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Agnico-Eagle Mines Limited
                                                                 Corporate Update Presentation
                                                                                   March 2010




Member of the World Gold Council   www.gold.org
Forward Looking Statements

The information in this document has been prepared as at February 17, 2010. Certain statements contained in this document
constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
forward looking information under the provisions of Canadian provincial securities laws. When used in this document, the words
“anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking
statements or information.
Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions;
estimates of future reserves, resources, mineral production and sales; estimates of mine life; estimates of future internal rates of
return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs,
and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits,
including estimates of exploration, development and production and other capital costs, and estimates of the timing of such
exploration, development and production or decisions with respect to such exploration, development and production; estimates of
reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with
respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such
statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties
and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown
could cause the actual results to be materially different from those expressed or implied by such forward looking statements and
information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves,
mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other
costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;
community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the
Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed
discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-
looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31,
2008, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange
Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and
information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical
information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 17, 2010
press release on the Company’s website. That press release also lists the Qualified Persons for each project.



                                                                                                                                               2
Note To Investors
Note to Investors Regarding the Use of Non-GAAP Financial Measures
This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized
measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data
presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per
tonne that the Company expects to incur to mine gold at the applicable projects and 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 GAAP measure. A
reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures
calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the
financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended
December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.




                                                                                                                                          3
Corporate Strategy
Strategy Remains Focused On Per Share Metrics

■ Increase gold production
   ■ Targeting 2010 gold production of 1.0 million
     to 1.1 million oz
   ■ Internal expansions expected to contribute to
     steady production growth through 2014

■ Grow gold reserves
   ■ Record gold reserves of 18.4 million ounces*
   ■ Four of the six deposits may ultimately
     exceed 5 million oz

■ Acquire small, think big
   ■ Focus on early stage projects where value
     can be created for AEM’s shareholders

■ Be a low-cost leader
   ■ Steady state mines have achieved
     very good cost performance

■ Maintain a solid financial profile
   ■ Credit facilities of $900M with a large
     syndicate of banks
   * See attached reserve and resource tables
                                                     4
AEM Transformation Successfully Completed
$2.1B Spent on Five New Mines Over Three Years

■ 2007                                     ■ 2010
   ■ Regionally focused one-mine                 ■ Multi-mine international gold
     producer                                      producer with 6 operating mines

   ■ Annual production of 231,000 oz             ■ Production expected to grow
     Au                                            four-fold to over 1 million oz Au

   ■ Gold reserves of 12.5 million oz            ■ Gold reserves have grown
                                                   ~50% to 18.4 million oz

   ■ $40M Exploration budget                     ■ Exploration budget increased
                                                   90% to $75M in 2010

   ■ Share price of $38.92 (Jan 3/07)            ■ Share price of $56.21 (Jan 4/10)
   ■ Focus on construction of new                ■ Focus on internal expansions
     mines


                                                                                       5
Q4 Operations Update: Major Improvement At All Mines


Operation Issue                                     September 30 – Q3             December 31 – Q4

LaRonde   Lower than expected production rate as    Average production rate –     Average production rate –
          a result of a 7-day maintenance           6,509 tpd                     6,983 tpd
          shutdown

Goldex    Mining lower grade ore from eastern       Q3 avg. grade – 1.59 g/t      Q4 avg. grade – 2.20 g/t
          mining blocks led to lower gold           Q3 Au production of           Record production of
          production                                31,169oz                      46,075oz Au

Lapa      High costs, lower than expected           Cash cost - $804/oz.          Cash cost - $608/oz.
          production due to high ore dilution.      Q3 recovery rate – 75%        Q4 recovery rate – 80%


Kittila   Gold production below expectation due     Q3 prod. rate – 1,956 tpd     Q4 prod. rate – 2,728 tpd
          to low recovery rates; Cost high due to   Q3 Au prod. – 18,284 oz       Q4 Au prod. – 35,270 oz
          low tonnage milled                        Q3 recovery rate – 64%        Q4 recovery rate – 76%
                                                    Q3 Minesite cost – €78/t      Q4 Minesite cost - €46/t

Pinos     Longer than expected commissioning of     Sept. production rate – 893   Q4 production rate – 1,863
          tailings filter presses.                  tpd                           tpd
Altos                                               Sept. mill grade – 1.41 g/t   Q4 mill grade – 2.18 g/t Au
                                                    Au




                                                                                                                6
Operating Results
Rising Gold Production At Below Industry Average Costs


All $ amounts                                                               Total Cash Costs
are in US$,                           Full      Full                              ($/oz)
                    Q4       Q4
unless                               Year      Year
otherwise         2009     2008
                                     2009      2008
indicated

                                                                            $269                                  $347
Gold            163,276   89,360   492,972   276,762
(ounces)                                               $188          $182
                                                              $155                                         $162

Silver                                                                             $56   $43
(ounces in         960      930      4,035     4,079
thousands)


Zinc             15,450   14,383    56,186    65,755
(tonnes)



Copper            1,523    1,737     6,671     6,922
                                                                                                   -$365
(tonnes)



Total cash
                  $297     $463      $347      $162
costs ($/oz)                                                                                   -$690


                                                       2000 2001 2002 2003 2004 2005 2006 2007 2008 2009



                                                                                                                         7
Financial Results
Production Growth Drives Rising Earnings and Cash Flow



All amounts are                               Full     Full
                              Q4        Q4
in US$, unless otherwise                      Year     Year
indicated                   2009      2008
                                              2009     2008


Revenues                   $225.6    $73.2    $613.8   $368.9
(millions)



Earnings                    $47.9    $21.9     $86.5    $73.2
(millions)



Earnings per
                            $0.31    $0.15     $0.55    $0.51
share (basic)


Cash provided
by operating
                            $53.7   ($46.4)   $115.1   $118.1
activities
(millions)



                                                                8
Strong Financial Position
Only 171 million shares, fully diluted, over 53 years of operating history


       All amounts are in US$,                                           Dec. 31
       unless otherwise indicated                                          2009

       Cash and cash equivalents                                             $163.6
       (millions)

       Long term debt                                                        $715.0
       (millions)

       Available credit facilities                                           $162.5
       (millions)

       Common shares outstanding                                              156.7
       (millions)

       Common shares, fully diluted                                           171.0
       (millions)




                                                                                      9
growth




LaRonde, Quebec
                  10
Gold reserves Per Share Up Almost 5x Over Past 11 Years
Has provided much better leverage to gold price than ETF’s

■ Shares outstanding increased only 3.1 times since 1998. Gold reserves up 14.2 times
■ Targeting additional reserve conversion at Kittila, Pinos Altos, Goldex and Meadowbank
■ Uniquely positioned with potential for up to four 5 million ounce gold deposits


GOLD RESERVES                                                                                                         20-21
                                                                                                         18.4
(Millions of Ounces)                                                                     18.1
                                                                           16.7


                                                                                           Meadowbank
                                                                  12.5

                                                           10.4                                 Pinos Altos

                                             7.9    7.9
                                                                                                     Kittila

                                     4.0                                                            Lapa
                       3.3    3.3
             3.0                                                                                   Goldex
   1.3
                                                                                                  LaRonde



 1998       1999       2000   2001    2002   2003   2004   2005     2006          2007           2008          2009       2010
                                                                                                                              EST.


                                                                                                                                     11
Industry Leading1 Gold Production Growth Estimates
Studies on three potential internal expansions underway

 Payable Gold Production
                                                                                                                          Total Cash Cost
 (ounces)
                                                                                                                          (US$/oz)
     1,800,000


     1,600,000
                                                                                                                                        $400


     1,400,000


     1,200,000
                                                                                                                                        $350


     1,000,000


      800,000                                                                                                                           $300


      600,000


      400,000                                                                                                                           $250


      200,000


            0                                                                                                                           $200
                         2009A                      2010E               2011E           2012E          2013E            2014E

         LaRonde            Goldex          Lapa            Kittila   Pinos Altos   Meadowbank   Creston Mascota   Total Cash Cost (US$/oz)

 1    For an intermediate or senior gold producer



                                                                                                                                               12
Leading Growth Profile Among Senior Producers
Gold production (oz) / 1000 shares

 14

                                                                                    2007A     2008A     2009E   2010E
                                                                                    2011E     2012E     2013E   2014E
 12




 10




  8




  6




  4




  2




  0
          New m ont          Agnico-Eagle           Barrick    Goldcorp   Kinross   IAMGold       Eldorado      Yam ana




Source: AEM guidance, BMO Capital Markets estimates – Feb/10

                                                                                                                          13
Transformation To Multi-Mine Gold Producer Complete
 Industry Leader In Cash Generation Going Forward

 Cash Flow Per Share                                                                                                    2010E Revenue By Metal
         2009E          2010E       2011E   2012E       2013E      2014E
 $7.0

 $6.0                                                                                                                  Gold
                                                                                                                       87%
 $5.0

 $4.0

 $3.0
                                                                                                                                                 Silver
 $2.0                                                                                                                                             6%
 $1.0
                                                                                                                                        Base
 $0.0
                                                                                                                                        Metals
          Newmont           Agnico-Eagle      Barrick           Goldcorp   Kinross    IAMGold   Yamana    Eldorado                       7%


 Free Cash Flow Per Share
         2009E      2010E          2011E    2012E       2013E      2014E                                                 2010E Revenue By Mine
  $4.0
                                                                                                                                        Pinos
  $3.0
                                                                                                                              Kittila   Altos
  $2.0                                                                                                                         12%       17%
  $1.0
  $0.0                                                                                                                Lapa
 -$1.0                                                                                                                 9%
 -$2.0                                                                                                                                           Meadow
 -$3.0                                                                                                               Goldex                       bank
 -$4.0                                                                                                                12%                         26%
 -$5.0
         Agnico-Eagle           Goldcorp     IAMGold            Barrick    Eldorado   Yamana    Newmont   Kinross
                                                                                                                          LaRonde
                                                                                                                            24%
Source: BMO Capital Markets estimates – Feb/10; Gold assumptions (US$/oz): 2010 - $1150, 2011 – $1150, 2012 – $950, 2013 & 2014 - $850
                                                                                                                                                      14
Capital Expenditure Estimates ($000s)
Major Investments Now Complete

Actual                            Estimate

                                                                                                               1,000,000


                                                                                                               900,000


                                                                                                               800,000


                                                                                                               700,000


                                                                                                               600,000


                                                                                                               500,000


                                                                                                               400,000


                                                                                                               300,000


                                                                                                               200,000


                                                                                                               100,000


                                                                                                                0
         2007A   2008A   2009A   2010E         2011E           2012E             2013E             2014E

                                  Meadowbank    Pinos Altos   Kittila   Lapa   Goldex    LaRonde    Sustaining Capital




                                                                                                                           15
quality




Kittila, Finland
                   16
Operations At A Glance
Five mines now operating. One new gold mine nearing commercial production

■ Located in mining-friendly regions of low political risk
■ 100% owned, with low total acquisition costs
■ Each region has long-term mining camp potential
 Fraser Institute’s          Fraser Institute’s          Fraser Institute’s
 ranking
                       1     ranking
                                                  1      ranking
                                                                              14




 LaRonde                     Goldex                      Kittila
 QUEBEC, CANADA              QUEBEC, CANADA              KITTILA, FINLAND


 Fraser Institute’s          Fraser Institute’s          Fraser Institute’s
 ranking
                       1     ranking
                                                  28     ranking
                                                                              44




 Lapa                        Pinos Altos                 Meadowbank
 QUEBEC, CANADA              CHIHUAHUA, MEXICO           NUNAVUT, CANADA

Fraser Institute’s 2008/2009 ranking of 71 mining jurisdictions
                                                                                   17
LaRonde – Canada
Good production and cost performance continues
■ Operations
   ■ Has operated at steady state since final expansion in 2003
   ■ Start of production from Extension expected in 2011
■ 2010 Guidance
   ■ Production of 179,900oz Au @ $220/oz
■ 2010 Exploration                                                  Au reserves (m oz)        4.9
   ■ Focus on resource exploration, additional potential at depth   Average reserve
                                                                                              4.5
       and to the East                                              grade (g/t)

   ■   Drilling possible extension of Westwood zone on Ellison
                                                                    Measured & Indicated
                                                                    resource (m oz)
                                                                                              0.4

                                                                    Inferred resource
                                                                                              1.4
                                                                    (m oz)
                                                                    Estimated average
                                                                                              314
                                                                    production (k oz/yr)
                                                                    Est. LOM (years)          13
                                                                    2010 exploration budget   $4M




                                                                                                    18
Goldex – Canada
Record quarterly gold output

■ Operations
   ■ Increasing production rate from 6,900 tpd to 8,000 tpd (an
       additional 20,000 oz/yr) by 2011
   ■   Drilling and blasting approximately 1.5 years ahead of
       schedule
                                                                  Au reserves (m oz)        1.6
■ 2010 Guidance                                                   Average reserve
                                                                                            2.1
                                                                  grade (g/t)
   ■ Production of 164,000 oz Au @ $318/oz                        Measured & Indicated
                                                                                            0.0
■ 2010 Exploration
                                                                  resource (m oz)
                                                                  Inferred resource
                                                                                            0.8
   ■ Focus on resource conversion, exploration to west,           (m oz)
                                                                  Estimated average
       east and at depth                                          production (k oz/yr)
                                                                                            175

                                                                  Est. LOM (yrs)             8
                                                                  2010 exploration budget   $3M




                                                                                                  19
Lapa – Canada
Steady operating improvement
■ Operations
   ■ Tonnage exceeding plan. Mill recoveries nearing design
   ■ Optimization efforts focused on minimizing dilution
■ 2010 Guidance
   ■ Production of 115,600 oz Au @ $506/oz                      Au reserves (m oz)        0.8

■ 2010 Exploration                                              Average reserve
                                                                grade (g/t)
                                                                                          8.2

   ■ Focus on resource conversion, further exploration upside   Measured & Indicated
                                                                                          0.1
                                                                resource (m oz)
     at depth and to the East
                                                                Inferred resource
                                                                                          0.2
                                                                (m oz)
                                                                Estimated average
                                                                                          115
                                                                production (k oz/yr)
                                                                Est. LOM (yrs)             6
                                                                2010 exploration budget   $3M




                                                                                                20
Kittila – Finland
Gold output increasing as optimization continues
■ Operations
  ■ Record gold production in Q4/09
  ■ Open pit mining and underground development achieving plan
  ■ Mill recoveries approaching 80%
■ 2010 Guidance                                                  Au reserves (m oz)        4.0
  ■ Production of 147,100 oz Au @ $502/oz                        Average reserve
                                                                                           4.8
                                                                 grade (g/t)
■ 2010 Exploration                                               Measured & Indicated
                                                                                           1.5
  ■ Focus on resource conversion, expansion below Suuri          resource (m oz)
                                                                 Inferred resource
    and Roura, and along strike                                  (m oz)
                                                                                           0.5

                                                                 Estimated average
                                                                                           150
                                                                 production (k oz/yr)
                                                                 Est. LOM (yrs)             14
                                                                 2010 exploration budget   $16M




                                                                                                  21
Kittila – Expansion Opportunity
Examining large capacity increase. Potential reserve increases at depth

■ Studying production rate increases, accessing deeper ore
■ 2009 gold reserves grew 25%
■ Orebody remains open at depth and along strike
■ Eleven drills currently operating




                                                                             2010 Exploration &
                                                                            Conversion program




                                            2010 Exploration &
                                           Conversion program

                                                                             0                    1000
     Probable Reserve   Mineral Resource                 Open Pit Outline
                                                                                        metres           22
Pinos Altos – Mexico
Plant optimization in progress as throughput increases

■   Operations
     ■ Open pit and underground - according to plan
     ■ Slower commissioning of tailings filters – additional capacity
         on order
     ■ Started development of Creston Mascota                           Au reserves (m oz)        3.4

■   2010 Guidance                                                       Average reserve
                                                                        grade (g/t)
                                                                                                  2.5

     ■ Production of 150,900 oz Au @ $401/oz                            Measured & Indicated
                                                                                                  0.5
■   2010 Exploration
                                                                        resource (m oz)
                                                                        Inferred resource
     ■ Potential to develop additional satellite
                                                                                                  0.7
                                                                        (m oz)

         deposits (Cubiro, Sinter, San Eligio)                          Estimated average
                                                                        production (k oz/yr)
                                                                                                  165

     ■   Focus on resource conversion, expansion of                     Est. LOM (yrs)            20
         Pinos Altos zones, Reyna de Plata, Creston Mascota             2010 exploration budget   $4M




                                                                                                        23
Meadowbank – Canada
Plant commissioning underway
■ Project
   ■ Cushion for start-up provided by 600,000 tonne ore stockpile
   ■ Potential production increase from 8,500 tpd to 10,000 tpd
■ 2010 Guidance
   ■ Production of 299,900 oz AU @ $460/oz                          Au reserves (m oz)        3.7

■ 2010 Exploration                                                  Average reserve
                                                                    grade (g/t)
                                                                                              3.5

   ■ Focus on resource conversion and expansion of Vault,           Measured & Indicated
                                                                    resource (m oz)
                                                                                              3.3
     Goose South and Portage                                        Inferred resource
                                                                                              0.8
                                                                    (m oz)
                                                                    Estimated average
                                                                                              350
                                                                    production (k oz/yr)
                                                                    Est. LOM (yrs)            10
                                                                    2010 exploration budget   $6M




                                                                                                    24
Appendix




           25
2010 Exploration Budget
2010 exploration budget – $75M; Up from $54M in 2009

 Grassroots Exploration                   ■ Targeting 3.0 million ounces of
                                            gold discovered, including
 Quebec                   $5M (26.5 km)
                                            approximately 2.0 million ounces
 Mexico                   $8M (21.0 km)
                                            of reserves
 Finland                  $7M (20.0 km)
 W. Canada                $7M (16.5 km)
 Nunavut                  $5M (16.0 km)   ■ Emphasis on resource exploration
 Nevada                   $7M (15.9 km)     (discovery) & conversion (grow
 Total                  $39M (115.9 km)     reserves)

Mine Site Exploration                     ■ Objective: 20 Moz to 21 Moz
Kittila                 $16M (80.6 km)      reserves by end of 2010
Goldex                   $3M (28.2 km)
Meadowbank               $6M (25.4 km)    ■ 297 kilometres of exploration
Pinos Altos              $4M (19.4 km)      drilling planned
LaRonde                  $4M (19.3 km)
Lapa                      $3M (8.0 km)
Total               $36M (180.9 km)
                                                                               26
Gold and Silver Reserves and Resources
(December 31, 2009)




                       Tonnes      Gold       Gold                  Tonnes     Silver      Silver
                         (000’s)    (g/t)   (ounces)                 (000’s)     (g/t)*    (ounces)
                                              (000’s)                                        (000’s)




  Proven                12,605     2.71      1,098      Proven       5,635     56.39       10,216


  Probable             149,852     3.59     17,300      Probable    70,706     52.54      119,432

  Total
                       162,458     3.52     18,398      Total       76,341     52.82      129,648
  Reserves



  Indicated             89,584     2.18      6,280      Indicated   22,151     26.27       18,720


  Inferred              56,457     2.82      5,118      Inferred    26,616     17.93       15,341



  *Calculated grades
                                                                                                       27
Copper, Zinc and Lead Reserves and Resources
(December 31, 2009)




            Tonnes Copper Copper                     Tonnes     Zinc     Zinc                 Tonnes     Lead     Lead
             (000’s)    (%)   (tonnes)                (000’s)    (%)   (tonnes)                (000’s)    (%)   (tonnes)




Proven       4,755     0.26 12,301       Proven       4,755     3.31 157,540      Proven       4,755     0.39   18,499


Probable    29,625     0.29 84,956       Probable    29,625     1.16 344,732      Probable    29,625     0.09   26,615


Total       34,380     0.28 97,258       Total       34,380     1.46 502,272      Total       34,380     0.13   45,114




Indicated    6,482     0.13    8,736     Indicated    6,482     1.52   98,321     Indicated    6,482     0.15    9,724


Inferred    10,942     0.27 29,036       Inferred    10,942     0.43   46,973     Inferred    10,942     0.04    4,335




                                                                                                                           28
A solid financial position, low-cost structure, well-funded
                            growth projects in regions of low political risk, and a
                            focused, consistent strategy put Agnico-Eagle in a strong
                            position to continue creating exceptional per share value.

Sean Boyd
Vice Chairman and Chief Executive Officer
Ebe Scherkus
President and Chief Operating Officer
David Garofalo
Senior Vice President, Finance and Chief Financial Officer

Trading Symbol: AEM on TSX & NYSE

Executive and Registered Office:
145 King Street East, Suite 400
Toronto, Ontario, Canada, M5C 2Y7
Tel:              416-947-1212
Toll-Free:        888-822-6714
Fax:              416-367-4681

www.agnico-eagle.com

Investor Relations:
416-947-1212
info@agnico-eagle.com



     Member of the World Gold Council   www.gold.org

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En vedette

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2010 02 25 Aem Presentation

  • 1. Agnico-Eagle Mines Limited Corporate Update Presentation March 2010 Member of the World Gold Council www.gold.org
  • 2. Forward Looking Statements The information in this document has been prepared as at February 17, 2010. Certain statements contained in this document constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”, “expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or information. Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions; estimates of future reserves, resources, mineral production and sales; estimates of mine life; estimates of future internal rates of return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits, including estimates of exploration, development and production and other capital costs, and estimates of the timing of such exploration, development and production or decisions with respect to such exploration, development and production; estimates of reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown could cause the actual results to be materially different from those expressed or implied by such forward looking statements and information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward- looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 17, 2010 press release on the Company’s website. That press release also lists the Qualified Persons for each project. 2
  • 3. Note To Investors Note to Investors Regarding the Use of Non-GAAP Financial Measures This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per tonne that the Company expects to incur to mine gold at the applicable projects and 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 GAAP measure. A reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the SEC. 3
  • 4. Corporate Strategy Strategy Remains Focused On Per Share Metrics ■ Increase gold production ■ Targeting 2010 gold production of 1.0 million to 1.1 million oz ■ Internal expansions expected to contribute to steady production growth through 2014 ■ Grow gold reserves ■ Record gold reserves of 18.4 million ounces* ■ Four of the six deposits may ultimately exceed 5 million oz ■ Acquire small, think big ■ Focus on early stage projects where value can be created for AEM’s shareholders ■ Be a low-cost leader ■ Steady state mines have achieved very good cost performance ■ Maintain a solid financial profile ■ Credit facilities of $900M with a large syndicate of banks * See attached reserve and resource tables 4
  • 5. AEM Transformation Successfully Completed $2.1B Spent on Five New Mines Over Three Years ■ 2007 ■ 2010 ■ Regionally focused one-mine ■ Multi-mine international gold producer producer with 6 operating mines ■ Annual production of 231,000 oz ■ Production expected to grow Au four-fold to over 1 million oz Au ■ Gold reserves of 12.5 million oz ■ Gold reserves have grown ~50% to 18.4 million oz ■ $40M Exploration budget ■ Exploration budget increased 90% to $75M in 2010 ■ Share price of $38.92 (Jan 3/07) ■ Share price of $56.21 (Jan 4/10) ■ Focus on construction of new ■ Focus on internal expansions mines 5
  • 6. Q4 Operations Update: Major Improvement At All Mines Operation Issue September 30 – Q3 December 31 – Q4 LaRonde Lower than expected production rate as Average production rate – Average production rate – a result of a 7-day maintenance 6,509 tpd 6,983 tpd shutdown Goldex Mining lower grade ore from eastern Q3 avg. grade – 1.59 g/t Q4 avg. grade – 2.20 g/t mining blocks led to lower gold Q3 Au production of Record production of production 31,169oz 46,075oz Au Lapa High costs, lower than expected Cash cost - $804/oz. Cash cost - $608/oz. production due to high ore dilution. Q3 recovery rate – 75% Q4 recovery rate – 80% Kittila Gold production below expectation due Q3 prod. rate – 1,956 tpd Q4 prod. rate – 2,728 tpd to low recovery rates; Cost high due to Q3 Au prod. – 18,284 oz Q4 Au prod. – 35,270 oz low tonnage milled Q3 recovery rate – 64% Q4 recovery rate – 76% Q3 Minesite cost – €78/t Q4 Minesite cost - €46/t Pinos Longer than expected commissioning of Sept. production rate – 893 Q4 production rate – 1,863 tailings filter presses. tpd tpd Altos Sept. mill grade – 1.41 g/t Q4 mill grade – 2.18 g/t Au Au 6
  • 7. Operating Results Rising Gold Production At Below Industry Average Costs All $ amounts Total Cash Costs are in US$, Full Full ($/oz) Q4 Q4 unless Year Year otherwise 2009 2008 2009 2008 indicated $269 $347 Gold 163,276 89,360 492,972 276,762 (ounces) $188 $182 $155 $162 Silver $56 $43 (ounces in 960 930 4,035 4,079 thousands) Zinc 15,450 14,383 56,186 65,755 (tonnes) Copper 1,523 1,737 6,671 6,922 -$365 (tonnes) Total cash $297 $463 $347 $162 costs ($/oz) -$690 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 7
  • 8. Financial Results Production Growth Drives Rising Earnings and Cash Flow All amounts are Full Full Q4 Q4 in US$, unless otherwise Year Year indicated 2009 2008 2009 2008 Revenues $225.6 $73.2 $613.8 $368.9 (millions) Earnings $47.9 $21.9 $86.5 $73.2 (millions) Earnings per $0.31 $0.15 $0.55 $0.51 share (basic) Cash provided by operating $53.7 ($46.4) $115.1 $118.1 activities (millions) 8
  • 9. Strong Financial Position Only 171 million shares, fully diluted, over 53 years of operating history All amounts are in US$, Dec. 31 unless otherwise indicated 2009 Cash and cash equivalents $163.6 (millions) Long term debt $715.0 (millions) Available credit facilities $162.5 (millions) Common shares outstanding 156.7 (millions) Common shares, fully diluted 171.0 (millions) 9
  • 11. Gold reserves Per Share Up Almost 5x Over Past 11 Years Has provided much better leverage to gold price than ETF’s ■ Shares outstanding increased only 3.1 times since 1998. Gold reserves up 14.2 times ■ Targeting additional reserve conversion at Kittila, Pinos Altos, Goldex and Meadowbank ■ Uniquely positioned with potential for up to four 5 million ounce gold deposits GOLD RESERVES 20-21 18.4 (Millions of Ounces) 18.1 16.7 Meadowbank 12.5 10.4 Pinos Altos 7.9 7.9 Kittila 4.0 Lapa 3.3 3.3 3.0 Goldex 1.3 LaRonde 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 EST. 11
  • 12. Industry Leading1 Gold Production Growth Estimates Studies on three potential internal expansions underway Payable Gold Production Total Cash Cost (ounces) (US$/oz) 1,800,000 1,600,000 $400 1,400,000 1,200,000 $350 1,000,000 800,000 $300 600,000 400,000 $250 200,000 0 $200 2009A 2010E 2011E 2012E 2013E 2014E LaRonde Goldex Lapa Kittila Pinos Altos Meadowbank Creston Mascota Total Cash Cost (US$/oz) 1 For an intermediate or senior gold producer 12
  • 13. Leading Growth Profile Among Senior Producers Gold production (oz) / 1000 shares 14 2007A 2008A 2009E 2010E 2011E 2012E 2013E 2014E 12 10 8 6 4 2 0 New m ont Agnico-Eagle Barrick Goldcorp Kinross IAMGold Eldorado Yam ana Source: AEM guidance, BMO Capital Markets estimates – Feb/10 13
  • 14. Transformation To Multi-Mine Gold Producer Complete Industry Leader In Cash Generation Going Forward Cash Flow Per Share 2010E Revenue By Metal 2009E 2010E 2011E 2012E 2013E 2014E $7.0 $6.0 Gold 87% $5.0 $4.0 $3.0 Silver $2.0 6% $1.0 Base $0.0 Metals Newmont Agnico-Eagle Barrick Goldcorp Kinross IAMGold Yamana Eldorado 7% Free Cash Flow Per Share 2009E 2010E 2011E 2012E 2013E 2014E 2010E Revenue By Mine $4.0 Pinos $3.0 Kittila Altos $2.0 12% 17% $1.0 $0.0 Lapa -$1.0 9% -$2.0 Meadow -$3.0 Goldex bank -$4.0 12% 26% -$5.0 Agnico-Eagle Goldcorp IAMGold Barrick Eldorado Yamana Newmont Kinross LaRonde 24% Source: BMO Capital Markets estimates – Feb/10; Gold assumptions (US$/oz): 2010 - $1150, 2011 – $1150, 2012 – $950, 2013 & 2014 - $850 14
  • 15. Capital Expenditure Estimates ($000s) Major Investments Now Complete Actual Estimate 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E Meadowbank Pinos Altos Kittila Lapa Goldex LaRonde Sustaining Capital 15
  • 17. Operations At A Glance Five mines now operating. One new gold mine nearing commercial production ■ Located in mining-friendly regions of low political risk ■ 100% owned, with low total acquisition costs ■ Each region has long-term mining camp potential Fraser Institute’s Fraser Institute’s Fraser Institute’s ranking 1 ranking 1 ranking 14 LaRonde Goldex Kittila QUEBEC, CANADA QUEBEC, CANADA KITTILA, FINLAND Fraser Institute’s Fraser Institute’s Fraser Institute’s ranking 1 ranking 28 ranking 44 Lapa Pinos Altos Meadowbank QUEBEC, CANADA CHIHUAHUA, MEXICO NUNAVUT, CANADA Fraser Institute’s 2008/2009 ranking of 71 mining jurisdictions 17
  • 18. LaRonde – Canada Good production and cost performance continues ■ Operations ■ Has operated at steady state since final expansion in 2003 ■ Start of production from Extension expected in 2011 ■ 2010 Guidance ■ Production of 179,900oz Au @ $220/oz ■ 2010 Exploration Au reserves (m oz) 4.9 ■ Focus on resource exploration, additional potential at depth Average reserve 4.5 and to the East grade (g/t) ■ Drilling possible extension of Westwood zone on Ellison Measured & Indicated resource (m oz) 0.4 Inferred resource 1.4 (m oz) Estimated average 314 production (k oz/yr) Est. LOM (years) 13 2010 exploration budget $4M 18
  • 19. Goldex – Canada Record quarterly gold output ■ Operations ■ Increasing production rate from 6,900 tpd to 8,000 tpd (an additional 20,000 oz/yr) by 2011 ■ Drilling and blasting approximately 1.5 years ahead of schedule Au reserves (m oz) 1.6 ■ 2010 Guidance Average reserve 2.1 grade (g/t) ■ Production of 164,000 oz Au @ $318/oz Measured & Indicated 0.0 ■ 2010 Exploration resource (m oz) Inferred resource 0.8 ■ Focus on resource conversion, exploration to west, (m oz) Estimated average east and at depth production (k oz/yr) 175 Est. LOM (yrs) 8 2010 exploration budget $3M 19
  • 20. Lapa – Canada Steady operating improvement ■ Operations ■ Tonnage exceeding plan. Mill recoveries nearing design ■ Optimization efforts focused on minimizing dilution ■ 2010 Guidance ■ Production of 115,600 oz Au @ $506/oz Au reserves (m oz) 0.8 ■ 2010 Exploration Average reserve grade (g/t) 8.2 ■ Focus on resource conversion, further exploration upside Measured & Indicated 0.1 resource (m oz) at depth and to the East Inferred resource 0.2 (m oz) Estimated average 115 production (k oz/yr) Est. LOM (yrs) 6 2010 exploration budget $3M 20
  • 21. Kittila – Finland Gold output increasing as optimization continues ■ Operations ■ Record gold production in Q4/09 ■ Open pit mining and underground development achieving plan ■ Mill recoveries approaching 80% ■ 2010 Guidance Au reserves (m oz) 4.0 ■ Production of 147,100 oz Au @ $502/oz Average reserve 4.8 grade (g/t) ■ 2010 Exploration Measured & Indicated 1.5 ■ Focus on resource conversion, expansion below Suuri resource (m oz) Inferred resource and Roura, and along strike (m oz) 0.5 Estimated average 150 production (k oz/yr) Est. LOM (yrs) 14 2010 exploration budget $16M 21
  • 22. Kittila – Expansion Opportunity Examining large capacity increase. Potential reserve increases at depth ■ Studying production rate increases, accessing deeper ore ■ 2009 gold reserves grew 25% ■ Orebody remains open at depth and along strike ■ Eleven drills currently operating 2010 Exploration & Conversion program 2010 Exploration & Conversion program 0 1000 Probable Reserve Mineral Resource Open Pit Outline metres 22
  • 23. Pinos Altos – Mexico Plant optimization in progress as throughput increases ■ Operations ■ Open pit and underground - according to plan ■ Slower commissioning of tailings filters – additional capacity on order ■ Started development of Creston Mascota Au reserves (m oz) 3.4 ■ 2010 Guidance Average reserve grade (g/t) 2.5 ■ Production of 150,900 oz Au @ $401/oz Measured & Indicated 0.5 ■ 2010 Exploration resource (m oz) Inferred resource ■ Potential to develop additional satellite 0.7 (m oz) deposits (Cubiro, Sinter, San Eligio) Estimated average production (k oz/yr) 165 ■ Focus on resource conversion, expansion of Est. LOM (yrs) 20 Pinos Altos zones, Reyna de Plata, Creston Mascota 2010 exploration budget $4M 23
  • 24. Meadowbank – Canada Plant commissioning underway ■ Project ■ Cushion for start-up provided by 600,000 tonne ore stockpile ■ Potential production increase from 8,500 tpd to 10,000 tpd ■ 2010 Guidance ■ Production of 299,900 oz AU @ $460/oz Au reserves (m oz) 3.7 ■ 2010 Exploration Average reserve grade (g/t) 3.5 ■ Focus on resource conversion and expansion of Vault, Measured & Indicated resource (m oz) 3.3 Goose South and Portage Inferred resource 0.8 (m oz) Estimated average 350 production (k oz/yr) Est. LOM (yrs) 10 2010 exploration budget $6M 24
  • 25. Appendix 25
  • 26. 2010 Exploration Budget 2010 exploration budget – $75M; Up from $54M in 2009 Grassroots Exploration ■ Targeting 3.0 million ounces of gold discovered, including Quebec $5M (26.5 km) approximately 2.0 million ounces Mexico $8M (21.0 km) of reserves Finland $7M (20.0 km) W. Canada $7M (16.5 km) Nunavut $5M (16.0 km) ■ Emphasis on resource exploration Nevada $7M (15.9 km) (discovery) & conversion (grow Total $39M (115.9 km) reserves) Mine Site Exploration ■ Objective: 20 Moz to 21 Moz Kittila $16M (80.6 km) reserves by end of 2010 Goldex $3M (28.2 km) Meadowbank $6M (25.4 km) ■ 297 kilometres of exploration Pinos Altos $4M (19.4 km) drilling planned LaRonde $4M (19.3 km) Lapa $3M (8.0 km) Total $36M (180.9 km) 26
  • 27. Gold and Silver Reserves and Resources (December 31, 2009) Tonnes Gold Gold Tonnes Silver Silver (000’s) (g/t) (ounces) (000’s) (g/t)* (ounces) (000’s) (000’s) Proven 12,605 2.71 1,098 Proven 5,635 56.39 10,216 Probable 149,852 3.59 17,300 Probable 70,706 52.54 119,432 Total 162,458 3.52 18,398 Total 76,341 52.82 129,648 Reserves Indicated 89,584 2.18 6,280 Indicated 22,151 26.27 18,720 Inferred 56,457 2.82 5,118 Inferred 26,616 17.93 15,341 *Calculated grades 27
  • 28. Copper, Zinc and Lead Reserves and Resources (December 31, 2009) Tonnes Copper Copper Tonnes Zinc Zinc Tonnes Lead Lead (000’s) (%) (tonnes) (000’s) (%) (tonnes) (000’s) (%) (tonnes) Proven 4,755 0.26 12,301 Proven 4,755 3.31 157,540 Proven 4,755 0.39 18,499 Probable 29,625 0.29 84,956 Probable 29,625 1.16 344,732 Probable 29,625 0.09 26,615 Total 34,380 0.28 97,258 Total 34,380 1.46 502,272 Total 34,380 0.13 45,114 Indicated 6,482 0.13 8,736 Indicated 6,482 1.52 98,321 Indicated 6,482 0.15 9,724 Inferred 10,942 0.27 29,036 Inferred 10,942 0.43 46,973 Inferred 10,942 0.04 4,335 28
  • 29. A solid financial position, low-cost structure, well-funded growth projects in regions of low political risk, and a focused, consistent strategy put Agnico-Eagle in a strong position to continue creating exceptional per share value. Sean Boyd Vice Chairman and Chief Executive Officer Ebe Scherkus President and Chief Operating Officer David Garofalo Senior Vice President, Finance and Chief Financial Officer Trading Symbol: AEM on TSX & NYSE Executive and Registered Office: 145 King Street East, Suite 400 Toronto, Ontario, Canada, M5C 2Y7 Tel: 416-947-1212 Toll-Free: 888-822-6714 Fax: 416-367-4681 www.agnico-eagle.com Investor Relations: 416-947-1212 info@agnico-eagle.com Member of the World Gold Council www.gold.org