common Shares paid to a participant are subject
to information reporting requirements and may be subject to backup withholding tax, unless the participant is a corporation or other
exempt recipient or provides an accurate United States taxpayer identification number and certifies that no loss of exemption from backup
withholding has occurred. Participants who are required to establish their exempt status must provide such certification on IRS Form W-9.
Amounts withheld as backup withholding may be credited against a participant’s United States federal income tax liability, and
a participant may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim
for refund with the IRS and furnishing any required information.
U.S. individuals who hold
an interest in certain “specified foreign financial assets” with value in excess of certain dollar thresholds are required
to report such assets on IRS Form 8938 with their United States federal income tax return, subject to certain exceptions (including
an exception for foreign assets held in accounts maintained by United States financial institutions). Stock issued by a foreign corporation,
such as the Company, is treated as a specified foreign financial asset for this purpose. Penalties apply for failure to properly complete
and file IRS Form 8938. Participants are urged to consult with their tax advisors regarding the filing of this form.
THE ABOVE SUMMARY IS NOT
INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL UNITED STATES TAX CONSIDERATIONS APPLICABLE TO PARTICIPANTS WITH RESPECT TO THE REINVESTMENT
OF DIVIDENDS, ACQUISITION, OWNERSHIP, AND DISPOSITION OF COMMON SHARES. PARTICIPANTS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE
UNITED STATES FEDERAL, STATE, AND LOCAL TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.
PLAN OF DISTRIBUTION
Subject to the discussion
below, we will distribute Common Shares purchased under the Plan as described in this prospectus. Computershare will assist in the identification
of shareholders, execute transactions in the Common Shares pursuant to the Plan and provide other related services, but will not be acting
as an underwriter with respect to our Common Shares sold under the Plan. You will pay no brokerage commissions or trading or transaction
fees on Common Shares purchased through the Plan with reinvested dividends or optional cash payments. However, you may be responsible
for other fees and expenses, including brokerage commissions and trading and transaction fees, if you request that your Common Shares
that are subject to the Plan be sold upon termination of your participation in the Plan.
Persons who acquire our Common
Shares through the Plan and resell them shortly after acquiring them, including coverage of short positions, under certain circumstances,
may be participating in a distribution of securities that would require compliance with Regulation M under the Exchange Act and may be
considered to be underwriters within the meaning of the Securities Act. We will not extend to any such person any rights or privileges
other than those to which such person would be entitled as a participant in the Plan, nor will we enter into any agreement with any such
person regarding the resale or distribution by any such person of Common Shares so purchased.
Our major shareholders, directors,
officers and members of our management, supervisory or administrative bodies may participate in the Plan.
From time to time, financial
intermediaries, including brokers and dealers and other persons, may engage in positioning transactions in order to benefit from any
discounts to the market price applicable to Common Shares purchased pursuant to the reinvestment of dividends under the Plan. Those transactions
may cause fluctuations in the trading price and volume of our Common Shares. Financial intermediaries and such other persons who engage
in positioning transactions may be deemed to be underwriters. We have no arrangements or understandings, formal or informal, with any
person relating to the sale of our Common Shares to be received under the Plan. We reserve the right to modify, suspend or terminate
participation in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purposes of the Plan.
CAPITALIZATION AND INDEBTEDNESS
The following table sets
out the share capital and consolidated indebtedness of our company as of July 31, 2024. Because the actual number of Common Shares
to be issued pursuant to the Plan cannot be determined, as adjusted data is not presented. The table below is not audited and should
be read together with the detailed information and financial statements appearing in the documents incorporated by reference in this
prospectus. The amounts in the table below are in millions of U.S. dollars.
| | |
As of July 31, 2024 | |
| | |
(in millions US$)
(IFRS basis) | |
| Long-term debt: | |
| |
| Senior Notes | |
| | |
| 4.15%
senior notes due 2025 | |
$ | 50 | |
| 4.42% senior notes
due 2025 | |
$ | 40 | |
| 4.84% senior notes
due 2026 | |
$ | 200 | |
| 4.64% senior notes
due 2027 | |
$ | 100 | |
| 4.94% senior notes
due 2028 | |
$ | 50 | |
| 4.38% senior notes
due 2028 | |
$ | 45 | |
| 4.74% senior notes
due 2029 | |
$ | 150 | |
| 2.78% senior notes
due 2030 | |
$ | 100 | |
| 4.48% senior notes
due 2030 | |
$ | 55 | |
| 2.88% senior notes
due 2032 | |
$ | 100 | |
| 4.89% senior notes
due 2032 | |
$ | 10 | |
| 4.63% senior notes
due 2033 | |
$ | 250 | |
| Term Loan Facility | |
$ | 450 | |
| Total long-term debt | |
$ | 1,600 | |
| Shareholders’ Equity: | |
| | |
| Common shares | |
$ | 18,562 | |
| Stock options | |
$ | 186 | |
| Contributed surplus | |
$ | - | |
| Retained Earnings | |
$ | 1,489 | |
| Accumulated other
comprehensive Income | |
$ | -100 | |
| Total shareholders’
equity | |
$ | 20,137 | |
| Total Capitalization: | |
$ | 21,737 | |
DESCRIPTION OF COMMON SHARES
The Common Shares to be offered
by this prospectus will be offered to our shareholders pursuant to participation in the Plan. Our Common Shares are currently listed
on the TSX and the NYSE under the symbol “AEM”.
Our authorized share capital
consists of an unlimited number of one class designated as Common Shares. The holders of the Common Shares are entitled to receive notice
of any meetings of shareholders and may attend and vote at such meetings and are entitled to one vote per share. The holders of the Common
Shares are also entitled to receive dividends if, as and when declared by our board of directors. In the event of our voluntary or involuntary
liquidation, dissolution or winding-up, after payment of all outstanding debts, our remaining assets available for distribution would
be distributed ratably to the holders of the Common Shares. Holders of the Common Shares have no pre-emptive, redemption, exchange or
conversion rights. We may not create any class or series of shares or make any modification to the provisions attaching to our Common
Shares without the affirmative vote of two-thirds of the votes cast by the holders of the Common Shares.
As
of the close of business on August 27, 2024, there were 501,557,724 issued and outstanding Common Shares. The registrar and transfer
agent for the Common Shares is Computershare, Toronto, Ontario.
EXPENSES
The expenses in connection with the issuance and distribution of the
Common Shares being offered are as follows:
| Securities
and Exchange Commission Registration Fee | |
| US
| | |
$ | 56,899.80 | |
| Stock Exchange Listing
Fees | |
| US | | |
$ | 10,000 | |
| Accounting Fees* | |
| US | | |
$ | 26,000 | |
| Legal Fees and Expenses* | |
| US | | |
$ | 75,000 | |
| Total* | |
| US
| | |
$ | 167,899.8 | |
* Estimated
INDEMNIFICATION
In accordance with the Business
Corporations Act (Ontario), our by-laws indemnify a director or officer, a former director or officer or a person who acts or acted
at our request as a director or officer of a corporation in which we are or were a shareholder or creditor against any and all losses
and expenses reasonably incurred by such person in respect of any civil, criminal, administrative action or proceeding to which he or
she was made a party by reason of being or having been a director or officer of our company or such other corporation if he or she acted
honestly and in good faith with a view to our best interests or, in the case of a criminal or administrative action or proceeding that
is enforced by monetary penalty, had reasonable grounds for believing that his or her conduct was lawful.
We maintain a policy of directors’
and officers’ liability insurance that insures our directors and officers for losses as a result of claims against them in their
capacity as directors and officers and also reimburses us for payments made pursuant to the indemnity provisions under our by-laws and
the Business Corporations Act (Ontario).
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors and officers and any persons who control us, we have
been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable.
LEGAL MATTERS
Certain legal matters have
been passed upon for us by Davies Ward Phillips & Vineberg LLP, New York, New York and Davies Ward Phillips &
Vineberg LLP, Toronto, Ontario.
EXPERTS
The consolidated financial
statements of the Company incorporated by reference from the 2023 Annual Report, and the effectiveness of the Company’s internal
control over financial reporting as of December 31, 2023, have been audited by Ernst & Young LLP, independent registered
public accounting firm, as set forth in their reports thereon included therein, and incorporated herein by reference. Such consolidated
financial statements and our management’s assessment of the effectiveness of internal control over financial reporting as of December 31,
2023 are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting
and auditing.
Certain information relating
to the scientific and technical information included in our 2023 Annual Report, which is incorporated by reference into this prospectus,
was prepared or reviewed by Robert Badiu, P.Geo., Claude Bolduc, P.Eng., Francois Bouchard, P.Geo., Denis Caron, Eng., Larry Connell,
P.Eng., Vincent Dagenais, P.Eng., Jean-Francois Dupont, P.Eng., Dyane Duquette, P.Geo., Juan Figueroa, P.Geo., Patrick Fiset, Eng., Paul
Andrew Fournier, P.Eng., Guy Gagnon, P.Eng., Dominique Girard, Eng., Guy Gosselin, Eng., P.Geo., Steven Gray, P.Geo., Nicole Houle, P.Geo.,
Dany Laflamme, Eng., Sylvie Lampron, P.Eng., Julie Larouche, P.Geo., Karl Leetmaa, P. Eng., Pascal Lehouiller, P.Geo., Andre Leite, P.Eng.,
Yanick Létourneau, P.Eng., Pierre McMullen, P. Eng., David Paquin Bilodeau, P.Geo., François Petrucci, P.Eng., David Pitre,
P.Eng., P.Geo., Carol Plummer, Eng., Alexandre Proulx, Eng., Veronika Raizman, P.Geo., François Robichaud, Eng., Natasha Vaz,
P.Eng., and Devin Wilson, P.Eng. (each, a “Qualified Person”), and has been included in reliance upon such individuals’
authority as experts.
As of the date of this prospectus,
each Qualified Person owns beneficially, directly or indirectly, less than 1% of any outstanding class of securities of the Company.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
| Item 8. | Indemnification of Directors and Officers |
Under the Business Corporations
Act (Ontario), the Company may indemnify a present or former director or officer or person who acts or acted at the Company’s
request as a director or officer of another corporation, and his heirs and legal representatives, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative
action or proceeding to which he is made a party by reason of his being or having been a director or officer of the Company or such other
corporation on condition that (i) the director or officer acted honestly and in good faith with a view to the best interests of
the Company, or, as the case may be, to the best interests of the other corporation for which the individual acted as a director or officer
at the Company’s request and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, had reasonable grounds for believing that his conduct was lawful. Further, the Company may, with court approval, indemnify a
person described above in respect of an action by or on behalf of the Company to procure a judgment in its favor, to which the person
is made a party by reason of being or having been a director or an officer of the Company, against all costs, charges and expenses reasonably
incurred by the person in connection with such action if he or she fulfils conditions (i) and (ii) above. A director is entitled
to indemnification from the Company as a matter of right if he was substantially successful on the merits in his defense and fulfilled
conditions (i) and (ii) above.
In accordance with the Business
Corporations Act (Ontario), the by-laws of the Company indemnify a director or officer, a former director or officer, or a person
who acts or acted at a Company’s request as a director or officer of a corporation in which the Company is or was a shareholder
or creditor against any and all losses and expenses reasonably incurred by him in respect of any civil, criminal, administrative action
or proceeding to which he was made a party by reason of being or having been a director or officer of the Company or other corporation
if he acted honestly and in good faith with a view to the best interests of the Company, or, in the case of a criminal or administrative
action or proceeding that is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful.
A policy of directors’
and officers’ liability insurance is maintained by the Company which insures directors and officers for losses as a result of claims
against the directors and officers of the Company in their capacity as directors and officers and also reimburses the Company for payments
made pursuant to the indemnity provisions under the by-laws of the Company and the Business Corporations Act (Ontario).
Insofar as indemnification
for liabilities under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is
against public policy in the United States as expressed in the Securities Act and is therefore unenforceable.
The following exhibits have
been filed as part of this registration statement:
| Exhibit |
|
|
| Number |
|
Description |
| 4.1 |
|
Agnico Eagle
Mines Limited Dividend Reinvestment and Share Purchase Plan, as amended July 27, 2011, July 25, 2012, August 20, 2013,
September 29, 2020 and August 16, 2024 (filed herewith) |
| 5.1* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario |
| 8.1* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, New York, New York |
| 8.2* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario |
| 23.1 |
|
Consent of Ernst & Young LLP, Toronto,
Ontario (filed herewith) |
| 23.2* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario (included in Exhibit 5.1) |
| 23.3* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, New York, New York (included in Exhibit 8.1) |
| 23.4* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario (included in Exhibit 8.2) |
| 23.5 |
|
Consent
of Robert Badiu, P.Geo. (filed herewith) |
| 23.6 |
|
Consent
of Claude Bolduc, P.Eng. (filed herewith) |
| 23.7 |
|
Consent
of Francois Bouchard, P.Geo. (filed herewith) |
| 23.8 |
|
Consent
of Denis Caron, Eng. (filed herewith) |
| 23.9 |
|
Consent
of Larry Connell, P.Eng. (filed herewith) |
| 23.10 |
|
Consent
of Vincent Dagenais, P.Eng. (filed herewith) |
| 23.11 |
|
Consent
of Jean-Francois Dupont, P.Eng. (filed herewith) |
| 23.12 |
|
Consent
of Dyane Duquette, P.Geo. (filed herewith) |
| 23.13 |
|
Consent
of Juan Figueroa, P.Geo. (filed herewith) |
| 23.14 |
|
Consent
of Patrick Fiset, Eng. (filed herewith) |
| 23.15 |
|
Consent
of Paul Andrew Fournier, P.Eng. (filed herewith) |
| 23.16 |
|
Consent
of Guy Gagnon, P.Eng. (filed herewith) |
| 23.17 |
|
Consent
of Dominique Girard, Eng. (filed herewith) |
| 23.18 |
|
Consent
of Guy Gosselin, Eng., P.Geo. (filed herewith) |
| 23.19 |
|
Consent
of Steven Gray, P.Geo. (filed herewith) |
| 23.20 |
|
Consent
of Nicole Houle, P.Geo. (filed herewith) |
| 23.21 |
|
Consent
of Dany Laflamme, Eng. (filed herewith) |
| 23.22 |
|
Consent
of Sylvie Lampron, P.Eng. (filed herewith) |
| 23.23 |
|
Consent
of Julie Larouche, P.Geo. (filed herewith) |
| 23.24 |
|
Consent
of Karl Leetmaa, P. Eng. (filed herewith) |
| 23.25 |
|
Consent
of Pascal Lehouiller, P.Geo. (filed herewith) |
| 23.26 |
|
Consent
of Andre Leite, P.Eng. (filed herewith) |
| 23.27 |
|
Consent
of Yanick Létourneau, P.Eng. (filed herewith) |
| 23.28 |
|
Consent
of Pierre McMullen, P. Eng. (filed herewith) |
| 23.29 |
|
Consent
of David Paquin Bilodeau, P.Geo. (filed herewith) |
| 23.30 |
|
Consent
of François Petrucci, P.Eng. (filed herewith) |
| 23.31 |
|
Consent
of David Pitre, P.Eng., P.Geo. (filed herewith) |
| 23.32 |
|
Consent
of Carol Plummer, Eng. (filed herewith) |
| 23.33 |
|
Consent
of Alexandre Proulx, Eng. (filed herewith) |
| 23.34 |
|
Consent
of Veronika Raizman, P.Geo. (filed herewith) |
| 23.35 |
|
Consent
of François Robichaud, Eng. (filed herewith) |
| 23.36 |
|
Consent
of Natasha Vaz, P.Eng. (filed herewith) |
| 23.37 |
|
Consent
of Devin Wilson, P.Eng. (filed herewith) |
| 24.1* |
|
Powers
of Attorney (included on the signature pages of the Registration Statement) |
| 107* |
|
Filing
Fee Table |
* Previously filed
The undersigned registrant
hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;
(i) To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of
Registration Fee” table in the effective registration statement;
(iii) To
include any material information with respect to the Plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however, that the undertakings
set forth above in paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section
13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or
is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) To
file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F
at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by
Section 10(a)(3) of the Securities Act need not be furnished, provided that the Registrant includes in the prospectus,
by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary
to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding
the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial
statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A of Form 20-F if such financial
statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to
section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.
(5) That,
for the purpose of determining liability under the Securities Act to any purchaser: if the Registrant is subject to Rule 430C, each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a
time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use.
(6) That,
for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the
securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to
this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
| (i) | Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| (ii) | Any free writing prospectus relating to
the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant; |
| (iii) | The portion of any other free writing prospectus
relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) | Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser. |
(7) That,
for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in this registration
statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-3 and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized in the City of Toronto, Province of Ontario, Country of Canada, on August 28,
2024.
| |
AGNICO EAGLE MINES LIMITED |
| |
(Registrant) |
| |
|
| |
By: |
/s/ Chris Vollmershausen |
| |
|
Name: |
Chris Vollmershausen |
| |
|
Title: |
Executive Vice-President, Legal, General Counsel & Corporate
Secretary |
Pursuant to the requirements
of the Securities Act, this Post-Effective Amendment No. 1 to the Registration Statement has been signed by the following persons
in the capacities indicated on August 28, 2024.
| Name |
Title |
Date |
| |
|
|
* |
President and Chief
Executive Officer,
Director
(Principal Executive Officer) |
August 28, 2024 |
| Ammar Al-Joundi |
|
| |
|
|
* |
Executive Vice-President,
Finance and Chief Financial Officer
(Principal Financial Officer and Accounting Officer) |
August 28, 2024 |
| Jamie Porter |
|
| |
|
|
* |
Chair |
August 28, 2024 |
| Sean Boyd |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Leona Aglukkaq |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Martine A. Celej |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Jonathan Gill |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Peter Grosskopf |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Elizabeth Lewis-Gray |
|
|
|
Director |
August 28, 2024 |
| J. Merfyn Roberts |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Jeffrey Parr |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Deborah McCombe |
|
|
| |
|
|
* |
Director |
August 28, 2024 |
| Jamie Sokalsky |
|
|
| * By: | /s/
Chris Vollmershausen | |
| Name: | Chris
Vollmershausen | |
| Title: | Attorney-in-fact | |
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements
of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Post-Effective Amendment No. 1 to the Registration
Statement, solely in the capacity of the duly authorized representative of Agnico Eagle Mines Limited in the United States, on this 28th
day of August 2024.
| |
AGNICO EAGLE (USA) LIMITED |
| |
|
| |
By: |
/s/ Chris Vollmershausen |
| |
|
Name: |
Chris Vollmershausen |
| |
|
Title: |
Authorized Signatory |
EXHIBIT INDEX
| Exhibit |
|
|
| Number |
|
Description |
| 4.1 |
|
Agnico Eagle
Mines Limited Dividend Reinvestment and Share Purchase Plan, as amended July 27, 2011, July 25, 2012, August 20, 2013,
September 29, 2020 and August 16, 2024 (filed herewith) |
| 5.1* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario |
| 8.1* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, New York, New York |
| 8.2* |
|
Opinion
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario |
| 23.1 |
|
Consent of Ernst & Young LLP, Toronto,
Ontario (filed herewith) |
| 23.2* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario (included in Exhibit 5.1) |
| 23.3* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, New York, New York (included in Exhibit 8.1) |
| 23.4* |
|
Consent
of Davies Ward Phillips & Vineberg LLP, Toronto, Ontario (included in Exhibit 8.2) |
| 23.5 |
|
Consent
of Robert Badiu, P.Geo. (filed herewith) |
| 23.6 |
|
Consent
of Claude Bolduc, P.Eng. (filed herewith) |
| 23.7 |
|
Consent
of Francois Bouchard, P.Geo. (filed herewith) |
| 23.8 |
|
Consent
of Denis Caron, Eng. (filed herewith) |
| 23.9 |
|
Consent
of Larry Connell, P.Eng. (filed herewith) |
| 23.10 |
|
Consent
of Vincent Dagenais, P.Eng. (filed herewith) |
| 23.11 |
|
Consent
of Jean-Francois Dupont, P.Eng. (filed herewith) |
| 23.12 |
|
Consent
of Dyane Duquette, P.Geo. (filed herewith) |
| 23.13 |
|
Consent
of Juan Figueroa, P.Geo. (filed herewith) |
| 23.14 |
|
Consent
of Patrick Fiset, Eng. (filed herewith) |
| 23.15 |
|
Consent
of Paul Andrew Fournier, P.Eng. (filed herewith) |
| 23.16 |
|
Consent
of Guy Gagnon, P.Eng. (filed herewith) |
| 23.17 |
|
Consent
of Dominique Girard, Eng. (filed herewith) |
| 23.18 |
|
Consent
of Guy Gosselin, Eng., P.Geo. (filed herewith) |
| 23.19 |
|
Consent
of Steven Gray, P.Geo. (filed herewith) |
| 23.20 |
|
Consent
of Nicole Houle, P.Geo. (filed herewith) |
| 23.21 |
|
Consent
of Dany Laflamme, Eng. (filed herewith) |
| 23.22 |
|
Consent
of Sylvie Lampron, P.Eng. (filed herewith) |
| 23.23 |
|
Consent
of Julie Larouche, P.Geo. (filed herewith) |
| 23.24 |
|
Consent
of Karl Leetmaa, P. Eng. (filed herewith) |
| 23.25 |
|
Consent
of Pascal Lehouiller, P.Geo. (filed herewith) |
| 23.26 |
|
Consent
of Andre Leite, P.Eng. (filed herewith) |
| 23.27 |
|
Consent
of Yanick Létourneau, P.Eng. (filed herewith) |
| 23.28 |
|
Consent
of Pierre McMullen, P. Eng. (filed herewith) |
| 23.29 |
|
Consent
of David Paquin Bilodeau, P.Geo. (filed herewith) |
| 23.30 |
|
Consent
of François Petrucci, P.Eng. (filed herewith) |
| 23.31 |
|
Consent
of David Pitre, P.Eng., P.Geo. (filed herewith) |
| 23.32 |
|
Consent
of Carol Plummer, Eng. (filed herewith) |
| 23.33 |
|
Consent
of Alexandre Proulx, Eng. (filed herewith) |
| 23.34 |
|
Consent
of Veronika Raizman, P.Geo. (filed herewith) |
| 23.35 |
|
Consent
of François Robichaud, Eng. (filed herewith) |
| 23.36 |
|
Consent
of Natasha Vaz, P.Eng. (filed herewith) |
| 23.37 |
|
Consent
of Devin Wilson, P.Eng. (filed herewith) |
| 24.1* |
|
Powers
of Attorney (included on the signature pages of the Registration Statement) |
| 107* |
|
Filing
Fee Table |
* Previously filed
Exhibit 4.1
AGNICO
EAGLE MINES LIMITED
DIVIDEND
REINVESTMENT
AND SHARE PURCHASE pLAN
Introduction
This dividend reinvestment plan (the “Plan”)
is being offered to the registered and beneficial holders (the “Shareholders”) of common shares (“Common Shares”)
of Agnico Eagle Mines Limited (the “Corporation”) who reside in Canada or the United States (or as otherwise set out
below under “Eligible Participants”) as an alternative to the receipt of regular cash dividends. Under the Plan, Shareholders
can automatically reinvest cash dividends paid on their Common Shares in additional Common Shares, either at no discount or at a discount
of up to 5% of the Average Market Price (as defined below), as determined by the Corporation from time to time in its sole discretion,
and invest optional cash payments in additional Common Shares at the Average Market Price with no discount. Optional cash payments can
be made in a minimum amount of U.S.$500 and a maximum amount of U.S.$20,000 per fiscal year, or the Canadian dollar equivalents of such
amounts, as set out below under “Optional Cash Purchases”. For the purposes of the Plan, the Corporation shall provide the
Agent (as defined below) with the applicable Average Market Price, denominated in Canadian dollars and United States dollars, and discount
(if any) in accordance with the terms of the Plan.
Full investment of cash dividends is possible under
the Plan because the Plan permits fractions of Common Shares as well as whole Common Shares to be purchased and held for Plan participants.
In addition, dividends in respect of whole and fractional Common Shares held in the Plan will be automatically reinvested in further Common
Shares. Common Shares issued under the Plan will be issued directly from the treasury of the Corporation.
No Commissions or Administrative Costs
No brokerage commissions are payable in connection
with the purchase of Common Shares under the Plan and all administrative costs will be borne by the Corporation.
Use of Proceeds
Proceeds received by the Corporation upon the purchase
of new Common Shares under the Plan will form part of the working capital of the Corporation and will be used for general corporate purposes.
Administration
Computershare Trust Company of Canada (the “Agent”)
has been retained to act as the Agent for the participants under the Plan pursuant to an agreement which may be terminated by the Corporation
or the Agent at any time. The Corporation will promptly pay over to the Agent, on behalf of the participants in the Plan, all cash dividends
due on their Common Shares and the Agent will purchase new Common Shares for the participants directly from the treasury of the Corporation
on the dividend payment date. New Common Shares purchased under the Plan will be registered in the name of the Agent, or its nominee,
as Agent for the participants in the Plan.
Eligible Participants
Except as otherwise provided below, any registered
holder of Common Shares who is a resident of Canada or the United States is eligible to join in the Plan at any time.
Beneficial owners of Common Shares whose Common Shares
are not registered in their own names may participate in the Plan only (1) by transferring such Common Shares into their own name
or into a specific segregated registered account such as a numbered account with a bank, trust company or broker, or (2) if such
Common Shares are held through CDS Clearing and Depository Services or The Depository Trust & Clearing Corporation (collectively,
the “Depositories” or, individually, a “Depository”), by enrolling in the Plan through a participant
in either such Depository (a “Depository Participant”).
Beneficial owners of Common Shares whose Common Shares
are held in a numbered nominee account with a bank, trust company or broker may arrange to enrol such account in the Plan. If a beneficial
owner holds Common Shares in more than one such account, or in such an account or accounts as well as in such owner’s own name,
such Common Shares may be dealt with separately with respect to the Plan. For example, an owner can elect to participate in the Plan in
respect of the Common Shares held in one account but not in respect of those held in another. Furthermore, if beneficial owners of Common
Shares hold such shares through the facilities of a Depository, they can arrange to treat each of their Common Shares separately with
respect to the Plan. For example, such beneficial owners can choose to participate in the Plan in respect of some of the Common Shares
but not in respect of others.
Shareholders resident outside Canada and the United
States may participate in the Plan unless prohibited by the law of the country in which they reside. Cash dividends to be reinvested for
Shareholders resident outside Canada will be reduced by the amount of the applicable Canadian withholding tax as described below under
“Summary of Principal Canadian Federal Income Tax Considerations”.
Enrollment
General
Shareholders may join the Plan by completing the
Reinvestment Enrollment — Participant Declaration Form attached to the Plan, signing it and returning it to the Agent within
the applicable deadlines set out below, or enrolling online through the Agent’s web portal at www.investorcentre.com. Additional
Forms may be obtained from the Agent at any time upon written request addressed to the Agent. The Corporation may deny the right to participate
in the Plan to any person or terminate the participation of any participant in the Plan if the Corporation deems it advisable under any
laws or regulations.
The Reinvestment Enrollment — Participant Declaration
Form directs the Corporation to forward to the Agent all of the participating Shareholder’s cash dividends received on the
Common Shares and directs the Agent to invest such dividends in the purchase of new Common Shares on behalf of the Shareholder. If a beneficial
owner holds Common Shares in more than one brokerage account, and wishes to participate in the Plan in respect of Common Shares in all
such accounts, a separate Reinvestment Enrollment — Participant Declaration Form must be completed and returned to the Agent
by the registered holder of the Common Shares in respect of each such account.
Depository Participants
Beneficial owners of Common Shares whose Common Shares
are held through a Depository may enrol through the Depository Participant that currently holds their Common Shares, provided they do
so in sufficient time for notice to be provided to the Agent within the applicable deadlines set out below.
Effective Date of Participation
Following receipt by the Agent of a properly completed
Reinvestment Enrollment — Participant Declaration Form, participation in the Plan becomes effective on the next record date for
any dividend declared on the Common Shares provided that the Reinvestment Enrollment — Participant Declaration Form is received
not less than five business days before such record date.
Ongoing Enrollment
Once a Shareholder has enrolled in the Plan, participation
continues automatically unless terminated in accordance with the terms of the Plan. However, participants are advised that Common Shares
acquired outside of the Plan may not be automatically enrolled in the Plan. Participants should contact the Agent or the Depository Participant,
if applicable, to confirm which of the Common Shares owned by them are enrolled in the Plan.
Optional Cash Purchases
If participants in the Plan choose to participate
in the optional cash payment feature of the Plan, they must confirm on the Optional Cash Payment (OCP) — Participant Declaration
Form that not more than U.S.$20,000 (or the Canadian dollar equivalent of such amount) in the aggregate per fiscal year is being
paid by, or on behalf of, any registered or beneficial owner in respect of the optional investment of cash under the Plan. For any optional
cash payment, the determination of a Canadian dollar equivalent amount will be based on the indicative daily exchange rate reported by
the Bank of Canada, calculated on the date that is one business day prior to the dividend payment date. When ascertaining whether the
Canadian equivalent of U.S.$20,000 has been reached in a fiscal year, the Agent will use the indicative daily exchange rate reported by
the Bank of Canada on the business day immediately prior to the date the dividend payment was made in each previous quarter. Any amounts
received by the Agent in excess of the Canadian equivalent of U.S.$20,000 will be returned to the participant.
There is no obligation on a participant to make optional
cash payments nor to make all such payments in the same amount. The aggregate number of Common Shares which may be purchased by all participants
in any fiscal year of the Corporation under the optional cash payments may not exceed two percent of the outstanding Common Shares at
the beginning of the fiscal year. If necessary, available Common Shares will be allocated by the Agent on a pro rata basis to avoid
exceeding this limit.
Further Provisions with Respect to Optional
Cash Payments:
In order to make optional cash payments under the
Plan, participants must duly complete an Optional Cash Purchase (OCP) — Participant Declaration Form and send it to the Agent.
Thereafter, participants may make the optional cash payments by cheque by using the Combined Pre-Authorized Debit (PAD) Agreement/Optional
Cash Purchase Voucher sent to participants with their respective statements or by enrolling for the pre-authorized debit (PAD) service
using the Agent’s web portal at www.investorcentre.com. Additional Combined Pre-Authorized Debit (PAD) Agreement/Optional
Cash Purchase Vouchers may be obtained at any time by calling 1-800-564-6253, or by sending a written request addressed to the Agent
or by accessing the Agent’s web portal at www.investorcentre.com.
Optional cash payments received from registered Shareholders
will be applied by the Agent to invest in Common Shares, provided the payments are received by the Agent no later than five business day
prior to the dividend payment date. Optional cash payments received by the Agent on or after this date will be returned to the participant.
No interest will be paid to participants on any funds held for investment pursuant to the Plan. A participant may cancel an optional cash
payment by written notice received by the Agent on or before the tenth business day preceding the dividend payment date.
The amount of the optional cash payments is a minimum
of U.S.$500 per payment, to a maximum of U.S.$20,000 per year (or the Canadian dollar equivalent of such amounts). The determination of
a Canadian dollar equivalent amount will be based on the indicative daily exchange rate reported by the Bank of Canada, calculated on
the date that is one business day prior to the dividend payment date. When ascertaining whether the Canadian equivalent of U.S.$20,000
has been reached in a fiscal year, the Agent will use the indicative daily exchange rate reported by the Bank of Canada on the business
day immediately prior to the date the dividend payment was made in each previous quarter. Any amounts received by the Agent in excess
of the Canadian equivalent of U.S.$20,000 will be returned to the participant. Payment in currencies other than Canadian or United States
dollars will not be accepted. Non-registered Shareholders should contact their intermediaries to determine the procedures to make optional
cash payments.
The Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada) and the regulations made thereunder (the “Anti-Money Laundering Act”) requires that the
Agent collect and record specific information and take other measures regarding new or existing participants who elect to make optional
cash payments under the Plan. In order to participate in the optional cash payment feature of the Plan, participants must have met the
applicable requirements under the Anti-Money Laundering Act, which are contained in each of the Reinvestment Enrollment — Participant
Declaration Form and the Optional Cash Purchase (OCP) — Participant Declaration Form.
Pre-Authorized Debits (PAD)
To be eligible to participate in the pre-authorized
debit (PAD) service for the optional cash purchase option of the Plan, you must already be enrolled in the Plan and your Plan account
must already be coded compliant with Canadian Anti-Money Laundering Act requirements. Also, the bank account you are intending on using
must be held with a Canadian financial institution.
You have the option of selecting either a one-time
and/or recurring PAD. Both options can be initiated online through the Agent’s web portal at www.investorcentre.com. In
the case of recurring PAD service only, you may mail your PAD request to the Agent. The Agent must receive the PAD request no later than
10 business days prior to the dividend payment date for which you wish to apply such debit. If the duly completed request is received
after this date, such debit will be applied on the next dividend payment date.
One-Time Pre-Authorized Debits
One-Time PADs can only be initiated online through
the Agent’s web portal at www.investorcentre.com. If you authorize a one-time debit, your bank account will be debited within
five to ten business days from the time your request is received. Your monies will be applied to purchase Common Shares on the next available
dividend payment date after the funds have been withdrawn from your account. No interest will be paid for any funds held awaiting investment.
Recurring Pre-Authorized Debits
Recurring PAD can be initiated online through
the Agent’s web portal at www.investorcentre.com or by duly completing and signing a PAD agreement. A PAD agreement will
be enclosed with your Plan account statement once your Plan account has been coded compliant. Return your completed PAD agreement along
with a VOID cheque indicating the name(s) associated the bank account or a letter from your financial institution confirming
your banking details and the names associated with the account. The bank account names must match the name(s) on
your Plan account.
If you authorize a quarterly recurring automatic
debit, then your account will be debited seven business days prior to the dividend payment date.
To modify or cancel a recurring PAD service, you
must notify the Agent in writing or online through the Agent’s web portal at www.investorcentre.com. Only cancellation
requests can be taken over the phone by calling the Agent’s Customer Contact Centre toll-free at 1-800-564-6253. Please allow 10
business days from the date the Agent receives your instructions for the modification or cancellation to take effect.
Price and Valuation of New Common Shares
The price at which the Agent will purchase new Common
Shares from the Corporation on the dividend payment dates with cash dividends on Common Shares will be either (1) at a discount of
up to 5% of the volume weighted average of the trading prices for a board lot (100 shares) of Common Shares on The Toronto Stock Exchange
(the “Exchange”) for a period of five trading days on which at least a board lot was traded immediately preceding a
dividend payment date (the “Average Market Price”), or (2) at the Average Market Price with no discount. The Corporation
may from time to time in its sole discretion determine whether the Plan will offer any discount to the Average Market Price of Common
Shares, and, if so, the amount of the discount. The discount determined by the Board of Directors as of the effective date is 1%. If the
discount is altered or eliminated by the Corporation, the Corporation shall include information regarding the change in the discount in
a press release prior to the effectiveness of the change. As dividends will be denominated in United States dollars, the Average Market
Price will be converted to United States dollars using the indicative daily exchange rate reported by the Bank of Canada on the day that
is one business day prior to the dividend payment date.
The price at which the Agent will purchase new Common
Shares from the Corporation on the dividend payment dates with eligible funds other than cash dividends on Common Shares will be at the
Average Market Price with no discount. Optional cash payments received in United States dollars will be invested at the Average Market
Price converted to United States dollars at the indicative daily exchange rate reported by the Bank of Canada on the day that is one business
day prior to the dividend payment date.
There will be no brokerage commission on the purchase
of new Common Shares under the Plan as the Common Shares will be purchased directly from the Corporation.
Participants’ Accounts and Statements
The Agent will maintain a separate account for each
participant. Where a participating beneficial owner holds his or her Common Shares through a Depository, the Agent will maintain an account
for and in the name of the Depository and the appropriate Depository Participant will provide each such participating beneficial owner
with confirmation of his or her purchase of Common Shares through the Plan.
On each dividend payment date, the Corporation will
advise the Agent of the prices for the new Common Shares to be purchased (whether by way of dividend reinvestment or optional cash purchase)
by the Agent on behalf of the participants and the number of new Common Shares to be issued as well as the applicable discount (if any).
Each participant’s account will be credited by the Agent with that number of Common Shares purchased for the participant, including
fractions computed to six decimal places, which is equal to the cash dividends or optional cash payment to be invested for each participant
divided by the applicable purchase price for such Common Shares (as set out above under “Price and Valuation of New Common Shares”).
In like fashion, the accounts of each participating beneficial owner of Common Shares will be credited with that number of Common Shares
purchased on their behalf through the facilities of the relevant Depository and Depository Participant.
As soon as practicable following each dividend payment
date, the Agent (or, where appropriate, the relevant Depository Participant) will send statements of account to participants setting out
the number of whole and fractional Common Shares acquired by reinvestment of cash dividends and, where applicable, by optional purchases
(“Plan Shares”).
These statements are a participant’s only
record of the cost of each purchase of Plan Shares, and accordingly, should be retained by such participant for income tax purposes.
In addition, each participant will receive annually the appropriate tax information for reporting dividend income.
Generally, Plan Shares will be registered in the
name of the Agent or its nominee and held by the Agent for a participant under the Plan. For participants holding Plan Shares through
a Depository, such Plan Shares will be registered in the name of the relevant Depository and held for the benefit of its Depository Participants
under the Plan. Plan Shares may not be sold, transferred, pledged or otherwise disposed of by the participant while such Plan Shares remain
in the Plan. A participant who wishes to sell, transfer, pledge or dispose of any Plan Shares must withdraw them from the Plan by instructing
the Agent to issue, in the name of the participant, a Direct Registration System (DRS) Advice (a “DRS Advice”) representing
such Plan Shares.
A participant may, at any time upon written request
to the Agent, have a DRS Advice issued and registered in the participant’s name for any number of whole Plan Shares owned by such
participant without terminating participation in the Plan. No DRS Advice for a fraction of a Plan Share will be issued.
Share certificates will not be issued to participants
for Plan Shares.
Termination of Participation
General
A participant may terminate participation in the
Plan at any time by written notice to the Agent, or online through the Agent’s web portal at www.investorcentre.com. The
Agent will then settle the participant’s account by issuing a DRS Advice for the number of whole Plan Shares standing to the credit
of the participant and by purchasing for cash any fraction of a Plan Share. The amount of the payment for any such fraction will be based
on, in the case of a payment in Canadian dollars, the prevailing market price at the time of the trade on the Exchange, and, in the case
of a payment in United States dollars, the prevailing market price at the time of the trade on the New York Stock Exchange.
Participation in the Plan will also be terminated
upon receipt by the Agent of written notice of the death of a participant. A DRS Advice for Plan Shares will be issued in the name of
the deceased participant and/or in the name of the estate of the deceased participant, as appropriate, and the Agent will send such DRS
Advice and cash payment for any fraction of a Plan Share to the representative of the deceased participant.
Upon termination of participation, a participant
may request that all Plan Shares held for the participant’s account be sold. Such sale will be made by the Agent, through a registered
dealer or stockbroker designated by the Agent, as soon as practicable following receipt by the Agent of instructions to do so. Such instructions
may be delivered to the Agent via the Agent’s web portal at www.investorcentre.com. The proceeds of such sale, less brokerage
commissions and transfer taxes, if any, will be paid to the participant by the Agent. Plan Shares sold pursuant to such a request may
be commingled with Plan Shares of other participants, in which case the proceeds to each participant will be based upon the average sale
price of all Plan Shares so commingled. With respect to any fraction of a Plan Share, the Agent will purchase such fraction for cash
at a price determined in the same manner as in the case of whole Plan Shares sold for the participant.
All payments of cash under the Plan will be made
in either Canadian or United States currency. Unless a participant requests otherwise in writing, the Agent will make payments in Canadian
currency where the participant has a Canadian mailing address and in United States currency where the participant has a non-Canadian mailing
address, in each case as such address is shown on the records of the Agent.
Depository Participants
Where participants hold their Common Shares or Plan
Shares through a Depository Participant and Depository, any notice or actions to be delivered to or performed by the Agent in this section
must be delivered to or performed by the relevant Depository Participant. For greater certainty, if notice or termination is not received
by the relevant Depository at least five business days before a dividend record date, termination will not occur until after the next
dividend record date and after investment has been completed.
Rights Offerings, Stock Splits and Stock Dividends
In the event that the Corporation makes available
to its Shareholders rights to subscribe for additional shares or other securities, rights certificates will be issued to participants
for their whole Plan Shares. No such rights will be made available in respect of fractions of Plan Shares. Instead, the Agent will sell
any rights relating to such fractions at a time and price determined by the Agent and participants will be paid their proportionate interests
in the proceeds of such sale.
Any Common Shares distributed pursuant to a stock
dividend or a stock split on Plan Shares will be retained by the Agent and credited proportionately to the accounts of participants.
In the event of a change, reclassification or conversion
of the Common Shares into other shares or securities or of any further change, reclassification or conversion of such other shares or
securities, into other shares or securities, the Plan will continue to apply to the shares or securities resulting from that event and
references herein to the Common Shares and to Plan Shares will be deemed to be references to the shares or securities resulting from that
event.
Voting of Plan Shares
Whole Plan Shares held on the record date for a vote
of Shareholders may be voted in the same manner as the participant’s Common Shares of record may be voted, either in person or by
proxy.
Responsibilities of the Corporation and the Agent
Neither the Corporation nor the Agent is liable for any act, or for
any good faith omission to act, including, without limitation, for liability:
| (a) | arising out of a failure to terminate a participant’s account upon such participant’s death prior to receipt of notice
in writing of such death; or |
| (b) | relating to the prices at which Common Shares are purchased for the participant’s account and the times at which such purchases
are made. |
PARTICIPANTS SHOULD RECOGNIZE THAT NEITHER THE
CORPORATION NOR THE AGENT CAN ASSURE A GAIN OR PROTECT AGAINST LOSS AS A RESULT OF THEIR HOLDING PLAN SHARES.
Amendment, Suspension or Termination of the Plan
The Corporation reserves the right to amend, suspend
or terminate the Plan at any time. The Corporation will send written notice to the participants of any material amendment, suspension
or termination. Any amendment of the Plan which materially affects the rights of participants in the Plan will be subject to the prior
approval of the Exchange. If the Plan is terminated, the Agent will remit to participants a DRS Advice registered in their name for whole
Plan Shares, together with the proceeds from the sale of any fractions of Plan Shares, and will return to the participant any funds held
by the Agent in respect of optional cash payments. If the Plan is suspended, subsequent dividends on Plan Shares will be paid in cash
and any funds held by the Agent in respect of optional cash payments which are not invested as of the effective date of such suspension
will be returned to the participant. During the suspension of the Plan, no request for enrollment in the Plan will be processed.
Governing Law
The Plan shall be governed and construed in accordance
with the laws in force in the Province of Ontario and the federal laws of Canada applicable therein.
Effective Date
The Plan is effective for dividends payable after
June 30, 1999, as updated on July 27, 2011, July 25, 2012, August 20, 2013, September 29, 2020 and August 16,
2024.
Notices
All notices required to be given to participants
under the Plan will be mailed to participants at the address shown on the records of the Agent.
All communications to the Agent and requests for
forms or information regarding the Plan, should be directed to the Agent by phone, mail, fax or e-mail to:
Computershare Trust Company of Canada
100 University Avenue, 8th Floor, North Tower
Toronto, Ontario M5J 2Y1
Attention: Dividend Reinvestment
Department
Or by calling the National Contact Centre at:
1-800-564-6253 North America Toll Free
1-514-982-7555 Direct Dial Outside North America
Or by visiting www.investorcentre.com/service
Or by facsimile at: 1-888-453-0330
CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS
Summary of Principal Canadian Federal Income Tax Considerations
The following is a general summary of the principal
Canadian federal income tax considerations generally applicable to participants in the Plan. It is assumed for the purposes of this summary
that the participant deals at arm’s length and is not affiliated with the Corporation and holds Common Shares as capital property.
Generally, Common Shares are considered to be capital property to a holder provided that the holder does not hold the Common Shares in
the course of carrying on a business and has not acquired the Common Shares in one or more transactions considered to be an adventure
or concern in the nature of trade. Certain participants resident in Canada whose Common Shares might not otherwise qualify as capital
property may, in certain circumstances, make an irrevocable election in accordance with subsection 39(4) of the Income Tax Act
(Canada) (the “Tax Act”) to have their Common Shares and every “Canadian security” (as defined in the Tax
Act) owned by such participant in the taxation year of the election and in all subsequent taxation years deemed to be capital property.
This summary is not applicable to a participant:
(i) that is a “financial institution” (within the meaning of the Tax Act) for the purposes of the “mark-to-market”
rules contained in the Tax Act; (ii) that is a “specified financial institution” (within the meaning of the Tax
Act); (iii) an interest in which would be a “tax shelter investment” (within the meaning of the Tax Act); or (iv) that
has elected to report its “Canadian tax results” (as defined in the Tax Act) in a currency other than Canadian currency. Any
such participant should consult its own tax advisor with respect to an investment in the Common Shares.
This summary is based on the current provisions of
the Tax Act, the regulations thereunder (the “Regulations”), all specific proposals to amend the Tax Act or the Regulations
publicly announced by the Minister of Finance (Canada) prior to the date hereof and the current published administrative practices of
the Canada Revenue Agency (the “CRA”). This summary does not otherwise take into account or anticipate any changes
in law, whether by judicial, administrative or legislative decision or action, nor does it take into account provincial, territorial or
foreign income tax legislation or considerations, which may differ from those described. This summary is not exhaustive of all possible
Canadian federal income tax consequences that may affect a participant in the Plan.
This summary is of a general nature only and is
not intended to be, nor should it be construed to be, legal or tax advice to any particular participant, and no representation with respect
to the Canadian federal income tax consequences to any particular participant is made. Consequently, prospective participants are advised
to consult their own tax advisors with respect to their particular circumstances.
Foreign Exchange
For the purposes of the Tax Act, all amounts expressed
in a currency other than Canadian dollars relating to the acquisition, holding or disposition of a Common Share, including dividends,
adjusted cost base and proceeds of disposition, must be determined in Canadian dollars using the relevant rate of exchange reported by
the Bank of Canada on the day the amount first arose or such other rate of exchange as is acceptable to the CRA.
Residents of Canada
The following summary is generally applicable to
a participant who, at all relevant times for purposes of the Tax Act, is, or is deemed to be, resident in Canada.
Dividends
A participant will be subject to tax under the Tax
Act on all dividends paid on Common Shares (including where such shares are held of record by the Agent for the account of the participant
pursuant to the Plan) which are reinvested in Common Shares under the Plan (as well as on any dividends deemed under the Tax Act to be
received on Common Shares) in the same manner as the participant would have been if such dividends had been received directly by the participant.
Such dividends paid to (or deemed to be received by) a participant who is an individual (including most trusts) will be subject to the
gross-up and dividend tax credit rules in the Tax Act normally applicable to dividends received from taxable Canadian corporations,
including the enhanced gross-up and dividend tax credit in respect of dividends designated by the Corporation as “eligible dividends.”
There may be limitations on the ability of the Corporation to designate dividends as “eligible dividends.”
Subject to the potential application of subsection
55(2) of the Tax Act, a participant that is a corporation will include such dividends in computing its income and generally will
be entitled to deduct the amount of such dividends in computing its taxable income. In certain circumstances, subsection 55(2) of
the Tax Act will treat a taxable dividend received by a participant that is a corporation as proceeds of disposition or a capital gain.
Participants that are corporations should consult their own tax advisors having regard to their own circumstances.
A participant that is a “private corporation”
or “subject corporation” (as such terms are defined in the Tax Act) may be liable under Part IV of the Tax Act to pay
a refundable tax of 38 1/3% of dividends received or deemed to be received on the Common Shares to the extent that such dividends are
deductible in computing the participant’s taxable income.
The cost for tax purposes to a participant of Common
Shares purchased on the reinvestment of dividends or with optional cash payments made by the participant to the Agent will be the Canadian
dollar equivalent of the price paid by the Agent for the Common Shares. The cost of such Common Shares will be averaged with the adjusted
cost base of all other Common Shares held by the participant at the time such Common Shares are acquired for purposes of subsequently
computing the adjusted cost base of each such Common Share owned by the participant.
Dispositions
On a disposition or deemed disposition of a Common
Share (including by the Agent on behalf of the participant), the participant will realize a capital gain (or capital loss) equal to the
amount by which the participant’s proceeds of disposition, net of any reasonable costs of disposition, are greater than (or less
than) the participant’s adjusted cost base of the Common Share. Proceeds of disposition will not include an amount that is otherwise
required to be included in the participant’s income. The payment of cash in respect of any fraction of a Common Share on termination
of participation in the Plan will constitute a disposition of such fraction of a Common Share for proceeds of disposition equal to the
cash payment.
One-half of any capital gains (or capital losses)
realized by a participant will be required to be included in computing the participant’s income as a taxable capital gain (or allowable
capital loss). An allowable capital loss will be deductible against a taxable capital gain realized in the year or in any of the three
years preceding the year or any year following the year to the extent and under the circumstances described in the Tax Act. Capital gains
realized by an individual (including certain trusts) may be subject to alternative minimum tax. A “Canadian-controlled private corporation”
(as defined in the Tax Act) may be liable to pay an additional 10 2/3% refundable tax on certain investment income, including taxable
capital gains.
Under specific rules in the Tax Act, any capital
loss realized by a corporation on the disposition of a Common Share may be reduced by the amount of certain dividends which were received
or were deemed to have been received on such share. Similar rules may apply where a corporation is a member of a partnership or a
beneficiary of a trust that disposes of such shares or where a trust or partnership of which a corporation is a beneficiary or member
is a member of a partnership or beneficiary of a trust that disposes of such shares. Participants should consult their own tax advisors
for specific advice regarding the application of the relevant “stop-loss” provisions in the Tax Act.
Non-Residents of Canada
The following summary is generally applicable to
a participant who, for purposes of the Tax Act and any applicable income tax treaty, is not resident, nor is deemed to be resident, in
Canada, and who does not use or hold and is not deemed to use or hold Common Shares in carrying on business in Canada. Special rules which
are not discussed in this summary may apply to a non-resident participant that is an insurer which carries on business in Canada and elsewhere.
Dividends
Dividends paid or credited or deemed to be paid or
credited on Common Shares to a non-resident of Canada (including where such shares are held of record by the Agent for the account of
the non-resident pursuant to the Plan) are generally subject to Canadian withholding tax, whether or not such dividends are reinvested
under the terms of the Plan. Under the Tax Act, the rate of withholding tax is 25% of the gross amount of such dividends, which rate may
be subject to reduction under the provisions of an applicable tax treaty. Under the Canada-United States Income Tax Convention
(the “U.S. Treaty”), a participant who is resident in the United States for the purposes of the U.S. Treaty and who
is entitled to the benefits of such treaty will generally be subject to Canadian withholding tax at a rate of 15% of the amount of such
dividends. In addition, under the U.S. Treaty, dividends may be exempt from Canadian withholding tax if paid to certain participants that
are qualifying religious, scientific, literary, educational or charitable tax-exempt organizations, or are qualifying trusts, companies,
organizations or other arrangements operated exclusively to administer or provide pension, retirement or employee benefits which are exempt
from tax in the United States, and that have complied with specific administrative procedures. Dividends to be reinvested in Common Shares
under the Plan for non-resident participants will be reduced by the amount of any applicable Canadian withholding tax.
Dispositions
A non-resident participant will not be subject to
tax under the Tax Act on any capital gain realized on a disposition of Common Shares unless those Common Shares constitute “taxable
Canadian property” at the time of the disposition and the participant is not entitled to relief under an applicable income tax treaty
or convention.
Generally, Common Shares will not be taxable Canadian
property to a participant at a particular time provided that either: (i) the Common Shares are listed on a designated stock exchange
(such as the Exchange or the New York Stock Exchange) at that time and at no time during the 60-month period that ends at that time did
one or any combination of (a) the participant, (b) persons with whom the participant did not deal at arm’s length, and
(c) partnerships in which the participant or a person described in (b) holds a partnership interest (directly or indirectly
through one or more partnerships), own 25% or more of the issued shares of any class or series of the Corporation, or (ii) at no
time during such 60-month period did the Common Shares derive more than 50% of their value from any combination of: (a) real or immovable
property situated in Canada, (b) “timber resource property” (within the meaning of the Tax Act), (c) “Canadian
resource property” (within the meaning of the Tax Act) or (d) options in respect of, or interests in, or for civil law, rights
in any of the foregoing, whether or not the property exists. Notwithstanding the foregoing, in certain circumstances set out in the Tax
Act, a Common Share could be deemed to be taxable Canadian property.
Even if a Common Share is considered to be taxable
Canadian property of a participant at the time of its disposition, a capital gain realized on the disposition may nevertheless be exempt
from tax under the Tax Act pursuant to the terms of an applicable income tax treaty or convention.
Under the U.S. Treaty, a capital gain realized on
the disposition of a Common Share by a participant who is entitled to the benefits of such treaty generally will be exempt from tax under
the Tax Act except where the Common Share at the time of disposition derives its value principally from real property situated in Canada
including rights to explore for or exploit mineral deposits in Canada.
Generally, if a Common Share constitutes taxable
Canadian property to a participant at the time of its disposition and any capital gain realized by the participant on the disposition
is not exempt from tax under the Tax Act by virtue of an applicable income tax treaty or convention, the participant will be required
to include one-half of the amount of the capital gain in its income for the year as a taxable capital gain. Subject to and in accordance
with the provisions of the Tax Act, one-half of any capital loss realized by a participant in a taxation year from the disposition of
taxable Canadian property may be deducted as an allowable capital loss from any taxable capital gains realized by the participant in the
year from the disposition of taxable Canadian property. If allowable capital losses for a year exceed taxable capital gain from the disposition
of taxable Canadian property, the excess may be carried back and deducted in any of the three preceding taxation years or carried forward
and deducted in any subsequent taxation year from net taxable capital gains realized in such years from the disposition of taxable Canadian
property to the extent and in the circumstances prescribed by the Tax Act. Non-residents who dispose of taxable Canadian property are
required to file a Canadian income tax return for the year of disposition, including where any resulting capital gain is not subject to
tax under the Tax Act by virtue of an applicable income tax treaty or convention.
UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a summary of certain United States
federal income tax considerations generally applicable to certain participants in the Plan. The summary is based upon the Internal Revenue
Code of 1986, as amended (the “Code”), existing and proposed regulations promulgated thereunder, and judicial decisions
and administrative interpretations, as in effect on the date of the last update to the Plan, all of which are subject to change, possibly
with retroactive effect. These United States federal income tax considerations apply only to a person or entity who, for United States
federal income tax purposes, is: a citizen or resident of the United States; a corporation or other entity organized under the laws of
the United States or of any political subdivision thereof; an estate whose income is subject to United States federal income taxation
regardless of its source; or a trust (i) if a United States court can exercise primary jurisdiction over the trust’s administration
and one or more United States persons have the authority to control all substantial decisions of the trust, or (ii) that has elected
to be treated as a United States person under applicable Treasury regulations.
This summary does not address the United States federal
income tax consequences for participants that are subject to special provisions under the Code, including the following participants:
(i) participants that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred
accounts; (ii) participants that are financial institutions, insurance companies, real estate investment trusts, or regulated investment
companies or that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting
method; (iii) participants that have a “functional currency” other than the United States dollar; (iv) participants
that are liable for the alternative minimum tax under the Code; (v) participants that own Common Shares as part of a straddle, hedging
transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (vi) participants
that hold the Common Shares other than as a capital asset within the meaning of Section 1221 of the Code; (vii) participants
that own, directly or indirectly, or constructively 5% or more, by voting power or value, of the Corporation; (viii) S corporations,
partnerships or other entities classified as partnerships for United States federal income tax purposes; (ix) investors in pass-through
entities; and (x) certain former citizens or residents of the United States. Participants that are subject to special provisions
under the Code, including participants described immediately above, should consult their own tax advisors regarding the tax consequences
of reinvesting cash dividends in additional Common Shares under the Plan. This summary addresses only participants that beneficially acquire
and own their Common Shares are not pass-through entities for US federal income tax purposes. This summary does not include any discussion
of tax consequences to participants in the Plan other than United States federal income tax consequences. Participants are urged to consult
their own tax advisors regarding any United States estate and gift, United States state and local, and foreign tax consequences of participating
in the Plan.
Partners of entities that are classified as partnerships
for United States federal income tax purposes should consult their own tax advisors regarding the United States federal income tax consequences
of reinvesting cash dividends in additional Common Shares or making optional cash purchases under the Plan.
Subject to the “passive foreign investment
company” (“PFIC”) discussion below, the gross amount of any distribution (including any Canadian taxes withheld
therefrom) paid on Common Shares generally should be included in the gross income of a participant as foreign source dividend income to
the extent such distribution is paid out of current or accumulated earnings and profits of the Corporation, as determined under United
States federal income tax principles. To the extent that the amount of any distribution exceeds the Corporation’s current and accumulated
earnings and profits for a taxable year, the distribution is treated as a tax-free return of capital to the extent of the participant’s
adjusted tax basis in the Common Shares. Then, to the extent that such distribution exceeds the participant’s adjusted tax basis,
it is treated as a sale or exchange and taxed as a capital gain. However, the Corporation may not maintain calculations of its earnings
and profits in accordance with United States federal income tax principles. Therefore, each participant should assume that any distribution
will be reported as a dividend.
Subject to certain limitations under the Code, participants
who are subject to United States federal income tax will be entitled to a credit or deduction for Canadian income taxes withheld from
any distributions.
Dividends received by non-corporate participants
may be subject to United States federal income tax at lower rates (generally 20% plus the 3.8% unearned income Medicare contribution tax,
if applicable) than other types of ordinary income if certain conditions are met. These conditions include the Corporation not being classified
as a PFIC for the taxable year in which the dividend is paid or for the immediately preceding taxable year, the Corporation being a “qualified
foreign corporation”, the participant’s satisfaction of a holding period requirement, and the participant not treating the
distribution as “investment income” for purposes of the investment interest deduction rules.
In the case of participants that are domestic corporations,
distributions from the Corporation generally are not eligible for the dividends received deduction.
The amount of any cash distribution paid in Canadian
dollars will be equal to the U.S. dollar value of the Canadian dollars on the date of distribution regardless of whether the payment is
in fact converted into U.S. dollars at that time. Gain or loss, if any, realized on the sale or disposition of Canadian dollars will generally
be United States source ordinary income or loss.
A participant will be treated for United States federal
income tax purposes as having received a distribution in an amount equal to the fair market value of the Common Shares acquired with reinvested
dividends pursuant to the Plan (which fair market value may be greater or less than the Average Market Price used to determine the number
of Common Shares acquired under the Plan) plus the amount of any Canadian income tax withheld therefrom. A participant’s tax basis
for Common Shares purchased pursuant to the Plan will be equal to the amount of such distribution (excluding the amount of any Canadian
income tax withheld from the dividend). A participant’s holding period for Common Shares purchased with dividends will begin on
the day following the dividend payment date. A participant that makes optional cash purchases of Common Shares under the Plan will have
a tax basis in those Common Shares equal to the cash used to purchase those Common Shares and the participant’s holding period will
begin on the day following the date on which the Common Shares are purchased.
Participants generally will recognize a taxable gain
or loss when they sell or exchange Common Shares and when they receive cash payments for fractional shares credited to their accounts
upon withdrawal from or termination of the Plan or otherwise. The amount of this gain or loss will be equal to the difference between
the amount a participant receives for his or her Common Shares or fraction thereof and the participant’s adjusted tax basis in these
Common Shares or fraction thereof. The gain or loss will be a capital gain or loss and will be a long-term capital gain or loss if the
holding period for such Common Shares exceeds one year. Capital gain of a non-corporate United States holder is generally taxed at a maximum
rate of 20% (plus the 3.8% unearned income Medicare contribution tax, if applicable) if the property has been held for more than one year.
The deductibility of capital losses is subject to limitations. The gain or loss realized by participants who are United States persons
will generally be gain or loss from sources within the United States for foreign tax credit limitation purposes.
The Corporation will be a PFIC for United States
federal income tax purposes in any taxable year if 75% or more of its gross income (including the pro rata share of the gross income of
any corporation in which it is considered to own, directly or indirectly, 25% or more of the shares by value) is passive income, or on
average at least 50% of the gross value of its assets is held for the production of, or produces, passive income.
PFIC status is determined on an annual basis. The
Corporation does not expect to be a PFIC for the taxable year ending December 31, 2024, or thereafter. However, because the Corporation’s
income and assets and the nature of its activities may vary from time to time, no assurance can be given that the Corporation will not
be considered a PFIC for any taxable year. If a participant owns Common Shares during a taxable year in which the Corporation is a PFIC,
the PFIC rules generally will apply to a participant thereafter, even if in subsequent taxable years the Corporation no longer meets
the test described above to be treated as a PFIC. No ruling will be sought from the United States Internal Revenue Service (the “IRS”)
regarding whether the Corporation is a PFIC.
In general, if the Corporation were to be treated
as a PFIC, certain adverse rules would apply to dividends received from the Corporation and to dispositions of Common Shares (potentially
including dispositions that would not otherwise be taxable). Participants are urged to consult their tax advisors about the PFIC rules in
connection with their holding of Common Shares.
Under current United States law, if the Corporation
is a PFIC in any year, a participant must file an annual return on IRS Form 8621, which describes the income received (or deemed
to be received pursuant to a “Qualified Electing Fund” election) from the Corporation, any gain realized on a disposition
of Common Shares and certain other information.
In general, dividends from the Corporation and payments
of the proceeds of a sale, exchange or other disposition of Common Shares paid to a participant are subject to information reporting requirements
and may be subject to backup withholding tax, unless the participant is a corporation or other exempt recipient or provides an accurate
United States taxpayer identification number and certifies that no loss of exemption from backup withholding has occurred. Participants
who are required to establish their exempt status must provide such certification on IRS Form W-9. Amounts withheld as backup withholding
may be credited against a participant’s United States federal income tax liability, and a participant may obtain a refund of any
excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing
any required information.
United States individuals who hold an interest in
certain “specified foreign financial assets” with value in excess of certain dollar thresholds are required to report such
assets on IRS Form 8938 with their United States federal income tax return, subject to certain exceptions (including an exception
for foreign assets held in accounts maintained by United States financial institutions). Stock issued by a foreign corporation, such as
the Corporation, is treated as a specified foreign financial asset for this purpose. Penalties apply for failure to properly complete
and file IRS Form 8938. Participants are urged to consult with their tax advisors regarding the filing of this form.
THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A
COMPLETE ANALYSIS OF ALL UNITED STATES TAX CONSIDERATIONS APPLICABLE TO PARTICIPANTS WITH RESPECT TO THE REINVESTMENT OF DIVIDENDS, ACQUISITION,
OWNERSHIP, AND DISPOSITION OF COMMON SHARES. PARTICIPANTS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE UNITED STATES FEDERAL, STATE,
AND LOCAL TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.
Exhibit 23.1
Consent of Independent Registered Public Accounting
Firm
We
consent to the reference to our firm under the caption "Experts" in Amendment No. 1 to the Registration Statement
Form F-3 (No. 333-280180) and related Prospectus of Agnico Eagle Mines Limited and to the incorporation by reference
therein of our report dated March 22, 2024 with respect to the consolidated financial statements of Agnico Eagle Mines Limited as
of and for the years ended December 31, 2023 and December 31, 2022, and with respect to the effectiveness of internal control
over financial reporting as of December 31, 2023 included in its Annual Report on Form 40-F filed with the Securities and Exchange
Commission on March 25, 2024.
| Toronto, Canada |
/s/ Ernst & Young LLP |
| August 28, 2024 |
Chartered Professional Accountants
Licensed Public Accountants |
Exhibit 23.5
CONSENT OF Robert
Badiu
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Robert Badiu |
| |
Robert Badiu |
| |
|
Exhibit 23.6
CONSENT OF Claude
Bolduc
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Claude Bolduc |
| |
Claude Bolduc |
| |
General Mills & Surface Superintendent, La Ronde Complex |
Exhibit 23.7
CONSENT OF François
Bouchard
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ François Bouchard |
| |
François Bouchard |
| |
Senior Geologist, Exploration |
Exhibit 23.8
CONSENT OF Denis
Caron
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Denis Caron |
| |
Denis Caron |
| |
Senior Advisor, Technical Services |
Exhibit 23.9
CONSENT OF Larry
Connell
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Larry Connell |
| |
Larry Connell |
| |
Senior Advisor and Reviewer |
Exhibit 23.10
CONSENT OF Vincent
Dagenais
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Vincent Dagenais |
| |
Vincent Dagenais |
| |
Superintendent, Engineering |
Exhibit 23.11
CONSENT OF Jean-Francois
Dupont
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Jean-François Dupont |
| |
Jean-François Dupont |
| |
Manager, Metallurgy |
Exhibit 23.12
CONSENT
OF DYANE DUQUETTE
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Dyane Duquette |
| |
Dyane Duquette |
| |
Vice President, Mineral Resources Management |
Exhibit 23.13
CONSENT OF Juan
Figueroa
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Juan Figuero |
| |
Juan Figueroa |
| |
Manager, Mineral Resources |
Exhibit 23.14
CONSENT
OF PATRICK FISET
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Patrick Fiset |
| |
Patrick Fiset |
| |
Director, Technical Services |
Exhibit 23.15
CONSENT OF Paul
Andrew Fournier
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Paul Fournier |
| |
Paul Andrew Fournier |
| |
Manager, Regional Finance and Strategy |
Exhibit 23.16
CONSENT OF Guy
Gagnon
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Guy Gagnon |
| |
Guy Gagnon |
Exhibit 23.17
CONSENT
OF DOMINIQUE GIRARD
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Dominique Girard |
| |
Dominique Girard |
| |
Executive Vice President, Chief Operating Officer Nunavut, Quebec, & Europe |
Exhibit 23.18
CONSENT
OF GUY GOSSELIN
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Guy Gosselin |
| |
Guy Gosselin |
| |
Executive Vice President, Exploration |
Exhibit 23.19
CONSENT OF STEVEN GRAY
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Steven Gray |
| |
Steven Gray |
| |
Exploration Manager, Exploration |
Exhibit 23.20
CONSENT OF Nicole
Houle
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Nicole Houle |
| |
Nicole Houle |
Exhibit 23.21
CONSENT OF Dany
Laflamme
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
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| |
|
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/s/ Dany Laflamme |
| |
Dany Laflamme |
| |
Superintendent, Infrastructure |
Exhibit 23.22
CONSENT OF Sylvie
Lampron
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Sylvie Lampron |
| |
Sylvie Lampron |
Exhibit 23.23
CONSENT OF Julie
Larouche
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Julie Larouche |
| |
Julie Larouche |
| |
Manager, Mineral Resources and Reserves |
Exhibit 23.24
CONSENT OF Karl
Leetmaa
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Karl Leetmaa |
| |
Karl Leetmaa |
| |
Advisor, Metallurgy |
Exhibit 23.25
CONSENT
OF PASCAL LEHOUILLER
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Pascal Lehouiller |
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Pascal Lehouiller |
| |
Advisor, Mineral Resources and Technical Reports |
Exhibit 23.26
CONSENT OF Andre
Leite
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Andre Leite |
| |
Andre Leite |
| |
Vice President, Ontario |
Exhibit 23.27
CONSENT OF Yanick
Létourneau
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
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| |
|
| |
/s/ Yanick Létourneau |
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Yanick Létourneau |
| |
Superintendent, Environment |
Exhibit 23.28
CONSENT OF PIERRE
mcMULLEN
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Pierre McMullen |
| |
Pierre McMullen |
| |
General Superintendent, Technical Servicves Meadowbank |
Exhibit 23.29
CONSENT OF David
Paquin Bilodeau
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ David Paquin Bilodeau |
| |
David Paquin Bilodeau |
| |
Exploration Manager, Quebec |
Exhibit 23.30
CONSENT OF FranÇois
Petrucci
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ François Petrucci |
| |
François Petrucci |
| |
Study Managert |
Exhibit 23.31
CONSENT OF David
Pitre
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ David Pitre |
| |
David Pitre |
| |
Advisor, Resource Geology |
Exhibit 23.32
CONSENT
OF CAROL PLUMMER
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Carol Plummer |
| |
Carol Plummer |
| |
Executive Vice President, Sustainability, People & Culture |
Exhibit 23.33
CONSENT OF Alexandre
Proulx
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Alexandre Proulx |
| |
Alexandre Proulx |
| |
Corporate Director, Project Evaluations |
Exhibit 23.34
CONSENT OF Veronika
Raizman
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Veronika Raizman |
| |
Veronika Raizman |
| |
Manager, Reclamation & Geochemistry |
Exhibit 23.35
CONSENT OF FranÇois
Robichaud
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ François Robichaud |
| |
François Robichaud |
| |
Senior Advisor, Metallurgy |
Exhibit 23.36
CONSENT
OF NATASHA VAZ
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Natasha Vaz |
| |
Natasha Vaz |
| |
Executive Vice President, Chief Operating Officer Ontario, Australia and Mexico |
Exhibit 23.37
CONSENT OF Devin
Wilson
I consent to the incorporation by reference in
the Registration Statement on Form F-3 and the related prospectus of certain information that I have prepared or reviewed as a “qualified
person” under the Canadian Securities Administrators National Instrument 43-101 included in Agnico Eagle Mines Limited’s Annual
Report on Form 40-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 25, 2024. I also consent
to the reference to my name under the heading “Experts” in such prospectus.
| August 28, 2024 |
|
| |
|
| |
/s/ Devin Wilson |
| |
Devin Wilson |
| |
Superintendent, Engineering LZ5 project |
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