Agnico Eagle Mines Limited source document

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# aem 20251231xex99d3

Source: https://www.sec.gov/Archives/edgar/data/2809/000110465926032153/aem-20251231xex99d3.htm
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## Content

# aem 20251231xex99d3
EX-99.3
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aem-20251231xex99d3.htm
EXHIBIT-99.3
Table of Contents Exhibit 99.3 ​ Management’s Discussion and Analysis ​ For the year ended December 31, 2025 ​ ​ ​ Table of Contents Table of Contents ​ Page Executive Summary 1 Strategy 2 2025 Developments 2 Portfolio Overview 4 Key Performance Drivers 6 Results of Operations 8 Revenues from Mining Operations 8 Production Costs 9 Exploration and Corporate Development Expense 10 Amortization of Property, Plant and Mine Development 11 General and Administrative Expense 11 Finance Costs 11 Derivative Financial Instruments 12 Impairment Reversal 12 Foreign Currency Translation (Gain) Loss 12 Other Income and Expenses 12 Income and Mining Taxes Expense 12 Balance Sheet Review 13 Liquidity and Capital Resources 13 Operating Activities 13 Investing Activities 14 Financing Activities 14 Off-Balance Sheet Arrangements 16 Contractual Obligations 17 2026 Liquidity and Capital Resources Analysis 17 Quarterly Results Review 18 Outlook 29 2025 Results Comparison to 2025 Outlook 29 2026 and 2027 Outlook Production Update 29 Operations Outlook 29 Risk Profile 33 Financial Instruments 33 Interest Rates 34 Commodity Prices and Foreign Currencies 34 Cost Inputs 35 Operational Risk 35 Regulatory Risk 35 Controls Evaluation 36 Outstanding Securities 36 Critical IFRS Accounting Policies and Accounting Estimates 37 Mineral Reserve Data 37 Non-GAAP Financial Performance Measures 39 Note to Investors Concerning Forward-Looking Information 54 Scientific and Technical Information 55 Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources 55 Summarized Quarterly Data 58 Three Year Financial and Operating Summary 62 ​ ​ ​ Table of Contents ​ This Management’s Discussion and Analysis (“MD&A”) dated February 12, 2026 of Agnico Eagle Mines Limited (“Agnico Eagle” or the “Company”) should be read in conjunction with the Company’s consolidated annual financial statements for the year ended December 31, 2025 that were prepared in accordance with International Financial Reporting Standards (“IFRS ® Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”) (the “Annual Financial Statements”). The Annual Financial Statements and this MD&A are presented in United States dollars (“US dollars”, “$” or “US$”) and all units of measurement are expressed using the metric system unless otherwise specified. Certain information in this MD&A is presented in Canadian dollars (“C$”), Mexican pesos, European Union euros (“Euros” or “€”) or Australian dollars (“A$”). Additional information relating to the Company, including the Company’s Annual Information Form for the year ended December 31, 2024 (the “2024 AIF”), is available on the Canadian Securities Administrators’ (the “CSA”) SEDAR+ website at www.sedarplus.ca and the Form 40 F is on file with the Securities and Exchange Commission (“SEC”) at www.sec.gov / edgar and, when available, the Company’s Annual Information Form for the year ended December 31, 2025 (the “2025 AIF”) that will be available on the CSA’s SEDAR+ website at www.sedarplus.ca and the Form 40 - F for the year ended December 31, 2025 to be filed with the SEC at www.sec.gov/edgar. ​ Certain statements contained in this MD&A, referred to herein as “forward-looking statements”, constitute “forward-looking information” under the provisions of Canadian provincial securities laws and constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. See “ Forward-Looking Statements ” in this MD&A. This MD&A discloses certain financial performance measures, including “total cash costs per ounce”, “all-in sustaining costs per ounce” (also referred to as “AISC per ounce”), “minesite costs per tonne”, “adjusted net income”, “adjusted net income per share”, “earnings before interest, taxes, depreciation and amortization” (also referred to as “EBITDA”), “adjusted earnings before interest, taxes, depreciation and amortization” (also referred to as “adjusted EBITDA”), “free cash flow”, “free cash flow before changes in non-cash components of working capital”, “net cash (debt)”, “sustaining capital expenditures”, “development capital expenditures” and “operating margin” that are not standardized measures under IFRS Accounting Standards. These measures may not be comparable to similar measures reported by other gold producers. Each of “total cash costs per ounce” and “all-in sustaining costs per ounce” are reported on a per ounce of gold produced basis and, unless otherwise indicated, are reported on a by-product basis (deducting the impact of by-product metals from production costs). Minesite costs per tonne is reported on a per tonne of ore milled basis. For periods commencing on or after January 1, 2026, the Company revised the composition of its non-GAAP performance measures “total cash costs per ounce”, “all-in sustaining costs per ounce” and “minesite costs per tonne”. These changes affect only these non-GAAP measures where the measure includes results from Meadowbank (that is, Meadowbank, the Nunavut region and the consolidated costs of the Company). Where these revised compositions are used and the change affects the quantum of such non-GAAP measures, this MD&A refers to the non-GAAP measures as “total cash costs per ounce (revised)”, “all-in sustaining costs per ounce (revised)” and “minesite costs per tonne (revised)”, respectively. For the Company’s other mines and regions, the revised composition will not affect the quantum of these non-GAAP measures and these measures are disclosed using the standard labels. For reconciliation of each of these measures to the most directly comparable financial information presented in the annual consolidated financial statements prepared in accordance with IFRS Accounting Standards, a discussion of their composition and usefulness and a discussion of revisions that have been made by the Company to the composition of these measures for periods commencing on or after January 1, 2026, see “ Non-GAAP Financial Performance Measures ” in this MD&A. This MD&A also contains information as to estimated future total cash costs per ounce, AISC per ounce and minesite costs per tonne. The estimates are based on 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 below under “ Non-GAAP Financial Performance Measures ”, 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 Accounting Standards measure. Table of Contents 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. Unless otherwise stated per ounce measures such as “production costs per ounce”, “total cash costs per ounce” and “AISC per ounce” are reported on a “per ounce of gold produced” basis. The mineral reserve and mineral resource estimates contained in this MD&A have been prepared in accordance with the Canadian Securities Administrators’ (the “CSA”) National Instrument 43-101 “Standards of Disclosure for Mineral Projects ” (“NI 43-101”). See “Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources ” . Unless otherwise stated, references to “LaRonde”, “Canadian Malartic”, “Meadowbank” and “Goldex” are to the Company’s operations at the LaRonde complex, the Canadian Malartic complex, the Meadowbank complex and the Goldex complex, respectively. The LaRonde complex consists of the mining, milling and processing operations at the LaRonde mine and the mining operations at the LaRonde Zone 5 mine (“LZ5”). The Canadian Malartic complex consists of the mining, milling and processing operations at the Canadian Malartic mine and the mining operations at the Odyssey mine. The Meadowbank complex consists of the mining, milling and processing operations at the Meadowbank mine and the mining operations at the Amaruq open pit and underground mines. The Goldex complex consists of the mining, milling and processing operations at the Goldex mine and the mining operations at the Akasaba West open pit mine (“Akasaba West”). References to other operations are to the relevant mines, projects or properties, as applicable. On March 31, 2023, Agnico Eagle closed the transaction (the “Yamana Transaction”) with Pan American Silver Corp. and Yamana Gold Inc. (“Yamana”) pursuant to which, among other things, Agnico Eagle acquired all of Yamana’s Canadian assets including the 50% of the Canadian Malartic that Agnico Eagle did not then hold. Accordingly, contributions from the 100% interest in Canadian Malartic have been included in the consolidated statements of income from March 31, 2023 onwards, while the comparative periods reflect the previously held 50% interest in Canadian Malartic up to and including March 30, 2023. Meaning of ‘‘including’’ and ‘‘such as’’ : When used in this MD&A the terms ‘‘including’’ and ‘‘such as’’ mean including and such as, without limitation, respectively. ​ ​ Table of Contents Executive Summary Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since its formation in 1972. The Company’s mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities also carried out in these jurisdictions. The Company and its shareholders have full exposure to gold prices due to the Company’s long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983. Agnico Eagle earns substantially all of its revenue and cash flow from the production and sale of gold in both doré bar and concentrate form. In 2025, Agnico Eagle recorded production costs per ounce of $965 and total cash costs per ounce (i)  of $979 on a by-product basis and $1,035 on a co-product basis on payable production of 3,447,367 ounces of gold. The average realized price of gold increased by 44.9% from $2,384 per ounce in 2024 to $3,454 per ounce of payable production in 2025. Agnico Eagle’s operating mines and development projects are located in what the Company believes to be political

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