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AGNICO EAGLE KL KIRKLAND LAKE GOLD ( All amounts expressed in U.S. dollars unless otherwise noted ) AGNICO EAGLE AND KIRKLAND LAKE GOLD ANNOUNCE MERGER OF EQUALS TO CREATE HIGHEST - QUALITY SENIOR GOLD PRODUCER Toronto ( September 28 , 2021 ) Agnico Eagle Mines Limited ( TSX : AEM , NYSE : AEM ) ( " Agnico Eagle " or the " Company ” ) and Kirkland Lake Gold Ltd. ( TSX : KL , NYSE : KL , ASX : KLA ) ( " Kirkland Lake Gold " ) announced today that have entered into an agreement ( the " Merger Agreement ' ) to combine in a merger of equals ( the " Merger " ) , with the combined company to continue under the name " Agnico Eagle Mines Limited " . The Merger will establish the new Agnico Eagle as the gold industry's highest - quality senior producer , with the lowest unit costs , highest margins , most favourable risk profile and industry - leading best practices in key areas of environmental , social and governance ( " ESG " ) . Upon closing of the Merger , the Company is expected to have $ 2.3 billion of available liquidity , a mineral reserve base of 48 million ounces of gold ( 969 million tonnes at 1.53 grams per tonne ) , which has doubled over the last 10 years , and an extensive pipeline of development and exploration projects to drive sustainable , low - risk growth . The Merger will create a best - in - class gold mining company operating in one of the world's leading gold regions , the Abitibi - Greenstone Belt of northeastern Ontario and northwestern Quebec ( the " Abitibi " ) , with superior financial and operating metrics . Consolidation within the Abitibi will also provide the new Agnico Eagle with significant value creation opportunities through synergies and other business improvement initiatives . Additionally , the Company is established uniquely as the only gold producer in Nunavut and well positioned internationally with profitable and prospective assets in Australia , Finland , and Mexico . The combination of Agnico Eagle and Kirkland Lake Gold combines each company's strengths by bringing together two industry leaders in growing per share value in key metrics such as production , mineral reserves , cash flow and net asset value . Both companies also share a strong commitment to returning capital to shareholders , with a total of $ 1.6 billion being returned through dividend payments and share repurchases since the beginning of 2020 ( on a pro forma basis ) . Under the Merger Agreement , which the Board of Directors of both companies have unanimously approved , the new Agnico Eagle will be led by a combined board and management team of experienced mining and business leaders , bringing together the proven cultures , strengths and capabilities of both companies . The transaction is expected to close in December 2021 or in the first quarter of 2022 . Pursuant to the Merger Agreement , Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held ( the " Consideration " ) . The Consideration to Kirkland Lake Gold represents approximately a 1 % premium to the 10 - day volume weighted average prices on the Toronto Stock Exchange , as at close of trading Friday September 24 , 2021 and implies a combined market capitalization of approximately $ 24 billion . Upon closing , existing Agnico Eagle and Kirkland Lake Gold shareholders will own approximately 54 % and 46 % of the combined company , respectively . Sean Boyd , Agnico Eagle's Chief Executive Officer stated , " This merger starts a new chapter in Agnico Eagle's 64 - year history and creates the leading low risk global gold company with growing production , low costs and strong ESG leadership . The transaction creates a company with a strong platform of people , assets and financial resources to continue to build and operate a long term sustainable and self funding business . Kirkland Lake is an excellent cultural fit with Agnico